10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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FORM 10-K

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☒ Annual report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934

For the fiscal year ended December 31, 2021

Commission file number 1-10312

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SYNOVUS FINANCIAL CORP.

(Exact name of registrant as specified in its charter)

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Georgia	58-1134883
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

1111 Bay Avenue
Suite 500,	Columbus,	Georgia	31901
(Address of principal executive offices)			(Zip Code)

Registrant’s telephone number, including area code: (706) 641-6500

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Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $1.00 Par Value	SNV	New York Stock Exchange
Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D	SNV - PrD	New York Stock Exchange
Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E	SNV - PrE	New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: NONE

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Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    Yes x  No  ¨

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act.    Yes  ¨    No  x

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x No  ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  x   No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check One):

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ¨ 

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.   ☑

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  ☐    No x

As of June 30, 2021, the aggregate market value of the registrant’s Common Stock held by non-affiliates of the registrant was approximately $6,104,918,737 based on the closing sale price of $43.88 reported on the New York Stock Exchange on June 30, 2021.

As of February 23, 2022, there were 145,463,669 shares of the registrant’s Common Stock outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

Incorporated Documents	Form 10-K Reference Locations
Portions of the Proxy Statement for the Annual Meeting of Shareholders to be held April 27, 2022 (“Proxy Statement”)	Part III

Table of Contents

	Page
Part I
Index of Defined Terms	i
Forward Looking Statements	1
Item 1. Business	3
Item 1A. Risk Factors	16
Item 1B. Unresolved Staff Comments	27
Item 2. Properties	27
Item 3. Legal Proceedings	27
Item 4. Mine Safety Disclosures	125
Part II
Item  5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Repurchases of Equity Securities	28
Item 6. Reserved	29
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations	30
Item 7A. Quantitative and Qualitative Disclosures About Market Risk	60
Item 8. Financial Statements and Supplementary Data	61
Item 9. Changes In and Disagreements With Accountants on Accounting and Financial Disclosure	125
Item 9A. Controls and Procedures	125
Item 9B. Other Information	125
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	125
Part III
Item 10. Directors, Executive Officers and Corporate Governance	126
Item 11. Executive Compensation	126
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	126
Item 13. Certain Relationships and Related Transactions, and Director Independence	126
Item 14. Principal Accountant Fees and Services	127
Part IV
Item 15. Exhibits and Financial Statement Schedules	128

SYNOVUS FINANCIAL CORP.

INDEX OF DEFINED TERMS

Throughout this discussion, references to "Synovus", "we", "our", "us", "the Company" and similar terms refer to the consolidated entity consisting of Synovus Financial Corp. and its subsidiaries unless the context indicates that we refer only to the Parent Company, Synovus Financial Corp. When we refer to the "Bank" or "Synovus Bank" we mean our only bank subsidiary, Synovus Bank.

ACL – Allowance for credit losses (applies to debt securities, loans, and unfunded loan commitments)

ALCO – Synovus' Asset Liability Management Committee

ALL – Allowance for loan losses

AOCI – Accumulated other comprehensive income (loss)

ARRC – Alternative Reference Rates Committee

ASC – Accounting Standards Codification

ASC 310-30 loans – Loans accounted for in accordance with ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality

ASU – Accounting Standards Update

ATM – Automatic teller machine

Basel III – The third Basel Accord developed by the Basel Committee on Banking Supervision to strengthen existing regulatory capital requirements

BHC Act – Bank Holding Company Act of 1956, as amended

BOLI – Bank-owned life insurance policies

bp(s) – Basis point(s)

BOV – Broker’s opinion of value

BSBY – Bloomberg Short-Term Bank Yield Index

C&I – Commercial and industrial

CARES Act – The Coronavirus Aid, Relief, and Economic Security Act

CDI – Core Deposit Intangible

CECL – Current expected credit losses

CET1 – Common Equity Tier 1 Capital defined by Basel III capital rules

CFPB – Consumer Finance Protection Bureau

CMO – Collateralized Mortgage Obligation

Code – Internal Revenue Code

Company – Synovus Financial Corp. and its wholly-owned subsidiaries, except where the context requires otherwise

Covered Litigation – Certain Visa litigation for which Visa is indemnified by Visa USA members

COVID-19 – Coronavirus disease 2019

CRA – Community Reinvestment Act

CRE – Commercial real estate

DCF – Discounted cash flow

DEI – Diversity, equity and inclusion

DIF – Deposit Insurance Fund

Dodd-Frank Act – The Dodd-Frank Wall Street Reform and Consumer Protection Act

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DRR – Dual Risk Rating

EL – Expected loss

ESG – Environmental, social and governance

EVE – Economic value of equity

Exchange Act – Securities Exchange Act of 1934, as amended

FASB – Financial Accounting Standards Board

FCA – Financial Conduct Authority, a regulatory authority of the United Kingdom

FCB – FCB Financial Holdings, Inc. and its wholly-owned subsidiaries, except where the context requires otherwise

FCB Merger – The January 1, 2019 merger of FCB into Synovus, with Synovus as the surviving entity

FDIC – Federal Deposit Insurance Corporation

FDICIA – Federal Deposit Insurance Corporation Improvement Act of 1991

Federal Reserve Bank – One of the 12 banks that are the operating arms of the U.S. central bank. They implement the policies of the Federal Reserve Board, supervise bank holding companies and certain banking institutions, and also conduct economic research

Federal Reserve Board – The 7-member Board of Governors that oversees the Federal Reserve System, establishes monetary policy (interest rates, credit, etc.), and monitors the economic health of the country. Its members are appointed by the President subject to Senate confirmation, and serve 14-year terms

Federal Reserve System or Federal Reserve – The Federal Reserve Board, plus the 12 Federal Reserve Banks, with each one serving member banks in its own district. The Federal Reserve has broad regulatory powers over the money supply and the credit structure of the economy

FFIEC – Federal Financial Institutions Examination Council

FFIEC Retail Credit Classification Policy – FFIEC Uniform Retail Credit Classification and Account Management Policy

FHLB – Federal Home Loan Bank

FICO – Fair Isaac Corporation

FinCEN – The Treasury's financial crimes enforcement network

FINRA – Financial Industry Regulatory Authority

FMS – Financial Management Services, a division of Synovus Bank

FOMC – Federal Open Market Committee

FRB – Federal Reserve Bank

FTP – Funds transfer pricing

GA DBF – Georgia Department of Banking and Finance

GAAP – Generally Accepted Accounting Principles in the United States of America

GGL – Government guaranteed loans

GLB – Gramm-Leach-Biley Act

Global One – Entaire Global Companies, Inc., the parent company of Global One Financial, Inc., as acquired by Synovus in 2016

GSE – Government sponsored enterprise

HELOC – Home equity line of credit

Interagency Supervisory Guidance – Interagency Supervisory Guidance on Allowance for Loan and Lease Losses Estimation Practices for Loans and Lines of Credit Secured by Junior Liens on 1-4 Family Residential Properties

IPRE – Income-producing real estate

IRS – Internal Revenue Service

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ISO – Independent sales organization

LGD – Loss given default

LIBOR – London Interbank Offered Rate

LIHTC – Low Income Housing Tax Credit

LTV – Loan-to-collateral value ratio

Maast – Our digital banking as a service solution, expected to launch in the second quarter of 2022

MBS – Mortgage-backed securities

MPS – Merchant processing servicer(s)

NAICS – North American Industry Classification System

nm – Not meaningful

NOL – Net operating loss

NPA – Non-performing assets

NPL – Non-performing loans

NSF – Non-sufficient funds

NYSE – New York Stock Exchange

OCI – Other comprehensive income

OCC – Office of the Comptroller of the Currency

OFAC – Office of Foreign Assets Control

ORE – Other real estate

P&I – Principal and interest

Parent Company – Synovus Financial Corp.

PCAOB – Public Company Accounting Oversight Board

PCD – Purchased credit deteriorated

PCI – Purchased credit impaired

PD – Probability of default

PPP – Paycheck Protection Program established as part of the CARES Act and launched on April 3, 2020 by the SBA and Treasury

ROAA – Return on average assets

ROATCE – Return on average tangible common equity

ROU – Right-of-use

RSU – Restricted share unit

SBA – Small Business Administration

SBIC – Small Business Investment Company

SEC – U.S. Securities and Exchange Commission

Securities Act – Securities Act of 1933, as amended

Series D Preferred Stock – Synovus' Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D, $25 liquidation preference

Series E Preferred Stock – Synovus' Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E, $25 liquidation preference

SOFR – Secured Overnight Financing Rate

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SRR – Single Risk Rating

Synovus – Synovus Financial Corp.

Synovus Bank – A Georgia state-chartered bank and wholly-owned subsidiary of Synovus, through which Synovus conducts its banking operations

Synovus Forward – Synovus' revenue growth and expense efficiency initiatives announced in January of 2020

Synovus Securities – Synovus Securities, Inc., a wholly-owned subsidiary of Synovus

Synovus Trust – Synovus Trust Company, N.A., a wholly-owned subsidiary of Synovus Bank

TDR – Troubled debt restructuring (as defined in ASC 310-40)

TE – Taxable-equivalent

Treasury – United States Department of the Treasury

TSR – Total shareholder return

UPB – Unpaid principal balance

VIE – Variable interest entity (as defined in ASC 810-10)

Visa – The Visa U.S.A. Inc. card association or its affiliates, collectively

Visa Class A shares – Class A shares of common stock issued by Visa are publicly traded shares which are not subject to restrictions on sale

Visa Class B shares – Class B shares of common stock issued by Visa which are subject to restrictions with respect to sale until all of the Covered Litigation has been settled. Class B shares will be convertible into Visa Class A shares using a then current conversion ratio upon the lifting of restrictions with respect to sale of Visa Class B shares

Visa Derivative – A derivative contract with the purchaser of Visa Class B shares which provides for settlements between the purchaser and Synovus based upon a change in the ratio for conversion of Visa Class B shares into Visa Class A shares

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Part I

In this Report, the words “Synovus,” “the Company,” “we,” “us,” and “our” refer to Synovus Financial Corp. together with Synovus Bank and Synovus' other wholly-owned subsidiaries, except where the context requires otherwise.

FORWARD-LOOKING STATEMENTS

Certain statements made or incorporated by reference in this Report which are not statements of historical fact, including those under “Management's Discussion and Analysis of Financial Condition and Results of Operations,” and elsewhere in this Report, constitute forward-looking statements within the meaning of, and subject to the protections of, Section 27A of the Securities Act and Section 21E of the Exchange Act. Forward-looking statements include statements with respect to Synovus' beliefs, plans, objectives, goals, targets, expectations, anticipations, assumptions, estimates, intentions and future performance and involve known and unknown risks, many of which are beyond Synovus' control and which may cause Synovus' actual results, performance or achievements or the financial services industry or economy generally, to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements.

All statements other than statements of historical fact are forward-looking statements. You can identify these forward-looking statements through Synovus' use of words such as “believes,” “anticipates,” “expects,” “may,” “will,” “assumes,” “predicts,” “could,” “should,” “would,” “intends,” “targets,” “estimates,” “projects,” “plans,” “potential” and other similar words and expressions of the future or otherwise regarding the outlook for Synovus' future business and financial performance and/or the performance of the financial services industry and economy in general. Forward-looking statements are based on the current beliefs and expectations of Synovus' management and are subject to significant risks and uncertainties. Actual results may differ materially from those contemplated by such forward-looking statements. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this document. Many of these factors are beyond Synovus' ability to control or predict. These factors include, but are not limited to:

(1)the risk that competition in the financial services industry, including competition from nontraditional banking institutions such as Fintechs, may adversely affect our future earnings and growth;

(2)the risk that we may not realize the expected benefits from our strategic initiatives or that we may not be able to realize growth and efficiency gains in the time period expected, which could negatively affect our future profitability;

(3)our ability to attract and retain employees and the impact of senior leadership transitions that are key to our strategic initiatives;

(4)risks related to our strategic implementation of new lines of business, new products and services, and new technologies and an expansion of our existing business opportunities with a renewed focus on innovation;

(5)the risk that we may be required to make substantial expenditures to keep pace with regulatory initiatives and the rapid technological changes in the financial services market;

(6)the risks and uncertainties related to the impact of the continuing COVID-19 pandemic on our assets, business, capital and liquidity, financial condition, prospects and results of operations;

(7)the impact of recent and proposed changes in governmental policy, laws and regulations, proposed and recently enacted changes in monetary policy and in the regulation and taxation of banks and financial institutions, or the interpretation or application thereof and the uncertainty of future implementation and enforcement of these regulations, including the risk of inflationary pressure and interest rate increases;

(8)changes in the interest rate environment, including changes to the federal funds rate, and competition in our primary market area may result in increased funding costs or reduced earning assets yields, thus reducing margins and net interest income;

(9)the risk that prolonged periods of inflation could have on our business, profitability and our stock price;

(10)the risk that a future economic downturn and contraction could have a material adverse effect on our capital, financial condition, credit quality, results of operations and future growth, including the risk that the strength of the current economic recovery could be weakened by the continued impact of COVID-19 and by current supply chain challenges;

(11)the risk that our current and future information technology system enhancements and operational initiatives may not be successfully implemented, which could negatively impact our operations;

(12)risks related to our business relationships with, and reliance upon, third parties that have strategic partnerships with us or that provide key components of our business infrastructure, including the costs of services and products provided to us by third parties, and risks related to disruptions in service or financial difficulties with a third-party vendor or business relationship;

(13)the risk that our enterprise risk management framework, our compliance program, or our corporate governance and supervisory oversight functions may not identify or address risks adequately, which may result in unexpected losses;

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(14)risks that our asset quality may deteriorate or that our allowance for credit losses may prove to be inadequate or may be negatively affected by credit risk exposures;

(15)risks related to the ability of our operational framework to identify and manage risks associated with our business such as credit risk, compliance risk, reputational risk, and operational risk, including by virtue of our relationships with third-party business partners, as well as our relationship with third-party vendors and other service providers;

(16)the risk that we may be exposed to potential losses in the event of fraud and/or theft, or in the event that a third-party vendor, obligor, or business partner fails to pay amounts due to us under that relationship or under any arrangement that we enter into with them;

(17)our ability to identify and address cyber-security risks such as data security breaches, malware, "denial of service" attacks, "hacking" and identity theft, a failure of which could disrupt our business and result in the disclosure of and/or misuse or misappropriation of confidential or proprietary information, disruption or damage of our systems, increased costs, significant losses, or adverse effects to our reputation;

(18)changes in the cost and availability of funding due to changes in the deposit market and credit market;

(19)risks related to the continued use, availability and reliability of LIBOR and the risks related to the transition from LIBOR to any alternate reference rate we may use;

(20)the impact on our financial results, reputation, and business if we are unable to comply with all applicable federal and state regulations or other supervisory actions or directives and any necessary capital initiatives;

(21)the risks that if economic conditions worsen further or regulatory capital rules are modified, we may be required to undertake initiatives to improve or conserve our capital position;

(22)restrictions or limitations on access to funds from historical and alternative sources of liquidity could adversely affect our overall liquidity, which could restrict our ability to make payments on our obligations and our ability to support asset growth and sustain our operations and the operations of Synovus Bank;

(23)our ability to receive dividends from our subsidiaries could affect our liquidity, including our ability to pay dividends or take other capital actions;

(24)risks related to our ESG strategies and initiatives, the scope and pace of which could alter our reputation and shareholder, employee, client and third-party relationships;

(25)the risk that we may not be able to identify suitable bank and non-bank acquisition opportunities as part of our growth strategy and even if we are able to identify attractive acquisition opportunities, we may not be able to complete such transactions on favorable terms or realize the anticipated benefits from such acquisitions;

(26)the risk that we could realize losses if we sell non-performing assets and the proceeds we receive are lower than the carrying value of such assets;

(27)risks related to regulatory approval to take certain actions, including any dividends on our common stock or preferred stock, any repurchases of common stock or any other issuance or redemption of any other regulatory capital instruments;

(28)the risk that our concentrated operations in the Southeastern U.S. make us vulnerable to local economic conditions, local weather catastrophes, public health issues and other external events;

(29)the costs and effects of litigation, investigations or similar matters, or adverse facts and developments related thereto;

(30)risks related to the fluctuation in our stock price and general volatility in the stock market;

(31)the effects of any damages to our reputation resulting from developments related to any of the items identified above; and

(32)other factors and other information contained in this Report and in other reports and filings that we make with the SEC under the Exchange Act, including, without limitation, those found in "Part I - Item 1A. Risk Factors" of this Report.

For a discussion of these and other risks that may cause actual results to differ from expectations, refer to “Part I - Item 1A. Risk Factors” and other information contained in this Report and our other periodic filings, including quarterly reports on Form 10-Q and current reports on Form 8-K, that we file from time to time with the SEC. All written or oral forward-looking statements that are made by or are attributable to Synovus are expressly qualified by this cautionary notice. You should not place undue reliance on any forward-looking statements since those statements speak only as of the date on which the statements are made. Synovus undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of new information or unanticipated events, except as may otherwise be required by law.

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ITEM 1. BUSINESS

Overview

General

Synovus Financial Corp. is a financial services company and a registered bank holding company headquartered in Columbus, Georgia. We provide commercial and consumer banking in addition to a full suite of specialized products and services including private banking, treasury management, wealth management, mortgage services, premium finance, asset-based lending, structured lending, and international banking to our clients through our wholly-owned subsidiary bank, Synovus Bank, and other offices in Alabama, Florida, Georgia, South Carolina and Tennessee.

We were incorporated under the laws of the State of Georgia in 1972. Our principal executive offices are located at 1111 Bay Avenue, Suite 500, Columbus, Georgia 31901 and our telephone number at that address is (706) 641-6500. Our common stock is traded on the NYSE under the symbol “SNV.” At December 31, 2021, we had total consolidated assets of $57.32 billion and total consolidated deposits of $49.43 billion.

Additional information relating to our business and our subsidiaries, including a detailed description of our financial results for 2021 and 2020 is contained in "Part II - Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" in this Report.

Banking Operations

Synovus conducts its banking operations through Synovus Bank. Synovus Bank is a Georgia state-chartered bank and operates primarily throughout Alabama, Florida, Georgia, South Carolina and Tennessee. Synovus Bank offers commercial and consumer services. Our commercial banking services include treasury management, asset management, capital markets services, institutional trust services and commercial, financial and real estate loans. Our consumer banking services include accepting customary types of demand and savings deposits accounts; mortgage, installment and other consumer loans; investment and brokerage services; safe deposit services; automated banking services; automated fund transfers; Internet-based banking services; and bank credit and debit card services, including Visa and MasterCard services. At December 31, 2021, Synovus Bank operated 281 branches and 370 ATMs across our footprint.

Non-bank Subsidiaries

In addition to our banking operations, we also provide various other financial services to our clients through the following direct and indirect wholly-owned non-bank subsidiaries:

•Synovus Securities, headquartered in Columbus, Georgia, which specializes in professional portfolio management for fixed-income securities, investment banking, the execution of securities transactions as a broker/dealer, asset management and financial planning services, and the provision of individual investment advice on equity and other securities; and

•Synovus Trust, headquartered in Columbus, Georgia, which provides trust, asset management, and financial planning services.

Business Developments

Throughout 2021, Synovus' strategic focus remained on expanding and diversifying the franchise in terms of revenue, profitability and asset size while maintaining a community banking, relationship-based approach to banking. In addition, the Company navigated through a CEO transition beginning in April 2021 with Kevin S. Blair succeeding Kessel Stelling as President and Chief Executive Officer and Mr. Stelling stepping into the role of Executive Chairman of the Board, all while remaining focused on execution of key strategic priorities, including Synovus Forward. As previously announced in the first quarter of 2020 and executed throughout 2021, the cost savings and revenue-generating initiatives underpinning Synovus Forward include expense reductions around Synovus’ third party spend program, branch optimization, back-office staff optimization, an early retirement program, market-based repricing of certain product offerings, deposit repricing, commercial analytics and digital enhancements. As of December 31, 2021, Synovus had realized approximately $110 million in pre-tax benefits from Synovus Forward and remains on track to achieve a cumulative pre-tax run rate benefit of $175 million by the end of 2022.

In December 2021, Synovus introduced a streamlined strategic plan focused on growth and performance through four core pillars. The four core pillars are reposition for advantage, simplify and streamline, adopt high-tech meets high touch, and enhance talent and culture. Each of these pillars is supported by various strategic initiatives designed to drive growth and improve performance, with a prioritization on such matters as investing in commercial growth, fortifying consumer banking, optimizing wealth, refreshing the brand, re-imagining the client journey, automating systems and processes, using advanced analytics, enhancing modern core enabled banking products, developing diverse leaders and establishing a growth based culture. We believe disciplined execution of these core pillars will position us for long-term top quartile performance.

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Competition

The financial services industry is highly competitive and could become more competitive as a result of recent and ongoing legislative, regulatory and technological changes, and continued consolidation within the financial services industry. Synovus Bank and our wholly-owned non-bank subsidiaries compete actively with national and state banks, savings and loan associations and credit unions and other nonbank financial intermediaries, including securities brokers and dealers, investment advisory firms, mortgage companies, insurance companies, trust companies, finance companies, leasing companies and certain governmental agencies, all of which actively engage in marketing various types of loans, deposit accounts and other financial services. In addition, competition from nontraditional banking institutions, often known as FinTech, continues to increase, with consumers having the opportunity to select from a growing variety of traditional and nontraditional alternatives. The ability of such non-banking financial institutions to provide services previously limited to commercial banks has intensified competition. Because non-banking financial institutions are not subject to many of the same regulatory restrictions as banks and bank holding companies, they can often operate with greater flexibility and lower cost structures. These competitors have been successful in developing products that are in direct competition with or are alternatives to the banking services offered by traditional banking institutions. Our ability to deliver strong financial performance will depend in part on our ability to expand the scope of, and effectively deliver, products and services, which will allow us to meet the changing needs of our clients. However, we often compete with much larger national and regional banks that have more resources than we do to deliver new products and services and introduce new technology to enhance the client experience. See "Part I - Item 1A. Risk Factors - Strategic Risk - Competition in the financial services industry may adversely affect our future earnings and growth."

As of December 31, 2021, we were the largest bank holding company headquartered in Georgia based on assets. Financial services clients are generally influenced by convenience, quality of service, personal contacts, price of services and availability of products. We continue to gain traction in most of our key markets, as well as overall markets, as shown in the most recent market share deposit data for FDIC-insured institutions as of June 30, 2021. Additionally, over the last year, we have continued to rationalize our branch network and focused on improving the mix of our deposits, while maintaining and growing market share throughout our footprint.

Human Capital Resources

Synovus’ financial performance and strategy rely heavily on our value proposition of relationship-banking delivered through experts committed to delivering an exceptional client experience and to providing value-added advice and financial solutions. As such, Synovus’ ability to identify, attract, develop and retain a qualified and skilled workforce across our segments in multiple banking specialties and other areas is central to our growth and delivering long-term shareholder value. In managing our business, management focuses on a number of human capital measures and objectives, including: workforce demographics; compensation and benefits; talent acquisition, development and retention; diversity, equity and inclusion; and employee health and safety. Synovus’ Chief Human Resources Officer, reporting to the President and Chief Executive Officer, manages all aspects of the employee experience, including talent acquisition and management, learning and development, and compensation and benefits. From a Board oversight perspective, the Compensation and Human Capital Committee has primary oversight responsibility for Synovus’ talent development and human capital management strategies.

In 2021, the Company’s human capital strategy continued to focus on the response to the COVID-19 pandemic and the unique circumstances of our employees. In addition to the various initiatives described below, Synovus focused on responding to our workforce’s changing needs, including increased demand for workplace flexibility, and accelerating the transformation of our technology for the management of our workforce through investments in upgraded systems and processes. The Company also responded to a changing labor market in 2021, including increased competition for talent, labor shortages, and increased labor costs.

Workforce Demographics

As of December 31, 2021, Synovus had 4,988 employees, including both full-time and part-time employees, all predominately located in our core markets of Georgia, Florida, Alabama, South Carolina and Tennessee, compared to 5,247 employees at December 31, 2020. By segment, Community Banking employed 2,224 employees, Wholesale Banking employed 287 employees, Financial Management Services employed 797 employees and Treasury and Corporate Other employed 1,680 employees as of December 31, 2021.

Compensation and Benefits

Synovus strives to provide competitive compensation and benefits that meet the varying needs of employees, including market-competitive pay, healthcare benefits, short and long term incentive packages, a 401(k) plan with a dollar for dollar company match on employee contributions up to 5% of pay, an employee stock purchase plan, tuition assistance, and wellness and employee assistance programs. The Company’s short and long term incentive programs are aligned with our strategy and key business objectives and are intended to motivate strong performance. Synovus engages in nationally recognized outside compensation salary surveys and utilizes the expertise of a nationally recognized outside executive compensation firm to

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objectively evaluate our compensation and benefits and benchmark them against industry peers and similarly situated organizations. For the year ended December 31, 2021, total salaries and other personnel expense, which includes all compensation and benefits to our employees, totaled $649.4 million. See "Part II - Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations - Non-interest Expense" of this Report for further discussion of salaries and other personnel expense.

Talent Acquisition, Development and Retention

Synovus is committed to attracting and retaining the brightest and best talent. Of the approximately 1,560 open positions filled in 2021, 42% were filled by internal hires. Approximately 15% of our workforce received a promotion in 2021, consisting of 66% women and 31% people of color. Our commitment to our employees has resulted in a long-term workforce, with an average tenure of over 8 years of service. We attribute our ability to attract and retain talent to several factors, including impactful work that affects the communities in which our employees live, strong leadership, availability of career advancement opportunities and competitive and equitable total rewards.

Synovus has created internal programs to support the development and retention of our employees, including development programs designed to train our leaders. In 2021, over 875 courses were offered to employees on such topics as leadership, compliance and professional development and an average of approximately 20 hours of training per employee was completed. In addition, over 600 front-line leaders participated in our new leadership development program, Ignite, which included unconscious bias training and content. Development of our senior leaders likewise continues to be a priority. Over 300 senior leaders participated in unconscious bias training. We also developed Catalyst, a new leadership program for our senior leaders focused on business strategy and executive leadership readiness, which we expect to launch in the first quarter of 2022. Synovus also supports our employees’ involvement in external development programs, such as specialty banking schools and other technical training. In support of learning and development for employees, Synovus offers a tuition assistance program for employees seeking undergraduate and graduate degrees and other continuing educational programs.

In addition, we regularly conduct employee engagement surveys and touchpoints to gauge employee satisfaction. In 2021, our “Voice of the Team Member” survey returned an 84% engagement rate, which represents top quartile scoring compared to financial service benchmarks.

We continue to create an environment where employees can succeed and reach their full potential. In 2021, we achieved a Great Place to Work designation by the Great Place to Work Institute and were recognized again among Atlanta's Top Workplaces by the Atlanta Journal Constitution and as a Forbes 2021 Best Bank in America. Our executive leaders again received national recognition for The Most Powerful Women in Banking from American Banker and the Gonzo award for tech and innovation advancements.

Diversity, Equity and Inclusion

Synovus is committed to continued improvement in employee diversity, equity and inclusion at the company. Since 2018 with the launch of a CEO sponsored DEI initiative, we have continued to make progress toward our DEI objectives. As of December 31, 2021, 66% of our employees were women and 29% of our employees were people of color, and we continue to work on improving representation of women and people of color in senior leadership roles. As a result of this continuous effort and focus, as outlined below, representation of women and people of color in senior leadership roles has steadily improved over the last five years with women representing 38% and people of color representing 15% of senior leadership by the end of 2021. Moreover, we expect to continue these improvements by establishing targets of 40% female and 18% people of color representation in senior leadership by the end of 2024.

To build and attract a diverse workforce, in 2021, Synovus continued to identify key organizations and partnerships to strengthen our recruiting efforts. We continued to expand our campus recruiting and scholarship programs, executing a comprehensive campus recruitment strategy with a focus on diversity, deepening our relationships with historically black colleges and universities in our markets, hosting a Diversity Symposium as a part of our recruitment efforts, and increasing our focus on military recruitment. To expand our pipeline of candidates, we continued to partner with diverse external professional organizations such as the Latin American Association Unidos in Finance program and leveraged our numerous and varied employee resource groups for internal referrals. We continued our efforts to increase the diversity of our candidate pool and revitalize our internship and accelerated banker recruiting and selection process in 2021, having an intern class that was 43% people of color and 35% women and an accelerated banker class that was 30% people of color and 60% women.

As to the existing workforce, in 2021, Synovus continued to focus on foundational progress toward increasing DEI, engaging employee resource groups to assist with talent acquisition, development and community outreach, increasing our internal dialogue through forums, fireside chats and listen and learn events, enhancing unconscious bias training across the organization and developing robust DEI strategies across each business unit. Synovus also conducted pipeline analysis by demographic and job grade in 2021 to ensure a robust talent pipeline that can help diversify candidate slates for future job openings.

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In 2021, Synovus conducted an ethnicity pay analysis which resulted in nominal pay adjustments for less than 1% of the employee base and reviewed our gender pay analysis to augment the pay equity work of the prior year. Results of the analyses were shared with the Compensation and Human Capital Committee.

Employee Health and Safety

Synovus is committed to operating in a safe, secure and responsible manner for the benefit of our employees, clients and communities. Synovus provides a range of programs to improve the physical, financial and emotional well-being of our employees, including a range of health and wellness benefits, and strives to create a safe and healthy workplace for all employees.

Synovus responded to the COVID-19 pandemic by taking measures beginning in March 2020 and continuing throughout 2021 to improve and support the health and safety of our employees including remote work capabilities, expanded medical benefits and additional time paid-off for those employees who were sick, quarantining or contending with childcare or other COVID-19 related hardships. Synovus continued to implement aggressive cleaning, sanitizing and hygiene protocols at all company facilities and provided personal protective equipment, masks and related supplies to employees across the footprint. In addition, the Company implemented Centers for Disease Control and Prevention safety guidelines and office design enhancements, including plexiglass barriers, directional signage, mask requirements and social distancing protocols as Synovus’ employees re-entered the work place in a phased-in approach throughout 2021. The re-entry was carefully designed by employees themselves and carefully monitored through re-entry surveys and touchpoints. We remain committed to employee safety and well-being as we continue to manage through the ongoing pandemic.

Supervision, Regulation and Other Factors

We are extensively regulated under federal and state law. The following is a brief summary that does not purport to be a complete description of all regulations that affect us or all aspects of those regulations. This discussion is qualified in its entirety by reference to the particular statutory and regulatory provisions described below and is not intended to be an exhaustive description of the statutes or regulations applicable to the Company’s and Synovus Bank’s business. In addition, proposals to change the laws and regulations governing the banking industry are frequently raised at both the state and federal levels. The likelihood and timing of any changes in these laws and regulations, and the impact such changes may have on us and Synovus Bank, are difficult to predict. Regulatory agencies may issue enforcement actions, policy statements, interpretive letters and similar written guidance applicable to us or to Synovus Bank. Changes in applicable laws, regulations or regulatory guidance, or their interpretation by regulatory agencies or courts may have a material adverse effect on our and Synovus Bank’s business, operations, and earnings.

Synovus Bank, Synovus Trust, and in some cases, we and our nonbank affiliates, must undergo regular examinations by the appropriate regulatory agency, which will examine for adherence to a range of legal and regulatory compliance responsibilities. A bank regulator conducting an examination has complete access to the books and records of the examined institution. The results of the examination are confidential. Supervision and regulation of banks, their holding companies and affiliates is intended primarily for the protection of depositors and clients, the DIF of the FDIC, and the U.S. banking and financial system rather than holders of our securities.

Regulation of the Company

We are registered as a bank holding company with the Federal Reserve under the BHC Act and have elected to be treated as a financial holding company. As such, we are subject to comprehensive supervision and regulation by the Federal Reserve and are subject to its regulatory reporting requirements. Federal law subjects bank holding companies, such as the Company, to restrictions on the types of activities in which they may engage, and to a range of supervisory requirements. In addition, the GA DBF regulates bank holding companies that own Georgia-chartered banks, such as us, under the bank holding company laws of the State of Georgia. Various federal and state bodies regulate and supervise our non-bank activities including our brokerage, investment advisory, and insurance agency. These include, but are not limited to, the SEC, the Financial Industry Regulatory Authority, federal and state banking regulators and various state regulators of insurance and brokerage activities.

Violations of laws and regulations, or other unsafe and unsound practices, may result in regulatory agencies imposing fines or penalties, cease and desist orders, or taking other enforcement actions. Under certain circumstances, these agencies may enforce these remedies directly against officers, directors, employees and other parties participating in the affairs of a bank or bank holding company. Like all bank holding companies, we are regulated extensively under federal and state law. Under federal and state laws and regulations pertaining to the safety and soundness of insured depository institutions, state banking regulators, the Federal Reserve, and separately the FDIC as the insurer of bank deposits, have the authority to compel or restrict certain actions on our part if they determine that we have insufficient capital or other resources, or are otherwise operating in a manner that may be deemed to be inconsistent with safe and sound banking practices. Under this authority, our regulators can require us or our subsidiaries to enter into informal or formal supervisory agreements, including board resolutions, memoranda of

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understanding, written agreements and consent or cease and desist orders, pursuant to which we would be required to take identified corrective actions to address cited concerns and to refrain from taking certain actions.

If we become subject to and are unable to comply with the terms of any regulatory actions or directives, supervisory agreements, or orders, then we could become subject to additional, heightened supervisory actions and orders, possibly including prompt corrective action restrictions and/or other regulatory actions, including prohibitions on the payment of dividends on our common stock and preferred stock. If our regulators were to take such supervisory actions, then we could, among other things, become subject to significant restrictions on our ability to develop any new business, as well as restrictions on our existing business, and we could be required to raise additional capital, dispose of certain assets and liabilities within a prescribed period of time, or both. The terms of any such action could have a material negative effect on our business, reputation, operating flexibility, financial condition, and the value of our common stock and preferred stock. See “Part I - Item 1A. Risk Factors - Compliance and Regulatory Risk - We may become subject to supervisory actions and enhanced regulation that could have a material adverse effect on our business, reputation, operating flexibility, financial condition and the value of our common stock and preferred stock” of this Report.

Activity Limitations

As a financial holding company, we are permitted to engage directly or indirectly in a broader range of activities than those permitted for a bank holding company that has not elected to be a financial holding company. Bank holding companies are generally restricted to engaging in the business of banking, managing or controlling banks and certain other activities determined by the Federal Reserve to be closely related to banking. Financial holding companies may also engage in activities that are considered to be financial in nature, as well as those incidental or, if determined by the Federal Reserve, complementary to financial activities. If Synovus Bank ceases to be “well capitalized” or “well managed” under applicable regulatory standards, or if Synovus Bank receives a rating of less than satisfactory under the CRA, the Federal Reserve may, among other things, place limitations on our ability to conduct these broader financial activities or, if the deficiencies persist, require us to divest the banking subsidiary or the businesses engaged in activities permissible only for financial holding companies.

In addition, the Federal Reserve has the power to order a bank holding company or its subsidiaries to terminate any nonbanking activity or terminate its ownership or control of any nonbank subsidiary, when it has reasonable cause to believe that continuation of such activity or such ownership or control constitutes a serious risk to the financial safety, soundness, or stability of any bank subsidiary of that bank holding company. As further described below, each of the Company and Synovus Bank is well-capitalized under applicable regulatory standards as of December 31, 2021, and Synovus Bank has an overall rating of “Satisfactory” in its most recent CRA evaluation.

Source of Strength Obligations

A bank holding company, such as us, is required to act as a source of financial and managerial strength to its subsidiary bank. The term “source of financial strength” means the ability of a company, such as us, that directly or indirectly owns or controls an insured depository institution, such as Synovus Bank, to provide financial assistance to such insured depository institution in the event of financial distress. The appropriate federal banking agency for the depository institution (in the case of Synovus Bank, this agency is the Federal Reserve) may require reports from us to assess our ability to serve as a source of strength and to enforce compliance with the source of strength requirements by requiring us to provide financial assistance to Synovus Bank in the event of financial distress. If we were to enter bankruptcy or become subject to the orderly liquidation process established by the Dodd-Frank Act, any commitment by us to a federal bank regulatory agency to maintain the capital of Synovus Bank would be assumed by the bankruptcy trustee or the FDIC, as appropriate, and entitled to a priority of payment. In addition, the FDIC provides that any insured depository institution generally will be liable for any loss incurred by the FDIC in connection with the default of, or any assistance provided by the FDIC to, a commonly controlled insured depository institution. Synovus Bank is an FDIC-insured depository institution and thus subject to these requirements.

Acquisitions

The BHC Act permits acquisitions of banks by bank holding companies, such that we and any other bank holding company, whether located in Georgia or elsewhere, may acquire a bank located in any other state, subject to certain deposit-percentage, age of bank charter requirements, and other restrictions. The BHC Act requires that a bank holding company obtain the prior approval of the Federal Reserve before (i) acquiring direct or indirect ownership or control of more than 5% of the voting shares of any additional bank or bank holding company, (ii) taking any action that causes an additional bank or bank holding company to become a subsidiary of the bank holding company, or (iii) merging or consolidating with any other bank holding company. The Federal Reserve may not approve any such transaction that would result in a monopoly or would be in furtherance of any combination or conspiracy to monopolize or attempt to monopolize the business of banking in any section of the United States, or the effect of which may be substantially to lessen competition or to tend to create a monopoly in any section of the country, or that in any other manner would be in restraint of trade, unless the anticompetitive effects of the proposed transaction are clearly outweighed in the public interest by the probable effect of the transaction in meeting the convenience and needs of the

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community to be served. The Federal Reserve is also required to consider: (1) the financial and managerial resources of the companies involved, including pro forma capital ratios; (2) the risk to the stability of the United States banking or financial system; (3) the convenience and needs of the communities to be served, including performance under the CRA; and (4) the effectiveness of the company in combatting money laundering.

Change in Control

Federal law restricts the amount of voting stock of a bank holding company or a bank that a person may acquire without the prior approval of banking regulators. Under the Change in Bank Control Act and the regulations thereunder, a person or group must give advance notice to the Federal Reserve before acquiring control of any bank holding company, such as the Company, or before acquiring control of any FDIC-insured bank, such as Synovus Bank. Upon receipt of such notice, the Federal Reserve may approve or disapprove the acquisition. The Change in Bank Control Act creates a rebuttable presumption of control if a person or group acquires the power to vote 10% or more of our outstanding common stock. The overall effect of such laws is to make it more difficult to acquire a bank holding company and a bank by tender offer or similar means than it might be to acquire control of another type of corporation. Consequently, shareholders of the Company may be less likely to benefit from the rapid increases in stock prices that may result from tender offers or similar efforts to acquire control of other companies. Investors should be aware of these requirements when acquiring shares of our stock.

Governance and Financial Reporting Obligations

We are required to comply with various corporate governance and financial reporting requirements under the Sarbanes-Oxley Act of 2002, as well as rules and regulations adopted by the SEC, the PCAOB, and the NYSE. In particular, we are required to include management and independent registered public accounting firm reports on internal controls as part of our Annual Report on Form 10-K in order to comply with Section 404 of the Sarbanes-Oxley Act. We have evaluated our controls, including compliance with the SEC rules on internal controls, and have and expect to continue to spend significant amounts of time and money on compliance with these rules. Our failure to comply with these internal control rules may materially adversely affect our reputation, ability to obtain the necessary certifications to financial statements, and the values of our securities. The assessments of our financial reporting controls as of December 31, 2021 are included in this report under “Item 9A. Controls and Procedures.”

The Federal Reserve also requires bank holding companies meeting certain asset size thresholds, such as us, to establish and maintain a risk committee of its board of directors and appoint a chief risk officer, each meeting certain requirements.

Volcker Rule

Section 13 of the BHC Act, commonly referred to as the “Volcker Rule,” generally prohibits us and our subsidiaries from (i) engaging in certain proprietary trading, and (ii) acquiring or retaining an ownership interest in or sponsoring a “covered fund,” all subject to certain exceptions. The Volcker Rule also specifies certain limited activities in which we and our subsidiaries may continue to engage and requires us to maintain a compliance program. In the first quarter of 2017, we obtained a five-year extension from the Federal Reserve to the divestiture requirement of certain "illiquid" funds held by us and covered by this rule. In 2020, amendments to the proprietary trading and covered funds regulations issued by the federal banking agencies, the SEC, and the Commodity Futures Trading Commission took effect, simplifying compliance and providing additional exclusions and exemptions.

Incentive Compensation

The Dodd-Frank Act required the federal banking agencies and the SEC to establish joint rules or guidelines for financial institutions with more than $1 billion in assets, such as us and Synovus Bank, which prohibit incentive compensation arrangements that the agencies determine to encourage inappropriate risks by the institution. The federal banking agencies issued proposed rules in 2011 and previously issued guidance on sound incentive compensation policies. In 2016, the federal banking agencies and the SEC proposed rules that would, depending upon the assets of the institution, directly regulate incentive compensation arrangements and would require enhanced oversight and recordkeeping. As of December 31, 2021, these rules have not been implemented. We and Synovus Bank have undertaken efforts to ensure that our incentive compensation plans do not encourage inappropriate risks, consistent with three key principles - that incentive compensation arrangements should appropriately balance risk and financial rewards, be compatible with effective controls and risk management, and be supported by strong corporate governance.

Other Regulatory Matters

We and our subsidiaries are subject to oversight by the SEC, the FINRA, the PCAOB, the NYSE and various state securities and insurance regulators. We and our subsidiaries have from time to time received requests for information from regulatory authorities in various states, including state attorneys general, securities regulators and other regulatory authorities, concerning our business practices. Such requests are considered incidental to the normal conduct of business.

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Capital Requirements

We and Synovus Bank are required under federal law to maintain certain minimum capital levels based on ratios of capital to total assets and capital to risk-weighted assets. The required capital ratios are minimums, and the Federal Reserve may determine that a banking organization, based on its size, complexity or risk profile, must maintain a higher level of capital in order to operate in a safe and sound manner. Risks such as concentration of credit risks and the risk arising from non-traditional activities, as well as the institution’s exposure to a decline in the economic value of its capital due to changes in interest rates, and an institution’s ability to manage those risks, are important factors that are to be taken into account in assessing an institution’s overall capital adequacy. The following is a brief description of the relevant provisions of these capital rules and their potential impact on our capital levels.

We and Synovus Bank are subject to the following risk-based capital ratios: a CET1 risk-based capital ratio, a Tier 1 risk-based capital ratio, which includes CET1 and additional Tier 1 capital, and a total risk-based capital ratio, which includes Tier 1 and Tier 2 capital. CET1 is primarily comprised of the sum of common stock instruments and related surplus net of treasury stock plus retained earnings less certain adjustments and deductions, including with respect to goodwill, intangible assets, mortgage servicing assets and deferred tax assets subject to temporary timing differences. Additional Tier 1 capital is primarily comprised of noncumulative perpetual preferred stock. Tier 2 capital consists of instruments disqualified from Tier 1 capital, including qualifying subordinated debt and a limited amount of loan loss reserves up to a maximum of 1.25% of risk-weighted assets, subject to certain eligibility criteria. The capital rules also define the risk-weights assigned to assets and off-balance sheet items to determine the risk-weighted asset components of the risk-based capital rules, including, for example, certain “high volatility” commercial real estate, past due assets, structured securities and equity holdings.

The leverage capital ratio, which serves as a minimum capital standard, is the ratio of Tier 1 capital to quarterly average total consolidated assets net of goodwill, certain other intangible assets, and certain required deduction items. The required minimum leverage ratio for all banks and bank holding companies is 4%.

In addition, effective January 1, 2019, the capital rules required a capital conservation buffer of 2.5%, comprised of CET1, above each of the minimum risk-based capital ratio requirements (CET1, Tier 1, and total capital), which is designed to absorb losses during periods of economic stress. These buffer requirements must be met for a bank or bank holding company to be able to pay dividends, engage in share buybacks or make discretionary bonus payments to executive management without restriction.

The FDICIA, among other things, requires the federal bank regulatory agencies to take “prompt corrective action” regarding depository institutions that do not meet minimum capital requirements. FDICIA establishes five regulatory capital tiers: “well capitalized”, “adequately capitalized”, “undercapitalized”, “significantly undercapitalized”, and “critically undercapitalized”. A depository institution’s capital tier will depend upon how its capital levels compare to various relevant capital measures and certain other factors, as established by regulation. FDICIA generally prohibits a depository institution from making any capital distribution (including payment of a dividend) or paying any management fee to its holding company if the depository institution would thereafter be undercapitalized. The FDICIA imposes progressively more restrictive restraints on operations, management and capital distributions, depending on the category in which an institution is classified. Undercapitalized depository institutions are subject to restrictions on borrowing from the Federal Reserve System. In addition, undercapitalized depository institutions may not accept brokered deposits absent a waiver from the FDIC, are subject to growth limitations and are required to submit capital restoration plans for regulatory approval. A depository institution's holding company must guarantee any required capital restoration plan, up to an amount equal to the lesser of 5% of the depository institution's assets at the time it becomes undercapitalized or the amount of the capital deficiency when the institution fails to comply with the plan. Federal banking agencies may not accept a capital plan without determining, among other things, that the plan is based on realistic assumptions and is likely to succeed in restoring the depository institution's capital. If a depository institution fails to submit an acceptable plan, it is treated as if it is significantly undercapitalized.

To be well-capitalized, Synovus Bank must maintain at least the following capital ratios:

•6.5% CET1 to risk-weighted assets;

•8.0% Tier 1 capital to risk-weighted assets;

•10.0% Total capital to risk-weighted assets; and

•5.0% leverage ratio.

The Federal Reserve has not yet revised the well-capitalized standard for bank holding companies to reflect the higher capital requirements imposed under the current capital rules applicable to banks. For purposes of the Federal Reserve’s Regulation Y, including determining whether a bank holding company meets the requirements to be a financial holding company, bank holding companies, such as the Company, must maintain a Tier 1 risk-based capital ratio of 6.0% or greater and a total risk-based capital ratio of 10.0% or greater to be well-capitalized. Also, the Federal Reserve may require bank holding companies, including the Company, to maintain capital ratios substantially in excess of mandated minimum levels, depending upon general economic conditions and a bank holding company’s particular condition, risk profile and growth plans.

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Failure to be well-capitalized or to meet minimum capital requirements could result in certain mandatory and possible additional discretionary actions by regulators that, if undertaken, could have an adverse material effect on our operations or financial condition. Failure to meet minimum capital requirements could also result in restrictions on the Company’s or Synovus Bank’s ability to pay dividends or otherwise distribute capital or to receive regulatory approval of applications or other restrictions on its growth.

In 2021, the Company’s and Synovus Bank’s regulatory capital ratios were above the applicable well-capitalized standards and met the capital conservation buffer. Based on current estimates, we believe that the Company and Synovus Bank will continue to exceed all applicable well-capitalized regulatory capital requirements and the capital conservation buffer in 2022. As of December 31, 2021, the consolidated capital ratios of Synovus and Synovus Bank were as follows:

Table 1 – Capital Ratios as of December 31, 2021
	Synovus		Synovus Bank
CET1 capital ratio	9.50	%	10.83	%
Tier 1 risk-based capital ratio	10.66		10.83
Total risk-based capital ratio	12.61		12.11
Leverage ratio	8.72		8.86

See "Part II - Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations - Capital Resources" and "Part II - Item 8. Financial Statements and Supplementary Data - Note 10 - Regulatory Capital" of this Report for further information.

In June 2016, the FASB issued ASU 2016-13, which introduced CECL as the methodology to replace the current “incurred loss” methodology for financial assets measured at amortized cost, and changed the approaches for recognizing and recording credit losses on available-for-sale debt securities and purchased credit impaired financial assets. Under the incurred loss methodology, credit losses are recognized only when the losses are probable or have been incurred; under CECL, companies are required to recognize the full amount of expected credit losses for the lifetime of the financial assets, based on historical experience, current conditions and reasonable and supportable forecasts. This change results in earlier recognition of credit losses that the Company deems expected but not yet probable. The Company began its compliance beginning with the first fiscal quarter of 2020. On August 26, 2020, the federal banking regulators issued a final rule (following an interim final rule issued on March 27, 2020) that allowed electing banking organizations that adopted CECL during 2020 to mitigate the estimated effects of CECL on regulatory capital for two years, followed by a three-year phase-in transition period. Synovus' December 31, 2021 regulatory capital ratios reflect Synovus' election of the five-year transition provision. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" of this Report for additional information on Synovus' adoption of CECL.

Payment of Dividends

We are a legal entity separate and distinct from Synovus Bank and our other subsidiaries. Under the laws of the State of Georgia, we, as a business corporation, may declare and pay dividends in cash or property unless the payment or declaration would be contrary to restrictions contained in our Articles of Incorporation, or unless, after payment of the dividend, we would not be able to pay our debts when they become due in the usual course of our business or our total assets would be less than the sum of our total liabilities. In addition, we are also subject to federal regulatory capital requirements that effectively limit the amount of cash dividends that we may pay.

The primary sources of funds for our payment of dividends to our shareholders are cash on hand and dividends from Synovus Bank and our non-bank subsidiaries. Various federal and state statutory provisions and regulations limit the amount of dividends that Synovus Bank may pay. Synovus Bank is a Georgia bank. Under the regulations of the GA DBF, a Georgia bank must have approval of the GA DBF to pay cash dividends if, at the time of such payment:

•the ratio of Tier 1 capital to average total assets is less than 6%;

•the aggregate amount of dividends to be declared or anticipated to be declared during the current calendar year exceeds 50% of its net income for the previous calendar year; or

•its total adversely classified assets in its most recent regulatory examination exceeded 80% of its Tier 1 capital plus its allowance for loan and lease losses.

The Georgia Financial Institutions Code also contains restrictions on the ability of a Georgia bank to pay dividends other than from retained earnings without the approval of the GA DBF. As a result of the foregoing restrictions, Synovus Bank may be required to seek approval from the GA DBF to pay dividends.

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In addition, we and Synovus Bank are subject to various general regulatory policies and requirements relating to the payment of dividends, including requirements to maintain adequate capital above regulatory minimums. The Federal Reserve has indicated that paying dividends that deplete a bank’s capital base to an inadequate level would be an unsafe and unsound banking practice. The Federal Reserve has indicated that depository institutions and their holding companies should generally pay dividends only out of current operating earnings.

Under a Federal Reserve policy adopted in 2009, the board of directors of a bank holding company must consider different factors to ensure that its dividend level is prudent relative to maintaining a strong financial position, and is not based on overly optimistic earnings scenarios, such as potential events that could affect its ability to pay, while still maintaining a strong financial position. As a general matter, the Federal Reserve has indicated that the board of directors of a bank holding company should consult with the Federal Reserve and eliminate, defer or significantly reduce the bank holding company’s dividends if:

•its net income available to shareholders for the past four quarters, net of dividends previously paid during that period, is not sufficient to fully fund the dividends;

•its prospective rate of earnings retention is not consistent with its capital needs and overall current and prospective financial condition; or

•it will not meet, or is in danger of not meeting, its minimum regulatory capital adequacy ratios.

Regulation of the Bank

Synovus Bank, which is a member of the Federal Reserve System, is subject to comprehensive supervision and regulation by the Federal Reserve, and is subject to its regulatory reporting requirements, as well as supervision and regulation by the GA DBF. As a member bank of the Federal Reserve System, Synovus Bank is required to hold stock in its district Federal Reserve Bank in an amount equal to 6% of its capital stock and surplus (half paid to acquire stock with the remainder held as a cash reserve). Member banks do not have any control over the Federal Reserve System as a result of owning the stock and the stock cannot be sold or traded. The annual dividend rate for member banks with total assets in excess of $10 billion, including Synovus Bank, is based on a floating dividend rate tied to10-year U.S. Treasuries with the maximum dividend rate capped at 6%.

The deposits of Synovus Bank are insured by the FDIC up to applicable limits, and, accordingly, Synovus Bank is also subject to certain FDIC regulations and the FDIC has backup examination authority and some enforcement powers over Synovus Bank. Synovus Trust, a subsidiary of Synovus Bank that provides trust services, is organized as a national trust bank and thus is subject to supervision and regulation by the Office of the Comptroller of the Currency.

In addition, as discussed in more detail below, Synovus Bank and any other of our subsidiaries that offer consumer financial products and services are subject to regulation and supervision by the CFPB. In addition, the Dodd-Frank Act permits states to adopt consumer protection laws and regulations that are stricter than those regulations promulgated by the CFPB, and state attorneys general are permitted to enforce certain federal consumer financial protection law.

Broadly, regulations applicable to Synovus Bank include limitations on loans to a single borrower and to its directors, officers and employees; restrictions on the opening and closing of branch offices; the maintenance of required capital ratios; the granting of credit under equal and fair conditions; the disclosure of the costs and terms of such credit; requirements to maintain reserves against deposits and loans; limitations on the types of investment that may be made by Synovus Bank; and requirements governing risk management practices. Subject to Federal Reserve approval and certain state filing requirements, Synovus Bank is permitted under federal law to branch on a de novo basis across state lines wherever the laws of that state would permit a bank chartered by that state to establish a branch.

Transactions with Affiliates and Insiders

Synovus Bank is subject to restrictions on extensions of credit and certain other transactions between Synovus Bank and the Company or any nonbank affiliate. Generally, these covered transactions with either the Company or any affiliate are limited to 10% of Synovus Bank’s capital and surplus, and all such transactions between Synovus Bank and the Company and all of its nonbank affiliates combined are limited to 20% of Synovus Bank’s capital and surplus. Loans and other extensions of credit from Synovus Bank to the Company or any affiliate generally are required to be secured by eligible collateral in specified amounts. In addition, any transaction between Synovus Bank and the Company or any affiliate are required to be on an arm’s length basis. Federal banking laws also place similar restrictions on certain extensions of credit by insured banks, such as Synovus Bank, to their directors, executive officers and principal shareholders.

FDIC Insurance Assessments and Depositor Preference

Synovus Bank’s deposits are insured by the FDIC’s DIF up to the limits under applicable law, which currently are set at $250,000 per depositor, per insured bank, for each account ownership category. Synovus Bank is subject to FDIC assessments for its deposit insurance. The FDIC calculates quarterly deposit insurance assessments based on an institution’s average total consolidated assets less its average tangible equity, and applies one of four risk categories determined by reference to its capital

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levels, supervisory ratings, and certain other factors. The assessment rate schedule can change from time to time, at the discretion of the FDIC, subject to certain limits.

Insurance of deposits may be terminated by the FDIC upon a finding that the institution has engaged in unsafe and unsound practices, is in an unsafe or unsound condition to continue operations, or has violated any applicable law, regulation, rule, order or condition imposed by a bank’s federal regulatory agency. In addition, the Federal Deposit Insurance Act provides that, in the event of the liquidation or other resolution of an insured depository institution, the claims of depositors of the institution, including the claims of the FDIC as subrogee of insured depositors, and certain claims for administrative expenses of the FDIC as a receiver, will have priority over other general unsecured claims against the institution, including those of the parent bank holding company. See "Part II - Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations - Deposits" of this Report for further information.

Standards for Safety and Soundness

The Federal Deposit Insurance Act requires the federal bank regulatory agencies to prescribe, by regulation or guideline, operational and managerial standards for all insured depository institutions relating to: (1) internal controls; (2) information systems and audit systems; (3) loan documentation; (4) credit underwriting; (5) interest rate risk exposure; and (6) asset quality. The federal banking agencies have adopted regulations and Interagency Guidelines Establishing Standards for Safety and Soundness to implement these required standards. These guidelines set forth the safety and soundness standards used to identify and address problems at insured depository institutions before capital becomes impaired. Under the regulations, if a regulator determines that a bank fails to meet any standards prescribed by the guidelines, the regulator may require the bank to submit an acceptable plan to achieve compliance, consistent with deadlines for the submission and review of such safety and soundness compliance plans.

Anti-Money Laundering

A continued focus of governmental policy relating to financial institutions in recent years has been combating money laundering and terrorist financing. The USA PATRIOT Act broadened the application of anti-money laundering regulations to apply to additional types of financial institutions such as broker-dealers, investment advisors and insurance companies, and strengthened the ability of the U.S. Government to help prevent, detect and prosecute international money laundering and the financing of terrorism. The principal provisions of Title III of the USA PATRIOT Act require that regulated financial institutions, including state member banks: (i) establish an anti-money laundering program that includes training and audit components; (ii) comply with regulations regarding the verification of the identity of any person seeking to open an account; (iii) take additional required precautions with non-U.S. owned accounts; and (iv) perform certain verification and certification of money laundering risk for their foreign correspondent banking relationships. Failure of a financial institution to comply with the USA PATRIOT Act’s requirements could have serious legal and reputational consequences for the institution. Synovus Bank has augmented its systems and procedures to meet the requirements of these regulations and will continue to revise and update its policies, procedures and controls to reflect changes required by law.

FinCEN has adopted rules that require financial institutions to obtain beneficial ownership information with respect to legal entities with which such institutions conduct business, subject to certain exclusions and exemptions. Bank regulators are focusing their examinations on anti-money laundering compliance, and we continue to monitor and augment, where necessary, our anti-money laundering compliance programs. Banking regulators will consider compliance with the Act’s money laundering provisions in acting upon merger and acquisition proposals. Bank regulators routinely examine institutions for compliance with these obligations and have been active in imposing cease and desist and other regulatory orders and money penalty sanctions against institutions found to be violating these obligations. Sanctions for violations of the Act can be imposed in an amount equal to twice the sum involved in the violating transaction, up to $1 million. On January 1, 2021, Congress passed federal legislation that made sweeping changes to federal anti-money laundering laws, including changes that will be implemented in subsequent years.

Economic Sanctions

The OFAC is responsible for helping to ensure that U.S. entities do not engage in transactions with certain prohibited parties, as defined by various Executive Orders and acts of Congress. OFAC publishes, and routinely updates, lists of names of persons and organizations suspected of aiding, harboring or engaging in terrorist acts, including the Specially Designated Nationals and Blocked Persons List. If we find a name on any transaction, account or wire transfer that is on an OFAC list, we must undertake certain specified activities, which could include blocking or freezing the account or transaction requested, and we must notify the appropriate authorities.

Concentrations in Lending

During 2006, the federal bank regulatory agencies released guidance on “Concentrations in Commercial Real Estate Lending” (the “Guidance”) and advised financial institutions of the risks posed by CRE lending concentrations. The Guidance

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requires that appropriate processes be in place to identify, monitor and control risks associated with real estate lending concentrations. Higher allowances for loan losses and capital levels may also be required. The Guidance is triggered when CRE loan concentrations exceed either:

•Total reported loans for construction, land development, and other land of 100% or more of a bank’s total risk-based capital; or

•Total reported loans secured by multifamily and nonfarm nonresidential properties and loans for construction, land development, and other land of 300% or more of a bank’s total risk-based capital.

The Guidance also applies when a bank has a sharp increase in CRE loans or has significant concentrations of CRE secured by a particular property type. We have always had exposures to loans secured by CRE due to the nature of our markets and the loan needs of both consumer and commercial clients. We believe our long-term experience in CRE lending, underwriting policies, internal controls, and other policies currently in place, as well as our loan and credit monitoring and administration procedures, are generally appropriate to managing our concentrations as required under the Guidance.

Debit Interchange Fees

Interchange fees, or "swipe" fees, are fees that merchants pay to credit card companies and card-issuing banks such as Synovus Bank for processing electronic payment transactions on their behalf. The maximum permissible interchange fee that a non-exempt issuer such as Synovus Bank may receive for an electronic debit transaction is the sum of 21 cents per transaction and 5 bps multiplied by the value of the transaction, subject to an upward adjustment of 1 cent if an issuer certifies that it has implemented policies and procedures reasonably designed to achieve the fraud-prevention standards set forth by the Federal Reserve. In addition, card issuers and networks are prohibited from entering into arrangements requiring that debit card transactions be processed on a single network or only two affiliated networks, and allows merchants to determine transaction routing.

Community Reinvestment Act

Synovus Bank is subject to the provisions of the CRA, which imposes a continuing and affirmative obligation, consistent with safe and sound operation, to help meet the credit needs of entire communities where the bank accepts deposits, including low- and moderate-income neighborhoods. The Federal Reserve’s assessment of Synovus Bank’s CRA record is made available to the public. CRA agreements with private parties must be disclosed and annual CRA reports must be made to the Federal Reserve. A bank holding company will not be permitted to become or remain a financial holding company and no new activities authorized under GLB may be commenced by a holding company or by a bank financial subsidiary if any of its bank subsidiaries received less than a “satisfactory” CRA rating in its latest CRA examination. Federal CRA regulations require, among other things, that evidence of discrimination against applicants on a prohibited basis, and illegal or abusive lending practices be considered in the CRA evaluation. Synovus Bank has a rating of “Satisfactory” in its most recent CRA evaluation. On September 21, 2020, the Federal Reserve issued an advanced notice of proposed rulemaking that would modernize and substantially revise the regulations implementing the CRA.

Privacy, Credit Reporting, and Data Security

The GLB generally prohibits disclosure of non-public consumer information to non-affiliated third parties unless the consumer has been given the opportunity to object and has not objected to such disclosure. Financial institutions are further required to disclose their privacy policies to clients annually. Financial institutions, however, will be required to comply with state law if it is more protective of consumer privacy than the GLB. The GLB also directed federal regulators to prescribe standards for the security of consumer information. Synovus Bank is subject to such standards, as well as standards for notifying clients in the event of a security breach. Synovus Bank utilizes credit bureau data in underwriting activities. Use of such data is regulated under the Fair Credit Reporting Act and Regulation V on a uniform, nationwide basis, including credit reporting, prescreening, and sharing of information between affiliates and the use of credit data. The Fair and Accurate Credit Transactions Act, which amended the Fair Credit Reporting Act, permits states to enact identity theft laws that are not inconsistent with the conduct required by the provisions of that Act. Clients must be notified when unauthorized disclosure involves sensitive client information that may be misused. On November 18, 2021, the federal banking agencies issued a new rule effective in 2022 that requires banks to notify their primary federal regulator within 36 hours of a “computer-security incident” that rises to the level of a “notification incident.”

The federal banking regulators regularly issue guidance regarding cybersecurity intended to enhance cyber risk management standards among financial institutions. As a result, financial institutions, like Synovus and Synovus Bank, are expected to establish multiple lines of defense and to ensure their risk management processes address the risk posed by potential threats to the institution. A financial institution’s management is expected to maintain sufficient processes to effectively respond and recover the institution’s operations after a cyber-attack. A financial institution is also expected to develop appropriate processes

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to enable recovery of data and business operations if a critical service provider of the institution falls victim to this type of cyber-attack. Our information security protocols are designed in part to adhere to the requirements of this guidance.

State regulators have also been increasingly active in implementing privacy and cybersecurity standards and regulations. Recently, several states have adopted regulations requiring certain financial institutions to implement cybersecurity programs and providing detailed requirements with respect to these programs, including data encryption requirements. Many states have also recently implemented or modified their data breach notification and data privacy requirements. We expect this trend of state-level activity in those areas to continue and are continually monitoring developments in the states in which our clients are located.

Anti-Tying Restrictions

In general, a bank may not extend credit, lease, sell property, or furnish any services or fix or vary the consideration for them on the condition that (1) the client obtain or provide some additional credit, property, or services from or to the bank or bank holding company or their subsidiaries or (2) the client not obtain some other credit, property, or services from a competitor, except to the extent reasonable conditions are imposed to assure the soundness of the credit extended. A bank may, however, offer combined-balance products and may otherwise offer more favorable terms if a client obtains two or more traditional bank products. The law also expressly permits banks to engage in other forms of tying and authorizes the Federal Reserve Board to grant additional exceptions by regulation or order. Also, certain foreign transactions are exempt from the general rule.

Consumer Regulation

Activities of Synovus Bank are subject to a variety of statutes and regulations designed to protect consumers. These laws and regulations include, among numerous other things, provisions that:

•limit the interest and other charges collected or contracted for by Synovus Bank, including rules respecting the terms of credit cards and of debit card overdrafts;

•govern Synovus Bank’s disclosures of credit terms to consumer borrowers;

•require Synovus Bank to provide information to enable the public and public officials to determine whether it is fulfilling its obligation to help meet the housing needs of the communities it serves;

•prohibit Synovus Bank from discriminating on the basis of race, creed or other prohibited factors when it makes decisions to extend credit;

•govern the manner in which Synovus Bank may collect consumer debts; and

•prohibit unfair, deceptive or abusive acts or practices in the provision of consumer financial products and services.

Mortgage Regulation

The CFPB adopted a rule that implements the ability-to-repay and qualified mortgage provisions of the Dodd-Frank Act (the “ATR/QM rule”), which requires lenders to consider, among other things, income, employment status, assets, payment amounts, and credit history before approving a mortgage, and provides a compliance “safe harbor” for lenders that issue certain “qualified mortgages.” The ATR/QM rule defines a “qualified mortgage” to have certain specified characteristics, and generally prohibits loans with negative amortization, interest-only payments, balloon payments, or terms exceeding 30 years from being qualified mortgages. The rule also establishes general underwriting criteria for qualified mortgages, including that monthly payments be calculated based on the highest payment that will apply in the first five years of the loan and that the borrower have a total debt-to-income ratio that is less than or equal to 43%. While “qualified mortgages” will generally be afforded safe harbor status, a rebuttable presumption of compliance with the ability-to-repay requirements will attach to “qualified mortgages” that are “higher priced mortgages” (which are generally subprime loans). In addition, the securitizer of asset-backed securities must retain not less than 5% of the credit risk of the assets collateralizing the asset-backed securities, unless subject to an exemption for asset-backed securities that are collateralized exclusively by residential mortgages that qualify as “qualified residential mortgages.”

The CFPB has also issued rules to implement requirements of the Dodd-Frank Act pertaining to mortgage loan origination (including with respect to loan originator compensation and loan originator qualifications) as well as integrated mortgage disclosure rules. In addition, the CFPB has issued rules that require servicers to comply with certain standards and practices with regard to: error correction; information disclosure; force-placement of insurance; information management policies and procedures; requiring information about mortgage loss mitigation options be provided to delinquent borrowers; providing delinquent borrowers access to servicer personnel with continuity of contact about the borrower’s mortgage loan account; and evaluating borrowers’ applications for available loss mitigation options. These rules also address initial rate adjustment notices for adjustable-rate mortgages, periodic statements for residential mortgage loans, and prompt crediting of mortgage payments and response to requests for payoff amounts.

The CARES Act granted certain forbearance rights and protection against foreclosure to borrowers with a “federally backed mortgage loan,” including certain first or subordinate lien loans designed principally for the occupancy of one to four families. These consumer protections continue during the COVID-19 pandemic emergency.

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Non-Discrimination Policies

Synovus Bank is also subject to, among other things, the provisions of the Equal Credit Opportunity Act and the Fair Housing Act, both of which prohibit discrimination based on race or color, religion, national origin, sex, and familial status in any aspect of a consumer or commercial credit or residential real estate transaction. The Department of Justice, and the federal bank regulatory agencies have issued an Interagency Policy Statement on Discrimination in Lending that provides guidance to financial institutions in determining whether discrimination exists, how the agencies will respond to lending discrimination, and what steps lenders might take to prevent discriminatory lending practices. The DOJ has increased its efforts to prosecute what it regards as violations of the ECOA and FHA.

Available Information

Our website address is www.synovus.com. We file with or furnish to the SEC Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, proxy statements and annual reports to shareholders, and, from time to time, amendments to these documents and other documents called for by the SEC. The reports and other documents filed with or furnished to the SEC are available to investors on or through our website at investor.synovus.com under the heading “Financial Information” and then under “SEC Filings.” These reports are available on our website free of charge as soon as reasonably practicable after we electronically file them with the SEC.

In addition, the SEC maintains an Internet website that contains reports, proxy and information statements and other information regarding issuers, such as Synovus, that file electronically with the SEC. The address of that website is www.sec.gov.

We have adopted a Code of Business Conduct and Ethics for our directors, officers and employees and have also adopted Corporate Governance Guidelines. Our Code of Business Conduct and Ethics, Corporate Governance Guidelines and the charters of our Board committees, as well as information on how to contact our Board of Directors, are available in the Corporate Governance Section of our website at investor.synovus.com/governance. We will post any waivers of our Code of Business Conduct and Ethics granted to our directors or executive officers on our website at investor.synovus.com.

We include our website addresses throughout this filing only as textual references. The information contained on our website is not incorporated in this document by reference.

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ITEM 1A. RISK FACTORS

This section highlights the material risks that we currently face. Please be aware that these risks may change over time and other risks may prove to be important in the future. New risks may emerge at any time, and we cannot predict such risks or estimate the extent to which they may affect our business, financial condition or results of operations or the trading price of our securities.

Strategic Risk

Competition in the financial services industry may adversely affect our future earnings and growth.

We operate in a highly competitive environment and our profitability and our future growth depends on our ability to compete successfully based on such factors as pricing, convenience, product offerings, technology, accessibility, quality of service, and client relationships. We face pricing competition for loans and deposits and, in order for us to compete for borrowers and depositors, we may be required to offer loans and deposits on terms less favorable to us, including lower rates on our loans and higher rates on our deposits. Certain of our competitors are larger and have more resources than we do, enabling them to be more aggressive than us in competing across the financial services landscape and investing in new products, technology and services. In addition, the ability of non-bank competitors to provide services previously limited to commercial banks has intensified the competition we face. These non-bank competitors are not subject to the same extensive regulations that govern us and, therefore, may be able to operate with greater flexibility and lower cost structures. Non-bank competitors can also operate in areas or offer certain products that may be considered speculative or risky. This significant competition in making loans and attracting and retaining deposits as well as in providing other financial services may impact our future earnings and growth.

Furthermore, the financial services industry could become even more competitive as a result of legislative, regulatory and technological changes and continued consolidation.

•While we cannot predict the actions of state or federal legislatures or regulators, there is increasing likelihood that the bank regulatory landscape could shift due to legislation or regulatory action. Any material change to federal or state banking laws, regulations or enforcement position could result in increased competition or make it more difficult for banks of our size to compete, either broadly or in specific segments of our business.

•Technology has lowered barriers to entry and made it possible for non-banks and smaller banks to offer products and services traditionally provided by larger banks. Competitors adopting new technologies or changes to consumer behaviors or expectations could require us to make significant expenditures to modify or make additions to our current products and services.

•There has also been increasing consolidation among regional banks similar in size or larger than us resulting in even larger banks. The resulting larger banks, as well as many other banks that are larger than us, may be able to achieve economies of scale due to their size and, as a result, may be able to operate more efficiently than us and also offer a broader range of products and services than we do, as well as better pricing for those products and services.

We may not realize the expected benefits from our strategic initiatives, either in whole or in part, which could negatively impact our future profitability.

In the current competitive banking environment, overall revenue growth must outpace operating costs, which requires the successful execution of both growth and efficiency initiatives. In addition, we must continue to implement strategies to grow our product and service offerings and keep pace with changing technologies and client expectations in order to realize continued earnings growth and to remain competitive with the other banks and non-bank financial services providers in the markets we serve. We are continuously implementing strategic initiatives to achieve growth, reduce expense, and unlock efficiencies. Our current initiatives include, but are not limited to, building out our Maast digital banking as a service solution, growing our new corporate and investment banking division, developing certain digital asset capabilities and products, and modernizing our core technology infrastructure. While we have realized growth and efficiency gains as a result of current and past initiatives, including the on-going Synovus Forward initiative, there is no guarantee that these initiatives will be successful in supporting growth or achieving the expected level of future savings and revenue enhancements that we anticipate. Additionally, any new service and product offerings, particularly digital offerings, will compete directly with other Synovus Bank product and service offerings, so any realized revenue from such growth initiatives may correspond to decreased revenue experienced by other Synovus Bank product and service offerings.

Furthermore, our strategic initiatives may result in an increase in expense, divert management attention, take away from other opportunities that may have proved more successful, negatively impact operational effectiveness or impact employee morale. In addition, management expects to continue to make strategic investments in technology and talent that are expected to improve our client experience and support future growth which will require an increase in our expenditures. There can be no assurance that we will ultimately realize the anticipated benefits of these strategic initiatives, or that these strategic initiatives

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will not negatively impact our organization. These initiatives may fail to meet our own or our client’s expectations and may fail to keep pace with bank and non-bank competition and we may realize significant losses as a result.

Finally, changes to the bank regulatory landscape generally, but particularly with respect to digital product offerings and third-party service providers could negatively impact and undermine the rationale behind several of our initiatives.

The implementation of new lines of business, new products and services and new technologies may subject us to additional risk.

We have launched or enhanced a number of lines of business, products and services, and technologies, including, among others, those related to our recent Maast and corporate and investment banking initiatives and our treasury and payments solutions business and asset-based and structured lending capabilities. An important part of our business strategy is to continue these efforts to implement new products, services and technologies designed to better serve our clients and respond to digitization trends in banking. There are substantial risks and uncertainties associated with these efforts. Initial timetables for the introduction and development of new lines of business, new products or services and/or new technologies may not be achieved and price and profitability targets may not prove feasible. Additionally, such new products, services, and technologies often increase our reliance on third-party service providers. External factors, such as compliance with regulations, competitive alternatives, and shifting market preferences, may also impact the successful implementation of a new line of business, a new product or service and/or new technologies. Furthermore, any new line of business, new product or service and/or new technology could require the establishment of new key controls and other controls and have a significant impact on our existing system of internal controls. Failure to successfully manage these risks in the development and implementation could have a material adverse effect on our business and, in turn, our financial condition and results of operations.

We may pursue bank and non-bank acquisition opportunities as they arise. However, even if we identify attractive acquisition opportunities, we may not be able to complete such acquisitions on favorable terms or realize the anticipated benefits from such acquisitions.

While we continue to focus on organic growth opportunities, we may pursue attractive bank or non-bank acquisition and consolidation opportunities that arise in our core markets and beyond. The number of financial institutions headquartered in Georgia, Florida, the Southeastern United States, and across the country continues to decline through merger and other consolidation activity. In the event that attractive acquisition opportunities arise, we would likely face competition for such acquisitions from other banking and financial companies, many of which have significantly greater resources and may have more attractive valuations. This competition could either prevent us from being able to complete attractive acquisition opportunities or increase prices for potential acquisitions which could reduce our potential returns, and reduce the attractiveness of these opportunities to us. Furthermore, even if we are able to identify and complete acquisitions, the terms of such acquisitions may not be favorable to us or we may fail to realize the anticipated benefits from such acquisitions. Also all acquisitions are subject to various regulatory approvals and if we were unable (or there was a perception that we would be unable) to obtain such approvals for any reason, including due to any actual or perceived capital, liquidity, profitability or regulatory compliance issues, it would impair our ability to consummate acquisitions. In addition, any acquisition could be dilutive to our earnings and shareholders’ equity per share of our common stock.

Operational Risk

Failure to attract and retain employees and the impact of senior leadership transitions may adversely impact our ability to successfully execute our growth and efficiency strategies.

Our financial success depends upon our ability to attract and retain diverse, highly motivated, and well-qualified personnel that we rely on to execute all aspects of our business. We face increasingly significant competition in the recruitment of qualified employees at all levels from financial institutions and others. Moreover, the banking industry continues to transform due to technological innovation, increased demand for workplace flexibility, and competition for talent from non-bank financial services providers, and our ability to recruit and retain qualified individuals that bring a diversity of perspective and innovative thinking to our teams is both more difficult and more necessary than ever before. These trends, combined with labor shortages, have resulted in generally increasing labor costs. Such trends may continue in the near term, which may result in further challenges in hiring and retaining employees throughout the organization. We must continually assess and manage how our talent needs change over time and failure to meet such needs may have a negative impact on our ability to compete.

In addition, our future growth and the continued diversification of our loan portfolio depends, in part, on our ability to attract and retain the right mix of well-qualified employees. If we are unable to attract and retain qualified employees, our ability to execute our business strategies may suffer and we may be required to substantially increase our overall compensation or benefits to attract and retain such employees. Furthermore, we generally do not have employment agreements in place with our frontline employees, management team or other key employees and cannot guarantee that our employees will remain with us. The unexpected loss of services of one or more of our key personnel, especially members of our senior management team, could have a material adverse impact on the business because we would lose their skills, knowledge of the market, years of industry experience and may have difficulty promptly finding qualified replacement personnel. In addition, the unexpected loss

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or inability to hire or retain branch-level employees could have a material adverse impact on our ability to increase deposits, generate frontline revenue and properly service our clients.

Furthermore, we have had recent leadership changes and transitions involving our senior leadership team, as previously announced. Any significant leadership changes involve inherent risk and any failure to ensure the effective transfer of knowledge and a smooth transition could hinder our strategic planning, execution and future performance.

The financial services market is undergoing rapid technological changes, and if we are unable to stay current with those changes, we will not be able to effectively compete.

The financial services market, including banking services, is undergoing rapid changes with frequent introductions of new technology-driven products and services, primarily related to increased digitization of banking services and capabilities. These trends were accelerated by the COVID-19 pandemic, increasing demand for mobile banking solutions. Our future success will depend, in part, on our ability to keep pace with these technological changes and to use technology to satisfy and grow client demand for our products and services and to create additional efficiencies in our operations. Our substantial investments in digital banking solutions, technology and information systems will increase our dependency on third-party service providers and such investments may underperform expectations and could result in unexpected losses. Some of our competitors have substantially greater resources to invest in technological improvements and have invested more heavily than us, and will continue to be able to do so, in developing and adopting new technologies, which may put us at a competitive disadvantage. Some of these competitors consist of financial technology providers, who are beginning to offer more traditional banking products and may either acquire a bank charter or obtain a bank-like charter, such as the fintech charter provided by the OCC. We may not be able to effectively implement new technology-driven products and services, be successful in marketing these products and services to our clients or keep pace with our competitors in this arena. As a result, our ability to effectively compete to retain or acquire new business may be impaired, and our business, financial condition or results of operations may be adversely affected.

We may not be able to successfully implement current or future information technology system enhancements and operational initiatives, which could adversely affect our business operations and profitability.

We continue to invest significant resources in our core information technology systems, including by deepening and expanding our use of cloud-based applications, in order to provide functionality and security at an appropriate level, and to improve our operating efficiency and to streamline our client experience. These initiatives significantly increase the complexity of our relationships with third-party service providers and such relationships may be difficult to unwind. We may not be able to successfully implement and integrate such system enhancements and initiatives, which could adversely impact the ability to comply with a number of legal and regulatory requirements, which could result in sanctions from regulatory authorities. In addition, these projects could have higher than expected costs and/or result in operating inefficiencies, which could increase the costs associated with the implementation as well as ongoing operations. Failure to properly utilize system enhancements that are implemented in the future could result in impairment charges that adversely impact our financial condition and results of operations, could result in significant costs to remediate or replace the defective components and could impact our ability to compete. In addition, we may incur significant training, licensing, maintenance, consulting and amortization expense during and after implementation, and any such costs may continue for an extended period of time. As such, we cannot guarantee that the anticipated long-term benefits of these system enhancements and operational initiatives will be realized.

We rely extensively on information technology systems to operate our business and an interruption or security breach may disrupt our business operations, result in reputational harm and have an adverse effect on our operations.

As a large financial institution, we rely extensively on our information technology systems to operate our business, including to process, record and monitor a large number of client transactions on a continuous basis. As client, public and regulatory expectations regarding operational and information security have increased, our operational systems and infrastructure must continue to be safeguarded and monitored for potential failures, disruptions and breakdowns. Our business, financial, accounting, data processing systems or other operating systems and facilities may stop operating properly or become disabled or damaged as a result of a number of factors including events that are wholly or partially beyond our control. For example, there could be sudden increases in client transaction volume; electrical or telecommunications outages; natural disasters such as earthquakes, tornadoes, and hurricanes; disease pandemics; events arising from local or larger scale political or social matters, including terrorist acts; and, as described below, cyber-attacks. While we have policies, procedures and systems designed to prevent or limit the effect of possible failures, interruptions or breaches in security of information systems and business continuity programs designed to provide services in the case of such events, there is no guarantee that these safeguards or programs will address all of the threats that continue to evolve.

We face significant cyber and data security risk that could result in the disclosure of confidential information, adversely affect our business or reputation and expose us to significant liabilities.

As a large financial institution, we are under continuous threat of loss due to the velocity and sophistication of cyber-attacks. This risk continues to increase and attack methods continue to evolve in sophistication, velocity, and frequency and can

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occur from a variety of sources, such as foreign governments, hacktivists, or other well-financed entities, and may originate from less regulated and remote areas of the world. Furthermore, increasingly common remote working environments for both Synovus and many of our clients has heightened these risks. We continually review the security of our IT systems and make the necessary investments to improve the resiliency of our systems and their security from attack. Nonetheless, there remains the risk that we may be materially harmed by a cyber-attack or information security breach. Further, there is no guarantee that our response to any cyber-attack or system interruption, breach or failure will be effective to mitigate and remediate the issues resulting from such an event, including the costs, reputational harm and litigation challenges that we may face as a result.

Data privacy laws also continue to evolve, with states increasingly proposing or enacting legislation that relates to data privacy and data protection. We may be required to incur additional expense to comply with these evolving regulations and could face penalties for violating any of these regulations.

Two of the most significant cyber-attack risks that we face are e-fraud and loss of sensitive client data. Loss from e-fraud occurs when cybercriminals breach and extract funds directly from client or our accounts. Any loss of sensitive client data that results from attempts to breach our systems, such as account numbers and social security numbers, would present significant reputational, legal and/or regulatory costs to us. Our risk and exposure to these matters remains heightened because of the evolving nature and complexity of these threats from cybercriminals and hackers, our plans to continue to provide internet banking and mobile banking channels, and our plans to develop additional remote connectivity solutions to serve our clients. While we have not experienced any material losses relating to cyber-attacks or other information security breaches to date, we have been the subject of attempted hacking and cyber-attacks and there can be no assurance that we will not suffer such significant losses in the future.

The occurrence of any cyber-attack or information security breach could result in material adverse consequences to us including damage to our reputation, the loss of clients and violations of applicable data privacy laws. We also could face litigation and regulatory action. Litigation or regulatory actions in turn could lead to significant liability or other sanctions, including fines and penalties or reimbursement to clients adversely affected by a security breach. Even if we do not suffer any material adverse consequences as a result of events affecting us directly, successful attacks or systems failures at other large financial institutions could lead to a general loss of client confidence in financial institutions including us.

If our enterprise risk management framework is not effective at mitigating risk and loss to us, we could suffer unexpected losses and our results of operations could be materially adversely affected.

Our enterprise risk management framework seeks to achieve an appropriate balance between risk and return, which is critical to optimizing shareholder value. We have established processes and procedures intended to identify, measure, monitor, report and analyze the types of risk to which we are subject, including strategic, market, credit, liquidity, capital, operational, regulatory compliance, litigation and reputational. However, as with any risk management framework, there are inherent limitations to our risk management strategies as there may exist, or develop in the future, risks that we have not appropriately anticipated or identified. For example, the financial and credit crisis and resulting regulatory reform highlighted both the importance and some of the limitations of managing unanticipated risks. If our risk management framework proves ineffective, we could suffer unexpected losses and our business and results of operations could be materially adversely affected.

Our ability to maintain our reputation is critical to the success of our business, and the failure to do so may materially adversely affect our performance.

Our reputation is one of the most valuable components of our business. As such, we strive to conduct our business in a manner that enhances our reputation. This is done, in part, by recruiting, hiring, and retaining and providing growth opportunities for employees who share our core values of being an integral part of the communities we serve, delivering superior service to our clients, caring about our clients and employees and investing in our information technology and other systems. If our reputation is negatively affected by the actions of our employees or otherwise, including as a result of operational errors, clerical or record-keeping errors or those resulting from faulty or disabled computer or telecommunications systems or a successful cyberattack against us or other unauthorized release or loss of client information, our reputation, business and our operating results may be materially adversely affected. Damage to our reputation could also negatively impact our credit ratings and impede our access to the capital markets.

We rely on other companies to provide key components of our business infrastructure.

Third parties provide key components of our business operations such as our core technology infrastructure, cloud-based operations, data processing, recording and monitoring transactions, online banking interfaces and services, Internet connections and network access. We have selected these third-party vendors carefully and have conducted the due diligence consistent with regulatory guidance and best practices. While we have ongoing programs to review third party vendors and assess risk, we do not control their actions. Any problems caused by these third parties, including those resulting from disruptions in communication services provided by a vendor, issues at a third-party vendor of a vendor, failure of a vendor to handle current or higher volumes, cyber-attacks and security breaches at a vendor, failure of a vendor to provide services for any reason or poor performance of services, could adversely affect our ability to deliver products and services to our clients and otherwise

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conduct our business. Financial or operational difficulties of a third-party vendor could also hurt our operations if those difficulties interfere with the vendor's ability to serve us. Furthermore, our vendors could also be sources of operational and information security risk to us, including from breakdowns or failures of their own systems or capacity constraints. Replacing these third-party vendors could also create significant delay and expense. Accordingly, use of such third parties creates an unavoidable inherent risk to our business operations. Our digital services growth initiatives, core technology upgrades, and digital asset initiatives constitute specific increases in third-party risk as such initiatives are distinctly dependent on the performance of our third-party partners.

As an issuer of credit and debit cards we are exposed to losses in the event that holders of our cards experience fraud on their card accounts.

Our clients regularly use Synovus-issued credit and debit cards to pay for transactions with retailers and other businesses. There is the risk of data security breaches at these retailers and other businesses that could result in the misappropriation of our clients’ credit and debit card information. We also may nonetheless suffer losses associated with reimbursing our clients for fraudulent transactions on clients’ card accounts, as well as for other costs related to data security compromise events, such as replacing cards associated with compromised card accounts. In addition, we provide card transaction processing services to some merchant clients under agreements we have with payment networks such as Visa and MasterCard. Under these agreements, we may be responsible for certain losses and penalties if one of our merchant clients suffers a data security breach.

Our independent sales organization relationships are complex and may expose us to losses.

We maintain relationships with a number of ISOs, which generally act as intermediaries for third party companies that want to develop the capacity to accept payment cards. ISO activities include, among other things, acquiring and issuing functions, soliciting merchants and other clients, soliciting cardholders, underwriting and monitoring, arranging for terminal leases or purchases, account and transaction processing, and client service. We face risks related to our oversight and supervision of the ISO program (including compliance, risk and reputational monitoring), as well as to the reputation and financial viability of the ISOs with which we do business. Any failure by us to appropriately oversee and supervise our ISO program could damage our reputation, result in regulatory or compliance issues, result in third party litigation, and cause financial losses to us. Further, our ISO program is highly dependent upon the activities and financial viability of our ISO counter-parties, and any negative developments at the ISOs may present financial losses and other risk to us.

The costs and effects of litigation, investigations or similar matters involving us or other financial institutions or counterparties, or adverse facts and developments related thereto, could materially affect our business, operating results and financial condition.

We may be involved from time to time in a variety of litigation, investigations, inquiries or similar matters arising out of our business, including those described in “Part I - Item 3. Legal Proceedings” and "Part II - Item 8. Financial Statements and Supplementary Data - Note 14 - Commitments and Contingencies" of this Report. Furthermore, litigation against banks tend to increase during economic downturns and periods of credit deterioration which may occur or worsen as a result of the continued COVID-19 pandemic. The industry's transition away from LIBOR may also increase our litigation risk.

We manage these risks through internal controls, personnel training, insurance, litigation management, our compliance and ethics processes, and other means. However, the commencement, outcome, and magnitude of litigation cannot be predicted or controlled with any certainty. We establish reserves for legal claims when payments associated with the claims become probable and the losses can be reasonably estimated. We may still incur legal costs for a matter even if we have not established a reserve. In addition, the actual cost of resolving a legal claim may be substantially higher than any amounts reserved for that matter. For those legal matters where the amounts associated with the claims are not probable and the costs cannot be reasonably estimated, Synovus estimates a range of reasonably possible losses. As of December 31, 2021, Synovus' management currently estimates the aggregate range of reasonably possible losses resulting from our outstanding litigation, including, without limitation, the matters described in this Report, is from zero to $5 million in excess of the amounts accrued, if any, related to those matters. This estimated aggregate range is based upon information currently available to us, and the actual losses could prove to be higher. As there are further developments in these legal matters, we will reassess these matters and the estimated range of reasonably possible losses may change as a result of this assessment. In addition, in the future, we may need to record additional litigation reserves with respect to these matters. Further, regardless of how these matters proceed, it could significantly harm our reputation and divert our management's attention and other resources away from our business.

Our insurance may not cover all claims that may be asserted against it and indemnification rights to which we are entitled may not be honored, and any claims asserted against us, regardless of merit or eventual outcome, may harm our reputation. Should the ultimate judgments or settlements in any litigation or investigation significantly exceed our insurance coverage, they could have a material adverse effect on our business, financial condition and results of operations. In addition, premiums for insurance covering the financial and banking sectors are rising. We may not be able to obtain appropriate types or levels of insurance in the future, nor may we be able to obtain adequate replacement policies with acceptable terms or at historic rates, if at all.

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Credit and Liquidity Risk

Changes in interest rates may have an adverse effect on our net interest income.

Net interest income, which is the difference between the interest income that we earn on interest-earning assets and the interest expense that we pay on interest-bearing liabilities, is a major component of our income and our primary source of revenue from our operations. Narrowing of interest rate spreads could adversely affect our earnings and financial condition. We cannot control or predict with certainty changes in interest rates. Regional and local economic conditions, competitive pressures and the policies of regulatory authorities, including monetary policies of the FRB, affect interest income and interest expense.

While rates remain historically low, we expect interest rates to rise, which can have a negative impact on our business by reducing the amount of money our clients borrow or by adversely affecting their ability to repay outstanding loan balances that may increase due to adjustments in their variable rates. In addition, in a rising interest rate environment we may have to offer more attractive interest rates to depositors to compete for deposits, or pursue other sources of liquidity, such as wholesale funds.

Decreasing interest rates reduce our yield on our variable rate loans and on our new loans, which reduces our net interest income. In addition, lower interest rates may reduce our realized yields on investment securities which would reduce our net interest income and cause downward pressure on net interest margin in future periods. A significant reduction in our net interest income could have a material adverse impact on our capital, financial condition and results of operations.

We have ongoing policies and procedures designed to manage the risks associated with changes in market interest rates and actively manage these risks through hedging and other risk mitigation strategies. However, if our assumptions are wrong or overall economic conditions are significantly different than anticipated, our risk mitigation techniques may be ineffective or costly.

Our allowance for credit losses may not cover actual losses, and we may be required to materially increase our allowance, which may adversely affect our capital, financial condition and results of operations.

We derive the most significant portion of our revenue from our lending activities. When we lend money, commit to lend money or enter into a letter of credit or other contract with a counterparty, we incur credit risk, which is the risk of losses if our borrowers do not repay their loans or our counterparties fail to perform according to the terms of their contracts. We estimate and maintain an allowance for credit losses, which is a reserve established through a provision for loan losses charged to expense, representing management's best estimate of life of loan credit losses within the existing portfolio of loans and related unfunded commitments, as described under "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" and "Part II - Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations - Critical Accounting Policies - Allowance for Credit Losses" in this Report. The allowance, in the judgment of management, is established to reserve for estimated credit losses and risks inherent in the loan portfolio. The determination of the appropriate level of the allowance for credit losses inherently involves a high degree of subjectivity and requires the use of both qualitative and quantitative information, including estimates, assumptions, and quantitative modeling techniques, all of which may undergo material changes. Changes in economic conditions affecting borrowers, new information regarding existing loans, identification of additional problem loans, changes in assumptions regarding a borrower's ability to pay, changes in collateral values and other factors, both within and outside of our control, may cause the allowance for credit losses to become inadequate and require an increase in the provision for loan losses.

We expect that the allowance for credit losses under the new CECL standard adopted in 2020 will be more volatile and as such could have an impact on our results of operations. For a discussion of changes in accounting standards and regulatory capital implications, see “Part I - Item 1. Business - Supervision, Regulation, and Other Factors - Capital Requirements.”

Various regulatory agencies, as an integral part of their examination procedures, periodically review the allowance as well as the supporting methods and processes. Based on their judgments about information available to them at the time of their examination, such agencies may require us to recognize additions to the allowance or additional loan charge offs. An increase in the allowance for credit losses would result in a decrease in net income and capital, and could have a material adverse effect on our capital, financial condition and results of operations.

Changes in the cost and availability of funding due to changes in the deposit market and credit market may adversely affect our capital resources, liquidity and financial results.

In managing our consolidated balance sheets, we depend on access to a variety of sources of funding to provide us with sufficient capital resources and liquidity to meet our commitments and business needs, and to accommodate the transaction and cash management needs of our clients. In addition to core deposits, sources of funding available to us, and upon which we rely as regular components of our liquidity and funding management strategy, include borrowings from the FHLB and brokered deposits. In general, the amount, type and cost of our funding, including from other financial institutions, the capital markets and deposits, directly impacts our costs of operating our business and growing our assets and can therefore positively or negatively affect our financial results. A number of factors could make funding more difficult, more expensive or unavailable

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on any terms, including, but not limited to, a downgrade in our credit ratings, financial results, changes within our organization, specific events that adversely impact our reputation, disruptions in the capital markets, specific events that adversely impact the financial services industry, counterparty availability, changes affecting our assets, the corporate and regulatory structure, interest rate fluctuations, general economic conditions and the legal, regulatory, accounting and tax environments governing our funding transactions. Also, we compete for funding with other banks and similar companies, many of which are substantially larger, and have more capital and other resources than we do.

In addition to bank level liquidity management, we must manage liquidity at the Parent Company for various needs including potential capital infusions into subsidiaries, the servicing of debt, the payment of dividends on our common stock and preferred stock and share repurchases. The primary source of liquidity for us consists of dividends from Synovus Bank which are governed by certain rules and regulations of our supervising agencies. Synovus' ability to receive dividends from Synovus Bank in future periods will depend on a number of factors, including, without limitation, Synovus Bank's future profits, asset quality, liquidity, and overall condition. In addition, GA DBF rules and related statutes contain additional restrictions on payments of dividends by Synovus Bank. In particular, the Georgia Financial Institutions Code contains restrictions on the ability of a Georgia bank to pay dividends other than from retained earnings and under other circumstances without the approval of the GA DBF. As a result of these restrictions, Synovus Bank may be required to seek approval from the GA DBF to pay dividends. If Synovus does not receive dividends from Synovus Bank as needed, its liquidity could be adversely affected, and it may not be able to continue to execute its current capital plan to return capital to its shareholders. In addition to dividends from Synovus Bank, we have historically had access to a number of alternative sources of liquidity, including the capital markets, but there is no assurance that we will be able to obtain such liquidity on terms that are favorable to us, or at all. If our access to these traditional and alternative sources of liquidity is diminished or only available on unfavorable terms, then our overall liquidity and financial condition will be adversely affected.

Changes in our asset quality could adversely affect our results of operations and financial condition.

Asset quality measures the performance of a borrower in repaying a loan, with interest, on time. While we believe that we manage asset quality through prudent underwriting practices and collection operations, it is possible that our asset quality could deteriorate, depending upon economic conditions and other factors. Despite the economic disruption caused by the COVID-19 pandemic, our asset quality generally remains strong, but further economic disruption could negatively impact asset quality in future periods, particularly as to those borrowers in certain adversely and disproportionately impacted industries including restaurants, hotels, and commercial retail.

If Synovus Bank loses or is unable to grow its deposits, it may be subject to liquidity risk and higher funding costs.

The total amount that we pay for funding costs is dependent, in part, on Synovus Bank’s ability to grow and retain its deposits. If Synovus Bank is unable to sufficiently grow and retain its deposits at competitive rates to meet liquidity needs, it may be subject to paying higher funding costs to meet these liquidity needs.

Synovus Bank competes with banks and other financial services companies for deposits. As a result of monetary policy and the broader market for interest rates and funding, we expect that we may be required to raise rates on our deposits to keep pace with our competition. As a result, we expect that Synovus Bank’s funding costs may increase in the near term. Furthermore, if Synovus Bank were to lose deposits, it must rely on more expensive sources of funding. This could result in a failure to maintain adequate liquidity and higher funding costs, reducing our net interest margin and net interest income. In addition, our access to deposits may be affected by the liquidity needs of our depositors. In particular, a substantial majority of our liabilities in 2021 were checking accounts and other liquid deposits, which are payable on demand or upon several days' notice, while by comparison, a substantial majority of our assets were loans, which cannot be called or sold in the same time frame. Moreover, our clients could withdraw their deposits in favor of alternative investments. While we have historically been able to replace maturing deposits and advances as necessary, we may not be able to replace such funds in the future, especially if a large number of our depositors seek to withdraw their accounts, regardless of the reason.

We could realize losses if we determine to sell non-performing assets and the proceeds we receive are lower than the carrying value of such assets.

Distressed asset sales have been a component of our strategy to further strengthen the consolidated balance sheets, improve asset quality, and enhance earnings. We could realize future losses if the proceeds we receive upon dispositions of non-performing assets are lower than the recorded carrying value of such assets, which could adversely affect our results of operations in future periods. Accordingly, we could realize an increased level of credit costs in any period during which we determine to dispose of an increased level of distressed assets. Further, if market conditions deteriorate, this could negatively impact our ability to dispose of distressed assets and may result in higher credit losses on sales of distressed assets.

We may not be able to generate sufficient cash to service all of our debt and repay maturing debt obligations.

As of December 31, 2021, we and our consolidated subsidiaries had $1.20 billion of long-term debt outstanding. Our ability to make scheduled payments of principal and interest or to satisfy our obligations in respect of our debt, to refinance our

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debt or to fund capital expenditures will depend on our future financial and operating performance and our ability to maintain adequate liquidity. Prevailing economic conditions (including interest rates), and regulatory constraints, including, among other things, distributions to us from our subsidiaries and required capital levels with respect to our subsidiary bank and financial subsidiaries, business and other factors, many of which are beyond our control, may also affect our ability to meet these needs. We may not be able to generate sufficient cash flows from operations, or obtain future borrowings in an amount sufficient to enable us to pay our debt, or to fund our other liquidity needs. We may need to refinance all or a portion of our debt on maturity, and we may not be able to refinance any of our debt when needed on commercially reasonable terms or at all. If our cash flow and capital resources are insufficient to fund our debt obligations, we may be forced to reduce or delay investments in our business, sell assets, seek to obtain additional equity or debt financing or restructure our debt on terms that may not be favorable to us.

We may be unable to pay dividends on our common stock and preferred stock.

Holders of our common stock and preferred stock are only entitled to receive such dividends as our Board of Directors may declare out of funds legally available for such payments. Although we have historically paid a quarterly cash dividend to the holders of our common stock and preferred stock, we are not legally required to do so. Further, the Federal Reserve could decide at any time that paying any dividends on our common stock or preferred stock could be an unsafe or unsound banking practice. The reduction or elimination of dividends paid on our common stock or preferred stock could adversely affect the market price of our common stock or preferred stock, as applicable. In addition, if we fail to pay dividends on our preferred stock for six quarters, whether or not consecutive, the holders of such preferred stock shall be entitled to certain rights to elect two directors to our Board of Directors.

For a discussion of current regulatory limits on our ability to pay dividends, see "Part I - Item 1. Business - Supervision, Regulation, and Other Factors - Payment of Dividends" and “Part I - Item 1A - Risk Factors - Compliance and Regulatory Risk - We may become subject to supervisory actions and enhanced regulation that could have a material adverse effect on our business, reputation, operating flexibility, financial condition and the value of our common stock and preferred stock” in this Report for further information.

Compliance and Regulatory Risk

The fiscal and monetary policies of the federal government and its agencies could have a material adverse effect on our earnings.

The Federal Reserve Board regulates the supply of money and credit in the U.S. Its policies determine in large part the cost of funds for lending and investing and the return earned on those loans and investments, both of which affect our net interest margin. They can also materially decrease the value of financial assets we hold. Federal Reserve policies may also adversely affect borrowers, potentially increasing the risk that they may fail to repay their loans, or could adversely create asset bubbles which result from prolonged periods of accommodative policy. This, in turn, may result in volatile markets and rapidly declining collateral values. The monetary policies of the Federal Reserve and other governmental policies have had a significant effect on the operating results of commercial banks in the past and are expected to continue to do so in the future. Because of changing conditions in the national and international economies and in the money markets, as well as the result of actions by monetary and fiscal authorities, all of which are beyond our control, it is not possible to predict with certainty future changes in interest rates, deposit levels, loan demand, or the business and results of operations of Synovus and Synovus Bank, or whether changing economic conditions will have a positive or negative effect on operations and earnings. Also, potential new taxes or increased taxes on corporations generally, or on financial institutions specifically, could adversely affect our net income.

The banking industry is highly regulated, and the regulatory framework, together with any future legislative or regulatory changes, may have a significant adverse effect on our business, financial condition or results of operations.

The banking industry is extensively regulated and supervised under both federal and state laws and regulations that are intended primarily for the protection of depositors, clients, federal deposit insurance funds and the banking system as a whole, not for the protection of our shareholders and creditors. We and Synovus Bank are subject to regulation and supervision by the Federal Reserve, the GA DBF, and the CFPB. The laws and regulations applicable to us govern a variety of matters, including permissible types, amounts and terms of loans and investments we may make, the maximum interest rate that may be charged, the amount of reserves Synovus Bank must hold against deposits it takes, the types of deposits Synovus Bank may accept and the rates it may pay on such deposits, maintenance of adequate capital and liquidity, changes in the control of the company and Synovus Bank, restrictions on dividends and establishment of new offices by Synovus Bank. We incur significant, recurring costs to comply with all applicable regulations and there is no guarantee that our compliance programs will ensure compliance with all applicable regulations. We must obtain approval from our regulators before engaging in certain activities, and there can be no assurance that any regulatory approvals we may require will be obtained, either in a timely manner or at all. In addition, new technologies could make regulatory compliance more challenging. Remaining compliant and receiving regulatory approvals is dependent on our ability to improve and develop our technological capabilities. Our regulators also have the ability to compel us to, or restrict us from, taking certain actions entirely, such as actions that our regulators deem to constitute an

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unsafe or unsound banking practice. Our failure to comply with any applicable laws or regulations, or regulatory policies and interpretations of such laws and regulations, could result in sanctions by regulatory agencies, civil money penalties or damage to our reputation, all of which could have a material adverse effect on our business, financial condition or results of operations.

We cannot predict whether new legislation will be enacted and, if enacted, the effect that it, or any regulations, would have on our business, financial condition or results of operations. These changes may result in increased costs of doing business and decreased revenue and net income, may reduce our ability to effectively compete to attract and retain clients, or make it less attractive for us to continue providing certain products and services. In particular, we expect that the Biden administration will continue to seek to implement a reform agenda. We also expect regulatory bodies such as the CFPB and FDIC to take a more aggressive enforcement stance and increase their focus and scrutiny on all consumer facing financial institutions. Any future changes in federal and state law and regulations, as well as the interpretations and implementations of such laws and regulations and enforcement practices, could affect us in substantial and unpredictable ways, including those listed above, impact the regulatory structure under which we operate, significantly increase our costs, impede the efficiency of our internal business processes, require us to increase our regulatory capital and modify our business strategy, limit our ability to pursue business opportunities in an efficient manner, or other ways that could have a material adverse effect on our business, financial condition or results of operations.

We may become subject to supervisory actions and enhanced regulation that could have a material adverse effect on our business, reputation, operating flexibility, financial condition and the value of our common stock and preferred stock.

Under federal and state laws and regulations pertaining to the safety and soundness of insured depository institutions, state banking regulators, the Federal Reserve, and separately the FDIC as the insurer of bank deposits, each has the authority to compel or restrict certain actions on our part if any of them determine that we have insufficient capital or are otherwise operating in a manner that may be deemed to be inconsistent with safe and sound banking practices. In addition to examinations for safety and soundness, we and our subsidiaries also are subject to continuous examination by state and federal banking regulators, including the CFPB, for compliance with various laws and regulations, as well as consumer compliance initiatives. As a result of this regulatory oversight and examination process, our regulators may require us to enter into informal or formal supervisory agreements, including board resolutions, memoranda of understanding, written agreements and consent or cease and desist orders, pursuant to which we could be required to take identified corrective actions to address cited concerns, or to refrain from taking certain actions.

If we become subject to and are unable to comply with the terms of any future regulatory actions or directives, supervisory agreements, or orders, then we could become subject to additional, heightened supervisory actions and orders, possibly including consent orders, prompt corrective action restrictions and/or other regulatory actions, including prohibitions on the payment of dividends on our common stock and our preferred stock. If our regulators were to take such additional supervisory actions, then we could, among other things, become subject to significant restrictions on our ability to develop any new business, as well as restrictions on our existing business, and we could be required to raise additional capital, discontinue our share repurchase program, dispose of certain assets and liabilities within a prescribed period of time, or all of the above. The terms of any such supervisory action could have a material negative effect on our business, reputation, operating flexibility, financial condition and the value of our common stock.

We may be required to conserve capital or undertake additional strategic initiatives to improve our capital position due to changes in economic conditions or changes in regulatory capital rules.

We and Synovus Bank are required under federal law to maintain certain minimum capital levels based on ratios of capital to total assets and capital to risk-weighted assets. The required capital ratios are minimums, and the Federal Reserve may determine that a banking organization, based on its size, complexity or risk profile, must maintain a higher level of capital in order to operate in a safe and sound manner. Moreover, federal bank regulators have issued a series of guidance and rulemakings applicable to large banks. While many of these do not currently apply to us due to our asset size, these issuances could impact industry capital standards and practices in many potentially unforeseeable ways. While we currently exceed all minimum regulatory capital requirements, are considered well-capitalized under applicable rules, and believe that we maintain an appropriate capital plan, there is no guarantee that we will not need to increase our capital levels in the future.

We actively monitor economic conditions, evolving industry capital standards, and changes in regulatory standards and requirements, and engage in regular discussions with our regulators regarding capital at both Synovus and Synovus Bank. As part of our ongoing management of capital, we identify, consider, and pursue additional strategic initiatives to bolster our capital position as deemed necessary, including strategies that may be required to meet regulatory capital requirements. This includes the evaluation of share repurchase programs and dividends. The need to maintain more capital and greater liquidity than may have previously been warranted or intended could limit our business activities, including lending, and our ability to expand, either organically or through future acquisitions, and invest in technology and other growth strategies. It could also result in our taking steps to increase our capital that may be dilutive to shareholders or limit our ability to pay dividends or otherwise return capital to shareholders.

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Market and Other General Risk

Inflation could negatively impact our business, our profitability and our stock price.

Prolonged periods of inflation may impact our profitability by negatively impacting our fixed costs and expenses, including increasing funding costs and expense related to talent acquisition and retention, and negatively impacting the demand for our products and services. Additionally, inflation may lead to a decrease in consumer and clients purchasing power and negatively affect the need or demand for our products and services. If significant inflation continues, our business could be negatively affected by, among other things, increased default rates leading to credit losses which could decrease our appetite for new credit extensions. These inflationary pressures could result in missed earnings and budgetary projections causing our stock price to suffer.

The COVID-19 pandemic has adversely impacted, and will likely continue to adversely impact, Synovus’ business, financial condition, liquidity, capital and results of operations.

The extent and duration to which the continuing COVID-19 pandemic will impact our business in the future is unknown and will depend on future developments, which are highly uncertain and outside our control. These developments include the duration and severity of the pandemic (including the possibility of further surges of COVID-19 variants of concern), supply chain disruptions, decreased demand for our products and services or those of our borrowers, which could increase our credit risk, rising inflation, our ability to maintain sufficient qualified personnel due to labor shortages, talent attrition, employee illness, quarantine, willingness to return to work, face-coverings and other safety requirements, or travel and other restrictions, and the actions taken by governments, businesses and individuals to contain the impact of COVID-19, as well as further actions taken by governmental authorities to limit the resulting economic impact. It is also possible that the pandemic and its aftermath will lead to a prolonged economic slowdown in sectors disproportionately affected by the pandemic or recession in the U.S. economy or the world economy in general.

ESG risks could adversely affect our reputation and shareholder, employee, client and third party relationships and may negatively affect our stock price.

Our business faces increasing public scrutiny related to ESG activities. We risk damage to our brand and reputation if we fail to act responsibly in a number of areas, such as DEI, environmental stewardship, human capital management, support for our local communities, corporate governance and transparency, or fail to consider ESG factors in our business operations.

Furthermore, as a result of our diverse base of clients and business partners, we may face potential negative publicity based on the identity of our clients or business partners and the public’s (or certain segments of the public’s) view of those entities. Such publicity may arise from traditional media sources or from social media and may increase rapidly in size and scope. If our client or business partner relationships were to become intertwined in such negative publicity, our ability to attract and retain clients, business partners, and employees may be negatively impacted, and our stock price may also be negatively impacted. Additionally, we may face pressure to not do business in certain industries that are viewed as harmful to the environment or are otherwise negatively perceived, which could impact our growth.

Additionally, investors and shareholder advocates are placing ever increasing emphasis on how corporations address ESG issues in their business strategy when making investment decisions and when developing their investment theses and proxy recommendations. We may incur meaningful costs with respect to our ESG efforts and if such efforts are negatively perceived, our reputation and stock price may suffer.

Any future economic downturn could have a material adverse effect on our capital, financial condition, results of operations, and future growth.

Management continually monitors market conditions and economic factors throughout our footprint. If conditions were to worsen nationally, regionally or locally, then we could see a sharp increase in our total net charge-offs and also be required to significantly increase our allowance for credit losses. Furthermore, the demand for loans and our other products and services could decline. An increase in our non-performing assets and related increases in our provision for loan losses, coupled with a potential decrease in the demand for loans and our other products and services, could negatively affect our business and could have a material adverse effect on our capital, financial condition, results of operations and future growth. Our clients may also be adversely impacted by changes in regulatory, trade (including tariffs) and tax policies and laws, all of which could reduce demand for loans and adversely impact our borrowers’ ability to repay our loans. In addition, international economic and geopolitical uncertainty could also impact the U.S. financial markets by potentially suppressing stock prices, including ours, and adding to overall market volatility, which could adversely affect our business. The effects of any economic downturn could continue for many years after the downturn is considered to have ended.

Interest rates on our outstanding financial instruments might be subject to change based on developments related to LIBOR, which could adversely affect our revenue, expense, and the value of our financial instruments.

On July 27, 2017, the FCA, which regulates LIBOR, publicly announced that it intends to stop persuading or compelling banks to submit LIBOR rates after 2021. On November 30, 2020, a joint announcement by the Board of Governors of the

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Federal Reserve, the FDIC, and the OCC was released and included a statement that the administrator of LIBOR has announced it will consult on its intention to cease the publication of the one week and two month USD LIBOR settings immediately following the LIBOR publication on December 31, 2021, and the remaining USD LIBOR settings immediately following the LIBOR publications on June 30, 2023. In the U.S., the Alternative Reference Rates Committee has proposed SOFR as the preferred alternative to LIBOR. SOFR is a broad measure of the cost of borrowing cash in the overnight U.S. treasury repurchase market. At this time, various iterations of the SOFR index are being used within the market, as are other indices such as the Bloomberg Short-Term Bank Yield index and the American Financial Exchange's Ameribor index. It is unclear as to the degree to which the market will adopt such non-LIBOR indices or how the industry may transition various products to an accepted alternative to LIBOR.

The uncertainty regarding the future of LIBOR as well as the transition from LIBOR to another benchmark rate or rates is complex and could have a range of adverse effects on our business, financial condition and results of operations. In particular, any such transition could:

•adversely affect the interest rates paid or received on, and the revenue and expense associated with, and the value of Synovus’ floating rate obligations, loans, deposits, derivatives and other financial instruments tied to LIBOR rates, or other securities or financial arrangements given LIBOR’s role in determining market interest rates globally;

•prompt inquiries or other actions from regulators in respect of our preparation and readiness for the replacement of LIBOR with an alternative reference rate;

•result in disputes, litigation or other actions with counterparties regarding the interpretation and enforceability of certain fallback language, or the absence of such language, in LIBOR-based instruments, including securities, derivatives, and loans;

•result in client uncertainty and disputes around how variable rates should be calculated in light of the foregoing, thereby damaging our reputation and resulting in a loss of clients and additional costs to us; and

•require the transition to or development of appropriate systems and analytics to effectively transition Synovus’ risk management processes from LIBOR-based products to those based on an applicable alternative pricing benchmark.

The manner and impact of this transition, as well as the effect of these developments on Synovus’ funding costs, loan, and investment and trading securities portfolios, asset liability management and business are uncertain.

Our concentrated operations in the Southeastern U.S. make us vulnerable to local economic conditions, local weather catastrophes, public health issues and other external events, which could adversely affect our results of operations and financial condition.

Our operations are concentrated in the Southeastern U.S. in the states of Alabama, Florida, Georgia, South Carolina and Tennessee. As a result, local economic conditions significantly affect the demand for loans and other products we offer to our clients (including real estate, commercial and construction loans), the ability of borrowers to repay these loans and the value of the collateral securing these loans. Economic downturns in these regions could adversely affect our currently performing loans, leading to future delinquencies or defaults and increases in our provision for credit losses.

In addition, the occurrence of events such as hurricanes, tropical storms, tornados, winter storms, flooding and other large-scale weather catastrophes in and along the Gulf and the Atlantic coasts, as well as other parts of the Southeastern U.S., and further public health issues, such as pandemics or other widespread health emergencies, could adversely affect the condition of collateral associated with our loan portfolio, our general financial condition or the results of our operations. Such areas could be adversely impacted by such events in those regions, the nature and severity of which are difficult to predict. Furthermore, climate change could increase the frequency and severity of these risks. These and other unpredictable external events could have an adverse effect on us in that such events could materially disrupt our operations or the ability or willingness of its clients to access the financial services offered by Synovus. These events could reduce our earnings and cause volatility in our financial results for any fiscal quarter or year and have a material adverse effect on our financial condition and/or results of operations.

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ITEM 1B. UNRESOLVED STAFF COMMENTS

NONE.

ITEM 2. PROPERTIES

We and our subsidiaries own or lease all of the real property and/or buildings in which we operate our business. We believe that our properties are suitable for the purposes of our operations.

As of December 31, 2021, we and our subsidiaries owned 180 facilities encompassing 1,841,802 square feet and leased from third parties 126 facilities encompassing 1,157,177 square feet. The owned and leased facilities are primarily comprised of office space from which we conduct our business in our headquarters in Columbus, Georgia and throughout our footprint.

See "Part II - Item 8. Financial Statements and Supplementary Data - Note 4 - Premises, Equipment and Software" of this Report for further information.

ITEM 3. LEGAL PROCEEDINGS

See "Part II - Item 8. Financial Statements and Supplementary Data - Note 14 - Commitments and Contingencies" of this Report.

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Part II

ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER REPURCHASES OF EQUITY SECURITIES

Shares of our common stock are traded on the NYSE under the symbol “SNV.”

As of February 23, 2022, there were 145,463,669 shares of Synovus common stock issued and outstanding and 10,144 shareholders of record of Synovus common stock, some of which are holders in nominee name for the benefit of a number of different shareholders.

Subject to the approval of the Board of Directors and applicable regulatory requirements, Synovus expects to continue its policy of paying regular cash dividends on a quarterly basis. A discussion of certain limitations on the ability of Synovus Bank to pay dividends to Synovus and the ability of Synovus to pay dividends on its common stock is set forth in "Part I - Item 1. Business - Supervision, Regulation, and Other Factors - Payment of Dividends" of this Report.

Stock Performance Graph

The following graph compares the yearly percentage change in cumulative shareholder return on Synovus stock with the cumulative total return of the Standard & Poor's 500 Index and the KBW Regional Bank Index for the last five fiscal years (assuming a $100 investment on December 31, 2016 and reinvestment of all dividends).

Table 2 - Stock Performance
	2016		2017		2018		2019		2020		2021
Synovus	$	100	$	118.28	$	80.74	$	102.24	$	90.10	$	137.16
Standard & Poor's 500 Index	100		121.82		116.47		153.13		181.29		233.28
KBW Regional Bank Index	100		101.81		84.00		104.05		95.02		129.84

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Issuer Purchases of Equity Securities

Table 3 - Share Repurchases
(in thousands, except per share data)	Total Number of Shares Repurchased	Average Price Paid per Share(1)		Total Number of Shares Repurchased as Part of Publicly Announced Plans or Programs	Maximum Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs
October 2021	24	$	47.49	24	$	31,786
November 2021	373	48.70		373	13,628
December 2021	290	46.51		290	137
Total	687	$	47.73	687

(1)    The average price paid per share is calculated on a trade date basis for all open market transactions and excludes commissions and other transaction expenses.

The foregoing repurchases during the fourth quarter of 2021 were purchased through open market transactions, including under plans complying with Rule 10b5-1 under the Exchange Act.

The Company announced on January 20, 2022 that its Board of Directors authorized share repurchases of up to $300 million in 2022.

ITEM 6. Reserved

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ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Executive Summary

The following financial review provides a discussion of Synovus' financial condition, changes in financial condition, and results of operations as well as a summary of Synovus' critical accounting policies. This section should be read in conjunction with the audited consolidated financial statements and accompanying notes included in "Part II - Item 8. Financial Statements and Supplementary Data" of this Report.

Economic Environment and Recent Events

The U.S. economy contracted in the first half of 2020, ending the longest expansionary period in U.S. history, due to the COVID-19 pandemic. During March 2020, in an effort to lessen the impact of COVID-19 on consumers and businesses, the Federal Reserve reduced the federal funds rate 1.5 percentage points to 0.00 to 0.25 percent and the U.S. government enacted the CARES Act, the largest economic stimulus package in the nation’s history. Synovus responded to the pandemic, beginning in March 2020, by supporting our clients, employees, and communities with such measures as remote work capabilities and branch service enhancements, loan payment deferrals, and accelerated investments in several technology initiatives that provided more convenience and a better digital experience as clients adapted to this highly virtual environment. Synovus participated in the PPP and funded approximately 28,000 loans totaling nearly $3.9 billion under the programs available in both 2020 and 2021.

Additional government spending measures and the availability of vaccines improved consumer confidence and demand, and the economy largely reopened in 2021, leading to a reduction in the unemployment rate and accelerated GDP growth. While 2021 has seen a recovery in the U.S. economy compared to 2020, uncertainty and market disruptions such as additional coronavirus variants, pandemic-related supply chain issues and labor shortages persist. The economic expansion has been met with inflationary pressures that are expected to result in FOMC policy-tightening in 2022, likely including multiple interest rate hikes. With a strong asset-sensitive balance sheet and our position in Southeast markets that have generally avoided prolonged lockdowns, Synovus expects increases in loan demand and interest rates will improve returns going forward.

Overview of 2021 Financial Results

Net income available to common shareholders for 2021 was $727.3 million, or $4.90 per diluted common share ($4.95 on an adjusted basis(1)), compared to $340.5 million, or $2.30 per diluted common share ($2.41 adjusted(1)), in 2020. The year-over-year increase in adjusted net income per common share was driven by a significant improvement in the economic outlook impacting expected credit losses compared to 2020.

Net interest income for 2021 was $1.53 billion, up $20.2 million, or 1%, from $1.51 billion in 2020, including $79.2 million in PPP fees during 2021 and $46.0 million in 2020. The net interest margin was 3.01% for 2021, a decrease of 17 bps from 3.18% in 2020, due primarily to the decline in market interest rates in addition to average growth in investment securities available for sale and interest-bearing funds held at the Federal Reserve Bank.

Non-interest revenue for the year ended December 31, 2021 was $450.1 million, down $56.4 million, or 11%, compared to the year ended December 31, 2020. Gains on sales of investment securities of $78.9 million impacted the year ended December 31, 2020. Adjusted non-interest revenue(1) was $448.0 million, up $27.6 million, or 7%, compared to 2020, due primarily to strong growth in core banking fees, fiduciary and asset management fees, and brokerage revenue, partially offset by the normalization of mortgage banking income.

Non-interest expense for the year ended December 31, 2021 was $1.10 billion, a decrease of $79.7 million, or 7%, compared to the year ended December 31, 2020. Goodwill impairment expense of $44.9 million impacted 2020. Adjusted non-interest expense(1) for 2021 decreased $2.4 million, compared to 2020, as higher expense related to Synovus Forward in 2020 allowed us to make strategic and impactful investments in most areas while managing overall expense. The efficiency ratio-TE for 2021 was 55.38% compared to 58.32% in 2020, and the adjusted tangible efficiency ratio(1) was 54.29% compared to 55.69% in 2020.

At December 31, 2021, total loans, net of deferred fees and costs of $39.31 billion, increased $1.06 billion, or 3%, from December 31, 2020. C&I loans grew slightly and were impacted by a $1.79 billion decline in PPP loans primarily from forgiveness. CRE and consumer loans increased $655.8 million and $362.2 million, respectively. CRE loans grew as higher funded production outpaced elevated pay-off activity. Consumer growth was primarily due to purchases of third-party lending loans and was mostly offset by declines in consumer mortgages and HELOCs, a result of excess consumer liquidity and accelerated prepayment activity.

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At December 31, 2021, credit quality metrics remained stable and near historical lows with NPA and NPL ratios of 0.40% and 0.33%, respectively, and total past dues of 0.15%. The ACL at December 31, 2021 totaled $469.5 million, a decrease of $184.0 million compared to December 31, 2020, resulting from an improving overall economic outlook. The ACL to loans coverage ratio was 1.19% at December 31, 2021, a 52 bps decline from December 31, 2020.

Total period-end deposits were $49.43 billion at December 31, 2021, up $2.74 billion, or 6%, compared to year-end 2020. Core transaction deposits increased $5.13 billion, or 16%, compared to year-end 2020, largely due to various fiscal stimulus efforts including deposits associated with PPP loans. Total deposit costs for 2021 were 16 bps, down 35 bps from 2020, due to repricing and intentional, strategic remixing to reduce higher cost deposits.

Our CET1 ratio of 9.50% at December 31, 2021 is well in excess of regulatory requirements. The Board recently approved an increase in the current common shareholder dividend by $0.01 to $0.34 per quarter, effective April 2022, and authorized share repurchases of up to $300 million for 2022. Our capital priorities are focused on supporting core client growth and managing the CET1 ratio around our target range of 9.25% to 9.75%.

More detail on Synovus' financial results for 2021 and 2020 can be found in subsequent sections of this Report and detailed information on Synovus' financial results for 2019 can be found in "Part II Item 7. – Management's Discussion and Analysis of Financial Condition and Results of Operations" of Synovus' 2019 Form 10-K.

2022 Outlook

An overview of our outlook for the full year 2022, compared to 2021, which incorporates our strategic objectives, and is based on our current view of economic stability and growth in our footprint, includes:

•Period-end loan growth (excluding PPP) of 4% to 7%

•Adjusted total revenue(1) increase of 4% to 7%(2)

•Adjusted non-interest expense(1) increase of 2% to 5%

•Effective income tax rate of 22% to 24%(3)

•CET1 ratio target range of 9.25% to 9.75%

(1)    See "Part II - Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations - Non-GAAP Financial Measures" of this Report for applicable reconciliation to GAAP measure.

(2)    Assumes three FOMC rate hikes and excludes the impact of PPP-related revenue

(3)    Assuming no significant changes to the current tax environment

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A summary of Synovus’ financial performance for the years ended December 31, 2021 and 2020 is set forth in the table below.

Table 4 - Consolidated Financial Highlights
	Years Ended December 31,
(dollars in thousands, except per share data)	2021			2020			Change
Net interest income	$	1,532,947		$	1,512,748		1	%
Provision for (reversal of) credit losses	(106,251)			355,022			nm
Non-interest revenue	450,066			506,513			(11)
Adjusted non-interest revenue(1)	448,049			420,497			7
Total TE revenue	1,986,198			2,022,685			(2)
Adjusted total revenue(1)	1,984,181			1,936,669			2
Non-interest expense	1,099,904			1,179,574			(7)
Adjusted non-interest expense(1)	1,086,702			1,089,132			—
Income before income taxes	989,360			484,665			104
Net income	760,467			373,695			103
Net income available to common shareholders	727,304			340,532			114
Net income per common share, basic	4.95			2.31			114
Net income per common share, diluted	4.90			2.30			113
Adjusted net income per common share, diluted(1)	4.95			2.41			105
Return on average common equity	15.56		%	7.51		%	805	bps
Adjusted return on average common equity(1)	15.74			7.87			787
Adjusted return on average tangible common equity(1)	17.76			9.12			864
Return on average assets	1.37			0.72			65
Adjusted return on average assets(1)	1.39			0.75			64
Efficiency ratio-TE	55.38			58.32			(294)
Adjusted tangible efficiency ratio(1)	54.29			55.69			(140)
	As of and For The Years Ended December 31,
	2021			2020			Change
Loans, net of deferred fees and costs	$	39,311,958		$	38,252,984		3	%
Total deposits	49,427,276			46,691,571			6
Core transaction deposits (excludes CDs, brokered and public fund deposits)	37,880,650			32,754,609			16
Net interest margin	3.01		%	3.18		%	(17)	bps
Dividend payout ratio(2)	26.95			57.45			(3,050)
Non-performing assets ratio	0.40			0.50			(10)
Non-performing loans ratio	0.33			0.39			(6)
Past due loans over 90 days	0.02			0.01			1
Net charge-off ratio	0.20			0.24			(4)
CET1 capital	$	4,388,618		$	4,034,865		9	%
Tier 1 risk-based capital	4,925,763			4,572,010			8
Total risk-based capital	5,827,196			5,604,230			4
CET1 capital ratio	9.50		%	9.66		%	(16)	bps
Tier 1 risk-based capital ratio	10.66			10.95			(29)
Total risk-based capital ratio	12.61			13.42			(81)
Total shareholders’ equity to total assets ratio	9.24			9.49			(25)
Tangible common equity to tangible assets ratio(1)	7.52			7.66			(14)

(1)    See "Part II - Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations - Non-GAAP Financial Measures" of this Report for applicable reconciliation to GAAP measures.

(2)    Determined by dividing cash dividends declared per common share by diluted net income per share.

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Critical Accounting Policies

The accounting and financial reporting policies of Synovus are in accordance with GAAP and conform to the accounting and reporting guidelines prescribed by bank regulatory authorities. Synovus has identified certain of its accounting policies as “critical accounting policies,” consisting of those related to the accounting for the allowance for credit losses and income taxes. In determining which accounting policies are critical in nature, Synovus has identified the policies that require significant judgment or involve complex estimates. It is management's practice to discuss critical accounting policies with the Board of Directors' Audit Committee on a periodic basis, including the development, selection, implementation, and disclosure of the critical accounting policies. The application of these policies has a significant impact on Synovus’ consolidated financial statements. Synovus’ financial results could differ significantly if different judgments or estimates are applied in the application of these policies.

Allowance for Credit Losses

The ACL is a critical accounting estimate that requires significant judgments and assumptions, which are inherently subjective. The use of different estimates or assumptions could have a significant impact on the provision for credit losses, ACL, financial condition, and results of operations. The economic and business climate in any given industry or market is difficult to gauge and can change rapidly, and the effects of those changes can vary by borrower.

In accordance with CECL, the ACL, which includes both the allowance for loan losses and the allowance for credit losses on unfunded loan commitments, represents management's best estimate of expected losses over the life of loans adjusted for prepayments, and over the life of loan commitments expected to fund. Synovus' loans and unfunded loan commitments are grouped based upon the nature of the loan type and the forecasted PD, adjusted for relevant forecasted macroeconomic factors comprising multiple weighted scenarios representing different plausible outcomes, and LGD, to determine the allowance for the majority of our portfolio. Expected credit losses are estimated over the contractual term of the loan, adjusted for expected prepayments and curtailments when appropriate. To the extent the lives of the loans in the portfolio extend beyond the period for which a reasonable and supportable forecast can be made (which is two years for Synovus), the Company reverts, on a straight-line basis back to the historical rates over a one- year period. Life-of-loan loss percentages may also be adjusted, as necessary, for certain quantitative and qualitative factors that in management's judgment are necessary to reflect losses expected in the portfolio. These adjustments address inherent limitations in the quantitative model including uncertainty and limitations, among others. Loans that do not share risk characteristics are individually evaluated on a loan- by- loan basis with specific reserves, if any, recorded as appropriate. Given the dynamic relationship between macroeconomic variables within an economic forecast, it is difficult to estimate the impact of a change in any one individual variable on the ACL. As a result, when formulating the quantitative estimate management uses a probability-weighted approach that incorporates a baseline forecast, an upside scenario reflecting an accelerated recovery, a downside scenario that reflects adverse economic conditions, and a scenario that assumes consistent slow growth that is less optimistic than the baseline.

To illustrate a hypothetical sensitivity analysis, management calculated a quantitative allowance using only the downside scenario. This downside scenario includes a severe deterioration in economic conditions compared to our baseline forecast. The downside forecast assumes an increase in unemployment starting in the first quarter of 2022, a decline in consumer confidence, and a rise in bankruptcies as forbearance ends. Consumer spending drops significantly in the first quarter of 2022, and the economy falls into recession with the unemployment rate peaking at 9% compared to the baseline forecast that assumes full employment by the end of 2022. Excluding the impact of qualitative considerations, this sensitivity analysis would result in a hypothetical increase over our reported ACL of approximately $225 million at December 31, 2021.

The sensitivity analysis result does not represent management’s view of expected credit losses nor is it intended to estimate future changes in allowance levels for reasons including, but not limited to, the following:

•Management uses a weighted approach applied to multiple economic scenarios for its allowance estimation process;

•The impact of changes in economic variables are interrelated and nonlinear, therefore the results of the analysis cannot be extrapolated to additional changes in economic variables;

•Subsequent changes in the mix of portfolio characteristics could materially impact results;

•Potential future government or regulatory intervention could cause results to differ materially from historical relationships between the economic variables and related credit metrics; and

•The sensitivity analysis does not account for any quantitative or qualitative adjustments incorporated by management as part of its overall allowance framework to reflect losses expected in the portfolio.

See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" and "Part II - Item 8. Financial Statements and Supplementary Data - Note 3 - Loans and Allowance for Loan Losses" in this Report for additional details.

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Income taxes

    The calculation of Synovus’ income tax provision is complex and requires the use of estimates and judgments in its determination. As part of Synovus’ overall business strategy, management must consider tax laws and regulations that apply to the specific facts and circumstances under consideration. As such, the Company is often required to exercise significant judgment regarding the interpretation of these tax laws and regulations, in which Synovus' anticipated and actual liability could significantly vary based upon the taxing authority’s interpretation. Specifically, significant estimates in accounting for income taxes relate to the valuation allowance for deferred tax assets, estimates of the realizability of income tax credits, utilization of NOLs, the determination of taxable income, and the determination of uncertain tax positions and temporary differences between book and tax bases. Adjustments to these items may occur due to modifications in tax rates, newly enacted laws, issuance of tax regulations, resolution of items with taxing authorities, alterations to interpretative statutory, judicial, and regulatory guidance that affects the Company’s tax positions, methods or elections changes, or other facts and circumstances. Management closely monitors tax developments and the potential timing of these changes in order to evaluate the effect they may have on the Company’s overall tax position and the estimates and judgments used in determining the income tax provision and records adjustments as necessary. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" and "Part II - Item 8. Financial Statements and Supplementary Data - Note 16 - Income Taxes" in this Report for additional details.

DISCUSSION OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Investment Securities Available for Sale

The investment securities portfolio consists primarily of high-quality liquid debt securities classified as available for sale. The on-going investment philosophy for the securities portfolio focuses on maintaining a readily accessible source of liquidity while also supporting the income and interest rate risk management objectives of the Company. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 2 - Investment Securities Available for Sale" in this Report for additional information.

The average balance of investment securities available for sale increased to $9.60 billion in 2021 from $7.01 billion in 2020, representing 18.8% and 14.6%, respectively, of average interest earning assets. The portfolio earned a taxable-equivalent yield of 1.46% and 2.55% for 2021 and 2020, respectively. As of December 31, 2021 and 2020, the estimated fair value of investment securities available for sale as a percentage of their amortized cost was 99.3% and 102.1%, respectively, with net unrealized losses of $73.2 million and net unrealized gains of $160.6 million, respectively. The investment securities portfolio had a weighted average duration of 3.7 years at December 31, 2021, compared to 2.5 years at December 31, 2020.

The calculation of weighted average yields for investment securities available for sale displayed below is based on the amortized cost and effective yields of each security. Maturity information is presented based upon contractual maturity. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.

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Table 5 - Maturities and Weighted Average Yields of Investment Securities Available for Sale
	December 31, 2021
(dollars in thousands)	Within One Year			1 to 5 Years			5 to 10 Years			More Than 10 Years			Total
Fair Value
U.S. Treasury securities	$	20,600		$	—		$	97,238		$	—		$	117,838
U.S. Government agency securities	760			322			53,119			—			54,201
Mortgage-backed securities issued by U.S. Government agencies	—			870			136			778,627			779,633
Mortgage-backed securities issued by U.S. Government sponsored enterprises	28			—			83,271			7,929,002			8,012,301
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises	—			—			150			939,473			939,623
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises	—			182,821			209,311			89,612			481,744
Asset-backed securities	514,188			—			—			—			514,188
Corporate debt securities and other debt securities	9,730			—			9,071			—			18,801
Total	$	545,306		$	184,013		$	452,296		$	9,736,714		$	10,918,329
Weighted Average Yield
U.S. Treasury securities	0.04		%	—		%	1.01		%	—		%	0.85		%
U.S. Government agency securities	5.12			4.86			2.70			—			2.75
Mortgage-backed securities issued by U.S. Government agencies	—			2.96			2.99			2.20			2.20
Mortgage-backed securities issued by U.S. Government sponsored enterprises	4.35			—			2.32			1.92			1.93
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises	—			—			1.03			1.25			1.25
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises	—			1.62			1.46			2.67			1.74
Asset-backed securities	1.34			—			—			—			1.34
Corporate debt securities and other debt securities	4.72			—			2.77			—			3.78
Total	1.35		%	1.64		%	1.68		%	1.89		%	1.85		%

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Loans

The following table shows loans by portfolio class and as a percentage of total loans, net of deferred fees and costs, as of December 31, 2021 and 2020.    

Table 6 - Loans by Portfolio Class
	December 31,								December 31, 2021 vs. December 31, 2020 Change
	2021				2020
(dollars in thousands)	Total Loans		%		Total Loans		%
Commercial, financial, and agricultural	$	12,052,475	30.6	%	$	12,410,152	32.4	%	$	(357,677)	(3)	%
Owner-occupied	7,508,686		19.1		7,110,016		18.6		398,670		6
Total commercial and industrial	19,561,161		49.7		19,520,168		51.0		40,993		—
Investment properties	9,869,155		25.1		9,103,379		23.8		765,776		8
1-4 family properties	645,469		1.6		628,695		1.6		16,774		3
Land and development	466,866		1.2		593,633		1.6		(126,767)		(21)
Total commercial real estate	10,981,490		27.9		10,325,707		27.0		655,783		6
Consumer mortgages	5,069,039		12.9		5,513,491		14.4		(444,452)		(8)
Home equity lines	1,281,989		3.3		1,537,726		4.0		(255,737)		(17)
Credit cards	299,556		0.8		281,018		0.7		18,538		7
Other consumer loans	2,118,723		5.4		1,074,874		2.9		1,043,849		97
Total consumer	8,769,307		22.4		8,407,109		22.0		362,198		4
Loans, net of deferred fees and costs	$	39,311,958	100.0	%	$	38,252,984	100.0	%	$	1,058,974	3	%

At December 31, 2021, total loans, net of deferred fees and costs, of $39.31 billion, increased $1.06 billion, or 3%, from December 31, 2020. C&I loans grew slightly but were impacted by a $1.79 billion decline in PPP loans primarily from loan forgiveness. CRE loans grew as higher funded production outpaced elevated pay-off activity. Consumer growth was largely due to purchases of third-party lending loans and was mostly offset by declines in consumer mortgages and HELOCs, which were impacted by accelerated prepayment activity due to excess consumer liquidity. We expect loan growth in 2022 to be 4% to 7%, which excludes PPP loans.

C&I loans remain the largest component of our loan portfolio, representing 49.7% of total loans, while CRE and consumer loans represent 27.9% and 22.4%, respectively. Our portfolio composition is established through a comprehensive concentration management policy which sets limits for C&I, CRE, and consumer loan levels as well as sub-categories therein.

U.S. Small Business Administration Paycheck Protection Program (PPP)

Synovus participated in the PPP, which is a loan program that originated from the CARES Act and was subsequently expanded by the Paycheck Protection Program and Health Care Enhancement Act, which was signed into law on April 24, 2020. The total balance of all PPP loans, net of unearned fees and costs, was $399.6 million as of December 31, 2021 compared to $2.19 billion as of December 31, 2020. The decline of $1.79 billion, or 82%, from 2020 was largely the result of 2021 activity including $2.87 billion of forgiveness partially offset by $1.05 billion of Phase 2 fundings. The table below provides additional information on PPP loans.

Table 7 - PPP Loans
	December 31, 2021
	Applications			Loan Balances
(in millions, except count data )	Approximate Count	Balance		Fundings		2021 Forgiveness		Total Life-to-Date Forgiveness		End of Period, Net of Unearned Fees and Costs(1)
Phase 1- 2020 Originations	19,000	$	2,958	$	2,886	$	2,184	$	2,724	$	47
Phase 2- 2021 Originations	11,000	1,135		1,047		681		681		353
Total	30,000	$	4,093	$	3,933	$	2,865	$	3,405	$	400

(1) Equals fundings less forgiveness, pay-downs/pay-offs, and unearned net fees.

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(dollars in millions)	Total Net Fees		Percent of Fundings		2021 Recognized Net Fees		Total Recognized Net Fees		Total Unrecognized or Remaining Net Fees		Contractual Maturity
Phase 1- 2020 Originations	$	94.9	3.3	%	$	48.6	$	94.6	$	0.3	2 years
Phase 2- 2021 Originations	43.6		4.2		30.6		30.6		13.0		5 years
Total	$	138.5	3.5	%	$	79.2	$	125.2	$	13.3

Commercial Loans

Total commercial loans (which are comprised of C&I and CRE loans) at December 31, 2021 were $30.54 billion, or 77.6%, of the total loan portfolio, compared to $29.85 billion, or 78.0% at December 31, 2020.

Commercial and Industrial Loans

The C&I loan portfolio represents the largest category of Synovus' loan portfolio and is primarily comprised of general middle market and commercial banking clients across a diverse set of industries. The following table shows the composition of the C&I loan portfolio aggregated by NAICS industry name and code. In accordance with Synovus' lending policy, each loan undergoes a detailed underwriting process which incorporates uniform underwriting standards and oversight in proportion to the size and complexity of the lending relationship. As of December 31, 2021, 92.7% (94.6% excluding PPP loans) of Synovus' C&I loans are secured by real estate, business equipment, inventory, and other types of collateral compared to 83.2% (93.8% excluding PPP loans) as of December 31, 2020. C&I loans grew $41.0 million from December 31, 2020, as growth from funded loan production, particularly in the finance and insurance and health care and social assistance industries, was mostly offset by a decline in PPP loans.

Table 8 - Commercial and Industrial Loans by Industry
		December 31, 2021				December 31, 2020
(dollars in thousands)	NAICS Code	Amount		%(1)		Amount		%(1)
Health care and social assistance	62	$	4,220,579	21.6	%	$	3,878,450	19.9	%
Finance and insurance	52	2,520,480		12.9		1,680,094		8.6
Manufacturing	31-33	1,314,212		6.7		1,243,290		6.4
Accommodation and food services	72	1,231,801		6.3		1,213,524		6.2
Retail trade	44-45	1,229,076		6.3		1,279,813		6.6
Wholesale trade	42	1,146,505		5.9		1,236,137		6.3
Real estate and rental and leasing	5311	1,061,921		5.4		1,134,023		5.8
Construction	23	1,023,540		5.2		1,065,633		5.5
Other services	81	1,004,448		5.1		1,144,023		5.9
Professional, scientific, and technical services	54	928,436		4.7		1,144,939		5.9
Transportation and warehousing	48-49	852,969		4.4		843,294		4.3
Real estate other	53	752,997		3.8		723,241		3.7
Arts, entertainment and recreation	71	534,597		2.7		779,282		4.0
Educational services	61	427,456		2.2		398,949		2.0
Public administration	92	407,451		2.1		432,519		2.2
Agriculture, forestry, fishing, and hunting	11	285,372		1.5		385,337		2.0
Administration, support, waste management, and remediation	56	246,638		1.3		352,812		1.8
Information	51	189,306		1.0		288,321		1.5
Other industries	(2)	183,377		0.9		296,487		1.4
Total C&I loans		$	19,561,161	100.0	%	$	19,520,168	100.0	%

(1) Loan balance in each category expressed as a percentage of total C&I loans.

(2) Comprised of NAICS industries that are less than 1% of total C&I loans.

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At December 31, 2021, $12.05 billion of C&I loans, or 30.6% of the total loan portfolio (including PPP loans of $399.6 million net of unearned fees and costs), represented loans for the purpose of financing commercial, financial, and agricultural business activities. The primary source of repayment on these loans is revenue generated from products or services offered by the business or organization. The secondary source of repayment is the collateral, which consists primarily of equipment, inventory, accounts receivable, time deposits, cash surrender value of life insurance, and other business assets.

At December 31, 2021, $7.51 billion of C&I loans, or 19.1% of the total loan portfolio, represented loans originated for the purpose of financing owner-occupied properties. The financing of owner-occupied facilities is considered a C&I loan even though there is improved real estate as collateral. This treatment is a result of the credit decision process, which focuses on cash flow from operations of the business to repay the debt. The secondary source of repayment on these loans is the underlying real estate. These loans are predominately secured by owner-occupied and other real estate, and to a lesser extent, other types of collateral.

Commercial Real Estate Loans

CRE loans primarily consist of income-producing investment properties loans. Additionally, CRE loans include 1-4 family properties loans as well as land and development loans. Total CRE loans of $10.98 billion increased $655.8 million, or 6%, from December 31, 2020 as higher funded loan production was partially offset by elevated pay-off activity.

Investment Properties Loans

Investment properties loans consist of construction and mortgage loans for income-producing properties and are primarily made to finance multi-family properties, hotels, office buildings, shopping centers, warehouses and other commercial development properties. Total investment properties loans as of December 31, 2021 were $9.87 billion, or 89.9% of the CRE loan portfolio, and 25.1% of the total loan portfolio, up $765.8 million, or 8%, compared to $9.10 billion, or 88.2% of the CRE loan portfolio, and 23.8% of the total loan portfolio at December 31, 2020. All sub-categories experienced growth with the exception of multi-family, which was down by $61.1 million, or 3%, from December 31, 2020.

The following table shows the principal categories of the investment properties loan portfolio at December 31, 2021 and 2020.

Table 9 - Investment Properties Loan Portfolio
	December 31,
	2021				2020
(dollars in thousands)	Amount		%		Amount		%
Office buildings	$	2,511,058	25.4	%	$	2,207,744	24.2	%
Multi-family	2,129,424		21.6		2,190,534		24.1
Shopping centers	1,655,465		16.8		1,644,519		18.1
Hotels	1,537,060		15.6		1,442,242		15.8
Warehouses	801,639		8.1		700,050		7.7
Other investment property	1,234,509		12.5		918,290		10.1
Total investment properties loans	$	9,869,155	100.0	%	$	9,103,379	100.0	%

*    Loan balance in each category expressed as a percentage of total investment properties loans.

1-4 Family Properties Loans

1-4 family properties loans include construction loans to home builders and commercial mortgage loans related to 1-4 family rental properties and are almost always secured by the underlying property being financed by such loans. These properties are primarily located in the markets served by Synovus. At December 31, 2021, 1-4 family properties loans totaled $645.5 million, or 5.9% of the CRE loan portfolio, and increased slightly from December 31, 2020.

Land and Development Loans

Land and development loans include commercial and residential development as well as land acquisition loans and are secured by land held for future development, typically in excess of one year. Properties securing these loans are substantially within markets served by Synovus, and loan terms generally include personal guarantees from the principals. Loans in this portfolio are underwritten based on the LTV of the collateral and the capacity of the guarantor(s). Land and development loans of $466.9 million at December 31, 2021 continued to decline from December 31, 2020.

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Consumer Loans

The consumer loan portfolio consists of a wide variety of loan products offered through Synovus' banking network including first and second residential mortgages, HELOCs, and credit card loans, as well as both secured and unsecured loans from third-party lending. As of December 31, 2021 and 2020, weighted average FICO scores within the residential real estate portfolio based on committed balances were 792 and 791 for HELOCs and 777 and 776 for consumer mortgages, respectively.

Consumer loans at December 31, 2021 increased $362.2 million, or 4%, compared to December 31, 2020. Consumer mortgages and HELOCs both decreased from December 31, 2020 primarily as a result of accelerated prepayment activity and excess consumer liquidity.

Other consumer loans, which primarily includes third-party lending, increased $1.04 billion from December 31, 2020, led by purchases of $1.62 billion of third-party lending loans partially offset by payment activity. As of December 31, 2021, third-party lending loans had combined balances of $1.64 billion, or 4.2%, of the total loan portfolio, compared to $678.3 million, or 1.8%, of the total loan portfolio, at December 31, 2020. Growth in this portfolio is predicated on overall balance sheet dynamics including capital, liquidity, and client growth.

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The table below shows the maturities of loans, net of deferred fees and costs, as of December 31, 2021. Also provided are the amounts due after one year, classified according to the sensitivity in interest rates. Actual repayments of loans may differ from the contractual maturities reflected therein because borrowers have the right to prepay obligations with and without prepayment penalties. Additionally, the refinancing of such loans or the potential delinquency of such loans could create differences between the contractual maturities and the actual repayment of such loans.

Table 10 - Loan Maturities and Interest Rate Sensitivity
	December 31, 2021
(in thousands)	One Year Or Less		Over One Year Through Five Years		Over Five Years Through Fifteen Years		Over Fifteen Years		Total
Commercial, financial, and agricultural	$	1,723,646	$	6,537,749	$	3,350,674	$	440,406	$	12,052,475
Owner-occupied	1,245,442		3,913,702		2,345,824		3,718		7,508,686
Total commercial and industrial	2,969,088		10,451,451		5,696,498		444,124		19,561,161
Investment properties	1,592,382		6,640,083		1,630,114		6,576		9,869,155
1-4 family properties	226,863		328,079		89,251		1,276		645,469
Land and development	226,481		215,699		24,686		—		466,866
Total commercial real estate	2,045,726		7,183,861		1,744,051		7,852		10,981,490
Consumer mortgages	174,480		42,917		508,766		4,342,876		5,069,039
Home equity lines	51,088		219,947		205,094		805,860		1,281,989
Credit cards	299,556		—		—		—		299,556
Other consumer loans	97,394		732,839		1,157,028		131,462		2,118,723
Total consumer	622,518		995,703		1,870,888		5,280,198		8,769,307
Loans, net of deferred fees and costs	$	5,637,332	$	18,631,015	$	9,311,437	$	5,732,174	$	39,311,958
Loans due after one year:					Fixed Interest Rate		Floating or Adjustable Interest Rate		Total
Commercial, financial, and agricultural					$	2,596,116	$	7,732,713	$	10,328,829
Owner-occupied					3,141,817		3,121,427		6,263,244
Total commercial and industrial					5,737,933		10,854,140		16,592,073
Investment properties					2,354,041		5,922,732		8,276,773
1-4 family properties					323,151		95,455		418,606
Land and development					98,901		141,484		240,385
Total commercial real estate					2,776,093		6,159,671		8,935,764
Consumer mortgages					4,101,991		792,568		4,894,559
Home equity lines					71,118		1,159,783		1,230,901
Other consumer loans					1,552,357		468,972		2,021,329
Total consumer					5,725,466		2,421,323		8,146,789
Loans, net of deferred fees and costs					$	14,239,492	$	19,435,134	$	33,674,626

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Deposits

Deposits provide the most significant funding source for interest earning assets. The following table shows the composition of period-end deposits for 2021 and 2020. See Table 14 - Average Balances, Interest, and Yields/Rates in this Report for information on average deposits including average rates paid in 2021, 2020, and 2019.

Table 11 - Composition of Period-end Deposits
	2021				2020
(dollars in thousands)	Amount		%(1)		Amount		%(1)
Non-interest-bearing demand deposits(2)	$	15,242,839	30.9	%	$	12,382,708	26.5	%
Interest-bearing demand deposits(2)	6,346,959		12.9		5,674,416		12.2
Money market accounts(2)	14,886,424		30.1		13,541,236		29.0
Savings deposits(2)	1,404,428		2.8		1,156,249		2.5
Public funds	6,284,553		12.7		6,760,628		14.5
Time deposits(2)	2,427,073		4.9		3,605,928		7.7
Brokered deposits	2,835,000		5.7		3,570,406		7.6
Total deposits	$	49,427,276	100.0	%	$	46,691,571	100.0	%
Core deposits(3)	$	46,592,276	94.3	%	$	43,121,165	92.4	%
Core transaction deposits(4)	$	37,880,650	76.6	%	$	32,754,609	70.2	%
Brokered time deposits	$	1,024,448	2.1	%	$	1,590,096	3.4	%
Public funds time deposits	$	665,954	1.3	%	$	752,172	1.6	%

(1)    Deposits balance in each category expressed as percentage of total deposits.

(2)    Excluding any public funds or brokered deposits.

(3)    Core deposits exclude brokered deposits.

(4)    Core transaction deposits consist of non-interest-bearing demand deposits, interest-bearing demand deposits, money market accounts, and savings deposits excluding public funds and brokered deposits.

Total period-end deposits were $49.43 billion at December 31, 2021, up $2.74 billion, or 6%, compared to year-end 2020, due largely to client preferences for maintaining liquidity during 2021 as well as various fiscal stimulus efforts which further supported deposit growth, partially offset by strategic declines in time deposits. Core transaction deposits increased $5.13 billion, or 16%, compared to December 31, 2020, with growth in all categories. On an average basis, total deposits of $47.61 billion were up $4.57 billion, or 11%, compared to the prior year.

As of December 31, 2021 and 2020, $25.91 billion and $23.39 billion, respectively, of our deposit portfolio was uninsured. The uninsured amounts are estimated based on the methodologies and assumptions used for the Bank's regulatory reporting requirements.

The following table shows the portion of time deposits that are uninsured, by remaining time until maturity, at December 31, 2021.

Table 12 - Maturity Distribution of Uninsured Time Deposits
(in thousands)	December 31, 2021
3 months or less	$	139,744
Over 3 months through 6 months	115,342
Over 6 months through 12 months	744,921
Over 12 months	146,693
Total outstanding	$	1,146,700

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Net Interest Income

The following table summarizes the components of net interest income for the years ended December 31, 2021, 2020, and 2019, including the tax-equivalent adjustment that is required in making yields on tax-exempt loans and investment securities comparable to taxable loans and investment securities. The taxable-equivalent adjustment is based on a 21% federal income tax rate for the three years shown.

Table 13 - Net Interest Income	Years Ended December 31,
(in thousands)	2021		2020		2019
Interest income	$	1,653,343	$	1,804,495	$	2,050,638
Taxable-equivalent adjustment	3,185		3,424		3,025
Interest income, taxable-equivalent	1,656,528		1,807,919		2,053,663
Interest expense	120,396		291,747		454,835
Net interest income, taxable-equivalent	$	1,536,132	$	1,516,172	$	1,598,828

Net interest income (interest income less interest expense) is the largest component of total revenue, representing earnings from the primary business of gathering funds from client deposits and other sources, and investing those funds primarily in loans and fixed-income securities. Synovus’ long-term objective is to manage those assets and liabilities to maximize net interest income while balancing interest rate, credit, liquidity, and capital risks. Net interest income for 2021 was $1.53 billion, up $20.2 million, or 1%, from $1.51 billion in 2020, including $79.2 million in PPP fees during 2021 and $46.0 million during 2020.

Net Interest Margin

Net interest margin is a measure of the spread between interest earning assets relative to the cost of funding and can be used to assess the efficiency of earnings from balance sheet activities. The net interest margin is affected by changes in interest earning asset yields, the cost of interest-bearing liabilities, the percentage of interest earning assets funded by non-interest-bearing funding sources, and the mix of earning assets and interest-bearing liabilities.

The net interest margin was 3.01% for 2021, a decrease of 17 bps from 3.18% in 2020, due primarily to the decline in market interest rates in addition to average growth in investment securities available for sale and interest-bearing funds held at the Federal Reserve Bank. The yield on earning assets decreased 54 bps to 3.24% from 3.78% in 2020, while the effective cost of funds decreased 37 bps to 0.23% from 0.60% in 2020.

The primary components of the yield on interest earning assets are loan yields, yields on investment securities, and the yield on balances held with the Federal Reserve Bank. Loan yields decreased 21 bps, due primarily to the decline in market interest rates, and yields on investment securities decreased 109 bps, due primarily to an acceleration in prepayments and related increase in premium amortization, compared to 2020. Earning asset yields were also negatively impacted by the increase in cash balances held with the Federal Reserve Bank as compared to the prior year.

The decline in the effective cost of funds during 2021 was primarily driven by declines in market interest rates and liability remixing.

Earning Assets and Sources of Funds

Average total assets for 2021 increased $3.23 billion, or 6%, to $55.37 billion as compared to average total assets of $52.14 billion for 2020. Average interest earning assets increased $3.28 billion, or 7%, in 2021 as compared to the prior year and represented 92.4% of average total assets for 2021, as compared to 91.8% in 2020. The increase in average earning assets resulted primarily from a $2.60 billion increase in average investment securities available for sale, a $1.44 billion increase in average interest-bearing funds held at the Federal Reserve Bank, and a $302.5 million increase in average loans held for sale. The increases, which were largely due to excess liquidity from an influx of deposits, were partially offset by a $944.5 million, or 2%, decrease in average total loans, net of deferred fees and costs, which was impacted by reduced loan demand and also included a decrease of $338.8 million in PPP loans.

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Average interest-bearing liabilities for 2021 of $33.72 billion decreased $402.4 million, or 1%, from $34.12 billion in 2020. The decrease in average interest-bearing liabilities resulted from a $3.08 billion, or 39%, decrease in average time deposits as a result of continued strategic run-off of these higher cost deposits, a $1.12 billion, or 48%, decrease in average long-term debt, which includes redemption of $250.0 million in subordinated debt in the fourth quarter of 2020, and a $492.7 million decrease in other short-term borrowings. These decreases were mostly offset by a $2.81 billion, or 19%, increase in average money market deposits and a $1.19 billion, or 16%, increase in average interest-bearing demand deposits. These increases, along with an increase of $3.38 billion, or 28%, in average non-interest bearing demand deposits compared to 2020, were largely due to liquidity associated with various stimulus efforts and monetary policy.

Table 14 - Average Balances, Interest, and Yields/Rates
	2021						2020						2019
(dollars in thousands)	Average Balance		Interest		Yield/    Rate		Average Balance		Interest		Yield/    Rate		Average Balance		Interest		Yield/    Rate
Assets
Interest earning assets:
Taxable loans, net(1)(2)	$	37,644,066	$	1,470,587	3.91	%	$	38,597,852	$	1,587,606	4.11	%	$	35,599,889	$	1,806,060	5.07	%
Tax-exempt loans, net(1)(2)(3)	506,779		15,165		2.99		497,467		16,274		3.27		355,675		14,208		3.99
Less: Allowance for loan losses	537,324		—		—		513,743		—		—		259,833		—		—
Loans, net	37,613,521		1,485,752		3.95		38,581,576		1,603,880		4.16		35,695,731		1,820,268		5.10
Investment securities available for sale(3)	9,603,343		140,077		1.46		7,006,894		178,582		2.55		6,755,496		208,867		3.09
Trading account assets	5,613		87		1.55		6,593		121		1.84		5,119		138		2.70
Interest earning deposits with banks	23,235		82		0.35		21,081		197		0.94		21,586		491		2.27
Interest-bearing funds with Federal Reserve Bank	2,885,418		3,777		0.13		1,442,609		2,839		0.19		472,814		10,384		2.17
Federal funds sold and securities purchased under resale agreements	93,457		53		0.06		124,460		149		0.12		59,734		1,342		2.25
FHLB and Federal Reserve Bank stock	159,176		2,891		1.82		223,606		7,073		3.16		245,196		8,918		3.64
Mortgage loans held for sale	203,840		5,935		2.91		215,788		6,412		2.97		80,997		3,233		3.99
Other loans held for sale	580,162		17,874		3.04		265,764		8,666		3.21		517		22		4.11
Total interest earning assets	51,167,765		$	1,656,528	3.24	%	47,888,371		$	1,807,919	3.78	%	43,337,190		$	2,053,663	4.74	%
Cash and due from banks	561,170						531,963						510,745
Premises and equipment	445,333						481,371						487,202
Other real estate	1,522						9,740						14,539
Cash surrender value of bank-owned life insurance	1,058,966						1,003,560						767,142
Other assets(4)	2,133,725						2,223,033						1,675,112
Total assets	$	55,368,481					$	52,138,038					$	46,791,930
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
Interest-bearing demand deposits	$	8,701,078	$	9,844	0.11	%	$	7,510,429	$	19,034	0.25	%	$	6,311,829	$	42,254	0.67	%
Money market accounts	17,496,230		31,391		0.18		14,690,298		72,312		0.49		11,198,199		145,048		1.30
Savings deposits	1,335,269		229		0.02		1,056,777		247		0.02		905,338		487		0.05
Time deposits	4,770,002		33,455		0.70		7,853,325		126,184		1.61		10,054,459		169,160		1.68
Federal funds purchased and securities sold under repurchase agreements	210,949		128		0.06		192,967		274		0.14		236,601		522		0.22
Other short-term borrowings	—		—		—		492,697		7,643		1.53		1,123,613		25,663		2.25
Long-term debt	1,203,282		45,349		3.77		2,322,717		66,053		2.83		2,135,614		71,701		3.31
Total interest-bearing liabilities	33,716,810		$	120,396	0.35		34,119,210		$	291,747	0.84		31,965,653		$	454,835	1.41
Non-interest-bearing demand deposits	15,304,120						11,925,114						9,359,894
Other liabilities	1,135,573						1,021,633						714,521
Shareholders' equity	5,211,978						5,072,081						4,751,862
Total liabilities and shareholders' equity	$	55,368,481					$	52,138,038					$	46,791,930
Net interest income, taxable-equivalent net interest margin			$	1,536,132	3.01	%			$	1,516,172	3.18	%			$	1,598,828	3.70	%
Less: taxable-equivalent adjustment			3,185						3,424						3,025
Net interest income			$	1,532,947					$	1,512,748					$	1,595,803

(1)Average loans are shown net of deferred fees and costs. NPLs are included.

(2)Interest income includes net loan fees as follows: 2021 — $115.5 million, 2020 — $76.1 million, and 2019 — $35.6 million.

(3)Reflects taxable-equivalent adjustments, using the statutory federal tax rate of 21%, in adjusting interest on tax-exempt loans and investment securities to a taxable-equivalent basis.

(4)Includes average net unrealized gains on investment securities available for sale of $46.0 million, $197.5 million, and $43.4 million for the years ended December 31, 2021, 2020, and 2019, respectively.

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Table 15 - Rate/Volume Analysis	2021 Compared to 2020 Change Due to(1)						2020 Compared to 2019 Change Due to(1)
(in thousands)	Volume/Mix		Yield/Rate		Net Change		Volume/Mix		Yield/Rate		Net Change
Interest earned on:
Taxable loans, net	$	(39,201)	$	(77,818)	$	(117,019)	$	151,997	$	(370,451)	$	(218,454)
Tax-exempt loans, net(2)	305		(1,414)		(1,109)		5,658		(3,592)		2,066
Investment securities(2)	66,209		(104,714)		(38,505)		7,768		(38,053)		(30,285)
Trading account assets	(18)		(16)		(34)		40		(57)		(17)
Interest earning deposits with banks	20		(135)		(115)		(11)		(283)		(294)
Interest-bearing funds with Federal Reserve Bank	2,741		(1,803)		938		21,045		(28,590)		(7,545)
Federal funds sold and securities purchased under resale agreements	(34)		(62)		(96)		1,457		(2,650)		(1,193)
FHLB and Federal Reserve Bank stock	(2,036)		(2,146)		(4,182)		(786)		(1,059)		(1,845)
Mortgage loans held for sale	(355)		(122)		(477)		5,378		(2,199)		3,179
Other loans held for sale	10,092		(884)		9,208		10,902		(2,258)		8,644
Total interest income	37,723		(189,114)		(151,391)		203,448		(449,192)		(245,744)
Interest paid on:
Interest-bearing demand deposits	2,977		(12,167)		(9,190)		8,031		(31,251)		(23,220)
Money market accounts	13,749		(54,670)		(40,921)		45,397		(118,133)		(72,736)
Savings deposits	56		(74)		(18)		76		(316)		(240)
Time deposits	(49,642)		(43,087)		(92,729)		(36,979)		(5,997)		(42,976)
Federal funds purchased and securities sold under repurchase agreements	25		(171)		(146)		(96)		(152)		(248)
Other short-term borrowings	(7,538)		(105)		(7,643)		(14,196)		(3,824)		(18,020)
Long-term debt	(31,680)		10,976		(20,704)		6,193		(11,841)		(5,648)
Total interest expense	(72,053)		(99,298)		(171,351)		8,426		(171,514)		(163,088)
Net interest income, taxable-equivalent	$	109,776	$	(89,816)	$	19,960	$	195,022	$	(277,678)	$	(82,656)

(1)    Changes in net interest income are attributed to either changes in average balances (volume change) or changes in average rates (rate change) for earning assets and sources of funds on which interest is received or paid. Volume change is calculated as change in volume times the previous rate, while rate change is change in rate times the previous volume.

(2)    Reflects taxable-equivalent adjustments, using the statutory federal income tax rate of 21%, in adjusting interest on tax-exempt loans and investment securities to a taxable-equivalent basis.

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Non-interest Revenue

Non-interest revenue for the year ended December 31, 2021 was $450.1 million, down $56.4 million, or 11%, compared to the year ended December 31, 2020. Gains on sales of investment securities of $78.9 million impacted the year ended December 31, 2020. Adjusted non-interest revenue(1) was $448.0 million, up $27.6 million, or 7%, compared to 2020, due primarily to strong growth in core banking fees, fiduciary and asset management fees, and brokerage revenue, partially offset by the normalization of mortgage banking income. In 2022, we expect continued growth in strategic fee categories including core banking fees and wealth management, with an industry-wide reduction in secondary mortgage revenue muting overall fee income growth.

(1)    See "Part II - Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations - Non-GAAP Financial Measures" of this Report for applicable reconciliation to GAAP measure.

The following table shows the principal components of non-interest revenue.

Table 16 - Non-interest Revenue
	Years Ended December 31,						December 31, 2021 vs December 31, 2020
(in thousands)	2021		2020		2019		$ Change		% Change
Service charges on deposit accounts	$	86,310	$	73,132	$	88,190	$	13,178	18	%
Fiduciary and asset management fees	77,147		63,251		58,388		13,896		22
Card fees	51,399		42,702		45,659		8,697		20
Brokerage revenue	56,439		44,781		41,608		11,658		26
Mortgage banking income	54,371		91,413		32,599		(37,042)		(41)
Capital markets income	26,118		27,336		30,529		(1,218)		(4)
Income from bank-owned life insurance	38,019		31,297		21,226		6,722		21
Investment securities gains (losses), net	(799)		78,931		(7,659)		(79,730)		nm
Other non-interest revenue	61,062		53,670		45,360		7,392		14
Total non-interest revenue	$	450,066	$	506,513	$	355,900	$	(56,447)	(11)	%
Core banking fees (1)	$	165,481	$	138,359	$	154,621	$	27,122	20	%

(1)    Service charges on deposit accounts, card fees, and other non-interest revenue components including letter of credit fees, ATM fees income, line of credit non-usage fees, gains from sales of government guaranteed loans, and miscellaneous other service charges.

Service charges on deposit accounts for 2021, which consist of account analysis fees, NSF fees, and all other service charges, increased primarily due to higher account analysis fees, which were up $9.9 million, or 34%, following our pricing for value Synovus Forward initiative implemented during the first quarter of 2021. NSF fees for 2021 and 2020 comprised 31% and 36%, respectively, of service charges on deposit accounts and 6% and 5%, respectively, of total non-interest revenue. All other service charges on deposit accounts, which consist primarily of monthly fees on consumer demand deposits, savings accounts, and small business accounts, were $21.3 million for 2021, up $3.1 million, or 17%, compared to 2020.

Fiduciary and asset management fees are derived from providing estate administration, personal trust, corporate trust, corporate bond, investment management, financial planning, and family office services. The increase in fiduciary and asset management fees for 2021 was driven by growth in total assets under management, which increased 9% from 2020, to $22.00 billion at December 31, 2021. Assets under management consist of all assets where Synovus has investment authority.

Card fees consist primarily of credit card interchange fees, debit card interchange fees, and merchant discounts. Card fees are reported net of certain associated expense items including client loyalty program expense and network expense. The increase in 2021 from 2020 resulted from increased transaction volume in all card fee categories.

Brokerage revenue consists primarily of brokerage commissions as well as advisory fees earned from the management of client assets. The increase in 2021 over 2020 was largely driven by a 32% growth in assets under management and higher transaction revenue from favorable market conditions.

Mortgage banking income, consisting of net gains on loan origination/sales activities, was significantly lower compared to 2020, driven largely by a decline in secondary market revenue in addition to lower secondary market mortgage loan production. Secondary market revenue decreased $24.6 million, or 37%, primarily due to a lower pipeline and margin compression. Loan sales of $1.69 billion declined $421.1 million, or 20%. Total secondary market mortgage loan production was $1.60 billion in 2021, a decrease of $622.8 million, or 28%, compared to 2020.

Capital markets income primarily includes fee income from client derivative transactions. Additionally, capital markets income includes fee income from capital raising investment banking transactions and foreign exchange as well as other

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miscellaneous income from capital market transactions. The decrease for 2021 was primarily a result of a $4.0 million decrease in fees on client derivative transactions as commercial client activity to lock in lower rates was elevated in 2020, partially offset by a $2.4 million increase in loan syndication arranger fees.

Income from BOLI, includes increases in the cash surrender value of policies and proceeds from insurance benefits. The increase in 2021 was driven by a $7.1 million increase in proceeds from insurance benefits.

Investment securities losses, net, of $799 thousand, reflected strategic sales of mortgage-backed securities during 2021. Investment securities gains, net, of $78.9 million for 2020 reflected strategic repositioning of the portfolio primarily during the latter part of the second quarter of 2020 to respond to the impact of market rate declines.

The main components of other non-interest revenue are fees for letters of credit and unused lines of credit, safe deposit box fees, access fees for ATM use, other service charges and loan servicing fees, income from insurance commissions, gains from sales of GGL/SBA loans, and other miscellaneous items. 2021 included a $6.3 million increase in income related to tax credit investments primarily due to a $6.1 million increase in favorable valuation adjustments for solar energy tax credit partnerships, a $3.5 million increase in other service charges primarily from higher unused line of credit fees, and a $2.1 million increase in insurance revenue. 2020 included $4.5 million in realized gains on the sale of positions in two publicly-traded equity investments, a gain of $2.5 million from the sale of non-relationship mortgage loans, and a sale-leaseback gain of $2.4 million associated with a bank office property.

Non-interest Expense

Non-interest expense for the year ended December 31, 2021 was $1.10 billion, a decrease of $79.7 million, or 7%, compared to the year ended December 31, 2020. Goodwill impairment expense of $44.9 million impacted 2020. Adjusted non-interest expense(1) for 2021 decreased $2.4 million compared to 2020 as higher expense related to Synovus Forward in 2020 allowed us to make strategic and impactful investments in most areas while managing overall expense. The efficiency ratio-TE for 2021 was 55.38% compared to 58.32% in 2020, and the adjusted tangible efficiency ratio(1) was 54.29% compared to 55.69% in 2020.

(1)    See "Part II - Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations - Non-GAAP Financial Measures" of this Report for applicable reconciliation to GAAP measure.

The following table summarizes non-interest expense for the years ended December 31, 2021, 2020, and 2019.

Table 17 - Non-interest Expense
	Years Ended December 31,						December 31, 2021 vs December 31, 2020
(in thousands)	2021		2020		2019		$ Change		% Change
Salaries and other personnel expense	$	649,426	$	618,214	$	570,036	$	31,212	5	%
Net occupancy, equipment, and software expense	169,222		169,658		161,906		(436)		—
Third-party processing and other services	86,688		87,992		79,225		(1,304)		(1)
Professional fees	32,785		56,899		35,300		(24,114)		(42)
FDIC insurance and other regulatory fees	22,355		25,210		31,696		(2,855)		(11)
Amortization of intangibles	9,516		10,560		11,603		(1,044)		(10)
Goodwill impairment	—		44,877		—		(44,877)		nm
Restructuring charges	7,223		26,991		1,230		(19,768)		nm
Loss on early extinguishment of debt	—		10,466		4,592		(10,466)		nm
Earnout liability adjustments	507		4,908		10,457		(4,401)		nm
Merger-related expense	—		—		56,580		—		nm
Other operating expense	122,182		123,799		136,343		(1,617)		(1)
Total non-interest expense	$	1,099,904	$	1,179,574	$	1,098,968	$	(79,670)	(7)	%

Salaries and other personnel expense increased compared to 2020, due primarily to an increase in incentive accruals due to higher than expected performance, higher employee insurance from increased claims, and higher share-based compensation expense largely due to timing with a higher level of retirement eligible expense acceleration, partially offset by lower mortgage production-based commissions and lower salary expense. Synovus employees totaled 4,988, down 259, or 5%, from December 31, 2020, led by Synovus' voluntary early retirement program offered during the latter part of 2020 and branch closures.

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Net occupancy, equipment, and software expense decreased compared to 2020, driven primarily by savings from branch closures, mostly offset by continued investments in technology, including enhanced online deposit account origination, an integrated receivable solution, and our commercial banking digital platforms. Synovus Bank's branch network consisted of 281 and 289 branches at December 31, 2021 and 2020, respectively. We expect to close an additional 15% of our branch locations with an estimated run rate savings of approximately $12 million by the end of 2022.

Third-party processing and other services expense includes all third-party core operating system and processing charges as well as third-party loan servicing charges. Third-party processing expense decreased compared to 2020 primarily due to Synovus' restructure during the second quarter of 2020 of certain of its third-party consumer-based lending partnership arrangements with a shift of new originations to held for sale, mostly offset by expense associated with PPP loan forgiveness and higher information-technology related expense.

Professional fees decreased compared to 2020, from decreases in consulting fees related to Synovus Forward.

FDIC insurance and other regulatory fees decreased compared to 2020, reflecting lower assessment rate primarily due to overall elevated liquidity and subordinated debt issued by Synovus Bank in the fourth quarter of 2020.

During the third quarter of 2020, Synovus recognized a $44.9 million non-cash goodwill impairment charge representing the goodwill allocated to the Consumer Mortgage reporting unit resulting from a combination of factors including the extended duration of lower market valuations, high volumes in refinance activity that have reduced mortgage yields, and the clarity around longer term policy actions designed to keep interest rates low.

As part of its Synovus Forward initiative, during the years ended December 31, 2021 and 2020, Synovus recorded restructuring charges of $7.2 million and $27.0 million, respectively, which included $2.3 million and $15.6 million, respectively, of severance charges. In 2020, severance charges included $13.7 million in one-time termination benefits associated with the aforementioned voluntary early retirement program. During the years ended December 31, 2021 and 2020, Synovus also recorded $4.6 million and $10.5 million, respectively, in lease termination charges and asset impairment charges related to branch closures and restructuring of corporate real estate. Asset impairment charges during the year ended December 31, 2021 were net of $5.4 million in gains on sales of certain building and branch locations. Synovus Bank operated 281 branches at December 31, 2021, compared to 289 branches at December 31, 2020, following the closing of 11 branches and opening of 3 new branches during 2021.

During 2020, Synovus utilized excess liquidity and debt proceeds from debt issued by Synovus Bank in 2020 and terminated $1.13 billion in long-term FHLB obligations and redeemed $250.0 million in subordinated notes, incurring $10.5 million in losses on early extinguishment of debt.

Earnout liability fair value adjustments in 2020 associated with the Global One acquisition were the result of higher than projected earnings and higher earnings estimates over the remaining contractual earnout period, reflecting the continued success of the Global One enterprise. The earnout period ended on June 30, 2021, and the final earnout payment occurred during the third quarter of 2021.

Other operating expense includes advertising, travel, insurance, network and communication, other taxes, subscriptions and dues, other loan and ORE expense, postage and freight, training, business development, supplies, donations, and other miscellaneous expense. Period over period fluctuations are primarily related to certain expenses or losses not expected to recur rather than changes in trends. Other operating expense for 2021 included a $4.0 million seed gift into a newly established donor advised fund. Other operating expense for 2020 included a $2.7 million valuation adjustment on a MPS receivable and a $2.5 million charge from termination of client swaps.

Income Taxes

Income tax expense was $228.9 million for the year ended December 31, 2021 compared to $111.0 million and $201.2 million for the years ended December 31, 2020 and 2019, respectively. The effective income tax rate for the years ended December 31, 2021, 2020 and 2019 was 23.1%, 22.9% and 26.3%, respectively.

Deferred tax assets represent amounts available to reduce income taxes payable in future years. At December 31, 2021, net deferred tax assets were $169.1 million compared to $130.8 million at December 31, 2020.

Synovus regularly assesses the realizability of its net deferred tax assets based upon all available evidence, both positive and negative. Based upon the assessment, Synovus has established a valuation allowance of $19.0 million at December 31, 2021 and $19.2 million at December 31, 2020, on the portion of its $23.9 million at December 31, 2021 and $29.7 million at December 31, 2020 of federal and state NOLs that are not expected to be utilized prior to expiration in years 2023 through 2034. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 16 - Income Taxes" of this Report for additional discussion regarding deferred income taxes.

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Credit Quality

Synovus continuously monitors the quality of its loan portfolio by industry, property type, geography, as well as credit quality metrics. At December 31, 2021, credit quality metrics remained stable and near historical lows with NPA and NPL ratios of 0.40% and 0.33%, respectively, and total past dues of 0.15%, as a percentage of loans. Net charge-offs for 2021 remained low at $77.8 million, or 0.20%, of average loans.

Table 18 - Selected Credit Quality Metrics
	December 31,
(dollars in thousands)	2021			2020			2019
Non-performing loans	$	131,042		$	151,079		$	101,636
Impaired loans held for sale	—			23,590			—
ORE and other assets	27,137			17,394			35,810
Non-performing assets	$	158,179		$	192,063		$	137,446
Loans 90 days past due and still accruing	$	6,770		$	4,117		$	15,943
As a % of loans	0.02		%	0.01		%	0.04		%
Total past due loans and still accruing	$	57,565		$	47,349		$	123,793
As a % of loans	0.15		%	0.12		%	0.33		%
Accruing TDRs(1)	$	119,804		$	134,972		$	133,145
Non-performing loans as a % of total loans	0.33		%	0.39		%	0.27		%
Non-performing assets as a % of total loans, impaired loans held for sale, ORE, and specific other assets	0.40			0.50			0.37
Total loans	$	39,311,958		$	38,252,984		$	37,162,450
Net charge-offs	77,788			94,712			57,612
Net charge-offs/average loans	0.20		%	0.24		%	0.16		%
Provision for (reversal of) loan losses	$	(100,351)		$	336,052		$	87,720
Provision for (reversal of) unfunded commitments	(5,900)			18,970			(2)
Provision for (reversal of) credit losses	$	(106,251)		$	355,022		$	87,720
Allowance for loan losses	$	427,597		$	605,736		$	281,402
Reserve for unfunded commitments	41,885			47,785			1,375
Allowance for credit losses	$	469,482		$	653,521		$	282,777
ACL to loans coverage ratio	1.19		%	1.71		%	0.76		%
ALL to loans coverage ratio	1.09			1.58			0.76
ACL/NPLs	358.27			432.57			278.23
ALL/NPLs	326.31			400.94			276.87

(1)    Does not include loan modifications made under the CARES Act.

(2)    Prior to CECL implementation on January 1, 2020, the provision for unfunded commitments was reflected within other non-interest expense.

Non-performing Assets

Total NPAs were $158.2 million at December 31, 2021, a $33.9 million, or 18%, decrease from December 31, 2020. Total NPAs as a percentage of total loans, other loans held for sale, ORE and specific other assets declined 10 bps to 0.40% at December 31, 2021 compared to December 31, 2020. NPLs were $131.0 million at December 31, 2021, a $20.0 million, or 13%, decrease from December 31, 2020 primarily due to a 35% reduction in NPL inflows and a 57% increase in disposition volume compared to 2020.

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The following table shows the components of NPAs by portfolio class at December 31, 2021 and 2020.

Table 19 - NPAs by Portfolio Class
	December 31,
	2021						2020
(in thousands)	NPLs		ORE and Other Assets		Total NPAs		NPLs		ORE and Other Assets		Impaired Loans Held for Sale		Total NPAs
Commercial, financial, and agricultural	$	61,787	$	—	$	61,787	$	77,386	$	44	$	—	$	77,430
Owner-occupied	11,196		11,393		22,589		20,019		739		—		20,758
Total commercial and industrial	72,983		11,393		84,376		97,405		783		—		98,188
Investment properties	5,850		223		6,073		24,631		251		23,590		48,472
1-4 family properties	4,563		—		4,563		3,619		—		—		3,619
Land and development	1,918		177		2,095		2,163		785		—		2,948
Total commercial real estate	12,331		400		12,731		30,413		1,036		23,590		55,039
Consumer mortgages	29,078		25		29,103		8,740		—		—		8,740
Home equity lines	9,760		—		9,760		12,145		—		—		12,145
Other consumer loans	6,890		—		6,890		2,376		—		—		2,376
Total consumer	45,728		25		45,753		23,261		—		—		23,261
Other assets	—		15,319		15,319		—		15,575		—		15,575
Total	$	131,042	$	27,137	$	158,179	$	151,079	$	17,394	$	23,590	$	192,063

Troubled Debt Restructurings

At December 31, 2021, TDRs (accruing and non-accruing) were $142.1 million, a decrease of $31.9 million, or 18%, compared to December 31, 2020. Accruing TDRs were $119.8 million at December 31, 2021, a decrease of $15.2 million, or 11%, compared to December 31, 2020. Non-accruing TDRs of $22.3 million at December 31, 2021 decreased $16.7 million, or 43%, from December 31, 2020.

Accruing TDRs are considered performing because they are performing in accordance with the restructured terms. At December 31, 2021 approximately 98% of accruing TDRs were current compared to 99% at December 31, 2020. In addition, subsequent defaults on accruing TDRs (defaults defined as the earlier of the TDR being placed on non-accrual status or reaching 90 days past due with respect to principal and/or interest payments within twelve months of the TDR designation) have continued to remain at lower levels with eight defaults with a recorded investment of $978 thousand for the year ended December 31, 2021 compared to seven defaults with a recorded investment of $21.7 million for the year ended December 31, 2020.

The table below shows accruing TDRs by risk grade at December 31, 2021 and 2020.

Table 20 - Accruing TDRs by Risk Grade
	December 31,
	2021				2020
(dollars in thousands)	Amount		%		Amount		%
Pass	$	56,479	47.1	%	$	72,463	53.7	%
Special mention	11,387		9.5		8,935		6.6
Substandard	51,938		43.4		53,574		39.7
Total accruing TDRs	$	119,804	100.0	%	$	134,972	100.0	%

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The following table shows TDRs by portfolio class at December 31, 2021 and 2020.

Table 21 - TDRs by Portfolio Class
	December 31,
(in thousands)	2021		2020
Commercial, financial and agricultural	$	43,597	$	46,792
Owner-occupied	34,493		44,185
Total commercial and industrial	78,090		90,977
Investment properties	17,900		38,212
1-4 family properties	3,687		4,184
Land and development	5,567		4,852
Total commercial real estate	27,154		47,248
Consumer mortgages	16,117		19,757
Home equity lines	11,659		8,386
Other consumer loans	9,090		7,639
Total consumer	36,866		35,782
Total TDRs	$	142,110	$	174,007

Non-TDR Modifications due to COVID-19

Regulatory agencies have encouraged financial institutions to work prudently with borrowers who are or may be unable to meet their contractual payment obligations because of COVID-19. In the Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus (initially issued on March 22, 2020 and revised on April 7, 2020), for example, the regulatory agencies expressed their view of loan modification programs as positive actions that may mitigate adverse effects on borrowers due to COVID-19 and their unwillingness to criticize institutions for working with borrowers in a safe and sound manner. Moreover, the Interagency Statement provided that eligible loan modifications related to COVID-19 may be accounted for under section 4013 of the CARES Act or in accordance with ASC 310-40. On December 27, 2020, the Consolidated Appropriations Act, 2021 extended the applicable period of Section 4013 of the CARES Act. This extension allows banks to elect to not consider loan modifications related to COVID-19 that are made between March 1, 2020 and the earlier of January 1, 2022, or 60 days after the national emergency ends to borrowers that are current (i.e. less than 30 days past due as of December 31, 2019) as TDRs. The regulatory agencies further stated that performing loans granted payment deferrals due to COVID-19 are not considered past due or non-accrual. FASB confirmed the foregoing regulatory agencies' view, that such short-term modifications (e.g., six months) made on a good-faith basis in response to COVID-19 for borrowers who are current are not TDRs.

During 2020, Synovus provided relief programs consisting primarily of 90-day payment deferral relief to borrowers negatively impacted by COVID-19, and as of December 31, 2021, no loans were in a P&I deferral status as compared to 0.3% of the total loan portfolio at December 31, 2020. In addition to our P&I deferment program, under the CARES Act, we have also provided borrowers who have been impacted by COVID-19 with other modifications such as interest-only relief or amortization extensions on approximately 2% of total loans at both December 31, 2021 and December 31, 2020.

Past Due Loans

As a percentage of loans outstanding, loans 30 or more days past due and still accruing interest were 0.15% and 0.12% at December 31, 2021 and 2020, respectively. As a percentage of loans outstanding, loans 90 days past due and still accruing interest were 0.02% and 0.01% at December 31, 2021 and December 31, 2020, respectively. These loans are in the process of collection, and management believes that sufficient collateral value securing these loans exists to cover contractual interest and principal payments.

Criticized and Classified Loans

Our loan ratings are aligned to federal banking regulators' definitions of pass and criticized categories, which include special mention, substandard, doubtful, and loss. Substandard accruing and non-accruing loans, doubtful, and loss loans are often collectively referred to as classified. Special mention, substandard, doubtful, and loss loans are often collectively referred to as criticized and classified loans. The following table presents a summary of criticized and classified loans. Criticized and classified loans at December 31, 2021 declined $539.0 million, or 34%, compared to December 31, 2020 primarily due to upgrades in the hotel industry as a result of improved financial performance after being negatively impacted by COVID-19.

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Table 22 - Criticized and Classified Loans	December 31,
(dollars in thousands)	2021			2020
Special mention loans	$	489,150		$	977,028
Substandard loans	526,117			553,720
Doubtful loans	10,630			33,204
Loss loans	2,058			3,032
Criticized and Classified loans	$	1,027,955		$	1,566,984
As a % of total loans	2.6		%	4.1		%

Potential Problem Loans

Potential problem loans are defined by management as certain performing loans with a well-defined weakness where there is information about possible credit problems of borrowers which causes management to have doubts as to the ability of such borrowers to comply with the present repayment terms of such loans. Potential problem commercial loans were $323.9 million and $374.2 million at December 31, 2021 and 2020, respectively, and consist of substandard accruing loans (included in criticized and classified loans) but exclude both loans 90 days past due and still accruing interest and substandard accruing TDRs, which are reported separately. Management’s current expectation of losses from potential problem loans is included in the ACL, and management cannot predict at this time whether these potential problem loans ultimately will become NPLs or result in losses.

For more information, see the loan portfolio class by regulatory risk grade and origination year tables and additional information in "Part II - Item 8. Financial Statements and Supplementary Data - Note 3 - Loans and Allowance for Loan Losses" in this Report.

Net Charge-offs

Total 2021 net charge-offs were $77.8 million, or 0.20%, of average loans, compared to total net charge-offs of $94.7 million, or 0.24% of average loans in 2020. The following table shows net charge-offs (recoveries) for the years ended December 31, 2021 and 2020.

Table 23 - Net Charge-offs
	Years Ended December 31,
	2021				2020
(dollars in thousands)	Amount		%(1)		Amount		%(1)
Commercial and industrial	$	49,723	0.26	%	$	62,716	0.33	%
Commercial real estate	7,948		0.08		10,356		0.10
Consumer	20,117		0.23		21,640		0.23
Total net charge-offs	$	77,788	0.20	%	$	94,712	0.24	%

(1)    Net charge-off ratio as a percentage of average loans.

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Provision for (reversal of) Credit Losses and Allowance for Credit Losses

The reversal of provision for credit losses of $106.3 million for the year ended December 31, 2021, included net charge-offs of $77.8 million and resulted primarily from the continued improvement in the credit outlook for the loan portfolio. The reversal of provision for credit losses is due to the reduction in the overall ACL as well as a reduction of $16.9 million in net charge offs compared to 2020. The change in reserves is due to the notable improvement in the economic environment compared to December 31, 2020 as evidenced by the improvement in the unemployment rate from 6.7% at the end of 2020 to 3.9% at December 31, 2021. Likewise, our economic and credit outlook have progressed substantially compared to 2020. The factors reducing the ACL were partially offset by purchases of $1.62 billion of third-party lending loans as well as net organic loan growth in 2021, requiring additional reserves of $38.6 million.

The ALL of $427.6 million and the reserve for unfunded commitments of $41.9 million, which is recorded in other liabilities, comprise the total ACL of $469.5 million at December 31, 2021. The ACL decreased $184.0 million compared to the December 31, 2020 ACL of $653.5 million, which consisted of an ALL of $605.7 million and the reserve for unfunded commitments of $47.8 million. The ACL to loans coverage ratio of 1.19% at December 31, 2021 was 52 bps lower compared to December 31, 2020. The reduction in the overall ACL is due to the notable improvement in the economic environment compared to December 31, 2020.

See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" and "Part II - Item 8. Financial Statements and Supplementary Data - Note 3 - Loans and Allowance for Loan Losses" in this Report for more information.

The following table shows the allocation of the allowance for loan losses at December 31, 2021 and 2020.

Table 24 - Allocation of Allowance for Loan Losses
	December 31,
	2021				2020
(dollars in thousands)	Amount		%(1)		Amount		%(1)
Commercial and industrial	$	188,364	49.7	%	$	229,555	51.0	%
Commercial real estate	97,760		27.9		130,742		27.0
Consumer	141,473		22.4		245,439		22.0
Total allowance for loan losses	$	427,597	100.0	%	$	605,736	100.0	%

(1)    Loan balance in each category expressed as a percentage of loans, net of deferred fees and costs. See Table 6 - Loans by Portfolio Class in this Report for more information.

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Capital Resources

Synovus and Synovus Bank are required to comply with capital adequacy standards established by our primary federal regulator, the Federal Reserve. Synovus and Synovus Bank measure capital adequacy using the standardized approach under Basel III. At December 31, 2021, Synovus and Synovus Bank's capital levels remained strong and exceeded well-capitalized requirements currently in effect. The following table presents certain ratios used to measure Synovus and Synovus Bank's capitalization.

Table 25 - Capital Ratios
(dollars in thousands)	December 31, 2021			December 31, 2020
CET1 capital
Synovus Financial Corp.	$	4,388,618		$	4,034,865
Synovus Bank	4,998,698			4,641,711
Tier 1 risk-based capital
Synovus Financial Corp.	4,925,763			4,572,010
Synovus Bank	4,998,698			4,641,711
Total risk-based capital
Synovus Financial Corp.	5,827,196			5,604,230
Synovus Bank	5,587,757			5,361,611
CET1 capital ratio
Synovus Financial Corp.	9.50		%	9.66		%
Synovus Bank	10.83			11.11
Tier 1 risk-based capital ratio
Synovus Financial Corp.	10.66			10.95
Synovus Bank	10.83			11.11
Total risk-based capital to risk-weighted assets ratio
Synovus Financial Corp.	12.61			13.42
Synovus Bank	12.11			12.83
Leverage ratio
Synovus Financial Corp.	8.72			8.50
Synovus Bank	8.86			8.73
Tangible common equity to tangible assets ratio(1)
Synovus Financial Corp.	7.52			7.66

(1)    See "Part II - Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations - Non-GAAP Financial Measures" of this Report for applicable reconciliation to GAAP measure.

At December 31, 2021, Synovus' CET1 ratio was 9.50%, well in excess of regulatory requirements including the capital conservation buffer of 2.5%. The December 31, 2021 CET1 ratio declined 16 bps compared to December 31, 2020, driven by growth in risk-weighted assets and the return of capital through share repurchases and common stock shareholder dividends as a result of strong financial performance. For more information on regulatory capital requirements, see "Part II - Item 8. Financial Statements and Supplementary Data - Note 10 - Regulatory Capital" in this Report. Management reviews the Company's capital position on an on-going basis and believes, based on internal capital analyses and earnings projections, that Synovus is well positioned to meet relevant regulatory capital standards.

On January 20, 2022, Synovus announced that its Board of Directors approved a $0.01 increase in the quarterly common stock dividend to $0.34 per share, effective with the quarterly dividend payable in April 2022. Additionally, Synovus' Board of Directors authorized share repurchases of up to $300 million in 2022.

On August 26, 2020, the federal banking regulators issued a final rule (following an interim final rule issued on March 27, 2020) that allowed electing banking organizations that adopted CECL during 2020 to mitigate the estimated effects of CECL on regulatory capital for two years, followed by a three-year phase-in transition period. Synovus adopted CECL on January 1, 2020 and the December 31, 2021 regulatory capital ratios reflect Synovus' election of the five-year transition provision. At December 31, 2021, $58.3 million, or a cumulative 13 bps benefit to CET1, was deferred. For additional information on CECL, see "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" in this Report.

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Parent Company

The Parent Company’s net assets consist primarily of its investment in Synovus Bank. The Parent Company’s primary uses of cash are for the servicing of debt, payment of dividends to shareholders, and repurchases of common stock. The Parent Company also provides the necessary funds to strengthen the capital of its subsidiaries if needed. These uses of cash are primarily funded by dividends from Synovus Bank, borrowings from external sources, and equity offerings.

During 2021, Synovus Bank and non-bank subsidiaries paid upstream cash dividends to the Parent Company totaling $420.0 million. During 2020, Synovus Bank paid upstream cash dividends to the Parent Company totaling $547.5 million and during 2019, Synovus Bank and non-bank subsidiaries paid upstream cash dividends to the Parent Company totaling $400.0 million.

Liquidity

Liquidity represents the extent to which Synovus has readily available sources of funding to meet the needs of depositors, borrowers and creditors, to support asset growth, and to otherwise sustain operations of Synovus and its subsidiaries, at a reasonable cost, on a timely basis, and without adverse consequences. ALCO monitors Synovus' economic, competitive, and regulatory environment and is responsible for measuring, monitoring, and reporting on liquidity and funding risk as well as market risk.

In accordance with Synovus policies and regulatory guidance, ALCO evaluates contractual and anticipated cash flows under normal and stressed conditions to properly manage the Company's liquidity profile. Synovus places an emphasis on maintaining numerous sources of current and contingent liquidity to meet its obligations to depositors, borrowers, and creditors on a timely basis. Liquidity is generated through various sources, including, but not limited to, maturities and repayments of loans by clients, maturities and sales of investment securities, and growth in core and wholesale deposits.

Synovus Bank also generates liquidity through the issuance of brokered certificates of deposit and money market accounts. Synovus Bank accesses these funds from a broad geographic base to diversify its sources of funding and liquidity. Synovus Bank also has the capacity to access funding through its membership in the FHLB system and through the Federal Reserve discount window. At December 31, 2021, based on currently pledged collateral, Synovus Bank had access to FHLB funding of $5.96 billion, subject to FHLB credit policies. Management continuously monitors and maintains appropriate levels of liquidity so as to provide adequate funding sources to manage client deposit withdrawals, loan requests, and other funding demands.

In addition to bank level liquidity management, Synovus must manage liquidity at the parent company level for various operating needs including the servicing of debt, the payment of dividends on our common stock and preferred stock, share repurchases, payment of general corporate expense, and potential capital infusions into subsidiaries. The primary source of liquidity for Synovus consists of dividends from Synovus Bank, which is governed by certain rules and regulations of the GA DBF and the Federal Reserve Bank. Synovus' ability to receive dividends from Synovus Bank in future periods will depend on a number of factors, including, without limitation, Synovus Bank's future profits, asset quality, liquidity, and overall condition. In addition, both the GA DBF and Federal Reserve Bank may require approval to pay dividends, based on certain regulatory statutes and limitations.

Synovus presently believes that the sources of liquidity discussed above, including existing liquid funds on hand, are sufficient to meet its anticipated funding needs. However, if economic conditions were to significantly deteriorate, regulatory capital requirements for Synovus or Synovus Bank were to increase as the result of regulatory directives or otherwise, or Synovus believes it is prudent to enhance current liquidity levels, then Synovus may seek additional liquidity from external sources. See "Part I – Item 1A. Risk Factors - Credit and Liquidity - Changes in the cost and availability of funding due to changes in the deposit market and credit market may adversely affect our capital resources, liquidity and financial results." Furthermore, Synovus may, from time to time, take advantage of attractive market opportunities to refinance its existing debt, redeem its preferred stock, or strengthen its liquidity or capital position.

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Contractual Cash Obligations

The following table summarizes, by remaining maturity, Synovus’ significant contractual cash obligations at December 31, 2021. Excluded from the table below are certain liabilities with variable cash flows and/or no contractual maturity. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 14 - Commitments and Contingencies" of this Report for information on Synovus' commitments to extend credit including loan commitments and letters of credit along with obligations related to Synovus' sponsorship of MPS businesses. Additionally, see "Part II - Item 8. Financial Statements and Supplementary Data - Note 7 - Deposits" of this Report for information on contractual maturities of time deposits.

Table 26 - Contractual Cash Obligations
	Payments Due After December 31, 2021
(in thousands)	1 Year or Less		After 1 Year		Total
Long-term debt obligations	$	344,433	$	1,096,148	$	1,440,581
Lease obligations	32,492		548,955		581,447
Purchase commitments(1)	81,167		192,850		274,017
Commitments to fund tax credits, CRA partnerships, and other investments(2)	182,989		67,744		250,733
Total contractual cash obligations	$	641,081	$	1,905,697	$	2,546,778

(1)    Legally binding purchase obligations of $1.0 million or more.

(2)    Commitments to fund investments in tax credits, CRA partnerships, and other investments have scheduled funding dates that are contingent on events that have not yet occurred, and may be subject to change.

Recently Issued Accounting Standards

See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" of this Report for further information.

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Non-GAAP Financial Measures

The measures entitled adjusted non-interest revenue; adjusted non-interest expense; adjusted total revenue; adjusted tangible efficiency ratio; adjusted return on average assets; adjusted net income per common share, diluted; adjusted return on average common equity; adjusted return on average tangible common equity; and the tangible common equity to tangible assets ratio are not measures recognized under GAAP and therefore are considered non-GAAP financial measures. The most comparable GAAP measures to these measures are total non-interest revenue, total non-interest expense, total TE revenue, efficiency ratio-TE, return on average assets, net income per common share, diluted, return on average common equity, and the ratio of total shareholders’ equity to total assets, respectively.

Management believes that these non-GAAP financial measures provide meaningful additional information about Synovus to assist management and investors in evaluating Synovus’ operating results, financial strength, the performance of its business, and the strength of its capital position. However, these non-GAAP financial measures have inherent limitations as analytical tools and should not be considered in isolation or as a substitute for analyses of operating results or capital position as reported under GAAP. The non-GAAP financial measures should be considered as additional views of the way our financial measures are affected by significant items and other factors, and since they are not required to be uniformly applied, they may not be comparable to other similarly titled measures at other companies. Adjusted non-interest revenue and adjusted total revenue are measures used by management to evaluate non-interest revenue and total TE revenue exclusive of net investment securities gains (losses), gain on sale and changes in fair value of private equity investments, net, and fair value adjustments on non-qualified deferred compensation. Adjusted non-interest expense and the adjusted tangible efficiency ratio are measures utilized by management to measure the success of expense management initiatives focused on reducing recurring controllable operating costs. Adjusted return on average assets, adjusted net income per common share, diluted, and adjusted return on average common equity are measurements used by management to evaluate operating results exclusive of items that management believes are not indicative of ongoing operations and impact period-to-period comparisons. Adjusted return on average tangible common equity is a measure used by management to compare Synovus’ performance with other financial institutions because it calculates the return available to common shareholders without the impact of intangible assets and their related amortization, thereby allowing management to evaluate the performance of the business consistently. The tangible common equity to tangible assets ratio is used by management to assess the strength of our capital position. The computations of these measures are set forth in the tables below.

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Table 27 - Reconciliation of Non-GAAP Financial Measures
	Years Ended December 31,
(dollars in thousands)	2021			2020
Adjusted non-interest revenue
Total non-interest revenue	$	450,066		$	506,513
Subtract/add: Investment securities (gains) losses, net	799			(78,931)
Subtract: Gain on sale and increase in fair value of private equity investments, net	—			(4,775)
Subtract: Fair value adjustment on non-qualified deferred compensation	(2,816)			(2,310)
Adjusted non-interest revenue	$	448,049		$	420,497
Adjusted non-interest expense
Total non-interest expense	$	1,099,904		$	1,179,574
Subtract: Earnout liability adjustments	(507)			(4,908)
Subtract: Goodwill impairment	—			(44,877)
Subtract: Restructuring charges	(7,223)			(26,991)
Subtract: Valuation adjustment to Visa derivative	(2,656)			(890)
Subtract: Loss on early extinguishment of debt	—			(10,466)
Subtract: Fair value adjustment on non-qualified deferred compensation	(2,816)			(2,310)
Adjusted non-interest expense	$	1,086,702		$	1,089,132
Adjusted total revenue and adjusted tangible efficiency ratio
Adjusted non-interest expense	$	1,086,702		$	1,089,132
Subtract: Amortization of intangibles	(9,516)			(10,560)
Adjusted tangible non-interest expense	$	1,077,186		$	1,078,572
Net interest income	$	1,532,947		$	1,512,748
Add: Tax equivalent adjustment	3,185			3,424
Add: Total non-interest revenue	450,066			506,513
Total TE revenue	$	1,986,198		$	2,022,685
Subtract/add: Investment securities (gains) losses, net	799			(78,931)
Subtract: Gain on sale and increase in fair value of private equity investments, net	—			(4,775)
Subtract: Fair value adjustment on non-qualified deferred compensation	(2,816)			(2,310)
Adjusted total revenue	$	1,984,181		$	1,936,669
Efficiency ratio-TE	55.38		%	58.32		%
Adjusted tangible efficiency ratio	54.29			55.69

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Table 27 - Reconciliation of Non-GAAP Financial Measures, continued
	Years Ended December 31,
(in thousands, except per share data)	2021			2020
Adjusted return on average assets
Net income	$	760,467		$	373,695
Add: Earnout liability adjustments	507			4,908
Add: Goodwill impairment	—			44,877
Add: Restructuring charges	7,223			26,991
Add: Valuation adjustment to Visa derivative	2,656			890
Add: Loss on early extinguishment of debt	—			10,466
Subtract/add: Investment securities (gains) losses, net	799			(78,931)
Subtract: Gain on sale and increase in fair value of private equity investments, net	—			(4,775)
Add/subtract: Tax effect of adjustments	(2,702)			11,748
Adjusted net income	$	768,950		$	389,869
Total average assets	$	55,368,481		$	52,138,038
Return on average assets	1.37		%	0.72		%
Adjusted return on average assets	1.39			0.75
Adjusted net income per common share, diluted
Net income available to common shareholders	$	727,304		$	340,532
Add: Earnout liability adjustments	507			4,908
Add: Goodwill impairment	—			44,877
Add: Restructuring charges	7,223			26,991
Add: Valuation adjustment to Visa derivative	2,656			890
Add: Loss on early extinguishment of debt	—			10,466
Subtract/add: Investment securities (gains) losses, net	799			(78,931)
Subtract: Gain on sale and increase in fair value of private equity investments, net	—			(4,775)
Add/subtract: Tax effect of adjustments	(2,702)			11,748
Adjusted net income available to common shareholders	$	735,787		$	356,706
Weighted average common shares outstanding, diluted	148,495			148,210
Net income per common share, diluted	$	4.90		$	2.30
Adjusted net income per common share, diluted	4.95			2.41

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Table 27 - Reconciliation of Non-GAAP Financial Measures, continued
	Years Ended December 31,
(dollars in thousands)	2021			2020
Adjusted return on average common equity and adjusted return on average tangible common equity
Net income available to common shareholders	$	727,304		$	340,532
Add: Earnout liability adjustments	507			4,908
Add: Goodwill impairment	—			44,877
Add: Restructuring charges	7,223			26,991
Add: Valuation adjustment to Visa derivative	2,656			890
Add: Loss on early extinguishment of debt	—			10,466
Subtract/add: Investment securities (gains) losses, net	799			(78,931)
Subtract: Gain on sale and increase in fair value of private equity investments, net	—			(4,775)
Add/subtract: Tax effect of adjustments	(2,702)			11,748
Adjusted net income available to common shareholders	$	735,787		$	356,706
Add: Amortization of intangibles	7,108			7,825
Adjusted net income available to common shareholders excluding amortization of intangibles	$	742,895		$	364,531
Total average shareholders' equity less preferred stock	$	4,674,833		$	4,534,935
Subtract: Goodwill	(452,390)			(485,987)
Subtract: Other intangible assets, net	(40,307)			(50,427)
Total average tangible shareholders' equity less preferred stock	$	4,182,136		$	3,998,521
Return on average common equity	15.56		%	7.51		%
Adjusted return on average common equity	15.74			7.87
Adjusted return on average tangible common equity	17.76			9.12

	December 31,
(dollars in thousands)	2021			2020
Tangible common equity to tangible assets ratio
Total assets	$	57,317,226		$	54,394,159
Subtract: Goodwill	(452,390)			(452,390)
Subtract: Other intangible assets, net	(35,596)			(45,112)
Tangible assets	$	56,829,240		$	53,896,657
Total shareholders’ equity	$	5,296,800		$	5,161,334
Subtract: Goodwill	(452,390)			(452,390)
Subtract: Other intangible assets, net	(35,596)			(45,112)
Subtract: Preferred Stock, no par value	(537,145)			(537,145)
Tangible common equity	$	4,271,669		$	4,126,687
Total shareholders’ equity to total assets ratio	9.24		%	9.49		%
Tangible common equity to tangible assets ratio	7.52			7.66

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ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Market Risk and Interest Rate Sensitivity

Market risk reflects the risk of economic loss resulting from adverse changes in market prices and interest rates. This risk of loss can be reflected in either diminished market values within the balance sheet or reduced current and potential net income. Synovus’ most significant market risk is interest rate risk. This risk arises primarily from Synovus’ core banking activities of extending loans and accepting deposits.

Managing interest rate risk is a primary goal of the asset liability management function. Synovus attempts to achieve consistency in net interest income while limiting volatility arising from changes in interest rates. Synovus seeks to accomplish this goal by balancing the maturity and repricing characteristics of assets and liabilities along with the selective use of derivative instruments. The Company manages this exposure in accordance with policies that are established by ALCO and approved by the Risk Committee of the Board of Directors. ALCO meets periodically and has responsibility for developing asset liability management policies, reviewing the interest rate sensitivity of Synovus, and developing and implementing strategies to improve balance sheet structure and interest rate risk positioning.

Synovus measures the sensitivity of net interest income to changes in market interest rates through the use of simulation modeling. This effort involves assessing the Company's forecasted net interest income profile under various scenarios and over varying time horizons. The results of these simulations aid in measuring the Company's exposures and relative sensitivities, namely to changes in interest rates. The scenarios generally include numerous assumptions, including those related to changes in the balance sheet, interest rates, prepayment trends, and the repricing characteristics of non-contractual deposits. Such assumptions may change through time as a result of a host of factors, including changes in the balance sheet as well as the interest rate environment. The simulation modeling process is performed in a manner consistent with Synovus policies and procedures with results reviewed on an on-going basis by ALCO and the Risk Committee of the Board of Directors.

With this framework, Synovus has modeled its baseline net interest income forecast assuming a relatively flat interest rate environment with the federal funds rate at the Federal Reserve's current targeted range of 0% to 0.25% and the current prime rate of 3.25%. Synovus has modeled the impact of an immediate increase in market interest rates across the yield curve of 100 and 200 bps to determine the sensitivity of net interest income for the next twelve months. As illustrated in the table below, the net interest income sensitivity derived from this simulation suggests that net interest income is projected to increase by 6.5% and 14.5% if interest rates increased by 100 and 200 bps, respectively. These results indicate that the Company has an asset sensitive position over the next year, which could serve to improve net interest income in a rising interest rate environment.

Table 28 - Twelve Month Net Interest Income Sensitivity
Change in Interest Rates (in bps)	Estimated Change in Net Interest Income As of December 31,
	2021	2020
+200	14.5%	N/A
+100	6.5%	7.2%

While all of the above estimates are reflective of the general interest rate sensitivity of Synovus, local market conditions, the realized growth and remixing of the balance sheet, as well as the broader macroeconomic environment could all have a significant impact on the both the sensitivity and realized level of net interest income.

In addition to assessing net interest income sensitivities, we also perform simulation analyses to assess the sensitivity of our Economic Value of Equity (EVE) relative to changes in market interest rates. EVE is measured as the discounted present value of assets and derivative cash flows minus the discounted present value of liability cash flows. Management uses EVE sensitivity as an additional means of measuring interest rate and incorporates this form of analysis within its governance and limits framework.

Synovus is also subject to market risk in certain of its fee income business lines. Financial management services revenue, which include trust, brokerage, and asset management fees, can be affected by risk in the securities markets, primarily the equity securities market. A significant portion of the fees in this unit are determined based upon a percentage of asset values. Weaker securities markets and lower equity values have an adverse impact on the fees generated by these operations. Trading account assets, maintained to facilitate brokerage client activity, are also subject to market risk. This risk is not considered significant, as trading activities are limited and subject to risk policy limits. Mortgage banking income is also subject to market risk. Mortgage loan originations are sensitive to levels of mortgage interest rates and therefore, mortgage banking income could be negatively impacted during a period of rising interest rates. The extension of commitments to clients to fund mortgage loans also subjects Synovus to market risk. This risk is primarily created by the time periods between making the commitment, closing, and delivering the loan. Synovus seeks to minimize this exposure by utilizing various risk management tools, the primary of which are forward sales commitments and best efforts commitments.

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Derivative Instruments for Interest Rate Risk Management

Synovus utilizes derivative instruments to manage its exposure to various types of structural interest rate risks by executing end-user derivative transactions designated as hedges. Hedging relationships may be designated as either a cash flow hedge, which mitigates risk exposure to the variability of future cash flows or other forecasted transactions, or a fair value hedge, which mitigates risk exposure to adverse changes in the fair market value of a fixed rate asset or liability due to changes in market interest rates.

As of December 31, 2021 and 2020, the Company had $3.60 billion and $3.00 billion, respectively, in notional amounts outstanding of interest rate swaps designated as cash flow hedging instruments to hedge its exposure to contractually specified interest rate risk associated with floating rate loans.

LIBOR Transition

In July 2017, the FCA, which regulates LIBOR, announced that it intends to stop persuading or compelling banks to submit rates for the calculation of LIBOR at the end of 2021. On March 5, 2021, the FCA confirmed that all LIBOR settings will either cease to be provided by any administrator or no longer be representative immediately after December 31, 2021 for the 1-week and 2-month US dollar settings and immediately after June 30, 2023 for all remaining US dollar settings.

The ARRC proposed SOFR as its preferred rate as an alternative to LIBOR and proposed a paced market transition plan to SOFR from LIBOR. Organizations are currently working on industry-wide and company-specific transition plans related to derivatives and cash markets exposed to LIBOR. As noted within "Part I - Item 1A. Risk Factors" of this Report, Synovus holds instruments that may be impacted by the discontinuance of LIBOR, which include floating rate obligations, loans, deposits, derivatives and hedges, and other financial instruments. Synovus has established a cross-functional LIBOR transition working group with representation from all business lines, support and control functions, and legal counsel that has 1) assessed the Company's current exposure to LIBOR indexed instruments and the data, systems and processes that will be impacted; 2) established a detailed implementation plan; 3) formulated communications and learning activities to support clients and colleagues; and 4) developed a formal governance structure for the transition. For the last several years, loan agreement provisions for new and renewed loans included LIBOR fallback language to ensure transition from LIBOR when such transition occurs. All direct exposures resulting from existing financial contracts that mature after 2021 have been inventoried and are monitored on an ongoing basis. The Company discontinued the use of LIBOR as of December 31, 2021 with limited exceptions as permitted by regulatory guidance or internal policies. Synovus has expanded its product offerings and currently offers multiple alternative reference rates including SOFR, BSBY, and Prime indices. As of December 31, 2021, the Company had approximately $14 billion in loans tied to LIBOR that mature after June 30, 2023. Remediation activities are underway to modify or transition existing exposures to alternate index rates or to convert the rate under existing fallback language. We do not currently expect a material financial impact to the Company or our clients regardless of which index or indices the Company offers as alternatives to LIBOR.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

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Report of Independent Registered Public Accounting Firm

To the Board of Directors and Shareholders

Synovus Financial Corp.:

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated balance sheets of Synovus Financial Corp. and subsidiaries (the Company) as of December 31, 2021 and 2020, the related consolidated statements of income, comprehensive income, changes in shareholders’ equity, and cash flows for each of the years in the three-year period ended December 31, 2021, and the related notes (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2021 and 2020, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2021, in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2021, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 25, 2022 expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting.

Change in Accounting Principle

As discussed in Note 1 to the consolidated financial statements, the Company has changed its method of accounting for the recognition and measurement of credit losses as of January 1, 2020 due to the adoption of ASC 326, Financial Instruments - Credit Losses.

Basis for Opinion

These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Assessment of the allowance for loan losses for loans held for investment evaluated on a collective basis

As discussed in Notes 1 and 3 to the consolidated financial statements, the Company’s allowance for loan losses was $427.6 million as of December 31, 2021, a substantial portion of which relates to loans held for investment evaluated on a collective basis (the collective allowance). The Company estimated the December 31, 2021 collective allowance on a collective (pool) basis for loans grouped with similar risk characteristics based upon the nature of the loan type. The Company estimated the 2021 collective allowance using a discounted cash flow model for each loan group over the contractual term of the loan, adjusted for expected prepayments and curtailments where appropriate. Such model applies the forecasted PD, which is the probability that a borrower will default, adjusted for relevant macroeconomic factors, comprising multiple weighted scenarios representing different plausible outcomes, and LGD, which is the estimate of the amount of net loss in the event of default to the estimated cash flows. To the extent the estimated lives of the loans in the portfolio extend beyond the reasonable and supportable forecast of two years, the Company reverts on a straight-line basis back to the historical loss rates over a one-year period. The resulting life-of-loan loss estimate may be adjusted for certain

62

quantitative and qualitative factors to address uncertainty and limitations in the quantitative model such as the enacted government stimulus and changes in the unemployment rate.

We identified the assessment of the December 31, 2021 collective allowance as a critical audit matter. A high degree of audit effort, including specialized skills and knowledge, and subjective and complex auditor judgment was involved in the assessment. Specifically, the assessment encompassed the evaluation of the 2021 collective allowance methodology, including the methods and models used to estimate the inputs to the discounted cash flow model including the forecasted PD and LGD, portfolio segmentation, the selection of the macroeconomic forecasts and the weighting of each, the selection of macroeconomic factors, the reasonable and supportable forecast period, reversion methodology, and the historical observation period. The assessment also included an evaluation of the significant assumption that quantitative adjustments to historical default observations and changes in the unemployment rate are necessary to address uncertainty and limitations in the quantitative model. The assessment also included an evaluation of the conceptual soundness and performance monitoring of the forecasted PD and LGD models. In addition, auditor judgment was required to evaluate the sufficiency of audit evidence obtained.

The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of certain internal controls related to the measurement of the 2021 collective allowance estimates, including controls over the:

•development of the 2021 collective allowance methodology

•continued use and appropriateness of changes to the forecasted PD and LGD models

•identification and determination of the significant assumptions used in the forecasted PD and LGD models, portfolio segmentation, the selection of the macroeconomic forecasts and the weighting of each, the selection of the macroeconomic factors, the reasonable and supportable forecast period, reversion methodology, and the historical observation period

•development of the quantitative adjustment, including the significant assumptions that adjustments to historical default observations and changes in unemployment are necessary to address uncertainty and limitations in the quantitative model

•conceptual soundness and performance monitoring of the forecasted PD and LGD models

•analysis of 2021 collective allowance results, trends, and ratios.

We evaluated the Company’s process to develop the 2021 collective allowance estimate by testing certain sources of data, variables, and assumptions that the Company used, and considered the relevance and reliability of such data, variables, and assumptions. We also involved credit risk professionals with specialized skills and knowledge who assisted in:

•evaluating the Company’s 2021 collective allowance on loans methodology for compliance with U.S. generally accepted accounting principles

•evaluating assumptions made by the Company relative to the macroeconomic forecasts, including the appropriateness of their weightings and selection of macroeconomic factors, and forecasted PD and LGD used in the discounted cash flow models by comparing them to relevant Company-specific metrics and trends and the applicable industry and regulatory practices

•testing the historical observation period and reasonable and supportable forecast and reversion methodology to evaluate the length of each period by comparing to specific portfolio risk characteristics and trends

•determining whether the loan portfolio is segmented by similar risk characteristics by comparing to the Company’s business environment and relevant industry practices

•assessing the conceptual soundness and performance monitoring of the forecasted PD and LGD models by inspecting the model documentation to determine whether the models are suitable for their intended use

•evaluating the significant assumption that quantitative adjustments to historical default observations and changes in the unemployment rate are necessary to address uncertainty and limitations in the quantitative model and the effect of the quantitative adjustments on the 2021 collective allowance compared with relevant credit risk factors, and credit trends.

We also assessed the sufficiency of the audit evidence obtained related to the collective allowance by evaluating the:

•cumulative results of the audit procedures

•qualitative aspects of the Company’s accounting practices

•potential bias in the accounting estimates.

/s/ KPMG LLP

We have served as the Company’s auditor since 1975.

Atlanta, Georgia

February 25, 2022

63

Report of Independent Registered Public Accounting Firm

To the Board of Directors and Shareholders

Synovus Financial Corp.:

Opinion on Internal Control Over Financial Reporting

We have audited Synovus Financial Corp. and subsidiaries (the Company) internal control over financial reporting as of December 31, 2021, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2021, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2021 and 2020, the related consolidated statements of income, comprehensive income, changes in shareholders’ equity, and cash flows for each of the years in the three-year period ended December 31, 2021, and the related notes (collectively, the consolidated financial statements), and our report dated February 25, 2022 expressed an unqualified opinion on those consolidated financial statements.

Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control Over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ KPMG LLP

Atlanta, Georgia

February 25, 2022

64

Synovus Financial Corp.

Consolidated Balance Sheets

	December 31,
(in thousands, except share and per share data)	2021		2020
ASSETS
Cash and due from banks	$	432,925	$	531,579
Interest-bearing funds with Federal Reserve Bank	2,479,006		3,586,565
Interest earning deposits with banks	25,535		20,944
Federal funds sold and securities purchased under resale agreements	72,387		113,829
Total cash, cash equivalents, and restricted cash	3,009,853		4,252,917
Investment securities available for sale, at fair value	10,918,329		7,962,438
Loans held for sale (includes $108,198 and $216,647, measured at fair value, respectively)	750,642		760,123
Loans, net of deferred fees and costs	39,311,958		38,252,984
Allowance for loan losses	(427,597)		(605,736)
Loans, net	38,884,361		37,647,248
Cash surrender value of bank-owned life insurance	1,068,616		1,049,373
Premises, equipment and software, net	407,241		463,959
Goodwill	452,390		452,390
Other intangible assets, net	35,596		45,112
Other assets	1,790,198		1,760,599
Total assets	$	57,317,226	$	54,394,159
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Deposits:
Non-interest-bearing deposits	$	16,392,653	$	13,477,854
Interest-bearing deposits	33,034,623		33,213,717
Total deposits	49,427,276		46,691,571
Securities sold under repurchase agreements	264,133		227,922
Long-term debt	1,204,229		1,202,494
Other liabilities	1,124,788		1,110,838
Total liabilities	52,020,426		49,232,825
Shareholders’ Equity
Preferred stock - no par value; authorized 100,000,000 shares; issued 22,000,000	537,145		537,145
Common stock - $1.00 par value; authorized 342,857,143 shares; issued 169,383,758 and 168,132,522; outstanding 145,010,086 and 148,039,495	169,384		168,133
Additional paid-in capital	3,894,109		3,851,208
Treasury stock, at cost; 24,373,672 and 20,093,027 shares	(931,497)		(731,806)
Accumulated other comprehensive income (loss), net	(82,321)		158,635
Retained earnings	1,709,980		1,178,019
Total shareholders’ equity	5,296,800		5,161,334
Total liabilities and shareholders' equity	$	57,317,226	$	54,394,159

See accompanying notes to the audited consolidated financial statements.

65

Synovus Financial Corp.

Consolidated Statements of Income

	Years Ended December 31,
(in thousands, except per share data)	2021		2020		2019
Interest income:
Loans, including fees	$	1,482,567	$	1,600,462	$	1,817,285
Investment securities available for sale	140,077		178,575		208,826
Loans held for sale	23,809		15,078		3,254
Federal Reserve Bank balances	3,777		2,839		10,384
Other earning assets	3,113		7,541		10,889
Total interest income	1,653,343		1,804,495		2,050,638
Interest expense:
Deposits	74,919		217,777		356,949
Federal funds purchased, securities sold under repurchase agreements, and other liabilities	128		7,917		26,185
Long-term debt	45,349		66,053		71,701
Total interest expense	120,396		291,747		454,835
Net interest income	1,532,947		1,512,748		1,595,803
Provision for (reversal of) credit losses(1)	(106,251)		355,022		87,720
Net interest income after provision for credit losses	1,639,198		1,157,726		1,508,083
Non-interest revenue:
Service charges on deposit accounts	86,310		73,132		88,190
Fiduciary and asset management fees	77,147		63,251		58,388
Card fees	51,399		42,702		45,659
Brokerage revenue	56,439		44,781		41,608
Mortgage banking income	54,371		91,413		32,599
Capital markets income	26,118		27,336		30,529
Income from bank-owned life insurance	38,019		31,297		21,226
Investment securities gains (losses), net	(799)		78,931		(7,659)
Other non-interest revenue	61,062		53,670		45,360
Total non-interest revenue	450,066		506,513		355,900
Non-interest expense:
Salaries and other personnel expense	649,426		618,214		570,036
Net occupancy, equipment, and software expense	169,222		169,658		161,906
Third-party processing and other services	86,688		87,992		79,225
Professional fees	32,785		56,899		35,300
FDIC insurance and other regulatory fees	22,355		25,210		31,696
Goodwill impairment	—		44,877		—
Restructuring charges	7,223		26,991		1,230
Merger-related expense	—		—		56,580
Other operating expense	132,205		149,733		162,995
Total non-interest expense	1,099,904		1,179,574		1,098,968
Income before income taxes	989,360		484,665		765,015
Income tax expense	228,893		110,970		201,235
Net income	760,467		373,695		563,780
Less: Preferred stock dividends	33,163		33,163		22,881
Net income available to common shareholders	$	727,304	$	340,532	$	540,899
Net income per common share, basic	$	4.95	$	2.31	$	3.50
Net income per common share, diluted	4.90		2.30		3.47
Weighted average common shares outstanding, basic	147,041		147,415		154,331
Weighted average common shares outstanding, diluted	148,495		148,210		156,058

(1)    Beginning January 1, 2020, provision calculation is based on current expected credit loss methodology. Prior to January 1, 2020, calculation was based on incurred loss methodology.

    See accompanying notes to the audited consolidated financial statements.

66

Synovus Financial Corp.

Consolidated Statements of Comprehensive Income

	Years Ended December 31,
	2021						2020						2019
(in thousands)	Before-tax Amount		Income Tax		Net of Tax Amount		Before-tax Amount		Income Tax		Net of Tax Amount		Before-tax Amount		Income Tax		Net of Tax Amount
Net income	$	989,360	$	(228,893)	$	760,467	$	484,665	$	(110,970)	$	373,695	$	765,015	$	(201,235)	$	563,780
Unrealized gains (losses) on investment securities available for sale:
Net unrealized gains (losses) arising during the period	(234,550)		60,304		(174,246)		108,626		(28,135)		80,491		217,501		(56,331)		161,170
Reclassification adjustment for realized (gains) losses included in net income	799		(202)		597		(78,931)		20,443		(58,488)		7,659		(1,984)		5,675
Net change	(233,751)		60,102		(173,649)		29,695		(7,692)		22,003		225,160		(58,315)		166,845
Unrealized gains (losses) on derivative instruments designated as cash flow hedges:
Net unrealized gains (losses) arising during the period	(77,948)		20,243		(57,705)		99,193		(25,691)		73,502		(8,570)		2,220		(6,350)
Reclassification adjustment for realized (gains) losses included in net income	(12,862)		3,260		(9,602)		(2,765)		716		(2,049)		—		—		—
Net change	(90,810)		23,503		(67,307)		96,428		(24,975)		71,453		(8,570)		2,220		(6,350)
Post-retirement unfunded health benefit:
Actuarial losses arising during the period	—		—		—		—		—		—		(510)		132		(378)
Reclassification adjustment for realized gains included in net income	—		—		—		(618)		156		(462)		(70)		14		(56)
Net change	—		—		—		(618)		156		(462)		(580)		146		(434)
Total other comprehensive income (loss)	$	(324,561)	$	83,605	$	(240,956)	$	125,505	$	(32,511)	$	92,994	$	216,010	$	(55,949)	$	160,061
Comprehensive income					$	519,511					$	466,689					$	723,841

See accompanying notes to the audited consolidated financial statements.

67

Synovus Financial Corp.

Consolidated Statements of Changes in Shareholders' Equity

(in thousands, except per share data)	Preferred Stock		Common Stock		Additional Paid-in Capital		Treasury Stock		AOCI		Retained Earnings		Total
Balance at December 31, 2018	$	195,140	$	143,300	$	3,060,561	$	(1,014,746)	$	(94,420)	$	843,767	$	3,133,602
Cumulative-effect of change in accounting principle for leases (ASU 2016-02), net of tax	—		—		—		—		—		4,270		4,270
Net income	—		—		—		—		—		563,780		563,780
Other comprehensive income (loss), net of income taxes	—		—		—		—		160,061		—		160,061
FCB acquisition:
Issuance of common stock, net of issuance costs	—		22,043		682,103		—		—		—		704,146
Common stock reissued	—		—		—		1,014,746		—		(137,176)		877,570
Fair value of exchanged equity awards and warrants attributed to purchase price	—		—		43,972		—		—		—		43,972
Cash dividends declared on common stock - $1.20 per share	—		—		—		—		—		(183,091)		(183,091)
Cash dividends declared on preferred stock(1)	—		—		—		—		—		(22,881)		(22,881)
Issuance of Series E Preferred Stock, net of issuance costs	342,005		—		—		—		—		—		342,005
Repurchases of common stock including costs to repurchase	—		—		—		(725,398)		—		—		(725,398)
Issuance of common stock for earnout payment	—		344		11,502		—		—		—		11,846
Restricted share unit vesting and taxes paid related to net share settlement	—		302		(8,831)		—		—		(326)		(8,855)
Stock options/warrants exercised, net	—		812		15,364		—		—		—		16,176
Warrants exercised with net settlement and common stock reissued	—		—		(9,822)		9,838		—		(16)		—
Share-based compensation expense	—		—		24,487		—		—		—		24,487
Balance at December 31, 2019	$	537,145	$	166,801	$	3,819,336	$	(715,560)	$	65,641	$	1,068,327	$	4,941,690
Cumulative-effect of change in accounting principle for credit losses (ASU 2016-13), net of tax(2)	—		—		—		—		—		(35,721)		(35,721)
Net income	—		—		—		—		—		373,695		373,695
Other comprehensive income (loss), net of income taxes	—		—		—		—		92,994		—		92,994
Cash dividends declared on common stock - $1.32 per share	—		—		—		—		—		(194,658)		(194,658)
Cash dividends declared on preferred stock(1)	—		—		—		—		—		(33,163)		(33,163)
Repurchases of common stock including costs to repurchase	—		—		—		(16,246)		—		—		(16,246)
Issuance of common stock for earnout payment	—		379		8,316		—		—		—		8,695
Restricted share unit vesting and taxes paid related to net share settlement	—		389		(7,503)		—		—		(461)		(7,575)
Stock options exercised, net	—		564		12,418		—		—		—		12,982
Share-based compensation expense	—		—		18,641		—		—		—		18,641
Balance at December 31, 2020	$	537,145	$	168,133	$	3,851,208	$	(731,806)	$	158,635	$	1,178,019	$	5,161,334
Net income	—		—		—		—		—		760,467		760,467
Other comprehensive income (loss), net of income taxes	—		—		—		—		(240,956)		—		(240,956)
Cash dividends declared on common stock - $1.32 per share	—		—		—		—		—		(193,695)		(193,695)
Cash dividends declared on preferred stock(1)	—		—		—		—		—		(33,163)		(33,163)
Repurchases of common stock including costs to repurchase	—		—		—		(199,932)		—		—		(199,932)
Issuance of common stock for earnout payment	—		—		4,955		125		—		—		5,080
Restricted share unit vesting and taxes paid related to net share settlement	—		355		(6,254)		—		—		(1,645)		(7,544)
Stock options exercised, net	—		896		18,214		—		—		—		19,110
Warrants exercised with net settlement and common stock reissued	—		—		(113)		116		—		(3)		—
Share-based compensation expense	—		—		26,099		—		—		—		26,099
Balance at December 31, 2021	$	537,145	$	169,384	$	3,894,109	$	(931,497)	$	(82,321)	$	1,709,980	$	5,296,800

(1)    For the years ended December 31, 2021 and 2020, dividends per share were $1.58 and $1.47 for Series D and Series E Preferred Stock, respectively. For the year ended December 31, 2019, dividends per share were $1.58 and $0.73 for Series D and E Preferred Stock. respectively.

(2)    For additional information, see "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies.

See accompanying notes to the audited consolidated financial statements.

68

Synovus Financial Corp.

Consolidated Statements of Cash Flows

	Years Ended December 31,
(in thousands)	2021		2020		2019
Operating Activities
Net income	$	760,467	$	373,695	$	563,780
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for (reversal of) credit losses	(106,251)		355,022		87,720
Depreciation, amortization, and accretion, net	157,987		106,107		8,079
Deferred income tax expense (benefit)	45,000		(86,192)		86,633
Originations of loans held for sale	(3,698,368)		(3,466,170)		(872,105)
Proceeds from sales of loans held for sale	3,749,502		2,936,398		816,223
Gain on sales of loans held for sale, net	(42,513)		(67,115)		(21,448)
Increase in other assets	(78,728)		(411,632)		(127,636)
Increase (decrease) in other liabilities	(21,674)		281,866		43,066
Investment securities (gains) losses, net	799		(78,931)		7,659
Share-based compensation expense	27,795		18,641		24,487
Other	—		55,343		4,592
Net cash provided by operating activities	794,016		17,032		621,050
Investing Activities
Net cash received in business combination, net of cash paid	—		—		201,100
Proceeds from maturities and principal collections of investment securities available for sale	3,051,158		2,291,536		1,102,651
Proceeds from sales of investment securities available for sale	565,400		2,649,686		2,923,787
Purchases of investment securities available for sale	(6,877,712)		(6,036,179)		(4,300,021)
Proceeds from sales of loans	111,168		1,426,954		74,123
Purchases of loans	(1,624,182)		(126,152)		(667,954)
Net (increase) decrease in loans	373,964		(2,461,302)		(1,361,693)
Net purchases of Federal Reserve Bank stock	(1,220)		(658)		(55,335)
Net (purchases) redemptions of Federal Home Loan Bank stock	(1,200)		129,710		(45,856)
Net (purchases) proceeds from settlement of bank-owned life insurance policies	19,045		(242,300)		16,637
Net increase in premises, equipment and software	(25,954)		(30,102)		(61,208)
Other	25,367		45,834		19,907
Net cash used in investing activities	(4,384,166)		(2,352,973)		(2,153,862)
Financing Activities
Net increase in deposits	2,735,705		8,284,519		797,612
Net increase (decrease) in federal funds purchased and securities sold under repurchase agreements	36,211		62,232		(101,142)
Net increase (decrease) in other short-term borrowings	—		(1,745,843)		1,103,560
Repayments and redemption of long-term debt	—		(2,408,939)		(157,226)
Proceeds from issuance of long-term debt, net	—		1,445,492		497,045
Dividends paid to common shareholders	(194,677)		(189,967)		(167,923)
Dividends paid to preferred shareholders	(33,163)		(33,163)		(17,741)
Proceeds from issuance of preferred stock, net	—		—		342,005
Issuances, net of taxes paid, under equity compensation plans	11,566		5,407		7,321
Repurchase of common stock	(199,932)		(16,246)		(725,398)
Other	(8,624)		(1,552)		(1,947)
Net cash provided by financing activities	2,347,086		5,401,940		1,576,166
Increase (decrease) in cash and cash equivalents including restricted cash	(1,243,064)		3,065,999		43,354
Cash, cash equivalents, and restricted cash at beginning of year	4,252,917		1,186,918		1,143,564
Cash, cash equivalents, and restricted cash at end of year	$	3,009,853	$	4,252,917	$	1,186,918
Supplemental Disclosures:
Income taxes paid	$	204,214	$	110,828	$	101,781
Interest paid	132,923		319,282		464,712
Non-cash Activities:
Common stock issued, treasury stock reissued, equity awards/warrants exchanged to acquire FCB	—		—		1,625,688
Loans foreclosed and transferred to other real estate	12,408		2,163		19,423
Loans transferred to (from) loans held for sale at fair value	(859)		49,821		72,707

See accompanying notes to the audited consolidated financial statements.

69

Note 1 - Summary of Significant Accounting Policies

Business Operations

Synovus provides commercial and consumer banking in addition to a full suite of specialized products and services including private banking, treasury management, wealth management, mortgage services, premium finance, asset-based lending, structured lending, and international banking to its clients through its wholly-owned subsidiary bank, Synovus Bank, primarily in offices located throughout Alabama, Florida, Georgia, South Carolina and Tennessee.

In addition to our banking operations, we also provide various other financial planning and investment advisory services to our clients through direct and indirect wholly-owned non-bank subsidiaries, including: Synovus Securities, headquartered in Columbus, Georgia, which specializes in professional portfolio management for fixed-income securities, investment banking, the execution of securities transactions as a broker/dealer, and the provision of individual investment advice on equity and other securities; and Synovus Trust, headquartered in Columbus, Georgia, which provides trust, asset management, and financial planning services.

Principles of Consolidation and Basis of Presentation

The consolidated financial statements of Synovus include the accounts of the Parent Company and its consolidated subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. The accounting and financial reporting policies of Synovus are in accordance with GAAP and conform to the accounting and reporting guidelines prescribed by bank regulatory authorities. Prior period consolidated financial statements are reclassified whenever necessary to conform to the current period presentation. No reclassifications of prior period balances were material to the consolidated financial statements unless specifically disclosed.

The Company’s consolidated financial statements include all entities in which the Company has a controlling financial interest. A VIE for which Synovus or a subsidiary has been determined to be the primary beneficiary is also consolidated. The determination of whether a controlling financial interest exists is based on whether a single party has both the power to direct the activities of the VIE that most significantly impact the VIE's economic performance and the obligation to absorb the losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. Investments in VIEs where Synovus is not the primary beneficiary are accounted for using either the proportional amortization method or equity method of accounting. The Company uses the hypothetical liquidation at book value (HLBV) method for equity investments when the liquidation rights and priorities as defined by an equity investment agreement differ from what is reflected by the underlying percentage ownership interests.

Investments in VIEs are included in other assets on the consolidated balance sheets, and the Company's proportionate share of income or loss is included as either a component of income tax expense (proportional amortization method) or non-interest income (equity method). The maximum potential exposure to losses relative to investments in VIEs is generally limited to the sum of the outstanding balance, future funding commitments and any related loans to the entity. The assessment of whether or not the Company has a controlling interest (i.e., the primary beneficiary) in a VIE is performed on an on-going basis. Refer to "Part II - Item 8. Financial Statements and Supplementary Data - Note 14 - Commitments and Contingencies" of this Report for additional details regarding Synovus' involvement with VIEs.

Immaterial Correction of Prior Period Financial Statements

During the third quarter of 2021, the Company made corrections to proceeds and purchases of investment securities available for sale by adjusting for the impact of timing differences associated with unsettled trades that crossed certain reporting periods. The Company concluded that the corrections were not material to any prior or current periods from a combined qualitative and quantitative perspective.

A summary of corrections is presented below.

Corrected Consolidated Statement of Cash Flows
(unaudited)
	Year Ended December 31, 2020
(in thousands)	As Reported		Adjustment		As Corrected
Investing Activities
Proceeds from sales of investment securities available for sale	$	4,054,670	$	(1,404,984)	$	2,649,686
Purchases of investment securities available for sale	(7,441,163)		1,404,984		(6,036,179)
Net cash used in investing activities	$	2,352,973	$	—	$	2,352,973

70

Use of Estimates

In preparing the consolidated financial statements in accordance with GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the respective consolidated balance sheets and the reported amounts of revenue and expense for the periods presented. Actual results could differ significantly from those estimates.

Material estimates that are particularly susceptible to significant change relate to the determination of the ACL, estimates of fair value, income taxes, and contingent liabilities.

Business Combinations

Assets and liabilities acquired in business combinations are recorded at their acquisition date fair values, except as provided for by the applicable accounting guidance, with any excess recorded as goodwill. The results of operations of the acquired company are combined with Synovus’ results from the acquisition date forward. In accordance with ASC Topic 805, Business Combinations, the Company generally records provisional amounts at the time of acquisition based on the information available to the Company. The provisional estimates of fair values may be adjusted for a period of up to one year (“measurement period”) from the date of acquisition if new information is obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement of the amounts recognized as of that date. Subsequent to the acquisition date, adjustments recorded during the measurement period are recognized in the current reporting period. Acquisition costs are expensed when incurred.

Cash, Cash Equivalents, and Restricted Cash

Cash and cash equivalents consist of cash and due from banks as well as interest-bearing funds with Federal Reserve Bank, interest earning deposits with banks, and federal funds sold and securities purchased under resale agreements, which are inclusive of any restricted cash and restricted cash equivalents. On March 15, 2020, the Federal Reserve Board announced that, effective March 26, 2020, it would reduce reserve requirement ratios to zero percent for all depository institutions. Cash and cash equivalents included $65.1 million at December 31, 2021 and $158.7 million at December 31, 2020, which were pledged to collateralize certain derivative instruments and letters of credit.

Investment Securities Available for Sale

Investment securities available for sale are carried at fair value with unrealized gains and losses, net of the related tax effect, excluded from earnings and reported as a separate component of shareholders' equity within accumulated other comprehensive income (loss) until realized.

For investment securities available for sale in an unrealized loss position, if Synovus has an intention to sell the security, or it is more likely than not that the security will be required to be sold prior to recovery, the security is written down to its fair value. The write down is charged against the ACL with any additional impairment recorded in earnings. If the aforementioned criteria are not met, Synovus performs a quarterly assessment of its available for sale debt securities to determine if the decline in fair value of a security below its amortized cost is related to credit losses or other factors. Management considers the extent to which fair value is less than amortized cost, the issuer of the security, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. In assessing whether credit-related impairment exists, the present value of cash flows expected to be collected from the security is compared to the security's amortized cost. If the present value of cash flows expected to be collected is less than the security's amortized cost basis, the difference is attributable to credit losses. For such differences, Synovus records an ACL with an offset to provision for credit losses. Synovus limits the ACL recorded to the amount the security's fair value is less than the amortized cost basis. Impairment losses related to other factors are recognized in other comprehensive income (loss).

Interest income on securities available for sale is recorded on the accrual basis. Accrued interest on available for sale debt securities is excluded from the ACL determination and is recognized within other assets on the consolidated balance sheets. Available for sale debt securities are placed on non-accrual status when we no longer expect to receive all contractual amounts due, which is generally at 90 days past due. Accrued interest receivable is reversed against interest income when a security is placed on non-accrual status. Accordingly, we do not recognize an allowance for credit loss against accrued interest receivable.

Premiums and discounts are amortized or accreted over the life of the related security as an adjustment to yield using the effective interest method unless the premium is related to callable debt securities. For these securities, the amortization period is shortened to the earliest call date.

Realized gains and losses for securities are included in investment securities gains (losses), net, on the consolidated statements of income and are derived using the specific identification method, on a trade date basis.

71

Mortgage Loans Held for Sale and Mortgage Banking Income

Mortgage Loans Held for Sale

Mortgage loans held for sale are initially measured at fair value under the fair value option election with subsequent changes in fair value recognized in mortgage banking income on the consolidated statements of income.

Mortgage Banking Income

Mortgage banking income consists primarily of origination and ancillary fees on mortgage loans originated for sale, and gains and losses from the sale of those loans. Mortgage loans are sold servicing released, without recourse or continuing involvement, and meet ASC Topic 860, Transfers and Servicing criteria for sale accounting.

Other Loans Held for Sale

Other loans held for sale are carried at the lower of cost or estimated fair value.

Loans Held for Investment and Interest Income

Loans the Company has the intent and ability to hold for the foreseeable future are reported at principal amounts outstanding less amounts charged off, net of deferred fees and costs, and purchase premium/discount. Interest income is recognized on a level yield basis.

Non-accrual Loans

Loans on which the accrual of interest has been discontinued are designated as non-accrual loans. Accrual of interest is discontinued on loans when reasonable doubt exists as to the full collection of interest or principal, or when loans become contractually past due for 90 days or more as to either interest or principal, in accordance with the terms of the loan agreement, unless they are both well-secured and in the process of collection. When a loan is placed on non-accrual status, previously accrued and uncollected interest is reversed as an adjustment to interest income on loans. Interest payments received on non-accrual loans are generally recorded as a reduction of principal. As payments are received on non-accruing loans, interest income can be recognized on a cash basis; however, there must be an expectation of full repayment of the remaining recorded principal balance. The remaining portion of this payment is recorded as a reduction to principal. Loans are generally returned to accruing status when they are brought fully current with respect to interest and principal and when, in the judgment of management, the loans are estimated to be fully collectible as to both principal and interest, and the borrower has sustained repayment performance under the terms of the loan agreement for a reasonable period of time (generally six months).

Troubled Debt Restructurings

When borrowers are experiencing financial difficulties, Synovus may, in order to assist the borrowers in repaying the principal and interest owed to Synovus, make certain modifications to the borrower's loan. All loan modifications, renewals, and refinances are evaluated for TDR classification. The ALL on a TDR is measured using the same method as all other loans held for investment, except that the original interest rate, and not the rate specified with the restructuring, is used to discount the expected cash flows. Concessions provided by Synovus in a TDR are generally made in order to assist borrowers so that debt service is not interrupted and to mitigate the potential for loan losses. A number of factors are reviewed when a loan is renewed, refinanced, or modified, including cash flows, collateral values, guarantees, and loan structures. Concessions are primarily in the form of providing a below market interest rate given the borrower's credit risk to assist the borrower in managing cash flows, an extension of the maturity of the loan generally for less than one year, or a period of time generally less than one year with a reduction of required principal and/or interest payments (e.g., interest only for a period of time). Insignificant periods of reduction of principal and/or interest payments, or short-term deferrals, are generally not considered to be financial concessions. Further, it is generally Synovus' practice not to defer principal and/or interest for more than twelve months.

Non-accruing TDRs may generally be returned to accrual status if there has been a period of performance, usually at least a six-month sustained period of repayment performance in accordance with the agreement. In the fiscal year subsequent to a loan's initial reporting as a TDR, a TDR for a borrower who is no longer experiencing financial difficulty (as evidenced by a period of performance), which yields a market rate of interest at the time of a renewal, and for which no principal was forgiven, is no longer considered a TDR.

Concentrations of Credit Risk

A substantial portion of the loan portfolio is secured by real estate in markets located throughout Alabama, Florida, Georgia, South Carolina and Tennessee. Accordingly, the ultimate collectability of a substantial portion of the loan portfolio is susceptible to changes in market conditions in these areas.

Loan Origination Fees and Costs

Loan origination fees and direct loan origination costs are deferred and amortized to net interest income over the life of the related loan or over the commitment period as a yield adjustment.

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Allowance for Credit Losses (ACL)

On January 1, 2020, Synovus adopted ASU 2016-13 (and all subsequent ASUs on this topic, collectively, ASC 326), which replaced the existing incurred loss impairment guidance with an expected credit loss methodology (referred to as CECL). CECL requires management’s estimate of credit losses over the full remaining expected life of loans and other financial instruments and for Synovus, applies to loans, unfunded loan commitments, accrued interest receivable, and available for sale debt securities. Upon adoption, Synovus applied the modified retrospective approach and recorded an after-tax cumulative-effect adjustment to beginning retained earnings for non-PCD assets (formerly non-PCI assets) and unfunded commitments of $35.7 million. Additionally, an initial estimate of expected credit losses on PCD assets (formerly PCI or ASC 310-30) was recognized with an offset to the cost basis of the related loans of $62.2 million. As permitted by transition guidance, Synovus did not reassess whether PCI assets met the criteria of PCD assets as of the adoption date. The remaining non-credit discount (based on the adjusted amortized cost basis) will be accreted into interest income. Results for reporting periods after adoption are presented under ASC 326 while prior period amounts continue to be reported in accordance with previously applicable GAAP.

The following table illustrates the impact of ASC 326 adoption:

	As of January 1, 2020
in thousands	Pre-ASC 326 Adoption		Impact of ASC 326 Adoption		As Reported under ASC 326
Assets
Allowance for loan losses:
Commercial and industrial	$	145,782	$	(2,310)	$	143,472
Commercial real estate	67,430		(651)		66,779
Consumer	68,190		85,955		154,145
Total allowance for loan losses	$	281,402	$	82,994	$	364,396
Liabilities
Reserve for unfunded commitments	$	1,375	$	27,440	$	28,815
Allowance for credit losses	$	282,777	$	110,434	$	393,211

The following table illustrates the distribution of the ASC 326 adoption impact to loans and equity:

	As of January 1, 2020
in thousands	Pre-ASC 326 Adoption		Impact of ASC 326 Adoption		As Reported under ASC 326
Loans, net	$	36,881,048	$	(20,767)	$	36,860,281
Retained earnings	1,068,327		(35,721)		1,032,606

Allowance for Loan Losses (ALL)

The ALL on loans held for investment represents management's estimate of credit losses expected over the life of the loans included in Synovus' existing loans held for investment portfolio. Changes to the allowance are recorded through a provision for credit losses and reduced by loans charged-off, net of recoveries. Determining the appropriateness of the allowance is complex and requires judgment by management about the effect of matters that are inherently uncertain.

Accrued but uncollected interest is recorded in other assets on the consolidated balance sheets. In general, the Company does not record an ACL for accrued interest receivables as allowable per ASC 326-20-30-5A as Synovus' non-accrual policies result in the timely write-off of accrued but uncollected interest.

Credit loss measurement

Synovus' loan loss estimation process includes procedures to appropriately consider the unique characteristics of its loan portfolio segments (C&I, CRE and consumer). These segments are further disaggregated into loan classes, the level at which credit quality is assessed and monitored (as described in the subsequent sections).

The ALL is measured on a collective (pool) basis when similar risk characteristics exist. Loans are grouped based upon the nature of the loan type and are further segregated based upon the methods for risk assessment. Credit loss assumptions are primarily estimated using a DCF model applied to the aforementioned loan groupings. This model calculates an expected life-of-loan loss percentage for each loan category by considering the forecasted PD, which is the probability that a borrower will default, adjusted for relevant forecasted macroeconomic factors comprising multiple weighted scenarios representing different plausible outcomes, and LGD, which is the estimate of the amount of net loss in the event of default.

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Expected credit losses are estimated over the contractual term of the loan, adjusted for expected prepayments and curtailments when appropriate. Management's determination of the contract term excludes expected extensions, renewals, and modifications unless either of the following applies: there is a reasonable expectation at the reporting date that a TDR will be executed with an individual borrower, or an extension or renewal option is included in the contract at the reporting date that is not unconditionally cancellable by Synovus.

To the extent the lives of the loans in the portfolio extend beyond the period for which a reasonable and supportable forecast can be made (which is two years for Synovus), the Company reverts, on a straight-line basis back to the historical rates over a one year period.

Life-of-loan loss percentages may also be adjusted, as necessary, for certain quantitative and qualitative factors that in management's judgment are necessary to reflect losses expected in the portfolio. These adjustments address inherent limitations in the quantitative model including uncertainty and limitations, among others.

The above reflects the ALL estimation process for most commercial and consumer sub-pools. In some cases, Synovus may apply other acceptable loss rate models to smaller sub-pools.

Loans that do not share risk characteristics are individually evaluated on a loan by loan basis with specific reserves, if any, recorded as appropriate. Specific reserves are determined based on two methods: discounted cash flow based upon the loan's contractual effective interest rate or at the fair value of the collateral, less costs to sell if the loan is collateral-dependent.

For individually evaluated loans, under the DCF method, resulting expected credit losses are recorded as a specific reserve with a charge-off for any portion of the expected credit loss that is determined not to be recoverable. The reserve is reassessed each quarter and adjusted as appropriate based on changes in estimated cash flows. Additionally, where guarantors are determined to be a source of repayment, an assessment of the guarantee is required. This guarantee assessment would include, but not be limited to, factors such as type and feature of the guarantee, consideration for the guarantor's financial strength and capacity to service the loan in combination with the guarantor's other financial obligations as well as the guarantor's willingness to assist in servicing the loan.

For individually evaluated loans, if the loan is collateral-dependent, then the fair value of the loan's collateral, less estimated selling costs, is compared to the loan's carrying amount to determine impairment. Fair value is estimated using appraisals performed by a certified or licensed appraiser. Management also considers other factors or recent developments, such as changes in absorption rates or market conditions at the time of valuation, selling costs and anticipated sales values, taking into account management's plans for disposition, which could result in adjustments to the fair value estimates indicated in the appraisals. The assumptions used in determining the amount of the impairment are subject to significant judgment. Use of different assumptions, for example, changes in the fair value of the collateral or management's plans for disposition could have a significant impact on the amount of impairment.

Purchased Loans with Credit Deterioration

Purchased loans are evaluated upon acquisition in order to determine if the loan, or pool of loans, has experienced more-than-insignificant deterioration in credit quality since origination or issuance. In the performance of this evaluation, Synovus considers migration of the credit quality of the loans at origination in comparison to the credit quality at acquisition.

Purchased loans classified as PCD are recognized in accordance with ASC 326-20-30, whereby the amortized cost basis of the PCD asset is ‘grossed-up’ by the initial estimate of credit losses with an offset to the ALL. This acquisition date allowance has no income statement effect. Post-acquisition, any changes in estimates of expected credit losses are recorded through the provision for credit losses. Non-credit discounts or premiums are accreted or amortized, respectively into interest income using the interest method.

Loans formerly accounted for as purchased credit-impaired in accordance with ASC 310-30 were automatically transitioned to PCD classification. The Company did not maintain ASC 310-30 pools. PCD loans were integrated into existing pool structures based upon the nature of the loan type and are further segregated based upon the individual loan risk ratings as noted above.

The accounting treatment for purchased loans classified as non-PCD is the same as loans held for investment as detailed in the above section.

Allowance for Credit Losses on Off-balance-sheet Credit Exposures

Synovus maintains a separate ACL for off-balance-sheet credit exposures, including unfunded loan commitments, unless the associated obligation is unconditionally cancellable by the Company. This allowance is included in other liabilities on the consolidated balance sheets with associated expense recognized as a component of the provision for credit losses on the consolidated statements of income. The reserve for off-balance-sheet credit exposures considers the likelihood that funding will occur and estimates the expected credit losses on resulting commitments expected to be funded over their estimated life using the estimated loss rates on loans held for investment.

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Commercial Loans - Risk Ratings

Synovus utilizes two primary methods for risk assessment of the commercial loan portfolio: SRR Assessment and DRR Assessment. DRR is a statistical model approach to risk rating that includes a PD and a LGD. The SRR model is an expert judgment based model that results in a blended (i.e. single) rating. The single and dual risk ratings are based on the borrowers' credit risk profile, considering factors such as debt service history, current and estimated prospective cash flow information, collateral supporting the credit, source of repayment as well as other variables, as appropriate.

Each loan is assigned a risk rating during its initial approval process. For SRR loans, this process begins with a loan rating recommendation from the loan officer responsible for originating the loan. Commercial SRR loans are graded on a 10-point scale and include classifications of special mention, substandard, doubtful, and loss consistent with bank regulatory classifications. The primary determinants of the risk ratings for commercial SRR loans are the reliability of the primary source of repayment and the borrower's expected performance (i.e., the likelihood that the borrower will be able to service its obligations in accordance with the terms). Expected performance is based upon a full analysis of the borrower's historical financial results, current financial strength and future prospects, which includes any external drivers.

The DRR methodology is used for larger relationships within the C&I loan portfolio as well as certain IPRE loans. At December 31, 2021 and 2020, approximately 41% and 40% of total commercial loans were rated using the DRR methodology, respectively. The DRR includes sixteen PD categories.

The loan rating (for both SRR and DRR loans) is subject to approvals from other members of management, regional credit and/or loan committees depending on the size of the loan and credit attributes. Loan ratings are regularly re-evaluated based upon annual scheduled credit reviews or on a more frequent basis if determined prudent by management. Additionally, an independent loan review function evaluates Synovus' risk rating processes on a continuous basis.

Consumer Loans – Risk Ratings

Consumer loans are subject to uniform lending policies and consist primarily of loans with strong borrower credit scores. Synovus makes consumer lending decisions based upon a number of key credit risk determinants including FICO scores as well as loan-to-value and debt-to-income ratios. Consumer loans are generally assigned a risk rating on a 9-point scale based on credit bureau scores, with a loan grade of 1 assigned as the lowest level of risk and a loan grade of 6 as the highest level of risk. No loans graded higher than 6 at origination are approved for funding. At 90-119 days past due, a loan grade of 7-substandard non-accrual is applied and at 120 days past due, the loan is generally downgraded to grade 9-loss or is charged-off. The consumer loan portfolio is sent on a quarterly basis to a consumer credit reporting agency for a refresh of clients' credit scores so that management can evaluate ongoing consistency or negative migration in the quality of the portfolio. Revolving lines of credit are reviewed for a material change in financial circumstances and, when appropriate, the line of credit may be suspended for further advances. FICO scores within the residential real estate portfolio have generally remained stable over the last several years.

The Allowance for Loan Losses, for periods before 2020, was established as follows:

a.Impaired loans were generally evaluated on a loan by loan basis with specific reserves, if any, recorded as appropriate. Specific reserves were determined based on ASC 310-10-35, which provided for measurement of a loan's impairment based on one of three methods: i) discounted cash flow based upon the loan's contractual effective interest rate, ii) at the loan's observable market price, or iii) at the fair value of the collateral, less costs to sell if the loan was collateral-dependent.

b.For loans that were not considered impaired, the allocated allowance for loan losses was calculated consistent with ASC 450, and determined based upon EL factors, which were applied to groupings of specific loan types by loan risk ratings. Allocated EL factors were also adjusted, as necessary, for certain qualitative factors that in management's judgment were necessary to reflect losses incurred in the portfolio.

Transfers of Financial Assets

Transfers of financial assets in which Synovus has surrendered control over the transferred assets are accounted for as sales. Control over transferred assets is considered to be surrendered when 1) the assets have been legally isolated from Synovus or any consolidated affiliates, even in bankruptcy or other receivership, 2) the transferee has the right to pledge or exchange the assets with no conditions that constrain the transferee and provide more than a trivial benefit to Synovus, and 3) Synovus does not maintain effective control over the transferred assets. If the transfer is accounted for as a sale, the transferred assets are derecognized from the balance sheet and a gain or loss on sale is recognized on the consolidated statements of income. If the sale criteria are not met, the transfer is accounted for as a secured borrowing and the transferred assets remain on Synovus' consolidated balance sheets and the proceeds from the transaction are recognized as a liability.

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Cash Surrender Value of Bank-Owned Life Insurance

Investments in bank-owned life insurance policies on certain current and former officers and employees of Synovus are recorded at the net realizable value of the policies. Net realizable value is the cash surrender value of the policies less any applicable surrender charges and any policy loans. Synovus has not borrowed against the cash surrender value of these policies. Changes in the cash surrender value of the policies as well as proceeds from insurance benefits are recorded in income from bank-owned life insurance on the consolidated statements of income.

Premises, Equipment and Software

Premises, equipment and software including bank owned branch locations and leasehold improvements are reported at cost, less accumulated depreciation and amortization, which are computed using the straight-line method over the estimated useful lives of the related assets. Buildings and improvements are depreciated over an average of 10 to 40 years, while furniture, equipment, and software are depreciated and amortized over a range of 3 to 10 years. Synovus capitalizes certain costs associated with the acquisition or development of internal-use software. Once the software is ready for its intended use, these costs are amortized on a straight-line basis over the software’s expected useful life over a range of the lesser of contract terms or 3 to 7 years. Leasehold improvements are depreciated over the shorter of the estimated useful life or the remainder of the lease term. Synovus reviews long-lived assets, such as premises and equipment, for impairment whenever events and circumstances indicate that the carrying amount of an asset may not be recoverable. Maintenance and repairs are charged to non-interest expense and improvements that extend the useful life of the asset are capitalized to the asset's carrying value and depreciated.

Goodwill and Other Intangible Assets

Goodwill represents the excess purchase price over the fair value of identifiable net assets of acquired businesses. Goodwill is tested for impairment at the reporting unit level, equivalent to a business segment or one level below. Synovus performs its annual evaluation of goodwill impairment during the fourth quarter of each year and as events occur or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Refer to "Part II - Item 8. Financial Statements and Supplementary Data - Note 5 - Goodwill and Other Intangible Assets" of this Report for details of the evaluation.

Other intangible assets relate primarily to a core deposit intangible and borrower relationships resulting from business acquisitions. The core deposit intangible is amortized over its estimated useful life of approximately ten years utilizing an accelerated method. The remaining intangible assets are amortized using straight line methods based on the remaining lives of the assets with amortization periods ranging from eight to ten years. Amortization periods for intangible assets are monitored to determine if events and circumstances require such periods to be reduced.

Intangible assets are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability of the intangible assets is measured by a comparison of the asset's carrying amount to future undiscounted cash flows expected to be generated by the asset. Any resulting impairment is measured by the amount by which the carrying value exceeds the fair value of the asset (based on the undiscounted cash flows expected to be generated by the asset).

Segment Disclosures

ASC Topic 280, Segment Reporting, requires information be reported about a company’s operating segments using a “management approach.” Reportable segments are identified as those revenue-producing components for which discrete financial information is produced internally and which are subject to evaluation by the chief operating decision maker in making resource allocation decisions. Based on this guidance, Synovus identified three major reportable business segments: Community Banking, Wholesale Banking, and Financial Management Services (FMS), with functional activities such as treasury, technology, operations, marketing, finance, enterprise risk, legal, human resources, corporate communications, executive management, among others, included in Treasury and Corporate Other. Refer to "Part II - Item 8. Financial Statements and Supplementary Data - Note 17 - Segment Reporting" of this Report for additional details. 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 segment may be periodically revised.

Other Assets

Other assets include ROU assets, FRB and FHLB stock, derivative asset positions, net deferred tax assets, accrued interest receivable and investments in tax credits, other investments, and other balances as shown in "Part II - Item 8. Financial Statements and Supplementary Data - Note 6 - Other Assets" of this Report.

As a member of the Federal Reserve System, Synovus is currently required to purchase and hold shares of capital stock in the Federal Reserve Bank of Atlanta (recorded at amortized cost, which approximates fair value, of $143.7 million and $142.5 million at December 31, 2021 and 2020, respectively) in an amount equal to the greater of 6% of its capital and surplus or 0.6%

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of deposits. As a member of the FHLB, Synovus is also required to purchase and hold shares or capital stock in the FHLB (recorded at amortized cost, which approximates fair value, of $16.2 million and $15.0 million at December 31, 2021 and 2020, respectively) in an amount equal to its membership base investment plus an activity-based investment determined according to the level of outstanding FHLB advances.

Derivative Instruments

Synovus’ risk management policies emphasize the management of interest rate risk within acceptable guidelines. Synovus’ objective in maintaining these policies is to limit volatility in net interest income arising from changes in interest rates. Risks to be managed include both fair value and cash flow risks. Utilization of derivative financial instruments provides a valuable tool to assist in the management of these risks.

All derivative instruments are recorded on the consolidated balance sheets at their respective fair values, net of variation margin payments, as components of other assets and other liabilities. The accounting for changes in fair value (i.e., unrealized gains or losses) of a derivative instrument depends on whether it qualifies and has been designated as part of a hedging relationship in accordance with ASC Topic 815, Derivatives and Hedging. Synovus formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative instruments that are used are highly effective in offsetting changes in fair values or cash flows of the hedged items.

Fair value hedges - If the hedged exposure is a fair value exposure, the unrealized gain or loss on the derivative instrument is recognized in earnings in the period of change, in the same income statement line as the offsetting unrealized loss or gain on the hedged item attributable to the risk being hedged. When a fair value hedge is discontinued, the remaining cumulative adjustments to the hedged item and accumulated amounts in OCI are accounted for in the same manner as other components of the carrying amount of the asset or liability. If the hedged item is derecognized, the accumulated amounts in OCI are immediately reclassified to net income. 

Cash flow hedges - If the hedged exposure is a cash flow exposure, the effective portion of the gain or loss on the derivative instrument is reported initially as a component of accumulated other comprehensive income (loss), net of the tax impact, and subsequently reclassified into earnings when the hedged transaction affects earnings with the impacts recorded in the same income statement line item used to present the earnings effect of the hedged item. When a cash flow hedge is discontinued but the hedged cash flows or forecasted transactions are still expected to occur, gains or losses that were accumulated in other comprehensive income are amortized into earnings over the same periods which the hedged transactions are still expected to affect earnings. If, however, it is probable the forecasted transactions will no longer occur, the accumulated amounts in OCI at the de-designation date are immediately recognized in earnings. 

If the derivative instrument is not designated as a hedge, the gain or loss on the derivative instrument is recognized in earnings as a component of other non-interest revenue on the consolidated statements of income in the period of change.

Synovus also holds derivative instruments, which consist of interest rate lock agreements related to expected funding of fixed-rate mortgage loans to clients (interest rate lock commitments) and forward commitments to sell mortgage-backed securities and individual fixed-rate mortgage loans. Synovus’ objective in obtaining the forward commitments is to mitigate the interest rate risk associated with the interest rate lock commitments and the mortgage loans that are held for sale. Both the interest rate lock commitments and the forward commitments are reported at fair value, with adjustments recorded in current period earnings in mortgage banking income.

Synovus also enters into interest rate swap agreements to facilitate the risk management strategies of certain commercial banking clients. Synovus mitigates this risk by entering into equal and offsetting interest rate swap agreements with highly rated third-party financial institutions. The interest rate swap agreements are free-standing derivatives and are recorded at fair value with any unrealized gain or loss recorded in current period earnings in other non-interest revenue. These instruments, and their offsetting positions, are recorded in other assets and other liabilities on the consolidated balance sheets.

Non-interest Revenue

Synovus' contracts with clients generally do not contain terms that require significant judgment to determine the amount of revenue to recognize. Synovus' policies for recognizing non-interest revenue within the scope of ASC Topic 606, Revenue from Contracts with Customers, including the nature and timing of such revenue streams, are included below.

Service Charges on Deposit Accounts: Revenue from service charges on deposit accounts is earned through cash management, wire transfer, and other deposit-related services, as well as overdraft, NSF, account management and other deposit-related fees. Revenue is recognized for these services either over time, corresponding with deposit accounts' monthly cycle, or at a point in time for transaction-related services and fees. Payment for service charges on deposit accounts is primarily received immediately or in the following month through a direct charge to clients' accounts.

Fiduciary and Asset Management Fees: Fiduciary and asset management fees are primarily comprised of fees earned from the management and administration of trusts and other client assets. Synovus' performance obligation is generally satisfied over

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time and the resulting fees are recognized monthly, based upon the month-end market value of the assets under management and the applicable fee rate. Payment is generally received a few days after month-end through a direct charge to clients' accounts. Synovus does not earn performance-based incentives.

Card Fees: Card fees consist primarily of interchange fees from consumer credit and debit cards processed by card association networks, as well as merchant discounts, and other card-related services. Interchange rates are generally set by the credit card associations and based on purchase volumes and other factors. Interchange fees and merchant discounts are recognized concurrently with the delivery of service on a daily basis as transactions occur. Payment is typically received immediately or in the following month. Card fees are reported net of certain associated expense items including loyalty program expense and network expense.

Brokerage Revenue: Brokerage revenue consists primarily of commissions. Additionally, brokerage revenue includes advisory fees earned from the management of client assets. Transactional revenues are based on the size and number of transactions executed at the client's direction and are generally recognized on the trade date with payment received on the settlement date. Advisory fees for brokerage services are recognized and collected monthly and are based upon the month-end market value of the assets under management at a rate predetermined in the contract.

Capital Markets Income (within the scope of ASC Topic 606): Investment banking income, a component of capital markets income, is comprised primarily of securities underwriting fees and remarketing fees. Synovus assists corporate clients in raising capital by offering equity or debt securities to potential investors. The transaction fees are based on a percentage of the total transaction amount. The underwriting and remarketing fees are recognized on the trade date when the securities are sold to third-party investors with payment received on the settlement date.

Insurance Revenue (included in other non-interest revenue on the consolidated statements of income): Insurance revenue primarily consists of commissions received on annuity and life product sales. The commissions are recognized as revenue when the client executes an insurance policy with the insurance carrier. In some cases, Synovus receives payment of trailing commissions each year when the client pays its annual premium.

Other Fees (included in other non-interest revenue on the consolidated statements of income): Other fees within the scope of ASC Topic 606 primarily consist of revenue generated from safe deposit box rental fees and lockbox services. Fees are recognized over time, on a monthly basis, as Synovus' performance obligation for services is satisfied. Payment is received upfront for safe deposit box rentals and in the following month for lockbox services.

Income Taxes

Synovus is a domestic corporation that files a consolidated federal income tax return with its wholly-owned subsidiaries and files state income tax returns on a consolidated or separate entity basis with the various taxing jurisdictions based on its taxable presence. The current income tax payable or receivable is an estimate of the amounts currently owed to or due from taxing authorities in which Synovus conducts business. It also includes increases and decreases in the amount of taxes payable for uncertain tax positions reported in tax returns for the current and/or prior years.

Synovus uses the asset and liability method to account for future income taxes expected to be paid or received (i.e., deferred income taxes). Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement (GAAP) carrying amounts of existing assets and liabilities and their respective tax bases, including operating losses and tax credit carryforwards. The deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in income tax rates is recognized in income in the period that includes the enactment date.

A valuation allowance is required for deferred tax assets if, based on available evidence, it is more likely than not that all or some portion of the asset will not be realized. In making this assessment, all sources of taxable income available to realize the deferred tax asset are considered, including taxable income in prior carryback years, future reversals of existing temporary differences, tax planning strategies, and future taxable income exclusive of reversing temporary differences and carryforwards. The predictability that future taxable income, exclusive of reversing temporary differences, will occur is the most subjective of these four sources. Changes in the valuation allowance are recorded through income tax expense.

Significant estimates used in accounting for income taxes relate to the valuation allowance for deferred tax assets, estimates of the realizability of income tax credits, utilization of NOLs, the determination of taxable income, and the determination of temporary differences between book and tax bases.

Synovus accrues tax liabilities for uncertain income tax positions based on current assumptions regarding the expected outcome by weighing the facts and circumstances available at the reporting date. If related tax benefits of a transaction are not more likely than not of being sustained upon examination, Synovus will accrue a tax liability or reduce a deferred tax asset for the expected tax impact associated with the transaction. Events and circumstances may alter the estimates and assumptions used

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in the analysis of its income tax positions and, accordingly, Synovus' effective tax rate may fluctuate in the future. Synovus recognizes accrued interest and penalties related to uncertain tax positions as a component of income tax expense.

Share-based Compensation

Synovus has a long-term incentive plan under which the Compensation and Human Capital Committee of the Board of Directors has the authority to grant share-based awards to Synovus employees. Synovus' share-based compensation costs associated with employee grants are recorded as a component of salaries and other personnel expense on the consolidated statements of income. Share-based compensation costs associated with grants made to non-employee directors of Synovus are recorded as a component of other operating expense. Vesting for grants of share-based awards granted to Synovus employees accelerates upon retirement for plan participants who have reached age 65 and who also have no less than ten years of service at the date of their election to retire. Share-based compensation expense for service-based awards that contain a graded vesting schedule is recognized net of estimated forfeitures for plan participants on a straight-line basis over the shorter of the requisite service period for the entire award or the period until reaching retirement eligibility. The non-employee director restricted share units become fully vested and transferable upon the earlier to occur of the completion of three years of service or the date the holder reaches the mandatory retirement age, as set forth in the Company's Corporate Governance Guidelines. Thus, share-based compensation expense for non-employee awards is recognized over the shorter of three years or mandatory retirement. Synovus records all tax effects associated with share-based compensation through the income statement.

Earnings per Share

Basic net income per common share is computed by dividing net income available to common shareholders by the average common shares outstanding for the period. Diluted net income per common share reflects the dilution that could occur if securities or other contracts to issue common stock were exercised or converted. The dilutive effect of outstanding options and restricted share units is reflected in diluted net income per common share, unless the impact is anti-dilutive, by application of the treasury stock method.

Share Repurchases

Common stock repurchases are recorded at cost. At the date of repurchase, shareholders' equity is reduced by the repurchase price and includes commissions and other transaction expenses that arise from the repurchases. The Company has not historically retired shares repurchased, but Synovus' policy is to record retirement of shares in accordance with ASC 505-30-30. If treasury shares are subsequently reissued, treasury stock is reduced by the cost of such stock with differences between cost and the re-issuance date fair value recorded in additional paid-in capital or retained earnings, as applicable.

Fair Value Measurements and Disclosures

Synovus carries various assets and liabilities at fair value based on the fair value accounting guidance under ASC Topic 820, Fair Value Measurements, and ASC Topic 825, Financial Instruments. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an “exit price”) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.

Fair Value Hierarchy

Synovus determines the fair value of its financial instruments based on the fair value hierarchy established under ASC 820-10-35, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the financial instrument's fair value measurement in its entirety. There are three levels of inputs that may be used to measure fair value. The three levels of inputs of the valuation hierarchy are defined below:

Level 1	Quoted prices (unadjusted) in active markets for identical assets and liabilities for the instrument or security to be valued.
Level 2	Observable inputs other than Level 1 quoted prices, such as quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active or model-based valuation techniques for which all significant assumptions are derived principally from or corroborated by observable market data.
Level 3	Unobservable inputs that are supported by little, if any, market activity for the asset or liability.

Valuation Methodology by Instrument - Recurring Basis

The following is a description of the valuation methodologies used for the major categories of financial assets and liabilities measured at fair value on a recurring basis.

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Investment Securities Available for Sale and Trading Account Assets/Liabilities

The fair values of investment securities available for sale and trading securities are primarily based on actively traded markets where prices are based on either quoted market prices or observed transactions. Management employs independent third-party pricing services to provide fair value estimates for Synovus' investment securities available for sale and trading securities. Fair values for fixed income investment securities are typically determined based upon quoted market prices, and/or inputs that are observable in the market, either directly or indirectly, for substantially similar securities. Level 1 securities are typically exchange quoted prices and include financial instruments such as U.S. Treasury securities and marketable equity securities. Level 2 securities are typically matrix priced by the third-party pricing service to calculate the fair value. Such fair value measurements consider observable data such as market spreads, cash flows, yield curves, live trading levels, trade execution data, market consensus prepayments speeds, credit information, and the respective terms and conditions for debt instruments. The types of securities classified as Level 2 within the valuation hierarchy primarily consist of collateralized mortgage obligations, mortgage-backed securities, debt securities of GSEs and agencies, corporate debt, asset-backed securities, and state and municipal securities.

Management uses various validation procedures to confirm the prices received from pricing services are reasonable. Such validation procedures include reference to market quotes and a review of valuations and trade activity of comparable securities. Consideration is given to the nature of the quotes (e.g., indicative or firm) and the relationship of recently evidenced market activity to the prices provided by the third-party pricing service. Further, management also employs the services of an additional independent pricing firm as a means to verify and confirm the fair values of the primary independent pricing firms.

When there is limited activity or less transparency around inputs to valuation, Synovus develops valuations based on assumptions that are not readily observable in the marketplace; these securities are classified as Level 3 within the valuation hierarchy.

Mortgage Loans Held for Sale

Synovus elected to apply the fair value option for mortgage loans originated with the intent to sell to investors in the secondary market. When loans are not committed to an investor at a set price, fair value is derived from a hypothetical bulk sale model using current market pricing indicators. A best execution valuation model is used for loan pricing for similar assets based upon forward settlements of a pool of loans of similar coupon, maturity, product, and credit attributes. The inputs to the model are continuously updated with available market and historical data. As the loans are sold in the secondary market and primarily used as collateral for securitizations, the valuation model methodology attempts to reflect the pricing execution available to Synovus’ principal market. Mortgage loans held for sale are classified within Level 2 of the valuation hierarchy.

Other investments

The other investments in which Synovus holds a limited partner interest consist of i) funds that invest in privately held companies and ii) funds previously invested in privately held companies which become publicly traded securities. Funds invested in privately held companies are classified as Level 3 and the estimated fair value of the company is the estimated fair value as an exit price the fund would receive if it were to sell the company in the marketplace. The fair value of the fund's underlying investments is estimated through the use of valuation models, such as option pricing or a discounted cash flow model. Synovus typically sells shares in any investment after initial public offering (IPO) lock-up periods have ended.

Mutual Funds

Mutual funds (including those held in rabbi trusts) primarily invest in equity and fixed income securities. Shares of mutual funds are valued based on quoted market prices and are therefore classified within Level 1 of the fair value hierarchy.

Derivative Assets and Liabilities

Fair values of interest rate lock commitments and forward commitments are estimated based on an internally developed model that uses readily observable market data such as interest rates, prices and indices to generate continuous yield or pricing curves, volatility factors, and client credit-related adjustments, subject to the anticipated loan funding probability (pull-through rate). These fair value estimates are classified as Level 2 within the valuation hierarchy.

Fair values of interest rate swaps are determined using a discounted cash flow analysis on the expected cash flows of each derivative which also includes a credit value adjustment for client swaps or provided by the clearing house, or centralized counter party (CCP), for swaps within our hedging program. An independent third-party valuation is used to verify and confirm these values, which are classified as Level 2 within the fair value hierarchy.

Valuation Methodology by Instrument - Non-recurring Basis

The following is a description of the valuation methodologies used for the major categories of financial assets and liabilities measured at fair value on a non-recurring basis.

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Loans

Loans measured at fair value on a non-recurring basis consist of loans that do not share similar risk characteristics. These loans are typically collateral dependent loans that are valued using third-party appraised value of collateral less estimated selling price (Level 3).

Other Loans Held for Sale

Loans are transferred to other loans held for sale at amortized cost when Synovus makes the determination to sell specifically identified loans. If the amortized cost exceeds fair value a valuation allowance is established for the difference. The fair value of the loans is primarily determined by analyzing the anticipated market prices of similar assets less estimated costs to sell. At the time of transfer, any credit losses are determined in accordance with Synovus' policy and recorded as a charge-off against the allowance for loan losses. Subsequent changes in the valuation allowance due to changes in the fair value subsequent to the transfer, as well as gains/losses realized from the sale of these assets, are recorded as gains/losses on other loans held for sale, net, as a component of non-interest expense on the consolidated statements of income (Level 3).

Other Real Estate

Other Real Estate (ORE) consists of properties obtained through a foreclosure proceeding or through an in-substance foreclosure in satisfaction of loans. A loan is classified as an in-substance foreclosure when Synovus has taken possession of the collateral regardless of whether formal foreclosure proceedings have taken place.

At foreclosure, ORE is recorded at fair value less estimated selling costs, which establishes a new cost basis. Subsequent to foreclosure, ORE is evaluated quarterly and reported at fair value less estimated selling costs, not to exceed the new cost basis, determined by review of current appraisals, as well as the review of comparable sales and other estimates of fair value obtained principally from independent sources, adjusted for estimated selling costs (Level 3). Any adjustments are recorded as a component of foreclosed real estate expense, net on the consolidated statements of income.

Other Assets Held for Sale

Other assets held for sale consist of certain premises and equipment held for sale. The fair value of these assets is determined primarily on the basis of appraisals or BOV, as circumstances warrant, adjusted for estimated selling costs. Both techniques engage licensed or certified professionals that use inputs such as absorption rates, capitalization rates, and market comparables (Level 3).

Fair Value of Financial Instruments

Cash, Cash Equivalents, and Restricted Cash

Cash and cash equivalents, interest bearing funds with the Federal Reserve Bank, interest earning deposits with banks, and federal funds sold and securities purchased under resale agreements are repriced on a short-term basis; as such, the carrying value closely approximates fair value. Since these amounts relate to highly liquid assets, these are considered a Level 1 measurement.

Loans, net of Deferred Fees and Costs

Synovus estimates the fair value of loans based on the 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. Loans are considered a Level 3 fair value measurement.

Deposits

The fair value of deposits with no stated maturity, such as non-interest-bearing demand accounts, interest bearing demand deposits, money market accounts, and savings accounts, is estimated to be equal to the amount payable on demand as of that respective date. 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. Synovus has determined that the appropriate classification for deposits is Level 2 due to the ability to reasonably measure all inputs to valuation based on observable market variables.

Short-term and Long-term Debt

Short-term and long-term debt is considered a Level 2 valuation, as management relies on market prices for bonds or debt that is similar, but not necessarily identical, to the debt being valued. Short-term debt that matures within ten days is assumed to be at fair value and is considered a Level 1 measurement.

Long-term Debt

Long-term debt balances are presented net of discounts and premiums as well as debt issuance costs that arise from the issuance of long-term debt. Discounts, premiums and debt issuance costs are amortized using the effective interest rate method

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or straight-line method (when the financial statement impacts of this method are not materially different from the former method).

Contingent Liabilities and Legal Costs

Synovus estimates its contingent liabilities with respect to outstanding legal matters based on information currently available to management, management’s estimates about the probability of outcomes of each case and the advice of legal counsel. Management accrues an estimated loss from a loss contingency when information available indicates that it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. Significant judgment is required in making these estimates and management must make assumptions about matters that are highly uncertain. Accordingly, the actual loss may be more or less than the current estimate.

In many situations, Synovus may be unable to estimate reasonably possible losses due to the preliminary nature of the legal matters, as well as a variety of other factors and uncertainties. As there are further developments, Synovus will reassess these legal matters and the related potential liabilities and will revise, when needed, its estimate of contingent liabilities.

Legal costs, including attorney fees, incurred in connection with pending litigation and other loss contingencies are expensed as incurred.

Recently Adopted Accounting Standards

ASU 2020-08, Codification Improvements to Subtopic 310-20, Receivables – Nonrefundable Fees and Other Costs. The guidance in this ASU pertains to the shortened amortization period for certain purchased callable debt securities held at a premium, which premium is amortized to the next call date, and clarifies that each reporting period an entity should reevaluate the effective yield if there is no remaining premium or no further call dates remaining. The amendments in this ASU are effective for fiscal years beginning after December 15, 2020. Synovus adopted ASU 2020-08 effective January 1, 2021 with no material impact to the consolidated financial statements.

ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. In December 2019, the FASB issued ASU 2019-12 to simplify and reduce complexities when accounting for income taxes by removing certain exceptions. Among the provisions of this guidance is the requirement that an entity reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. ASU 2019-12 is effective for public entities for fiscal years beginning after December 15, 2020. Synovus adopted ASU 2019-12 effective January 1, 2021 with no material impact to the consolidated financial statements unless there are changes in tax law that require recognition as set forth in this guidance.

ASU 2021-06, Presentation of Financial Statements (Topic 205), Financial Services - Depository and Lending (Topic 942), and Financial Services-Investment Companies (Topic 946). In August 2021, the FASB issued ASU 2021-06 which amends SEC paragraphs in the codification pursuant to SEC Final Rule Releases No. 33-10786 and No. 33-10835. These rule releases amend disclosure requirements applicable to acquisitions and dispositions of businesses and also amend statistical disclosures that banks and bank holding companies provide to investors. ASU 2021-06 eliminates disclosures that overlap with SEC rules or US GAAP. The amendments in this ASU were effective upon its addition to the FASB codification with no material effect to the consolidated financial statements

Recently Issued Accounting Standards Not Yet Adopted

2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. In October 2021, the FASB issued ASU 2021-08 to address diversity in practice related to the accounting for revenue contracts with customers acquired in a business combination. Generally, this new guidance will result in the acquirer recognizing contract assets and contract liabilities at the same amounts recorded by the acquiree (in accordance with ASC 606). The guidance in ASU 2021-08 should be applied prospectively to acquisitions occurring on or after the effective date. For Synovus, the amendments in this Update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption of the amendments is permitted, including adoption in an interim period.

ASU 2021-01, Reference Rate Reform (Topic 848). In January 2021, the FASB issued ASU 2021-01 which provides optional expedients and exceptions in Topic 848 for derivative instruments and hedge accounting modifications resulting from the discounting transition of reference rate reform. The expedients and exceptions provided by ASU 2021-01 will not be available after December 31, 2022, other than for existing hedging relationships entered into by December 31, 2022. The ASU may be applied as of the beginning of an interim period that includes or is subsequent to March 12, 2020, until the sunset date of December 31, 2022. Synovus adopted ASU 2020-04 Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting on October 1, 2020. While Synovus has not yet finalized the election of optional expedients for ASU 2021-01, we do not currently expect there to be a material financial impact to the Company regardless of which optional expedients the Company selects to replace LIBOR.

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Note 2 - Investment Securities Available for Sale

The amortized cost, gross unrealized gains and losses, and estimated fair values of investment securities available for sale at December 31, 2021 and 2020 are summarized below.

	December 31, 2021
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. Treasury securities	$	120,465	$	—	$	(2,627)	$	117,838
U.S. Government agency securities	53,214		1,374		(387)		54,201
Mortgage-backed securities issued by U.S. Government agencies	790,329		768		(11,464)		779,633
Mortgage-backed securities issued by U.S. Government sponsored enterprises	8,063,890		50,491		(102,080)		8,012,301
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises	951,691		4,658		(16,726)		939,623
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises	479,420		8,644		(6,320)		481,744
Asset-backed securities	514,188		—		—		514,188
Corporate debt securities and other debt securities	18,309		492		—		18,801
Total investment securities available for sale	$	10,991,506	$	66,427	$	(139,604)	$	10,918,329
	December 31, 2020
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. Treasury securities	$	20,257	$	—	$	—	$	20,257
U.S. Government agency securities	79,638		2,682		—		82,320
Mortgage-backed securities issued by U.S. Government agencies	1,216,012		7,930		(5,925)		1,218,017
Mortgage-backed securities issued by U.S. Government sponsored enterprises	4,865,858		134,188		—		5,000,046
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises	1,245,644		15,309		(10,576)		1,250,377
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises	354,244		16,677		—		370,921
Corporate debt securities and other debt securities	20,211		457		(168)		20,500
Total investment securities available for sale	$	7,801,864	$	177,243	$	(16,669)	$	7,962,438

At December 31, 2021 and 2020, investment securities with a carrying value of $4.03 billion and $3.84 billion, respectively, were pledged to secure certain deposits and other liabilities, as required by law or contractual agreements.

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Gross unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2021 and December 31, 2020 are presented below.

	December 31, 2021
	Less than 12 Months				12 Months or Longer				Total
(in thousands)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
U.S. Treasury securities	$	49,648	$	(379)	$	47,590	$	(2,248)	$	97,238	$	(2,627)
U.S. Government agency securities	21,760		(387)		—		—		21,760		(387)
Mortgage-backed securities issued by U.S. Government agencies	461,078		(5,858)		244,264		(5,606)		705,342		(11,464)
Mortgage-backed securities issued by U.S. Government sponsored enterprises	5,729,476		(82,671)		643,758		(19,409)		6,373,234		(102,080)
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises	187,431		(3,981)		504,238		(12,745)		691,669		(16,726)
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises	146,672		(2,951)		83,533		(3,369)		230,205		(6,320)
Total	$	6,596,065	$	(96,227)	$	1,523,383	$	(43,377)	$	8,119,448	$	(139,604)
	December 31, 2020
	Less than 12 Months				12 Months or Longer				Total
(in thousands)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Mortgage-backed securities issued by U.S. Government agencies	$	566,896	$	(5,925)	$	—	$	—	$	566,896	$	(5,925)
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises	803,429		(10,576)		—		—		803,429		(10,576)
Corporate debt securities and other debt securities	9,337		(168)		—		—		9,337		(168)
Total	$	1,379,662	$	(16,669)	$	—	$	—	$	1,379,662	$	(16,669)

As of December 31, 2021, Synovus had 143 investment securities in a loss position for less than twelve months and 37 investment securities in a loss position for twelve months or longer. Synovus does not intend to sell investment securities in an unrealized loss position prior to the recovery of the unrealized loss, which may not be until maturity, and has the ability and intent to hold those securities for that period of time. Additionally, Synovus is not currently aware of any circumstances which will require it to sell any of the securities that are in an unrealized loss position prior to the respective securities' recovery of all such unrealized losses. As such, no write-downs to the amortized cost basis of the portfolio were recorded at December 31, 2021.

At December 31, 2021, no ACL was established for investment securities. Substantially all of the unrealized losses on the securities portfolio were the result of changes in market interest rates compared to the date the securities were acquired rather than the credit quality of the issuers or underlying loans. U.S. Treasury and agency securities and agency mortgage-backed securities are issued, guaranteed or otherwise supported by the United States government, an agency of the United States government, or a government sponsored enterprise.

The amortized cost and fair value by contractual maturity of investment securities available for sale at December 31, 2021 are shown below. The expected life of MBSs or CMOs may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. For purposes of the maturity table, MBSs and CMOs, which are not due at a single maturity date, have been classified based on the final contractual maturity date.

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	Distribution of Maturities at December 31, 2021
(in thousands)	Within One Year		1 to 5 Years		5 to 10 Years		More Than 10 Years		Total
Amortized Cost
U.S. Treasury securities	$	20,600	$	—	$	99,865	$	—	$	120,465
U.S. Government agency securities	756		321		52,137		—		53,214
Mortgage-backed securities issued by U.S. Government agencies	—		842		131		789,356		790,329
Mortgage-backed securities issued by U.S. Government sponsored enterprises	28		—		80,539		7,983,323		8,063,890
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises	—		—		146		951,545		951,691
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises	—		181,144		211,328		86,948		479,420
Asset-backed securities	514,188		—		—		—		514,188
Corporate debt securities and other debt securities	9,502		—		8,807		—		18,309
Total amortized cost	$	545,074	$	182,307	$	452,953	$	9,811,172	$	10,991,506
Fair Value
U.S. Treasury securities	$	20,600	$	—	$	97,238	$	—	$	117,838
U.S. Government agency securities	760		322		53,119		—		54,201
Mortgage-backed securities issued by U.S. Government agencies	—		870		136		778,627		779,633
Mortgage-backed securities issued by U.S. Government sponsored enterprises	28		—		83,271		7,929,002		8,012,301
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises	—		—		150		939,473		939,623
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises	—		182,821		209,311		89,612		481,744
Asset-backed securities	514,188		—		—		—		514,188
Corporate debt securities and other debt securities	9,730		—		9,071		—		18,801
Total fair value	$	545,306	$	184,013	$	452,296	$	9,736,714	$	10,918,329

Gross gains and gross losses on sales of securities available for sale for the years ended December 31, 2021, 2020, and 2019 are presented below. The specific identification method is used to reclassify gains and losses out of other comprehensive income at the time of sale.

(in thousands)	2021		2020		2019
Gross realized gains on sales	$	1,191	$	85,375	$	10,370
Gross realized losses on sales	(1,990)		(6,444)		(18,029)
Investment securities gains (losses), net	$	(799)	$	78,931	$	(7,659)

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Note 3 - Loans and Allowance for Loan Losses

Aging and Non-Accrual Analysis

The following tables provide a summary of current, accruing past due, and non-accrual loans by portfolio class as of December 31, 2021 and December 31, 2020.

	December 31, 2021
(in thousands)	Current		Accruing 30-89 Days Past Due		Accruing 90 Days or Greater Past Due		Total Accruing Past Due		Non-accrual with an ALL		Non-accrual without an ALL		Total
Commercial, financial, and agricultural	$	11,973,974	$	13,028	$	3,686	$	16,714	$	37,918	$	23,869	$	12,052,475
Owner-occupied	7,493,804		3,627		59		3,686		7,146		4,050		7,508,686
Total commercial and industrial	19,467,778		16,655		3,745		20,400		45,064		27,919		19,561,161
Investment properties	9,861,303		1,285		717		2,002		3,273		2,577		9,869,155
1-4 family properties	639,631		1,182		93		1,275		4,535		28		645,469
Land and development	463,949		845		154		999		1,918		—		466,866
Total commercial real estate	10,964,883		3,312		964		4,276		9,726		2,605		10,981,490
Consumer mortgages	5,033,579		6,256		126		6,382		29,078		—		5,069,039
Home equity lines	1,269,610		2,619		—		2,619		9,760		—		1,281,989
Credit cards	296,695		1,584		1,277		2,861		—		—		299,556
Other consumer loans	2,090,806		20,369		658		21,027		6,890		—		2,118,723
Total consumer	8,690,690		30,828		2,061		32,889		45,728		—		8,769,307
Loans, net of deferred fees and costs	$	39,123,351	$	50,795	$	6,770	$	57,565	$	100,518	$	30,524	$	39,311,958

	December 31, 2020
(in thousands)	Current		Accruing 30-89 Days Past Due		Accruing 90 Days or Greater Past Due		Total Accruing Past Due		Non-accrual with an ALL		Non-accrual without an ALL		Total
Commercial, financial, and agricultural	$	12,321,514	$	10,256	$	996	$	11,252	$	55,527	$	21,859	$	12,410,152
Owner-occupied	7,087,992		1,913		92		2,005		20,019		—		7,110,016
Total commercial and industrial	19,409,506		12,169		1,088		13,257		75,546		21,859		19,520,168
Investment properties	9,075,843		2,751		154		2,905		24,631		—		9,103,379
1-4 family properties	621,492		3,548		36		3,584		2,383		1,236		628,695
Land and development	591,048		422		—		422		1,899		264		593,633
Total commercial real estate	10,288,383		6,721		190		6,911		28,913		1,500		10,325,707
Consumer mortgages	5,495,415		8,851		485		9,336		8,740		—		5,513,491
Home equity lines	1,521,575		4,006		—		4,006		12,145		—		1,537,726
Credit cards	276,778		2,363		1,877		4,240		—		—		281,018
Other consumer loans	1,062,899		9,122		477		9,599		2,376		—		1,074,874
Total consumer	8,356,667		24,342		2,839		27,181		23,261		—		8,407,109
Loans, net of deferred fees and costs	$	38,054,556	$	43,232	$	4,117	$	47,349	$	127,720	$	23,359	$	38,252,984

Interest income on non-accrual loans outstanding that would have been recorded if the loans had been current and performing in accordance with their original terms was $11.1 million and $12.6 million during the years ended December 31, 2021 and 2020, respectively. Of the interest income recognized during the years ended December 31, 2021 and 2020, cash-basis interest income was $1.8 million and $3.9 million, respectively.

Pledged Loans

Loans with carrying values of $14.19 billion and $15.05 billion, respectively, were pledged as collateral for borrowings and capacity at December 31, 2021 and 2020 respectively, to the FHLB and Federal Reserve Bank.

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Portfolio Segment Risk Factors

The risk characteristics and collateral information of each portfolio segment are as follows:

Commercial and Industrial Loans - The C&I loan portfolio is comprised of general middle market and commercial banking clients across a diverse set of industries. In accordance with Synovus' lending policy, each loan undergoes a detailed underwriting process which incorporates uniform underwriting standards and oversight in proportion to the size and complexity of the lending relationship. These loans are secured by collateral such as business equipment, inventory, and real estate. Credit decisions on loans in the C&I portfolio are based on cash flow from the operations of the business as the primary source of repayment of the debt, with underlying real estate or other collateral being the secondary source of repayment. PPP loans, which are categorized as C&I loans and guaranteed by the SBA, were $399.6 million and $2.19 billion net of unearned fees at December 31, 2021 and 2020, respectively.

Commercial Real Estate Loans - CRE loans primarily consist of income-producing investment properties loans. Additionally, CRE loans include 1-4 family properties loans as well as land and development loans. Investment properties loans consist of construction and mortgage loans for income-producing properties and are primarily made to finance multi-family properties, hotels, office buildings, shopping centers, warehouses and other commercial development properties. 1-4 family properties loans include construction loans to homebuilders and commercial mortgage loans related to 1-4 family rental properties and are almost always secured by the underlying property being financed by such loans. These properties are primarily located in the markets served by Synovus. Land and development loans include commercial and residential development as well as land acquisition loans and are secured by land held for future development, typically in excess of one year. Properties securing these loans are substantially within markets served by Synovus, and loan terms generally include personal guarantees from the principals. Loans in this portfolio are underwritten based on the LTV of the collateral and the capacity of the guarantor(s).

Consumer Loans - The consumer loan portfolio consists of a wide variety of loan products offered through Synovus' banking network including first and second residential mortgages, HELOCs, and credit card loans, as well as home improvement loans, student, personal, and auto loans from third-party lending ("other consumer loans"). Together, consumer mortgages and HELOCs comprise the majority of Synovus' consumer loans and are secured by first and second liens on residential real estate primarily located in the markets served by Synovus. The primary source of repayment for all consumer loans is generally the personal income of the borrower(s).

Credit Quality Indicators

The credit quality of the loan portfolio is reviewed and updated no less frequently than annually using the standard asset classification system utilized by the federal banking agencies. These classifications are divided into three groups: Not Criticized (Pass), Special Mention, and Classified or Adverse rating (Substandard, Doubtful, and Loss) and are defined as follows:

Pass - loans which are well protected by the current net worth and paying capacity of the obligor (or guarantors, if any) or by the fair value, less cost to acquire and sell in a timely manner, of any underlying collateral.

Special Mention - loans which have potential weaknesses that deserve management's close attention. These loans are not adversely classified and do not expose an institution to sufficient risk to warrant an adverse classification.

Substandard - loans which are inadequately protected by the current net worth and paying capacity of the obligor or by the collateral pledged, if any. Loans with this classification are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected.

Doubtful - loans which have all the weaknesses inherent in loans classified as Substandard with the added characteristic that the weaknesses make collection or liquidation in full highly questionable and improbable on the basis of currently known facts, conditions, and values.

Loss - loans which are considered by management to be uncollectible and of such little value that their continuance on the institution's books as an asset, without establishment of a specific valuation allowance or charge-off, is not warranted. Synovus fully reserves for any loans rated as Loss.

In the following tables, consumer loans are generally assigned a risk grade similar to the classifications described above; however, upon reaching 90 days and 120 days past due, they are generally downgraded to Substandard and Loss, respectively, in accordance with the FFIEC Retail Credit Classification Policy. Additionally, in accordance with Interagency Supervisory Guidance, the risk grade classifications of consumer loans (consumer mortgages and HELOCs) secured by junior liens on 1-4 family residential properties also consider available information on the payment status of the associated senior liens with other financial institutions.

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The following table summarizes each loan portfolio class by regulatory risk grade and origination year as of December 31, 2021 as required by CECL.

	December 31, 2021
	Term Loans Amortized Cost Basis by Origination Year												Revolving Loans
(in thousands)	2021		2020		2019		2018		2017		Prior		Amortized Cost Basis		Converted to Term Loans		Total
Commercial, financial and agricultural
Pass	$	2,397,405	$	1,332,549	$	922,396	$	607,918	$	433,045	$	903,995	$	5,056,168	$	42,809	$	11,696,285
Special Mention	2,731		15,166		17,571		10,433		2,242		2,489		71,996		—		122,628
Substandard(1)	16,105		50,979		40,125		10,383		16,473		37,565		51,269		33		222,932
Doubtful(2)	469		—		1,601		8,512		—		—		48		—		10,630
Total commercial, financial and agricultural	2,416,710		1,398,694		981,693		637,246		451,760		944,049		5,179,481		42,842		12,052,475
Owner-occupied
Pass	1,776,086		1,276,797		1,117,825		858,721		708,942		1,150,386		437,724		—		7,326,481
Special Mention	702		19,950		4,724		10,202		18,109		36,481		—		—		90,168
Substandard(1)	7,312		1,294		8,386		43,276		6,169		25,329		—		—		91,766
Doubtful(2)	—		—		—		—		—		—		—		—		—
Loss	271		—		—		—		—		—		—		—		271
Total owner-occupied	1,784,371		1,298,041		1,130,935		912,199		733,220		1,212,196		437,724		—		7,508,686
Total commercial and industrial	4,201,081		2,696,735		2,112,628		1,549,445		1,184,980		2,156,245		5,617,205		42,842		19,561,161
Investment properties
Pass	2,823,978		1,463,503		1,905,534		1,019,765		738,036		1,284,013		278,697		—		9,513,526
Special Mention	6,163		—		32,290		63,900		59,194		44,532		33,659		—		239,738
Substandard(1)	1,465		326		8,550		57,127		3,564		23,505		21,354		—		115,891
Total investment properties	2,831,606		1,463,829		1,946,374		1,140,792		800,794		1,352,050		333,710		—		9,869,155
1-4 family properties
Pass	295,082		82,976		51,939		43,025		49,057		57,025		55,588		—		634,692
Special Mention	192		207		641		—		—		239		—		—		1,279
Substandard(1)	1,999		—		566		4,222		489		2,177		45		—		9,498
Total 1-4 family properties	297,273		83,183		53,146		47,247		49,546		59,441		55,633		—		645,469
Land and development
Pass	141,614		42,201		77,868		34,058		37,167		44,989		44,730		—		422,627
Special Mention	—		800		1,900		31,458		—		1,179		—		—		35,337
Substandard(1)	824		1,149		46		3,021		807		3,055		—		—		8,902
Total land and development	142,438		44,150		79,814		68,537		37,974		49,223		44,730		—		466,866
Total commercial real estate	3,271,317		1,591,162		2,079,334		1,256,576		888,314		1,460,714		434,073		—		10,981,490

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	December 31, 2021
	Term Loans Amortized Cost Basis by Origination Year												Revolving Loans
(in thousands)	2021		2020		2019		2018		2017		Prior		Amortized Cost Basis		Converted to Term Loans		Total
Consumer mortgages
Pass	$	1,293,106	$	1,551,510	$	570,344	$	216,277	$	392,422	$	991,080	$	296	$	—	$	5,015,035
Substandard(1)	1,031		3,680		5,943		12,387		5,717		25,025		—		—		53,783
Loss(3)	—		—		5		—		—		216		—		—		221
Total consumer mortgages	1,294,137		1,555,190		576,292		228,664		398,139		1,016,321		296		—		5,069,039
Home equity lines
Pass	—		—		—		—		—		—		1,199,635		67,139		1,266,774
Substandard(1)	—		—		—		—		—		—		9,058		5,359		14,417
Doubtful(2)	—		—		—		—		—		—		—		—		—
Loss(3)	—		—		—		—		—		—		658		140		798
Total home equity lines	—		—		—		—		—		—		1,209,351		72,638		1,281,989
Credit cards
Pass	—		—		—		—		—		—		298,287		—		298,287
Substandard(1)	—		—		—		—		—		—		521		—		521
Loss(4)	—		—		—		—		—		—		748		—		748
Total credit cards	—		—		—		—		—		—		299,556		—		299,556
Other consumer loans																	—
Pass	654,818		709,077		127,131		50,007		86,175		97,780		385,308		—		2,110,296
Substandard(1)	668		1,550		2,064		1,308		1,892		750		175		—		8,407
Loss	—		—		—		—		—		20		—		—		20
Total other consumer loans	655,486		710,627		129,195		51,315		88,067		98,550		385,483		—		2,118,723
Total consumer	1,949,623		2,265,817		705,487		279,979		486,206		1,114,871		1,894,686		72,638		8,769,307
Loans, net of deferred fees and costs	$	9,422,021	$	6,553,714	$	4,897,449	$	3,086,000	$	2,559,500	$	4,731,830	$	7,945,964	$	115,480	$	39,311,958

(1)    The majority of loans within Substandard risk grade are accruing loans at December 31, 2021.

(2)    Loans within Doubtful risk grade are on non-accrual status and generally have an ALL equal to 50% of the loan amount.

(3)    Loans within Loss risk grade are on non-accrual status and have an ALL equal to the full loan amount.

(4)    Represent amounts that were 120 days past due. These credits are downgraded to the Loss category with an ALL equal to the full loan amount and are generally charged off upon reaching 181 days past due in accordance with the FFIEC Retail Credit Classification Policy.

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	December 31, 2020
	Term Loans Amortized Cost Basis by Origination Year												Revolving Loans
(in thousands)	2020		2019		2018		2017		2016		Prior		Amortized Cost Basis		Converted to Term Loans		Total
Commercial, financial and agricultural
Pass	$	3,819,048	$	1,333,460	$	847,283	$	582,612	$	551,413	$	633,871	$	4,102,751	$	49,762	$	11,920,200
Special Mention	63,307		40,618		12,723		22,070		1,665		5,545		60,741		489		207,158
Substandard(1)	28,698		36,618		24,867		36,072		12,808		35,172		84,498		514		259,247
Doubtful(2)	—		3,721		19,778		—		—		—		48		—		23,547
Total commercial, financial and agricultural	3,911,053		1,414,417		904,651		640,754		565,886		674,588		4,248,038		50,765		12,410,152
Owner-occupied
Pass	1,321,680		1,275,435		1,131,183		982,056		555,932		1,297,070		349,566		—		6,912,922
Special Mention	6,170		9,995		10,682		14,138		1,582		13,768		—		—		56,335
Substandard(1)	2,570		22,793		42,615		26,033		7,316		29,794		—		—		131,121
Doubtful(2)	—		—		9,638		—		—		—		—		—		9,638
Total owner-occupied	1,330,420		1,308,223		1,194,118		1,022,227		564,830		1,340,632		349,566		—		7,110,016
Total commercial and industrial	5,241,473		2,722,640		2,098,769		1,662,981		1,130,716		2,015,220		4,597,604		50,765		19,520,168
Investment properties
Pass	1,055,440		2,126,667		1,999,345		1,091,880		483,780		1,301,088		229,044		—		8,287,244
Special Mention	1,482		66,160		176,794		136,004		138,362		129,401		55,440		—		703,643
Substandard(1)	1,007		4,770		24,476		19,820		21,875		40,509		35		—		112,492
Total investment properties	1,057,929		2,197,597		2,200,615		1,247,704		644,017		1,470,998		284,519		—		9,103,379
1-4 family properties
Pass	197,320		95,145		70,267		88,454		38,729		97,374		27,657		—		614,946
Special Mention	402		—		508		109		786		118		—		—		1,923
Substandard(1)	1,527		653		4,312		1,141		554		2,299		1,340		—		11,826
Total 1-4 family properties	199,249		95,798		75,087		89,704		40,069		99,791		28,997		—		628,695
Land and development
Pass	84,985		173,302		83,734		92,911		12,249		76,380		53,250		—		576,811
Special Mention	857		1,995		2,866		282		—		1,332		636		—		7,968
Substandard(1)	1,229		425		4,664		915		136		1,485		—		—		8,854
Total land and development	87,071		175,722		91,264		94,108		12,385		79,197		53,886		—		593,633
Total commercial real estate	1,344,249		2,469,117		2,366,966		1,431,516		696,471		1,649,986		367,402		—		10,325,707

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	December 31, 2020
	Term Loans Amortized Cost Basis by Origination Year												Revolving Loans
(in thousands)	2020		2019		2018		2017		2016		Prior		Amortized Cost Basis		Converted to Term Loans		Total
Consumer mortgages
Pass	$	1,871,512	$	874,769	$	425,711	$	678,255	$	685,810	$	965,382	$	1,040	$	—	$	5,502,479
Substandard(1)	33		961		748		889		866		7,224		—		—		10,721
Loss(3)	—		—		—		—		—		291		—		—		291
Total consumer mortgages	1,871,545		875,730		426,459		679,144		686,676		972,897		1,040		—		5,513,491
Home equity lines
Pass	—		—		—		—		—		—		1,429,755		90,832		1,520,587
Substandard(1)	—		—		—		—		—		—		9,698		5,996		15,694
Doubtful(2)	—		—		—		—		—		—		—		19		19
Loss(3)	—		—		—		—		—		—		1,283		143		1,426
Total home equity lines	—		—		—		—		—		—		1,440,736		96,990		1,537,726
Credit cards
Pass	—		—		—		—		—		—		279,142		—		279,142
Substandard(1)	—		—		—		—		—		—		595		—		595
Loss(4)	—		—		—		—		—		—		1,281		—		1,281
Total credit cards	—		—		—		—		—		—		281,018		—		281,018
Other consumer loans																	—
Pass	252,160		190,820		89,187		100,459		80,365		61,040		297,637		—		1,071,668
Substandard(1)	19		762		262		1,195		121		585		227		—		3,171
Loss	—		—		—		—		—		35		—		—		35
Total other consumer loans	252,179		191,582		89,449		101,654		80,486		61,660		297,864		—		1,074,874
Total consumer	2,123,724		1,067,312		515,908		780,798		767,162		1,034,557		2,020,658		96,990		8,407,109
Loan, net of deferred fees and costs	$	8,709,446	$	6,259,069	$	4,981,643	$	3,875,295	$	2,594,349	$	4,699,763	$	6,985,664	$	147,755	$	38,252,984

(1)    The majority of loans within Substandard risk grade are accruing loans at December 31, 2020.

(2)    Loans within Doubtful risk grade are on non-accrual status and generally have an ALL equal to 50% of the loan amount.

(3)    Loans within Loss risk grade are on non-accrual status and have an ALL equal to the full loan amount.

(4)    Represent amounts that were 120 days past due. These credits are downgraded to the Loss category with an ALL equal to the full loan amount and are generally charged off upon reaching 181 days past due in accordance with the FFIEC Retail Credit Classification Policy.

Collateral-Dependent Loans

We classify a loan as collateral-dependent when our borrower is experiencing financial difficulty, and we expect repayment to be provided substantially through the operation or sale of collateral. Our commercial loans have collateral that is comprised of real estate and business assets. Our consumer loans have collateral that is substantially comprised of residential real estate.

There were no significant changes in the extent to which collateral secures our collateral-dependent loans during the years ended December 31, 2021 and 2020.    

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Rollforward of Allowance for Loan Losses

The following tables detail the changes in the ALL by loan segment for the years ended December 31, 2021, 2020, and 2019. On January 1, 2020, Synovus adopted ASC 326, which replaced the existing incurred loss methodology with an expected credit loss methodology (referred to as CECL). Under the incurred loss methodology, reserves for credit losses were recognized only when the losses were probable or had been incurred; under CECL, companies are required to recognize the full amount of expected credit losses for the lifetime of the financial assets, based on historical experience, current conditions and reasonable and supportable forecasts. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" of this Report for more information on Synovus' adoption of CECL.

For the year ended December 31, 2021, Synovus had no significant transfers to loans held for sale. For the year ended December 31, 2020, Synovus reversed a net amount of $18.3 million in previously established reserves for credit losses associated with net transfers to held for sale of $1.43 billion in performing loans, primarily related to third-party single-service consumer loans and non-relationship consumer mortgages. For the year ended December 31, 2019, Synovus had no significant transfers to loans held for sale.

	As of and For The Year Ended December 31, 2021
(in thousands)	Commercial & Industrial		Commercial Real Estate		Consumer		Total
Allowance for loan losses:
Beginning balance	$	229,555	$	130,742	$	245,439	$	605,736
Charge-offs	(59,457)		(15,392)		(30,383)		(105,232)
Recoveries	9,734		7,444		10,266		27,444
Provision for (reversal of) loan losses	8,532		(25,034)		(83,849)		(100,351)
Ending balance	$	188,364	$	97,760	$	141,473	$	427,597

	As of and For The Year Ended December 31, 2020
(in thousands)	Commercial & Industrial		Commercial Real Estate		Consumer		Total
Allowance for loan losses:
Beginning balance, prior to adoption of ASC 326	$	145,782	$	67,430	$	68,190	$	281,402
Impact from adoption of ASC 326	(2,310)		(651)		85,955		82,994
Beginning balance, after adoption of ASC 326	$	143,472	$	66,779	$	154,145	$	364,396
Charge-offs	(76,260)		(13,213)		(29,789)		(119,262)
Recoveries	13,544		2,857		8,149		24,550
Provision for (reversal of) loan losses	148,799		74,319		112,934		336,052
Ending balance	$	229,555	$	130,742	$	245,439	$	605,736
	As of and For The Year Ended December 31, 2019
(in thousands)	Commercial & Industrial		Commercial Real Estate		Consumer		Total
Allowance for loan losses:
Beginning balance	$	133,123	$	68,796	$	48,636	$	250,555
Charge-offs	(49,572)		(5,540)		(24,023)		(79,135)
Recoveries	7,827		8,618		5,078		21,523
Provision for (reversal of) loan losses	53,665		(4,444)		38,499		87,720
Transfer of unfunded commitment reserve	739		—		—		739
Ending balance	$	145,782	$	67,430	$	68,190	$	281,402

The ALL of $427.6 million and the reserve for unfunded commitments of $41.9 million, which is recorded in other liabilities, comprise the total ACL of $469.5 million at December 31, 2021. The ACL decreased $184.0 million compared to the December 31, 2020 ACL of $653.5 million, which consisted of an ALL of $605.7 million and the reserve for unfunded commitments of $47.8 million. The ACL to loans coverage ratio of 1.19% at December 31, 2021 was 52 bps lower compared to December 31, 2020.

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The reduction in the overall ACL is due to the notable improvement in the economic environment compared to December 31, 2020 as evidenced by the decrease in the unemployment rate from 6.7% at the end of 2020 to 3.9% at December 31, 2021. Likewise, our economic and credit outlook have progressed substantially compared to 2020. The factors reducing the ACL were partially offset by purchases of $1.62 billion of third-party lending loans as well as net organic loan growth in 2021, requiring additional reserves of $38.6 million.

The ACL is estimated using a two-year reasonable and supportable forecast period. To the extent the lives of the loans in the portfolio extend beyond the period for which a reasonable and supportable forecast can be made, the Company reverts on a straight-line basis back to the historical rates over a one-year period. Synovus utilizes multiple economic forecast scenarios sourced from a reputable third-party provider and probability-weighted internally. The scenarios include a baseline forecast, an upside scenario reflecting an accelerated recovery, a downside scenario that reflects adverse economic conditions, and an additional adverse scenario that assumes consistent slow growth that is less optimistic than the baseline. At December 31, 2021, economic scenario weights incorporated a 43% downside bias. The baseline outlook used in the December 31, 2021 estimate showed stable economic conditions with the unemployment rate at 3.7% by the end of 2022 compared to a baseline forecast from December 31, 2020 that still represented recessionary conditions.

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TDRs

Information about Synovus' TDRs is presented in the following tables. Synovus began entering into loan modifications with borrowers in response to the COVID-19 pandemic, some of which have not been classified as TDRs, and therefore are not included in the discussion below. The following tables represent, by concession type, the post-modification balance for loans modified or renewed during the years ended December 31, 2021, 2020, and 2019 that were reported as accruing or non-accruing TDRs.

TDRs by Concession Type
	Year Ended December 31, 2021
(in thousands, except contract data)	Number of Contracts	Below Market Interest Rate		Other Concessions(1)		Total
Commercial, financial, and agricultural	152	$	12,746	$	8,096	$	20,842
Owner-occupied	24	5,908		868		6,776
Total commercial and industrial	176	18,654		8,964		27,618
Investment properties	9	3,130		—		3,130
1-4 family properties	13	1,131		123		1,254
Land and development	8	1,948		60		2,008
Total commercial real estate	30	6,209		183		6,392
Consumer mortgages	18	2,512		1,006		3,518
Home equity lines	55	4,991		258		5,249
Other consumer loans	103	435		5,720		6,155
Total consumer	176	7,938		6,984		14,922
Loans, net of deferred fees and costs	382	$	32,801	$	16,131	$	48,932	(2)

	Year Ended December 31, 2020
(in thousands, except contract data)	Number of Contracts	Below Market Interest Rate		Other Concessions(1)		Total
Commercial, financial, and agricultural	152	$	10,939	$	11,912	$	22,851
Owner-occupied	22	4,536		1,530		6,066
Total commercial and industrial	174	15,475		13,442		28,917
Investment properties	9	29,679		1,420		31,099
1-4 family properties	22	1,769		1,105		2,874
Land and development	4	606		—		606
Total commercial real estate	35	32,054		2,525		34,579
Consumer mortgages	23	1,866		2,789		4,655
Home equity lines	63	1,970		2,530		4,500
Other consumer loans	57	1,185		2,779		3,964
Total consumer	143	5,021		8,098		13,119
Loans, net of deferred fees and costs	352	$	52,550	$	24,065	$	76,615	(3)

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TDRs by Concession Type (continued)
	Year Ended December 31, 2019
(in thousands, except contract data)	Number of Contracts	Below Market Interest Rate		Other Concessions(1)		Total
Commercial, financial, and agricultural	127	$	9,042	$	9,873	$	18,915
Owner-occupied	22	9,017		861		9,878
Total commercial and industrial	149	18,059		10,734		28,793
Investment properties	8	1,548		—		1,548
1-4 family properties	18	2,182		643		2,825
Land and development	8	1,187		30		1,217
Total commercial real estate	34	4,917		673		5,590
Consumer mortgages	18	1,587		1,361		2,948
Home equity lines	70	3,024		2,522		5,546
Other consumer loans	109	1,712		5,270		6,982
Total consumer	197	6,323		9,153		15,476
Loans, net of deferred fees and costs	380	$	29,299	$	20,560	$	49,859	(4)

(1)    Other concessions generally include term extensions, interest only payments for a period of time, or principal forgiveness, but there was no principal forgiveness for the years ended December 31, 2021, 2020, and 2019.

(2)    No charge-offs were recorded during the year ended December 31, 2021 upon restructuring of these loans.

(3)    No charge-offs were recorded during the year ended December 31, 2020 upon restructuring of these loans.

(4)    No charge-offs were recorded during the year ended December 31, 2019 upon restructuring of these loans.

For the years ended December 31, 2021, 2020 and 2019, there were eight defaults with a recorded investment of $978 thousand, seven defaults with a recorded investment of $21.7 million, and four defaults with a recorded investment of $326 thousand, respectively, on accruing TDRs restructured during the previous twelve months (defaults are defined as the earlier of the TDR being placed on non-accrual status or reaching 90 days past due with respect to principal and/or interest payments). As of December 31, 2021 and 2020, there were no commitments to lend a material amount of additional funds to any clients whose loans were classified as TDRs.

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Note 4 - Premises, Equipment and Software

Premises, equipment and software at December 31, 2021 and 2020 consist of the following:

(in thousands)	2021		2020
Land	$	104,768	$	113,828
Buildings and improvements	361,593		407,735
Leasehold improvements	55,098		53,174
Furniture, equipment and software	441,091		481,560
Construction in progress	18,918		13,052
Total premises, equipment and software	981,468		1,069,349
Less: Accumulated depreciation and amortization	(574,227)		(605,390)
Net premises, equipment and software	$	407,241	$	463,959

Net premises, equipment, and software included $2.2 million and $3.4 million related to net finance leases at December 31, 2021 and 2020, respectively. Depreciation and amortization expense for the years ended December 31, 2021, 2020, and 2019 totaled $50.5 million, $51.6 million, and $49.2 million, respectively.

During the years ended December 31, 2021 and 2020, Synovus transferred premises with a net book value of $33.4 million, including $17.6 million of real estate related to our headquarters in Columbus, and $7.0 million, respectively, to other properties held for sale, a component of other assets.

Note 5 - Goodwill and Other Intangible Assets

Goodwill allocated to each reporting unit at December 31, 2021 and December 31, 2020 is presented as follows:

(in thousands)	Community Banking Reporting Unit		Wholesale Banking Reporting Unit		Consumer Mortgage Reporting Unit		Wealth Management Reporting Unit		Total
Balance as of December 31, 2019	$	256,323	$	171,636	$	44,877	$	24,431	$	497,267
Goodwill impairment	—		—		(44,877)		—		(44,877)
Balance as of December 31, 2020	$	256,323	$	171,636	$	—	$	24,431	$	452,390
Change in goodwill	—		—		—		—		—
Balance as of December 31, 2021	$	256,323	$	171,636	$	—	$	24,431	$	452,390

Goodwill is evaluated for impairment on an annual basis or whenever an event occurs or circumstances change to indicate that it is more likely than not that an impairment loss has been incurred (i.e., a triggering event). During the fourth quarter of 2021, Synovus completed its annual goodwill impairment evaluation applying ASC 350-20-35-3A Goodwill Subsequent Measurement - Qualitative Assessment Approach and concluded that goodwill was not impaired. During 2020, Synovus recorded a $44.9 million goodwill impairment charge representing all of the goodwill allocated to the Consumer Mortgage reporting unit resulting from a combination of factors, including the extended duration of lower market valuations, high volumes in refinance activity that reduced mortgage yields, and the clarity around the FOMC's longer term policy actions designed to keep interest rates low.

The following table shows the gross carrying amount and accumulated amortization of other intangible assets as of December 31, 2021 and 2020, which primarily consist of core deposit intangible assets. The CDI is being amortized over its estimated useful life of approximately ten years utilizing an accelerated method. Aggregate other intangible assets amortization expense for the years ended December 31, 2021, 2020, and 2019 was $9.5 million, $10.6 million, and $11.6 million, respectively, and is included in amortization of intangibles expense within non-interest expense.

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(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
December 31, 2021
CDI	$	57,400	$	(28,178)	$	29,222
Other	12,500		(6,126)		6,374
Total other intangible assets	$	69,900	$	(34,304)	$	35,596
December 31, 2020
CDI	57,400		(19,829)		$	37,571
Other	12,500		(4,959)		7,541
Total other intangible assets	$	69,900	$	(24,788)	$	45,112

The estimated amortization expense of other intangible assets for the next five years is as follows:

(in thousands)	Amortization Expense
2022	$	8,472
2023	7,429
2024	6,366
2025	5,266
2026	4,195

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Note 6 - Other Assets

Significant balances included in other assets at December 31, 2021 and 2020 are presented below.

(in thousands)	2021		2020
Investments in tax credits, CRA partnerships, and other investments	$	426,137	$	262,855
ROU assets	411,472		380,380
Derivative asset positions	191,708		401,295
Deferred tax asset, net	169,051		130,848
Federal Reserve Bank and FHLB Stock	159,941		157,520
Accrued interest receivable	145,659		177,865
Accounts receivable	81,325		88,286
Mutual funds and mutual funds held in rabbi trusts	43,657		37,650
Prepaid expense	42,874		45,088
MPS receivable(1)	15,320		15,575
Other investments	12,185		1,021
Other real estate	11,818		1,819
Trading account assets, at fair value	8,391		10,880
Miscellaneous other assets	70,660		49,517
Total other assets	$	1,790,198	$	1,760,599

(1)    See "Part II - Item 8. Financial Statements and Supplementary Data - Note 14 - Commitments and Contingencies" in this Report for more information on this receivable which is classified as a NPA.

Note 7 - Deposits

A summary of interest-bearing deposits at December 31, 2021 and 2020 is presented below.

(in thousands)	2021		2020
Interest-bearing demand deposits(1)	$	9,321,611	$	8,838,710
Money market accounts(1)	16,364,338		15,277,829
Savings accounts	1,420,647		1,168,672
Time deposits(1)	3,093,027		4,358,100
Brokered deposits	2,835,000		3,570,406
Total interest-bearing deposits	$	33,034,623	$	33,213,717

(1)    Excluding brokered deposits

The aggregate amount of time deposits of $250,000 or more was $1.33 billion at December 31, 2021 and $1.80 billion at December 31, 2020.

The following table presents contractual maturities of all time deposits, including brokered time deposits, at December 31, 2021.

(in thousands)
Maturing within one year	$	3,025,020
Between 1 - 2 years	789,274
2 - 3 years	171,042
3 - 4 years	79,903
4 - 5 years	41,967
Thereafter	10,269
Total	$	4,117,475

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Note 8 - Long-term Debt

Long-term debt at December 31, 2021 and 2020 is presented in the following table:

(dollars in thousands)	2021		2020
Parent Company:
3.125% senior notes, due November 1, 2022, $300.0 million par value with semi-annual interest payments and principal to be paid at maturity	$	299,479	$	298,853
5.90% Fixed-to-Fixed Rate Subordinated Notes issued February 7, 2019, due February 7, 2029, subject to redemption prior to February 7, 2029: $300.0 million par value with semi-annual interest payments at 5.90% for the first five years and semi-annual payments thereafter at a fixed rate of 3.379% above the 5-Year Mid-Swap Rate as of the reset date	297,855		297,553
LIBOR + 1.80% junior subordinated debentures, due June 15, 2035, $10.0 million par value with quarterly interest payments and principal to be paid at maturity (rate of 2.00% at December 31, 2021 and 2.02% at December 31, 2020)	10,000		10,000
Total long-term debt — Parent Company	$	607,334	$	606,406
Synovus Bank:
2.289% Fixed-to-Floating Rate Senior Bank Notes issued February 12, 2020, due February 10, 2023, subject to redemption on February 10, 2022: $400.0 million par value with semi-annual interest payments at 2.289% for the first two years and quarterly payments thereafter at an adjustable rate equal to the then-current SOFR + 94.5 bps per annum(1)	$	399,269	$	398,594
4.00% Fixed-to-Fixed Rate Subordinated Bank Notes issued October 29, 2020, due October 29, 2030, $200.0 million par value with semi-annual interest payments at 4.00% for the first five years and semi-annual payments thereafter at a fixed rate of 3.625% above the 5-Year U.S. Treasury Rate	197,626		197,349
FRB PPP Lending Facility	—		145
Total long-term debt — Synovus Bank	596,895		596,088
Total long-term debt	$	1,204,229	$	1,202,494

(1)    Subsequent to December 31, 2021, Synovus Bank called these Notes and settled them on February 10, 2022 with a net payment of $405.3 million that included principal, interest, and written off debt issuance costs. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 19 - Subsequent Event" in this Report for more information.

The provisions of the indentures governing Synovus’ long-term debt contain certain restrictions within specified limits on mergers, sales of all or substantially all of Synovus' assets and limitations on sales and issuances of voting stock of subsidiaries and Synovus’ ability to pay dividends on its capital stock if there is an event of default under the applicable indenture. As of December 31, 2021 and 2020, Synovus and its subsidiaries were in compliance with the covenants in these agreements.

Contractual annual principal payments on long-term debt for the next five years and thereafter are shown in the following table. These maturities are based upon the par value of the long-term debt.

(in thousands)	Parent Company		Synovus Bank			Total
2022	$	300,000	$	—		$	300,000
2023	—		400,000		(1)	400,000
2024	—		—			—
2025	—		—			—
2026	—		—			—
Thereafter	310,000		200,000			510,000
Total	$	610,000	$	600,000		$	1,210,000

(1)    Subsequent to December 31, 2021, Synovus Bank called these Notes and settled them on February 10, 2022 with a net payment of $405.3 million that included principal, interest, and written off debt issuance costs. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 19 - Subsequent Event" in this Report for more information.

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Note 9 - Shareholders' Equity and Other Comprehensive Income

The following table shows the changes in shares of preferred and common stock issued and common stock held as treasury shares for the years ended December 31, 2021, 2020, and 2019.

(shares in thousands)	Series D Preferred Stock Issued	Series E Preferred Stock Issued	Total Preferred Stock Issued	Common Stock Issued	Treasury Stock Held	Common Stock Outstanding
Balance at December 31, 2018	8,000	—	8,000	143,300	27,434	115,866
FCB acquisition:
Issuance of common stock for acquisition	—	—	—	22,043	—	22,043
Common stock reissued	—	—	—	—	(27,434)	27,434
Warrants exercised and common stock reissued	—	—	—	—	(260)	260
Issuance of preferred stock	—	14,000	14,000	—	—	—
Issuance of common stock for earnout payment	—	—	—	344	—	344
Restricted share unit activity	—	—	—	302	—	302
Stock options exercised	—	—	—	812	—	812
Repurchase of common stock	—	—	—	—	19,903	(19,903)
Balance at December 31, 2019	8,000	14,000	22,000	166,801	19,643	147,158
Issuance of common stock for earnout payment	—	—	—	379	—	379
Restricted share unit activity	—	—	—	389	—	389
Stock options exercised	—	—	—	564	—	564
Repurchase of common stock	—	—	—	—	450	(450)
Balance at December 31, 2020	8,000	14,000	22,000	168,133	20,093	148,040
Warrants exercised and common stock reissued	—	—	—	—	(3)	3
Common stock reissued for earnout payment	—	—	—	—	(125)	125
Restricted share unit activity	—	—	—	355	—	355
Stock options exercised	—	—	—	896	—	896
Repurchase of common stock	—	—	—	—	4,409	(4,409)
Balance at December 31, 2021	8,000	14,000	22,000	169,384	24,374	145,010

Preferred Stock

The following table presents a summary of Preferred Stock as of December 31, 2021, 2020, and 2019.

	Issuance Date	Public Offering Amount		Net Proceeds		Earliest Redemption Date	Dividend Rate(1)			Liquidation Preference
Series D	June 21, 2018	$200.0	million	$195.1	million	June 21, 2023	6.300	%	(2)	$25 per share
Series E	July 1, 2019	$350.0	million	$342.0	million	July 1, 2024	5.875	%	(3)	$25 per share

(1)     Dividends on all series of Preferred Stock are non-cumulative and, if declared, will accrue and be payable in arrears, quarterly.

(2)     Dividends, if declared, will be paid quarterly at a rate per annum equal to 6.300% for each dividend period from the original issue date to, but excluding, June 21, 2023. From and including June 21, 2023, the dividend rate will change to a floating rate equal to the three-month LIBOR plus a spread of 3.352% per annum.

(3)     Dividends, if declared, will be paid quarterly at a rate per annum equal to 5.875% for each dividend period from the original issue date to, but excluding, July 1, 2024. From and including July 1, 2024, the dividend rate will change and reset every five years on July 1 at a rate equal to the five-year U.S. Treasury Rate plus 4.127% per annum.

All series of Preferred Stock are redeemable at Synovus' option in whole or in part, from time to time, on the earliest redemption date or any subsequent reset date, or in whole but not in part, at any time within 90 days following a regulatory capital treatment event, in each case, at a redemption price equal to $25 per share, plus any declared and unpaid dividends, without accumulation of any undeclared dividends. All series of Preferred Stock have no preemptive or conversion rights. Except in limited circumstances, all series of Preferred Stock do not have any voting rights.

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Common Stock

Repurchases of Common Stock

During 2021, Synovus repurchased $199.9 million, or 4.4 million shares, of common stock through open market transactions under the share repurchase program announced on January 26, 2021.

During 2020, Synovus repurchased $16.2 million, or 450 thousand shares, of common stock through open market transactions under the share repurchase program announced on January 24, 2020.

During 2019, Synovus repurchased $725.0 million, or 19.9 million shares, of common stock through open market transactions under the $725.0 million repurchase program, with $400.0 million authorized during the fourth quarter of 2018 for execution in 2019 and $325.0 million authorized in 2019.

Accumulated Other Comprehensive Income (Loss)

The following table illustrates activity within the balances in AOCI by component, and is shown for the years ended December 31, 2021, 2020, and 2019.

Changes in Accumulated Other Comprehensive Income (Loss) by Component (Net of Income Taxes)
(in thousands)	Net Unrealized Gains (Losses) on Investment Securities Available for Sale(1)		Net Unrealized Gains (Losses) on Cash Flow Hedges(1)		Post-Retirement Unfunded Health Benefit		Total
Balance at December 31, 2018	$	(83,179)	$	(12,137)	$	896	$	(94,420)
Other comprehensive income (loss) before reclassifications	161,170		(6,350)		(378)		154,442
Amounts reclassified from accumulated other comprehensive income (loss)	5,675		—		(56)		5,619
Net current period other comprehensive income (loss)	166,845		(6,350)		(434)		160,061
Balance at December 31, 2019	$	83,666	$	(18,487)	$	462	$	65,641
Other comprehensive income (loss) before reclassifications	80,491		73,502		—		153,993
Amounts reclassified from accumulated other comprehensive income (loss)	(58,488)		(2,049)		(462)		(60,999)
Net current period other comprehensive income (loss)	22,003		71,453		(462)		92,994
Balance at December 31, 2020	$	105,669	$	52,966	$	—	$	158,635
Other comprehensive income (loss) before reclassifications	(174,246)		(57,705)		—		(231,951)
Amounts reclassified from accumulated other comprehensive income (loss)	597		(9,602)		—		(9,005)
Net current period other comprehensive income (loss)	(173,649)		(67,307)		—		(240,956)
Balance at December 31, 2021	$	(67,980)	$	(14,341)	$	—	$	(82,321)

(1)    For all periods presented, the ending balance in net unrealized gains (losses) on investment securities available for sale and cash flow hedges includes unrealized losses of $13.3 million and $12.1 million, respectively, related to residual tax effects remaining in OCI due to previously established deferred tax asset valuation allowances in 2010 and 2011. In accordance with ASC 740-20-45-11(b), under the portfolio approach, these unrealized losses are realized at the time the entire portfolio is sold or disposed.

Note 10 - Regulatory Capital

Synovus and Synovus Bank are each subject to regulatory capital requirements administered by the federal banking agencies under Basel III. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the consolidated financial statements. Specific capital levels that involve quantitative measures of both on- and off-balance sheet items as calculated under regulatory capital guidelines must be met. Capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Additionally, regulatory capital rules include a capital conservation buffer of 2.5% that is added on top of each of the minimum risk-based capital ratios in order to avoid restrictions on capital distributions and discretionary bonuses. Management currently believes, based on internal capital analyses and earnings projections, that Synovus' and Synovus Bank’s capital positions are each adequate to meet regulatory minimum capital requirements inclusive of the capital conservation buffer.

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Synovus Bank is also required to maintain certain capital levels, and not be subject to any written agreement, order, capital directive, or prompt corrective action directive requiring it to meet and maintain a specific capital level for any capital measure, in order to be considered a well-capitalized institution as defined by federal prompt corrective action banking regulations.

The following table summarizes regulatory capital information at December 31, 2021 and 2020 for Synovus and Synovus Bank.

	Actual Capital						Minimum Requirement For Capital Adequacy(1)						To Be Well-Capitalized Under Prompt Corrective Action Provisions(2)
(dollars in thousands)	2021			2020			2021			2020			2021			2020
Synovus Financial Corp.
CET1 capital	$	4,388,618		$	4,034,865		$	2,079,435		$	1,879,551		N/A			N/A
Tier 1 risk-based capital	4,925,763			4,572,010			2,772,581			2,506,068			N/A			N/A
Total risk-based capital	5,827,196			5,604,230			3,696,774			3,341,425			N/A			N/A
CET1 capital ratio	9.50		%	9.66		%	4.50		%	4.50		%	N/A			N/A
Tier 1 risk-based capital ratio	10.66			10.95			6.00			6.00			N/A			N/A
Total risk-based capital ratio	12.61			13.42			8.00			8.00			N/A			N/A
Leverage ratio	8.72			8.50			4.00			4.00			N/A			N/A
Synovus Bank
CET1 capital	$	4,998,698		$	4,641,711		$	2,076,515		$	1,880,757		$	2,999,410		$	2,716,650
Tier 1 risk-based capital	4,998,698			4,641,711			2,768,686			2,507,677			3,691,581			3,343,569
Total risk-based capital	5,587,757			5,361,611			3,691,581			3,343,569			4,614,477			4,176,461
CET1 capital ratio	10.83		%	11.11		%	4.50		%	4.50		%	6.50		%	6.50		%
Tier 1 risk-based capital ratio	10.83			11.11			6.00			6.00			8.00			8.00
Total risk-based capital ratio	12.11			12.83			8.00			8.00			10.00			10.00
Leverage ratio	8.86			8.73			4.00			4.00			5.00			5.00

(1)    The additional capital conservation buffer in effect is 2.5%.

(2)    The prompt corrective action provisions are applicable at the bank level only.

Note 11 - Net Income Per Common Share

The following table displays a reconciliation of the information used in calculating basic and diluted net income per common share for the years ended December 31, 2021, 2020, and 2019. Diluted net income per common share incorporates the potential impact of contingently issuable shares, including awards which require future service as a condition of delivery of the underlying common stock.

	Years Ended December 31,
(in thousands, except per share data)	2021		2020		2019
Net income	$	760,467	$	373,695	$	563,780
Less: Preferred stock dividends	33,163		33,163		22,881
Net income available to common shareholders	$	727,304	$	340,532	$	540,899
Weighted average common shares outstanding	147,041		147,415		154,331
Effect of dilutive outstanding equity-based awards, warrants, and earnout payments	1,454		795		1,727
Weighted average diluted common shares	148,495		148,210		156,058
Net income per common share, basic	$	4.95	$	2.31	$	3.50
Net income per common share, diluted	$	4.90	$	2.30	$	3.47

For the years ended December 31, 2021, 2020, and 2019, there were 21 thousand, 602 thousand, and 40 thousand, respectively, potentially dilutive shares related to stock options to purchase shares of common stock that were outstanding but were not included in the computation of diluted net income per common share because the effect would have been anti-dilutive.

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Note 12 - Fair Value Accounting

Fair value accounting guidance defines fair value as the exchange price that would be received to sell an asset or paid to transfer a liability (an "exit price") in the principal or most advantageous market available to the entity in an orderly transaction between market participants, on the measurement date. 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.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table presents all financial instruments measured at fair value on a recurring basis as of December 31, 2021 and 2020.

	December 31, 2021								December 31, 2020
(in thousands)	Level 1		Level 2		Level 3		Total Assets and Liabilities at Fair Value		Level 1		Level 2		Level 3		Total Assets and Liabilities at Fair Value
Assets
Trading securities:
Mortgage-backed securities issued by U.S. Government agencies	$	—	$	197	$	—	$	197	$	—	$	10,185	$	—	$	10,185
Collateralized mortgage obligations issued by U.S. Government sponsored enterprises	—		671		—		671		—		158		—		158
Other mortgage-backed securities	—		—		—		—		—		178		—		178
State and municipal securities	—		560		—		560		—		176		—		176
Asset-backed securities	—		6,963		—		6,963		—		183		—		183
Total trading securities	$	—	$	8,391	$	—	$	8,391	$	—	$	10,880	$	—	$	10,880
Investment securities available for sale:
U.S. Treasury securities	$	117,838	$	—	$	—	$	117,838	$	20,257	$	—	$	—	$	20,257
U.S. Government agency securities	—		54,201		—		54,201		—		82,320		—		82,320
Mortgage-backed securities issued by U.S. Government agencies	—		779,633		—		779,633		—		1,218,017		—		1,218,017
Mortgage-backed securities issued by U.S. Government sponsored enterprises	—		8,012,301		—		8,012,301		—		5,000,046		—		5,000,046
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises	—		939,623		—		939,623		—		1,250,377		—		1,250,377
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises	—		481,744		—		481,744		—		370,921		—		370,921
Asset-backed securities	—		514,188		—		514,188		—		—		—		—
Corporate debt securities and other debt securities	—		18,801		—		18,801		—		18,479		2,021		20,500
Total investment securities available for sale	$	117,838	$	10,800,491	$	—	$	10,918,329	$	20,257	$	7,940,160	$	2,021	$	7,962,438
Mortgage loans held for sale	—		108,198		—		108,198		—		216,647		—		216,647
Other investments	—		—		12,185		12,185		—		—		1,021		1,021
Mutual funds and mutual funds held in rabbi trusts	43,657		—		—		43,657		37,650		—		—		37,650
GGL/SBA loans servicing asset	—		—		3,233		3,233		—		—		3,258		3,258
Derivative assets	—		191,708		—		191,708		—		401,295		—		401,295
Liabilities
Trading liability for short positions	$	—	$	200	$	—	$	200	$	—	$	7,717	$	—	$	7,717
Mutual fund held in rabbi trusts	27,205		—		—		27,205		20,752		—		—		20,752
Earnout liability	—		—		—		—		—		—		5,677		5,677
Derivative liabilities	—		95,067		3,535		98,602		—		155,119		2,048		157,167

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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.

	Years Ended December 31,
(in thousands)	2021		2020		2019
Changes in fair value included in net income:
Mortgage loans held for sale	$	(3,942)	$	3,400	$	1,675
Mortgage loans held for sale:
Fair value	108,198		216,647		115,173
Unpaid principal balance	105,785		210,292		112,218
Fair value less aggregate unpaid principal balance	$	2,413	$	6,355	$	2,955

Fair Value Measurements Using Significant Unobservable Inputs (Level 3)

During 2021 and 2020, Synovus did not have any transfers in or out of Level 3 in the fair value hierarchy.

	2021
(in thousands)	Investment Securities Available for Sale		Other Investments		GGL/SBA Loans Servicing Asset		Earnout Liability		Visa Derivative Liability
Beginning balance	$	2,021	$	1,021	$	3,258	$	(5,677)	$	(2,048)
Total gains (losses) realized/unrealized:
Included in earnings	—		1,164		(1,339)		(507)		(2,656)
Sales	(2,021)		—		—		—		—
Additions	—		10,000		—		—		—
Settlements	—		—		1,314		6,184		1,169
Ending balance	$	—	$	12,185	$	3,233	$	—	$	(3,535)
Total net gains (losses) for the year included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at December 31, 2021	$	—	$	1,164	$	—			$	(2,656)

	2020
(in thousands)	Investment Securities Available for Sale		Other Investments		GGL/SBA Loans Servicing Asset		Earnout Liability		Visa Derivative Liability
Beginning balance	$	2,105	$	3,887	$	3,040	$	(11,016)	$	(2,339)
Total gains (losses) realized/unrealized:
Included in earnings	—		(2,866)		(1,000)		(4,908)		(890)
Unrealized gains (losses) included in other comprehensive income	(84)		—		—		—		—
Additions	—		—		1,218		—		—
Settlements	—		—		—		10,247		1,181
Ending balance	$	2,021	$	1,021	$	3,258	$	(5,677)	$	(2,048)
Total net gains (losses) for the year included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at December 31, 2020	$	—	$	(2,866)	$	—	$	(4,908)	$	(890)

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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. The range of sensitivities that management utilized in its fair value calculations is deemed acceptable in the industry with respect to the identified financial instruments.

			December 31, 2021		December 31, 2020
(dollars in thousands)	Valuation Technique	Significant Unobservable Input	Level 3 Fair Value	Rate/Range	Level 3 Fair Value	Rate/Range
Assets measured at fair value on a recurring basis
Investment Securities Available for Sale:
Corporate debt and other debt securities trust preferred security	Discounted cash flow analysis	Discount rate Forecasted average Prime reset rate	$—	N/A	$2,021	4.96% 4.06%
Other investments	Individual analysis of each investee company	Multiple 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	$12,185	N/A	$1,021	N/A
GGL/SBA loans servicing asset	Discounted cash flow analysis	Discount rate Prepayment speeds	$3,233	8.55% 18.50%	$3,258	10.79% 18.81%
Earnout liability	Option pricing methods and Monte Carlo simulation	Financial projections of Global One through June 30, 2021	$—	N/A	$5,677	N/A
Visa derivative liability	Discounted cash flow analysis	Estimated timing of resolution of Covered Litigation and future cumulative deposits to the litigation escrow for settlement of the Covered Litigation	$3,535	0-1.8 years (3Q 2023)	$2,048	0-1.8 years (3Q 2022)

Assets Measured at Fair Value on a Non-recurring Basis

Certain assets are required to be measured at fair value on a non-recurring basis subsequent to their initial recognition. These assets and liabilities are not measured at fair value on an ongoing basis; however, they are subject to fair value adjustments in certain circumstances, such as when there is evidence of impairment. 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.

	December 31, 2021								December 31, 2020
(in thousands)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Loans(1)	$	—	$	—	$	19,482	$	19,482	$	—	$	—	$	44,802	$	44,802
Other real estate	—		—		270		270		—		—		860		860
MPS receivable	—		—		—		—		—		—		15,575		15,575
Other assets held for sale	—		—		1,256		1,256		—		—		2,354		2,354

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	Years Ended December 31,
(in thousands)	2021		2020		Location in Consolidated Statements of Income
Loans(1)	$	27,613	$	21,927	Provision for credit losses
Other real estate	120		200		Other operating expense
MPS receivable	—		2,663		Other operating expense
Other assets held for sale	462		2,292		Other operating expense

(1) Collateral-dependent loans that are written down to fair value of collateral.

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, 2021	December 31, 2020
	Valuation Technique	Significant Unobservable Input	Range (Weighted Average)(1)	Range (Weighted Average)(1)
Assets measured at fair value on a non-recurring basis
Loans	Third-party appraised value of collateral less estimated selling costs	Discount to appraised value Estimated selling costs	0%-71% (48%) 0%-10% (7%)	0%-39% (25%) 0%-7% (7%)
Loans held for sale	Analysis of anticipated market prices for similar assets less estimated selling costs	Market price analysis for similar assets Estimated selling costs	N/A	N/A
Other real estate	Third-party appraised value of real estate less estimated selling costs	Discount to appraised value Estimated selling costs	0%-48% (24%) 0%-10% (7%)	0%-23% (12%) 0%-10% (7%)
MPS receivable(2)	Third-party appraised value of business less estimated selling costs	Discount to appraised value Estimated selling costs	N/A	N/A
Other assets held for sale	Third-party appraised value less estimated selling costs or BOV	Discount to appraised value Estimated selling costs	0%-51% (20%) 0%-10% (7%)	0%-66% (45%) 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.

(2)    See "Part II - Item 8. Financial Statements and Supplementary Data - Note 14 - Commitments and Contingencies" of this Report for more information on this receivable which was classified as a NPA at December 31, 2021 and 2020.

Fair Value of Financial Instruments

The following table presents the carrying and estimated fair values of financial instruments at December 31, 2021 and 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" of this Report for a description of how fair value measurements are determined.

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	December 31, 2021
(in thousands)	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Financial assets
Total cash, cash equivalents, and restricted cash	$	3,009,853	$	3,009,853	$	3,009,853	$	—	$	—
Trading securities	8,391		8,391		—		8,391		—
Investment securities available for sale	10,918,329		10,918,329		117,838		10,800,491		—
Loans held for sale	750,642		749,980		—		108,198		641,782
Other investments	12,185		12,185		—		—		12,185
Mutual funds and mutual funds held in rabbi trusts	43,657		43,657		43,657		—		—
Loans, net of deferred fees and costs	38,884,361		39,118,275		—		—		39,118,275
GGL/SBA loans servicing asset	3,233		3,233		—		—		3,233
FRB and FHLB stock	159,941		159,941		—		159,941		—
Derivative assets	191,708		191,708		—		191,708		—
Financial Liabilities
Non-interest-bearing deposits	$	16,392,653	$	16,392,653	$	—	$	16,392,653	$	—
Non-time interest-bearing deposits	28,917,148		28,917,148		—		28,917,148		—
Time deposits	4,117,475		4,125,673		—		4,125,673		—
Total deposits	$	49,427,276	$	49,435,474	$	—	$	49,435,474	$	—
Securities sold under repurchase agreements	264,133		264,133		264,133		—		—
Trading liability for short positions	200		200		—		200		—
Long-term debt	1,204,229		1,243,147		—		1,243,147		—
Mutual fund held in rabbi trusts	27,205		27,205		27,205		—		—
Derivative liabilities	98,602		98,602		—		95,067		3,535

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	December 31, 2020
(in thousands)	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Financial assets
Total cash, cash equivalents, and restricted cash	$	4,252,917	$	4,252,917	$	4,252,917	$	—	$	—
Trading securities	10,880		10,880		—		10,880		—
Investment securities available for sale	7,962,438		7,962,438		20,257		7,940,160		2,021
Loans held for sale	760,123		760,939		—		216,647		544,292
Other investments	1,021		1,021		—		—		1,021
Mutual funds and mutual funds held in rabbi trusts	37,650		37,650		37,650		—		—
Loans, net of deferred fees and costs	37,647,248		37,605,881		—		—		37,605,881
GGL/SBA loans servicing asset	3,258		3,258		—		—		3,258
FRB and FHLB stock	157,520		157,520		—		157,520		—
Derivative assets	401,295		401,295		—		401,295		—
Financial Liabilities
Non-interest-bearing deposits	$	13,477,854	$	13,477,854	$	—	$	13,477,854	$	—
Non-time interest-bearing deposits	27,265,521		27,265,521		—		27,265,521		—
Time deposits	5,948,196		5,970,146		—		5,970,146		—
Total deposits	$	46,691,571	$	46,713,521	$	—	$	46,713,521	$	—
Securities sold under repurchase agreements	227,922		227,922		227,922		—		—
Trading liability for short positions	7,717		7,717		—		7,717		—
Long-term debt	1,202,494		1,266,825		—		1,266,825		—
Earnout liability	5,677		5,677		—		—		5,677
Mutual fund held in rabbi trusts	20,752		20,752		20,752		—		—
Derivative liabilities	157,167		157,167		—		155,119		2,048

Note 13 - Derivative Instruments

Synovus utilizes derivative instruments to manage its exposure to various types of interest rate risk, exposures related to liquidity and credit risk, and to facilitate client transactions. The primary types of derivative instruments utilized by Synovus consist of interest rate swaps, interest rate lock commitments made to prospective mortgage loan clients, commitments to sell fixed-rate mortgage loans, and foreign currency exchange forwards. Interest rate lock commitments represent derivative instruments since it is intended that such loans will be sold. Synovus is party to master netting arrangements with its dealer counterparties; however, Synovus does not offset assets and liabilities under these arrangements for financial statement presentation purposes. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" of this Report for additional information regarding accounting policies for derivatives.

Hedging Derivatives

Cash flow hedge relationships mitigate exposure to the variability of future cash flows or other forecasted transactions. Synovus has entered into interest rate swap contracts to manage overall cash flow changes related to interest rate risk exposure on index-based variable rate commercial loans. The contracts effectively modify Synovus' exposure to interest rate risk by utilizing receive fixed/pay index-based variable rate interest rate swaps.

For cash flow hedges, if the hedged exposure is a cash flow exposure, the effective portion of the gain or loss on the derivative instrument is reported initially as a component of accumulated other comprehensive income (loss), net of the tax impact, and subsequently reclassified into earnings when the hedged transaction affects earnings with the impacts recorded in the same income statement line item used to present the earnings effect of the hedged item. When a cash flow hedge relationship is discontinued but the hedged cash flows, or forecasted transactions, are still expected to occur, gains or losses that were accumulated in OCI are amortized into earnings over the same periods which the hedged transactions are still expected to affect earnings. If, however, it is probable the forecasted transactions will no longer occur, the remaining accumulated amounts in OCI for the impacted cash flow hedges are immediately recognized in earnings.

Synovus recorded net unrealized gains of $1.2 million, or $930 thousand, after tax, in OCI during the year ended December 31, 2021 and $9.8 million, or $7.3 million, after-tax, in OCI, during the year ended December 31, 2020, related to terminated cash flow hedges, which are being recognized into earnings in conjunction with the effective terms of the original swaps

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through the second quarter of 2026. Synovus recognized pre-tax income of $12.9 million and $2.8 million, respectively, during the years ended December 31, 2021 and 2020 related to the amortization of terminated cash flow hedges.

As of December 31, 2021, Synovus expects to reclassify into earnings approximately $27 million in pre-tax income due to the receipt or payment of interest payments on all cash flow hedges within the next twelve months. Included in this amount is approximately $4 million in pre-tax income related to the amortization of terminated cash flow hedges. As of December 31, 2021, the maximum length of time over which Synovus is hedging its exposure to the variability in future cash flows is through the third quarter of 2026.

For derivative instruments that are not designated as hedging instruments, changes in the fair value of the derivatives are recognized in earnings immediately.

Client Related Derivative Positions

Synovus enters into interest rate swap agreements to facilitate the risk management strategies of certain commercial banking clients. Synovus mitigates this risk largely by entering into equal and offsetting interest rate swap agreements with highly rated counterparties. The interest rate swap agreements are free-standing derivatives and are recorded at fair value on Synovus' consolidated balance sheets. The credit risk to these clients is evaluated and included in the calculation of fair value. Fair value changes including credit-related adjustments are recorded as a component of capital markets income.

Counterparty Credit Risk and Collateral

Entering into derivative contracts potentially exposes Synovus to the risk of counterparties’ failure to fulfill their legal obligations, including, but not limited to, potential amounts due or payable under each derivative contract. Notional principal amounts are often used to express the volume of these transactions, but the amounts potentially subject to credit risk are much smaller. Synovus assesses the credit risk of its dealer counterparties by regularly monitoring publicly available credit rating information, evaluating other market indicators, and periodically reviewing detailed financials. Dealer collateral requirements are determined via risk-based policies and procedures and in accordance with existing agreements. Synovus seeks to minimize dealer credit risk by dealing with highly rated counterparties and by obtaining collateral for exposures above certain predetermined limits. Management closely monitors credit conditions within the client swap portfolio, which management deems to be of higher risk than dealer counterparties. Collateral is secured at origination and credit related fair value adjustments are recorded against the asset value of the derivative as deemed necessary based upon an analysis, which includes consideration of the current asset value of the swap, client risk rating, collateral value, and client standing with regards to its swap contractual obligations and other related matters. Such asset values fluctuate based upon changes in interest rates regardless of changes in notional amounts and changes in client specific risk.

Mortgage Derivatives

Synovus originates first lien residential mortgage loans for sale into the secondary market. Mortgage loans are sold either individually or in a bulk sale by Synovus on a whole loan servicing-released basis to third-party servicing aggregators for potential conversion into mortgage-backed securities which can be traded in the secondary market or retained on their respective balance sheet.

Synovus enters into interest rate lock commitments for residential mortgage loans which commits it to lend funds to a potential borrower at a specific interest rate and within a specified period of time. Interest rate lock commitments that relate to the origination of mortgage loans that, if originated, will be held for sale, are considered derivative financial instruments under applicable accounting guidance. Outstanding interest rate lock commitments expose Synovus to the risk that the price of the mortgage loans underlying the commitments may decline due to increases in mortgage interest rates from inception of the rate lock to the funding of the loan and the eventual commitment for sale into the secondary market.

Forward commitments to sell primarily fixed-rate mortgage loans are entered into to reduce the exposure to market risk arising from potential changes in interest rates, which could affect the fair value of mortgage loans held for sale and outstanding interest rate lock commitments, which guarantee a certain interest rate if the loan is ultimately funded or granted by Synovus as a mortgage loan held for sale. The commitments to sell mortgage loans are at fixed prices and are scheduled to settle at specified dates that generally do not exceed 90 days.

Visa Derivative

In conjunction with the sale of Class B shares of common stock issued by Visa to Synovus as a Visa USA member, Synovus entered into a derivative contract with the purchaser, which provides for settlements between the parties based upon a change in the ratio for conversion of Visa Class B shares to Visa Class A shares. The conversion ratio changes when Visa deposits funds to a litigation escrow established by Visa to pay settlements for certain litigation, for which Visa is indemnified by Visa USA members. The litigation escrow is funded by proceeds from Visa’s conversion of Class B shares.

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The fair value of the derivative contract is determined based on management's estimate of the timing and amount of the Covered Litigation settlement, and the resulting payments due to the counterparty under the terms of the contract. During the years ended December 31, 2021 and 2020, Synovus recorded fair value adjustments of $2.7 million and $890 thousand, respectively, in other non-interest expense. Management believes that the estimate of Synovus' exposure to the Visa indemnification including fees associated with the Visa derivative is adequate based on current information, including Visa's recent announcements and disclosures. However, future developments in the litigation could require changes to Synovus' estimate.

Collateral Requirements

Certain derivative transactions have collateral requirements, both at the inception of the trade, and as the value of each derivative position changes. As of December 31, 2021 and 2020, collateral totaling $64.5 million and $155.4 million, respectively, was pledged to the derivative counterparties to comply with collateral requirements in the normal course of business. For derivatives cleared through central clearing houses, the variation margin payments made are legally characterized as settlements of the derivatives. As a result, these variation margin payments are netted against the fair value of the respective derivative contracts on the consolidated balance sheets and related disclosures. At December 31, 2021 and 2020, Synovus had a variation margin of $94.6 million and $162.7 million, respectively, reducing the derivative liability.

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The following table reflects the notional amount and fair value of derivative instruments included on the consolidated balance sheets.

	December 31, 2021						December 31, 2020
			Fair Value						Fair Value
(in thousands)	Notional Amount		Derivative Assets(1)		Derivative Liabilities(2)		Notional Amount		Derivative Assets(1)		Derivative Liabilities(2)
Derivatives in cash flow hedging relationships:
Interest rate contracts	$	3,600,000	$	22,004	$	20,395	$	3,000,000	$	80,802	$	—
Total derivatives designated as hedging instruments			$	22,004	$	20,395			$	80,802	$	—
Derivatives not designated:   as hedging instruments
Interest rate contracts(3)	$	9,653,600	$	167,560	$	74,514	$	8,784,141	$	314,234	$	153,204
Mortgage derivatives - interest rate lock commitments	99,006		2,105		—		306,138		6,259		—
Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans	105,500		—		122		230,500		—		1,611
Other contracts(4)	293,059		—		36		234,884		—		304
Foreign exchange contracts(5)	22,387		39		—		24,125
Visa derivative	—		—		3,535		—		—		2,048
Total derivatives not designated as hedging instruments			$	169,704	$	78,207			$	320,493	$	157,167

(1)    Derivative assets are recorded in other assets on the consolidated balance sheets.

(2)    Derivative liabilities are recorded in other liabilities on the consolidated balance sheets.

(3)    Includes interest rate contracts for client swaps and offsetting positions, net of variation margin payments.

(4)    Includes risk participation agreements sold. Additionally, the notional amount of risk participation agreements purchased was $81.2 million and $2.6 million at December 31, 2021 and 2020, respectively.

(5)     The fair value of foreign exchange contracts was negligible at December 31, 2020 due to the very short duration of these contracts.

    Synovus also provides foreign currency exchange services, primarily forward contracts, with counterparties to allow commercial clients to mitigate exchange rate risk. Synovus covers its risk by entering into an offsetting foreign currency exchange forward contract.

The following table presents the effect of hedging derivative instruments on the consolidated statements of income and the total amounts for the respective line item affected for the years ended December 31, 2021, 2020, and 2019.

(in thousands)	2021		2020		2019
Total amounts presented on the consolidated statements of income in interest income on loans	$	31,522	$	22,215	$	—
Gain/loss on cash flow hedging relationships:(1)
Interest rate swaps:
Realized gains (losses) reclassified from AOCI, pre-tax, to interest income on loans	12,862		2,765		—
Pre-tax income recognized on cash flow hedges	$	12,862	$	2,765	$	—

(1)    See "Part II - Item 8. Financial Statements and Supplementary Data - Note 9 - Shareholders' Equity and Other Comprehensive Income" in this Report for additional information.

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    The pre-tax effect of changes in fair value from derivative instruments not designated as hedging instruments on the consolidated statements of income for the years ended December 31, 2021, 2020 and 2019 is presented below.

		Gain (Loss) Recognized in Consolidated Statements of Income
		For The Years Ended December 31,
(in thousands)	Location in Consolidated Statements of Income	2021		2020		2019
Derivatives not designated as hedging instruments:
Interest rate contracts(1)	Capital markets income	$	100	$	(777)	$	(338)
Other contracts(2)	Capital markets income	269		(213)		(91)
Foreign exchange contracts	Capital markets income	39		—		—
Mortgage derivatives - interest rate lock commitments	Mortgage banking income	(4,154)		4,969		346
Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans	Mortgage banking income	1,489		(1,443)		651
Visa derivative	Other non-interest expense	2,656		(890)		(3,611)
Total derivatives not designated as hedging instruments		$	399	$	1,646	$	(3,043)

(1)    Gain (loss) represents net fair value adjustments (including credit related adjustments) for client swaps and offsetting positions. Additionally, losses related to termination of client swaps of $2.5 million were recorded in other non-interest expense during 2020.

(2)    Includes risk participation agreements sold.

Note 14 - Commitments and Contingencies

In the normal course of business, Synovus enters into commitments to extend credit such as loan commitments and letters of credit to meet the financing needs of its clients. Synovus uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. Commitments to extend credit are agreements to lend to a client as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Synovus also has commitments to fund certain tax credits, CRA partnerships, and other investments.

The contractual amount of these financial instruments represents Synovus' maximum credit risk should the counterparty draw upon the commitment, and should the counterparty subsequently fail to perform according to the terms of the contract. Since many of the commitments are expected to expire without being drawn upon, total commitment amounts do not necessarily represent future cash requirements. Additionally, certain commitments (primarily consumer) can generally be canceled by providing notice to the borrower.

The ACL associated with unfunded commitments and letters of credit is recorded within other liabilities on the consolidated balance sheets. At December 31, 2021, the ACL for unfunded commitments was $41.9 million, compared to a reserve of $47.8 million at December 31, 2020. Additionally, an immaterial amount of unearned fees relating to letters of credit are recorded within other liabilities on the consolidated balance sheets.

Synovus invests in certain LIHTC partnerships which are engaged in the development and operation of affordable multi-family housing pursuant to Section 42 of the Code. Additionally, Synovus invests in certain solar energy tax credit partnerships pursuant to Section 48 of the Code and certain new market tax credit partnerships pursuant to section 45D of the Code. Synovus typically acts as a limited partner in these investments and does not exert control over the operating or financial policies of the partnerships and as such, is not considered the primary beneficiary of the partnership. For certain of its LIHTC investments, Synovus provides financing during the construction and development of the properties and is at risk for the funded amount of its equity investment plus the outstanding amount of any construction loans in excess of the fair value of the collateral for the loan, but has no obligation to fund the operations or working capital of the partnerships and is not exposed to losses beyond Synovus’ investment. Synovus receives tax credits related to these investments which are subject to recapture by taxing authorities based on compliance provisions required to be met at the project level.

Synovus also invests in CRA partnerships, including SBIC programs, and other investments. The SBIC is a program initiated by the SBA in 1958 to assist in the funding of small business loans.

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	December 31,
(in thousands)	2021		2020
Letters of credit(1)	$	183,463	$	190,562
Commitments to fund commercial and industrial loans	9,069,588		8,200,608
Commitments to fund commercial real estate, construction, and land development loans	3,593,171		3,290,041
Commitments under home equity lines of credit	1,805,869		1,602,831
Unused credit card lines	999,787		1,012,313
Other loan commitments	604,353		472,233
Total letters of credit and unfunded lending commitments	$	16,256,231	$	14,768,588
Tax credits, CRA partnerships, and other investments:
Carrying amount included in other assets	$	426,137	$	262,855
Amount of future funding commitments	250,733		133,946
Permanent and short-term construction loans and letter of credit commitments(2)	204,391		82,786
Funded portion of permanent and short-term loans and letters of credit(3)	104,315		9,528

(1)    Represent the contractual amount net of risk participations purchased of approximately $26 million and $30 million at December 31, 2021 and December 31, 2020, respectively.

(2)    Represent the contractual amount net of risk participations of $3.0 million and $1.8 million at December 31, 2021 and December 31, 2020, respectively

(3)    Represent the contractual amount net of risk participations of $3.0 million and $234 thousand at December 31, 2021 December 31, 2020, respectively.

Merchant Services

In accordance with credit and debit card association rules, Synovus provides merchant processing services for clients. In addition, Synovus sponsors various third-party MPS businesses that process credit and debit card transactions on behalf of merchants. In connection with these services, a liability may arise in the event of a billing dispute between the merchant and a cardholder that is ultimately resolved in the cardholder's favor. If the merchant defaults on its obligations, the cardholder, through its issuing bank, generally has until six months after the date of the transaction to present a chargeback to the MPS, which is primarily liable for any losses on covered transactions. However, if a sponsored MPS fails to meet its obligations, then Synovus, as the sponsor, could be held liable for the disputed amount. Synovus seeks to mitigate this risk through its contractual arrangements with the MPS and the merchants by withholding future settlements, retaining cash reserve accounts and/or obtaining other security. For the years ended December 31, 2021 and 2020, Synovus and the sponsored entities processed and settled $105.14 billion and $78.19 billion of transactions, respectively.

Synovus covered chargebacks related to a particular sponsored MPS during 2019 and 2018 where the MPS’s cash reserve account was unavailable to support the chargebacks. As of December 31, 2021, the remaining amount, net of reserves, included in other assets and classified in NPAs, is $15.3 million, compared to $15.6 million at December 31, 2020. While Synovus has contractual protections to mitigate against loss, repayment of the amounts owed to Synovus will depend in large part upon the continued financial viability and/or valuation of the MPS.

Legal Proceedings

Synovus and its subsidiaries are subject to various legal proceedings, claims and disputes that arise in the ordinary course of its business. Additionally, in the ordinary course of business, Synovus and its subsidiaries are subject to regulatory and governmental examinations, information gathering requests, inquiries and investigations. Synovus, like many other financial institutions, has been the target of legal actions and other proceedings asserting claims for damages and related relief for losses. These actions include mortgage loan and other loan put-back claims, claims and counterclaims asserted by individual borrowers related to their loans, allegations of violations of state and federal laws and regulations relating to banking practices, including putative class action matters. In addition to actual damages, if Synovus does not prevail in such asserted legal actions, credit-related litigation could result in additional write-downs or charge-offs of assets, which could adversely affect Synovus' results of operations during the period in which the write-down or charge-off were to occur.

Synovus carefully examines and considers each legal matter, and, in those situations where Synovus determines that a particular legal matter presents loss contingencies that are both probable and reasonably estimable, Synovus establishes an appropriate reserve. An event is considered to be probable if the future event is likely to occur. While the final outcome of any legal proceeding is inherently uncertain, based on the information currently available, advice of counsel and available insurance coverage, management believes that the amounts accrued with respect to legal matters as of December 31, 2021 are adequate. The actual costs of resolving legal claims may be higher or lower than the amounts accrued.

In addition, where Synovus determines that there is a reasonable possibility of a loss in respect of legal matters, Synovus

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considers whether it is able to estimate the total reasonably possible loss or range of loss. An event is “reasonably possible” if “the chance of the future event or events occurring is more than remote but less than likely.” An event is “remote” if “the chance of the future event or events occurring is more than slight but less than reasonably possible." In many situations, Synovus may be unable to estimate reasonably possible losses due to the preliminary nature of the legal matters, as well as a variety of other factors and uncertainties. For those legal matters where Synovus is able to estimate a range of reasonably possible losses, management currently estimates the aggregate range from our outstanding litigation is from zero to $5 million in excess of the amounts accrued, if any, related to those matters. This estimated aggregate range is based upon information currently available to Synovus, and the actual losses could prove to be lower or higher. As there are further developments in these legal matters, Synovus will reassess these matters, and the estimated range of reasonably possible losses may change as a result of this assessment. Based on Synovus' current knowledge and advice of counsel, management presently does not believe that the liabilities arising from these legal matters will have a material adverse effect on Synovus' consolidated financial condition, results of operations or cash flows. However, it is possible that the ultimate resolution of these legal matters could have a material adverse effect on Synovus' results of operations or financial condition for any particular period.

Synovus intends to vigorously pursue all available defenses to these legal matters, but will also consider other alternatives, including settlement, in situations where there is an opportunity to resolve such legal matters on terms that Synovus considers to be favorable, including in light of the continued expense and distraction of defending such legal matters. Synovus maintains insurance coverage, which may be available to cover legal fees, or potential losses that might be incurred in connection with such legal matters. The above-noted estimated range of reasonably possible losses does not take into consideration insurance coverage which may or may not be available for the respective legal matters.

Note 15 - Share-based Compensation and Other Employment Benefit Plans

General Description of Share-based Plans

Synovus has a long-term incentive plan under which the Compensation and Human Capital Committee of the Board of Directors has the authority to grant share-based awards to Synovus employees. The 2021 Omnibus Plan authorized 5.8 million common share equivalents available for grants. The Plan permits grants of share-based compensation including stock options, restricted share units, market restricted share units, and performance share units. The grants generally include vesting periods of three years. The restricted share units and the market restricted share units contain a service-based vesting period of three years with most awards vesting pro-rata over three years. Restricted share units are primarily equity-based but can be cash settled as well. When cash settled awards are granted, they are classified as a liability and revalued quarterly. As further discussed below, market restricted share units and performance share units are granted at a defined target level and are compared annually to required market and performance metrics to determine actual units vested and for performance share units, compensation expense. Synovus has historically issued new shares to satisfy share option exercises and share unit conversions. Dividend equivalents are paid on outstanding restricted share units, market restricted share units, and performance share units in the form of additional restricted share units that vest over the same vesting period or the vesting period left on the original restricted share unit grant. Any restricted share units that are forfeited and options that expire unexercised will again become available for issuance under the 2021 Omnibus Plan. At December 31, 2021, Synovus had a total of 5.8 million common share equivalents of its authorized but unissued common stock reserved for future grants under the 2021 Omnibus Plan.

Share-based Compensation Expense

Total share-based compensation expense recognized for 2021, 2020, and 2019 is presented in the following table by its classification within total non-interest expense.

	Years Ended December 31,
(in thousands)	2021		2020		2019
Salaries and other personnel expense	$	26,957	$	17,827	$	19,618
Merger-related expense	—		—		4,219
Other operating expense	838		814		650
Total share-based compensation expense included in non-interest expense	$	27,795	$	18,641	$	24,487

The total income tax benefit recognized on the consolidated statements of income related to share-based compensation expense was $7.0 million, $4.8 million, and $6.3 million for 2021, 2020, and 2019, respectively. No share-based compensation costs have been capitalized for the years ended December 31, 2021, 2020, and 2019. As of December 31, 2021, total unrecognized compensation cost related to the unvested portion of share-based compensation arrangements involving shares of Synovus stock was $30.3 million. This cost is expected to be recognized over a weighted average remaining period of 1.87 years.

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Stock Options

There were no stock option grants in 2021, 2020, or 2019; however, Synovus assumed 3.2 million outstanding employee and director stock options in the FCB Merger on January 1, 2019. The estimated fair value of the converted stock options was determined using a Hull-White model in a binomial lattice option pricing framework with the following weighted average assumptions:

	2019
Stock price (Synovus' closing stock price on December 31, 2018)	$	31.99
Weighted average fair value of converted stock options	11.50
Risk-free interest rate	2.51		%
Expected stock price volatility	26.4		%
Dividend yield	3.13		%
Term to expiration	5.1 years

A summary of stock option activity and changes during the years ended December 31, 2021, 2020, and 2019 is presented below.

Stock Options
	2021			2020			2019
(in thousands, except per share data)	Quantity	Weighted-Average Exercise Price		Quantity	Weighted-Average Exercise Price		Quantity	Weighted-Average Exercise Price
Outstanding at beginning of year	2,401	$	22.47	3,037	$	22.74	640	$	16.93
Assumed in acquisition	—	—		—	—		3,230	23.22
Options exercised	(923)	22.07		(572)	22.67		(820)	19.91
Options forfeited/expired/canceled	—	—		(64)	33.50		(13)	34.23
Options outstanding at end of year	1,478	$	22.71	2,401	$	22.47	3,037	$	22.74
Options exercisable at end of year	1,478	$	22.71	2,401	$	22.47	2,399	$	19.52

The aggregate intrinsic value for both outstanding and exercisable stock options at December 31, 2021 was $37.2 million with a weighted average remaining contractual life of 2.51 years. The intrinsic value of stock options exercised during the years ended December 31, 2021, 2020, and 2019 was $21.3 million, $5.3 million, and $13.6 million, respectively.

Restricted Share Units, Market Restricted Share Units, and Performance Share Units

Compensation expense is measured based on the grant date fair value of restricted share units, market restricted share units, and performance share units. The fair value of restricted share units and performance share units that do not contain market conditions is equal to the market price of common stock on the grant date. The fair value of market restricted share units granted was estimated on the date of grant using a Monte Carlo simulation model with the following weighted average assumptions:

	2021		2020		2019
Risk-free interest rate	2.87	%	1.42	%	2.40	%
Expected stock price volatility	56.1		25.4		24.4
Simulation period	2.9 years		3.0 years		3.0 years

The stock price expected volatility was based on Synovus' historical volatility for grants in 2021, 2020 and 2019. The Monte Carlo model estimates fair value based on 100,000 simulations of future share price using a theoretical model of stock price behavior.

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Synovus granted performance share units, which included a market condition with respect to 50% of the award, to senior management during the years ended December 31, 2021 and 2020. The performance share units have a three-year service-based vesting component, a 50% weighted performance condition based on adjusted ROATCE, and a 50% weighted market condition based on Synovus' relative TSR. The number of performance share units that will ultimately vest ranges from 0% to 150% of a defined target based on Synovus' relative TSR and three-year weighted average adjusted ROATCE.

During the year ended December 31, 2019, Synovus granted market restricted share units and performance share units to senior management. The market restricted share units have a three-year service-based vesting component as well as a total shareholder return multiplier and the performance share units vest upon meeting certain service and performance conditions. The number of market restricted share units that will ultimately vest ranges from 75% to 125% of a defined target based on Synovus' TSR. Adjusted ROAA and adjusted ROATCE performance is evaluated each year over a three-year performance period, with share distribution determined at the end of the three years. The number of performance share units that will ultimately vest ranges from 0% to 150% of defined targets based on Synovus' three-year weighted average adjusted ROAA and adjusted ROATCE.

A summary of restricted share units and market/performance share units outstanding and changes during the years ended December 31, 2021, 2020, and 2019 is presented below.

	Restricted Share Units			Market/Performance Share Units
(in thousands, except per share data)	Quantity	Weighted-Average Grant Date Fair Value		Quantity	Weighted-Average Grant Date Fair Value
Outstanding at December 31, 2018	526	$	41.18	392	$	39.62
Granted	573	36.27		305	37.22
Assumed in acquisition	136	31.99		—	—
Vested	(304)	37.04		(152)	30.87
Forfeited	(114)	37.04		(50)	39.45
Outstanding at December 31, 2019	817	38.32		495	40.85
Granted	822	32.42		204	37.74
Vested	(384)	38.04		(214)	41.31
Forfeited	(34)	35.97		(46)	39.03
Outstanding at December 31, 2020	1,221	34.50		439	39.37
Granted	599	42.31		141	42.94
Vested	(482)	37.05		(58)	42.43
Forfeited	(93)	31.41		—	—
Outstanding at December 31, 2021	1,245	$	37.00	522	$	37.59

The total fair value of restricted share units vested during 2021, 2020, and 2019 was $19.8 million, $13.4 million, and $11.2 million, respectively. The total fair value of market/performance share units vested during 2021, 2020, and 2019 was $2.4 million, $7.9 million, and $5.7 million, respectively.

Other Employment Benefit Plans

For the years ended December 31, 2021, 2020, and 2019, Synovus provided a 100% matching contribution on the first 5% of eligible employee 401(k) contributions for a total annual contribution of $21.5 million, $21.3 million, and $18.8 million, respectively.

For the years ended December 31, 2021, 2020, and 2019, Synovus sponsored a stock purchase plan for directors and employees whereby Synovus made contributions equal to 15% of employee and director voluntary contributions, subject to certain maximum contribution limitations. The funds are used to purchase outstanding shares of Synovus common stock. Synovus recorded as expense $1.1 million, $1.1 million, and $1.1 million for contributions to these plans in 2021, 2020, and 2019, respectively.

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Note 16 - Income Taxes

The components of income tax expense (benefit) included on the consolidated statements of income for the years ended December 31, 2021, 2020, and 2019 are presented below:

(in thousands)	2021		2020		2019
Current
Federal	$	153,911	$	187,741	$	112,517
State	29,982		9,421		2,085
Total current income tax expense	183,893		197,162		114,602
Deferred
Federal	28,873		(90,777)		46,182
State	16,127		4,585		40,451
Total deferred income tax expense (benefit)	45,000		(86,192)		86,633
Total income tax expense	$	228,893	$	110,970	$	201,235

Income tax expense as shown on the consolidated statements of income differed from the federal statutory rate for the years ended December 31, 2021, 2020, and 2019. A reconciliation of the differences is presented below:

	Years Ended December 31,
(dollars in thousands)	2021			2020			2019
Income tax expense at statutory federal income tax rate	$	207,765		$	101,779		$	160,653
Increase (decrease) resulting from:
State income tax expense, net of federal income tax benefit	38,452			11,168			33,764
Income not subject to tax	(10,455)			(9,207)			(6,564)
Low income housing tax credits and other tax benefits, net of amortization	(4,858)			(2,611)			(1,583)
FDIC premiums	4,111			4,744			5,802
General business tax credits	(3,727)			(657)			(678)
Excess tax benefit from share-based compensation	(3,084)			311			(1,337)
Executive compensation	1,096			1,501			6,385
Goodwill impairment	—			9,424			—
Other, net	(407)			(5,482)			4,793
Total income tax expense	$	228,893		$	110,970		$	201,235
Effective tax rate	23.1		%	22.9		%	26.3		%

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The components of the Company's deferred tax assets and liabilities at December 31, 2021 and 2020 are presented below:

(in thousands)	2021		2020
Deferred tax assets
Allowance for loan losses	$	112,180	$	165,691
Lease liability	102,412		98,340
Employee benefits and deferred compensation	35,782		27,917
Net operating loss carryforwards	23,897		29,684
Net unrealized losses on investment securities available for sale and cash flow hedges	19,261		—
Deferred revenue	18,487		24,751
Tax credit carryforwards	15,870		8,605
Fair value of investment securities and loans	6,439		10,093
Non-performing loan interest	2,621		12,472
Other	7,100		9,819
Total gross deferred tax assets	344,049		387,372
Less valuation allowance	(19,003)		(19,191)
Total deferred tax assets	325,046		368,181
Deferred tax liabilities
Right-of-use asset	(98,773)		(98,681)
Excess tax over financial statement depreciation	(27,355)		(40,452)
Purchase accounting intangibles	(14,820)		(14,458)
Other properties held for sale	(5,345)		(3,025)
Prepaid expense	(4,631)		(5,955)
Net unrealized gains on investment securities available for sale and cash flow hedges	—		(64,344)
Other	(5,071)		(10,418)
Total gross deferred tax liabilities	(155,995)		(237,333)
Net deferred tax assets	$	169,051	$	130,848

Synovus believes the realization of net deferred tax assets (after valuation allowance) at December 31, 2021 is more likely than not based on its history of cumulative profitability as well as expectations of future taxable income, including reversals of taxable temporary differences, in the jurisdictions in which it operates.

Synovus expects that a portion of its $23.9 million of federal and state NOLs, which have carryforward periods ending in tax years 2023 through 2034, will not be realized before their carryforward period lapses and the Company has accordingly established a valuation allowance in the amount of $19.0 million at December 31, 2021 and $19.2 million at December 31, 2020. State tax credit deferred tax assets at December 31, 2021 total $15.9 million and have expiration dates through the tax year 2031.

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State NOLs and tax credit carryforwards as of December 31, 2021 are summarized in the following table.

Tax Carryforwards	As of December 31, 2021
(in thousands)	Expiration Dates	Deferred Tax Asset, Before Valuation Allowance		Valuation Allowance		Net Deferred Tax Asset Balance
Net operating losses - federal	2027-2033	$	19,592	$	(15,851)	$	3,741
Net operating losses - states	2023-2034	4,305		(3,152)		1,153
Other credits - states	2022-2031	15,870		—		15,870

Synovus is subject to income taxation in the United States and various state and local taxing jurisdictions. Generally, Synovus is no longer subject to income tax examinations by the IRS for years before 2018 and by state and local income tax authorities for years before 2015. Although Synovus is unable to determine the ultimate outcome of current and future examinations, Synovus believes that the resolution of these examinations will not have a material effect on the consolidated financial statements.

A reconciliation of the beginning and ending amount of unrecognized income tax benefits is as follows (unrecognized state income tax benefits are not adjusted for the federal income tax impact).

	Years Ended December 31,
(in thousands)	2021		2020		2019
Balance at January 1,	$	20,250	$	20,994	$	18,586
Additions based on income tax positions related to current year	3,754		461		550
Additions for income tax positions of prior years(1)	1,379		147		—
Additions from acquisition	—		—		3,464
Reductions for income tax positions of prior years	(200)		(327)		(1,589)
Statute of limitation expirations	(79)		(820)		(17)
Settlements	—		(205)		—
Balance at December 31,	$	25,104	$	20,250	$	20,994

(1)    Includes deferred tax benefits that could reduce future tax liabilities.

Accrued interest and penalties related to unrecognized income tax benefits are recognized as a component of income tax expense, and totaled $3.3 million, $2.7 million, and $3.3 million as of December 31, 2021, 2020 and 2019, respectively. Unrecognized income tax benefits as of December 31, 2021, 2020 and 2019 that, if recognized, would affect the effective income tax rate totaled $23.5 million, $19.1 million and $20.4 million (net of the federal benefit on state income tax issues), respectively. It is reasonably possible that significant changes in the balance of unrecognized tax benefits may occur within the next 12 months. At this time, Synovus expects that $2.3 million of uncertain income tax positions will be either settled or resolved during the next twelve months.

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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. Prior to the fourth quarter of 2019, Synovus identified its overall banking operations as its only reportable segment. During the fourth quarter of 2019, Synovus announced changes in its organizational structure and segmented its business into three major reportable business segments: Community Banking, Wholesale Banking, and Financial Management Services with functional activities such as treasury, technology, operations, marketing, finance, enterprise risk, legal, human resources, corporate communications, executive management, among others, included in Treasury and Corporate Other.

Business segment results are determined based upon Synovus' management reporting system, which assigns balance sheet and income statement items to each of the business segments. Certain assets, liabilities, revenue, and expense not allocated or attributable to a particular business segment are included in Treasury and Corporate Other. Synovus' third-party lending consumer loans and loans held for sale, as well as PPP loans, are included in Treasury and Corporate Other. 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 Community Banking business segment serves clients using a relationship-based approach through its branch, ATM, commercial, and private wealth network in addition to mobile, Internet, and telephone banking. This segment primarily provides individual, small business, and corporate clients with an array of comprehensive banking products and services including commercial, home equity, and other consumer loans, credit and debit cards, and deposit accounts.

The Wholesale Banking business segment serves primarily larger corporate clients by providing commercial lending and deposit services through specialty teams including middle market, CRE, senior housing, national accounts, premium finance, structured lending, healthcare, asset-based lending, and community investment capital.

The Financial Management Services business segment serves its clients by providing mortgage and trust services and also specializing in professional portfolio management for fixed-income securities, investment banking, 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.

Synovus uses a centralized FTP methodology to attribute appropriate net interest income to the 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 includes certain assets and/or liabilities managed within that function. Additionally, Treasury and Corporate Other also 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.

The following tables present certain financial information for each reportable business segment for the years ended December 31, 2021, 2020, and 2019 and as of December 31, 2021 and 2020. The fourth quarter of 2019 was the first financial period in which the new segment reporting became effective; thus, to provide comparable prior year information, Synovus has included proforma business segment financial information for the full year 2019 utilizing various allocation methodologies based on balance sheet and income statement items assigned to each business segment. 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.

During the year ended December 31, 2021, Treasury and Corporate Other's net interest income benefited from the recognition of $79.2 million of PPP fees, an increase of $33.2 million from $46.0 million for the year ended December 31, 2020. During the year ended December 31, 2020, Synovus strategically repositioned the investment securities portfolio, which resulted in net gains of $78.9 million in the Treasury and Corporate Other segment. Additionally, during the year ended December 31, 2020, Synovus recognized a $44.9 million non-cash goodwill impairment charge representing all of the goodwill allocated to the Consumer Mortgage reporting unit (which is included in the FMS reportable segment) resulting from a combination of factors, including the extended duration of lower market valuations, high volumes in refinance activity that reduced mortgage yields, and the clarity around longer term policy actions designed to keep interest rates low.

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	Year Ended December 31, 2021
(in thousands)	Community Banking		Wholesale Banking		Financial Management Services		Treasury and Corporate Other		Synovus Consolidated
Net interest income	$	808,700	$	557,943	$	79,173	$	87,131	$	1,532,947
Non-interest revenue	128,026		34,590		211,002		76,448		450,066
Non-interest expense	290,817		90,074		184,257		534,756		1,099,904
Pre-provision net revenue	$	645,909	$	502,459	$	105,918	$	(371,177)	$	883,109
	Year Ended December 31, 2020
(in thousands)	Community Banking		Wholesale Banking		Financial Management Services		Treasury and Corporate Other		Synovus Consolidated
Net interest income	$	854,021	$	548,152	$	79,362	$	31,213	$	1,512,748
Non-interest revenue	111,256		26,379		224,620		144,258		506,513
Non-interest expense	297,071		85,250		232,222		565,031		1,179,574
Pre-provision net revenue	$	668,206	$	489,281	$	71,760	$	(389,560)	$	839,687
	Year Ended December 31, 2019 (Proforma)
(in thousands)	Community Banking		Wholesale Banking		Financial Management Services		Treasury and Corporate Other		Synovus Consolidated
Net interest income	$	825,219	$	518,033	$	112,431	$	140,120	$	1,595,803
Non-interest revenue	136,657		28,948		154,166		36,129		355,900
Non-interest expense	302,327		71,393		152,115		573,133		1,098,968
Pre-provision net revenue	$	659,549	$	475,588	$	114,482	$	(396,884)	$	852,735

	December 31, 2021
(dollars in thousands)	Community Banking		Wholesale Banking		Financial Management Services		Treasury and Corporate Other		Synovus Consolidated
Loans, net of deferred fees and costs	$	10,791,343	$	21,496,050	$	4,994,494	$	2,030,071	$	39,311,958
Deposits	$	32,226,477	$	12,370,554	$	826,639	$	4,003,606	$	49,427,276
Full-time equivalent employees	2,139		284		794		1,670		4,887
	December 31, 2020
(dollars in thousands)	Community Banking		Wholesale Banking		Financial Management Services		Treasury and Corporate Other		Synovus Consolidated
Loans, net of deferred fees and costs	$	11,171,055	$	18,810,729	$	5,370,748	$	2,900,452	$	38,252,984
Deposits	$	29,141,242	$	11,958,105	$	739,200	$	4,853,024	$	46,691,571
Full-time equivalent employees	2,296		285		835		1,718		5,134

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Note 18 - Condensed Financial Information of Synovus Financial Corp. (Parent Company only)

Condensed Balance Sheets
	December 31,
(in thousands)	2021		2020
Assets
Cash due from bank subsidiary	$	389,071	$	439,352
Funds due from other depository institutions	9,277		9,277
Total cash, cash equivalents, and restricted cash	398,348		448,629
Investment in consolidated bank subsidiary, at equity	5,381,311		5,239,849
Investment in consolidated nonbank subsidiaries, at equity	69,712		46,271
Note receivable from bank subsidiary	100,000		100,000
Other assets	25,538		16,975
Total assets	$	5,974,909	$	5,851,724
Liabilities and Shareholders' Equity
Liabilities:
Long-term debt	$	607,334	$	606,406
Other liabilities	70,775		83,984
Total liabilities	678,109		690,390
Shareholders’ equity:
Preferred stock	537,145		537,145
Common stock	169,384		168,133
Additional paid-in capital	3,894,109		3,851,208
Treasury stock	(931,497)		(731,806)
Accumulated other comprehensive income (loss), net	(82,321)		158,635
Retained earnings	1,709,980		1,178,019
Total shareholders’ equity	5,296,800		5,161,334
Total liabilities and shareholders’ equity	$	5,974,909	$	5,851,724

Condensed Statements of Income
	Years Ended December 31,
(in thousands)	2021		2020		2019
Income
Cash dividends received from subsidiaries	$	420,000	$	547,500	$	400,000
Interest income	777		3,341		5,920
Other income (loss)	1,070		4,966		11,590
Total income	421,847		555,807		417,510
Expense
Interest expense	27,616		42,911		41,328
Other expense	10,300		10,584		13,528
Total expense	37,916		53,495		54,856
Income before income taxes and equity in undistributed income of subsidiaries	383,931		502,312		362,654
Allocated income tax benefit	(7,834)		(12,202)		(9,753)
Income before equity in undistributed income of subsidiaries	391,765		514,514		372,407
Equity in undistributed income (loss) of subsidiaries	368,702		(140,819)		191,373
Net income	760,467		373,695		563,780
Dividends on preferred stock	33,163		33,163		22,881
Net income available to common shareholders	$	727,304	$	340,532	$	540,899

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Condensed Statements of Comprehensive Income
	Years Ended December 31,
	2021						2020						2019
(in thousands)	Before-tax Amount		Income Tax		Net of Tax Amount		Before-tax Amount		Income Tax		Net of Tax Amount		Before-tax Amount		Income Tax		Net of Tax Amount
Net income	$	989,360	$	(228,893)	$	760,467	$	484,665	$	(110,970)	$	373,695	$	765,015	$	(201,235)	$	563,780
Reclassification adjustment for realized (gains) losses included in net income on investment securities available for sale	—		—		—		—		—		—		(22)		6		(16)
Other comprehensive gain (loss) of bank subsidiary	(324,561)		83,605		(240,956)		125,505		(32,511)		92,994		216,032		(55,955)		160,077
Other comprehensive income (loss)	$	(324,561)	$	83,605	$	(240,956)	$	125,505	$	(32,511)	$	92,994	$	216,010	$	(55,949)	$	160,061
Comprehensive income					$	519,511					$	466,689					$	723,841

Condensed Statements of Cash Flows
	Years Ended December 31,
(in thousands)	2021		2020		2019
Operating Activities
Net income	$	760,467	$	373,695	$	563,780
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed (income) loss of subsidiaries	(368,702)		140,819		(191,373)
Deferred income tax expense (benefit)	(7,296)		3,962		1,775
Net increase (decrease) in other liabilities	(2,082)		11,243		43,617
Net decrease in other assets	5,280		17,441		3,367
Other, net	928		(5,132)		1,037
Net cash provided by operating activities	388,595		542,028		422,203
Investing Activities
Proceeds from sales of investment securities available for sale	—		—		97,389
Advance of long-term note receivable due from bank subsidiary	—		—		(100,000)
Return of investment non-bank subsidiary	—		—		790
Proceeds from sales of equity securities	—		23,141		—
Increase in other investments	(10,000)		—		—
Net cash received in business combination, net of cash paid	—		—		4,813
Net cash provided by investing activities	(10,000)		23,141		2,992
Financing Activities
Dividends paid to common and preferred shareholders	(227,840)		(223,130)		(185,664)
Repurchase of common stock	(199,932)		(16,246)		(725,398)
Redemption of long-term debt	—		(250,000)		—
Proceeds from issuance of long-term debt, net	—		—		297,174
Proceeds from issuance of preferred stock, net	—		—		342,005
Other	(1,104)		(1,552)		(1,947)
Net cash used in financing activities	(428,876)		(490,928)		(273,830)
Increase (decrease) in cash, cash equivalents, and restricted cash	(50,281)		74,241		151,365
Cash, cash equivalents, and restricted cash at beginning of year	448,629		374,388		223,023
Cash, cash equivalents, and restricted cash at end of year	$	398,348	$	448,629	$	374,388

123

See accompanying notes to the audited consolidated financial statements.

For the years ended December 31, 2021, 2020, and 2019, the Parent Company paid income taxes of $203.2 million, $119.1 million, and $101.6 million, respectively. For the years ended December 31, 2021, 2020, and 2019, the Parent Company paid interest of $27.3 million, $42.0 million, and $33.1 million, respectively.

Note 19 - Subsequent Event

Subsequent to December 31, 2021, Synovus Bank provided irrevocable notice to its holders of its intent to redeem the 2.289% Fixed-to-Floating Senior Bank Notes of $400 million par value that were subject to redemption. The Notes were redeemed on February 10, 2022 with a net payment of $405.3 million that included $400.0 million in principal, $4.6 million in interest, and $675 thousand of written off debt issuance costs.

124

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

NONE.

ITEM 9A. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures. In connection with the preparation of this Annual Report on Form 10-K, an evaluation was carried out by Synovus' management, with the participation of Synovus' Chief Executive Officer and Chief Financial Officer, of the effectiveness of Synovus' disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (Exchange Act)). Disclosure controls and procedures are designed to ensure that information required to be disclosed in reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms and that such information is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosures. Based on that evaluation, Synovus' Chief Executive Officer and Chief Financial Officer have concluded that, as of December 31, 2021, Synovus' disclosure controls and procedures were effective.

Synovus regularly engages in productivity and efficiency initiatives to streamline operations, reduce expenses, and increase revenue. Additionally, investment in new and updated information technology systems has enhanced information gathering and processing capabilities, and allowed management to operate in a more centralized environment for critical processing and monitoring functions. Management of Synovus is responsible for identifying, documenting, and evaluating the adequacy of the design and operation of the controls implemented during each process change described above. There have been no material changes in Synovus' internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that occurred during the year ended December 31, 2021 that has materially affected, or is reasonably likely to materially affect, Synovus' internal control over financial reporting.

Management's Report on Internal Control Over Financial Reporting. Management of Synovus is responsible for establishing and maintaining effective internal control over financial reporting for Synovus Financial Corp. and its subsidiaries (“we” and “our”), as that term is defined in Exchange Act Rules 13a-15(f). Synovus conducted an evaluation of the effectiveness of our internal control over Synovus' financial reporting as of December 31, 2021 based on criteria established in Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based on that evaluation, we concluded that our internal control over financial reporting is effective as of December 31, 2021.

KPMG LLP, an independent registered public accounting firm, has audited the consolidated financial statements included in this Annual Report and has issued a report on the effectiveness of our internal control over financial reporting, and this report is included in "Part II - Item 8. Financial Statements and Supplementary Data" of this Report.

/s/ Kevin S. Blair	/s/ Andrew J. Gregory, Jr.
Kevin S. Blair	Andrew J. Gregory, Jr.
President and Chief Executive Officer	Executive Vice President and Chief Financial Officer

Changes in Internal Control Over Financial Reporting. No change in our internal control over financial reporting occurred during the fiscal quarter ended December 31, 2021 covered by this Report that materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

ITEM 9B. OTHER INFORMATION

NONE.

ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

Not applicable.

ITEM 4. MINE SAFETY DISCLOSURES

NOT APPLICABLE.

125

Part III

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

Information included under the following captions in our Proxy Statement is incorporated in this document by reference:

•“PROPOSALS TO BE VOTED ON” - “PROPOSAL 1: ELECTION OF 13 DIRECTORS”;

•“EXECUTIVE OFFICERS”;

•“DELINQUENT SECTION 16(a) REPORTS”; and

•“CORPORATE GOVERNANCE AND BOARD MATTERS” - “Consideration of Director Candidates - Shareholder Candidates” and “Committees of the Board” - “Audit Committee.”

We have a Code of Business Conduct and Ethics that applies to all directors, officers and employees, including our principal executive officer, principal financial officer and principal accounting officer. You can find our Code of Business Conduct and Ethics in the Corporate Governance section of our website at investor.synovus.com. We will post any amendments to the Code of Business Conduct and Ethics and any waivers that are required to be disclosed by the rules of either the SEC or the NYSE in the Corporate Governance section of our website.

Because our common stock is listed on the NYSE, our chief executive officer is required to make, and he has made, an annual certification to the NYSE stating that he was not aware of any violation by us of the corporate governance listing standards of the NYSE. Our chief executive officer made his annual certification to that effect to the NYSE as of April 30, 2021. In addition, we have filed, as exhibits to this Annual Report, the certifications of our chief executive officer and chief financial officer required under Section 302 of the Sarbanes-Oxley Act of 2002.

ITEM 11. EXECUTIVE COMPENSATION

Information included under the following captions in our Proxy Statement is incorporated in this document by reference:

•“DIRECTOR COMPENSATION”;

•“EXECUTIVE COMPENSATION” - “Compensation Discussion and Analysis”; “Compensation and Human Capital Committee Report”; “Summary Compensation Table” and the compensation tables and related information which follow the Summary Compensation Table; and

• “CORPORATE GOVERNANCE AND BOARD MATTERS” - “Committees of the Board” - “Compensation and Human Capital Committee Interlocks and Insider Participation.”

The information included under the heading “Compensation and Human Capital Committee Report” in our Proxy Statement is incorporated herein by reference; however, this information shall not be deemed to be “soliciting material” or to be “filed” with the Commission or subject to regulation 14A or 14C, or to the liabilities of Section 18 of the Securities Exchange Act of 1934, as amended.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

Information pertaining to equity compensation plans is contained in "Part II - Item 8. Financial Statements and Supplementary Data - Note 15 - Share-based Compensation and Other Employment Benefit Plans" of this Report and are incorporated herein by reference.

Information included under the following captions in our Proxy Statement is incorporated in this document by reference:

•“STOCK OWNERSHIP OF DIRECTORS AND EXECUTIVE OFFICERS”; and

•“PRINCIPAL SHAREHOLDERS.”

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

Information included under the following captions in our Proxy Statement is incorporated in this document by reference:

•“CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS”; and

•“CORPORATE GOVERNANCE AND BOARD MATTERS” - “Independence.”

126

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES

Our independent registered public accounting firm is KPMG LLP, Atlanta, GA, Auditor Firm ID: 185.

Information included under the following captions in our Proxy Statement is incorporated in this document by reference:

•“AUDIT COMMITTEE REPORT” - “KPMG LLP Fees and Services” (excluding the information under the main caption “AUDIT COMMITTEE REPORT”); and

•“AUDIT COMMITTEE REPORT” - “Policy on Audit Committee Pre-Approval.”

127

Part IV

ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

(a) 1. Financial Statements

The following consolidated financial statements of Synovus and our subsidiaries and related reports of Synovus' independent registered public accounting firm are incorporated in this Item 15 by reference from "Part II - Item 8. Financial Statements and Supplementary Data" of this Report.

Consolidated Balance Sheets as of December 31, 2021 and 2020

Consolidated Statements of Income for the Years ended December 31, 2021, 2020 and 2019

Consolidated Statements of Changes in Shareholders' Equity and Comprehensive Income for the Years Ended December 31, 2021, 2020 and 2019

Consolidated Statements of Cash Flows for the Years Ended December 31, 2021, 2020 and 2019

Notes to Consolidated Financial Statements

Report of Independent Registered Public Accounting Firm (on consolidated financial statements)

Report of Independent Registered Public Accounting Firm (on the effectiveness of internal control over financial reporting)

Management's Report on Internal Control Over Financial Reporting is incorporated by reference from "Part II - Item 9A. Controls and Procedures" of this Report.

2. Financial Statement Schedules

None are applicable because the required information has been incorporated in the consolidated financial statements and notes thereto of Synovus and our subsidiaries which are incorporated in this Report by reference.

3. Exhibits

The following exhibits are filed herewith or are incorporated to other documents previously filed with the SEC. With the exception of those portions of the Proxy Statement that are expressly incorporated by reference in this Report, such documents are not to be deemed filed as part of this Report.

128

Exhibit Number	Description
3.1	Restated Articles of Incorporation of Synovus, incorporated by reference to Exhibit 3.1 of Synovus' Current Report on Form 8-K dated April 22, 2020, as filed with the SEC on April 24, 2020.
3.2	Restated Bylaws of Synovus, incorporated by reference to Exhibit 3.2 of Synovus' Current Report on Form 8-K dated April 22, 2020, as filed with the SEC on April 24, 2020.
4.1	Specimen physical stock certificate of Synovus, incorporated by reference to Exhibit 4.1 to Synovus' Current Report on Form 8-K dated May 19, 2014, as filed with SEC on May 19, 2014.
4.2	Specimen stock certificate for Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D, incorporated by reference to Exhibit 4.1 of Synovus' Current Report on Form 8-K dated June 20, 2018, as filed with the SEC on June 21, 2018.
4.3	Specimen stock certificate for Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series E, incorporated by reference to Exhibit 4.1 of Synovus' Current Report on Form 8-K dated July1, 2019, as filed with the SEC on July 1, 2019.
4.4	Description of Synovus' securities registered under Section 12 of the Securities Exchange Act of 1934, as amended, incorporated by reference to Exhibit 4.4 of Synovus' Annual Report on Form 10-K for the period ended December 31, 2020, as filed with the SEC on March 1, 2021.
4.5	Indenture, dated as of June 20, 2005, between Synovus Financial Corp. and The Bank of New York Trust Company, N.A., as trustee, incorporated by reference to Exhibit 4.1 of Synovus' Registration Statement on Form S-4 (No. 333-126767), as filed with the SEC on July 21, 2005.
4.6	Senior Notes Indenture, dated as of February 13, 2012, between Synovus Financial Corp. and The Bank of New York Mellon Trust Company, N.A., as trustee, incorporated by reference to Exhibit 4.1 of Synovus' Current Report on Form 8-K dated February 8, 2012, as filed with the SEC on February 13, 2012.
4.7	Subordinated Indenture, dated as of December 7, 2015, between Synovus Financial Corp. and The Bank of New York Mellon Trust Company, N.A., as trustee, incorporated by reference to Exhibit 4.1 of Synovus' Current Report on Form 8-K dated December 2, 2015, as filed with the SEC on December 7, 2015.
4.8	First Supplemental Indenture, dated as of December 7, 2015, between Synovus Financial Corp. and The Bank of New York Mellon Trust Company, N.A., as trustee, incorporated by reference to Exhibit 4.2 of Synovus' Current Report on Form 8-K dated December 2, 2015, as filed with the SEC on December 7, 2015.
4.9	Second Supplemental Indenture, dated as of February 7, 2019, between Synovus Financial Corp. and The Bank of New York Mellon Trust Company, N.A., as trustee, incorporated by reference to Exhibit 4.1 of Synovus' Current Report on Form 8-K dated February 7, 2019, as filed with the SEC on February 7, 2019.
4.10	4.000% Fixed-to-Fixed Rate Subordinated Bank Note, incorporated by reference to Exhibit 4.1 of Synovus' Current Report on Form 8-K dated October 29, 2020, as filed with the SEC on October 29, 2020.
10.1	Amended and Restated Synovus Financial Corp. Directors' Deferred Compensation Plan, incorporated by reference to Exhibit 10.2 of Synovus' Quarterly Report on Form 10-Q for the quarter ended June 30, 2008, as filed with the SEC on August 8, 2008.*
10.2	First Amendment to Synovus Financial Corp. Directors' Deferred Compensation Plan, incorporated by reference to Exhibit 10.1 of Synovus' Quarterly Report on Form 10-Q for quarter ended September 30, 2021, as filed with the SEC on November 3, 2021.*

129

Exhibit Number	Description
10.3	Synovus Financial Corp. Executive Salary Contribution Death Benefit Plan, incorporated by reference to Exhibit 10.1 of Synovus' Quarterly Report on Form 10-Q for the quarter ended June 30, 2009, as filed with the SEC on August 10, 2009.*
10.4	Third Amended and Restated Synovus Financial Corp. Deferred Compensation Plan, incorporated by reference to Exhibit 10.15 of Synovus' Annual Report on Form 10-K for the fiscal year ended December 31, 2012, as filed with the SEC on March 1, 2013.*
10.5	Amendment No. 1 to Third Amended and Restated Synovus Deferred Compensation Plan, incorporated by reference to Exhibit 10.1 of Synovus' Quarterly Report on Form 10-Q for the period ended June 30, 2017, as filed with the SEC on August 4, 2017.*
10.6	Amendment No. 2 to Third Amended and Restated Synovus Deferred Compensation Plan, incorporated by reference to Exhibit 10.44 of Synovus' Annual Report on Form 10-K for the period ended December 31, 2019, as filed with the SEC on March 2, 2020.*
10.7	Synovus Financial Corp. 2007 Omnibus Plan, incorporated by reference to Exhibit 10.1 of Synovus' Current Report on Form 8-K dated April 25, 2007, as filed with the SEC on April 25, 2007.*
10.8	Amendment No. 1 to the Synovus Financial Corp. 2007 Omnibus Plan dated February 9, 2017, incorporated by reference to Exhibit 10.14 of Synovus' Annual Report on Form 10-K for the fiscal year ended December 31, 2016, as filed with the SEC on February 27, 2017.*
10.9	Form of Revised Stock Option Agreement for stock option awards under the Synovus Financial Corp. 2007 Omnibus Plan, incorporated by reference to Exhibit 10.2 of Synovus' Current Report on Form 8-K dated January 29, 2008, as filed with the SEC on January 29, 2008.*
10.10	Form of Retention Stock Option Agreement for retention stock option awards under the Synovus Financial Corp. 2007 Omnibus Plan, incorporated by reference to Exhibit 10.1 of Synovus' Current Report on Form 8-K dated January 29, 2008, as filed with the SEC on January 29, 2008.*
10.11	Form of Restricted Stock Option Agreement for 2010 stock option awards under the Synovus Financial Corp. 2007 Omnibus Plan, incorporated by reference to Exhibit 10.1 of Synovus' Current Report on Form 8-K dated January 29, 2010, as filed with the SEC on January 29, 2010.*
10.12	Form of Non-Employee Director Restricted Stock Unit Award Agreement under the Synovus Financial Corp. 2007 Omnibus Plan, incorporated by reference to Exhibit 10.1 of Synovus' Quarterly Report on Form 10-Q for the period ended March 31, 2012, as filed with the SEC on May 10, 2012.*
10.13	Synovus Financial Corp. 2013 Omnibus Plan, incorporated by reference to Exhibit 10.18 of Synovus' Annual Report on Form 10-K for the fiscal year ended December 31, 2016, as filed with the SEC on February 27, 2017.*
10.14	Amendment No. 1 to the Synovus Financial Corp. 2013 Omnibus Plan dated February 9, 2017, incorporated by reference to Exhibit 10.19 of Synovus' Annual Report on Form 10-K for the fiscal year ended December 31, 2016, as filed with the SEC on February 27, 2017.*
10.15	Form of Stock Option Agreement for the stock option awards under the Synovus Financial Corp. 2013 Omnibus Plan, incorporated by reference to Exhibit 10.3 to Synovus' Current Report on Form 8-K dated June 18, 2013, as filed with the SEC on June 20, 2013.*

130

Exhibit Number	Description
10.16	Form of Performance Stock Unit Agreement for performance-based restricted stock awards under the Synovus Financial Corp. 2013 Omnibus Plan, incorporated by reference to Exhibit 10.2 of Synovus' Current Report on Form 8-K dated January 22, 2014, as filed with the SEC on January 24, 2014.*
10.17	Form of Revised Performance Stock Unit Agreement for performance-based restricted stock awards under the Synovus Financial Corp. 2013 Omnibus Plan, incorporated by reference to Exhibit 10.1 of Synovus' Current Report on Form 8-K dated February 11, 2016, as filed with the SEC on February 18, 2016.*
10.18	Form of Revised Performance Stock Unit Agreement for performance-based restricted stock awards under the Synovus Financial Corp. 2013 Omnibus Plan, incorporated by reference to Exhibit 10.35 of Synovus' Annual Report on Form 10-K for the period ended December 31, 2017, as filed with the SEC on February 28, 2018.*
10.19	Form of Market Restricted Stock Unit Agreement for market restricted stock awards under the Synovus Financial Corp. 2013 Omnibus Plan, incorporated by reference to Exhibit 10.1 of Synovus' Current Report on Form 8-K dated December 11, 2013, as filed with the SEC on December 13, 2013.*
10.20	Form of 2014 Market Restricted Stock Unit Agreement for market restricted stock awards under the Synovus Financial Corp. 2013 Omnibus Plan, incorporated by reference to Exhibit 10.3 of Synovus' Current Report on Form 8-K dated January 22, 2014, as filed with the SEC on January 24, 2014.*
10.21	Form of Revised Market Restricted Stock Unit Agreement for market restricted stock awards under the Synovus Financial Corp. 2013 Omnibus Plan, incorporated by reference to Exhibit 10.2 of Synovus' Current Report on Form 8-K dated February 11, 2016, as filed with the SEC on February 18, 2016.*
10.22	Form of Revised Market Restricted Stock Unit Agreement for market restricted stock awards under the Synovus Financial Corp. 2013 Omnibus Plan, incorporated by reference to Exhibit 10.36 of Synovus' Annual Report on Form 10-K for the period ended December 31, 2017, as filed with the SEC on February 28, 2018.*
10.23	Form of Restricted Stock Unit Agreement for restricted stock awards under the Synovus Financial Corp. 2013 Omnibus Plan, incorporated by reference to Exhibit 10.2 to Synovus' Current Report on Form 8-K dated June 18, 2013, as filed with the SEC on June 20, 2013.*
10.24	Form of Revised Restricted Stock Unit Agreement for restricted stock awards under the Synovus Financial Corp. 2013 Omnibus Plan, incorporated by reference to Exhibit 10.37 of Synovus' Annual Report on Form 10-K for the period ended December 31, 2017, as filed with the SEC on February 28, 2018.*
10.25	Form of Director Restricted Stock Unit Agreement for the Synovus Financial Corp. 2013 Omnibus Plan, incorporated by reference to Exhibit 10.4 to Synovus' Current Report on Form 8-K dated June 18, 2013, as filed with the SEC on June 20, 2013.*
10.26	Form of Cash-Settled Restricted Stock Unit Agreement for cash-settled restricted stock awards under the Synovus Financial Corp. 2013 Omnibus Plan, incorporated by reference to Exhibit 10.46 to Synovus' Annual Report on Form 10-K for the period ended December 31, 2020, as filed with the SEC on March 1, 2021.*
10.27	Bond Street Holdings, LLC 2009 Stock Option Plan, incorporated by reference to Exhibit 10.1 of FCB's Registration Statement on Form S-1 (No. 333-196935), as filed with the SEC on June 20, 2014.*
10.28	Bond Street Holdings, LLC 2013 Stock Incentive Plan, incorporated by reference to Exhibit 10.2 of FCB's Registration Statement on Form S-1 (No. 333-196935), as filed with the SEC on June 20, 2014.*
10.29	FCB 2016 Stock Incentive Plan, incorporated by reference to Exhibit A of the FCB Proxy Statement for the 2016 Annual Meeting of Stockholders on Schedule 14A, as filed with the SEC on April 5, 2016.*

131

Exhibit Number	Description
10.30	First Amendment to the FCB 2016 Stock Incentive Plan, incorporated by reference to Item 8.01 of FCB's Current Report on Form 8-K dated May 5, 2016, as filed with the SEC on May 5, 2016.*
10.31	Form of Incentive Stock Option Grant Agreement, incorporated by reference to Exhibit 10.3 of FCB's Registration Statement on Form S-1 (No. 333-196935), as filed with the SEC on June 20, 2014.*
10.32	Form of FCB RSU Agreement, incorporated by reference to Exhibit 10.4 of FCB's Registration Statement on Form S-1/A (No. 333-196935), as filed with the SEC on July 22, 2014.*
10.33	Form of Indemnification Agreement for directors and executive officers of Synovus, incorporated by reference to Exhibit 10.1 of Synovus' Current Report on Form 8-K dated July 26, 2007, as filed with the SEC on July 26, 2007.*
10.34	Summary of Annual Base Salaries of Synovus' Named Executive Officers.*
10.35	Summary of Board of Directors Compensation, incorporated by reference to Exhibit 10.1 of Synovus' Quarterly Report on Form 10-Q for the period ended March 31, 2021, as filed with the SEC on May 6, 2021.*
10.36	Form of Change of Control Agreement for executive officers, incorporated by reference to Exhibit 10.1 of Synovus' Quarterly Report on Form 10-Q for the quarter ended June 30, 2008, as filed with the SEC on August 8, 2008.*
10.37	Form of Change of Control Agreement for executive officers, incorporated by reference to Exhibit 10.17 of Synovus' Annual Report on Form 10-K for the fiscal year ended December 31, 2013, as filed with the SEC on February 28, 2014.*
10.38	Riverside Bank Amended and Restated Salary Continuation Agreement adopted as of June 1, 2005 by and between Riverside Bank and Kessel D. Stelling, incorporated by reference to Exhibit 10.17 of Synovus' Annual Report on Form 10-K for the period ended December 31, 2011, as filed with the SEC on February 29, 2012.*
10.39	First Amendment to the Bank of North Georgia Amended and Restated Salary Continuation Agreement dated September 10, 2007, effective as of January 1, 2005, by and between Bank of North Georgia, as successor in interest to Riverside Bank, and Kessel D. Stelling, Jr., incorporated by reference to Exhibit 10.37 of Synovus' Current Report on Form 10-K for the period ended December 31, 2011, as filed with the SEC on February 29, 2012.*
10.40	Riverside Bank Split Dollar Agreement dated December 23, 1999, by and between Riverside Bank and Kessel D. Stelling, Jr., incorporated by reference to Exhibit 10.38 of Synovus' Current Report on Form 10-K for the period ended December 31, 2011, as filed with the SEC on February 29, 2012.*
10.41	Synovus Financial Corp. Amended and Restated Clawback Policy, incorporated by reference to Exhibit 10.30 of Synovus' Annual Report on Form 10-K for the period ended December 31, 2018, as filed with the SEC on February 28, 2019.*
10.42	Form of Confidentiality and Nonsolicitation Agreement for executive officers of Synovus, incorporated by reference to Exhibit 10.43 of Synovus' Annual Report on Form 10-K for the period ended December 31, 2019, as filed with the SEC on March 2, 2020.*

132

Exhibit Number	Description
10.43	Succession and Advisory Services Letter Agreement between Synovus and Kessel D. Stelling dated as of December 17, 2020, incorporated by reference to Exhibit 10.1 of Synovus' Current Report on Form 8-K dated December 17, 2020, as filed with the SEC on December 17, 2020.*
10.44	Synovus Financial Corp. 2021 Omnibus Plan, incorporated by reference to Exhibit 10.2 of Synovus' Quarterly Report on Form 10-Q for the period ended March 31, 2021, as filed with the SEC on May 6, 2021.*
10.45	Synovus Financial Corp. 2021 Director Stock Purchase Plan, incorporated by reference to Exhibit 10.3 of Synovus' Quarterly Report on Form 10-Q for the period ended March 31, 2021, as filed with the SEC on May 6, 2021.*
10.46	Synovus Financial Corp. 2021 Employee Stock Purchase Plan, incorporated by reference to Exhibit 10.4 of Synovus' Quarterly Report on Form 10-Q for the period ended March 31, 2021, as filed with the SEC on May 6, 2021.*
10.47	Form of Director Restricted Stock Unit Agreement for restricted stock awards to directors under the Synovus Financial Corp. 2021 Omnibus Plan, incorporated by reference to Exhibit 10.5 of Synovus' Quarterly Report on Form 10-Q for the period ended March 31, 2021, as filed with the SEC on May 6, 2021.*
10.48	Form of Restricted Stock Unit Agreement for restricted stock awards under the Synovus Financial Corp. 2021 Omnibus Plan.*
10.49	Form of Cash-Settled Restricted Stock Unit Agreement for cash-settled restricted stock awards under the Synovus Financial Corp. 2021 Omnibus Plan.*
10.50	Form of Performance Stock Unit Agreement for performance-based restricted stock awards under the Synovus Financial Corp. 2021 Omnibus Plan.*
14	Code of Business Conduct and Ethics, incorporated by reference to Exhibit 99.1 of Synovus' Current Report on Form 8-K dated October 24, 2014, as filed with the SEC on October 24,2014.
21.1	Subsidiaries of Synovus Financial Corp.
23.1	Consent of Independent Registered Public Accounting Firm.
24.1	Powers of Attorney contained on the signature pages of this 2021 Annual Report on Form 10-K and incorporated herein by reference.
31.1	Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2	Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32	Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101	Interactive Data File
104	Cover Page Interactive Data File (formatted as inline XBRL and included in Exhibit 101).

133

* Indicates management contracts and compensatory plans and arrangements.

(b) Exhibits

See the response to Item 15(a)(3) above.

(c) Financial Statement Schedules

See the response to Item 15(a)(2) above.

134

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, Synovus Financial Corp. has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

		SYNOVUS FINANCIAL CORP.
Date:	February 25, 2022	By:	/s/ Kevin S. Blair
			Kevin S. Blair
			President and Chief Executive Officer

POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Kevin S. Blair. and Andrew J. Gregory, Jr. and each of them, his or her true and lawful attorney(s)-in-fact and agent(s), with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any or all amendments to this report and to file the same, with all exhibits and schedules thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorney(s)-in-fact and agent(s) full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorney(s)-in-fact and agent(s), or their substitute(s), may lawfully do or cause to be done by virtue hereof.

    Pursuant to the requirements of Section 13 or 15(d) the Securities Exchange Act of 1934, as amended, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Signature	Title	Date
/s/ Kevin S. Blair	President, Chief Executive Officer and Director	February 25, 2022
Kevin S. Blair	(Principal Executive Officer)
/s/ Andrew J. Gregory, Jr.	Executive Vice President and Chief Financial Officer	February 25, 2022
Andrew J. Gregory, Jr.	(Principal Financial Officer)
/s/ Jill K. Hurley	Chief Accounting Officer	February 25, 2022
Jill K. Hurley	(Principal Accounting Officer)
/s/ Tim E. Bentsen	Director	February 25, 2022
Tim E. Bentsen
/s/ F. Dixon Brooke, Jr.	Director	February 25, 2022
F. Dixon Brooke, Jr.
/s/ Stephen T. Butler	Director	February 25, 2022
Stephen T. Butler
/s/ Elizabeth W. Camp	Director	February 25, 2022
Elizabeth W. Camp
/s/ Pedro Cherry	Director	February 25, 2022
Pedro Cherry

135

Signature	Title	Date
/s/ Diana M. Murphy	Director	February 25, 2022
Diana M. Murphy
/s/ Harris Pastides	Director	February 25, 2022
Harris Pastides
/s/ Joseph J. Prochaska, Jr.	Director	February 25, 2022
Joseph J. Prochaska, Jr.
/s/ John Stallworth	Director	February 25, 2022
John Stallworth
/s/ Kessel D. Stelling	Executive Chairman of the Board	February 25, 2022
Kessel D. Stelling
/s/ Barry L. Storey	Director	February 25, 2022
Barry L. Storey
/s/ Teresa White	Director	February 25, 2022
Teresa White

136

EX-10.34

Exhibit 10.34

SYNOVUS FINANCIAL CORP.

Annual Base Salaries for Named Executive Officers

Set forth below are the base salaries for persons identified as “named executive officers” of Synovus Financial Corp. for the year ended December 31, 2021, as approved by the Compensation Committee of the Board of Directors:

Name	Title	Base Salary
Kessel D. Stelling	Executive Chairman of the Board	$	1,125,000
Kevin S. Blair	President and Chief Executive Officer	950,000
Andrew J. Gregory, Jr.	Executive Vice President and Chief Financial Officer	475,000
Mark G. Holladay	Executive Vice President and Chief Risk Officer	409,902
Robert W. Derrick	Executive Vice President and Chief Credit Officer	375,000

EX-10.48

Exhibit 10.48

RESTRICTED STOCK UNIT AGREEMENT

    THIS RESTRICTED STOCK UNIT AGREEMENT (“Agreement”) is made effective as of the grant date set forth below by and between SYNOVUS FINANCIAL CORP., a Georgia corporation (the “Corporation”), and ___________________ (“Executive”).

    WHEREAS, Executive has been awarded Restricted Stock Units (“RSUs”) under the Corporation’s 2021 Omnibus Plan (“Plan”).

    NOW, THEREFORE, in accordance with the provisions of the Plan and this Agreement, Executive hereby agrees to the following terms and conditions:

1.    Grant of RSUs

    Executive is hereby granted RSUs as follows:

    Date of Grant:            ______________, 20__

    Vesting Period:            Please refer to Section 2 of this Agreement

    Total Number of RSUs:        ____________________

2.    Vesting of RSUs

(a)    Vesting Conditions. If Executive remains in the continuous employ of the Corporation or a Subsidiary of the Corporation through the date(s) indicated in Column I below, the RSUs will become non-forfeitable (i.e., “vest”) to the extent indicated in Column II below:

(I)			(II)
If employment			the % of the RSUs
continues through		then	which vest is
	______________, 200_		100%
		[or]
	______________, 200_		100%
		[or]
	______________, 200_		100%
		[or]
	______________, 200_		100%
		[or]
	______________, 200_		100%
		[or]
	______________, 200_		100%

Such vesting will occur (to the extent indicated in Column (II) above) at the close of business on the applicable date(s) indicated in Column (I) above. Any RSUs which are not vested on the date of Executive’s termination of employment will be forfeited to the Corporation, unless the Compensation Committee in its sole and exclusive discretion determines otherwise.

(b)    Effect of Voluntary or Involuntary Termination or Termination for Cause or Suicide. If Executive’s employment with the Corporation and its Subsidiaries is terminated: (i) by Executive voluntarily or (ii) by the Corporation or a Subsidiary involuntarily or for Cause or (iii) by Executive’s death due to suicide before all RSUs vest pursuant to the provisions of paragraph 2(a) above, then any RSUs which are not vested at the time of such termination will be forfeited to the Corporation on the date of such termination, unless the Compensation Committee in its sole and exclusive discretion determines otherwise.

(c)    Effect of Death (Other Than by Suicide) or Disability. If Executive’s employment with the Corporation and its Subsidiaries terminates by reason of Executive’s death (other than by suicide) or Disability, then any RSUs which are not vested at the time of such termination will become vested automatically.

(d)    Effect of [Retirement or] Leave of Absence. [If Executive’s employment with the Corporation and its Subsidiaries is terminated by reason of Executive’s retirement after attainment of [age __ and __ years of Service] [age __,] [then any RSUs which are not vested at the time of such retirement will become vested automatically] [will not be forfeited and will paid to the Executive in accordance with the schedule set forth in Section 2(a) above]. A leave of absence which is approved in writing by the Compensation Committee with specific reference to this Agreement will not be considered a termination of Executive’s employment with the Corporation and its Subsidiaries for purposes of this Section 2 or any other provision of this Agreement.

(e)    Change of Control. In the event of a Change of Control (as defined in the Plan), the RSUs will vest immediately upon such Change of Control as provided in the Plan; provided, however, that in the event the RSUs are assumed by the surviving entity in a Change of Control or are equitably converted or substituted in connection with a Change of Control, the vesting of the RSUs shall not be accelerated unless the Executive’s employment is terminated within two years following the effective date of such Change of Control either by the surviving entity without Cause or by the Executive for Good Reason. For purposes of this Agreement, “Cause” shall mean: (i) the willful and continued failure of Executive perform substantially his or her duties with the Corporation or one of its affiliates after a written demand for substantial performance is delivered to Executive by an officer of the Corporation which specifically identifies the manner in which Executive has not substantially performed his or her duties, after which Executive shall have a reasonable amount of time to remedy such failure to substantially perform his or her duties; or (ii) the willful engaging by Executive in illegal conduct or gross misconduct which is materially and demonstrably injurious to the Corporation. For purposes of this Agreement, “Good Reason” shall mean: (i) a material adverse reduction in the Executive’s position, duties or responsibilities, excluding a change in the position or level of officer to whom the Executive reports or a change that is part of a policy, program, or arrangement applicable to peer executives (including peer executives of any successor to the Corporation;

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(ii) the Corporation’s requiring the Executive to be based at any office or location more than 35 miles from the location where Executive was employed on the effective date of the Change of Control Date or the date which is 120 days prior to the effective date of the Change of Control; or (iii) a material reduction in Executive’s annual base salary, target annual bonus opportunity, or participation in employee benefit plans, as such salary, bonus and plans were in effect on either the effective date of the Change of Control or the date which is 120 days prior to the effective date of the Change of Control (if such earlier date is selected by Executive) unless such reduction is part of a policy, program, or arrangement applicable to peer executives (including peer executives to any successor to Corporation).

(f)    No Forfeiture of Vested RSUs. Any RSUs which vest pursuant to the preceding provisions of this Section 2 will not thereafter be forfeited.

3.    Conversion of RSUs and Issuance of Shares

Upon vesting of the RSUs, one share of the Corporation’s Common Stock shall be issued for each RSU that vests on such vesting date, subject to the terms and conditions of this Agreement and the Plan.

4.    Transfer of RSUs

Unless otherwise permitted by the Committee, the RSUs may not be sold, transferred, pledged, assigned or otherwise alienated or hypothecated, other than pursuant to a will or the laws of descent and distribution. Any attempted disposition in violation of this Agreement and the Plan shall be void.

5.    Status of Executive

The Executive shall not be, or have rights as, a stockholder of the Corporation with respect to any of the shares of Common Stock subject to the RSUs unless such RSUs have vested, and shares underlying the RSUs have been issued and delivered to him or her. The Corporation shall not be required to issue or transfer any certificates for shares of Common Stock upon vesting of the RSUs until all applicable requirements of law have been complied with and such shares have been duly listed on any securities exchange on which the Common Stock may then be listed.

6.    Dividend Equivalents

The RSUs will be credited with dividend equivalents equal to amount of cash dividend payments that would have otherwise been paid if the shares of the Corporation’s Common Stock represented by the RSUs (including deemed reinvested additional shares attributable to the RSUs pursuant to this paragraph) were actually outstanding. These dividend equivalents will be deemed to be reinvested in additional shares of the Corporation’s Common Stock determined by dividing the deemed cash dividend amount by the Fair Market Value (as defined in the Plan) of a share of the Corporation’s Common Stock on the applicable dividend payment date. Such credited amounts will be added to the RSUs and will vest or be forfeited in accordance with Section 2 based on the vesting or forfeiture of the initial RSUs to which they are attributable. In addition, the RSUs will be credited with any dividends or distributions that are paid in shares of the Corporation’s Common Stock represented by the RSUs and will

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otherwise be adjusted by the Committee for other capital or corporate events as provided for in the Plan.

7.    General Provisions

(a)    Administration, Interpretation and Construction. The terms and conditions set forth in this Agreement will be administered, interpreted and construed by the Compensation Committee, whose decisions will be final, conclusive and binding on the Corporation, on Executive and on anyone claiming under or through the Corporation or Executive. Without limiting the generality of the foregoing, any determination as to whether an event has occurred or failed to occur which causes the RSUs to be forfeited pursuant to the terms and conditions set forth in this Agreement, will be made in the good faith but absolute discretion of the Compensation Committee. By accepting the transfer of RSUs, Executive irrevocably consents and agrees to the terms and conditions set forth in this Agreement and to all actions, decisions and determinations to be taken or made by the Compensation Committee in good faith pursuant to the terms and conditions set forth in this Agreement.

(b)    Withholding. The Corporation will have the right to withhold from any payments to be made to Executive (whether under this Agreement or otherwise) any taxes the Corporation determines it is required to withhold with respect to Executive under the laws and regulations of any governmental authority, whether Federal, state or local and whether domestic or foreign, in connection with this Agreement, including, without limitation, taxes in connection with the transfer of RSUs or the lapse of restrictions on RSUs. Failure to submit any such withholding taxes shall be deemed to cause otherwise lapsed restrictions on RSUs not to lapse.

(c)    Rights Not Assignable or Transferable. No rights under this Agreement will be assignable or transferable other than by will or the laws of descent and distribution, either voluntarily, or, to the full extent permitted by law, involuntarily, by way of encumbrance, pledge, attachment, levy or charge of any nature except as otherwise provided in this Agreement. Executive’s rights under this Agreement will be exercisable during Executive’s lifetime only by Executive or by Executive’s guardian or legal representative.

(d)    Terms and Conditions Binding. The terms and conditions set forth in the Plan and in this Agreement will be binding upon and inure to the benefit of the Corporation, its successors and assigns, including any assignee of the Corporation and any successor to the Corporation by merger, consolidation or otherwise, and Executive, Executive’s heirs, devisees and legal representatives. In addition, the terms and conditions set forth in the Plan and in this Agreement will be binding upon and inure to the benefit of Fidelity and its successors and assigns.

(e)    No Employment Rights. No provision of this Agreement or the Plan will be deemed to confer upon Executive any right to continue in the employ of the Corporation or a Subsidiary or will in any way affect the right of the Corporation or a Subsidiary to dismiss or otherwise terminate Executive’s employment at any time for any reason with or without cause, or will be construed to impose upon the Corporation or a Subsidiary any liability for any forfeiture of RSUs which may result under this Agreement if Executive’s employment is so terminated.

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(f)    No Liability for Good Faith Business Acts or Omissions. Executive recognizes and agrees that the Compensation Committee, the Board, or the officers, agents or employees of the Corporation and its Subsidiaries, in their oversight or conduct of the business and affairs of the Corporation and its Subsidiaries, may in good faith cause the Corporation or a Subsidiary to act, or to omit to act, in a manner that may, directly or indirectly, prevent the RSUs from vesting. No provision of this Agreement will be interpreted or construed to impose any liability upon the Corporation, a Subsidiary, the Compensation Committee, Board or any officer, agent or employee of the Corporation or a Subsidiary, for any forfeiture of RSUs that may result, directly or indirectly, from any such action or omission.

(g)    Recapitalization. In the event that Executive receives, with respect to RSUs, any securities or other property (other than cash dividends) as a result of any stock dividend or split, spin-off, recapitalization, merger, consolidation, combination or exchange of shares or a similar corporate change, any such securities or other property received by Executive will likewise be held by Fidelity and be subject to the terms and conditions set forth in this Agreement and will be included in the term “RSUs.”

(h)    Appointment of Agent. By accepting the transfer of RSUs, Executive irrevocably nominates, constitutes, and appoints Fidelity as Executive’s agent for purposes of surrendering or transferring the RSUs to the Corporation upon any forfeiture required or authorized by this Agreement. This power is intended as a power coupled with an interest and will survive Executive’s death. In addition, it is intended as a durable power and will survive Executive’s disability.

(i)    Legal Representative. In the event of Executive’s death or a judicial determination of Executive’s incompetence, reference in this Agreement to Executive shall be deemed, where appropriate, to Executive’s heirs or devises.

(j)    Titles. The titles to sections or paragraphs of this Agreement are intended solely for convenience and no provision of this Agreement is to be construed by reference to the title of any section or paragraph.

(k)    Plan Governs. The RSUs are being transferred to Executive pursuant to and subject to the Plan, a copy of which is available upon request to the Corporate Secretary of the Corporation. The provisions of the Plan are incorporated herein by this reference, and all capitalized terms in this Agreement shall have the same meanings given to such terms in the Plan. The terms and conditions set forth in this Agreement will be administered, interpreted and construed in accordance with the Plan, and any such term or condition which cannot be so administered, interpreted or construed will to that extent be disregarded.

(l)    Clawback Policy. Pursuant to Article 19 of the Plan, the RSUs are subject to any compensation recoupment policy adopted by the Corporation and are also subject to recovery under any applicable law, government regulation or stock exchange listing requirement.

(m)    Complete Agreement. This instrument contains the entire agreement of the parties relating to the subject matter of this Agreement and supersedes and replaces all prior agreements and understandings with respect to such subject matter. The parties hereto have made no agreements, representations or

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warranties relating to the subject matter of this Agreement which are not set forth herein or incorporated by reference.

(n)    Amendment; Modification; Wavier. No provision set forth in this Agreement may be amended, modified or waived unless such amendment, modification or waiver shall be authorized by the Compensation Committee and shall be agreed to in writing, signed by Executive and by an officer of the Corporation duly authorized to do so. No waiver by either party hereto of any breach by the other party of any condition or provision set forth in this Agreement to be performed by such other party will be deemed a waiver of a subsequent breach of such condition or provision, or will be deemed a waiver of a similar or dissimilar provision or condition at the same time or at any prior or subsequent time.

(o)    Governing Law. The validity, interpretation, performance and enforcement of the terms and conditions set forth in this Agreement will be governed by the laws of the State of Georgia, the state in which the Corporation is incorporated, without giving effect to the principles of conflicts of law of that state.

    The Corporation has issued the RSUs in accordance with the foregoing terms and conditions and in accordance with the provisions of the Plan. By signing below, Executive hereby agrees to the foregoing terms and conditions of the RSUs. Executive must agree to the foregoing terms and conditions of the RSUs within 120 days of the Date of Grant, or the RSUs will be forfeited.

    IN WITNESS WHEREOF, Executive has set Executive’s hand and seal, effective as of the date and year set forth above.

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EX-10.49

Exhibit 10.49

CASH-SETTLED RESTRICTED STOCK UNIT AGREEMENT

    THIS CASH-SETTLED RESTRICTED STOCK UNIT AGREEMENT (“Agreement”) is made effective as of the grant date set forth below by and between SYNOVUS FINANCIAL CORP., a Georgia corporation (the “Corporation”), and ___________________ (“Executive”).

    WHEREAS, Executive has been awarded Restricted Stock Units (“RSUs”) under the Corporation’s 2021 Omnibus Plan (“Plan”).

    NOW, THEREFORE, in accordance with the provisions of the Plan and this Agreement, Executive hereby agrees to the following terms and conditions:

1.    Grant of RSUs

    Executive is hereby granted RSUs as follows:

    Date of Grant:            _____________, 20__

    Vesting Period:            Please refer to Section 2 of this Agreement

    Total Number of RSUs:        _____________

2.    Vesting of RSUs

(a)    Vesting Conditions. If Executive remains in the continuous employ of the Corporation or a Subsidiary of the Corporation through the date(s) indicated in Column I below, the RSUs will become non-forfeitable (i.e., “vest”) to the extent indicated in Column II below:

(I)		(II)
If employment		the % of the RSUs
continues through	then	which vest is
____________, 20___		100%
	[or]
____________, 20___		___%
	[or]
____________, 20___		___%
	[or]
____________, 20___		___%
	[or]
____________, 20___		___%
	[or]

____________, 20__ ___%

Such vesting will occur (to the extent indicated in Column (II) above) at the close of business on the applicable date(s) indicated in Column (I) above. Any RSUs which are not vested on the date of Executive’s termination of employment will be forfeited to the Corporation, unless the Compensation Committee in its sole and exclusive discretion determines otherwise.

(b)    Effect of Voluntary Termination or Termination for Cause or Suicide. If Executive’s employment with the Corporation and its Subsidiaries is terminated: (i) by Executive voluntarily or (ii) by the Corporation or a Subsidiary for Cause or (iii) by Executive’s death due to suicide before all RSUs vest pursuant to the provisions of paragraph 2(a) above, then any RSUs which are not vested at the time of such termination will be forfeited to the Corporation on the date of such termination, unless the Compensation Committee in its sole and exclusive discretion determines otherwise.

(c)    Effect of Death (Other Than by Suicide) or Disability. If Executive’s employment with the Corporation and its Subsidiaries terminates by reason of Executive’s death (other than by suicide) or Disability, then any RSUs which are not vested at the time of such termination will become vested automatically.

(d)    Effect of [Retirement or] Leave of Absence. [If Executive’s employment with the Corporation and its Subsidiaries is terminated by reason of Executive’s retirement after attainment of [age __ and __ years of Service] [age __, ][then any RSUs which are not vested at the time of such retirement will become vested automatically][will not be forfeited and will paid to the Executive in accordance with the schedule set forth in Section 2(a) above]. A leave of absence which is approved in writing by the Compensation Committee with specific reference to this Agreement will not be considered a termination of Executive’s employment with the Corporation and its Subsidiaries for purposes of this Section 2 or any other provision of this Agreement.

(e)    In the event of a Change of Control (as defined in the Plan), the RSUs will vest immediately upon such Change of Control as provided in the Plan; provided, however, that in the event the RSUs are assumed by the surviving entity in a Change of Control or are equitably converted or substituted in connection with a Change of Control, the vesting of the RSUs shall not be accelerated unless the Executive’s employment is terminated within two years following the effective date of such Change of Control either by the surviving entity without Cause or by the Executive for Good Reason. For purposes of this Agreement, “Cause” shall mean: (i) the willful and continued failure of Executive perform substantially his or her duties with the Corporation or one of its affiliates after a written demand for substantial performance is delivered to Executive by an officer of the Corporation which specifically identifies the manner in which Executive has not substantially performed his or her duties, after which Executive shall have a reasonable amount of time to remedy such failure to substantially perform his or her duties; or (ii) the willful engaging by Executive in illegal conduct or gross misconduct which is materially and demonstrably injurious to the Corporation. For purposes of this Agreement, “Good Reason” shall mean: (i) a material adverse reduction in the Executive’s position, duties or responsibilities, excluding a change in the position or level of officer to whom the Executive reports or a change that is part

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of a policy, program, or arrangement applicable to peer executives (including peer executives of any successor to the Corporation; (ii) the Corporation’s requiring the Executive to be based at any office or location more than 35 miles from the location where Executive was employed on the effective date of the Change of Control Date or the date which is 120 days prior to the effective date of the Change of Control; or (iii) a material reduction in Executive’s annual base salary, target annual bonus opportunity, or participation in employee benefit plans, as such salary, bonus and plans were in effect on either the effective date of the Change of Control or the date which is 120 days prior to the effective date of the Change of Control (if such earlier date is selected by Executive) unless such reduction is part of a policy, program, or arrangement applicable to peer executives (including peer executives to any successor to Corporation).

(f)    No Forfeiture of Vested RSUs. Any RSUs which vest pursuant to the preceding provisions of this Section 2 will not thereafter be forfeited.

3.    Settlement of RSUs

Upon vesting of the RSUs, the Executive (or his representative) shall receive a cash payment equal to the Fair Market Value of one share of the Corporation’s Common Stock for each RSU that vests on such vesting date as soon as practicable following such vesting date, subject to the terms and conditions of this Agreement and the Plan including the withholding of applicable taxes.

4.    Transfer of RSUs

Unless otherwise permitted by the Committee, the RSUs may not be sold, transferred, pledged, assigned or otherwise alienated or hypothecated, other than pursuant to a will or the laws of descent and distribution. Any attempted disposition in violation of this Agreement and the Plan shall be void.

5.    Status of Executive

The Executive shall not be, or have rights as, a stockholder of the Corporation with respect to any of the shares of Common Stock subject to the RSUs unless such RSUs have vested, and shares underlying the RSUs have been issued and delivered to him or her. The Corporation shall not be required to issue or transfer any certificates for shares of Common Stock upon vesting of the RSUs until all applicable requirements of law have been complied with and such shares have been duly listed on any securities exchange on which the Common Stock may then be listed.

6.    Dividend Equivalents

The RSUs will be credited with dividend equivalents equal to amount of cash dividend payments that would have otherwise been paid if the shares of the Corporation’s Common Stock represented by the RSUs (including deemed reinvested additional shares attributable to the RSUs pursuant to this paragraph) were actually outstanding. These dividend equivalents will be deemed to be reinvested in additional shares of the Corporation’s Common Stock determined by dividing the deemed cash dividend amount by the Fair Market Value (as defined in the Plan) of a share of the Corporation’s Common Stock on the applicable dividend payment date. Such credited amounts will be added to the RSUs and will vest or be forfeited in accordance with Section 2 based on the

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vesting or forfeiture of the initial RSUs to which they are attributable. In addition, the RSUs will be credited with any dividends or distributions that are paid in shares of the Corporation’s Common Stock represented by the RSUs and will otherwise be adjusted by the Committee for other capital or corporate events as provided for in the Plan.

7.    General Provisions

(a)    Administration, Interpretation and Construction. The terms and conditions set forth in this Agreement will be administered, interpreted and construed by the Compensation Committee, whose decisions will be final, conclusive and binding on the Corporation, on Executive and on anyone claiming under or through the Corporation or Executive. Without limiting the generality of the foregoing, any determination as to whether an event has occurred or failed to occur which causes the RSUs to be forfeited pursuant to the terms and conditions set forth in this Agreement, will be made in the good faith but absolute discretion of the Compensation Committee. By accepting the transfer of RSUs, Executive irrevocably consents and agrees to the terms and conditions set forth in this Agreement and to all actions, decisions and determinations to be taken or made by the Compensation Committee in good faith pursuant to the terms and conditions set forth in this Agreement.

(b)    Withholding. The Corporation will have the right to withhold from any payments to be made to Executive (whether under this Agreement or otherwise) any taxes the Corporation determines it is required to withhold with respect to Executive under the laws and regulations of any governmental authority, whether Federal, state or local and whether domestic or foreign, in connection with this Agreement, including, without limitation, taxes in connection with the transfer of RSUs or the lapse of restrictions on RSUs. Failure to submit any such withholding taxes shall be deemed to cause otherwise lapsed restrictions on RSUs not to lapse.

(c)    Rights Not Assignable or Transferable. No rights under this Agreement will be assignable or transferable other than by will or the laws of descent and distribution, either voluntarily, or, to the full extent permitted by law, involuntarily, by way of encumbrance, pledge, attachment, levy or charge of any nature except as otherwise provided in this Agreement. Executive’s rights under this Agreement will be exercisable during Executive’s lifetime only by Executive or by Executive’s guardian or legal representative.

(d)    Terms and Conditions Binding. The terms and conditions set forth in the Plan and in this Agreement will be binding upon and inure to the benefit of the Corporation, its successors and assigns, including any assignee of the Corporation and any successor to the Corporation by merger, consolidation or otherwise, and Executive, Executive’s heirs, devisees and legal representatives. In addition, the terms and conditions set forth in the Plan and in this Agreement will be binding upon and inure to the benefit of Fidelity and its successors and assigns.

(e)    No Employment Rights. No provision of this Agreement or the Plan will be deemed to confer upon Executive any right to continue in the employ of the Corporation or a Subsidiary or will in any way affect the right of the Corporation or a Subsidiary to dismiss or otherwise terminate Executive’s employment at any time for any reason with or without cause, or will be construed to impose upon

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the Corporation or a Subsidiary any liability for any forfeiture of RSUs which may result under this Agreement if Executive’s employment is so terminated.

(f)    No Liability for Good Faith Business Acts or Omissions. Executive recognizes and agrees that the Compensation Committee, the Board, or the officers, agents or employees of the Corporation and its Subsidiaries, in their oversight or conduct of the business and affairs of the Corporation and its Subsidiaries, may in good faith cause the Corporation or a Subsidiary to act, or to omit to act, in a manner that may, directly or indirectly, prevent the RSUs from vesting. No provision of this Agreement will be interpreted or construed to impose any liability upon the Corporation, a Subsidiary, the Compensation Committee, Board or any officer, agent or employee of the Corporation or a Subsidiary, for any forfeiture of RSUs that may result, directly or indirectly, from any such action or omission.

(g)    Recapitalization. In the event that Executive receives, with respect to RSUs, any securities or other property (other than cash dividends) as a result of any stock dividend or split, spin-off, recapitalization, merger, consolidation, combination or exchange of shares or a similar corporate change, any such securities or other property received by Executive will likewise be held by Fidelity and be subject to the terms and conditions set forth in this Agreement and will be included in the term “RSUs.”

(h)    Appointment of Agent. By accepting the transfer of RSUs, Executive irrevocably nominates, constitutes, and appoints Fidelity as Executive’s agent for purposes of surrendering or transferring the RSUs to the Corporation upon any forfeiture required or authorized by this Agreement. This power is intended as a power coupled with an interest and will survive Executive’s death. In addition, it is intended as a durable power and will survive Executive’s disability.

(i)    Legal Representative. In the event of Executive’s death or a judicial determination of Executive’s incompetence, reference in this Agreement to Executive shall be deemed, where appropriate, to Executive’s heirs or devises.

(j)    Titles. The titles to sections or paragraphs of this Agreement are intended solely for convenience and no provision of this Agreement is to be construed by reference to the title of any section or paragraph.

(k)    Plan Governs. The RSUs are being transferred to Executive pursuant to and subject to the Plan, a copy of which is available upon request to the Corporate Secretary of the Corporation. The provisions of the Plan are incorporated herein by this reference, and all capitalized terms in this Agreement shall have the same meanings given to such terms in the Plan. The terms and conditions set forth in this Agreement will be administered, interpreted and construed in accordance with the Plan, and any such term or condition which cannot be so administered, interpreted or construed will to that extent be disregarded.

(l)    Clawback Policy. Pursuant to Article 19 of the Plan, the RSUs are subject to any compensation recoupment policy adopted by the Corporation and are also subject to recovery under any applicable law, government regulation or stock exchange listing requirement.

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(m)    Complete Agreement. This instrument contains the entire agreement of the parties relating to the subject matter of this Agreement and supersedes and replaces all prior agreements and understandings with respect to such subject matter. The parties hereto have made no agreements, representations or warranties relating to the subject matter of this Agreement which are not set forth herein or incorporated by reference.

(n)    Amendment; Modification; Wavier. No provision set forth in this Agreement may be amended, modified or waived unless such amendment, modification or waiver shall be authorized by the Compensation Committee and shall be agreed to in writing, signed by Executive and by an officer of the Corporation duly authorized to do so. No waiver by either party hereto of any breach by the other party of any condition or provision set forth in this Agreement to be performed by such other party will be deemed a waiver of a subsequent breach of such condition or provision, or will be deemed a waiver of a similar or dissimilar provision or condition at the same time or at any prior or subsequent time.

(o)    Governing Law. The validity, interpretation, performance and enforcement of the terms and conditions set forth in this Agreement will be governed by the laws of the State of Georgia, the state in which the Corporation is incorporated, without giving effect to the principles of conflicts of law of that state.

    The Corporation has issued the RSUs in accordance with the foregoing terms and conditions and in accordance with the provisions of the Plan. By signing below, Executive hereby agrees to the foregoing terms and conditions of the RSUs.

    IN WITNESS WHEREOF, Executive has set Executive’s hand and seal, effective as of the date and year set forth above.

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EX-10.50

Exhibit 10.50

PERFORMANCE STOCK UNIT AGREEMENT

    THIS PERFORMANCE STOCK UNIT AGREEMENT (“Agreement”) is made effective as of the grant date set forth below by and between SYNOVUS FINANCIAL CORP., a Georgia corporation (the “Corporation”), and ___________________ (“Executive”).

    WHEREAS, Executive has been awarded Performance Stock Units (“PSUs”) under the Corporation’s 2021 Omnibus Plan (“Plan”).

    NOW, THEREFORE, in accordance with the provisions of the Plan and this Agreement, Executive hereby agrees to the following terms and conditions:

1.    Grant of Performance Stock Units

Subject to the terms and conditions of the Plan and the additional terms and conditions set forth in this Agreement, the Company hereby grants to the Executive the opportunity to vest in Performance Stock Units, which shall vest and become nonforfeitable as determined in accordance with Section 2 herein (the “PSUs”). A “PSU” represents the right to receive one share of Common Stock.

Executive is hereby granted PSUs as follows:

    Date of Grant:        _____________, 20___

    Vesting Period:        Please refer to Section 2 of this Agreement

    Target PSU Award:        _____________

2.    Vesting of PSUs

(a)    Service Based Vesting Conditions. If Executive remains in the continuous employ of the Corporation or a Subsidiary of the Corporation through the date(s) indicated in Column I below (the “Service Date”), the percentage of PSUs that will become non-forfeitable (i.e., “vest”) is indicated in Column II below, with the number of PSUs eligible to vest as of each Service Date to be determined using the formula set forth in Section 2(b) below:

(I)		(II)
If employment		the % of the eligible PSUs
continues through (Service Date)	then	which vest is
____________, 20___		___%
	[or]
____________, 20___		___%
	[or]

____________, 20___		___%
	[or]
____________, 20___		___%
	[or]
____________, 20___		___%

Such vesting will occur (to the extent indicated in Column (II) above and in Section 2(b) below) at the close of business on Service Date indicated in Column (I) above. Any PSUs which are not vested on the date of Executive’s termination of employment will be forfeited to the Corporation, unless the Compensation Committee in its sole and exclusive discretion determines otherwise.

(b)    Performance Formula and Risk-Based Modifier. In addition to the Service Based Vesting Conditions, the number of PSUs eligible to vest as of each Service Date shall be calculated in accordance with the following formula as determined and approved by the Committee:

[Performance Formula and Applicable Performance Period(s) Approved by Committee]

Notwithstanding the results of the above performance formula, the Committee, in its sole and exclusive discretion, may reduce the amount of PSUs which would otherwise vest under the above performance formula if the Committee believes that risks were not properly assessed during the applicable Performance Period. Reductions will be considered in the event the Corporation or a Subsidiary experiences a material loss during the Performance Period, the Corporation fails to comply with risk management policies or properly address risk concerns, or regulatory capital falls below regulatory requirements.

(c)    Effect of Voluntary or Involuntary Termination or Termination for Cause or Suicide. If Executive’s employment with the Corporation and its Subsidiaries is terminated: (i) by Executive voluntarily, (ii) by the Corporation or a Subsidiary involuntarily or for Cause or (iii) by Executive’s death due to suicide before all PSUs vest pursuant to the provisions of paragraphs 2(a) and 2(b) above, then any PSUs which are not vested at the time of such termination will be forfeited to the Corporation on the date of such termination, unless the Compensation Committee in its sole and exclusive discretion determines otherwise.

(d)    Effect of Death (Other Than by Suicide) or Disability. If Executive’s employment with the Corporation and its Subsidiaries terminates by reason of Executive’s death (other than by suicide) or Disability, then any PSUs which are not vested at the time of such termination will become vested automatically as set forth in Section 2(g) below.

(e)    Effect of [Retirement or] Leave of Absence. [If Executive’s employment with the Corporation and its Subsidiaries is terminated by reason of Executive’s retirement after attainment of [age __ and __ years of Service] [age __, then any PSUs which are not vested at the time of such retirement will vest as set forth in

2

Section 2(g) below.] A leave of absence which is approved in writing by the Compensation Committee with specific reference to this Agreement will not be considered a termination of Executive’s employment with the Corporation and its Subsidiaries for purposes of this Section 2 or any other provision of this Agreement.

(f)    Change of Control. In the event of a Change of Control (as defined in the Plan), the PSUs will vest immediately upon such Change of Control as provided in the Plan and as set forth in Section 2(g) below; provided, however, that in the event the PSUs are assumed by the surviving entity in a Change of Control or are equitably converted or substituted in connection with a Change of Control, the vesting of the PSUs shall not be accelerated unless the Executive’s employment is terminated within two years following the effective date of such Change of Control either by the surviving entity without Cause or by the Executive for Good Reason. For purposes of this Agreement, “Cause” shall mean: (i) the willful and continued failure of Executive perform substantially his or her duties with the Corporation or one of its affiliates after a written demand for substantial performance is delivered to Executive by an officer of the Corporation which specifically identifies the manner in which Executive has not substantially performed his or her duties, after which Executive shall have a reasonable amount of time to remedy such failure to substantially perform his or her duties; or (ii) the willful engaging by Executive in illegal conduct or gross misconduct which is materially and demonstrably injurious to the Corporation. For purposes of this Agreement, “Good Reason” shall mean: (i) a material adverse reduction in the Executive’s position, duties or responsibilities, excluding a change in the position or level of officer to whom the Executive reports or a change that is part of a policy, program, or arrangement applicable to peer executives (including peer executives of any successor to the Corporation; (ii) the Corporation’s requiring the Executive to be based at any office or location more than 35 miles from the location where Executive was employed on the effective date of the Change of Control Date or the date which is 120 days prior to the effective date of the Change of Control; or (iii) a material reduction in Executive’s annual base salary, target annual bonus opportunity, or participation in employee benefit plans, as such salary, bonus and plans were in effect on either the effective date of the Change of Control or the date which is 120 days prior to the effective date of the Change of Control (if such earlier date is selected by Executive) unless such reduction is part of a policy, program, or arrangement applicable to peer executives (including peer executives to any successor to Corporation).

(g)    Vesting of PSUs. Any PSUs which vest pursuant to the provisions of Sections 2(d) through 2(f) [shall be calculated [by multiplying the percentage of the PSUs which have not previously vested by the Target PSU Award without using the performance formula set forth in Section 2(b)] [shall be deemed to satisfy the Service-Based Vesting Conditions in Section 2(a) above, and will paid to the Executive in accordance with the performance formula set forth in Section 2(b) above]. Any PSUs which vest pursuant to the preceding provisions of this Section 2 will not thereafter be forfeited.

3.    Conversion of PSUs and Issuance of Shares

Upon vesting of the PSUs, one Share of the Corporation’s Common Stock shall be issued for each PSU that vests on such vesting date in accordance with Section 2, subject to the terms and conditions of this Agreement and the Plan.

3

4.    Transfer of PSUs

Unless otherwise permitted by the Committee, the PSUs may not be sold, transferred, pledged, assigned or otherwise alienated or hypothecated, other than pursuant to a will or the laws of descent and distribution. Any attempted disposition in violation of this Agreement and the Plan shall be void.

5.    Status of Executive

The Executive shall not be, or have rights as, a stockholder of the Corporation with respect to any of the shares of Common Stock subject to the PSUs unless such PSUs have vested, and shares underlying the PSUs have been issued and delivered to him or her. The Corporation shall not be required to issue or transfer any certificates for shares of Common Stock upon vesting of the PSUs until all applicable requirements of law have been complied with and such shares have been duly listed on any securities exchange on which the Common Stock may then be listed.

6.    Dividend Equivalents

The PSUs will be credited with dividend equivalents equal to amount of cash dividend payments that would have otherwise been paid if the shares of the Corporation’s Common Stock represented by the actual number of PSUs which vest in accordance with the provisions of Section 2 above (including deemed reinvested additional shares attributable to the PSUs determined pursuant to this paragraph) were actually outstanding. These dividend equivalents will be deemed to be reinvested in additional shares of the Corporation’s Common Stock determined by dividing the deemed cash dividend amount by the Fair Market Value (as defined in the Plan) of a Share of the Corporation’s Common Stock on the applicable dividend payment date. Such credited amounts will be added to the PSUs and will vest or be forfeited in accordance with Section 2 based on the vesting or forfeiture of the initial PSUs to which they are attributable. In addition, the PSUs will be credited with any dividends or distributions that are paid in shares of the Corporation’s Common Stock represented by the PSUs and will otherwise be adjusted by the Committee for other capital or corporate events as provided for in the Plan.

7.    General Provisions

(a)    Administration, Interpretation and Construction. The terms and conditions set forth in this Agreement will be administered, interpreted and construed by the Compensation Committee, whose decisions will be final, conclusive and binding on the Corporation, on Executive and on anyone claiming under or through the Corporation or Executive. Without limiting the generality of the foregoing, any determination as to whether an event has occurred or failed to occur which causes the PSUs to be forfeited pursuant to the terms and conditions set forth in this Agreement, will be made in the good faith but absolute discretion of the Compensation Committee. By accepting the transfer of PSUs, Executive irrevocably consents and agrees to the terms and conditions set forth in this Agreement and to all actions, decisions and determinations to be taken or made by the Compensation Committee in good faith pursuant to the terms and conditions set forth in this Agreement.

4

(b)    Withholding. The Corporation will have the right to withhold from any payments to be made to Executive (whether under this Agreement or otherwise) any taxes the Corporation determines it is required to withhold with respect to Executive under the laws and regulations of any governmental authority, whether Federal, state or local and whether domestic or foreign, in connection with this Agreement, including, without limitation, taxes in connection with the transfer of PSUs or the lapse of restrictions on PSUs. Failure to submit any such withholding taxes shall be deemed to cause otherwise lapsed restrictions on PSUs not to lapse.

(c)    Rights Not Assignable or Transferable. No rights under this Agreement will be assignable or transferable other than by will or the laws of descent and distribution, either voluntarily, or, to the full extent permitted by law, involuntarily, by way of encumbrance, pledge, attachment, levy or charge of any nature except as otherwise provided in this Agreement. Executive’s rights under this Agreement will be exercisable during Executive’s lifetime only by Executive or by Executive’s guardian or legal representative.

(d)    Terms and Conditions Binding. The terms and conditions set forth in the Plan and in this Agreement will be binding upon and inure to the benefit of the Corporation, its successors and assigns, including any assignee of the Corporation and any successor to the Corporation by merger, consolidation or otherwise, and Executive, Executive’s heirs, devisees and legal representatives. In addition, the terms and conditions set forth in the Plan and in this Agreement will be binding upon and inure to the benefit of Fidelity and its successors and assigns.

(e)    No Employment Rights. No provision of this Agreement or the Plan will be deemed to confer upon Executive any right to continue in the employ of the Corporation or a Subsidiary or will in any way affect the right of the Corporation or a Subsidiary to dismiss or otherwise terminate Executive’s employment at any time for any reason with or without cause, or will be construed to impose upon the Corporation or a Subsidiary any liability for any forfeiture of PSUs which may result under this Agreement if Executive’s employment is so terminated.

(f)    No Liability for Good Faith Business Acts or Omissions. Executive recognizes and agrees that the Compensation Committee, the Board, or the officers, agents or employees of the Corporation and its Subsidiaries, in their oversight or conduct of the business and affairs of the Corporation and its Subsidiaries, may in good faith cause the Corporation or a Subsidiary to act, or to omit to act, in a manner that may, directly or indirectly, prevent the PSUs from vesting. No provision of this Agreement will be interpreted or construed to impose any liability upon the Corporation, a Subsidiary, the Compensation Committee, Board or any officer, agent or employee of the Corporation or a Subsidiary, for any forfeiture of PSUs that may result, directly or indirectly, from any such action or omission.

(g)    Recapitalization. In the event that Executive receives, with respect to PSUs, any securities or other property (other than cash dividends) as a result of any stock dividend or split, spin-off, recapitalization, merger, consolidation, combination or exchange of shares or a similar corporate change, any such securities or other property received by Executive will likewise be held by Fidelity and be subject to the terms and conditions set forth in this Agreement and will be included in the term “PSUs.”

5

(h)    Appointment of Agent. By accepting the transfer of PSUs, Executive irrevocably nominates, constitutes, and appoints Fidelity as Executive’s agent for purposes of surrendering or transferring the PSUs to the Corporation upon any forfeiture required or authorized by this Agreement. This power is intended as a power coupled with an interest and will survive Executive’s death. In addition, it is intended as a durable power and will survive Executive’s disability.

(i)    Legal Representative. In the event of Executive’s death or a judicial determination of Executive’s incompetence, reference in this Agreement to Executive shall be deemed, where appropriate, to Executive’s heirs or devises.

(j)    Titles. The titles to sections or paragraphs of this Agreement are intended solely for convenience and no provision of this Agreement is to be construed by reference to the title of any section or paragraph.

(k)    Clawback Policy. Pursuant to Article 19 of the Plan, the PSUs are subject to any compensation recoupment policy adopted by the Corporation and are also subject to recovery under any applicable law, government regulation or stock exchange listing requirement.

(l)    Plan Governs. The PSUs are being transferred to Executive pursuant to and subject to the Plan, a copy of which is available upon request to the Corporate Secretary of the Corporation. The provisions of the Plan are incorporated herein by this reference, and all capitalized terms in this Agreement shall have the same meanings given to such terms in the Plan. The terms and conditions set forth in this Agreement will be administered, interpreted and construed in accordance with the Plan, and any such term or condition which cannot be so administered, interpreted or construed will to that extent be disregarded.

(m)    Complete Agreement. This instrument contains the entire agreement of the parties relating to the subject matter of this Agreement and supersedes and replaces all prior agreements and understandings with respect to such subject matter. The parties hereto have made no agreements, representations or warranties relating to the subject matter of this Agreement which are not set forth herein or incorporated by reference.

(n)    Amendment; Modification; Wavier. No provision set forth in this Agreement may be amended, modified or waived unless such amendment, modification or waiver shall be authorized by the Compensation Committee and shall be agreed to in writing, signed by Executive and by an officer of the Corporation duly authorized to do so. No waiver by either party hereto of any breach by the other party of any condition or provision set forth in this Agreement to be performed by such other party will be deemed a waiver of a subsequent breach of such condition or provision, or will be deemed a waiver of a similar or dissimilar provision or condition at the same time or at any prior or subsequent time.

(o)    Governing Law. The validity, interpretation, performance and enforcement of the terms and conditions set forth in this Agreement will be governed by the laws of the State of Georgia, the state in which the Corporation is incorporated, without giving effect to the principles of conflicts of law of that state.

6

    The Corporation has issued the PSUs in accordance with the foregoing terms and conditions and in accordance with the provisions of the Plan. By signing below, Executive hereby agrees to the foregoing terms and conditions of the PSUs.

    IN WITNESS WHEREOF, Executive has set Executive’s hand and seal, effective as of the date and year set forth above.

7

EX-21.1

Exhibit 21.1

SUBSIDIARIES OF SYNOVUS FINANCIAL CORP.

Ownership  Percentage Name	Place of Incorporation
100% Synovus Bank	Georgia
100% Synovus Trust Company, National Association	National
50% Sterling Place, L.L.C.	Alabama
40% Orchid, LLC	Alabama
100% The Summerton Inn, Inc.	South Carolina
100% Global Financial Distributors, Inc.	Georgia
49.99% Azalea Park Partners, LP	Maryland
100% CB&T Special Limited Partner, L.L.C.	Georgia
20% West End Redevelopment Partnership, L.P.	Georgia
30% Tuscaloosa Riverfront Development, LLC	Alabama
99.99% CB&T Housing Fund Investor, L.L.C.	Georgia
99% Boston Capital Columbus Tax Credit Fund, A Limited Partnership	Massachusetts
99.99% CB&T State Tax Credit Fund, L.L.C.	Georgia
0.01% Ashton Avalon, LP	Georgia
0.01% Baker Village Apartments I, LP	Georgia
100% Synovus Equity Investments, Inc.	Georgia
100% Synovus Special Limited Partner, LLC	Georgia
100% Synovus Union Hill, LLC	Georgia
99.9% Union Hill Apartments, L.P.	Alabama
100% Synovus Aspenwood Square, LLC	Georgia
99.99% Aspenwood Square Apartments, LP	Alabama
100% Synovus CAHEC CEF XXI, LLC	Georgia
100% Synovus Timber Sound 2017, LLC	Georgia
100% Synovus CAHEC SCPF 2017, LLC	Georgia
100% Synovus Hidden Hills 2017, LLC	Georgia
100% Synovus Stratford 25 2017, LLC	Georgia
100% Synovus RJ SIF 2018, LLC	Georgia
100% Synovus Caroline Arms 2018, LLC	Georgia
100% Synovus BC Federal Investor 2018, LLC	Georgia
100% Synovus Equipment Leasing, LLC	Georgia
100% Synovus 42EP 2019, LLC	Georgia
100% Synovus Stratford 33 2019, LLC	Georgia
100% Synovus Harper Woods 2020, LLC	Georgia
100% Synovus Liberty Hill 2020, LLC	Georgia

As of December 31, 2021

100% Synovus Lexington Club 2020, LLC	Georgia
100% Synovus Timuquana 2020, LLC	Georgia
100% Synovus Blythewood 2020, LLC	Georgia
100% Synovus Woodstone 2020, LLC	Georgia
100% Synovus Viera 2020, LLC	Georgia
100% Synovus Erath II 2020, LLC	Georgia
100% Synovus Creekside 2020, LLC	Georgia
100% Synovus Parc Hill 2020, LLC	Georgia
100% Synovus Parc Hill II 2020, LLC	Georgia
100% Synovus Sam Lane 2020, LLC	Georgia
100% Synovus Farmington Hills 2020, LLC	Georgia
100% Synovus Harmony 2020, LLC	Georgia
100% Synovus Clinton Manor 2020, LLC	Georgia
100% Synovus Friendship Court 2020, LLC	Georgia
100% Synovus Newberry Arms 2020, LLC	Georgia
100% Synovus Mango Terrace 2020, LLC	Georgia
100% Synovus St. Andrew 2020, LLC	Georgia
100% Synovus Eastleigh 2020, LLC	Georgia
100% Synovus Dothan I 2020, LLC	Georgia
100% Synovus Amelia Village 2020, LLC	Georgia
100% Synovus Columbia Village 2020, LLC	Georgia
100% Synovus Sulpher Springs 2021, LLC	Georgia
100% Synovus Hollywood 2021, LLC	Georgia
100% Synovus Ashlynn Ridge 2021, LLC	Georgia
100% Synovus Milton 2021, LLC	Georgia
100% Synovus Harwick 2021, LLC	Georgia
100% Synovus NMTC 2021, LLC	Georgia
100% Synovus Lawson’s Ridge 2021, LLC	Georgia
100% Synovus Park Towers 2021, LLC	Georgia
100% Synovus Northgate 2021, LLC	Georgia
100% Synovus Rossville 2021, LLC	Georgia
100% Synovus Archer Green 2021, LLC	Georgia
100% Synovus POL 2021, LLC	Georgia
100% Synovus Alafaya 2021, LLC	Georgia
100% Synovus Marble Valley 2021, LLC	Georgia
100% Synovus Peppertree 2021, LLC	Georgia
100% Synovus Rollingwood 2021, LLC	Georgia
100% Synovus Legion Park 2021, LLC	Georgia
100% Synovus Wellington 2021, LLC	Georgia
100% Synovus EMG 2021, LLC	Georgia
100% Synovus Highlands Kayne 2021, LLC	Georgia

As of December 31, 2021

100% Synovus Independence Landing 2022, LLC	Georgia
5.07% ST GA Fund I LLC	Georgia
5.6% ST GA Fund III LLC	Georgia
100% Synovus Securities, Inc.	Georgia
100% Broadway Asset Management, Inc.	Georgia
100% Banking Corporation of Florida Capital Trust	Delaware
100% Synovus Georgia State Tax Credit Fund, LLC	Georgia
77% JT Tax Credits, LLC	Georgia
49.92% TTP Fund II, L.P.	Georgia
27% GAA Real Estate Partners, L.P.	Delaware

As of December 31, 2021

EX-23.1

Exhibit 23.1

Consent of Independent Registered Public Accounting Firm

To the Board of Directors

Synovus Financial Corp.:

We consent to the incorporation by reference in the registration statements (No. 333-143035, No. 333-188254, No. 333-227367, No. 333-255467, and No. 333-256210) on Forms S-8 and (No. 333-233341 and No. 333-239013) on Forms S-3 of our reports dated February 25, 2022, with respect to the consolidated financial statements of Synovus Financial Corp. and the effectiveness of internal control over financial reporting.

/s/ KPMG LLP

Atlanta, Georgia

February 25, 2022

EX-31.1

Exhibit 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

I, Kevin S. Blair, certify that:

1.I have reviewed this Annual Report on Form 10-K for the year ended December 31, 2021 of Synovus Financial Corp.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:	February 25, 2022	BY:	/s/ Kevin S. Blair
			Kevin S. Blair
			President and Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

I, Andrew J. Gregory, Jr., certify that:

1.I have reviewed this Annual Report on Form 10-K for the year ended December 31, 2021 of Synovus Financial Corp.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:	February 25, 2022	BY:	/s/ Andrew J. Gregory, Jr.
			Andrew J. Gregory, Jr.
			Executive Vice President and Chief Financial Officer

EX-32

Exhibit 32

CERTIFICATION OF PERIODIC REPORT

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, Kevin S. Blair, the Chief Executive Officer of Synovus Financial Corp. (the “Company”), and Andrew J. Gregory, Jr., the Chief Financial Officer of the Company, hereby certify that, to the best of their knowledge:

(1) The Company's Annual Report on Form 10-K for the period ended December 31, 2021 (the “Report”) fully complies with the requirements of section 13(a) or section 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date:	February 25, 2022	BY:	/s/ Kevin S. Blair
			Kevin S. Blair
			President and Chief Executive Officer
Date:	February 25, 2022	BY:	/s/ Andrew J. Gregory, Jr.
			Andrew J. Gregory, Jr.
			Executive Vice President and Chief Financial Officer

This certification “accompanies” the Form 10-K to which it relates, is not deemed filed with the SEC and is not to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended (whether made before or after the date of the Form 10-K, irrespective of any general incorporation contained in such filing.)

XML

Cover Page - USD ($)

12 Months Ended

Dec. 31, 2021

Feb. 23, 2022

Jun. 30, 2021

Entity Information [Line Items]

Document Type

10-K

Document Annual Report

true

Document Period End Date

Dec. 31, 2021

Current Fiscal Year End Date

--12-31

Entity File Number

1-10312

Entity Registrant Name

SYNOVUS FINANCIAL CORP

Entity Incorporation, State or Country Code

GA

Entity Tax Identification Number

58-1134883

Entity Address, Address Line One

1111 Bay Avenue

Entity Address, Address Line Two

Suite 500,

Entity Address, City or Town

Columbus,

Entity Address, State or Province

GA

Entity Address, Postal Zip Code

31901

City Area Code

706

Local Phone Number

641-6500

Entity Well-known Seasoned Issuer

Yes

Entity Voluntary Filers

No

Entity Current Reporting Status

Yes

Entity Interactive Data Current

Yes

Entity Filer Category

Large Accelerated Filer

Entity Small Business

false

Entity Emerging Growth Company

false

ICFR Auditor Attestation Flag

true

Entity Shell Company

false

Entity Public Float

$ 6,104,918,737

Entity Common Stock, Shares Outstanding

145,463,669

Documents Incorporated by Reference

Incorporated Documents	Form 10-K Reference Locations
Portions of the Proxy Statement for the Annual Meeting of Shareholders to be held April 27, 2022 (“Proxy Statement”)	Part III

Entity Central Index Key

0000018349

Document Fiscal Year Focus

2021

Document Fiscal Period Focus

FY

Amendment Flag

false

Document Transition Report

false

Common Stock, $1.00 Par Value

Entity Information [Line Items]

Title of 12(b) Security

Common Stock, $1.00 Par Value

Trading Symbol

SNV

Security Exchange Name

NYSE

Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D

Entity Information [Line Items]

Title of 12(b) Security

Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D

Trading Symbol

SNV - PrD

Security Exchange Name

NYSE

Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E

Entity Information [Line Items]

Title of 12(b) Security

Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E

Trading Symbol

SNV - PrE

Security Exchange Name

NYSE

XML

Audit Information	12 Months Ended
	Dec. 31, 2021
Audit Information [Abstract]
Auditor Name	KPMG LLP
Auditor Location	Atlanta, Georgia
Auditor Firm ID	185

XML

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
ASSETS
Cash and due from banks	$ 432,925	$ 531,579
Interest-bearing funds with Federal Reserve Bank	2,479,006	3,586,565
Interest earning deposits with banks	25,535	20,944
Federal funds sold and securities purchased under resale agreements	72,387	113,829
Total cash, cash equivalents, and restricted cash	3,009,853	4,252,917
Investment securities available for sale, at fair value	10,918,329	7,962,438
Loans held for sale (includes $108,198 and $216,647, measured at fair value, respectively)	750,642	760,123
Loans, net of deferred fees and costs	39,311,958	38,252,984
Allowance for loan losses	(427,597)	(605,736)
Loans, net	38,884,361	37,647,248
Cash surrender value of bank-owned life insurance	1,068,616	1,049,373
Premises, equipment and software, net	407,241	463,959
Goodwill	452,390	452,390
Other intangible assets, net	35,596	45,112
Other assets	1,790,198	1,760,599
Total assets	57,317,226	54,394,159
Deposits:
Non-interest-bearing deposits	16,392,653	13,477,854
Interest-bearing deposits	33,034,623	33,213,717
Total deposits	49,427,276	46,691,571
Securities sold under repurchase agreements	264,133	227,922
Long-term debt	1,204,229	1,202,494
Other liabilities	1,124,788	1,110,838
Total liabilities	52,020,426	49,232,825
Shareholders’ Equity
Preferred stock - no par value; authorized 100,000,000 shares; issued 22,000,000	537,145	537,145
Common stock - $1.00 par value; authorized 342,857,143 shares; issued 169,383,758 and 168,132,522; outstanding 145,010,086 and 148,039,495	169,384	168,133
Additional paid-in capital	3,894,109	3,851,208
Treasury stock, at cost; 24,373,672 and 20,093,027 shares	(931,497)	(731,806)
Accumulated other comprehensive income (loss), net	(82,321)	158,635
Retained earnings	1,709,980	1,178,019
Total shareholders’ equity	5,296,800	5,161,334
Total liabilities and shareholders' equity	$ 57,317,226	$ 54,394,159

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Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Loans held-for-sale, fair value disclosure	$ 108,198	$ 216,647
Preferred stock, par value (in dollars per share)	$ 0	$ 0
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares issued (in shares)	22,000,000	22,000,000
Common stock, par value (in dollars per share)	$ 1.00	$ 1.00
Common stock, shares authorized (in shares)	342,857,143	342,857,143
Common stock, shares issued (in shares)	169,383,758	168,132,522
Common stock, shares outstanding (in shares)	145,010,086	148,039,495
Treasury stock, shares at cost (in shares)	24,373,672	20,093,027

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Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
Loans, including fees		$ 1,482,567	$ 1,600,462	$ 1,817,285
Investment securities available for sale		140,077	178,575	208,826
Loans held for sale		23,809	15,078	3,254
Federal Reserve Bank balances		3,777	2,839	10,384
Other earning assets		3,113	7,541	10,889
Total interest income		1,653,343	1,804,495	2,050,638
Interest expense:
Deposits		74,919	217,777	356,949
Federal funds purchased, securities sold under repurchase agreements, and other liabilities		128	7,917	26,185
Long-term debt		45,349	66,053	71,701
Total interest expense		120,396	291,747	454,835
Net interest income		1,532,947	1,512,748	1,595,803
Provision for (reversal of) credit losses	[1]	(106,251)	355,022	87,720
Net interest income after provision for credit losses		1,639,198	1,157,726	1,508,083
Non-interest revenue:
Service charges on deposit accounts		86,310	73,132	88,190
Fiduciary and asset management fees		77,147	63,251	58,388
Card fees		51,399	42,702	45,659
Brokerage revenue		56,439	44,781	41,608
Mortgage banking income		54,371	91,413	32,599
Capital markets income		26,118	27,336	30,529
Income from bank-owned life insurance		38,019	31,297	21,226
Investment securities gains (losses), net		(799)	78,931	(7,659)
Other non-interest revenue		61,062	53,670	45,360
Total non-interest revenue		450,066	506,513	355,900
Non-interest expense:
Salaries and other personnel expense		649,426	618,214	570,036
Net occupancy, equipment, and software expense		169,222	169,658	161,906
Third-party processing and other services		86,688	87,992	79,225
Professional fees		32,785	56,899	35,300
FDIC insurance and other regulatory fees		22,355	25,210	31,696
Goodwill impairment		0	44,877	0
Restructuring charges		7,223	26,991	1,230
Merger-related expense		0	0	56,580
Other operating expense		132,205	149,733	162,995
Non-interest expense		1,099,904	1,179,574	1,098,968
Income before income taxes		989,360	484,665	765,015
Income tax expense		228,893	110,970	201,235
Net income		760,467	373,695	563,780
Less: Preferred stock dividends		33,163	33,163	22,881
Net income available to common shareholders		$ 727,304	$ 340,532	$ 540,899
Net income per common share, basic (in dollars per share)		$ 4.95	$ 2.31	$ 3.50
Net income per common share, diluted (in dollars per share)		$ 4.90	$ 2.30	$ 3.47
Weighted average common shares outstanding, basic (in shares)		147,041	147,415	154,331
Weighted average common shares outstanding, diluted (in shares)		148,495	148,210	156,058

[1] Beginning January 1, 2020, provision calculation is based on current expected credit loss methodology. Prior to January 1, 2020, calculation was based on incurred loss methodology.

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Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Income before income taxes and equity in undistributed income of subsidiaries	$ 989,360	$ 484,665	$ 765,015
Net income, income tax	(228,893)	(110,970)	(201,235)
Net income	760,467	373,695	563,780
Before-tax Amount
Net unrealized gains (losses) arising during the period	(234,550)	108,626	217,501
Reclassification adjustment for realized (gains) losses included in net income	799	(78,931)	7,659
Net change	(233,751)	29,695	225,160
Income Tax
Net unrealized gains (losses) arising during the period	60,304	(28,135)	(56,331)
Reclassification adjustment for realized (gains) losses included in net income	(202)	20,443	(1,984)
Net change	60,102	(7,692)	(58,315)
Net of Tax Amount
Net unrealized gains (losses) arising during the period	(174,246)	80,491	161,170
Reclassification adjustment for realized (gains) losses included in net income	597	(58,488)	5,675
Net change	(173,649)	22,003	166,845
Before-tax Amount
Net unrealized gains (losses) arising during the period	(77,948)	99,193	(8,570)
Reclassification adjustment for realized (gains) losses included in net income	(12,862)	(2,765)	0
Net change	(90,810)	96,428	(8,570)
Income Tax
Net unrealized gains (losses) arising during the period	20,243	(25,691)	2,220
Reclassification adjustment for realized (gains) losses included in net income	3,260	716	0
Net change	23,503	(24,975)	2,220
Net of Tax Amount
Net unrealized gains (losses) arising during the period	(57,705)	73,502	(6,350)
Reclassification adjustment for realized (gains) losses included in net income	(9,602)	(2,049)	0
Net change	(67,307)	71,453	(6,350)
Before-tax Amount
Actuarial losses arising during the period	0	0	(510)
Reclassification adjustment for realized gains included in net income	0	(618)	(70)
Net change	0	(618)	(580)
Income Tax
Actuarial losses arising during the period	0	0	132
Reclassification adjustment for realized gains included in net income	0	156	14
Net change	0	156	146
Net of Tax Amount
Actuarial losses arising during the period	0	0	(378)
Reclassification adjustment for realized gains included in net income	0	(462)	(56)
Net change	0	(462)	(434)
Other comprehensive income (loss), before-tax amount	(324,561)	125,505	216,010
Other comprehensive income (loss), income tax	83,605	(32,511)	(55,949)
Net current period other comprehensive income (loss)	(240,956)	92,994	160,061
Comprehensive income	$ 519,511	$ 466,689	$ 723,841

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Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands		Total	Cumulative Effect, Period of Adoption, Adjustment		FCB Financial Holdings, Inc.	Series E Preferred Stock	Preferred Stock	Preferred Stock Series E Preferred Stock	Common Stock	Common Stock FCB Financial Holdings, Inc.	Additional Paid-in Capital	Additional Paid-in Capital FCB Financial Holdings, Inc.	Treasury Stock	Treasury Stock FCB Financial Holdings, Inc.	AOCI	Retained Earnings	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment		Retained Earnings FCB Financial Holdings, Inc.
Beginning balance at Dec. 31, 2018		$ 3,133,602	$ 4,270				$ 195,140		$ 143,300		$ 3,060,561		$ (1,014,746)		$ (94,420)	$ 843,767	$ 4,270
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		563,780														563,780
Other comprehensive income (loss), net of income taxes		160,061													160,061
Issuance of common stock for earnout payment		11,846			$ 704,146				344	$ 22,043	11,502	$ 682,103
Common stock reissued					877,570									$ 1,014,746					$ (137,176)
Fair value of exchanged equity awards and warrants attributed to purchase price					$ 43,972							$ 43,972
Cash dividends declared on common stock		(183,091)														(183,091)
Cash dividends declared on preferred stock	[1]	(22,881)														(22,881)
Issuance of preferred stock, net of issuance costs						$ 342,005		$ 342,005
Repurchases of common stock including costs to repurchase		(725,398)							(725,000)				(725,398)
Restricted share unit vesting and taxes paid related to net share settlement		(8,855)							302		(8,831)					(326)
Stock options exercised, net		16,176							812		15,364
Warrants exercised with net settlement and common stock reissued		0									(9,822)		9,838			(16)
Share-based compensation expense		24,487									24,487
Ending balance at Dec. 31, 2019		4,941,690	$ (35,721)	[2]			537,145		166,801		3,819,336		(715,560)		65,641	1,068,327	$ (35,721)	[2]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		373,695														373,695
Other comprehensive income (loss), net of income taxes		92,994													92,994
Issuance of common stock for earnout payment		8,695							379		8,316
Cash dividends declared on common stock		(194,658)														(194,658)
Cash dividends declared on preferred stock	[1]	(33,163)														(33,163)
Repurchases of common stock including costs to repurchase		(16,246)							(16,200)				(16,246)
Restricted share unit vesting and taxes paid related to net share settlement		(7,575)							389		(7,503)					(461)
Stock options exercised, net		12,982							564		12,418
Share-based compensation expense		18,641									18,641
Ending balance at Dec. 31, 2020		5,161,334					537,145		168,133		3,851,208		(731,806)		158,635	1,178,019
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		760,467														760,467
Other comprehensive income (loss), net of income taxes		(240,956)													(240,956)
Issuance of common stock for earnout payment		5,080							0		4,955		125
Cash dividends declared on common stock		(193,695)														(193,695)
Cash dividends declared on preferred stock	[1]	(33,163)														(33,163)
Repurchases of common stock including costs to repurchase		(199,932)							(199,900)				(199,932)
Restricted share unit vesting and taxes paid related to net share settlement		(7,544)							355		(6,254)					(1,645)
Stock options exercised, net		19,110							896		18,214
Warrants exercised with net settlement and common stock reissued		0									(113)		116			(3)
Share-based compensation expense		26,099									26,099
Ending balance at Dec. 31, 2021		$ 5,296,800					$ 537,145		$ 169,384		$ 3,894,109		$ (931,497)		$ (82,321)	$ 1,709,980

[1] For the years ended December 31, 2021 and 2020, dividends per share were $1.58 and $1.47 for Series D and Series E Preferred Stock, respectively. For the year ended December 31, 2019, dividends per share were $1.58 and $0.73 for Series D and E Preferred Stock. respectively.

[2] For additional information, see "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies.

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Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounting standards update [Extensible Enumeration]			Accounting Standards Update 2016-13 [Member]	Accounting Standards Update 2016-02
Common stock, dividends, per share, declared (in dollars per share)	$ 1.32	$ 1.32	$ 1.20
Series D Preferred Stock
Dividends declared on preferred stock during the year but paid after year-end (in dollars per share)	1.58	1.58	1.58
Series E Preferred Stock
Dividends declared on preferred stock during the year but paid after year-end (in dollars per share)	$ 1.47	$ 1.47	$ 0.73

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Consolidated Statements of Cash Flows - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating Activities
Net income		$ 760,467	$ 373,695	$ 563,780
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for (reversal of) credit losses	[1]	(106,251)	355,022	87,720
Depreciation, amortization, and accretion, net		157,987	106,107	8,079
Deferred income tax expense (benefit)		45,000	(86,192)	86,633
Originations of loans held for sale		(3,698,368)	(3,466,170)	(872,105)
Proceeds from sales of loans held for sale		3,749,502	2,936,398	816,223
Gain on sales of loans held for sale, net		(42,513)	(67,115)	(21,448)
Increase in other assets		(78,728)	(411,632)	(127,636)
Increase (decrease) in other liabilities		(21,674)	281,866	43,066
Investment securities (gains) losses, net		799	(78,931)	7,659
Share-based compensation expense		27,795	18,641	24,487
Other		0	55,343	4,592
Net cash provided by operating activities		794,016	17,032	621,050
Investing Activities
Net cash received in business combination, net of cash paid		0	0	201,100
Proceeds from maturities and principal collections of investment securities available for sale		3,051,158	2,291,536	1,102,651
Proceeds from sales of investment securities available for sale		565,400	2,649,686	2,923,787
Purchases of investment securities available for sale		(6,877,712)	(6,036,179)	(4,300,021)
Proceeds from sales of loans		111,168	1,426,954	74,123
Purchases of loans		(1,624,182)	(126,152)	(667,954)
Net (increase) decrease in loans		373,964	(2,461,302)	(1,361,693)
Net purchases of Federal Reserve Bank stock		(1,220)	(658)	(55,335)
Net (purchases) redemptions of Federal Home Loan Bank stock		(1,200)	129,710	(45,856)
Net (purchases) proceeds from settlement of bank-owned life insurance policies		19,045	(242,300)	16,637
Net increase in premises, equipment and software		(25,954)	(30,102)	(61,208)
Other		25,367	45,834	19,907
Net cash used in investing activities		(4,384,166)	(2,352,973)	(2,153,862)
Financing Activities
Net increase in deposits		2,735,705	8,284,519	797,612
Net increase (decrease) in federal funds purchased and securities sold under repurchase agreements		36,211	62,232	(101,142)
Net increase (decrease) in other short-term borrowings		0	(1,745,843)	1,103,560
Repayments and redemption of long-term debt		0	(2,408,939)	(157,226)
Proceeds from issuance of long-term debt, net		0	1,445,492	497,045
Dividends paid to common shareholders		(194,677)	(189,967)	(167,923)
Dividends paid to preferred shareholders		(33,163)	(33,163)	(17,741)
Proceeds from issuance of preferred stock, net		0	0	342,005
Issuances, net of taxes paid, under equity compensation plans		11,566	5,407	7,321
Repurchase of common stock		(199,932)	(16,246)	(725,398)
Other		(8,624)	(1,552)	(1,947)
Net cash provided by financing activities		2,347,086	5,401,940	1,576,166
Increase (decrease) in cash and cash equivalents including restricted cash		(1,243,064)	3,065,999	43,354
Cash, cash equivalents, and restricted cash at beginning of year		4,252,917	1,186,918	1,143,564
Cash, cash equivalents, and restricted cash at end of year		3,009,853	4,252,917	1,186,918
Supplemental Disclosures:
Income taxes paid		204,214	110,828	101,781
Interest paid		132,923	319,282	464,712
Non-cash Activities:
Common stock issued, treasury stock reissued, equity awards/warrants exchanged to acquire FCB		0	0	1,625,688
Loans foreclosed and transferred to other real estate		12,408	2,163	19,423
Loans transferred to (from) loans held for sale at fair value		$ (859)	$ 49,821	$ 72,707

[1] Beginning January 1, 2020, provision calculation is based on current expected credit loss methodology. Prior to January 1, 2020, calculation was based on incurred loss methodology.

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Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 1 - Summary of Significant Accounting Policies

Business Operations

Synovus provides commercial and consumer banking in addition to a full suite of specialized products and services including private banking, treasury management, wealth management, mortgage services, premium finance, asset-based lending, structured lending, and international banking to its clients through its wholly-owned subsidiary bank, Synovus Bank, primarily in offices located throughout Alabama, Florida, Georgia, South Carolina and Tennessee.

In addition to our banking operations, we also provide various other financial planning and investment advisory services to our clients through direct and indirect wholly-owned non-bank subsidiaries, including: Synovus Securities, headquartered in Columbus, Georgia, which specializes in professional portfolio management for fixed-income securities, investment banking, the execution of securities transactions as a broker/dealer, and the provision of individual investment advice on equity and other securities; and Synovus Trust, headquartered in Columbus, Georgia, which provides trust, asset management, and financial planning services.

Principles of Consolidation and Basis of Presentation

The consolidated financial statements of Synovus include the accounts of the Parent Company and its consolidated subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. The accounting and financial reporting policies of Synovus are in accordance with GAAP and conform to the accounting and reporting guidelines prescribed by bank regulatory authorities. Prior period consolidated financial statements are reclassified whenever necessary to conform to the current period presentation. No reclassifications of prior period balances were material to the consolidated financial statements unless specifically disclosed.

The Company’s consolidated financial statements include all entities in which the Company has a controlling financial interest. A VIE for which Synovus or a subsidiary has been determined to be the primary beneficiary is also consolidated. The determination of whether a controlling financial interest exists is based on whether a single party has both the power to direct the activities of the VIE that most significantly impact the VIE's economic performance and the obligation to absorb the losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. Investments in VIEs where Synovus is not the primary beneficiary are accounted for using either the proportional amortization method or equity method of accounting. The Company uses the hypothetical liquidation at book value (HLBV) method for equity investments when the liquidation rights and priorities as defined by an equity investment agreement differ from what is reflected by the underlying percentage ownership interests.

Investments in VIEs are included in other assets on the consolidated balance sheets, and the Company's proportionate share of income or loss is included as either a component of income tax expense (proportional amortization method) or non-interest income (equity method). The maximum potential exposure to losses relative to investments in VIEs is generally limited to the sum of the outstanding balance, future funding commitments and any related loans to the entity. The assessment of whether or not the Company has a controlling interest (i.e., the primary beneficiary) in a VIE is performed on an on-going basis. Refer to "Part II - Item 8. Financial Statements and Supplementary Data - Note 14 - Commitments and Contingencies" of this Report for additional details regarding Synovus' involvement with VIEs.

Immaterial Correction of Prior Period Financial Statements

During the third quarter of 2021, the Company made corrections to proceeds and purchases of investment securities available for sale by adjusting for the impact of timing differences associated with unsettled trades that crossed certain reporting periods. The Company concluded that the corrections were not material to any prior or current periods from a combined qualitative and quantitative perspective.

A summary of corrections is presented below.

Corrected Consolidated Statement of Cash Flows
(unaudited)
	Year Ended December 31, 2020
(in thousands)	As Reported		Adjustment		As Corrected
Investing Activities
Proceeds from sales of investment securities available for sale	$	4,054,670	$	(1,404,984)	$	2,649,686
Purchases of investment securities available for sale	(7,441,163)		1,404,984		(6,036,179)
Net cash used in investing activities	$	2,352,973	$	—	$	2,352,973

Use of Estimates

In preparing the consolidated financial statements in accordance with GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the respective consolidated balance sheets and the reported amounts of revenue and expense for the periods presented. Actual results could differ significantly from those estimates.

Material estimates that are particularly susceptible to significant change relate to the determination of the ACL, estimates of fair value, income taxes, and contingent liabilities.

Business Combinations

Assets and liabilities acquired in business combinations are recorded at their acquisition date fair values, except as provided for by the applicable accounting guidance, with any excess recorded as goodwill. The results of operations of the acquired company are combined with Synovus’ results from the acquisition date forward. In accordance with ASC Topic 805, Business Combinations, the Company generally records provisional amounts at the time of acquisition based on the information available to the Company. The provisional estimates of fair values may be adjusted for a period of up to one year (“measurement period”) from the date of acquisition if new information is obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement of the amounts recognized as of that date. Subsequent to the acquisition date, adjustments recorded during the measurement period are recognized in the current reporting period. Acquisition costs are expensed when incurred.

Cash, Cash Equivalents, and Restricted Cash

Cash and cash equivalents consist of cash and due from banks as well as interest-bearing funds with Federal Reserve Bank, interest earning deposits with banks, and federal funds sold and securities purchased under resale agreements, which are inclusive of any restricted cash and restricted cash equivalents. On March 15, 2020, the Federal Reserve Board announced that, effective March 26, 2020, it would reduce reserve requirement ratios to zero percent for all depository institutions. Cash and cash equivalents included $65.1 million at December 31, 2021 and $158.7 million at December 31, 2020, which were pledged to collateralize certain derivative instruments and letters of credit.

Investment Securities Available for Sale

Investment securities available for sale are carried at fair value with unrealized gains and losses, net of the related tax effect, excluded from earnings and reported as a separate component of shareholders' equity within accumulated other comprehensive income (loss) until realized.

For investment securities available for sale in an unrealized loss position, if Synovus has an intention to sell the security, or it is more likely than not that the security will be required to be sold prior to recovery, the security is written down to its fair value. The write down is charged against the ACL with any additional impairment recorded in earnings. If the aforementioned criteria are not met, Synovus performs a quarterly assessment of its available for sale debt securities to determine if the decline in fair value of a security below its amortized cost is related to credit losses or other factors. Management considers the extent to which fair value is less than amortized cost, the issuer of the security, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. In assessing whether credit-related impairment exists, the present value of cash flows expected to be collected from the security is compared to the security's amortized cost. If the present value of cash flows expected to be collected is less than the security's amortized cost basis, the difference is attributable to credit losses. For such differences, Synovus records an ACL with an offset to provision for credit losses. Synovus limits the ACL recorded to the amount the security's fair value is less than the amortized cost basis. Impairment losses related to other factors are recognized in other comprehensive income (loss).

Interest income on securities available for sale is recorded on the accrual basis. Accrued interest on available for sale debt securities is excluded from the ACL determination and is recognized within other assets on the consolidated balance sheets. Available for sale debt securities are placed on non-accrual status when we no longer expect to receive all contractual amounts due, which is generally at 90 days past due. Accrued interest receivable is reversed against interest income when a security is placed on non-accrual status. Accordingly, we do not recognize an allowance for credit loss against accrued interest receivable.

Premiums and discounts are amortized or accreted over the life of the related security as an adjustment to yield using the effective interest method unless the premium is related to callable debt securities. For these securities, the amortization period is shortened to the earliest call date.

Realized gains and losses for securities are included in investment securities gains (losses), net, on the consolidated statements of income and are derived using the specific identification method, on a trade date basis.

Mortgage Loans Held for Sale and Mortgage Banking Income

Mortgage Loans Held for Sale

Mortgage loans held for sale are initially measured at fair value under the fair value option election with subsequent changes in fair value recognized in mortgage banking income on the consolidated statements of income.

Mortgage Banking Income

Mortgage banking income consists primarily of origination and ancillary fees on mortgage loans originated for sale, and gains and losses from the sale of those loans. Mortgage loans are sold servicing released, without recourse or continuing involvement, and meet ASC Topic 860, Transfers and Servicing criteria for sale accounting.

Other Loans Held for Sale

Other loans held for sale are carried at the lower of cost or estimated fair value.

Loans Held for Investment and Interest Income

Loans the Company has the intent and ability to hold for the foreseeable future are reported at principal amounts outstanding less amounts charged off, net of deferred fees and costs, and purchase premium/discount. Interest income is recognized on a level yield basis.

Non-accrual Loans

Loans on which the accrual of interest has been discontinued are designated as non-accrual loans. Accrual of interest is discontinued on loans when reasonable doubt exists as to the full collection of interest or principal, or when loans become contractually past due for 90 days or more as to either interest or principal, in accordance with the terms of the loan agreement, unless they are both well-secured and in the process of collection. When a loan is placed on non-accrual status, previously accrued and uncollected interest is reversed as an adjustment to interest income on loans. Interest payments received on non-accrual loans are generally recorded as a reduction of principal. As payments are received on non-accruing loans, interest income can be recognized on a cash basis; however, there must be an expectation of full repayment of the remaining recorded principal balance. The remaining portion of this payment is recorded as a reduction to principal. Loans are generally returned to accruing status when they are brought fully current with respect to interest and principal and when, in the judgment of management, the loans are estimated to be fully collectible as to both principal and interest, and the borrower has sustained repayment performance under the terms of the loan agreement for a reasonable period of time (generally six months).

Troubled Debt Restructurings

When borrowers are experiencing financial difficulties, Synovus may, in order to assist the borrowers in repaying the principal and interest owed to Synovus, make certain modifications to the borrower's loan. All loan modifications, renewals, and refinances are evaluated for TDR classification. The ALL on a TDR is measured using the same method as all other loans held for investment, except that the original interest rate, and not the rate specified with the restructuring, is used to discount the expected cash flows. Concessions provided by Synovus in a TDR are generally made in order to assist borrowers so that debt service is not interrupted and to mitigate the potential for loan losses. A number of factors are reviewed when a loan is renewed, refinanced, or modified, including cash flows, collateral values, guarantees, and loan structures. Concessions are primarily in the form of providing a below market interest rate given the borrower's credit risk to assist the borrower in managing cash flows, an extension of the maturity of the loan generally for less than one year, or a period of time generally less than one year with a reduction of required principal and/or interest payments (e.g., interest only for a period of time). Insignificant periods of reduction of principal and/or interest payments, or short-term deferrals, are generally not considered to be financial concessions. Further, it is generally Synovus' practice not to defer principal and/or interest for more than twelve months.

Non-accruing TDRs may generally be returned to accrual status if there has been a period of performance, usually at least a six-month sustained period of repayment performance in accordance with the agreement. In the fiscal year subsequent to a loan's initial reporting as a TDR, a TDR for a borrower who is no longer experiencing financial difficulty (as evidenced by a period of performance), which yields a market rate of interest at the time of a renewal, and for which no principal was forgiven, is no longer considered a TDR.

Concentrations of Credit Risk

A substantial portion of the loan portfolio is secured by real estate in markets located throughout Alabama, Florida, Georgia, South Carolina and Tennessee. Accordingly, the ultimate collectability of a substantial portion of the loan portfolio is susceptible to changes in market conditions in these areas.

Loan Origination Fees and Costs

Loan origination fees and direct loan origination costs are deferred and amortized to net interest income over the life of the related loan or over the commitment period as a yield adjustment.

Allowance for Credit Losses (ACL)

On January 1, 2020, Synovus adopted ASU 2016-13 (and all subsequent ASUs on this topic, collectively, ASC 326), which replaced the existing incurred loss impairment guidance with an expected credit loss methodology (referred to as CECL). CECL requires management’s estimate of credit losses over the full remaining expected life of loans and other financial instruments and for Synovus, applies to loans, unfunded loan commitments, accrued interest receivable, and available for sale debt securities. Upon adoption, Synovus applied the modified retrospective approach and recorded an after-tax cumulative-effect adjustment to beginning retained earnings for non-PCD assets (formerly non-PCI assets) and unfunded commitments of $35.7 million. Additionally, an initial estimate of expected credit losses on PCD assets (formerly PCI or ASC 310-30) was recognized with an offset to the cost basis of the related loans of $62.2 million. As permitted by transition guidance, Synovus did not reassess whether PCI assets met the criteria of PCD assets as of the adoption date. The remaining non-credit discount (based on the adjusted amortized cost basis) will be accreted into interest income. Results for reporting periods after adoption are presented under ASC 326 while prior period amounts continue to be reported in accordance with previously applicable GAAP.

The following table illustrates the impact of ASC 326 adoption:

	As of January 1, 2020
in thousands	Pre-ASC 326 Adoption		Impact of ASC 326 Adoption		As Reported under ASC 326
Assets
Allowance for loan losses:
Commercial and industrial	$	145,782	$	(2,310)	$	143,472
Commercial real estate	67,430		(651)		66,779
Consumer	68,190		85,955		154,145
Total allowance for loan losses	$	281,402	$	82,994	$	364,396
Liabilities
Reserve for unfunded commitments	$	1,375	$	27,440	$	28,815
Allowance for credit losses	$	282,777	$	110,434	$	393,211

The following table illustrates the distribution of the ASC 326 adoption impact to loans and equity:

	As of January 1, 2020
in thousands	Pre-ASC 326 Adoption		Impact of ASC 326 Adoption		As Reported under ASC 326
Loans, net	$	36,881,048	$	(20,767)	$	36,860,281
Retained earnings	1,068,327		(35,721)		1,032,606

Allowance for Loan Losses (ALL)

The ALL on loans held for investment represents management's estimate of credit losses expected over the life of the loans included in Synovus' existing loans held for investment portfolio. Changes to the allowance are recorded through a provision for credit losses and reduced by loans charged-off, net of recoveries. Determining the appropriateness of the allowance is complex and requires judgment by management about the effect of matters that are inherently uncertain.

Accrued but uncollected interest is recorded in other assets on the consolidated balance sheets. In general, the Company does not record an ACL for accrued interest receivables as allowable per ASC 326-20-30-5A as Synovus' non-accrual policies result in the timely write-off of accrued but uncollected interest.

Credit loss measurement

Synovus' loan loss estimation process includes procedures to appropriately consider the unique characteristics of its loan portfolio segments (C&I, CRE and consumer). These segments are further disaggregated into loan classes, the level at which credit quality is assessed and monitored (as described in the subsequent sections).

The ALL is measured on a collective (pool) basis when similar risk characteristics exist. Loans are grouped based upon the nature of the loan type and are further segregated based upon the methods for risk assessment. Credit loss assumptions are primarily estimated using a DCF model applied to the aforementioned loan groupings. This model calculates an expected life-of-loan loss percentage for each loan category by considering the forecasted PD, which is the probability that a borrower will default, adjusted for relevant forecasted macroeconomic factors comprising multiple weighted scenarios representing different plausible outcomes, and LGD, which is the estimate of the amount of net loss in the event of default.

Expected credit losses are estimated over the contractual term of the loan, adjusted for expected prepayments and curtailments when appropriate. Management's determination of the contract term excludes expected extensions, renewals, and modifications unless either of the following applies: there is a reasonable expectation at the reporting date that a TDR will be executed with an individual borrower, or an extension or renewal option is included in the contract at the reporting date that is not unconditionally cancellable by Synovus.

To the extent the lives of the loans in the portfolio extend beyond the period for which a reasonable and supportable forecast can be made (which is two years for Synovus), the Company reverts, on a straight-line basis back to the historical rates over a one year period.

Life-of-loan loss percentages may also be adjusted, as necessary, for certain quantitative and qualitative factors that in management's judgment are necessary to reflect losses expected in the portfolio. These adjustments address inherent limitations in the quantitative model including uncertainty and limitations, among others.

The above reflects the ALL estimation process for most commercial and consumer sub-pools. In some cases, Synovus may apply other acceptable loss rate models to smaller sub-pools.

Loans that do not share risk characteristics are individually evaluated on a loan by loan basis with specific reserves, if any, recorded as appropriate. Specific reserves are determined based on two methods: discounted cash flow based upon the loan's contractual effective interest rate or at the fair value of the collateral, less costs to sell if the loan is collateral-dependent.

For individually evaluated loans, under the DCF method, resulting expected credit losses are recorded as a specific reserve with a charge-off for any portion of the expected credit loss that is determined not to be recoverable. The reserve is reassessed each quarter and adjusted as appropriate based on changes in estimated cash flows. Additionally, where guarantors are determined to be a source of repayment, an assessment of the guarantee is required. This guarantee assessment would include, but not be limited to, factors such as type and feature of the guarantee, consideration for the guarantor's financial strength and capacity to service the loan in combination with the guarantor's other financial obligations as well as the guarantor's willingness to assist in servicing the loan.

For individually evaluated loans, if the loan is collateral-dependent, then the fair value of the loan's collateral, less estimated selling costs, is compared to the loan's carrying amount to determine impairment. Fair value is estimated using appraisals performed by a certified or licensed appraiser. Management also considers other factors or recent developments, such as changes in absorption rates or market conditions at the time of valuation, selling costs and anticipated sales values, taking into account management's plans for disposition, which could result in adjustments to the fair value estimates indicated in the appraisals. The assumptions used in determining the amount of the impairment are subject to significant judgment. Use of different assumptions, for example, changes in the fair value of the collateral or management's plans for disposition could have a significant impact on the amount of impairment.

Purchased Loans with Credit Deterioration

Purchased loans are evaluated upon acquisition in order to determine if the loan, or pool of loans, has experienced more-than-insignificant deterioration in credit quality since origination or issuance. In the performance of this evaluation, Synovus considers migration of the credit quality of the loans at origination in comparison to the credit quality at acquisition.

Purchased loans classified as PCD are recognized in accordance with ASC 326-20-30, whereby the amortized cost basis of the PCD asset is ‘grossed-up’ by the initial estimate of credit losses with an offset to the ALL. This acquisition date allowance has no income statement effect. Post-acquisition, any changes in estimates of expected credit losses are recorded through the provision for credit losses. Non-credit discounts or premiums are accreted or amortized, respectively into interest income using the interest method.

Loans formerly accounted for as purchased credit-impaired in accordance with ASC 310-30 were automatically transitioned to PCD classification. The Company did not maintain ASC 310-30 pools. PCD loans were integrated into existing pool structures based upon the nature of the loan type and are further segregated based upon the individual loan risk ratings as noted above.

The accounting treatment for purchased loans classified as non-PCD is the same as loans held for investment as detailed in the above section.

Allowance for Credit Losses on Off-balance-sheet Credit Exposures

Synovus maintains a separate ACL for off-balance-sheet credit exposures, including unfunded loan commitments, unless the associated obligation is unconditionally cancellable by the Company. This allowance is included in other liabilities on the consolidated balance sheets with associated expense recognized as a component of the provision for credit losses on the consolidated statements of income. The reserve for off-balance-sheet credit exposures considers the likelihood that funding will occur and estimates the expected credit losses on resulting commitments expected to be funded over their estimated life using the estimated loss rates on loans held for investment.

Commercial Loans - Risk Ratings

Synovus utilizes two primary methods for risk assessment of the commercial loan portfolio: SRR Assessment and DRR Assessment. DRR is a statistical model approach to risk rating that includes a PD and a LGD. The SRR model is an expert judgment based model that results in a blended (i.e. single) rating. The single and dual risk ratings are based on the borrowers' credit risk profile, considering factors such as debt service history, current and estimated prospective cash flow information, collateral supporting the credit, source of repayment as well as other variables, as appropriate.

Each loan is assigned a risk rating during its initial approval process. For SRR loans, this process begins with a loan rating recommendation from the loan officer responsible for originating the loan. Commercial SRR loans are graded on a 10-point scale and include classifications of special mention, substandard, doubtful, and loss consistent with bank regulatory classifications. The primary determinants of the risk ratings for commercial SRR loans are the reliability of the primary source of repayment and the borrower's expected performance (i.e., the likelihood that the borrower will be able to service its obligations in accordance with the terms). Expected performance is based upon a full analysis of the borrower's historical financial results, current financial strength and future prospects, which includes any external drivers.

The DRR methodology is used for larger relationships within the C&I loan portfolio as well as certain IPRE loans. At December 31, 2021 and 2020, approximately 41% and 40% of total commercial loans were rated using the DRR methodology, respectively. The DRR includes sixteen PD categories.

The loan rating (for both SRR and DRR loans) is subject to approvals from other members of management, regional credit and/or loan committees depending on the size of the loan and credit attributes. Loan ratings are regularly re-evaluated based upon annual scheduled credit reviews or on a more frequent basis if determined prudent by management. Additionally, an independent loan review function evaluates Synovus' risk rating processes on a continuous basis.

Consumer Loans – Risk Ratings

Consumer loans are subject to uniform lending policies and consist primarily of loans with strong borrower credit scores. Synovus makes consumer lending decisions based upon a number of key credit risk determinants including FICO scores as well as loan-to-value and debt-to-income ratios. Consumer loans are generally assigned a risk rating on a 9-point scale based on credit bureau scores, with a loan grade of 1 assigned as the lowest level of risk and a loan grade of 6 as the highest level of risk. No loans graded higher than 6 at origination are approved for funding. At 90-119 days past due, a loan grade of 7-substandard non-accrual is applied and at 120 days past due, the loan is generally downgraded to grade 9-loss or is charged-off. The consumer loan portfolio is sent on a quarterly basis to a consumer credit reporting agency for a refresh of clients' credit scores so that management can evaluate ongoing consistency or negative migration in the quality of the portfolio. Revolving lines of credit are reviewed for a material change in financial circumstances and, when appropriate, the line of credit may be suspended for further advances. FICO scores within the residential real estate portfolio have generally remained stable over the last several years.

The Allowance for Loan Losses, for periods before 2020, was established as follows:

a.Impaired loans were generally evaluated on a loan by loan basis with specific reserves, if any, recorded as appropriate. Specific reserves were determined based on ASC 310-10-35, which provided for measurement of a loan's impairment based on one of three methods: i) discounted cash flow based upon the loan's contractual effective interest rate, ii) at the loan's observable market price, or iii) at the fair value of the collateral, less costs to sell if the loan was collateral-dependent.

b.For loans that were not considered impaired, the allocated allowance for loan losses was calculated consistent with ASC 450, and determined based upon EL factors, which were applied to groupings of specific loan types by loan risk ratings. Allocated EL factors were also adjusted, as necessary, for certain qualitative factors that in management's judgment were necessary to reflect losses incurred in the portfolio.

Transfers of Financial Assets

Transfers of financial assets in which Synovus has surrendered control over the transferred assets are accounted for as sales. Control over transferred assets is considered to be surrendered when 1) the assets have been legally isolated from Synovus or any consolidated affiliates, even in bankruptcy or other receivership, 2) the transferee has the right to pledge or exchange the assets with no conditions that constrain the transferee and provide more than a trivial benefit to Synovus, and 3) Synovus does not maintain effective control over the transferred assets. If the transfer is accounted for as a sale, the transferred assets are derecognized from the balance sheet and a gain or loss on sale is recognized on the consolidated statements of income. If the sale criteria are not met, the transfer is accounted for as a secured borrowing and the transferred assets remain on Synovus' consolidated balance sheets and the proceeds from the transaction are recognized as a liability.

Cash Surrender Value of Bank-Owned Life Insurance

Investments in bank-owned life insurance policies on certain current and former officers and employees of Synovus are recorded at the net realizable value of the policies. Net realizable value is the cash surrender value of the policies less any applicable surrender charges and any policy loans. Synovus has not borrowed against the cash surrender value of these policies. Changes in the cash surrender value of the policies as well as proceeds from insurance benefits are recorded in income from bank-owned life insurance on the consolidated statements of income.

Premises, Equipment and Software

Premises, equipment and software including bank owned branch locations and leasehold improvements are reported at cost, less accumulated depreciation and amortization, which are computed using the straight-line method over the estimated useful lives of the related assets. Buildings and improvements are depreciated over an average of 10 to 40 years, while furniture, equipment, and software are depreciated and amortized over a range of 3 to 10 years. Synovus capitalizes certain costs associated with the acquisition or development of internal-use software. Once the software is ready for its intended use, these costs are amortized on a straight-line basis over the software’s expected useful life over a range of the lesser of contract terms or 3 to 7 years. Leasehold improvements are depreciated over the shorter of the estimated useful life or the remainder of the lease term. Synovus reviews long-lived assets, such as premises and equipment, for impairment whenever events and circumstances indicate that the carrying amount of an asset may not be recoverable. Maintenance and repairs are charged to non-interest expense and improvements that extend the useful life of the asset are capitalized to the asset's carrying value and depreciated.

Goodwill and Other Intangible Assets

Goodwill represents the excess purchase price over the fair value of identifiable net assets of acquired businesses. Goodwill is tested for impairment at the reporting unit level, equivalent to a business segment or one level below. Synovus performs its annual evaluation of goodwill impairment during the fourth quarter of each year and as events occur or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Refer to "Part II - Item 8. Financial Statements and Supplementary Data - Note 5 - Goodwill and Other Intangible Assets" of this Report for details of the evaluation.

Other intangible assets relate primarily to a core deposit intangible and borrower relationships resulting from business acquisitions. The core deposit intangible is amortized over its estimated useful life of approximately ten years utilizing an accelerated method. The remaining intangible assets are amortized using straight line methods based on the remaining lives of the assets with amortization periods ranging from eight to ten years. Amortization periods for intangible assets are monitored to determine if events and circumstances require such periods to be reduced.

Intangible assets are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability of the intangible assets is measured by a comparison of the asset's carrying amount to future undiscounted cash flows expected to be generated by the asset. Any resulting impairment is measured by the amount by which the carrying value exceeds the fair value of the asset (based on the undiscounted cash flows expected to be generated by the asset).

Segment Disclosures

ASC Topic 280, Segment Reporting, requires information be reported about a company’s operating segments using a “management approach.” Reportable segments are identified as those revenue-producing components for which discrete financial information is produced internally and which are subject to evaluation by the chief operating decision maker in making resource allocation decisions. Based on this guidance, Synovus identified three major reportable business segments: Community Banking, Wholesale Banking, and Financial Management Services (FMS), with functional activities such as treasury, technology, operations, marketing, finance, enterprise risk, legal, human resources, corporate communications, executive management, among others, included in Treasury and Corporate Other. Refer to "Part II - Item 8. Financial Statements and Supplementary Data - Note 17 - Segment Reporting" of this Report for additional details. 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 segment may be periodically revised.

Other Assets

Other assets include ROU assets, FRB and FHLB stock, derivative asset positions, net deferred tax assets, accrued interest receivable and investments in tax credits, other investments, and other balances as shown in "Part II - Item 8. Financial Statements and Supplementary Data - Note 6 - Other Assets" of this Report.

As a member of the Federal Reserve System, Synovus is currently required to purchase and hold shares of capital stock in the Federal Reserve Bank of Atlanta (recorded at amortized cost, which approximates fair value, of $143.7 million and $142.5 million at December 31, 2021 and 2020, respectively) in an amount equal to the greater of 6% of its capital and surplus or 0.6%

of deposits. As a member of the FHLB, Synovus is also required to purchase and hold shares or capital stock in the FHLB (recorded at amortized cost, which approximates fair value, of $16.2 million and $15.0 million at December 31, 2021 and 2020, respectively) in an amount equal to its membership base investment plus an activity-based investment determined according to the level of outstanding FHLB advances.

Derivative Instruments

Synovus’ risk management policies emphasize the management of interest rate risk within acceptable guidelines. Synovus’ objective in maintaining these policies is to limit volatility in net interest income arising from changes in interest rates. Risks to be managed include both fair value and cash flow risks. Utilization of derivative financial instruments provides a valuable tool to assist in the management of these risks.

All derivative instruments are recorded on the consolidated balance sheets at their respective fair values, net of variation margin payments, as components of other assets and other liabilities. The accounting for changes in fair value (i.e., unrealized gains or losses) of a derivative instrument depends on whether it qualifies and has been designated as part of a hedging relationship in accordance with ASC Topic 815, Derivatives and Hedging. Synovus formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative instruments that are used are highly effective in offsetting changes in fair values or cash flows of the hedged items.

Fair value hedges - If the hedged exposure is a fair value exposure, the unrealized gain or loss on the derivative instrument is recognized in earnings in the period of change, in the same income statement line as the offsetting unrealized loss or gain on the hedged item attributable to the risk being hedged. When a fair value hedge is discontinued, the remaining cumulative adjustments to the hedged item and accumulated amounts in OCI are accounted for in the same manner as other components of the carrying amount of the asset or liability. If the hedged item is derecognized, the accumulated amounts in OCI are immediately reclassified to net income. 

Cash flow hedges - If the hedged exposure is a cash flow exposure, the effective portion of the gain or loss on the derivative instrument is reported initially as a component of accumulated other comprehensive income (loss), net of the tax impact, and subsequently reclassified into earnings when the hedged transaction affects earnings with the impacts recorded in the same income statement line item used to present the earnings effect of the hedged item. When a cash flow hedge is discontinued but the hedged cash flows or forecasted transactions are still expected to occur, gains or losses that were accumulated in other comprehensive income are amortized into earnings over the same periods which the hedged transactions are still expected to affect earnings. If, however, it is probable the forecasted transactions will no longer occur, the accumulated amounts in OCI at the de-designation date are immediately recognized in earnings. 

If the derivative instrument is not designated as a hedge, the gain or loss on the derivative instrument is recognized in earnings as a component of other non-interest revenue on the consolidated statements of income in the period of change.

Synovus also holds derivative instruments, which consist of interest rate lock agreements related to expected funding of fixed-rate mortgage loans to clients (interest rate lock commitments) and forward commitments to sell mortgage-backed securities and individual fixed-rate mortgage loans. Synovus’ objective in obtaining the forward commitments is to mitigate the interest rate risk associated with the interest rate lock commitments and the mortgage loans that are held for sale. Both the interest rate lock commitments and the forward commitments are reported at fair value, with adjustments recorded in current period earnings in mortgage banking income.

Synovus also enters into interest rate swap agreements to facilitate the risk management strategies of certain commercial banking clients. Synovus mitigates this risk by entering into equal and offsetting interest rate swap agreements with highly rated third-party financial institutions. The interest rate swap agreements are free-standing derivatives and are recorded at fair value with any unrealized gain or loss recorded in current period earnings in other non-interest revenue. These instruments, and their offsetting positions, are recorded in other assets and other liabilities on the consolidated balance sheets.

Non-interest Revenue

Synovus' contracts with clients generally do not contain terms that require significant judgment to determine the amount of revenue to recognize. Synovus' policies for recognizing non-interest revenue within the scope of ASC Topic 606, Revenue from Contracts with Customers, including the nature and timing of such revenue streams, are included below.

Service Charges on Deposit Accounts: Revenue from service charges on deposit accounts is earned through cash management, wire transfer, and other deposit-related services, as well as overdraft, NSF, account management and other deposit-related fees. Revenue is recognized for these services either over time, corresponding with deposit accounts' monthly cycle, or at a point in time for transaction-related services and fees. Payment for service charges on deposit accounts is primarily received immediately or in the following month through a direct charge to clients' accounts.

Fiduciary and Asset Management Fees: Fiduciary and asset management fees are primarily comprised of fees earned from the management and administration of trusts and other client assets. Synovus' performance obligation is generally satisfied over

time and the resulting fees are recognized monthly, based upon the month-end market value of the assets under management and the applicable fee rate. Payment is generally received a few days after month-end through a direct charge to clients' accounts. Synovus does not earn performance-based incentives.

Card Fees: Card fees consist primarily of interchange fees from consumer credit and debit cards processed by card association networks, as well as merchant discounts, and other card-related services. Interchange rates are generally set by the credit card associations and based on purchase volumes and other factors. Interchange fees and merchant discounts are recognized concurrently with the delivery of service on a daily basis as transactions occur. Payment is typically received immediately or in the following month. Card fees are reported net of certain associated expense items including loyalty program expense and network expense.

Brokerage Revenue: Brokerage revenue consists primarily of commissions. Additionally, brokerage revenue includes advisory fees earned from the management of client assets. Transactional revenues are based on the size and number of transactions executed at the client's direction and are generally recognized on the trade date with payment received on the settlement date. Advisory fees for brokerage services are recognized and collected monthly and are based upon the month-end market value of the assets under management at a rate predetermined in the contract.

Capital Markets Income (within the scope of ASC Topic 606): Investment banking income, a component of capital markets income, is comprised primarily of securities underwriting fees and remarketing fees. Synovus assists corporate clients in raising capital by offering equity or debt securities to potential investors. The transaction fees are based on a percentage of the total transaction amount. The underwriting and remarketing fees are recognized on the trade date when the securities are sold to third-party investors with payment received on the settlement date.

Insurance Revenue (included in other non-interest revenue on the consolidated statements of income): Insurance revenue primarily consists of commissions received on annuity and life product sales. The commissions are recognized as revenue when the client executes an insurance policy with the insurance carrier. In some cases, Synovus receives payment of trailing commissions each year when the client pays its annual premium.

Other Fees (included in other non-interest revenue on the consolidated statements of income): Other fees within the scope of ASC Topic 606 primarily consist of revenue generated from safe deposit box rental fees and lockbox services. Fees are recognized over time, on a monthly basis, as Synovus' performance obligation for services is satisfied. Payment is received upfront for safe deposit box rentals and in the following month for lockbox services.

Income Taxes

Synovus is a domestic corporation that files a consolidated federal income tax return with its wholly-owned subsidiaries and files state income tax returns on a consolidated or separate entity basis with the various taxing jurisdictions based on its taxable presence. The current income tax payable or receivable is an estimate of the amounts currently owed to or due from taxing authorities in which Synovus conducts business. It also includes increases and decreases in the amount of taxes payable for uncertain tax positions reported in tax returns for the current and/or prior years.

Synovus uses the asset and liability method to account for future income taxes expected to be paid or received (i.e., deferred income taxes). Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement (GAAP) carrying amounts of existing assets and liabilities and their respective tax bases, including operating losses and tax credit carryforwards. The deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in income tax rates is recognized in income in the period that includes the enactment date.

A valuation allowance is required for deferred tax assets if, based on available evidence, it is more likely than not that all or some portion of the asset will not be realized. In making this assessment, all sources of taxable income available to realize the deferred tax asset are considered, including taxable income in prior carryback years, future reversals of existing temporary differences, tax planning strategies, and future taxable income exclusive of reversing temporary differences and carryforwards. The predictability that future taxable income, exclusive of reversing temporary differences, will occur is the most subjective of these four sources. Changes in the valuation allowance are recorded through income tax expense.

Significant estimates used in accounting for income taxes relate to the valuation allowance for deferred tax assets, estimates of the realizability of income tax credits, utilization of NOLs, the determination of taxable income, and the determination of temporary differences between book and tax bases.

Synovus accrues tax liabilities for uncertain income tax positions based on current assumptions regarding the expected outcome by weighing the facts and circumstances available at the reporting date. If related tax benefits of a transaction are not more likely than not of being sustained upon examination, Synovus will accrue a tax liability or reduce a deferred tax asset for the expected tax impact associated with the transaction. Events and circumstances may alter the estimates and assumptions used

in the analysis of its income tax positions and, accordingly, Synovus' effective tax rate may fluctuate in the future. Synovus recognizes accrued interest and penalties related to uncertain tax positions as a component of income tax expense.

Share-based Compensation

Synovus has a long-term incentive plan under which the Compensation and Human Capital Committee of the Board of Directors has the authority to grant share-based awards to Synovus employees. Synovus' share-based compensation costs associated with employee grants are recorded as a component of salaries and other personnel expense on the consolidated statements of income. Share-based compensation costs associated with grants made to non-employee directors of Synovus are recorded as a component of other operating expense. Vesting for grants of share-based awards granted to Synovus employees accelerates upon retirement for plan participants who have reached age 65 and who also have no less than ten years of service at the date of their election to retire. Share-based compensation expense for service-based awards that contain a graded vesting schedule is recognized net of estimated forfeitures for plan participants on a straight-line basis over the shorter of the requisite service period for the entire award or the period until reaching retirement eligibility. The non-employee director restricted share units become fully vested and transferable upon the earlier to occur of the completion of three years of service or the date the holder reaches the mandatory retirement age, as set forth in the Company's Corporate Governance Guidelines. Thus, share-based compensation expense for non-employee awards is recognized over the shorter of three years or mandatory retirement. Synovus records all tax effects associated with share-based compensation through the income statement.

Earnings per Share

Basic net income per common share is computed by dividing net income available to common shareholders by the average common shares outstanding for the period. Diluted net income per common share reflects the dilution that could occur if securities or other contracts to issue common stock were exercised or converted. The dilutive effect of outstanding options and restricted share units is reflected in diluted net income per common share, unless the impact is anti-dilutive, by application of the treasury stock method.

Share Repurchases

Common stock repurchases are recorded at cost. At the date of repurchase, shareholders' equity is reduced by the repurchase price and includes commissions and other transaction expenses that arise from the repurchases. The Company has not historically retired shares repurchased, but Synovus' policy is to record retirement of shares in accordance with ASC 505-30-30. If treasury shares are subsequently reissued, treasury stock is reduced by the cost of such stock with differences between cost and the re-issuance date fair value recorded in additional paid-in capital or retained earnings, as applicable.

Fair Value Measurements and Disclosures

Synovus carries various assets and liabilities at fair value based on the fair value accounting guidance under ASC Topic 820, Fair Value Measurements, and ASC Topic 825, Financial Instruments. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an “exit price”) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.

Fair Value Hierarchy

Synovus determines the fair value of its financial instruments based on the fair value hierarchy established under ASC 820-10-35, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the financial instrument's fair value measurement in its entirety. There are three levels of inputs that may be used to measure fair value. The three levels of inputs of the valuation hierarchy are defined below:

Level 1	Quoted prices (unadjusted) in active markets for identical assets and liabilities for the instrument or security to be valued.
Level 2	Observable inputs other than Level 1 quoted prices, such as quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active or model-based valuation techniques for which all significant assumptions are derived principally from or corroborated by observable market data.
Level 3	Unobservable inputs that are supported by little, if any, market activity for the asset or liability.

Valuation Methodology by Instrument - Recurring Basis

The following is a description of the valuation methodologies used for the major categories of financial assets and liabilities measured at fair value on a recurring basis.

Investment Securities Available for Sale and Trading Account Assets/Liabilities

The fair values of investment securities available for sale and trading securities are primarily based on actively traded markets where prices are based on either quoted market prices or observed transactions. Management employs independent third-party pricing services to provide fair value estimates for Synovus' investment securities available for sale and trading securities. Fair values for fixed income investment securities are typically determined based upon quoted market prices, and/or inputs that are observable in the market, either directly or indirectly, for substantially similar securities. Level 1 securities are typically exchange quoted prices and include financial instruments such as U.S. Treasury securities and marketable equity securities. Level 2 securities are typically matrix priced by the third-party pricing service to calculate the fair value. Such fair value measurements consider observable data such as market spreads, cash flows, yield curves, live trading levels, trade execution data, market consensus prepayments speeds, credit information, and the respective terms and conditions for debt instruments. The types of securities classified as Level 2 within the valuation hierarchy primarily consist of collateralized mortgage obligations, mortgage-backed securities, debt securities of GSEs and agencies, corporate debt, asset-backed securities, and state and municipal securities.

Management uses various validation procedures to confirm the prices received from pricing services are reasonable. Such validation procedures include reference to market quotes and a review of valuations and trade activity of comparable securities. Consideration is given to the nature of the quotes (e.g., indicative or firm) and the relationship of recently evidenced market activity to the prices provided by the third-party pricing service. Further, management also employs the services of an additional independent pricing firm as a means to verify and confirm the fair values of the primary independent pricing firms.

When there is limited activity or less transparency around inputs to valuation, Synovus develops valuations based on assumptions that are not readily observable in the marketplace; these securities are classified as Level 3 within the valuation hierarchy.

Mortgage Loans Held for Sale

Synovus elected to apply the fair value option for mortgage loans originated with the intent to sell to investors in the secondary market. When loans are not committed to an investor at a set price, fair value is derived from a hypothetical bulk sale model using current market pricing indicators. A best execution valuation model is used for loan pricing for similar assets based upon forward settlements of a pool of loans of similar coupon, maturity, product, and credit attributes. The inputs to the model are continuously updated with available market and historical data. As the loans are sold in the secondary market and primarily used as collateral for securitizations, the valuation model methodology attempts to reflect the pricing execution available to Synovus’ principal market. Mortgage loans held for sale are classified within Level 2 of the valuation hierarchy.

Other investments

The other investments in which Synovus holds a limited partner interest consist of i) funds that invest in privately held companies and ii) funds previously invested in privately held companies which become publicly traded securities. Funds invested in privately held companies are classified as Level 3 and the estimated fair value of the company is the estimated fair value as an exit price the fund would receive if it were to sell the company in the marketplace. The fair value of the fund's underlying investments is estimated through the use of valuation models, such as option pricing or a discounted cash flow model. Synovus typically sells shares in any investment after initial public offering (IPO) lock-up periods have ended.

Mutual Funds

Mutual funds (including those held in rabbi trusts) primarily invest in equity and fixed income securities. Shares of mutual funds are valued based on quoted market prices and are therefore classified within Level 1 of the fair value hierarchy.

Derivative Assets and Liabilities

Fair values of interest rate lock commitments and forward commitments are estimated based on an internally developed model that uses readily observable market data such as interest rates, prices and indices to generate continuous yield or pricing curves, volatility factors, and client credit-related adjustments, subject to the anticipated loan funding probability (pull-through rate). These fair value estimates are classified as Level 2 within the valuation hierarchy.

Fair values of interest rate swaps are determined using a discounted cash flow analysis on the expected cash flows of each derivative which also includes a credit value adjustment for client swaps or provided by the clearing house, or centralized counter party (CCP), for swaps within our hedging program. An independent third-party valuation is used to verify and confirm these values, which are classified as Level 2 within the fair value hierarchy.

Valuation Methodology by Instrument - Non-recurring Basis

The following is a description of the valuation methodologies used for the major categories of financial assets and liabilities measured at fair value on a non-recurring basis.

Loans

Loans measured at fair value on a non-recurring basis consist of loans that do not share similar risk characteristics. These loans are typically collateral dependent loans that are valued using third-party appraised value of collateral less estimated selling price (Level 3).

Other Loans Held for Sale

Loans are transferred to other loans held for sale at amortized cost when Synovus makes the determination to sell specifically identified loans. If the amortized cost exceeds fair value a valuation allowance is established for the difference. The fair value of the loans is primarily determined by analyzing the anticipated market prices of similar assets less estimated costs to sell. At the time of transfer, any credit losses are determined in accordance with Synovus' policy and recorded as a charge-off against the allowance for loan losses. Subsequent changes in the valuation allowance due to changes in the fair value subsequent to the transfer, as well as gains/losses realized from the sale of these assets, are recorded as gains/losses on other loans held for sale, net, as a component of non-interest expense on the consolidated statements of income (Level 3).

Other Real Estate

Other Real Estate (ORE) consists of properties obtained through a foreclosure proceeding or through an in-substance foreclosure in satisfaction of loans. A loan is classified as an in-substance foreclosure when Synovus has taken possession of the collateral regardless of whether formal foreclosure proceedings have taken place.

At foreclosure, ORE is recorded at fair value less estimated selling costs, which establishes a new cost basis. Subsequent to foreclosure, ORE is evaluated quarterly and reported at fair value less estimated selling costs, not to exceed the new cost basis, determined by review of current appraisals, as well as the review of comparable sales and other estimates of fair value obtained principally from independent sources, adjusted for estimated selling costs (Level 3). Any adjustments are recorded as a component of foreclosed real estate expense, net on the consolidated statements of income.

Other Assets Held for Sale

Other assets held for sale consist of certain premises and equipment held for sale. The fair value of these assets is determined primarily on the basis of appraisals or BOV, as circumstances warrant, adjusted for estimated selling costs. Both techniques engage licensed or certified professionals that use inputs such as absorption rates, capitalization rates, and market comparables (Level 3).

Fair Value of Financial Instruments

Cash, Cash Equivalents, and Restricted Cash

Cash and cash equivalents, interest bearing funds with the Federal Reserve Bank, interest earning deposits with banks, and federal funds sold and securities purchased under resale agreements are repriced on a short-term basis; as such, the carrying value closely approximates fair value. Since these amounts relate to highly liquid assets, these are considered a Level 1 measurement.

Loans, net of Deferred Fees and Costs

Synovus estimates the fair value of loans based on the 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. Loans are considered a Level 3 fair value measurement.

Deposits

The fair value of deposits with no stated maturity, such as non-interest-bearing demand accounts, interest bearing demand deposits, money market accounts, and savings accounts, is estimated to be equal to the amount payable on demand as of that respective date. 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. Synovus has determined that the appropriate classification for deposits is Level 2 due to the ability to reasonably measure all inputs to valuation based on observable market variables.

Short-term and Long-term Debt

Short-term and long-term debt is considered a Level 2 valuation, as management relies on market prices for bonds or debt that is similar, but not necessarily identical, to the debt being valued. Short-term debt that matures within ten days is assumed to be at fair value and is considered a Level 1 measurement.

Long-term Debt

Long-term debt balances are presented net of discounts and premiums as well as debt issuance costs that arise from the issuance of long-term debt. Discounts, premiums and debt issuance costs are amortized using the effective interest rate method

or straight-line method (when the financial statement impacts of this method are not materially different from the former method).

Contingent Liabilities and Legal Costs

Synovus estimates its contingent liabilities with respect to outstanding legal matters based on information currently available to management, management’s estimates about the probability of outcomes of each case and the advice of legal counsel. Management accrues an estimated loss from a loss contingency when information available indicates that it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. Significant judgment is required in making these estimates and management must make assumptions about matters that are highly uncertain. Accordingly, the actual loss may be more or less than the current estimate.

In many situations, Synovus may be unable to estimate reasonably possible losses due to the preliminary nature of the legal matters, as well as a variety of other factors and uncertainties. As there are further developments, Synovus will reassess these legal matters and the related potential liabilities and will revise, when needed, its estimate of contingent liabilities.

Legal costs, including attorney fees, incurred in connection with pending litigation and other loss contingencies are expensed as incurred.

Recently Adopted Accounting Standards

ASU 2020-08, Codification Improvements to Subtopic 310-20, Receivables – Nonrefundable Fees and Other Costs. The guidance in this ASU pertains to the shortened amortization period for certain purchased callable debt securities held at a premium, which premium is amortized to the next call date, and clarifies that each reporting period an entity should reevaluate the effective yield if there is no remaining premium or no further call dates remaining. The amendments in this ASU are effective for fiscal years beginning after December 15, 2020. Synovus adopted ASU 2020-08 effective January 1, 2021 with no material impact to the consolidated financial statements.

ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. In December 2019, the FASB issued ASU 2019-12 to simplify and reduce complexities when accounting for income taxes by removing certain exceptions. Among the provisions of this guidance is the requirement that an entity reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. ASU 2019-12 is effective for public entities for fiscal years beginning after December 15, 2020. Synovus adopted ASU 2019-12 effective January 1, 2021 with no material impact to the consolidated financial statements unless there are changes in tax law that require recognition as set forth in this guidance.

ASU 2021-06, Presentation of Financial Statements (Topic 205), Financial Services - Depository and Lending (Topic 942), and Financial Services-Investment Companies (Topic 946). In August 2021, the FASB issued ASU 2021-06 which amends SEC paragraphs in the codification pursuant to SEC Final Rule Releases No. 33-10786 and No. 33-10835. These rule releases amend disclosure requirements applicable to acquisitions and dispositions of businesses and also amend statistical disclosures that banks and bank holding companies provide to investors. ASU 2021-06 eliminates disclosures that overlap with SEC rules or US GAAP. The amendments in this ASU were effective upon its addition to the FASB codification with no material effect to the consolidated financial statements

Recently Issued Accounting Standards Not Yet Adopted

2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. In October 2021, the FASB issued ASU 2021-08 to address diversity in practice related to the accounting for revenue contracts with customers acquired in a business combination. Generally, this new guidance will result in the acquirer recognizing contract assets and contract liabilities at the same amounts recorded by the acquiree (in accordance with ASC 606). The guidance in ASU 2021-08 should be applied prospectively to acquisitions occurring on or after the effective date. For Synovus, the amendments in this Update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption of the amendments is permitted, including adoption in an interim period.

ASU 2021-01, Reference Rate Reform (Topic 848). In January 2021, the FASB issued ASU 2021-01 which provides optional expedients and exceptions in Topic 848 for derivative instruments and hedge accounting modifications resulting from the discounting transition of reference rate reform. The expedients and exceptions provided by ASU 2021-01 will not be available after December 31, 2022, other than for existing hedging relationships entered into by December 31, 2022. The ASU may be applied as of the beginning of an interim period that includes or is subsequent to March 12, 2020, until the sunset date of December 31, 2022. Synovus adopted ASU 2020-04 Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting on October 1, 2020. While Synovus has not yet finalized the election of optional expedients for ASU 2021-01, we do not currently expect there to be a material financial impact to the Company regardless of which optional expedients the Company selects to replace LIBOR.

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Investment Securities Available for Sale

12 Months Ended

Dec. 31, 2021

Investments [Abstract]

Investment Securities Available for Sale

Note 2 - Investment Securities Available for Sale

The amortized cost, gross unrealized gains and losses, and estimated fair values of investment securities available for sale at December 31, 2021 and 2020 are summarized below.

	December 31, 2021
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. Treasury securities	$	120,465	$	—	$	(2,627)	$	117,838
U.S. Government agency securities	53,214		1,374		(387)		54,201
Mortgage-backed securities issued by U.S. Government agencies	790,329		768		(11,464)		779,633
Mortgage-backed securities issued by U.S. Government sponsored enterprises	8,063,890		50,491		(102,080)		8,012,301
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises	951,691		4,658		(16,726)		939,623
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises	479,420		8,644		(6,320)		481,744
Asset-backed securities	514,188		—		—		514,188
Corporate debt securities and other debt securities	18,309		492		—		18,801
Total investment securities available for sale	$	10,991,506	$	66,427	$	(139,604)	$	10,918,329
	December 31, 2020
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. Treasury securities	$	20,257	$	—	$	—	$	20,257
U.S. Government agency securities	79,638		2,682		—		82,320
Mortgage-backed securities issued by U.S. Government agencies	1,216,012		7,930		(5,925)		1,218,017
Mortgage-backed securities issued by U.S. Government sponsored enterprises	4,865,858		134,188		—		5,000,046
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises	1,245,644		15,309		(10,576)		1,250,377
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises	354,244		16,677		—		370,921
Corporate debt securities and other debt securities	20,211		457		(168)		20,500
Total investment securities available for sale	$	7,801,864	$	177,243	$	(16,669)	$	7,962,438

At December 31, 2021 and 2020, investment securities with a carrying value of $4.03 billion and $3.84 billion, respectively, were pledged to secure certain deposits and other liabilities, as required by law or contractual agreements.

Gross unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2021 and December 31, 2020 are presented below.

	December 31, 2021
	Less than 12 Months				12 Months or Longer				Total
(in thousands)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
U.S. Treasury securities	$	49,648	$	(379)	$	47,590	$	(2,248)	$	97,238	$	(2,627)
U.S. Government agency securities	21,760		(387)		—		—		21,760		(387)
Mortgage-backed securities issued by U.S. Government agencies	461,078		(5,858)		244,264		(5,606)		705,342		(11,464)
Mortgage-backed securities issued by U.S. Government sponsored enterprises	5,729,476		(82,671)		643,758		(19,409)		6,373,234		(102,080)
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises	187,431		(3,981)		504,238		(12,745)		691,669		(16,726)
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises	146,672		(2,951)		83,533		(3,369)		230,205		(6,320)
Total	$	6,596,065	$	(96,227)	$	1,523,383	$	(43,377)	$	8,119,448	$	(139,604)
	December 31, 2020
	Less than 12 Months				12 Months or Longer				Total
(in thousands)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Mortgage-backed securities issued by U.S. Government agencies	$	566,896	$	(5,925)	$	—	$	—	$	566,896	$	(5,925)
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises	803,429		(10,576)		—		—		803,429		(10,576)
Corporate debt securities and other debt securities	9,337		(168)		—		—		9,337		(168)
Total	$	1,379,662	$	(16,669)	$	—	$	—	$	1,379,662	$	(16,669)

As of December 31, 2021, Synovus had 143 investment securities in a loss position for less than twelve months and 37 investment securities in a loss position for twelve months or longer. Synovus does not intend to sell investment securities in an unrealized loss position prior to the recovery of the unrealized loss, which may not be until maturity, and has the ability and intent to hold those securities for that period of time. Additionally, Synovus is not currently aware of any circumstances which will require it to sell any of the securities that are in an unrealized loss position prior to the respective securities' recovery of all such unrealized losses. As such, no write-downs to the amortized cost basis of the portfolio were recorded at December 31, 2021.

At December 31, 2021, no ACL was established for investment securities. Substantially all of the unrealized losses on the securities portfolio were the result of changes in market interest rates compared to the date the securities were acquired rather than the credit quality of the issuers or underlying loans. U.S. Treasury and agency securities and agency mortgage-backed securities are issued, guaranteed or otherwise supported by the United States government, an agency of the United States government, or a government sponsored enterprise.

The amortized cost and fair value by contractual maturity of investment securities available for sale at December 31, 2021 are shown below. The expected life of MBSs or CMOs may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. For purposes of the maturity table, MBSs and CMOs, which are not due at a single maturity date, have been classified based on the final contractual maturity date.

	Distribution of Maturities at December 31, 2021
(in thousands)	Within One Year		1 to 5 Years		5 to 10 Years		More Than 10 Years		Total
Amortized Cost
U.S. Treasury securities	$	20,600	$	—	$	99,865	$	—	$	120,465
U.S. Government agency securities	756		321		52,137		—		53,214
Mortgage-backed securities issued by U.S. Government agencies	—		842		131		789,356		790,329
Mortgage-backed securities issued by U.S. Government sponsored enterprises	28		—		80,539		7,983,323		8,063,890
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises	—		—		146		951,545		951,691
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises	—		181,144		211,328		86,948		479,420
Asset-backed securities	514,188		—		—		—		514,188
Corporate debt securities and other debt securities	9,502		—		8,807		—		18,309
Total amortized cost	$	545,074	$	182,307	$	452,953	$	9,811,172	$	10,991,506
Fair Value
U.S. Treasury securities	$	20,600	$	—	$	97,238	$	—	$	117,838
U.S. Government agency securities	760		322		53,119		—		54,201
Mortgage-backed securities issued by U.S. Government agencies	—		870		136		778,627		779,633
Mortgage-backed securities issued by U.S. Government sponsored enterprises	28		—		83,271		7,929,002		8,012,301
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises	—		—		150		939,473		939,623
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises	—		182,821		209,311		89,612		481,744
Asset-backed securities	514,188		—		—		—		514,188
Corporate debt securities and other debt securities	9,730		—		9,071		—		18,801
Total fair value	$	545,306	$	184,013	$	452,296	$	9,736,714	$	10,918,329

Gross gains and gross losses on sales of securities available for sale for the years ended December 31, 2021, 2020, and 2019 are presented below. The specific identification method is used to reclassify gains and losses out of other comprehensive income at the time of sale.

(in thousands)	2021		2020		2019
Gross realized gains on sales	$	1,191	$	85,375	$	10,370
Gross realized losses on sales	(1,990)		(6,444)		(18,029)
Investment securities gains (losses), net	$	(799)	$	78,931	$	(7,659)

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Loans And Allowance For Loan Losses

12 Months Ended

Dec. 31, 2021

Receivables [Abstract]

Loans and Allowance for Loan Losses

Note 3 - Loans and Allowance for Loan Losses

Aging and Non-Accrual Analysis

The following tables provide a summary of current, accruing past due, and non-accrual loans by portfolio class as of December 31, 2021 and December 31, 2020.

	December 31, 2021
(in thousands)	Current		Accruing 30-89 Days Past Due		Accruing 90 Days or Greater Past Due		Total Accruing Past Due		Non-accrual with an ALL		Non-accrual without an ALL		Total
Commercial, financial, and agricultural	$	11,973,974	$	13,028	$	3,686	$	16,714	$	37,918	$	23,869	$	12,052,475
Owner-occupied	7,493,804		3,627		59		3,686		7,146		4,050		7,508,686
Total commercial and industrial	19,467,778		16,655		3,745		20,400		45,064		27,919		19,561,161
Investment properties	9,861,303		1,285		717		2,002		3,273		2,577		9,869,155
1-4 family properties	639,631		1,182		93		1,275		4,535		28		645,469
Land and development	463,949		845		154		999		1,918		—		466,866
Total commercial real estate	10,964,883		3,312		964		4,276		9,726		2,605		10,981,490
Consumer mortgages	5,033,579		6,256		126		6,382		29,078		—		5,069,039
Home equity lines	1,269,610		2,619		—		2,619		9,760		—		1,281,989
Credit cards	296,695		1,584		1,277		2,861		—		—		299,556
Other consumer loans	2,090,806		20,369		658		21,027		6,890		—		2,118,723
Total consumer	8,690,690		30,828		2,061		32,889		45,728		—		8,769,307
Loans, net of deferred fees and costs	$	39,123,351	$	50,795	$	6,770	$	57,565	$	100,518	$	30,524	$	39,311,958

	December 31, 2020
(in thousands)	Current		Accruing 30-89 Days Past Due		Accruing 90 Days or Greater Past Due		Total Accruing Past Due		Non-accrual with an ALL		Non-accrual without an ALL		Total
Commercial, financial, and agricultural	$	12,321,514	$	10,256	$	996	$	11,252	$	55,527	$	21,859	$	12,410,152
Owner-occupied	7,087,992		1,913		92		2,005		20,019		—		7,110,016
Total commercial and industrial	19,409,506		12,169		1,088		13,257		75,546		21,859		19,520,168
Investment properties	9,075,843		2,751		154		2,905		24,631		—		9,103,379
1-4 family properties	621,492		3,548		36		3,584		2,383		1,236		628,695
Land and development	591,048		422		—		422		1,899		264		593,633
Total commercial real estate	10,288,383		6,721		190		6,911		28,913		1,500		10,325,707
Consumer mortgages	5,495,415		8,851		485		9,336		8,740		—		5,513,491
Home equity lines	1,521,575		4,006		—		4,006		12,145		—		1,537,726
Credit cards	276,778		2,363		1,877		4,240		—		—		281,018
Other consumer loans	1,062,899		9,122		477		9,599		2,376		—		1,074,874
Total consumer	8,356,667		24,342		2,839		27,181		23,261		—		8,407,109
Loans, net of deferred fees and costs	$	38,054,556	$	43,232	$	4,117	$	47,349	$	127,720	$	23,359	$	38,252,984

Interest income on non-accrual loans outstanding that would have been recorded if the loans had been current and performing in accordance with their original terms was $11.1 million and $12.6 million during the years ended December 31, 2021 and 2020, respectively. Of the interest income recognized during the years ended December 31, 2021 and 2020, cash-basis interest income was $1.8 million and $3.9 million, respectively.

Pledged Loans

Loans with carrying values of $14.19 billion and $15.05 billion, respectively, were pledged as collateral for borrowings and capacity at December 31, 2021 and 2020 respectively, to the FHLB and Federal Reserve Bank.

Portfolio Segment Risk Factors

The risk characteristics and collateral information of each portfolio segment are as follows:

Commercial and Industrial Loans - The C&I loan portfolio is comprised of general middle market and commercial banking clients across a diverse set of industries. In accordance with Synovus' lending policy, each loan undergoes a detailed underwriting process which incorporates uniform underwriting standards and oversight in proportion to the size and complexity of the lending relationship. These loans are secured by collateral such as business equipment, inventory, and real estate. Credit decisions on loans in the C&I portfolio are based on cash flow from the operations of the business as the primary source of repayment of the debt, with underlying real estate or other collateral being the secondary source of repayment. PPP loans, which are categorized as C&I loans and guaranteed by the SBA, were $399.6 million and $2.19 billion net of unearned fees at December 31, 2021 and 2020, respectively.

Commercial Real Estate Loans - CRE loans primarily consist of income-producing investment properties loans. Additionally, CRE loans include 1-4 family properties loans as well as land and development loans. Investment properties loans consist of construction and mortgage loans for income-producing properties and are primarily made to finance multi-family properties, hotels, office buildings, shopping centers, warehouses and other commercial development properties. 1-4 family properties loans include construction loans to homebuilders and commercial mortgage loans related to 1-4 family rental properties and are almost always secured by the underlying property being financed by such loans. These properties are primarily located in the markets served by Synovus. Land and development loans include commercial and residential development as well as land acquisition loans and are secured by land held for future development, typically in excess of one year. Properties securing these loans are substantially within markets served by Synovus, and loan terms generally include personal guarantees from the principals. Loans in this portfolio are underwritten based on the LTV of the collateral and the capacity of the guarantor(s).

Consumer Loans - The consumer loan portfolio consists of a wide variety of loan products offered through Synovus' banking network including first and second residential mortgages, HELOCs, and credit card loans, as well as home improvement loans, student, personal, and auto loans from third-party lending ("other consumer loans"). Together, consumer mortgages and HELOCs comprise the majority of Synovus' consumer loans and are secured by first and second liens on residential real estate primarily located in the markets served by Synovus. The primary source of repayment for all consumer loans is generally the personal income of the borrower(s).

Credit Quality Indicators

The credit quality of the loan portfolio is reviewed and updated no less frequently than annually using the standard asset classification system utilized by the federal banking agencies. These classifications are divided into three groups: Not Criticized (Pass), Special Mention, and Classified or Adverse rating (Substandard, Doubtful, and Loss) and are defined as follows:

Pass - loans which are well protected by the current net worth and paying capacity of the obligor (or guarantors, if any) or by the fair value, less cost to acquire and sell in a timely manner, of any underlying collateral.

Special Mention - loans which have potential weaknesses that deserve management's close attention. These loans are not adversely classified and do not expose an institution to sufficient risk to warrant an adverse classification.

Substandard - loans which are inadequately protected by the current net worth and paying capacity of the obligor or by the collateral pledged, if any. Loans with this classification are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected.

Doubtful - loans which have all the weaknesses inherent in loans classified as Substandard with the added characteristic that the weaknesses make collection or liquidation in full highly questionable and improbable on the basis of currently known facts, conditions, and values.

Loss - loans which are considered by management to be uncollectible and of such little value that their continuance on the institution's books as an asset, without establishment of a specific valuation allowance or charge-off, is not warranted. Synovus fully reserves for any loans rated as Loss.

In the following tables, consumer loans are generally assigned a risk grade similar to the classifications described above; however, upon reaching 90 days and 120 days past due, they are generally downgraded to Substandard and Loss, respectively, in accordance with the FFIEC Retail Credit Classification Policy. Additionally, in accordance with Interagency Supervisory Guidance, the risk grade classifications of consumer loans (consumer mortgages and HELOCs) secured by junior liens on 1-4 family residential properties also consider available information on the payment status of the associated senior liens with other financial institutions.

The following table summarizes each loan portfolio class by regulatory risk grade and origination year as of December 31, 2021 as required by CECL.

	December 31, 2021
	Term Loans Amortized Cost Basis by Origination Year												Revolving Loans
(in thousands)	2021		2020		2019		2018		2017		Prior		Amortized Cost Basis		Converted to Term Loans		Total
Commercial, financial and agricultural
Pass	$	2,397,405	$	1,332,549	$	922,396	$	607,918	$	433,045	$	903,995	$	5,056,168	$	42,809	$	11,696,285
Special Mention	2,731		15,166		17,571		10,433		2,242		2,489		71,996		—		122,628
Substandard(1)	16,105		50,979		40,125		10,383		16,473		37,565		51,269		33		222,932
Doubtful(2)	469		—		1,601		8,512		—		—		48		—		10,630
Total commercial, financial and agricultural	2,416,710		1,398,694		981,693		637,246		451,760		944,049		5,179,481		42,842		12,052,475
Owner-occupied
Pass	1,776,086		1,276,797		1,117,825		858,721		708,942		1,150,386		437,724		—		7,326,481
Special Mention	702		19,950		4,724		10,202		18,109		36,481		—		—		90,168
Substandard(1)	7,312		1,294		8,386		43,276		6,169		25,329		—		—		91,766
Doubtful(2)	—		—		—		—		—		—		—		—		—
Loss	271		—		—		—		—		—		—		—		271
Total owner-occupied	1,784,371		1,298,041		1,130,935		912,199		733,220		1,212,196		437,724		—		7,508,686
Total commercial and industrial	4,201,081		2,696,735		2,112,628		1,549,445		1,184,980		2,156,245		5,617,205		42,842		19,561,161
Investment properties
Pass	2,823,978		1,463,503		1,905,534		1,019,765		738,036		1,284,013		278,697		—		9,513,526
Special Mention	6,163		—		32,290		63,900		59,194		44,532		33,659		—		239,738
Substandard(1)	1,465		326		8,550		57,127		3,564		23,505		21,354		—		115,891
Total investment properties	2,831,606		1,463,829		1,946,374		1,140,792		800,794		1,352,050		333,710		—		9,869,155
1-4 family properties
Pass	295,082		82,976		51,939		43,025		49,057		57,025		55,588		—		634,692
Special Mention	192		207		641		—		—		239		—		—		1,279
Substandard(1)	1,999		—		566		4,222		489		2,177		45		—		9,498
Total 1-4 family properties	297,273		83,183		53,146		47,247		49,546		59,441		55,633		—		645,469
Land and development
Pass	141,614		42,201		77,868		34,058		37,167		44,989		44,730		—		422,627
Special Mention	—		800		1,900		31,458		—		1,179		—		—		35,337
Substandard(1)	824		1,149		46		3,021		807		3,055		—		—		8,902
Total land and development	142,438		44,150		79,814		68,537		37,974		49,223		44,730		—		466,866
Total commercial real estate	3,271,317		1,591,162		2,079,334		1,256,576		888,314		1,460,714		434,073		—		10,981,490

	December 31, 2021
	Term Loans Amortized Cost Basis by Origination Year												Revolving Loans
(in thousands)	2021		2020		2019		2018		2017		Prior		Amortized Cost Basis		Converted to Term Loans		Total
Consumer mortgages
Pass	$	1,293,106	$	1,551,510	$	570,344	$	216,277	$	392,422	$	991,080	$	296	$	—	$	5,015,035
Substandard(1)	1,031		3,680		5,943		12,387		5,717		25,025		—		—		53,783
Loss(3)	—		—		5		—		—		216		—		—		221
Total consumer mortgages	1,294,137		1,555,190		576,292		228,664		398,139		1,016,321		296		—		5,069,039
Home equity lines
Pass	—		—		—		—		—		—		1,199,635		67,139		1,266,774
Substandard(1)	—		—		—		—		—		—		9,058		5,359		14,417
Doubtful(2)	—		—		—		—		—		—		—		—		—
Loss(3)	—		—		—		—		—		—		658		140		798
Total home equity lines	—		—		—		—		—		—		1,209,351		72,638		1,281,989
Credit cards
Pass	—		—		—		—		—		—		298,287		—		298,287
Substandard(1)	—		—		—		—		—		—		521		—		521
Loss(4)	—		—		—		—		—		—		748		—		748
Total credit cards	—		—		—		—		—		—		299,556		—		299,556
Other consumer loans																	—
Pass	654,818		709,077		127,131		50,007		86,175		97,780		385,308		—		2,110,296
Substandard(1)	668		1,550		2,064		1,308		1,892		750		175		—		8,407
Loss	—		—		—		—		—		20		—		—		20
Total other consumer loans	655,486		710,627		129,195		51,315		88,067		98,550		385,483		—		2,118,723
Total consumer	1,949,623		2,265,817		705,487		279,979		486,206		1,114,871		1,894,686		72,638		8,769,307
Loans, net of deferred fees and costs	$	9,422,021	$	6,553,714	$	4,897,449	$	3,086,000	$	2,559,500	$	4,731,830	$	7,945,964	$	115,480	$	39,311,958

(1)    The majority of loans within Substandard risk grade are accruing loans at December 31, 2021.

(2)    Loans within Doubtful risk grade are on non-accrual status and generally have an ALL equal to 50% of the loan amount.

(3)    Loans within Loss risk grade are on non-accrual status and have an ALL equal to the full loan amount.

(4)    Represent amounts that were 120 days past due. These credits are downgraded to the Loss category with an ALL equal to the full loan amount and are generally charged off upon reaching 181 days past due in accordance with the FFIEC Retail Credit Classification Policy.

	December 31, 2020
	Term Loans Amortized Cost Basis by Origination Year												Revolving Loans
(in thousands)	2020		2019		2018		2017		2016		Prior		Amortized Cost Basis		Converted to Term Loans		Total
Commercial, financial and agricultural
Pass	$	3,819,048	$	1,333,460	$	847,283	$	582,612	$	551,413	$	633,871	$	4,102,751	$	49,762	$	11,920,200
Special Mention	63,307		40,618		12,723		22,070		1,665		5,545		60,741		489		207,158
Substandard(1)	28,698		36,618		24,867		36,072		12,808		35,172		84,498		514		259,247
Doubtful(2)	—		3,721		19,778		—		—		—		48		—		23,547
Total commercial, financial and agricultural	3,911,053		1,414,417		904,651		640,754		565,886		674,588		4,248,038		50,765		12,410,152
Owner-occupied
Pass	1,321,680		1,275,435		1,131,183		982,056		555,932		1,297,070		349,566		—		6,912,922
Special Mention	6,170		9,995		10,682		14,138		1,582		13,768		—		—		56,335
Substandard(1)	2,570		22,793		42,615		26,033		7,316		29,794		—		—		131,121
Doubtful(2)	—		—		9,638		—		—		—		—		—		9,638
Total owner-occupied	1,330,420		1,308,223		1,194,118		1,022,227		564,830		1,340,632		349,566		—		7,110,016
Total commercial and industrial	5,241,473		2,722,640		2,098,769		1,662,981		1,130,716		2,015,220		4,597,604		50,765		19,520,168
Investment properties
Pass	1,055,440		2,126,667		1,999,345		1,091,880		483,780		1,301,088		229,044		—		8,287,244
Special Mention	1,482		66,160		176,794		136,004		138,362		129,401		55,440		—		703,643
Substandard(1)	1,007		4,770		24,476		19,820		21,875		40,509		35		—		112,492
Total investment properties	1,057,929		2,197,597		2,200,615		1,247,704		644,017		1,470,998		284,519		—		9,103,379
1-4 family properties
Pass	197,320		95,145		70,267		88,454		38,729		97,374		27,657		—		614,946
Special Mention	402		—		508		109		786		118		—		—		1,923
Substandard(1)	1,527		653		4,312		1,141		554		2,299		1,340		—		11,826
Total 1-4 family properties	199,249		95,798		75,087		89,704		40,069		99,791		28,997		—		628,695
Land and development
Pass	84,985		173,302		83,734		92,911		12,249		76,380		53,250		—		576,811
Special Mention	857		1,995		2,866		282		—		1,332		636		—		7,968
Substandard(1)	1,229		425		4,664		915		136		1,485		—		—		8,854
Total land and development	87,071		175,722		91,264		94,108		12,385		79,197		53,886		—		593,633
Total commercial real estate	1,344,249		2,469,117		2,366,966		1,431,516		696,471		1,649,986		367,402		—		10,325,707

	December 31, 2020
	Term Loans Amortized Cost Basis by Origination Year												Revolving Loans
(in thousands)	2020		2019		2018		2017		2016		Prior		Amortized Cost Basis		Converted to Term Loans		Total
Consumer mortgages
Pass	$	1,871,512	$	874,769	$	425,711	$	678,255	$	685,810	$	965,382	$	1,040	$	—	$	5,502,479
Substandard(1)	33		961		748		889		866		7,224		—		—		10,721
Loss(3)	—		—		—		—		—		291		—		—		291
Total consumer mortgages	1,871,545		875,730		426,459		679,144		686,676		972,897		1,040		—		5,513,491
Home equity lines
Pass	—		—		—		—		—		—		1,429,755		90,832		1,520,587
Substandard(1)	—		—		—		—		—		—		9,698		5,996		15,694
Doubtful(2)	—		—		—		—		—		—		—		19		19
Loss(3)	—		—		—		—		—		—		1,283		143		1,426
Total home equity lines	—		—		—		—		—		—		1,440,736		96,990		1,537,726
Credit cards
Pass	—		—		—		—		—		—		279,142		—		279,142
Substandard(1)	—		—		—		—		—		—		595		—		595
Loss(4)	—		—		—		—		—		—		1,281		—		1,281
Total credit cards	—		—		—		—		—		—		281,018		—		281,018
Other consumer loans																	—
Pass	252,160		190,820		89,187		100,459		80,365		61,040		297,637		—		1,071,668
Substandard(1)	19		762		262		1,195		121		585		227		—		3,171
Loss	—		—		—		—		—		35		—		—		35
Total other consumer loans	252,179		191,582		89,449		101,654		80,486		61,660		297,864		—		1,074,874
Total consumer	2,123,724		1,067,312		515,908		780,798		767,162		1,034,557		2,020,658		96,990		8,407,109
Loan, net of deferred fees and costs	$	8,709,446	$	6,259,069	$	4,981,643	$	3,875,295	$	2,594,349	$	4,699,763	$	6,985,664	$	147,755	$	38,252,984

(1)    The majority of loans within Substandard risk grade are accruing loans at December 31, 2020.

(2)    Loans within Doubtful risk grade are on non-accrual status and generally have an ALL equal to 50% of the loan amount.

(3)    Loans within Loss risk grade are on non-accrual status and have an ALL equal to the full loan amount.

(4)    Represent amounts that were 120 days past due. These credits are downgraded to the Loss category with an ALL equal to the full loan amount and are generally charged off upon reaching 181 days past due in accordance with the FFIEC Retail Credit Classification Policy.

Collateral-Dependent Loans

We classify a loan as collateral-dependent when our borrower is experiencing financial difficulty, and we expect repayment to be provided substantially through the operation or sale of collateral. Our commercial loans have collateral that is comprised of real estate and business assets. Our consumer loans have collateral that is substantially comprised of residential real estate.

There were no significant changes in the extent to which collateral secures our collateral-dependent loans during the years ended December 31, 2021 and 2020.    

Rollforward of Allowance for Loan Losses

The following tables detail the changes in the ALL by loan segment for the years ended December 31, 2021, 2020, and 2019. On January 1, 2020, Synovus adopted ASC 326, which replaced the existing incurred loss methodology with an expected credit loss methodology (referred to as CECL). Under the incurred loss methodology, reserves for credit losses were recognized only when the losses were probable or had been incurred; under CECL, companies are required to recognize the full amount of expected credit losses for the lifetime of the financial assets, based on historical experience, current conditions and reasonable and supportable forecasts. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" of this Report for more information on Synovus' adoption of CECL.

For the year ended December 31, 2021, Synovus had no significant transfers to loans held for sale. For the year ended December 31, 2020, Synovus reversed a net amount of $18.3 million in previously established reserves for credit losses associated with net transfers to held for sale of $1.43 billion in performing loans, primarily related to third-party single-service consumer loans and non-relationship consumer mortgages. For the year ended December 31, 2019, Synovus had no significant transfers to loans held for sale.

	As of and For The Year Ended December 31, 2021
(in thousands)	Commercial & Industrial		Commercial Real Estate		Consumer		Total
Allowance for loan losses:
Beginning balance	$	229,555	$	130,742	$	245,439	$	605,736
Charge-offs	(59,457)		(15,392)		(30,383)		(105,232)
Recoveries	9,734		7,444		10,266		27,444
Provision for (reversal of) loan losses	8,532		(25,034)		(83,849)		(100,351)
Ending balance	$	188,364	$	97,760	$	141,473	$	427,597

	As of and For The Year Ended December 31, 2020
(in thousands)	Commercial & Industrial		Commercial Real Estate		Consumer		Total
Allowance for loan losses:
Beginning balance, prior to adoption of ASC 326	$	145,782	$	67,430	$	68,190	$	281,402
Impact from adoption of ASC 326	(2,310)		(651)		85,955		82,994
Beginning balance, after adoption of ASC 326	$	143,472	$	66,779	$	154,145	$	364,396
Charge-offs	(76,260)		(13,213)		(29,789)		(119,262)
Recoveries	13,544		2,857		8,149		24,550
Provision for (reversal of) loan losses	148,799		74,319		112,934		336,052
Ending balance	$	229,555	$	130,742	$	245,439	$	605,736
	As of and For The Year Ended December 31, 2019
(in thousands)	Commercial & Industrial		Commercial Real Estate		Consumer		Total
Allowance for loan losses:
Beginning balance	$	133,123	$	68,796	$	48,636	$	250,555
Charge-offs	(49,572)		(5,540)		(24,023)		(79,135)
Recoveries	7,827		8,618		5,078		21,523
Provision for (reversal of) loan losses	53,665		(4,444)		38,499		87,720
Transfer of unfunded commitment reserve	739		—		—		739
Ending balance	$	145,782	$	67,430	$	68,190	$	281,402

The ALL of $427.6 million and the reserve for unfunded commitments of $41.9 million, which is recorded in other liabilities, comprise the total ACL of $469.5 million at December 31, 2021. The ACL decreased $184.0 million compared to the December 31, 2020 ACL of $653.5 million, which consisted of an ALL of $605.7 million and the reserve for unfunded commitments of $47.8 million. The ACL to loans coverage ratio of 1.19% at December 31, 2021 was 52 bps lower compared to December 31, 2020.

The reduction in the overall ACL is due to the notable improvement in the economic environment compared to December 31, 2020 as evidenced by the decrease in the unemployment rate from 6.7% at the end of 2020 to 3.9% at December 31, 2021. Likewise, our economic and credit outlook have progressed substantially compared to 2020. The factors reducing the ACL were partially offset by purchases of $1.62 billion of third-party lending loans as well as net organic loan growth in 2021, requiring additional reserves of $38.6 million.

The ACL is estimated using a two-year reasonable and supportable forecast period. To the extent the lives of the loans in the portfolio extend beyond the period for which a reasonable and supportable forecast can be made, the Company reverts on a straight-line basis back to the historical rates over a one-year period. Synovus utilizes multiple economic forecast scenarios sourced from a reputable third-party provider and probability-weighted internally. The scenarios include a baseline forecast, an upside scenario reflecting an accelerated recovery, a downside scenario that reflects adverse economic conditions, and an additional adverse scenario that assumes consistent slow growth that is less optimistic than the baseline. At December 31, 2021, economic scenario weights incorporated a 43% downside bias. The baseline outlook used in the December 31, 2021 estimate showed stable economic conditions with the unemployment rate at 3.7% by the end of 2022 compared to a baseline forecast from December 31, 2020 that still represented recessionary conditions.

TDRs

Information about Synovus' TDRs is presented in the following tables. Synovus began entering into loan modifications with borrowers in response to the COVID-19 pandemic, some of which have not been classified as TDRs, and therefore are not included in the discussion below. The following tables represent, by concession type, the post-modification balance for loans modified or renewed during the years ended December 31, 2021, 2020, and 2019 that were reported as accruing or non-accruing TDRs.

TDRs by Concession Type
	Year Ended December 31, 2021
(in thousands, except contract data)	Number of Contracts	Below Market Interest Rate		Other Concessions(1)		Total
Commercial, financial, and agricultural	152	$	12,746	$	8,096	$	20,842
Owner-occupied	24	5,908		868		6,776
Total commercial and industrial	176	18,654		8,964		27,618
Investment properties	9	3,130		—		3,130
1-4 family properties	13	1,131		123		1,254
Land and development	8	1,948		60		2,008
Total commercial real estate	30	6,209		183		6,392
Consumer mortgages	18	2,512		1,006		3,518
Home equity lines	55	4,991		258		5,249
Other consumer loans	103	435		5,720		6,155
Total consumer	176	7,938		6,984		14,922
Loans, net of deferred fees and costs	382	$	32,801	$	16,131	$	48,932	(2)

	Year Ended December 31, 2020
(in thousands, except contract data)	Number of Contracts	Below Market Interest Rate		Other Concessions(1)		Total
Commercial, financial, and agricultural	152	$	10,939	$	11,912	$	22,851
Owner-occupied	22	4,536		1,530		6,066
Total commercial and industrial	174	15,475		13,442		28,917
Investment properties	9	29,679		1,420		31,099
1-4 family properties	22	1,769		1,105		2,874
Land and development	4	606		—		606
Total commercial real estate	35	32,054		2,525		34,579
Consumer mortgages	23	1,866		2,789		4,655
Home equity lines	63	1,970		2,530		4,500
Other consumer loans	57	1,185		2,779		3,964
Total consumer	143	5,021		8,098		13,119
Loans, net of deferred fees and costs	352	$	52,550	$	24,065	$	76,615	(3)

TDRs by Concession Type (continued)
	Year Ended December 31, 2019
(in thousands, except contract data)	Number of Contracts	Below Market Interest Rate		Other Concessions(1)		Total
Commercial, financial, and agricultural	127	$	9,042	$	9,873	$	18,915
Owner-occupied	22	9,017		861		9,878
Total commercial and industrial	149	18,059		10,734		28,793
Investment properties	8	1,548		—		1,548
1-4 family properties	18	2,182		643		2,825
Land and development	8	1,187		30		1,217
Total commercial real estate	34	4,917		673		5,590
Consumer mortgages	18	1,587		1,361		2,948
Home equity lines	70	3,024		2,522		5,546
Other consumer loans	109	1,712		5,270		6,982
Total consumer	197	6,323		9,153		15,476
Loans, net of deferred fees and costs	380	$	29,299	$	20,560	$	49,859	(4)

(1)    Other concessions generally include term extensions, interest only payments for a period of time, or principal forgiveness, but there was no principal forgiveness for the years ended December 31, 2021, 2020, and 2019.

(2)    No charge-offs were recorded during the year ended December 31, 2021 upon restructuring of these loans.

(3)    No charge-offs were recorded during the year ended December 31, 2020 upon restructuring of these loans.

(4)    No charge-offs were recorded during the year ended December 31, 2019 upon restructuring of these loans.

For the years ended December 31, 2021, 2020 and 2019, there were eight defaults with a recorded investment of $978 thousand, seven defaults with a recorded investment of $21.7 million, and four defaults with a recorded investment of $326 thousand, respectively, on accruing TDRs restructured during the previous twelve months (defaults are defined as the earlier of the TDR being placed on non-accrual status or reaching 90 days past due with respect to principal and/or interest payments). As of December 31, 2021 and 2020, there were no commitments to lend a material amount of additional funds to any clients whose loans were classified as TDRs.

XML

Premises Equipment and Software

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Premises Equipment and Software

Note 4 - Premises, Equipment and Software

Premises, equipment and software at December 31, 2021 and 2020 consist of the following:

(in thousands)	2021		2020
Land	$	104,768	$	113,828
Buildings and improvements	361,593		407,735
Leasehold improvements	55,098		53,174
Furniture, equipment and software	441,091		481,560
Construction in progress	18,918		13,052
Total premises, equipment and software	981,468		1,069,349
Less: Accumulated depreciation and amortization	(574,227)		(605,390)
Net premises, equipment and software	$	407,241	$	463,959

Net premises, equipment, and software included $2.2 million and $3.4 million related to net finance leases at December 31, 2021 and 2020, respectively. Depreciation and amortization expense for the years ended December 31, 2021, 2020, and 2019 totaled $50.5 million, $51.6 million, and $49.2 million, respectively.

During the years ended December 31, 2021 and 2020, Synovus transferred premises with a net book value of $33.4 million, including $17.6 million of real estate related to our headquarters in Columbus, and $7.0 million, respectively, to other properties held for sale, a component of other assets.

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Goodwill And Other Intangible Assets

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Note 5 - Goodwill and Other Intangible Assets

Goodwill allocated to each reporting unit at December 31, 2021 and December 31, 2020 is presented as follows:

(in thousands)	Community Banking Reporting Unit		Wholesale Banking Reporting Unit		Consumer Mortgage Reporting Unit		Wealth Management Reporting Unit		Total
Balance as of December 31, 2019	$	256,323	$	171,636	$	44,877	$	24,431	$	497,267
Goodwill impairment	—		—		(44,877)		—		(44,877)
Balance as of December 31, 2020	$	256,323	$	171,636	$	—	$	24,431	$	452,390
Change in goodwill	—		—		—		—		—
Balance as of December 31, 2021	$	256,323	$	171,636	$	—	$	24,431	$	452,390

Goodwill is evaluated for impairment on an annual basis or whenever an event occurs or circumstances change to indicate that it is more likely than not that an impairment loss has been incurred (i.e., a triggering event). During the fourth quarter of 2021, Synovus completed its annual goodwill impairment evaluation applying ASC 350-20-35-3A Goodwill Subsequent Measurement - Qualitative Assessment Approach and concluded that goodwill was not impaired. During 2020, Synovus recorded a $44.9 million goodwill impairment charge representing all of the goodwill allocated to the Consumer Mortgage reporting unit resulting from a combination of factors, including the extended duration of lower market valuations, high volumes in refinance activity that reduced mortgage yields, and the clarity around the FOMC's longer term policy actions designed to keep interest rates low.

The following table shows the gross carrying amount and accumulated amortization of other intangible assets as of December 31, 2021 and 2020, which primarily consist of core deposit intangible assets. The CDI is being amortized over its estimated useful life of approximately ten years utilizing an accelerated method. Aggregate other intangible assets amortization expense for the years ended December 31, 2021, 2020, and 2019 was $9.5 million, $10.6 million, and $11.6 million, respectively, and is included in amortization of intangibles expense within non-interest expense.

(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
December 31, 2021
CDI	$	57,400	$	(28,178)	$	29,222
Other	12,500		(6,126)		6,374
Total other intangible assets	$	69,900	$	(34,304)	$	35,596
December 31, 2020
CDI	57,400		(19,829)		$	37,571
Other	12,500		(4,959)		7,541
Total other intangible assets	$	69,900	$	(24,788)	$	45,112

The estimated amortization expense of other intangible assets for the next five years is as follows:

(in thousands)	Amortization Expense
2022	$	8,472
2023	7,429
2024	6,366
2025	5,266
2026	4,195

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Other Assets

12 Months Ended

Dec. 31, 2021

Other Assets [Abstract]

Other Assets

Note 6 - Other Assets

Significant balances included in other assets at December 31, 2021 and 2020 are presented below.

(in thousands)	2021		2020
Investments in tax credits, CRA partnerships, and other investments	$	426,137	$	262,855
ROU assets	411,472		380,380
Derivative asset positions	191,708		401,295
Deferred tax asset, net	169,051		130,848
Federal Reserve Bank and FHLB Stock	159,941		157,520
Accrued interest receivable	145,659		177,865
Accounts receivable	81,325		88,286
Mutual funds and mutual funds held in rabbi trusts	43,657		37,650
Prepaid expense	42,874		45,088
MPS receivable(1)	15,320		15,575
Other investments	12,185		1,021
Other real estate	11,818		1,819
Trading account assets, at fair value	8,391		10,880
Miscellaneous other assets	70,660		49,517
Total other assets	$	1,790,198	$	1,760,599

(1)    See "Part II - Item 8. Financial Statements and Supplementary Data - Note 14 - Commitments and Contingencies" in this Report for more information on this receivable which is classified as a NPA.

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Deposits

12 Months Ended

Dec. 31, 2021

Interest-bearing Deposit Liabilities [Abstract]

Deposits

Note 7 - Deposits

A summary of interest-bearing deposits at December 31, 2021 and 2020 is presented below.

(in thousands)	2021		2020
Interest-bearing demand deposits(1)	$	9,321,611	$	8,838,710
Money market accounts(1)	16,364,338		15,277,829
Savings accounts	1,420,647		1,168,672
Time deposits(1)	3,093,027		4,358,100
Brokered deposits	2,835,000		3,570,406
Total interest-bearing deposits	$	33,034,623	$	33,213,717

(1)    Excluding brokered deposits

The aggregate amount of time deposits of $250,000 or more was $1.33 billion at December 31, 2021 and $1.80 billion at December 31, 2020.

The following table presents contractual maturities of all time deposits, including brokered time deposits, at December 31, 2021.

(in thousands)
Maturing within one year	$	3,025,020
Between 1 - 2 years	789,274
2 - 3 years	171,042
3 - 4 years	79,903
4 - 5 years	41,967
Thereafter	10,269
Total	$	4,117,475

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Long-term Debt

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Long-term Debt

Note 8 - Long-term Debt

Long-term debt at December 31, 2021 and 2020 is presented in the following table:

(dollars in thousands)	2021		2020
Parent Company:
3.125% senior notes, due November 1, 2022, $300.0 million par value with semi-annual interest payments and principal to be paid at maturity	$	299,479	$	298,853
5.90% Fixed-to-Fixed Rate Subordinated Notes issued February 7, 2019, due February 7, 2029, subject to redemption prior to February 7, 2029: $300.0 million par value with semi-annual interest payments at 5.90% for the first five years and semi-annual payments thereafter at a fixed rate of 3.379% above the 5-Year Mid-Swap Rate as of the reset date	297,855		297,553
LIBOR + 1.80% junior subordinated debentures, due June 15, 2035, $10.0 million par value with quarterly interest payments and principal to be paid at maturity (rate of 2.00% at December 31, 2021 and 2.02% at December 31, 2020)	10,000		10,000
Total long-term debt — Parent Company	$	607,334	$	606,406
Synovus Bank:
2.289% Fixed-to-Floating Rate Senior Bank Notes issued February 12, 2020, due February 10, 2023, subject to redemption on February 10, 2022: $400.0 million par value with semi-annual interest payments at 2.289% for the first two years and quarterly payments thereafter at an adjustable rate equal to the then-current SOFR + 94.5 bps per annum(1)	$	399,269	$	398,594
4.00% Fixed-to-Fixed Rate Subordinated Bank Notes issued October 29, 2020, due October 29, 2030, $200.0 million par value with semi-annual interest payments at 4.00% for the first five years and semi-annual payments thereafter at a fixed rate of 3.625% above the 5-Year U.S. Treasury Rate	197,626		197,349
FRB PPP Lending Facility	—		145
Total long-term debt — Synovus Bank	596,895		596,088
Total long-term debt	$	1,204,229	$	1,202,494

(1)    Subsequent to December 31, 2021, Synovus Bank called these Notes and settled them on February 10, 2022 with a net payment of $405.3 million that included principal, interest, and written off debt issuance costs. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 19 - Subsequent Event" in this Report for more information.

The provisions of the indentures governing Synovus’ long-term debt contain certain restrictions within specified limits on mergers, sales of all or substantially all of Synovus' assets and limitations on sales and issuances of voting stock of subsidiaries and Synovus’ ability to pay dividends on its capital stock if there is an event of default under the applicable indenture. As of December 31, 2021 and 2020, Synovus and its subsidiaries were in compliance with the covenants in these agreements.

Contractual annual principal payments on long-term debt for the next five years and thereafter are shown in the following table. These maturities are based upon the par value of the long-term debt.

(in thousands)	Parent Company		Synovus Bank			Total
2022	$	300,000	$	—		$	300,000
2023	—		400,000		(1)	400,000
2024	—		—			—
2025	—		—			—
2026	—		—			—
Thereafter	310,000		200,000			510,000
Total	$	610,000	$	600,000		$	1,210,000

(1)    Subsequent to December 31, 2021, Synovus Bank called these Notes and settled them on February 10, 2022 with a net payment of $405.3 million that included principal, interest, and written off debt issuance costs. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 19 - Subsequent Event" in this Report for more information.

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Shareholders' Equity and Other Comprehensive Income

12 Months Ended

Dec. 31, 2021

Stockholders' Equity Note [Abstract]

Shareholders' Equity and Other Comprehensive Income

Note 9 - Shareholders' Equity and Other Comprehensive Income

The following table shows the changes in shares of preferred and common stock issued and common stock held as treasury shares for the years ended December 31, 2021, 2020, and 2019.

(shares in thousands)	Series D Preferred Stock Issued	Series E Preferred Stock Issued	Total Preferred Stock Issued	Common Stock Issued	Treasury Stock Held	Common Stock Outstanding
Balance at December 31, 2018	8,000	—	8,000	143,300	27,434	115,866
FCB acquisition:
Issuance of common stock for acquisition	—	—	—	22,043	—	22,043
Common stock reissued	—	—	—	—	(27,434)	27,434
Warrants exercised and common stock reissued	—	—	—	—	(260)	260
Issuance of preferred stock	—	14,000	14,000	—	—	—
Issuance of common stock for earnout payment	—	—	—	344	—	344
Restricted share unit activity	—	—	—	302	—	302
Stock options exercised	—	—	—	812	—	812
Repurchase of common stock	—	—	—	—	19,903	(19,903)
Balance at December 31, 2019	8,000	14,000	22,000	166,801	19,643	147,158
Issuance of common stock for earnout payment	—	—	—	379	—	379
Restricted share unit activity	—	—	—	389	—	389
Stock options exercised	—	—	—	564	—	564
Repurchase of common stock	—	—	—	—	450	(450)
Balance at December 31, 2020	8,000	14,000	22,000	168,133	20,093	148,040
Warrants exercised and common stock reissued	—	—	—	—	(3)	3
Common stock reissued for earnout payment	—	—	—	—	(125)	125
Restricted share unit activity	—	—	—	355	—	355
Stock options exercised	—	—	—	896	—	896
Repurchase of common stock	—	—	—	—	4,409	(4,409)
Balance at December 31, 2021	8,000	14,000	22,000	169,384	24,374	145,010

Preferred Stock

The following table presents a summary of Preferred Stock as of December 31, 2021, 2020, and 2019.

	Issuance Date	Public Offering Amount		Net Proceeds		Earliest Redemption Date	Dividend Rate(1)			Liquidation Preference
Series D	June 21, 2018	$200.0	million	$195.1	million	June 21, 2023	6.300	%	(2)	$25 per share
Series E	July 1, 2019	$350.0	million	$342.0	million	July 1, 2024	5.875	%	(3)	$25 per share

(1)     Dividends on all series of Preferred Stock are non-cumulative and, if declared, will accrue and be payable in arrears, quarterly.

(2)     Dividends, if declared, will be paid quarterly at a rate per annum equal to 6.300% for each dividend period from the original issue date to, but excluding, June 21, 2023. From and including June 21, 2023, the dividend rate will change to a floating rate equal to the three-month LIBOR plus a spread of 3.352% per annum.

(3)     Dividends, if declared, will be paid quarterly at a rate per annum equal to 5.875% for each dividend period from the original issue date to, but excluding, July 1, 2024. From and including July 1, 2024, the dividend rate will change and reset every five years on July 1 at a rate equal to the five-year U.S. Treasury Rate plus 4.127% per annum.

All series of Preferred Stock are redeemable at Synovus' option in whole or in part, from time to time, on the earliest redemption date or any subsequent reset date, or in whole but not in part, at any time within 90 days following a regulatory capital treatment event, in each case, at a redemption price equal to $25 per share, plus any declared and unpaid dividends, without accumulation of any undeclared dividends. All series of Preferred Stock have no preemptive or conversion rights. Except in limited circumstances, all series of Preferred Stock do not have any voting rights.

Common Stock

Repurchases of Common Stock

During 2021, Synovus repurchased $199.9 million, or 4.4 million shares, of common stock through open market transactions under the share repurchase program announced on January 26, 2021.

During 2020, Synovus repurchased $16.2 million, or 450 thousand shares, of common stock through open market transactions under the share repurchase program announced on January 24, 2020.

During 2019, Synovus repurchased $725.0 million, or 19.9 million shares, of common stock through open market transactions under the $725.0 million repurchase program, with $400.0 million authorized during the fourth quarter of 2018 for execution in 2019 and $325.0 million authorized in 2019.

Accumulated Other Comprehensive Income (Loss)

The following table illustrates activity within the balances in AOCI by component, and is shown for the years ended December 31, 2021, 2020, and 2019.

Changes in Accumulated Other Comprehensive Income (Loss) by Component (Net of Income Taxes)
(in thousands)	Net Unrealized Gains (Losses) on Investment Securities Available for Sale(1)		Net Unrealized Gains (Losses) on Cash Flow Hedges(1)		Post-Retirement Unfunded Health Benefit		Total
Balance at December 31, 2018	$	(83,179)	$	(12,137)	$	896	$	(94,420)
Other comprehensive income (loss) before reclassifications	161,170		(6,350)		(378)		154,442
Amounts reclassified from accumulated other comprehensive income (loss)	5,675		—		(56)		5,619
Net current period other comprehensive income (loss)	166,845		(6,350)		(434)		160,061
Balance at December 31, 2019	$	83,666	$	(18,487)	$	462	$	65,641
Other comprehensive income (loss) before reclassifications	80,491		73,502		—		153,993
Amounts reclassified from accumulated other comprehensive income (loss)	(58,488)		(2,049)		(462)		(60,999)
Net current period other comprehensive income (loss)	22,003		71,453		(462)		92,994
Balance at December 31, 2020	$	105,669	$	52,966	$	—	$	158,635
Other comprehensive income (loss) before reclassifications	(174,246)		(57,705)		—		(231,951)
Amounts reclassified from accumulated other comprehensive income (loss)	597		(9,602)		—		(9,005)
Net current period other comprehensive income (loss)	(173,649)		(67,307)		—		(240,956)
Balance at December 31, 2021	$	(67,980)	$	(14,341)	$	—	$	(82,321)

(1)    For all periods presented, the ending balance in net unrealized gains (losses) on investment securities available for sale and cash flow hedges includes unrealized losses of $13.3 million and $12.1 million, respectively, related to residual tax effects remaining in OCI due to previously established deferred tax asset valuation allowances in 2010 and 2011. In accordance with ASC 740-20-45-11(b), under the portfolio approach, these unrealized losses are realized at the time the entire portfolio is sold or disposed.

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Regulatory Capital

12 Months Ended

Dec. 31, 2021

Regulatory Capital Disclosure [Abstract]

Regulatory Capital

Note 10 - Regulatory Capital

Synovus and Synovus Bank are each subject to regulatory capital requirements administered by the federal banking agencies under Basel III. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the consolidated financial statements. Specific capital levels that involve quantitative measures of both on- and off-balance sheet items as calculated under regulatory capital guidelines must be met. Capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Additionally, regulatory capital rules include a capital conservation buffer of 2.5% that is added on top of each of the minimum risk-based capital ratios in order to avoid restrictions on capital distributions and discretionary bonuses. Management currently believes, based on internal capital analyses and earnings projections, that Synovus' and Synovus Bank’s capital positions are each adequate to meet regulatory minimum capital requirements inclusive of the capital conservation buffer.

Synovus Bank is also required to maintain certain capital levels, and not be subject to any written agreement, order, capital directive, or prompt corrective action directive requiring it to meet and maintain a specific capital level for any capital measure, in order to be considered a well-capitalized institution as defined by federal prompt corrective action banking regulations.

The following table summarizes regulatory capital information at December 31, 2021 and 2020 for Synovus and Synovus Bank.

	Actual Capital						Minimum Requirement For Capital Adequacy(1)						To Be Well-Capitalized Under Prompt Corrective Action Provisions(2)
(dollars in thousands)	2021			2020			2021			2020			2021			2020
Synovus Financial Corp.
CET1 capital	$	4,388,618		$	4,034,865		$	2,079,435		$	1,879,551		N/A			N/A
Tier 1 risk-based capital	4,925,763			4,572,010			2,772,581			2,506,068			N/A			N/A
Total risk-based capital	5,827,196			5,604,230			3,696,774			3,341,425			N/A			N/A
CET1 capital ratio	9.50		%	9.66		%	4.50		%	4.50		%	N/A			N/A
Tier 1 risk-based capital ratio	10.66			10.95			6.00			6.00			N/A			N/A
Total risk-based capital ratio	12.61			13.42			8.00			8.00			N/A			N/A
Leverage ratio	8.72			8.50			4.00			4.00			N/A			N/A
Synovus Bank
CET1 capital	$	4,998,698		$	4,641,711		$	2,076,515		$	1,880,757		$	2,999,410		$	2,716,650
Tier 1 risk-based capital	4,998,698			4,641,711			2,768,686			2,507,677			3,691,581			3,343,569
Total risk-based capital	5,587,757			5,361,611			3,691,581			3,343,569			4,614,477			4,176,461
CET1 capital ratio	10.83		%	11.11		%	4.50		%	4.50		%	6.50		%	6.50		%
Tier 1 risk-based capital ratio	10.83			11.11			6.00			6.00			8.00			8.00
Total risk-based capital ratio	12.11			12.83			8.00			8.00			10.00			10.00
Leverage ratio	8.86			8.73			4.00			4.00			5.00			5.00

(1)    The additional capital conservation buffer in effect is 2.5%.

(2)    The prompt corrective action provisions are applicable at the bank level only.

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Net Income Per Common Share

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Net Income Per Common Share

Note 11 - Net Income Per Common Share

The following table displays a reconciliation of the information used in calculating basic and diluted net income per common share for the years ended December 31, 2021, 2020, and 2019. Diluted net income per common share incorporates the potential impact of contingently issuable shares, including awards which require future service as a condition of delivery of the underlying common stock.

	Years Ended December 31,
(in thousands, except per share data)	2021		2020		2019
Net income	$	760,467	$	373,695	$	563,780
Less: Preferred stock dividends	33,163		33,163		22,881
Net income available to common shareholders	$	727,304	$	340,532	$	540,899
Weighted average common shares outstanding	147,041		147,415		154,331
Effect of dilutive outstanding equity-based awards, warrants, and earnout payments	1,454		795		1,727
Weighted average diluted common shares	148,495		148,210		156,058
Net income per common share, basic	$	4.95	$	2.31	$	3.50
Net income per common share, diluted	$	4.90	$	2.30	$	3.47

For the years ended December 31, 2021, 2020, and 2019, there were 21 thousand, 602 thousand, and 40 thousand, respectively, potentially dilutive shares related to stock options to purchase shares of common stock that were outstanding but were not included in the computation of diluted net income per common share because the effect would have been anti-dilutive.

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Fair Value Accounting

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Accounting

Note 12 - Fair Value Accounting

Fair value accounting guidance defines fair value as the exchange price that would be received to sell an asset or paid to transfer a liability (an "exit price") in the principal or most advantageous market available to the entity in an orderly transaction between market participants, on the measurement date. 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.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table presents all financial instruments measured at fair value on a recurring basis as of December 31, 2021 and 2020.

	December 31, 2021								December 31, 2020
(in thousands)	Level 1		Level 2		Level 3		Total Assets and Liabilities at Fair Value		Level 1		Level 2		Level 3		Total Assets and Liabilities at Fair Value
Assets
Trading securities:
Mortgage-backed securities issued by U.S. Government agencies	$	—	$	197	$	—	$	197	$	—	$	10,185	$	—	$	10,185
Collateralized mortgage obligations issued by U.S. Government sponsored enterprises	—		671		—		671		—		158		—		158
Other mortgage-backed securities	—		—		—		—		—		178		—		178
State and municipal securities	—		560		—		560		—		176		—		176
Asset-backed securities	—		6,963		—		6,963		—		183		—		183
Total trading securities	$	—	$	8,391	$	—	$	8,391	$	—	$	10,880	$	—	$	10,880
Investment securities available for sale:
U.S. Treasury securities	$	117,838	$	—	$	—	$	117,838	$	20,257	$	—	$	—	$	20,257
U.S. Government agency securities	—		54,201		—		54,201		—		82,320		—		82,320
Mortgage-backed securities issued by U.S. Government agencies	—		779,633		—		779,633		—		1,218,017		—		1,218,017
Mortgage-backed securities issued by U.S. Government sponsored enterprises	—		8,012,301		—		8,012,301		—		5,000,046		—		5,000,046
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises	—		939,623		—		939,623		—		1,250,377		—		1,250,377
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises	—		481,744		—		481,744		—		370,921		—		370,921
Asset-backed securities	—		514,188		—		514,188		—		—		—		—
Corporate debt securities and other debt securities	—		18,801		—		18,801		—		18,479		2,021		20,500
Total investment securities available for sale	$	117,838	$	10,800,491	$	—	$	10,918,329	$	20,257	$	7,940,160	$	2,021	$	7,962,438
Mortgage loans held for sale	—		108,198		—		108,198		—		216,647		—		216,647
Other investments	—		—		12,185		12,185		—		—		1,021		1,021
Mutual funds and mutual funds held in rabbi trusts	43,657		—		—		43,657		37,650		—		—		37,650
GGL/SBA loans servicing asset	—		—		3,233		3,233		—		—		3,258		3,258
Derivative assets	—		191,708		—		191,708		—		401,295		—		401,295
Liabilities
Trading liability for short positions	$	—	$	200	$	—	$	200	$	—	$	7,717	$	—	$	7,717
Mutual fund held in rabbi trusts	27,205		—		—		27,205		20,752		—		—		20,752
Earnout liability	—		—		—		—		—		—		5,677		5,677
Derivative liabilities	—		95,067		3,535		98,602		—		155,119		2,048		157,167

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.

	Years Ended December 31,
(in thousands)	2021		2020		2019
Changes in fair value included in net income:
Mortgage loans held for sale	$	(3,942)	$	3,400	$	1,675
Mortgage loans held for sale:
Fair value	108,198		216,647		115,173
Unpaid principal balance	105,785		210,292		112,218
Fair value less aggregate unpaid principal balance	$	2,413	$	6,355	$	2,955

Fair Value Measurements Using Significant Unobservable Inputs (Level 3)

During 2021 and 2020, Synovus did not have any transfers in or out of Level 3 in the fair value hierarchy.

	2021
(in thousands)	Investment Securities Available for Sale		Other Investments		GGL/SBA Loans Servicing Asset		Earnout Liability		Visa Derivative Liability
Beginning balance	$	2,021	$	1,021	$	3,258	$	(5,677)	$	(2,048)
Total gains (losses) realized/unrealized:
Included in earnings	—		1,164		(1,339)		(507)		(2,656)
Sales	(2,021)		—		—		—		—
Additions	—		10,000		—		—		—
Settlements	—		—		1,314		6,184		1,169
Ending balance	$	—	$	12,185	$	3,233	$	—	$	(3,535)
Total net gains (losses) for the year included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at December 31, 2021	$	—	$	1,164	$	—			$	(2,656)

	2020
(in thousands)	Investment Securities Available for Sale		Other Investments		GGL/SBA Loans Servicing Asset		Earnout Liability		Visa Derivative Liability
Beginning balance	$	2,105	$	3,887	$	3,040	$	(11,016)	$	(2,339)
Total gains (losses) realized/unrealized:
Included in earnings	—		(2,866)		(1,000)		(4,908)		(890)
Unrealized gains (losses) included in other comprehensive income	(84)		—		—		—		—
Additions	—		—		1,218		—		—
Settlements	—		—		—		10,247		1,181
Ending balance	$	2,021	$	1,021	$	3,258	$	(5,677)	$	(2,048)
Total net gains (losses) for the year included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at December 31, 2020	$	—	$	(2,866)	$	—	$	(4,908)	$	(890)

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. The range of sensitivities that management utilized in its fair value calculations is deemed acceptable in the industry with respect to the identified financial instruments.

			December 31, 2021		December 31, 2020
(dollars in thousands)	Valuation Technique	Significant Unobservable Input	Level 3 Fair Value	Rate/Range	Level 3 Fair Value	Rate/Range
Assets measured at fair value on a recurring basis
Investment Securities Available for Sale:
Corporate debt and other debt securities trust preferred security	Discounted cash flow analysis	Discount rate Forecasted average Prime reset rate	$—	N/A	$2,021	4.96% 4.06%
Other investments	Individual analysis of each investee company	Multiple 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	$12,185	N/A	$1,021	N/A
GGL/SBA loans servicing asset	Discounted cash flow analysis	Discount rate Prepayment speeds	$3,233	8.55% 18.50%	$3,258	10.79% 18.81%
Earnout liability	Option pricing methods and Monte Carlo simulation	Financial projections of Global One through June 30, 2021	$—	N/A	$5,677	N/A
Visa derivative liability	Discounted cash flow analysis	Estimated timing of resolution of Covered Litigation and future cumulative deposits to the litigation escrow for settlement of the Covered Litigation	$3,535	0-1.8 years (3Q 2023)	$2,048	0-1.8 years (3Q 2022)

Assets Measured at Fair Value on a Non-recurring Basis

Certain assets are required to be measured at fair value on a non-recurring basis subsequent to their initial recognition. These assets and liabilities are not measured at fair value on an ongoing basis; however, they are subject to fair value adjustments in certain circumstances, such as when there is evidence of impairment. 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.

	December 31, 2021								December 31, 2020
(in thousands)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Loans(1)	$	—	$	—	$	19,482	$	19,482	$	—	$	—	$	44,802	$	44,802
Other real estate	—		—		270		270		—		—		860		860
MPS receivable	—		—		—		—		—		—		15,575		15,575
Other assets held for sale	—		—		1,256		1,256		—		—		2,354		2,354

	Years Ended December 31,
(in thousands)	2021		2020		Location in Consolidated Statements of Income
Loans(1)	$	27,613	$	21,927	Provision for credit losses
Other real estate	120		200		Other operating expense
MPS receivable	—		2,663		Other operating expense
Other assets held for sale	462		2,292		Other operating expense

(1) Collateral-dependent loans that are written down to fair value of collateral.

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, 2021	December 31, 2020
	Valuation Technique	Significant Unobservable Input	Range (Weighted Average)(1)	Range (Weighted Average)(1)
Assets measured at fair value on a non-recurring basis
Loans	Third-party appraised value of collateral less estimated selling costs	Discount to appraised value Estimated selling costs	0%-71% (48%) 0%-10% (7%)	0%-39% (25%) 0%-7% (7%)
Loans held for sale	Analysis of anticipated market prices for similar assets less estimated selling costs	Market price analysis for similar assets Estimated selling costs	N/A	N/A
Other real estate	Third-party appraised value of real estate less estimated selling costs	Discount to appraised value Estimated selling costs	0%-48% (24%) 0%-10% (7%)	0%-23% (12%) 0%-10% (7%)
MPS receivable(2)	Third-party appraised value of business less estimated selling costs	Discount to appraised value Estimated selling costs	N/A	N/A
Other assets held for sale	Third-party appraised value less estimated selling costs or BOV	Discount to appraised value Estimated selling costs	0%-51% (20%) 0%-10% (7%)	0%-66% (45%) 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.

(2)    See "Part II - Item 8. Financial Statements and Supplementary Data - Note 14 - Commitments and Contingencies" of this Report for more information on this receivable which was classified as a NPA at December 31, 2021 and 2020.

Fair Value of Financial Instruments

The following table presents the carrying and estimated fair values of financial instruments at December 31, 2021 and 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" of this Report for a description of how fair value measurements are determined.

	December 31, 2021
(in thousands)	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Financial assets
Total cash, cash equivalents, and restricted cash	$	3,009,853	$	3,009,853	$	3,009,853	$	—	$	—
Trading securities	8,391		8,391		—		8,391		—
Investment securities available for sale	10,918,329		10,918,329		117,838		10,800,491		—
Loans held for sale	750,642		749,980		—		108,198		641,782
Other investments	12,185		12,185		—		—		12,185
Mutual funds and mutual funds held in rabbi trusts	43,657		43,657		43,657		—		—
Loans, net of deferred fees and costs	38,884,361		39,118,275		—		—		39,118,275
GGL/SBA loans servicing asset	3,233		3,233		—		—		3,233
FRB and FHLB stock	159,941		159,941		—		159,941		—
Derivative assets	191,708		191,708		—		191,708		—
Financial Liabilities
Non-interest-bearing deposits	$	16,392,653	$	16,392,653	$	—	$	16,392,653	$	—
Non-time interest-bearing deposits	28,917,148		28,917,148		—		28,917,148		—
Time deposits	4,117,475		4,125,673		—		4,125,673		—
Total deposits	$	49,427,276	$	49,435,474	$	—	$	49,435,474	$	—
Securities sold under repurchase agreements	264,133		264,133		264,133		—		—
Trading liability for short positions	200		200		—		200		—
Long-term debt	1,204,229		1,243,147		—		1,243,147		—
Mutual fund held in rabbi trusts	27,205		27,205		27,205		—		—
Derivative liabilities	98,602		98,602		—		95,067		3,535

	December 31, 2020
(in thousands)	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Financial assets
Total cash, cash equivalents, and restricted cash	$	4,252,917	$	4,252,917	$	4,252,917	$	—	$	—
Trading securities	10,880		10,880		—		10,880		—
Investment securities available for sale	7,962,438		7,962,438		20,257		7,940,160		2,021
Loans held for sale	760,123		760,939		—		216,647		544,292
Other investments	1,021		1,021		—		—		1,021
Mutual funds and mutual funds held in rabbi trusts	37,650		37,650		37,650		—		—
Loans, net of deferred fees and costs	37,647,248		37,605,881		—		—		37,605,881
GGL/SBA loans servicing asset	3,258		3,258		—		—		3,258
FRB and FHLB stock	157,520		157,520		—		157,520		—
Derivative assets	401,295		401,295		—		401,295		—
Financial Liabilities
Non-interest-bearing deposits	$	13,477,854	$	13,477,854	$	—	$	13,477,854	$	—
Non-time interest-bearing deposits	27,265,521		27,265,521		—		27,265,521		—
Time deposits	5,948,196		5,970,146		—		5,970,146		—
Total deposits	$	46,691,571	$	46,713,521	$	—	$	46,713,521	$	—
Securities sold under repurchase agreements	227,922		227,922		227,922		—		—
Trading liability for short positions	7,717		7,717		—		7,717		—
Long-term debt	1,202,494		1,266,825		—		1,266,825		—
Earnout liability	5,677		5,677		—		—		5,677
Mutual fund held in rabbi trusts	20,752		20,752		20,752		—		—
Derivative liabilities	157,167		157,167		—		155,119		2,048

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Derivative Instruments

12 Months Ended

Dec. 31, 2021

Summary of Derivative Instruments [Abstract]

Derivative Instruments

Note 13 - Derivative Instruments

Synovus utilizes derivative instruments to manage its exposure to various types of interest rate risk, exposures related to liquidity and credit risk, and to facilitate client transactions. The primary types of derivative instruments utilized by Synovus consist of interest rate swaps, interest rate lock commitments made to prospective mortgage loan clients, commitments to sell fixed-rate mortgage loans, and foreign currency exchange forwards. Interest rate lock commitments represent derivative instruments since it is intended that such loans will be sold. Synovus is party to master netting arrangements with its dealer counterparties; however, Synovus does not offset assets and liabilities under these arrangements for financial statement presentation purposes. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" of this Report for additional information regarding accounting policies for derivatives.

Hedging Derivatives

Cash flow hedge relationships mitigate exposure to the variability of future cash flows or other forecasted transactions. Synovus has entered into interest rate swap contracts to manage overall cash flow changes related to interest rate risk exposure on index-based variable rate commercial loans. The contracts effectively modify Synovus' exposure to interest rate risk by utilizing receive fixed/pay index-based variable rate interest rate swaps.

For cash flow hedges, if the hedged exposure is a cash flow exposure, the effective portion of the gain or loss on the derivative instrument is reported initially as a component of accumulated other comprehensive income (loss), net of the tax impact, and subsequently reclassified into earnings when the hedged transaction affects earnings with the impacts recorded in the same income statement line item used to present the earnings effect of the hedged item. When a cash flow hedge relationship is discontinued but the hedged cash flows, or forecasted transactions, are still expected to occur, gains or losses that were accumulated in OCI are amortized into earnings over the same periods which the hedged transactions are still expected to affect earnings. If, however, it is probable the forecasted transactions will no longer occur, the remaining accumulated amounts in OCI for the impacted cash flow hedges are immediately recognized in earnings.

Synovus recorded net unrealized gains of $1.2 million, or $930 thousand, after tax, in OCI during the year ended December 31, 2021 and $9.8 million, or $7.3 million, after-tax, in OCI, during the year ended December 31, 2020, related to terminated cash flow hedges, which are being recognized into earnings in conjunction with the effective terms of the original swaps

through the second quarter of 2026. Synovus recognized pre-tax income of $12.9 million and $2.8 million, respectively, during the years ended December 31, 2021 and 2020 related to the amortization of terminated cash flow hedges.

As of December 31, 2021, Synovus expects to reclassify into earnings approximately $27 million in pre-tax income due to the receipt or payment of interest payments on all cash flow hedges within the next twelve months. Included in this amount is approximately $4 million in pre-tax income related to the amortization of terminated cash flow hedges. As of December 31, 2021, the maximum length of time over which Synovus is hedging its exposure to the variability in future cash flows is through the third quarter of 2026.

For derivative instruments that are not designated as hedging instruments, changes in the fair value of the derivatives are recognized in earnings immediately.

Client Related Derivative Positions

Synovus enters into interest rate swap agreements to facilitate the risk management strategies of certain commercial banking clients. Synovus mitigates this risk largely by entering into equal and offsetting interest rate swap agreements with highly rated counterparties. The interest rate swap agreements are free-standing derivatives and are recorded at fair value on Synovus' consolidated balance sheets. The credit risk to these clients is evaluated and included in the calculation of fair value. Fair value changes including credit-related adjustments are recorded as a component of capital markets income.

Counterparty Credit Risk and Collateral

Entering into derivative contracts potentially exposes Synovus to the risk of counterparties’ failure to fulfill their legal obligations, including, but not limited to, potential amounts due or payable under each derivative contract. Notional principal amounts are often used to express the volume of these transactions, but the amounts potentially subject to credit risk are much smaller. Synovus assesses the credit risk of its dealer counterparties by regularly monitoring publicly available credit rating information, evaluating other market indicators, and periodically reviewing detailed financials. Dealer collateral requirements are determined via risk-based policies and procedures and in accordance with existing agreements. Synovus seeks to minimize dealer credit risk by dealing with highly rated counterparties and by obtaining collateral for exposures above certain predetermined limits. Management closely monitors credit conditions within the client swap portfolio, which management deems to be of higher risk than dealer counterparties. Collateral is secured at origination and credit related fair value adjustments are recorded against the asset value of the derivative as deemed necessary based upon an analysis, which includes consideration of the current asset value of the swap, client risk rating, collateral value, and client standing with regards to its swap contractual obligations and other related matters. Such asset values fluctuate based upon changes in interest rates regardless of changes in notional amounts and changes in client specific risk.

Mortgage Derivatives

Synovus originates first lien residential mortgage loans for sale into the secondary market. Mortgage loans are sold either individually or in a bulk sale by Synovus on a whole loan servicing-released basis to third-party servicing aggregators for potential conversion into mortgage-backed securities which can be traded in the secondary market or retained on their respective balance sheet.

Synovus enters into interest rate lock commitments for residential mortgage loans which commits it to lend funds to a potential borrower at a specific interest rate and within a specified period of time. Interest rate lock commitments that relate to the origination of mortgage loans that, if originated, will be held for sale, are considered derivative financial instruments under applicable accounting guidance. Outstanding interest rate lock commitments expose Synovus to the risk that the price of the mortgage loans underlying the commitments may decline due to increases in mortgage interest rates from inception of the rate lock to the funding of the loan and the eventual commitment for sale into the secondary market.

Forward commitments to sell primarily fixed-rate mortgage loans are entered into to reduce the exposure to market risk arising from potential changes in interest rates, which could affect the fair value of mortgage loans held for sale and outstanding interest rate lock commitments, which guarantee a certain interest rate if the loan is ultimately funded or granted by Synovus as a mortgage loan held for sale. The commitments to sell mortgage loans are at fixed prices and are scheduled to settle at specified dates that generally do not exceed 90 days.

Visa Derivative

In conjunction with the sale of Class B shares of common stock issued by Visa to Synovus as a Visa USA member, Synovus entered into a derivative contract with the purchaser, which provides for settlements between the parties based upon a change in the ratio for conversion of Visa Class B shares to Visa Class A shares. The conversion ratio changes when Visa deposits funds to a litigation escrow established by Visa to pay settlements for certain litigation, for which Visa is indemnified by Visa USA members. The litigation escrow is funded by proceeds from Visa’s conversion of Class B shares.

The fair value of the derivative contract is determined based on management's estimate of the timing and amount of the Covered Litigation settlement, and the resulting payments due to the counterparty under the terms of the contract. During the years ended December 31, 2021 and 2020, Synovus recorded fair value adjustments of $2.7 million and $890 thousand, respectively, in other non-interest expense. Management believes that the estimate of Synovus' exposure to the Visa indemnification including fees associated with the Visa derivative is adequate based on current information, including Visa's recent announcements and disclosures. However, future developments in the litigation could require changes to Synovus' estimate.

Collateral Requirements

Certain derivative transactions have collateral requirements, both at the inception of the trade, and as the value of each derivative position changes. As of December 31, 2021 and 2020, collateral totaling $64.5 million and $155.4 million, respectively, was pledged to the derivative counterparties to comply with collateral requirements in the normal course of business. For derivatives cleared through central clearing houses, the variation margin payments made are legally characterized as settlements of the derivatives. As a result, these variation margin payments are netted against the fair value of the respective derivative contracts on the consolidated balance sheets and related disclosures. At December 31, 2021 and 2020, Synovus had a variation margin of $94.6 million and $162.7 million, respectively, reducing the derivative liability.

The following table reflects the notional amount and fair value of derivative instruments included on the consolidated balance sheets.

	December 31, 2021						December 31, 2020
			Fair Value						Fair Value
(in thousands)	Notional Amount		Derivative Assets(1)		Derivative Liabilities(2)		Notional Amount		Derivative Assets(1)		Derivative Liabilities(2)
Derivatives in cash flow hedging relationships:
Interest rate contracts	$	3,600,000	$	22,004	$	20,395	$	3,000,000	$	80,802	$	—
Total derivatives designated as hedging instruments			$	22,004	$	20,395			$	80,802	$	—
Derivatives not designated:   as hedging instruments
Interest rate contracts(3)	$	9,653,600	$	167,560	$	74,514	$	8,784,141	$	314,234	$	153,204
Mortgage derivatives - interest rate lock commitments	99,006		2,105		—		306,138		6,259		—
Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans	105,500		—		122		230,500		—		1,611
Other contracts(4)	293,059		—		36		234,884		—		304
Foreign exchange contracts(5)	22,387		39		—		24,125
Visa derivative	—		—		3,535		—		—		2,048
Total derivatives not designated as hedging instruments			$	169,704	$	78,207			$	320,493	$	157,167

(1)    Derivative assets are recorded in other assets on the consolidated balance sheets.

(2)    Derivative liabilities are recorded in other liabilities on the consolidated balance sheets.

(3)    Includes interest rate contracts for client swaps and offsetting positions, net of variation margin payments.

(4)    Includes risk participation agreements sold. Additionally, the notional amount of risk participation agreements purchased was $81.2 million and $2.6 million at December 31, 2021 and 2020, respectively.

(5)     The fair value of foreign exchange contracts was negligible at December 31, 2020 due to the very short duration of these contracts.

    Synovus also provides foreign currency exchange services, primarily forward contracts, with counterparties to allow commercial clients to mitigate exchange rate risk. Synovus covers its risk by entering into an offsetting foreign currency exchange forward contract.

The following table presents the effect of hedging derivative instruments on the consolidated statements of income and the total amounts for the respective line item affected for the years ended December 31, 2021, 2020, and 2019.

(in thousands)	2021		2020		2019
Total amounts presented on the consolidated statements of income in interest income on loans	$	31,522	$	22,215	$	—
Gain/loss on cash flow hedging relationships:(1)
Interest rate swaps:
Realized gains (losses) reclassified from AOCI, pre-tax, to interest income on loans	12,862		2,765		—
Pre-tax income recognized on cash flow hedges	$	12,862	$	2,765	$	—

(1)    See "Part II - Item 8. Financial Statements and Supplementary Data - Note 9 - Shareholders' Equity and Other Comprehensive Income" in this Report for additional information.

    The pre-tax effect of changes in fair value from derivative instruments not designated as hedging instruments on the consolidated statements of income for the years ended December 31, 2021, 2020 and 2019 is presented below.

		Gain (Loss) Recognized in Consolidated Statements of Income
		For The Years Ended December 31,
(in thousands)	Location in Consolidated Statements of Income	2021		2020		2019
Derivatives not designated as hedging instruments:
Interest rate contracts(1)	Capital markets income	$	100	$	(777)	$	(338)
Other contracts(2)	Capital markets income	269		(213)		(91)
Foreign exchange contracts	Capital markets income	39		—		—
Mortgage derivatives - interest rate lock commitments	Mortgage banking income	(4,154)		4,969		346
Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans	Mortgage banking income	1,489		(1,443)		651
Visa derivative	Other non-interest expense	2,656		(890)		(3,611)
Total derivatives not designated as hedging instruments		$	399	$	1,646	$	(3,043)

(1)    Gain (loss) represents net fair value adjustments (including credit related adjustments) for client swaps and offsetting positions. Additionally, losses related to termination of client swaps of $2.5 million were recorded in other non-interest expense during 2020.

(2)    Includes risk participation agreements sold.

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Commitments and Contingencies

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 14 - Commitments and Contingencies

In the normal course of business, Synovus enters into commitments to extend credit such as loan commitments and letters of credit to meet the financing needs of its clients. Synovus uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. Commitments to extend credit are agreements to lend to a client as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Synovus also has commitments to fund certain tax credits, CRA partnerships, and other investments.

The contractual amount of these financial instruments represents Synovus' maximum credit risk should the counterparty draw upon the commitment, and should the counterparty subsequently fail to perform according to the terms of the contract. Since many of the commitments are expected to expire without being drawn upon, total commitment amounts do not necessarily represent future cash requirements. Additionally, certain commitments (primarily consumer) can generally be canceled by providing notice to the borrower.

The ACL associated with unfunded commitments and letters of credit is recorded within other liabilities on the consolidated balance sheets. At December 31, 2021, the ACL for unfunded commitments was $41.9 million, compared to a reserve of $47.8 million at December 31, 2020. Additionally, an immaterial amount of unearned fees relating to letters of credit are recorded within other liabilities on the consolidated balance sheets.

Synovus invests in certain LIHTC partnerships which are engaged in the development and operation of affordable multi-family housing pursuant to Section 42 of the Code. Additionally, Synovus invests in certain solar energy tax credit partnerships pursuant to Section 48 of the Code and certain new market tax credit partnerships pursuant to section 45D of the Code. Synovus typically acts as a limited partner in these investments and does not exert control over the operating or financial policies of the partnerships and as such, is not considered the primary beneficiary of the partnership. For certain of its LIHTC investments, Synovus provides financing during the construction and development of the properties and is at risk for the funded amount of its equity investment plus the outstanding amount of any construction loans in excess of the fair value of the collateral for the loan, but has no obligation to fund the operations or working capital of the partnerships and is not exposed to losses beyond Synovus’ investment. Synovus receives tax credits related to these investments which are subject to recapture by taxing authorities based on compliance provisions required to be met at the project level.

Synovus also invests in CRA partnerships, including SBIC programs, and other investments. The SBIC is a program initiated by the SBA in 1958 to assist in the funding of small business loans.

	December 31,
(in thousands)	2021		2020
Letters of credit(1)	$	183,463	$	190,562
Commitments to fund commercial and industrial loans	9,069,588		8,200,608
Commitments to fund commercial real estate, construction, and land development loans	3,593,171		3,290,041
Commitments under home equity lines of credit	1,805,869		1,602,831
Unused credit card lines	999,787		1,012,313
Other loan commitments	604,353		472,233
Total letters of credit and unfunded lending commitments	$	16,256,231	$	14,768,588
Tax credits, CRA partnerships, and other investments:
Carrying amount included in other assets	$	426,137	$	262,855
Amount of future funding commitments	250,733		133,946
Permanent and short-term construction loans and letter of credit commitments(2)	204,391		82,786
Funded portion of permanent and short-term loans and letters of credit(3)	104,315		9,528

(1)    Represent the contractual amount net of risk participations purchased of approximately $26 million and $30 million at December 31, 2021 and December 31, 2020, respectively.

(2)    Represent the contractual amount net of risk participations of $3.0 million and $1.8 million at December 31, 2021 and December 31, 2020, respectively

(3)    Represent the contractual amount net of risk participations of $3.0 million and $234 thousand at December 31, 2021 December 31, 2020, respectively.

Merchant Services

In accordance with credit and debit card association rules, Synovus provides merchant processing services for clients. In addition, Synovus sponsors various third-party MPS businesses that process credit and debit card transactions on behalf of merchants. In connection with these services, a liability may arise in the event of a billing dispute between the merchant and a cardholder that is ultimately resolved in the cardholder's favor. If the merchant defaults on its obligations, the cardholder, through its issuing bank, generally has until six months after the date of the transaction to present a chargeback to the MPS, which is primarily liable for any losses on covered transactions. However, if a sponsored MPS fails to meet its obligations, then Synovus, as the sponsor, could be held liable for the disputed amount. Synovus seeks to mitigate this risk through its contractual arrangements with the MPS and the merchants by withholding future settlements, retaining cash reserve accounts and/or obtaining other security. For the years ended December 31, 2021 and 2020, Synovus and the sponsored entities processed and settled $105.14 billion and $78.19 billion of transactions, respectively.

Synovus covered chargebacks related to a particular sponsored MPS during 2019 and 2018 where the MPS’s cash reserve account was unavailable to support the chargebacks. As of December 31, 2021, the remaining amount, net of reserves, included in other assets and classified in NPAs, is $15.3 million, compared to $15.6 million at December 31, 2020. While Synovus has contractual protections to mitigate against loss, repayment of the amounts owed to Synovus will depend in large part upon the continued financial viability and/or valuation of the MPS.

Legal Proceedings

Synovus and its subsidiaries are subject to various legal proceedings, claims and disputes that arise in the ordinary course of its business. Additionally, in the ordinary course of business, Synovus and its subsidiaries are subject to regulatory and governmental examinations, information gathering requests, inquiries and investigations. Synovus, like many other financial institutions, has been the target of legal actions and other proceedings asserting claims for damages and related relief for losses. These actions include mortgage loan and other loan put-back claims, claims and counterclaims asserted by individual borrowers related to their loans, allegations of violations of state and federal laws and regulations relating to banking practices, including putative class action matters. In addition to actual damages, if Synovus does not prevail in such asserted legal actions, credit-related litigation could result in additional write-downs or charge-offs of assets, which could adversely affect Synovus' results of operations during the period in which the write-down or charge-off were to occur.

Synovus carefully examines and considers each legal matter, and, in those situations where Synovus determines that a particular legal matter presents loss contingencies that are both probable and reasonably estimable, Synovus establishes an appropriate reserve. An event is considered to be probable if the future event is likely to occur. While the final outcome of any legal proceeding is inherently uncertain, based on the information currently available, advice of counsel and available insurance coverage, management believes that the amounts accrued with respect to legal matters as of December 31, 2021 are adequate. The actual costs of resolving legal claims may be higher or lower than the amounts accrued.

In addition, where Synovus determines that there is a reasonable possibility of a loss in respect of legal matters, Synovus

considers whether it is able to estimate the total reasonably possible loss or range of loss. An event is “reasonably possible” if “the chance of the future event or events occurring is more than remote but less than likely.” An event is “remote” if “the chance of the future event or events occurring is more than slight but less than reasonably possible." In many situations, Synovus may be unable to estimate reasonably possible losses due to the preliminary nature of the legal matters, as well as a variety of other factors and uncertainties. For those legal matters where Synovus is able to estimate a range of reasonably possible losses, management currently estimates the aggregate range from our outstanding litigation is from zero to $5 million in excess of the amounts accrued, if any, related to those matters. This estimated aggregate range is based upon information currently available to Synovus, and the actual losses could prove to be lower or higher. As there are further developments in these legal matters, Synovus will reassess these matters, and the estimated range of reasonably possible losses may change as a result of this assessment. Based on Synovus' current knowledge and advice of counsel, management presently does not believe that the liabilities arising from these legal matters will have a material adverse effect on Synovus' consolidated financial condition, results of operations or cash flows. However, it is possible that the ultimate resolution of these legal matters could have a material adverse effect on Synovus' results of operations or financial condition for any particular period.Synovus intends to vigorously pursue all available defenses to these legal matters, but will also consider other alternatives, including settlement, in situations where there is an opportunity to resolve such legal matters on terms that Synovus considers to be favorable, including in light of the continued expense and distraction of defending such legal matters. Synovus maintains insurance coverage, which may be available to cover legal fees, or potential losses that might be incurred in connection with such legal matters. The above-noted estimated range of reasonably possible losses does not take into consideration insurance coverage which may or may not be available for the respective legal matters.

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Share-based Compensation and Other Employment Benefit Plans

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Share-based Compensation and Other Employment Benefit Plans

Note 15 - Share-based Compensation and Other Employment Benefit Plans

General Description of Share-based Plans

Synovus has a long-term incentive plan under which the Compensation and Human Capital Committee of the Board of Directors has the authority to grant share-based awards to Synovus employees. The 2021 Omnibus Plan authorized 5.8 million common share equivalents available for grants. The Plan permits grants of share-based compensation including stock options, restricted share units, market restricted share units, and performance share units. The grants generally include vesting periods of three years. The restricted share units and the market restricted share units contain a service-based vesting period of three years with most awards vesting pro-rata over three years. Restricted share units are primarily equity-based but can be cash settled as well. When cash settled awards are granted, they are classified as a liability and revalued quarterly. As further discussed below, market restricted share units and performance share units are granted at a defined target level and are compared annually to required market and performance metrics to determine actual units vested and for performance share units, compensation expense. Synovus has historically issued new shares to satisfy share option exercises and share unit conversions. Dividend equivalents are paid on outstanding restricted share units, market restricted share units, and performance share units in the form of additional restricted share units that vest over the same vesting period or the vesting period left on the original restricted share unit grant. Any restricted share units that are forfeited and options that expire unexercised will again become available for issuance under the 2021 Omnibus Plan. At December 31, 2021, Synovus had a total of 5.8 million common share equivalents of its authorized but unissued common stock reserved for future grants under the 2021 Omnibus Plan.

Share-based Compensation Expense

Total share-based compensation expense recognized for 2021, 2020, and 2019 is presented in the following table by its classification within total non-interest expense.

	Years Ended December 31,
(in thousands)	2021		2020		2019
Salaries and other personnel expense	$	26,957	$	17,827	$	19,618
Merger-related expense	—		—		4,219
Other operating expense	838		814		650
Total share-based compensation expense included in non-interest expense	$	27,795	$	18,641	$	24,487

The total income tax benefit recognized on the consolidated statements of income related to share-based compensation expense was $7.0 million, $4.8 million, and $6.3 million for 2021, 2020, and 2019, respectively. No share-based compensation costs have been capitalized for the years ended December 31, 2021, 2020, and 2019. As of December 31, 2021, total unrecognized compensation cost related to the unvested portion of share-based compensation arrangements involving shares of Synovus stock was $30.3 million. This cost is expected to be recognized over a weighted average remaining period of 1.87 years.

Stock Options

There were no stock option grants in 2021, 2020, or 2019; however, Synovus assumed 3.2 million outstanding employee and director stock options in the FCB Merger on January 1, 2019. The estimated fair value of the converted stock options was determined using a Hull-White model in a binomial lattice option pricing framework with the following weighted average assumptions:

	2019
Stock price (Synovus' closing stock price on December 31, 2018)	$	31.99
Weighted average fair value of converted stock options	11.50
Risk-free interest rate	2.51		%
Expected stock price volatility	26.4		%
Dividend yield	3.13		%
Term to expiration	5.1 years

A summary of stock option activity and changes during the years ended December 31, 2021, 2020, and 2019 is presented below.

Stock Options
	2021			2020			2019
(in thousands, except per share data)	Quantity	Weighted-Average Exercise Price		Quantity	Weighted-Average Exercise Price		Quantity	Weighted-Average Exercise Price
Outstanding at beginning of year	2,401	$	22.47	3,037	$	22.74	640	$	16.93
Assumed in acquisition	—	—		—	—		3,230	23.22
Options exercised	(923)	22.07		(572)	22.67		(820)	19.91
Options forfeited/expired/canceled	—	—		(64)	33.50		(13)	34.23
Options outstanding at end of year	1,478	$	22.71	2,401	$	22.47	3,037	$	22.74
Options exercisable at end of year	1,478	$	22.71	2,401	$	22.47	2,399	$	19.52

The aggregate intrinsic value for both outstanding and exercisable stock options at December 31, 2021 was $37.2 million with a weighted average remaining contractual life of 2.51 years. The intrinsic value of stock options exercised during the years ended December 31, 2021, 2020, and 2019 was $21.3 million, $5.3 million, and $13.6 million, respectively.

Restricted Share Units, Market Restricted Share Units, and Performance Share Units

Compensation expense is measured based on the grant date fair value of restricted share units, market restricted share units, and performance share units. The fair value of restricted share units and performance share units that do not contain market conditions is equal to the market price of common stock on the grant date. The fair value of market restricted share units granted was estimated on the date of grant using a Monte Carlo simulation model with the following weighted average assumptions:

	2021		2020		2019
Risk-free interest rate	2.87	%	1.42	%	2.40	%
Expected stock price volatility	56.1		25.4		24.4
Simulation period	2.9 years		3.0 years		3.0 years

The stock price expected volatility was based on Synovus' historical volatility for grants in 2021, 2020 and 2019. The Monte Carlo model estimates fair value based on 100,000 simulations of future share price using a theoretical model of stock price behavior.

Synovus granted performance share units, which included a market condition with respect to 50% of the award, to senior management during the years ended December 31, 2021 and 2020. The performance share units have a three-year service-based vesting component, a 50% weighted performance condition based on adjusted ROATCE, and a 50% weighted market condition based on Synovus' relative TSR. The number of performance share units that will ultimately vest ranges from 0% to 150% of a defined target based on Synovus' relative TSR and three-year weighted average adjusted ROATCE.

During the year ended December 31, 2019, Synovus granted market restricted share units and performance share units to senior management. The market restricted share units have a three-year service-based vesting component as well as a total shareholder return multiplier and the performance share units vest upon meeting certain service and performance conditions. The number of market restricted share units that will ultimately vest ranges from 75% to 125% of a defined target based on Synovus' TSR. Adjusted ROAA and adjusted ROATCE performance is evaluated each year over a three-year performance period, with share distribution determined at the end of the three years. The number of performance share units that will ultimately vest ranges from 0% to 150% of defined targets based on Synovus' three-year weighted average adjusted ROAA and adjusted ROATCE.

A summary of restricted share units and market/performance share units outstanding and changes during the years ended December 31, 2021, 2020, and 2019 is presented below.

	Restricted Share Units			Market/Performance Share Units
(in thousands, except per share data)	Quantity	Weighted-Average Grant Date Fair Value		Quantity	Weighted-Average Grant Date Fair Value
Outstanding at December 31, 2018	526	$	41.18	392	$	39.62
Granted	573	36.27		305	37.22
Assumed in acquisition	136	31.99		—	—
Vested	(304)	37.04		(152)	30.87
Forfeited	(114)	37.04		(50)	39.45
Outstanding at December 31, 2019	817	38.32		495	40.85
Granted	822	32.42		204	37.74
Vested	(384)	38.04		(214)	41.31
Forfeited	(34)	35.97		(46)	39.03
Outstanding at December 31, 2020	1,221	34.50		439	39.37
Granted	599	42.31		141	42.94
Vested	(482)	37.05		(58)	42.43
Forfeited	(93)	31.41		—	—
Outstanding at December 31, 2021	1,245	$	37.00	522	$	37.59

The total fair value of restricted share units vested during 2021, 2020, and 2019 was $19.8 million, $13.4 million, and $11.2 million, respectively. The total fair value of market/performance share units vested during 2021, 2020, and 2019 was $2.4 million, $7.9 million, and $5.7 million, respectively.

Other Employment Benefit Plans

For the years ended December 31, 2021, 2020, and 2019, Synovus provided a 100% matching contribution on the first 5% of eligible employee 401(k) contributions for a total annual contribution of $21.5 million, $21.3 million, and $18.8 million, respectively.

For the years ended December 31, 2021, 2020, and 2019, Synovus sponsored a stock purchase plan for directors and employees whereby Synovus made contributions equal to 15% of employee and director voluntary contributions, subject to certain maximum contribution limitations. The funds are used to purchase outstanding shares of Synovus common stock. Synovus recorded as expense $1.1 million, $1.1 million, and $1.1 million for contributions to these plans in 2021, 2020, and 2019, respectively.

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Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

Note 16 - Income Taxes

The components of income tax expense (benefit) included on the consolidated statements of income for the years ended December 31, 2021, 2020, and 2019 are presented below:

(in thousands)	2021		2020		2019
Current
Federal	$	153,911	$	187,741	$	112,517
State	29,982		9,421		2,085
Total current income tax expense	183,893		197,162		114,602
Deferred
Federal	28,873		(90,777)		46,182
State	16,127		4,585		40,451
Total deferred income tax expense (benefit)	45,000		(86,192)		86,633
Total income tax expense	$	228,893	$	110,970	$	201,235

Income tax expense as shown on the consolidated statements of income differed from the federal statutory rate for the years ended December 31, 2021, 2020, and 2019. A reconciliation of the differences is presented below:

	Years Ended December 31,
(dollars in thousands)	2021			2020			2019
Income tax expense at statutory federal income tax rate	$	207,765		$	101,779		$	160,653
Increase (decrease) resulting from:
State income tax expense, net of federal income tax benefit	38,452			11,168			33,764
Income not subject to tax	(10,455)			(9,207)			(6,564)
Low income housing tax credits and other tax benefits, net of amortization	(4,858)			(2,611)			(1,583)
FDIC premiums	4,111			4,744			5,802
General business tax credits	(3,727)			(657)			(678)
Excess tax benefit from share-based compensation	(3,084)			311			(1,337)
Executive compensation	1,096			1,501			6,385
Goodwill impairment	—			9,424			—
Other, net	(407)			(5,482)			4,793
Total income tax expense	$	228,893		$	110,970		$	201,235
Effective tax rate	23.1		%	22.9		%	26.3		%

The components of the Company's deferred tax assets and liabilities at December 31, 2021 and 2020 are presented below:

(in thousands)	2021		2020
Deferred tax assets
Allowance for loan losses	$	112,180	$	165,691
Lease liability	102,412		98,340
Employee benefits and deferred compensation	35,782		27,917
Net operating loss carryforwards	23,897		29,684
Net unrealized losses on investment securities available for sale and cash flow hedges	19,261		—
Deferred revenue	18,487		24,751
Tax credit carryforwards	15,870		8,605
Fair value of investment securities and loans	6,439		10,093
Non-performing loan interest	2,621		12,472
Other	7,100		9,819
Total gross deferred tax assets	344,049		387,372
Less valuation allowance	(19,003)		(19,191)
Total deferred tax assets	325,046		368,181
Deferred tax liabilities
Right-of-use asset	(98,773)		(98,681)
Excess tax over financial statement depreciation	(27,355)		(40,452)
Purchase accounting intangibles	(14,820)		(14,458)
Other properties held for sale	(5,345)		(3,025)
Prepaid expense	(4,631)		(5,955)
Net unrealized gains on investment securities available for sale and cash flow hedges	—		(64,344)
Other	(5,071)		(10,418)
Total gross deferred tax liabilities	(155,995)		(237,333)
Net deferred tax assets	$	169,051	$	130,848

Synovus believes the realization of net deferred tax assets (after valuation allowance) at December 31, 2021 is more likely than not based on its history of cumulative profitability as well as expectations of future taxable income, including reversals of taxable temporary differences, in the jurisdictions in which it operates.

Synovus expects that a portion of its $23.9 million of federal and state NOLs, which have carryforward periods ending in tax years 2023 through 2034, will not be realized before their carryforward period lapses and the Company has accordingly established a valuation allowance in the amount of $19.0 million at December 31, 2021 and $19.2 million at December 31, 2020. State tax credit deferred tax assets at December 31, 2021 total $15.9 million and have expiration dates through the tax year 2031.

State NOLs and tax credit carryforwards as of December 31, 2021 are summarized in the following table.

Tax Carryforwards	As of December 31, 2021
(in thousands)	Expiration Dates	Deferred Tax Asset, Before Valuation Allowance		Valuation Allowance		Net Deferred Tax Asset Balance
Net operating losses - federal	2027-2033	$	19,592	$	(15,851)	$	3,741
Net operating losses - states	2023-2034	4,305		(3,152)		1,153
Other credits - states	2022-2031	15,870		—		15,870

Synovus is subject to income taxation in the United States and various state and local taxing jurisdictions. Generally, Synovus is no longer subject to income tax examinations by the IRS for years before 2018 and by state and local income tax authorities for years before 2015. Although Synovus is unable to determine the ultimate outcome of current and future examinations, Synovus believes that the resolution of these examinations will not have a material effect on the consolidated financial statements.

A reconciliation of the beginning and ending amount of unrecognized income tax benefits is as follows (unrecognized state income tax benefits are not adjusted for the federal income tax impact).

	Years Ended December 31,
(in thousands)	2021		2020		2019
Balance at January 1,	$	20,250	$	20,994	$	18,586
Additions based on income tax positions related to current year	3,754		461		550
Additions for income tax positions of prior years(1)	1,379		147		—
Additions from acquisition	—		—		3,464
Reductions for income tax positions of prior years	(200)		(327)		(1,589)
Statute of limitation expirations	(79)		(820)		(17)
Settlements	—		(205)		—
Balance at December 31,	$	25,104	$	20,250	$	20,994

(1)    Includes deferred tax benefits that could reduce future tax liabilities.

Accrued interest and penalties related to unrecognized income tax benefits are recognized as a component of income tax expense, and totaled $3.3 million, $2.7 million, and $3.3 million as of December 31, 2021, 2020 and 2019, respectively. Unrecognized income tax benefits as of December 31, 2021, 2020 and 2019 that, if recognized, would affect the effective income tax rate totaled $23.5 million, $19.1 million and $20.4 million (net of the federal benefit on state income tax issues), respectively. It is reasonably possible that significant changes in the balance of unrecognized tax benefits may occur within the next 12 months. At this time, Synovus expects that $2.3 million of uncertain income tax positions will be either settled or resolved during the next twelve months.

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Segment Reporting

12 Months Ended

Dec. 31, 2021

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. Prior to the fourth quarter of 2019, Synovus identified its overall banking operations as its only reportable segment. During the fourth quarter of 2019, Synovus announced changes in its organizational structure and segmented its business into three major reportable business segments: Community Banking, Wholesale Banking, and Financial Management Services with functional activities such as treasury, technology, operations, marketing, finance, enterprise risk, legal, human resources, corporate communications, executive management, among others, included in Treasury and Corporate Other.

Business segment results are determined based upon Synovus' management reporting system, which assigns balance sheet and income statement items to each of the business segments. Certain assets, liabilities, revenue, and expense not allocated or attributable to a particular business segment are included in Treasury and Corporate Other. Synovus' third-party lending consumer loans and loans held for sale, as well as PPP loans, are included in Treasury and Corporate Other. 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 Community Banking business segment serves clients using a relationship-based approach through its branch, ATM, commercial, and private wealth network in addition to mobile, Internet, and telephone banking. This segment primarily provides individual, small business, and corporate clients with an array of comprehensive banking products and services including commercial, home equity, and other consumer loans, credit and debit cards, and deposit accounts.

The Wholesale Banking business segment serves primarily larger corporate clients by providing commercial lending and deposit services through specialty teams including middle market, CRE, senior housing, national accounts, premium finance, structured lending, healthcare, asset-based lending, and community investment capital.

The Financial Management Services business segment serves its clients by providing mortgage and trust services and also specializing in professional portfolio management for fixed-income securities, investment banking, 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.

Synovus uses a centralized FTP methodology to attribute appropriate net interest income to the 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 includes certain assets and/or liabilities managed within that function. Additionally, Treasury and Corporate Other also 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.

The following tables present certain financial information for each reportable business segment for the years ended December 31, 2021, 2020, and 2019 and as of December 31, 2021 and 2020. The fourth quarter of 2019 was the first financial period in which the new segment reporting became effective; thus, to provide comparable prior year information, Synovus has included proforma business segment financial information for the full year 2019 utilizing various allocation methodologies based on balance sheet and income statement items assigned to each business segment. 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.

During the year ended December 31, 2021, Treasury and Corporate Other's net interest income benefited from the recognition of $79.2 million of PPP fees, an increase of $33.2 million from $46.0 million for the year ended December 31, 2020. During the year ended December 31, 2020, Synovus strategically repositioned the investment securities portfolio, which resulted in net gains of $78.9 million in the Treasury and Corporate Other segment. Additionally, during the year ended December 31, 2020, Synovus recognized a $44.9 million non-cash goodwill impairment charge representing all of the goodwill allocated to the Consumer Mortgage reporting unit (which is included in the FMS reportable segment) resulting from a combination of factors, including the extended duration of lower market valuations, high volumes in refinance activity that reduced mortgage yields, and the clarity around longer term policy actions designed to keep interest rates low.

	Year Ended December 31, 2021
(in thousands)	Community Banking		Wholesale Banking		Financial Management Services		Treasury and Corporate Other		Synovus Consolidated
Net interest income	$	808,700	$	557,943	$	79,173	$	87,131	$	1,532,947
Non-interest revenue	128,026		34,590		211,002		76,448		450,066
Non-interest expense	290,817		90,074		184,257		534,756		1,099,904
Pre-provision net revenue	$	645,909	$	502,459	$	105,918	$	(371,177)	$	883,109
	Year Ended December 31, 2020
(in thousands)	Community Banking		Wholesale Banking		Financial Management Services		Treasury and Corporate Other		Synovus Consolidated
Net interest income	$	854,021	$	548,152	$	79,362	$	31,213	$	1,512,748
Non-interest revenue	111,256		26,379		224,620		144,258		506,513
Non-interest expense	297,071		85,250		232,222		565,031		1,179,574
Pre-provision net revenue	$	668,206	$	489,281	$	71,760	$	(389,560)	$	839,687
	Year Ended December 31, 2019 (Proforma)
(in thousands)	Community Banking		Wholesale Banking		Financial Management Services		Treasury and Corporate Other		Synovus Consolidated
Net interest income	$	825,219	$	518,033	$	112,431	$	140,120	$	1,595,803
Non-interest revenue	136,657		28,948		154,166		36,129		355,900
Non-interest expense	302,327		71,393		152,115		573,133		1,098,968
Pre-provision net revenue	$	659,549	$	475,588	$	114,482	$	(396,884)	$	852,735

	December 31, 2021
(dollars in thousands)	Community Banking		Wholesale Banking		Financial Management Services		Treasury and Corporate Other		Synovus Consolidated
Loans, net of deferred fees and costs	$	10,791,343	$	21,496,050	$	4,994,494	$	2,030,071	$	39,311,958
Deposits	$	32,226,477	$	12,370,554	$	826,639	$	4,003,606	$	49,427,276
Full-time equivalent employees	2,139		284		794		1,670		4,887
	December 31, 2020
(dollars in thousands)	Community Banking		Wholesale Banking		Financial Management Services		Treasury and Corporate Other		Synovus Consolidated
Loans, net of deferred fees and costs	$	11,171,055	$	18,810,729	$	5,370,748	$	2,900,452	$	38,252,984
Deposits	$	29,141,242	$	11,958,105	$	739,200	$	4,853,024	$	46,691,571
Full-time equivalent employees	2,296		285		835		1,718		5,134

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Condensed Financial Information Of Synovus Financial Corp. (Parent Company Only)

12 Months Ended

Dec. 31, 2021

Condensed Financial Information Disclosure [Abstract]

Condensed Financial Information Of Synovus Financial Corp. (Parent Company Only)

Note 18 - Condensed Financial Information of Synovus Financial Corp. (Parent Company only)

Condensed Balance Sheets
	December 31,
(in thousands)	2021		2020
Assets
Cash due from bank subsidiary	$	389,071	$	439,352
Funds due from other depository institutions	9,277		9,277
Total cash, cash equivalents, and restricted cash	398,348		448,629
Investment in consolidated bank subsidiary, at equity	5,381,311		5,239,849
Investment in consolidated nonbank subsidiaries, at equity	69,712		46,271
Note receivable from bank subsidiary	100,000		100,000
Other assets	25,538		16,975
Total assets	$	5,974,909	$	5,851,724
Liabilities and Shareholders' Equity
Liabilities:
Long-term debt	$	607,334	$	606,406
Other liabilities	70,775		83,984
Total liabilities	678,109		690,390
Shareholders’ equity:
Preferred stock	537,145		537,145
Common stock	169,384		168,133
Additional paid-in capital	3,894,109		3,851,208
Treasury stock	(931,497)		(731,806)
Accumulated other comprehensive income (loss), net	(82,321)		158,635
Retained earnings	1,709,980		1,178,019
Total shareholders’ equity	5,296,800		5,161,334
Total liabilities and shareholders’ equity	$	5,974,909	$	5,851,724

Condensed Statements of Income
	Years Ended December 31,
(in thousands)	2021		2020		2019
Income
Cash dividends received from subsidiaries	$	420,000	$	547,500	$	400,000
Interest income	777		3,341		5,920
Other income (loss)	1,070		4,966		11,590
Total income	421,847		555,807		417,510
Expense
Interest expense	27,616		42,911		41,328
Other expense	10,300		10,584		13,528
Total expense	37,916		53,495		54,856
Income before income taxes and equity in undistributed income of subsidiaries	383,931		502,312		362,654
Allocated income tax benefit	(7,834)		(12,202)		(9,753)
Income before equity in undistributed income of subsidiaries	391,765		514,514		372,407
Equity in undistributed income (loss) of subsidiaries	368,702		(140,819)		191,373
Net income	760,467		373,695		563,780
Dividends on preferred stock	33,163		33,163		22,881
Net income available to common shareholders	$	727,304	$	340,532	$	540,899

Condensed Statements of Comprehensive Income
	Years Ended December 31,
	2021						2020						2019
(in thousands)	Before-tax Amount		Income Tax		Net of Tax Amount		Before-tax Amount		Income Tax		Net of Tax Amount		Before-tax Amount		Income Tax		Net of Tax Amount
Net income	$	989,360	$	(228,893)	$	760,467	$	484,665	$	(110,970)	$	373,695	$	765,015	$	(201,235)	$	563,780
Reclassification adjustment for realized (gains) losses included in net income on investment securities available for sale	—		—		—		—		—		—		(22)		6		(16)
Other comprehensive gain (loss) of bank subsidiary	(324,561)		83,605		(240,956)		125,505		(32,511)		92,994		216,032		(55,955)		160,077
Other comprehensive income (loss)	$	(324,561)	$	83,605	$	(240,956)	$	125,505	$	(32,511)	$	92,994	$	216,010	$	(55,949)	$	160,061
Comprehensive income					$	519,511					$	466,689					$	723,841

Condensed Statements of Cash Flows
	Years Ended December 31,
(in thousands)	2021		2020		2019
Operating Activities
Net income	$	760,467	$	373,695	$	563,780
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed (income) loss of subsidiaries	(368,702)		140,819		(191,373)
Deferred income tax expense (benefit)	(7,296)		3,962		1,775
Net increase (decrease) in other liabilities	(2,082)		11,243		43,617
Net decrease in other assets	5,280		17,441		3,367
Other, net	928		(5,132)		1,037
Net cash provided by operating activities	388,595		542,028		422,203
Investing Activities
Proceeds from sales of investment securities available for sale	—		—		97,389
Advance of long-term note receivable due from bank subsidiary	—		—		(100,000)
Return of investment non-bank subsidiary	—		—		790
Proceeds from sales of equity securities	—		23,141		—
Increase in other investments	(10,000)		—		—
Net cash received in business combination, net of cash paid	—		—		4,813
Net cash provided by investing activities	(10,000)		23,141		2,992
Financing Activities
Dividends paid to common and preferred shareholders	(227,840)		(223,130)		(185,664)
Repurchase of common stock	(199,932)		(16,246)		(725,398)
Redemption of long-term debt	—		(250,000)		—
Proceeds from issuance of long-term debt, net	—		—		297,174
Proceeds from issuance of preferred stock, net	—		—		342,005
Other	(1,104)		(1,552)		(1,947)
Net cash used in financing activities	(428,876)		(490,928)		(273,830)
Increase (decrease) in cash, cash equivalents, and restricted cash	(50,281)		74,241		151,365
Cash, cash equivalents, and restricted cash at beginning of year	448,629		374,388		223,023
Cash, cash equivalents, and restricted cash at end of year	$	398,348	$	448,629	$	374,388

See accompanying notes to the audited consolidated financial statements.

For the years ended December 31, 2021, 2020, and 2019, the Parent Company paid income taxes of $203.2 million, $119.1 million, and $101.6 million, respectively. For the years ended December 31, 2021, 2020, and 2019, the Parent Company paid interest of $27.3 million, $42.0 million, and $33.1 million, respectively.

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Subsequent Event	12 Months Ended
	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent Event	Note 19 - Subsequent EventSubsequent to December 31, 2021, Synovus Bank provided irrevocable notice to its holders of its intent to redeem the 2.289% Fixed-to-Floating Senior Bank Notes of $400 million par value that were subject to redemption. The Notes were redeemed on February 10, 2022 with a net payment of $405.3 million that included $400.0 million in principal, $4.6 million in interest, and $675 thousand of written off debt issuance costs.

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Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Principles of Consolidation and Basis of Presentation

The consolidated financial statements of Synovus include the accounts of the Parent Company and its consolidated subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. The accounting and financial reporting policies of Synovus are in accordance with GAAP and conform to the accounting and reporting guidelines prescribed by bank regulatory authorities. Prior period consolidated financial statements are reclassified whenever necessary to conform to the current period presentation. No reclassifications of prior period balances were material to the consolidated financial statements unless specifically disclosed.

The Company’s consolidated financial statements include all entities in which the Company has a controlling financial interest. A VIE for which Synovus or a subsidiary has been determined to be the primary beneficiary is also consolidated. The determination of whether a controlling financial interest exists is based on whether a single party has both the power to direct the activities of the VIE that most significantly impact the VIE's economic performance and the obligation to absorb the losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. Investments in VIEs where Synovus is not the primary beneficiary are accounted for using either the proportional amortization method or equity method of accounting. The Company uses the hypothetical liquidation at book value (HLBV) method for equity investments when the liquidation rights and priorities as defined by an equity investment agreement differ from what is reflected by the underlying percentage ownership interests.

Investments in VIEs are included in other assets on the consolidated balance sheets, and the Company's proportionate share of income or loss is included as either a component of income tax expense (proportional amortization method) or non-interest income (equity method). The maximum potential exposure to losses relative to investments in VIEs is generally limited to the sum of the outstanding balance, future funding commitments and any related loans to the entity. The assessment of whether or not the Company has a controlling interest (i.e., the primary beneficiary) in a VIE is performed on an on-going basis.

Immaterial Correction of Prior Period Financial Statements

During the third quarter of 2021, the Company made corrections to proceeds and purchases of investment securities available for sale by adjusting for the impact of timing differences associated with unsettled trades that crossed certain reporting periods. The Company concluded that the corrections were not material to any prior or current periods from a combined qualitative and quantitative perspective.

Use of Estimates

In preparing the consolidated financial statements in accordance with GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the respective consolidated balance sheets and the reported amounts of revenue and expense for the periods presented. Actual results could differ significantly from those estimates.

Material estimates that are particularly susceptible to significant change relate to the determination of the ACL, estimates of fair value, income taxes, and contingent liabilities.

Business Combinations

Assets and liabilities acquired in business combinations are recorded at their acquisition date fair values, except as provided for by the applicable accounting guidance, with any excess recorded as goodwill. The results of operations of the acquired company are combined with Synovus’ results from the acquisition date forward. In accordance with ASC Topic 805, Business Combinations, the Company generally records provisional amounts at the time of acquisition based on the information available to the Company. The provisional estimates of fair values may be adjusted for a period of up to one year (“measurement period”) from the date of acquisition if new information is obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement of the amounts recognized as of that date. Subsequent to the acquisition date, adjustments recorded during the measurement period are recognized in the current reporting period. Acquisition costs are expensed when incurred.

Cash, Cash Equivalents, and Restricted Cash

Cash and cash equivalents consist of cash and due from banks as well as interest-bearing funds with Federal Reserve Bank, interest earning deposits with banks, and federal funds sold and securities purchased under resale agreements, which are inclusive of any restricted cash and restricted cash equivalents.

Short-term Investment

On March 15, 2020, the Federal Reserve Board announced that, effective March 26, 2020, it would reduce reserve requirement ratios to zero percent for all depository institutions. Cash and cash equivalents included $65.1 million at December 31, 2021 and $158.7 million at December 31, 2020, which were pledged to collateralize certain derivative instruments and letters of credit.

Investment Securities Available for Sale

Investment securities available for sale are carried at fair value with unrealized gains and losses, net of the related tax effect, excluded from earnings and reported as a separate component of shareholders' equity within accumulated other comprehensive income (loss) until realized.

For investment securities available for sale in an unrealized loss position, if Synovus has an intention to sell the security, or it is more likely than not that the security will be required to be sold prior to recovery, the security is written down to its fair value. The write down is charged against the ACL with any additional impairment recorded in earnings. If the aforementioned criteria are not met, Synovus performs a quarterly assessment of its available for sale debt securities to determine if the decline in fair value of a security below its amortized cost is related to credit losses or other factors. Management considers the extent to which fair value is less than amortized cost, the issuer of the security, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. In assessing whether credit-related impairment exists, the present value of cash flows expected to be collected from the security is compared to the security's amortized cost. If the present value of cash flows expected to be collected is less than the security's amortized cost basis, the difference is attributable to credit losses. For such differences, Synovus records an ACL with an offset to provision for credit losses. Synovus limits the ACL recorded to the amount the security's fair value is less than the amortized cost basis. Impairment losses related to other factors are recognized in other comprehensive income (loss).

Interest income on securities available for sale is recorded on the accrual basis. Accrued interest on available for sale debt securities is excluded from the ACL determination and is recognized within other assets on the consolidated balance sheets. Available for sale debt securities are placed on non-accrual status when we no longer expect to receive all contractual amounts due, which is generally at 90 days past due. Accrued interest receivable is reversed against interest income when a security is placed on non-accrual status. Accordingly, we do not recognize an allowance for credit loss against accrued interest receivable.

Premiums and discounts are amortized or accreted over the life of the related security as an adjustment to yield using the effective interest method unless the premium is related to callable debt securities. For these securities, the amortization period is shortened to the earliest call date.

Realized gains and losses for securities are included in investment securities gains (losses), net, on the consolidated statements of income and are derived using the specific identification method, on a trade date basis.

Mortgage Loans Held for Sale and Mortgage Banking Income

Mortgage Loans Held for Sale

Mortgage loans held for sale are initially measured at fair value under the fair value option election with subsequent changes in fair value recognized in mortgage banking income on the consolidated statements of income.

Mortgage Banking Income

Mortgage banking income consists primarily of origination and ancillary fees on mortgage loans originated for sale, and gains and losses from the sale of those loans. Mortgage loans are sold servicing released, without recourse or continuing involvement, and meet ASC Topic 860, Transfers and Servicing criteria for sale accounting.

Other Loans Held for Sale

Other loans held for sale are carried at the lower of cost or estimated fair value.

Loans Held for Investments and Interest Income

Loans the Company has the intent and ability to hold for the foreseeable future are reported at principal amounts outstanding less amounts charged off, net of deferred fees and costs, and purchase premium/discount. Interest income is recognized on a level yield basis.

Non-accrual Loans

Loans on which the accrual of interest has been discontinued are designated as non-accrual loans. Accrual of interest is discontinued on loans when reasonable doubt exists as to the full collection of interest or principal, or when loans become contractually past due for 90 days or more as to either interest or principal, in accordance with the terms of the loan agreement, unless they are both well-secured and in the process of collection. When a loan is placed on non-accrual status, previously accrued and uncollected interest is reversed as an adjustment to interest income on loans. Interest payments received on non-accrual loans are generally recorded as a reduction of principal. As payments are received on non-accruing loans, interest income can be recognized on a cash basis; however, there must be an expectation of full repayment of the remaining recorded principal balance. The remaining portion of this payment is recorded as a reduction to principal. Loans are generally returned to accruing status when they are brought fully current with respect to interest and principal and when, in the judgment of management, the loans are estimated to be fully collectible as to both principal and interest, and the borrower has sustained repayment performance under the terms of the loan agreement for a reasonable period of time (generally six months).

Troubled Debt Restructurings

When borrowers are experiencing financial difficulties, Synovus may, in order to assist the borrowers in repaying the principal and interest owed to Synovus, make certain modifications to the borrower's loan. All loan modifications, renewals, and refinances are evaluated for TDR classification. The ALL on a TDR is measured using the same method as all other loans held for investment, except that the original interest rate, and not the rate specified with the restructuring, is used to discount the expected cash flows. Concessions provided by Synovus in a TDR are generally made in order to assist borrowers so that debt service is not interrupted and to mitigate the potential for loan losses. A number of factors are reviewed when a loan is renewed, refinanced, or modified, including cash flows, collateral values, guarantees, and loan structures. Concessions are primarily in the form of providing a below market interest rate given the borrower's credit risk to assist the borrower in managing cash flows, an extension of the maturity of the loan generally for less than one year, or a period of time generally less than one year with a reduction of required principal and/or interest payments (e.g., interest only for a period of time). Insignificant periods of reduction of principal and/or interest payments, or short-term deferrals, are generally not considered to be financial concessions. Further, it is generally Synovus' practice not to defer principal and/or interest for more than twelve months.

Non-accruing TDRs may generally be returned to accrual status if there has been a period of performance, usually at least a six-month sustained period of repayment performance in accordance with the agreement. In the fiscal year subsequent to a loan's initial reporting as a TDR, a TDR for a borrower who is no longer experiencing financial difficulty (as evidenced by a period of performance), which yields a market rate of interest at the time of a renewal, and for which no principal was forgiven, is no longer considered a TDR.

Concentrations of Credit Risk

A substantial portion of the loan portfolio is secured by real estate in markets located throughout Alabama, Florida, Georgia, South Carolina and Tennessee. Accordingly, the ultimate collectability of a substantial portion of the loan portfolio is susceptible to changes in market conditions in these areas.

Loan Origination Fees and Costs

Loan origination fees and direct loan origination costs are deferred and amortized to net interest income over the life of the related loan or over the commitment period as a yield adjustment.

Allowance for Loan Losses

Allowance for Loan Losses (ALL)

The ALL on loans held for investment represents management's estimate of credit losses expected over the life of the loans included in Synovus' existing loans held for investment portfolio. Changes to the allowance are recorded through a provision for credit losses and reduced by loans charged-off, net of recoveries. Determining the appropriateness of the allowance is complex and requires judgment by management about the effect of matters that are inherently uncertain.

Accrued but uncollected interest is recorded in other assets on the consolidated balance sheets. In general, the Company does not record an ACL for accrued interest receivables as allowable per ASC 326-20-30-5A as Synovus' non-accrual policies result in the timely write-off of accrued but uncollected interest.

Credit loss measurement

Synovus' loan loss estimation process includes procedures to appropriately consider the unique characteristics of its loan portfolio segments (C&I, CRE and consumer). These segments are further disaggregated into loan classes, the level at which credit quality is assessed and monitored (as described in the subsequent sections).

The ALL is measured on a collective (pool) basis when similar risk characteristics exist. Loans are grouped based upon the nature of the loan type and are further segregated based upon the methods for risk assessment. Credit loss assumptions are primarily estimated using a DCF model applied to the aforementioned loan groupings. This model calculates an expected life-of-loan loss percentage for each loan category by considering the forecasted PD, which is the probability that a borrower will default, adjusted for relevant forecasted macroeconomic factors comprising multiple weighted scenarios representing different plausible outcomes, and LGD, which is the estimate of the amount of net loss in the event of default.

Expected credit losses are estimated over the contractual term of the loan, adjusted for expected prepayments and curtailments when appropriate. Management's determination of the contract term excludes expected extensions, renewals, and modifications unless either of the following applies: there is a reasonable expectation at the reporting date that a TDR will be executed with an individual borrower, or an extension or renewal option is included in the contract at the reporting date that is not unconditionally cancellable by Synovus.

To the extent the lives of the loans in the portfolio extend beyond the period for which a reasonable and supportable forecast can be made (which is two years for Synovus), the Company reverts, on a straight-line basis back to the historical rates over a one year period.

Life-of-loan loss percentages may also be adjusted, as necessary, for certain quantitative and qualitative factors that in management's judgment are necessary to reflect losses expected in the portfolio. These adjustments address inherent limitations in the quantitative model including uncertainty and limitations, among others.

The above reflects the ALL estimation process for most commercial and consumer sub-pools. In some cases, Synovus may apply other acceptable loss rate models to smaller sub-pools.

Loans that do not share risk characteristics are individually evaluated on a loan by loan basis with specific reserves, if any, recorded as appropriate. Specific reserves are determined based on two methods: discounted cash flow based upon the loan's contractual effective interest rate or at the fair value of the collateral, less costs to sell if the loan is collateral-dependent.

For individually evaluated loans, under the DCF method, resulting expected credit losses are recorded as a specific reserve with a charge-off for any portion of the expected credit loss that is determined not to be recoverable. The reserve is reassessed each quarter and adjusted as appropriate based on changes in estimated cash flows. Additionally, where guarantors are determined to be a source of repayment, an assessment of the guarantee is required. This guarantee assessment would include, but not be limited to, factors such as type and feature of the guarantee, consideration for the guarantor's financial strength and capacity to service the loan in combination with the guarantor's other financial obligations as well as the guarantor's willingness to assist in servicing the loan.

For individually evaluated loans, if the loan is collateral-dependent, then the fair value of the loan's collateral, less estimated selling costs, is compared to the loan's carrying amount to determine impairment. Fair value is estimated using appraisals performed by a certified or licensed appraiser. Management also considers other factors or recent developments, such as changes in absorption rates or market conditions at the time of valuation, selling costs and anticipated sales values, taking into account management's plans for disposition, which could result in adjustments to the fair value estimates indicated in the appraisals. The assumptions used in determining the amount of the impairment are subject to significant judgment. Use of different assumptions, for example, changes in the fair value of the collateral or management's plans for disposition could have a significant impact on the amount of impairment.

Purchased Loans with Credit Deterioration

Purchased loans are evaluated upon acquisition in order to determine if the loan, or pool of loans, has experienced more-than-insignificant deterioration in credit quality since origination or issuance. In the performance of this evaluation, Synovus considers migration of the credit quality of the loans at origination in comparison to the credit quality at acquisition.

Purchased loans classified as PCD are recognized in accordance with ASC 326-20-30, whereby the amortized cost basis of the PCD asset is ‘grossed-up’ by the initial estimate of credit losses with an offset to the ALL. This acquisition date allowance has no income statement effect. Post-acquisition, any changes in estimates of expected credit losses are recorded through the provision for credit losses. Non-credit discounts or premiums are accreted or amortized, respectively into interest income using the interest method.

Loans formerly accounted for as purchased credit-impaired in accordance with ASC 310-30 were automatically transitioned to PCD classification. The Company did not maintain ASC 310-30 pools. PCD loans were integrated into existing pool structures based upon the nature of the loan type and are further segregated based upon the individual loan risk ratings as noted above.

The accounting treatment for purchased loans classified as non-PCD is the same as loans held for investment as detailed in the above section.

Allowance for Credit Losses on Off-balance-sheet Credit Exposures

Synovus maintains a separate ACL for off-balance-sheet credit exposures, including unfunded loan commitments, unless the associated obligation is unconditionally cancellable by the Company. This allowance is included in other liabilities on the consolidated balance sheets with associated expense recognized as a component of the provision for credit losses on the consolidated statements of income. The reserve for off-balance-sheet credit exposures considers the likelihood that funding will occur and estimates the expected credit losses on resulting commitments expected to be funded over their estimated life using the estimated loss rates on loans held for investment.

Commercial Loans - Risk Ratings

Synovus utilizes two primary methods for risk assessment of the commercial loan portfolio: SRR Assessment and DRR Assessment. DRR is a statistical model approach to risk rating that includes a PD and a LGD. The SRR model is an expert judgment based model that results in a blended (i.e. single) rating. The single and dual risk ratings are based on the borrowers' credit risk profile, considering factors such as debt service history, current and estimated prospective cash flow information, collateral supporting the credit, source of repayment as well as other variables, as appropriate.

Each loan is assigned a risk rating during its initial approval process. For SRR loans, this process begins with a loan rating recommendation from the loan officer responsible for originating the loan. Commercial SRR loans are graded on a 10-point scale and include classifications of special mention, substandard, doubtful, and loss consistent with bank regulatory classifications. The primary determinants of the risk ratings for commercial SRR loans are the reliability of the primary source of repayment and the borrower's expected performance (i.e., the likelihood that the borrower will be able to service its obligations in accordance with the terms). Expected performance is based upon a full analysis of the borrower's historical financial results, current financial strength and future prospects, which includes any external drivers.

The DRR methodology is used for larger relationships within the C&I loan portfolio as well as certain IPRE loans. At December 31, 2021 and 2020, approximately 41% and 40% of total commercial loans were rated using the DRR methodology, respectively. The DRR includes sixteen PD categories.

The loan rating (for both SRR and DRR loans) is subject to approvals from other members of management, regional credit and/or loan committees depending on the size of the loan and credit attributes. Loan ratings are regularly re-evaluated based upon annual scheduled credit reviews or on a more frequent basis if determined prudent by management. Additionally, an independent loan review function evaluates Synovus' risk rating processes on a continuous basis.

Consumer Loans – Risk Ratings

Consumer loans are subject to uniform lending policies and consist primarily of loans with strong borrower credit scores. Synovus makes consumer lending decisions based upon a number of key credit risk determinants including FICO scores as well as loan-to-value and debt-to-income ratios. Consumer loans are generally assigned a risk rating on a 9-point scale based on credit bureau scores, with a loan grade of 1 assigned as the lowest level of risk and a loan grade of 6 as the highest level of risk. No loans graded higher than 6 at origination are approved for funding. At 90-119 days past due, a loan grade of 7-substandard non-accrual is applied and at 120 days past due, the loan is generally downgraded to grade 9-loss or is charged-off. The consumer loan portfolio is sent on a quarterly basis to a consumer credit reporting agency for a refresh of clients' credit scores so that management can evaluate ongoing consistency or negative migration in the quality of the portfolio. Revolving lines of credit are reviewed for a material change in financial circumstances and, when appropriate, the line of credit may be suspended for further advances. FICO scores within the residential real estate portfolio have generally remained stable over the last several years.

The Allowance for Loan Losses, for periods before 2020, was established as follows:

a.Impaired loans were generally evaluated on a loan by loan basis with specific reserves, if any, recorded as appropriate. Specific reserves were determined based on ASC 310-10-35, which provided for measurement of a loan's impairment based on one of three methods: i) discounted cash flow based upon the loan's contractual effective interest rate, ii) at the loan's observable market price, or iii) at the fair value of the collateral, less costs to sell if the loan was collateral-dependent.

b.For loans that were not considered impaired, the allocated allowance for loan losses was calculated consistent with ASC 450, and determined based upon EL factors, which were applied to groupings of specific loan types by loan risk ratings. Allocated EL factors were also adjusted, as necessary, for certain qualitative factors that in management's judgment were necessary to reflect losses incurred in the portfolio.

Transfers of Financial Assets

Transfers of financial assets in which Synovus has surrendered control over the transferred assets are accounted for as sales. Control over transferred assets is considered to be surrendered when 1) the assets have been legally isolated from Synovus or any consolidated affiliates, even in bankruptcy or other receivership, 2) the transferee has the right to pledge or exchange the assets with no conditions that constrain the transferee and provide more than a trivial benefit to Synovus, and 3) Synovus does not maintain effective control over the transferred assets. If the transfer is accounted for as a sale, the transferred assets are derecognized from the balance sheet and a gain or loss on sale is recognized on the consolidated statements of income. If the sale criteria are not met, the transfer is accounted for as a secured borrowing and the transferred assets remain on Synovus' consolidated balance sheets and the proceeds from the transaction are recognized as a liability.

Cash Surrender Value of Bank-Owned Life Insurance

Investments in bank-owned life insurance policies on certain current and former officers and employees of Synovus are recorded at the net realizable value of the policies. Net realizable value is the cash surrender value of the policies less any applicable surrender charges and any policy loans. Synovus has not borrowed against the cash surrender value of these policies. Changes in the cash surrender value of the policies as well as proceeds from insurance benefits are recorded in income from bank-owned life insurance on the consolidated statements of income.

Premises, Equipment and Software

Premises, equipment and software including bank owned branch locations and leasehold improvements are reported at cost, less accumulated depreciation and amortization, which are computed using the straight-line method over the estimated useful lives of the related assets. Buildings and improvements are depreciated over an average of 10 to 40 years, while furniture, equipment, and software are depreciated and amortized over a range of 3 to 10 years. Synovus capitalizes certain costs associated with the acquisition or development of internal-use software. Once the software is ready for its intended use, these costs are amortized on a straight-line basis over the software’s expected useful life over a range of the lesser of contract terms or 3 to 7 years. Leasehold improvements are depreciated over the shorter of the estimated useful life or the remainder of the lease term. Synovus reviews long-lived assets, such as premises and equipment, for impairment whenever events and circumstances indicate that the carrying amount of an asset may not be recoverable. Maintenance and repairs are charged to non-interest expense and improvements that extend the useful life of the asset are capitalized to the asset's carrying value and depreciated.

Goodwill and Other Intangible Assets

Goodwill represents the excess purchase price over the fair value of identifiable net assets of acquired businesses. Goodwill is tested for impairment at the reporting unit level, equivalent to a business segment or one level below. Synovus performs its annual evaluation of goodwill impairment during the fourth quarter of each year and as events occur or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Refer to "Part II - Item 8. Financial Statements and Supplementary Data - Note 5 - Goodwill and Other Intangible Assets" of this Report for details of the evaluation.

Other intangible assets relate primarily to a core deposit intangible and borrower relationships resulting from business acquisitions. The core deposit intangible is amortized over its estimated useful life of approximately ten years utilizing an accelerated method. The remaining intangible assets are amortized using straight line methods based on the remaining lives of the assets with amortization periods ranging from eight to ten years. Amortization periods for intangible assets are monitored to determine if events and circumstances require such periods to be reduced.

Intangible assets are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability of the intangible assets is measured by a comparison of the asset's carrying amount to future undiscounted cash flows expected to be generated by the asset. Any resulting impairment is measured by the amount by which the carrying value exceeds the fair value of the asset (based on the undiscounted cash flows expected to be generated by the asset).

Segment Disclosure

ASC Topic 280, Segment Reporting, requires information be reported about a company’s operating segments using a “management approach.” Reportable segments are identified as those revenue-producing components for which discrete financial information is produced internally and which are subject to evaluation by the chief operating decision maker in making resource allocation decisions. Based on this guidance, Synovus identified three major reportable business segments: Community Banking, Wholesale Banking, and Financial Management Services (FMS), with functional activities such as treasury, technology, operations, marketing, finance, enterprise risk, legal, human resources, corporate communications, executive management, among others, included in Treasury and Corporate Other. Refer to "Part II - Item 8. Financial Statements and Supplementary Data - Note 17 - Segment Reporting" of this Report for additional details. 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 segment may be periodically revised.

Other Assets

Other assets include ROU assets, FRB and FHLB stock, derivative asset positions, net deferred tax assets, accrued interest receivable and investments in tax credits, other investments, and other balances as shown in "Part II - Item 8. Financial Statements and Supplementary Data - Note 6 - Other Assets" of this Report.

As a member of the Federal Reserve System, Synovus is currently required to purchase and hold shares of capital stock in the Federal Reserve Bank of Atlanta (recorded at amortized cost, which approximates fair value, of $143.7 million and $142.5 million at December 31, 2021 and 2020, respectively) in an amount equal to the greater of 6% of its capital and surplus or 0.6%

of deposits. As a member of the FHLB, Synovus is also required to purchase and hold shares or capital stock in the FHLB (recorded at amortized cost, which approximates fair value, of $16.2 million and $15.0 million at December 31, 2021 and 2020, respectively) in an amount equal to its membership base investment plus an activity-based investment determined according to the level of outstanding FHLB advances.

Derivative Instruments

Synovus’ risk management policies emphasize the management of interest rate risk within acceptable guidelines. Synovus’ objective in maintaining these policies is to limit volatility in net interest income arising from changes in interest rates. Risks to be managed include both fair value and cash flow risks. Utilization of derivative financial instruments provides a valuable tool to assist in the management of these risks.

All derivative instruments are recorded on the consolidated balance sheets at their respective fair values, net of variation margin payments, as components of other assets and other liabilities. The accounting for changes in fair value (i.e., unrealized gains or losses) of a derivative instrument depends on whether it qualifies and has been designated as part of a hedging relationship in accordance with ASC Topic 815, Derivatives and Hedging. Synovus formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative instruments that are used are highly effective in offsetting changes in fair values or cash flows of the hedged items.

Fair value hedges - If the hedged exposure is a fair value exposure, the unrealized gain or loss on the derivative instrument is recognized in earnings in the period of change, in the same income statement line as the offsetting unrealized loss or gain on the hedged item attributable to the risk being hedged. When a fair value hedge is discontinued, the remaining cumulative adjustments to the hedged item and accumulated amounts in OCI are accounted for in the same manner as other components of the carrying amount of the asset or liability. If the hedged item is derecognized, the accumulated amounts in OCI are immediately reclassified to net income. 

Cash flow hedges - If the hedged exposure is a cash flow exposure, the effective portion of the gain or loss on the derivative instrument is reported initially as a component of accumulated other comprehensive income (loss), net of the tax impact, and subsequently reclassified into earnings when the hedged transaction affects earnings with the impacts recorded in the same income statement line item used to present the earnings effect of the hedged item. When a cash flow hedge is discontinued but the hedged cash flows or forecasted transactions are still expected to occur, gains or losses that were accumulated in other comprehensive income are amortized into earnings over the same periods which the hedged transactions are still expected to affect earnings. If, however, it is probable the forecasted transactions will no longer occur, the accumulated amounts in OCI at the de-designation date are immediately recognized in earnings. 

If the derivative instrument is not designated as a hedge, the gain or loss on the derivative instrument is recognized in earnings as a component of other non-interest revenue on the consolidated statements of income in the period of change.

Synovus also holds derivative instruments, which consist of interest rate lock agreements related to expected funding of fixed-rate mortgage loans to clients (interest rate lock commitments) and forward commitments to sell mortgage-backed securities and individual fixed-rate mortgage loans. Synovus’ objective in obtaining the forward commitments is to mitigate the interest rate risk associated with the interest rate lock commitments and the mortgage loans that are held for sale. Both the interest rate lock commitments and the forward commitments are reported at fair value, with adjustments recorded in current period earnings in mortgage banking income.

Synovus also enters into interest rate swap agreements to facilitate the risk management strategies of certain commercial banking clients. Synovus mitigates this risk by entering into equal and offsetting interest rate swap agreements with highly rated third-party financial institutions. The interest rate swap agreements are free-standing derivatives and are recorded at fair value with any unrealized gain or loss recorded in current period earnings in other non-interest revenue. These instruments, and their offsetting positions, are recorded in other assets and other liabilities on the consolidated balance sheets.

Non-interest Revenue

Synovus' contracts with clients generally do not contain terms that require significant judgment to determine the amount of revenue to recognize. Synovus' policies for recognizing non-interest revenue within the scope of ASC Topic 606, Revenue from Contracts with Customers, including the nature and timing of such revenue streams, are included below.

Service Charges on Deposit Accounts: Revenue from service charges on deposit accounts is earned through cash management, wire transfer, and other deposit-related services, as well as overdraft, NSF, account management and other deposit-related fees. Revenue is recognized for these services either over time, corresponding with deposit accounts' monthly cycle, or at a point in time for transaction-related services and fees. Payment for service charges on deposit accounts is primarily received immediately or in the following month through a direct charge to clients' accounts.

Fiduciary and Asset Management Fees: Fiduciary and asset management fees are primarily comprised of fees earned from the management and administration of trusts and other client assets. Synovus' performance obligation is generally satisfied over

time and the resulting fees are recognized monthly, based upon the month-end market value of the assets under management and the applicable fee rate. Payment is generally received a few days after month-end through a direct charge to clients' accounts. Synovus does not earn performance-based incentives.

Card Fees: Card fees consist primarily of interchange fees from consumer credit and debit cards processed by card association networks, as well as merchant discounts, and other card-related services. Interchange rates are generally set by the credit card associations and based on purchase volumes and other factors. Interchange fees and merchant discounts are recognized concurrently with the delivery of service on a daily basis as transactions occur. Payment is typically received immediately or in the following month. Card fees are reported net of certain associated expense items including loyalty program expense and network expense.

Brokerage Revenue: Brokerage revenue consists primarily of commissions. Additionally, brokerage revenue includes advisory fees earned from the management of client assets. Transactional revenues are based on the size and number of transactions executed at the client's direction and are generally recognized on the trade date with payment received on the settlement date. Advisory fees for brokerage services are recognized and collected monthly and are based upon the month-end market value of the assets under management at a rate predetermined in the contract.

Capital Markets Income (within the scope of ASC Topic 606): Investment banking income, a component of capital markets income, is comprised primarily of securities underwriting fees and remarketing fees. Synovus assists corporate clients in raising capital by offering equity or debt securities to potential investors. The transaction fees are based on a percentage of the total transaction amount. The underwriting and remarketing fees are recognized on the trade date when the securities are sold to third-party investors with payment received on the settlement date.

Insurance Revenue (included in other non-interest revenue on the consolidated statements of income): Insurance revenue primarily consists of commissions received on annuity and life product sales. The commissions are recognized as revenue when the client executes an insurance policy with the insurance carrier. In some cases, Synovus receives payment of trailing commissions each year when the client pays its annual premium.

Other Fees (included in other non-interest revenue on the consolidated statements of income): Other fees within the scope of ASC Topic 606 primarily consist of revenue generated from safe deposit box rental fees and lockbox services. Fees are recognized over time, on a monthly basis, as Synovus' performance obligation for services is satisfied. Payment is received upfront for safe deposit box rentals and in the following month for lockbox services.

Income Taxes

Synovus is a domestic corporation that files a consolidated federal income tax return with its wholly-owned subsidiaries and files state income tax returns on a consolidated or separate entity basis with the various taxing jurisdictions based on its taxable presence. The current income tax payable or receivable is an estimate of the amounts currently owed to or due from taxing authorities in which Synovus conducts business. It also includes increases and decreases in the amount of taxes payable for uncertain tax positions reported in tax returns for the current and/or prior years.

Synovus uses the asset and liability method to account for future income taxes expected to be paid or received (i.e., deferred income taxes). Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement (GAAP) carrying amounts of existing assets and liabilities and their respective tax bases, including operating losses and tax credit carryforwards. The deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in income tax rates is recognized in income in the period that includes the enactment date.

A valuation allowance is required for deferred tax assets if, based on available evidence, it is more likely than not that all or some portion of the asset will not be realized. In making this assessment, all sources of taxable income available to realize the deferred tax asset are considered, including taxable income in prior carryback years, future reversals of existing temporary differences, tax planning strategies, and future taxable income exclusive of reversing temporary differences and carryforwards. The predictability that future taxable income, exclusive of reversing temporary differences, will occur is the most subjective of these four sources. Changes in the valuation allowance are recorded through income tax expense.

Significant estimates used in accounting for income taxes relate to the valuation allowance for deferred tax assets, estimates of the realizability of income tax credits, utilization of NOLs, the determination of taxable income, and the determination of temporary differences between book and tax bases.

Synovus accrues tax liabilities for uncertain income tax positions based on current assumptions regarding the expected outcome by weighing the facts and circumstances available at the reporting date. If related tax benefits of a transaction are not more likely than not of being sustained upon examination, Synovus will accrue a tax liability or reduce a deferred tax asset for the expected tax impact associated with the transaction. Events and circumstances may alter the estimates and assumptions used

in the analysis of its income tax positions and, accordingly, Synovus' effective tax rate may fluctuate in the future. Synovus recognizes accrued interest and penalties related to uncertain tax positions as a component of income tax expense.

Share-based Compensation

Synovus has a long-term incentive plan under which the Compensation and Human Capital Committee of the Board of Directors has the authority to grant share-based awards to Synovus employees. Synovus' share-based compensation costs associated with employee grants are recorded as a component of salaries and other personnel expense on the consolidated statements of income. Share-based compensation costs associated with grants made to non-employee directors of Synovus are recorded as a component of other operating expense. Vesting for grants of share-based awards granted to Synovus employees accelerates upon retirement for plan participants who have reached age 65 and who also have no less than ten years of service at the date of their election to retire. Share-based compensation expense for service-based awards that contain a graded vesting schedule is recognized net of estimated forfeitures for plan participants on a straight-line basis over the shorter of the requisite service period for the entire award or the period until reaching retirement eligibility. The non-employee director restricted share units become fully vested and transferable upon the earlier to occur of the completion of three years of service or the date the holder reaches the mandatory retirement age, as set forth in the Company's Corporate Governance Guidelines. Thus, share-based compensation expense for non-employee awards is recognized over the shorter of three years or mandatory retirement. Synovus records all tax effects associated with share-based compensation through the income statement.

Earnings Per Share

Basic net income per common share is computed by dividing net income available to common shareholders by the average common shares outstanding for the period. Diluted net income per common share reflects the dilution that could occur if securities or other contracts to issue common stock were exercised or converted. The dilutive effect of outstanding options and restricted share units is reflected in diluted net income per common share, unless the impact is anti-dilutive, by application of the treasury stock method.

Share Repurchases

Common stock repurchases are recorded at cost. At the date of repurchase, shareholders' equity is reduced by the repurchase price and includes commissions and other transaction expenses that arise from the repurchases. The Company has not historically retired shares repurchased, but Synovus' policy is to record retirement of shares in accordance with ASC 505-30-30. If treasury shares are subsequently reissued, treasury stock is reduced by the cost of such stock with differences between cost and the re-issuance date fair value recorded in additional paid-in capital or retained earnings, as applicable.

Fair Value Measurements and Disclosures

Synovus carries various assets and liabilities at fair value based on the fair value accounting guidance under ASC Topic 820, Fair Value Measurements, and ASC Topic 825, Financial Instruments. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an “exit price”) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.

Fair Value Hierarchy

Synovus determines the fair value of its financial instruments based on the fair value hierarchy established under ASC 820-10-35, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the financial instrument's fair value measurement in its entirety. There are three levels of inputs that may be used to measure fair value. The three levels of inputs of the valuation hierarchy are defined below:

Level 1	Quoted prices (unadjusted) in active markets for identical assets and liabilities for the instrument or security to be valued.
Level 2	Observable inputs other than Level 1 quoted prices, such as quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active or model-based valuation techniques for which all significant assumptions are derived principally from or corroborated by observable market data.
Level 3	Unobservable inputs that are supported by little, if any, market activity for the asset or liability.

Valuation Methodology by Instrument - Recurring Basis

The following is a description of the valuation methodologies used for the major categories of financial assets and liabilities measured at fair value on a recurring basis.

Investment Securities Available for Sale and Trading Account Assets/Liabilities

The fair values of investment securities available for sale and trading securities are primarily based on actively traded markets where prices are based on either quoted market prices or observed transactions. Management employs independent third-party pricing services to provide fair value estimates for Synovus' investment securities available for sale and trading securities. Fair values for fixed income investment securities are typically determined based upon quoted market prices, and/or inputs that are observable in the market, either directly or indirectly, for substantially similar securities. Level 1 securities are typically exchange quoted prices and include financial instruments such as U.S. Treasury securities and marketable equity securities. Level 2 securities are typically matrix priced by the third-party pricing service to calculate the fair value. Such fair value measurements consider observable data such as market spreads, cash flows, yield curves, live trading levels, trade execution data, market consensus prepayments speeds, credit information, and the respective terms and conditions for debt instruments. The types of securities classified as Level 2 within the valuation hierarchy primarily consist of collateralized mortgage obligations, mortgage-backed securities, debt securities of GSEs and agencies, corporate debt, asset-backed securities, and state and municipal securities.

Management uses various validation procedures to confirm the prices received from pricing services are reasonable. Such validation procedures include reference to market quotes and a review of valuations and trade activity of comparable securities. Consideration is given to the nature of the quotes (e.g., indicative or firm) and the relationship of recently evidenced market activity to the prices provided by the third-party pricing service. Further, management also employs the services of an additional independent pricing firm as a means to verify and confirm the fair values of the primary independent pricing firms.

When there is limited activity or less transparency around inputs to valuation, Synovus develops valuations based on assumptions that are not readily observable in the marketplace; these securities are classified as Level 3 within the valuation hierarchy.

Mortgage Loans Held for Sale

Synovus elected to apply the fair value option for mortgage loans originated with the intent to sell to investors in the secondary market. When loans are not committed to an investor at a set price, fair value is derived from a hypothetical bulk sale model using current market pricing indicators. A best execution valuation model is used for loan pricing for similar assets based upon forward settlements of a pool of loans of similar coupon, maturity, product, and credit attributes. The inputs to the model are continuously updated with available market and historical data. As the loans are sold in the secondary market and primarily used as collateral for securitizations, the valuation model methodology attempts to reflect the pricing execution available to Synovus’ principal market. Mortgage loans held for sale are classified within Level 2 of the valuation hierarchy.

Other investments

The other investments in which Synovus holds a limited partner interest consist of i) funds that invest in privately held companies and ii) funds previously invested in privately held companies which become publicly traded securities. Funds invested in privately held companies are classified as Level 3 and the estimated fair value of the company is the estimated fair value as an exit price the fund would receive if it were to sell the company in the marketplace. The fair value of the fund's underlying investments is estimated through the use of valuation models, such as option pricing or a discounted cash flow model. Synovus typically sells shares in any investment after initial public offering (IPO) lock-up periods have ended.

Mutual Funds

Mutual funds (including those held in rabbi trusts) primarily invest in equity and fixed income securities. Shares of mutual funds are valued based on quoted market prices and are therefore classified within Level 1 of the fair value hierarchy.

Derivative Assets and Liabilities

Fair values of interest rate lock commitments and forward commitments are estimated based on an internally developed model that uses readily observable market data such as interest rates, prices and indices to generate continuous yield or pricing curves, volatility factors, and client credit-related adjustments, subject to the anticipated loan funding probability (pull-through rate). These fair value estimates are classified as Level 2 within the valuation hierarchy.

Fair values of interest rate swaps are determined using a discounted cash flow analysis on the expected cash flows of each derivative which also includes a credit value adjustment for client swaps or provided by the clearing house, or centralized counter party (CCP), for swaps within our hedging program. An independent third-party valuation is used to verify and confirm these values, which are classified as Level 2 within the fair value hierarchy.

Valuation Methodology by Instrument - Non-recurring Basis

The following is a description of the valuation methodologies used for the major categories of financial assets and liabilities measured at fair value on a non-recurring basis.

Loans

Loans measured at fair value on a non-recurring basis consist of loans that do not share similar risk characteristics. These loans are typically collateral dependent loans that are valued using third-party appraised value of collateral less estimated selling price (Level 3).

Other Loans Held for Sale

Loans are transferred to other loans held for sale at amortized cost when Synovus makes the determination to sell specifically identified loans. If the amortized cost exceeds fair value a valuation allowance is established for the difference. The fair value of the loans is primarily determined by analyzing the anticipated market prices of similar assets less estimated costs to sell. At the time of transfer, any credit losses are determined in accordance with Synovus' policy and recorded as a charge-off against the allowance for loan losses. Subsequent changes in the valuation allowance due to changes in the fair value subsequent to the transfer, as well as gains/losses realized from the sale of these assets, are recorded as gains/losses on other loans held for sale, net, as a component of non-interest expense on the consolidated statements of income (Level 3).

Other Real Estate

Other Real Estate (ORE) consists of properties obtained through a foreclosure proceeding or through an in-substance foreclosure in satisfaction of loans. A loan is classified as an in-substance foreclosure when Synovus has taken possession of the collateral regardless of whether formal foreclosure proceedings have taken place.

At foreclosure, ORE is recorded at fair value less estimated selling costs, which establishes a new cost basis. Subsequent to foreclosure, ORE is evaluated quarterly and reported at fair value less estimated selling costs, not to exceed the new cost basis, determined by review of current appraisals, as well as the review of comparable sales and other estimates of fair value obtained principally from independent sources, adjusted for estimated selling costs (Level 3). Any adjustments are recorded as a component of foreclosed real estate expense, net on the consolidated statements of income.

Other Assets Held for Sale

Other assets held for sale consist of certain premises and equipment held for sale. The fair value of these assets is determined primarily on the basis of appraisals or BOV, as circumstances warrant, adjusted for estimated selling costs. Both techniques engage licensed or certified professionals that use inputs such as absorption rates, capitalization rates, and market comparables (Level 3).

Fair Value of Financial Instruments

Cash, Cash Equivalents, and Restricted Cash

Cash and cash equivalents, interest bearing funds with the Federal Reserve Bank, interest earning deposits with banks, and federal funds sold and securities purchased under resale agreements are repriced on a short-term basis; as such, the carrying value closely approximates fair value. Since these amounts relate to highly liquid assets, these are considered a Level 1 measurement.

Loans, net of Deferred Fees and Costs

Synovus estimates the fair value of loans based on the 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. Loans are considered a Level 3 fair value measurement.

Deposits

The fair value of deposits with no stated maturity, such as non-interest-bearing demand accounts, interest bearing demand deposits, money market accounts, and savings accounts, is estimated to be equal to the amount payable on demand as of that respective date. 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. Synovus has determined that the appropriate classification for deposits is Level 2 due to the ability to reasonably measure all inputs to valuation based on observable market variables.

Short-term and Long-term Debt

Short-term and long-term debt is considered a Level 2 valuation, as management relies on market prices for bonds or debt that is similar, but not necessarily identical, to the debt being valued. Short-term debt that matures within ten days is assumed to be at fair value and is considered a Level 1 measurement.

Long-term Debt

Long-term debt balances are presented net of discounts and premiums as well as debt issuance costs that arise from the issuance of long-term debt. Discounts, premiums and debt issuance costs are amortized using the effective interest rate method or straight-line method (when the financial statement impacts of this method are not materially different from the former method).

Contingent Liabilities and Legal Costs

Synovus estimates its contingent liabilities with respect to outstanding legal matters based on information currently available to management, management’s estimates about the probability of outcomes of each case and the advice of legal counsel. Management accrues an estimated loss from a loss contingency when information available indicates that it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. Significant judgment is required in making these estimates and management must make assumptions about matters that are highly uncertain. Accordingly, the actual loss may be more or less than the current estimate.

In many situations, Synovus may be unable to estimate reasonably possible losses due to the preliminary nature of the legal matters, as well as a variety of other factors and uncertainties. As there are further developments, Synovus will reassess these legal matters and the related potential liabilities and will revise, when needed, its estimate of contingent liabilities.

Legal costs, including attorney fees, incurred in connection with pending litigation and other loss contingencies are expensed as incurred.

Recently Adopted Accounting Standards and Recently Issued Accounting Standards Not Yet Adopted

Recently Adopted Accounting Standards

ASU 2020-08, Codification Improvements to Subtopic 310-20, Receivables – Nonrefundable Fees and Other Costs. The guidance in this ASU pertains to the shortened amortization period for certain purchased callable debt securities held at a premium, which premium is amortized to the next call date, and clarifies that each reporting period an entity should reevaluate the effective yield if there is no remaining premium or no further call dates remaining. The amendments in this ASU are effective for fiscal years beginning after December 15, 2020. Synovus adopted ASU 2020-08 effective January 1, 2021 with no material impact to the consolidated financial statements.

ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. In December 2019, the FASB issued ASU 2019-12 to simplify and reduce complexities when accounting for income taxes by removing certain exceptions. Among the provisions of this guidance is the requirement that an entity reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. ASU 2019-12 is effective for public entities for fiscal years beginning after December 15, 2020. Synovus adopted ASU 2019-12 effective January 1, 2021 with no material impact to the consolidated financial statements unless there are changes in tax law that require recognition as set forth in this guidance.

ASU 2021-06, Presentation of Financial Statements (Topic 205), Financial Services - Depository and Lending (Topic 942), and Financial Services-Investment Companies (Topic 946). In August 2021, the FASB issued ASU 2021-06 which amends SEC paragraphs in the codification pursuant to SEC Final Rule Releases No. 33-10786 and No. 33-10835. These rule releases amend disclosure requirements applicable to acquisitions and dispositions of businesses and also amend statistical disclosures that banks and bank holding companies provide to investors. ASU 2021-06 eliminates disclosures that overlap with SEC rules or US GAAP. The amendments in this ASU were effective upon its addition to the FASB codification with no material effect to the consolidated financial statements

Recently Issued Accounting Standards Not Yet Adopted

2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. In October 2021, the FASB issued ASU 2021-08 to address diversity in practice related to the accounting for revenue contracts with customers acquired in a business combination. Generally, this new guidance will result in the acquirer recognizing contract assets and contract liabilities at the same amounts recorded by the acquiree (in accordance with ASC 606). The guidance in ASU 2021-08 should be applied prospectively to acquisitions occurring on or after the effective date. For Synovus, the amendments in this Update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption of the amendments is permitted, including adoption in an interim period.

ASU 2021-01, Reference Rate Reform (Topic 848). In January 2021, the FASB issued ASU 2021-01 which provides optional expedients and exceptions in Topic 848 for derivative instruments and hedge accounting modifications resulting from the discounting transition of reference rate reform. The expedients and exceptions provided by ASU 2021-01 will not be available after December 31, 2022, other than for existing hedging relationships entered into by December 31, 2022. The ASU may be applied as of the beginning of an interim period that includes or is subsequent to March 12, 2020, until the sunset date of December 31, 2022. Synovus adopted ASU 2020-04 Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting on October 1, 2020. While Synovus has not yet finalized the election of optional expedients for ASU 2021-01, we do not currently expect there to be a material financial impact to the Company regardless of which optional expedients the Company selects to replace LIBOR.

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Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Schedule of Error Corrections and Prior Period Adjustments

A summary of corrections is presented below.

Corrected Consolidated Statement of Cash Flows
(unaudited)
	Year Ended December 31, 2020
(in thousands)	As Reported		Adjustment		As Corrected
Investing Activities
Proceeds from sales of investment securities available for sale	$	4,054,670	$	(1,404,984)	$	2,649,686
Purchases of investment securities available for sale	(7,441,163)		1,404,984		(6,036,179)
Net cash used in investing activities	$	2,352,973	$	—	$	2,352,973

Accounting Standards Update and Change in Accounting Principle

The following table illustrates the impact of ASC 326 adoption:

	As of January 1, 2020
in thousands	Pre-ASC 326 Adoption		Impact of ASC 326 Adoption		As Reported under ASC 326
Assets
Allowance for loan losses:
Commercial and industrial	$	145,782	$	(2,310)	$	143,472
Commercial real estate	67,430		(651)		66,779
Consumer	68,190		85,955		154,145
Total allowance for loan losses	$	281,402	$	82,994	$	364,396
Liabilities
Reserve for unfunded commitments	$	1,375	$	27,440	$	28,815
Allowance for credit losses	$	282,777	$	110,434	$	393,211

The following table illustrates the distribution of the ASC 326 adoption impact to loans and equity:

	As of January 1, 2020
in thousands	Pre-ASC 326 Adoption		Impact of ASC 326 Adoption		As Reported under ASC 326
Loans, net	$	36,881,048	$	(20,767)	$	36,860,281
Retained earnings	1,068,327		(35,721)		1,032,606

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Investment Securities Available for Sale (Tables)

12 Months Ended

Dec. 31, 2021

Investments [Abstract]

Summary of Available-for-Sale Investment Securities

The amortized cost, gross unrealized gains and losses, and estimated fair values of investment securities available for sale at December 31, 2021 and 2020 are summarized below.

	December 31, 2021
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. Treasury securities	$	120,465	$	—	$	(2,627)	$	117,838
U.S. Government agency securities	53,214		1,374		(387)		54,201
Mortgage-backed securities issued by U.S. Government agencies	790,329		768		(11,464)		779,633
Mortgage-backed securities issued by U.S. Government sponsored enterprises	8,063,890		50,491		(102,080)		8,012,301
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises	951,691		4,658		(16,726)		939,623
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises	479,420		8,644		(6,320)		481,744
Asset-backed securities	514,188		—		—		514,188
Corporate debt securities and other debt securities	18,309		492		—		18,801
Total investment securities available for sale	$	10,991,506	$	66,427	$	(139,604)	$	10,918,329
	December 31, 2020
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. Treasury securities	$	20,257	$	—	$	—	$	20,257
U.S. Government agency securities	79,638		2,682		—		82,320
Mortgage-backed securities issued by U.S. Government agencies	1,216,012		7,930		(5,925)		1,218,017
Mortgage-backed securities issued by U.S. Government sponsored enterprises	4,865,858		134,188		—		5,000,046
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises	1,245,644		15,309		(10,576)		1,250,377
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises	354,244		16,677		—		370,921
Corporate debt securities and other debt securities	20,211		457		(168)		20,500
Total investment securities available for sale	$	7,801,864	$	177,243	$	(16,669)	$	7,962,438

Schedule of Unrealized Loss on Investments

Gross unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2021 and December 31, 2020 are presented below.

	December 31, 2021
	Less than 12 Months				12 Months or Longer				Total
(in thousands)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
U.S. Treasury securities	$	49,648	$	(379)	$	47,590	$	(2,248)	$	97,238	$	(2,627)
U.S. Government agency securities	21,760		(387)		—		—		21,760		(387)
Mortgage-backed securities issued by U.S. Government agencies	461,078		(5,858)		244,264		(5,606)		705,342		(11,464)
Mortgage-backed securities issued by U.S. Government sponsored enterprises	5,729,476		(82,671)		643,758		(19,409)		6,373,234		(102,080)
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises	187,431		(3,981)		504,238		(12,745)		691,669		(16,726)
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises	146,672		(2,951)		83,533		(3,369)		230,205		(6,320)
Total	$	6,596,065	$	(96,227)	$	1,523,383	$	(43,377)	$	8,119,448	$	(139,604)
	December 31, 2020
	Less than 12 Months				12 Months or Longer				Total
(in thousands)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Mortgage-backed securities issued by U.S. Government agencies	$	566,896	$	(5,925)	$	—	$	—	$	566,896	$	(5,925)
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises	803,429		(10,576)		—		—		803,429		(10,576)
Corporate debt securities and other debt securities	9,337		(168)		—		—		9,337		(168)
Total	$	1,379,662	$	(16,669)	$	—	$	—	$	1,379,662	$	(16,669)

Amortized Cost and Estimated Fair Value by Contractual Maturity of Investment Securities Available-for-Sale

The amortized cost and fair value by contractual maturity of investment securities available for sale at December 31, 2021 are shown below. The expected life of MBSs or CMOs may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. For purposes of the maturity table, MBSs and CMOs, which are not due at a single maturity date, have been classified based on the final contractual maturity date.

	Distribution of Maturities at December 31, 2021
(in thousands)	Within One Year		1 to 5 Years		5 to 10 Years		More Than 10 Years		Total
Amortized Cost
U.S. Treasury securities	$	20,600	$	—	$	99,865	$	—	$	120,465
U.S. Government agency securities	756		321		52,137		—		53,214
Mortgage-backed securities issued by U.S. Government agencies	—		842		131		789,356		790,329
Mortgage-backed securities issued by U.S. Government sponsored enterprises	28		—		80,539		7,983,323		8,063,890
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises	—		—		146		951,545		951,691
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises	—		181,144		211,328		86,948		479,420
Asset-backed securities	514,188		—		—		—		514,188
Corporate debt securities and other debt securities	9,502		—		8,807		—		18,309
Total amortized cost	$	545,074	$	182,307	$	452,953	$	9,811,172	$	10,991,506
Fair Value
U.S. Treasury securities	$	20,600	$	—	$	97,238	$	—	$	117,838
U.S. Government agency securities	760		322		53,119		—		54,201
Mortgage-backed securities issued by U.S. Government agencies	—		870		136		778,627		779,633
Mortgage-backed securities issued by U.S. Government sponsored enterprises	28		—		83,271		7,929,002		8,012,301
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises	—		—		150		939,473		939,623
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises	—		182,821		209,311		89,612		481,744
Asset-backed securities	514,188		—		—		—		514,188
Corporate debt securities and other debt securities	9,730		—		9,071		—		18,801
Total fair value	$	545,306	$	184,013	$	452,296	$	9,736,714	$	10,918,329

Summary of Sales Transactions in the Investment Securities Available-for-Sale Portfolio

The specific identification method is used to reclassify gains and losses out of other comprehensive income at the time of sale.

(in thousands)	2021		2020		2019
Gross realized gains on sales	$	1,191	$	85,375	$	10,370
Gross realized losses on sales	(1,990)		(6,444)		(18,029)
Investment securities gains (losses), net	$	(799)	$	78,931	$	(7,659)

XML

Loans And Allowance For Loan Losses (Tables)

12 Months Ended

Dec. 31, 2021

Receivables [Abstract]

Schedule of Current, Accruing Past Due, and Nonaccrual Loans

The following tables provide a summary of current, accruing past due, and non-accrual loans by portfolio class as of December 31, 2021 and December 31, 2020.

	December 31, 2021
(in thousands)	Current		Accruing 30-89 Days Past Due		Accruing 90 Days or Greater Past Due		Total Accruing Past Due		Non-accrual with an ALL		Non-accrual without an ALL		Total
Commercial, financial, and agricultural	$	11,973,974	$	13,028	$	3,686	$	16,714	$	37,918	$	23,869	$	12,052,475
Owner-occupied	7,493,804		3,627		59		3,686		7,146		4,050		7,508,686
Total commercial and industrial	19,467,778		16,655		3,745		20,400		45,064		27,919		19,561,161
Investment properties	9,861,303		1,285		717		2,002		3,273		2,577		9,869,155
1-4 family properties	639,631		1,182		93		1,275		4,535		28		645,469
Land and development	463,949		845		154		999		1,918		—		466,866
Total commercial real estate	10,964,883		3,312		964		4,276		9,726		2,605		10,981,490
Consumer mortgages	5,033,579		6,256		126		6,382		29,078		—		5,069,039
Home equity lines	1,269,610		2,619		—		2,619		9,760		—		1,281,989
Credit cards	296,695		1,584		1,277		2,861		—		—		299,556
Other consumer loans	2,090,806		20,369		658		21,027		6,890		—		2,118,723
Total consumer	8,690,690		30,828		2,061		32,889		45,728		—		8,769,307
Loans, net of deferred fees and costs	$	39,123,351	$	50,795	$	6,770	$	57,565	$	100,518	$	30,524	$	39,311,958

	December 31, 2020
(in thousands)	Current		Accruing 30-89 Days Past Due		Accruing 90 Days or Greater Past Due		Total Accruing Past Due		Non-accrual with an ALL		Non-accrual without an ALL		Total
Commercial, financial, and agricultural	$	12,321,514	$	10,256	$	996	$	11,252	$	55,527	$	21,859	$	12,410,152
Owner-occupied	7,087,992		1,913		92		2,005		20,019		—		7,110,016
Total commercial and industrial	19,409,506		12,169		1,088		13,257		75,546		21,859		19,520,168
Investment properties	9,075,843		2,751		154		2,905		24,631		—		9,103,379
1-4 family properties	621,492		3,548		36		3,584		2,383		1,236		628,695
Land and development	591,048		422		—		422		1,899		264		593,633
Total commercial real estate	10,288,383		6,721		190		6,911		28,913		1,500		10,325,707
Consumer mortgages	5,495,415		8,851		485		9,336		8,740		—		5,513,491
Home equity lines	1,521,575		4,006		—		4,006		12,145		—		1,537,726
Credit cards	276,778		2,363		1,877		4,240		—		—		281,018
Other consumer loans	1,062,899		9,122		477		9,599		2,376		—		1,074,874
Total consumer	8,356,667		24,342		2,839		27,181		23,261		—		8,407,109
Loans, net of deferred fees and costs	$	38,054,556	$	43,232	$	4,117	$	47,349	$	127,720	$	23,359	$	38,252,984

Loan Portfolio Credit Exposure

In the following tables, consumer loans are generally assigned a risk grade similar to the classifications described above; however, upon reaching 90 days and 120 days past due, they are generally downgraded to Substandard and Loss, respectively, in accordance with the FFIEC Retail Credit Classification Policy. Additionally, in accordance with Interagency Supervisory Guidance, the risk grade classifications of consumer loans (consumer mortgages and HELOCs) secured by junior liens on 1-4 family residential properties also consider available information on the payment status of the associated senior liens with other financial institutions.

The following table summarizes each loan portfolio class by regulatory risk grade and origination year as of December 31, 2021 as required by CECL.

	December 31, 2021
	Term Loans Amortized Cost Basis by Origination Year												Revolving Loans
(in thousands)	2021		2020		2019		2018		2017		Prior		Amortized Cost Basis		Converted to Term Loans		Total
Commercial, financial and agricultural
Pass	$	2,397,405	$	1,332,549	$	922,396	$	607,918	$	433,045	$	903,995	$	5,056,168	$	42,809	$	11,696,285
Special Mention	2,731		15,166		17,571		10,433		2,242		2,489		71,996		—		122,628
Substandard(1)	16,105		50,979		40,125		10,383		16,473		37,565		51,269		33		222,932
Doubtful(2)	469		—		1,601		8,512		—		—		48		—		10,630
Total commercial, financial and agricultural	2,416,710		1,398,694		981,693		637,246		451,760		944,049		5,179,481		42,842		12,052,475
Owner-occupied
Pass	1,776,086		1,276,797		1,117,825		858,721		708,942		1,150,386		437,724		—		7,326,481
Special Mention	702		19,950		4,724		10,202		18,109		36,481		—		—		90,168
Substandard(1)	7,312		1,294		8,386		43,276		6,169		25,329		—		—		91,766
Doubtful(2)	—		—		—		—		—		—		—		—		—
Loss	271		—		—		—		—		—		—		—		271
Total owner-occupied	1,784,371		1,298,041		1,130,935		912,199		733,220		1,212,196		437,724		—		7,508,686
Total commercial and industrial	4,201,081		2,696,735		2,112,628		1,549,445		1,184,980		2,156,245		5,617,205		42,842		19,561,161
Investment properties
Pass	2,823,978		1,463,503		1,905,534		1,019,765		738,036		1,284,013		278,697		—		9,513,526
Special Mention	6,163		—		32,290		63,900		59,194		44,532		33,659		—		239,738
Substandard(1)	1,465		326		8,550		57,127		3,564		23,505		21,354		—		115,891
Total investment properties	2,831,606		1,463,829		1,946,374		1,140,792		800,794		1,352,050		333,710		—		9,869,155
1-4 family properties
Pass	295,082		82,976		51,939		43,025		49,057		57,025		55,588		—		634,692
Special Mention	192		207		641		—		—		239		—		—		1,279
Substandard(1)	1,999		—		566		4,222		489		2,177		45		—		9,498
Total 1-4 family properties	297,273		83,183		53,146		47,247		49,546		59,441		55,633		—		645,469
Land and development
Pass	141,614		42,201		77,868		34,058		37,167		44,989		44,730		—		422,627
Special Mention	—		800		1,900		31,458		—		1,179		—		—		35,337
Substandard(1)	824		1,149		46		3,021		807		3,055		—		—		8,902
Total land and development	142,438		44,150		79,814		68,537		37,974		49,223		44,730		—		466,866
Total commercial real estate	3,271,317		1,591,162		2,079,334		1,256,576		888,314		1,460,714		434,073		—		10,981,490

	December 31, 2021
	Term Loans Amortized Cost Basis by Origination Year												Revolving Loans
(in thousands)	2021		2020		2019		2018		2017		Prior		Amortized Cost Basis		Converted to Term Loans		Total
Consumer mortgages
Pass	$	1,293,106	$	1,551,510	$	570,344	$	216,277	$	392,422	$	991,080	$	296	$	—	$	5,015,035
Substandard(1)	1,031		3,680		5,943		12,387		5,717		25,025		—		—		53,783
Loss(3)	—		—		5		—		—		216		—		—		221
Total consumer mortgages	1,294,137		1,555,190		576,292		228,664		398,139		1,016,321		296		—		5,069,039
Home equity lines
Pass	—		—		—		—		—		—		1,199,635		67,139		1,266,774
Substandard(1)	—		—		—		—		—		—		9,058		5,359		14,417
Doubtful(2)	—		—		—		—		—		—		—		—		—
Loss(3)	—		—		—		—		—		—		658		140		798
Total home equity lines	—		—		—		—		—		—		1,209,351		72,638		1,281,989
Credit cards
Pass	—		—		—		—		—		—		298,287		—		298,287
Substandard(1)	—		—		—		—		—		—		521		—		521
Loss(4)	—		—		—		—		—		—		748		—		748
Total credit cards	—		—		—		—		—		—		299,556		—		299,556
Other consumer loans																	—
Pass	654,818		709,077		127,131		50,007		86,175		97,780		385,308		—		2,110,296
Substandard(1)	668		1,550		2,064		1,308		1,892		750		175		—		8,407
Loss	—		—		—		—		—		20		—		—		20
Total other consumer loans	655,486		710,627		129,195		51,315		88,067		98,550		385,483		—		2,118,723
Total consumer	1,949,623		2,265,817		705,487		279,979		486,206		1,114,871		1,894,686		72,638		8,769,307
Loans, net of deferred fees and costs	$	9,422,021	$	6,553,714	$	4,897,449	$	3,086,000	$	2,559,500	$	4,731,830	$	7,945,964	$	115,480	$	39,311,958

(1)    The majority of loans within Substandard risk grade are accruing loans at December 31, 2021.

(2)    Loans within Doubtful risk grade are on non-accrual status and generally have an ALL equal to 50% of the loan amount.

(3)    Loans within Loss risk grade are on non-accrual status and have an ALL equal to the full loan amount.

(4)    Represent amounts that were 120 days past due. These credits are downgraded to the Loss category with an ALL equal to the full loan amount and are generally charged off upon reaching 181 days past due in accordance with the FFIEC Retail Credit Classification Policy.

	December 31, 2020
	Term Loans Amortized Cost Basis by Origination Year												Revolving Loans
(in thousands)	2020		2019		2018		2017		2016		Prior		Amortized Cost Basis		Converted to Term Loans		Total
Commercial, financial and agricultural
Pass	$	3,819,048	$	1,333,460	$	847,283	$	582,612	$	551,413	$	633,871	$	4,102,751	$	49,762	$	11,920,200
Special Mention	63,307		40,618		12,723		22,070		1,665		5,545		60,741		489		207,158
Substandard(1)	28,698		36,618		24,867		36,072		12,808		35,172		84,498		514		259,247
Doubtful(2)	—		3,721		19,778		—		—		—		48		—		23,547
Total commercial, financial and agricultural	3,911,053		1,414,417		904,651		640,754		565,886		674,588		4,248,038		50,765		12,410,152
Owner-occupied
Pass	1,321,680		1,275,435		1,131,183		982,056		555,932		1,297,070		349,566		—		6,912,922
Special Mention	6,170		9,995		10,682		14,138		1,582		13,768		—		—		56,335
Substandard(1)	2,570		22,793		42,615		26,033		7,316		29,794		—		—		131,121
Doubtful(2)	—		—		9,638		—		—		—		—		—		9,638
Total owner-occupied	1,330,420		1,308,223		1,194,118		1,022,227		564,830		1,340,632		349,566		—		7,110,016
Total commercial and industrial	5,241,473		2,722,640		2,098,769		1,662,981		1,130,716		2,015,220		4,597,604		50,765		19,520,168
Investment properties
Pass	1,055,440		2,126,667		1,999,345		1,091,880		483,780		1,301,088		229,044		—		8,287,244
Special Mention	1,482		66,160		176,794		136,004		138,362		129,401		55,440		—		703,643
Substandard(1)	1,007		4,770		24,476		19,820		21,875		40,509		35		—		112,492
Total investment properties	1,057,929		2,197,597		2,200,615		1,247,704		644,017		1,470,998		284,519		—		9,103,379
1-4 family properties
Pass	197,320		95,145		70,267		88,454		38,729		97,374		27,657		—		614,946
Special Mention	402		—		508		109		786		118		—		—		1,923
Substandard(1)	1,527		653		4,312		1,141		554		2,299		1,340		—		11,826
Total 1-4 family properties	199,249		95,798		75,087		89,704		40,069		99,791		28,997		—		628,695
Land and development
Pass	84,985		173,302		83,734		92,911		12,249		76,380		53,250		—		576,811
Special Mention	857		1,995		2,866		282		—		1,332		636		—		7,968
Substandard(1)	1,229		425		4,664		915		136		1,485		—		—		8,854
Total land and development	87,071		175,722		91,264		94,108		12,385		79,197		53,886		—		593,633
Total commercial real estate	1,344,249		2,469,117		2,366,966		1,431,516		696,471		1,649,986		367,402		—		10,325,707

	December 31, 2020
	Term Loans Amortized Cost Basis by Origination Year												Revolving Loans
(in thousands)	2020		2019		2018		2017		2016		Prior		Amortized Cost Basis		Converted to Term Loans		Total
Consumer mortgages
Pass	$	1,871,512	$	874,769	$	425,711	$	678,255	$	685,810	$	965,382	$	1,040	$	—	$	5,502,479
Substandard(1)	33		961		748		889		866		7,224		—		—		10,721
Loss(3)	—		—		—		—		—		291		—		—		291
Total consumer mortgages	1,871,545		875,730		426,459		679,144		686,676		972,897		1,040		—		5,513,491
Home equity lines
Pass	—		—		—		—		—		—		1,429,755		90,832		1,520,587
Substandard(1)	—		—		—		—		—		—		9,698		5,996		15,694
Doubtful(2)	—		—		—		—		—		—		—		19		19
Loss(3)	—		—		—		—		—		—		1,283		143		1,426
Total home equity lines	—		—		—		—		—		—		1,440,736		96,990		1,537,726
Credit cards
Pass	—		—		—		—		—		—		279,142		—		279,142
Substandard(1)	—		—		—		—		—		—		595		—		595
Loss(4)	—		—		—		—		—		—		1,281		—		1,281
Total credit cards	—		—		—		—		—		—		281,018		—		281,018
Other consumer loans																	—
Pass	252,160		190,820		89,187		100,459		80,365		61,040		297,637		—		1,071,668
Substandard(1)	19		762		262		1,195		121		585		227		—		3,171
Loss	—		—		—		—		—		35		—		—		35
Total other consumer loans	252,179		191,582		89,449		101,654		80,486		61,660		297,864		—		1,074,874
Total consumer	2,123,724		1,067,312		515,908		780,798		767,162		1,034,557		2,020,658		96,990		8,407,109
Loan, net of deferred fees and costs	$	8,709,446	$	6,259,069	$	4,981,643	$	3,875,295	$	2,594,349	$	4,699,763	$	6,985,664	$	147,755	$	38,252,984

(1)    The majority of loans within Substandard risk grade are accruing loans at December 31, 2020.

(2)    Loans within Doubtful risk grade are on non-accrual status and generally have an ALL equal to 50% of the loan amount.

(3)    Loans within Loss risk grade are on non-accrual status and have an ALL equal to the full loan amount.

(4)    Represent amounts that were 120 days past due. These credits are downgraded to the Loss category with an ALL equal to the full loan amount and are generally charged off upon reaching 181 days past due in accordance with the FFIEC Retail Credit Classification Policy.

Financing Receivable, Allowance for Credit Loss

Rollforward of Allowance for Loan Losses

The following tables detail the changes in the ALL by loan segment for the years ended December 31, 2021, 2020, and 2019. On January 1, 2020, Synovus adopted ASC 326, which replaced the existing incurred loss methodology with an expected credit loss methodology (referred to as CECL). Under the incurred loss methodology, reserves for credit losses were recognized only when the losses were probable or had been incurred; under CECL, companies are required to recognize the full amount of expected credit losses for the lifetime of the financial assets, based on historical experience, current conditions and reasonable and supportable forecasts. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" of this Report for more information on Synovus' adoption of CECL.

For the year ended December 31, 2021, Synovus had no significant transfers to loans held for sale. For the year ended December 31, 2020, Synovus reversed a net amount of $18.3 million in previously established reserves for credit losses associated with net transfers to held for sale of $1.43 billion in performing loans, primarily related to third-party single-service consumer loans and non-relationship consumer mortgages. For the year ended December 31, 2019, Synovus had no significant transfers to loans held for sale.

	As of and For The Year Ended December 31, 2021
(in thousands)	Commercial & Industrial		Commercial Real Estate		Consumer		Total
Allowance for loan losses:
Beginning balance	$	229,555	$	130,742	$	245,439	$	605,736
Charge-offs	(59,457)		(15,392)		(30,383)		(105,232)
Recoveries	9,734		7,444		10,266		27,444
Provision for (reversal of) loan losses	8,532		(25,034)		(83,849)		(100,351)
Ending balance	$	188,364	$	97,760	$	141,473	$	427,597

	As of and For The Year Ended December 31, 2020
(in thousands)	Commercial & Industrial		Commercial Real Estate		Consumer		Total
Allowance for loan losses:
Beginning balance, prior to adoption of ASC 326	$	145,782	$	67,430	$	68,190	$	281,402
Impact from adoption of ASC 326	(2,310)		(651)		85,955		82,994
Beginning balance, after adoption of ASC 326	$	143,472	$	66,779	$	154,145	$	364,396
Charge-offs	(76,260)		(13,213)		(29,789)		(119,262)
Recoveries	13,544		2,857		8,149		24,550
Provision for (reversal of) loan losses	148,799		74,319		112,934		336,052
Ending balance	$	229,555	$	130,742	$	245,439	$	605,736
	As of and For The Year Ended December 31, 2019
(in thousands)	Commercial & Industrial		Commercial Real Estate		Consumer		Total
Allowance for loan losses:
Beginning balance	$	133,123	$	68,796	$	48,636	$	250,555
Charge-offs	(49,572)		(5,540)		(24,023)		(79,135)
Recoveries	7,827		8,618		5,078		21,523
Provision for (reversal of) loan losses	53,665		(4,444)		38,499		87,720
Transfer of unfunded commitment reserve	739		—		—		739
Ending balance	$	145,782	$	67,430	$	68,190	$	281,402

Troubled Debt Restructurings

Information about Synovus' TDRs is presented in the following tables. Synovus began entering into loan modifications with borrowers in response to the COVID-19 pandemic, some of which have not been classified as TDRs, and therefore are not included in the discussion below. The following tables represent, by concession type, the post-modification balance for loans modified or renewed during the years ended December 31, 2021, 2020, and 2019 that were reported as accruing or non-accruing TDRs.

TDRs by Concession Type
	Year Ended December 31, 2021
(in thousands, except contract data)	Number of Contracts	Below Market Interest Rate		Other Concessions(1)		Total
Commercial, financial, and agricultural	152	$	12,746	$	8,096	$	20,842
Owner-occupied	24	5,908		868		6,776
Total commercial and industrial	176	18,654		8,964		27,618
Investment properties	9	3,130		—		3,130
1-4 family properties	13	1,131		123		1,254
Land and development	8	1,948		60		2,008
Total commercial real estate	30	6,209		183		6,392
Consumer mortgages	18	2,512		1,006		3,518
Home equity lines	55	4,991		258		5,249
Other consumer loans	103	435		5,720		6,155
Total consumer	176	7,938		6,984		14,922
Loans, net of deferred fees and costs	382	$	32,801	$	16,131	$	48,932	(2)

	Year Ended December 31, 2020
(in thousands, except contract data)	Number of Contracts	Below Market Interest Rate		Other Concessions(1)		Total
Commercial, financial, and agricultural	152	$	10,939	$	11,912	$	22,851
Owner-occupied	22	4,536		1,530		6,066
Total commercial and industrial	174	15,475		13,442		28,917
Investment properties	9	29,679		1,420		31,099
1-4 family properties	22	1,769		1,105		2,874
Land and development	4	606		—		606
Total commercial real estate	35	32,054		2,525		34,579
Consumer mortgages	23	1,866		2,789		4,655
Home equity lines	63	1,970		2,530		4,500
Other consumer loans	57	1,185		2,779		3,964
Total consumer	143	5,021		8,098		13,119
Loans, net of deferred fees and costs	352	$	52,550	$	24,065	$	76,615	(3)

TDRs by Concession Type (continued)
	Year Ended December 31, 2019
(in thousands, except contract data)	Number of Contracts	Below Market Interest Rate		Other Concessions(1)		Total
Commercial, financial, and agricultural	127	$	9,042	$	9,873	$	18,915
Owner-occupied	22	9,017		861		9,878
Total commercial and industrial	149	18,059		10,734		28,793
Investment properties	8	1,548		—		1,548
1-4 family properties	18	2,182		643		2,825
Land and development	8	1,187		30		1,217
Total commercial real estate	34	4,917		673		5,590
Consumer mortgages	18	1,587		1,361		2,948
Home equity lines	70	3,024		2,522		5,546
Other consumer loans	109	1,712		5,270		6,982
Total consumer	197	6,323		9,153		15,476
Loans, net of deferred fees and costs	380	$	29,299	$	20,560	$	49,859	(4)

(1)    Other concessions generally include term extensions, interest only payments for a period of time, or principal forgiveness, but there was no principal forgiveness for the years ended December 31, 2021, 2020, and 2019.

(2)    No charge-offs were recorded during the year ended December 31, 2021 upon restructuring of these loans.

(3)    No charge-offs were recorded during the year ended December 31, 2020 upon restructuring of these loans.

(4)    No charge-offs were recorded during the year ended December 31, 2019 upon restructuring of these loans.

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Premises Equipment and Software (Tables)

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Schedule of Premises Equipment and Software

Premises, equipment and software at December 31, 2021 and 2020 consist of the following:

(in thousands)	2021		2020
Land	$	104,768	$	113,828
Buildings and improvements	361,593		407,735
Leasehold improvements	55,098		53,174
Furniture, equipment and software	441,091		481,560
Construction in progress	18,918		13,052
Total premises, equipment and software	981,468		1,069,349
Less: Accumulated depreciation and amortization	(574,227)		(605,390)
Net premises, equipment and software	$	407,241	$	463,959

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Goodwill And Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Goodwill allocated to each reporting unit at December 31, 2021 and December 31, 2020 is presented as follows:

(in thousands)	Community Banking Reporting Unit		Wholesale Banking Reporting Unit		Consumer Mortgage Reporting Unit		Wealth Management Reporting Unit		Total
Balance as of December 31, 2019	$	256,323	$	171,636	$	44,877	$	24,431	$	497,267
Goodwill impairment	—		—		(44,877)		—		(44,877)
Balance as of December 31, 2020	$	256,323	$	171,636	$	—	$	24,431	$	452,390
Change in goodwill	—		—		—		—		—
Balance as of December 31, 2021	$	256,323	$	171,636	$	—	$	24,431	$	452,390

Schedule of Other Intangible Assets

The following table shows the gross carrying amount and accumulated amortization of other intangible assets as of December 31, 2021 and 2020, which primarily consist of core deposit intangible assets. The CDI is being amortized over its estimated useful life of approximately ten years utilizing an accelerated method. Aggregate other intangible assets amortization expense for the years ended December 31, 2021, 2020, and 2019 was $9.5 million, $10.6 million, and $11.6 million, respectively, and is included in amortization of intangibles expense within non-interest expense.

(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
December 31, 2021
CDI	$	57,400	$	(28,178)	$	29,222
Other	12,500		(6,126)		6,374
Total other intangible assets	$	69,900	$	(34,304)	$	35,596
December 31, 2020
CDI	57,400		(19,829)		$	37,571
Other	12,500		(4,959)		7,541
Total other intangible assets	$	69,900	$	(24,788)	$	45,112

Schedule of Finite-lived Intangible Assets Amortization Expense

The estimated amortization expense of other intangible assets for the next five years is as follows:

(in thousands)	Amortization Expense
2022	$	8,472
2023	7,429
2024	6,366
2025	5,266
2026	4,195

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Other Assets (Tables)

12 Months Ended

Dec. 31, 2021

Other Assets [Abstract]

Schedule of Other Assets

Significant balances included in other assets at December 31, 2021 and 2020 are presented below.

(in thousands)	2021		2020
Investments in tax credits, CRA partnerships, and other investments	$	426,137	$	262,855
ROU assets	411,472		380,380
Derivative asset positions	191,708		401,295
Deferred tax asset, net	169,051		130,848
Federal Reserve Bank and FHLB Stock	159,941		157,520
Accrued interest receivable	145,659		177,865
Accounts receivable	81,325		88,286
Mutual funds and mutual funds held in rabbi trusts	43,657		37,650
Prepaid expense	42,874		45,088
MPS receivable(1)	15,320		15,575
Other investments	12,185		1,021
Other real estate	11,818		1,819
Trading account assets, at fair value	8,391		10,880
Miscellaneous other assets	70,660		49,517
Total other assets	$	1,790,198	$	1,760,599

(1)    See "Part II - Item 8. Financial Statements and Supplementary Data - Note 14 - Commitments and Contingencies" in this Report for more information on this receivable which is classified as a NPA.

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Deposits (Tables)

12 Months Ended

Dec. 31, 2021

Interest-bearing Deposit Liabilities [Abstract]

Schedule of Interest Bearing Deposits

A summary of interest-bearing deposits at December 31, 2021 and 2020 is presented below.

(in thousands)	2021		2020
Interest-bearing demand deposits(1)	$	9,321,611	$	8,838,710
Money market accounts(1)	16,364,338		15,277,829
Savings accounts	1,420,647		1,168,672
Time deposits(1)	3,093,027		4,358,100
Brokered deposits	2,835,000		3,570,406
Total interest-bearing deposits	$	33,034,623	$	33,213,717

(1)    Excluding brokered deposits

Schedule of Cash Maturities of Time Deposits

The following table presents contractual maturities of all time deposits, including brokered time deposits, at December 31, 2021.

(in thousands)
Maturing within one year	$	3,025,020
Between 1 - 2 years	789,274
2 - 3 years	171,042
3 - 4 years	79,903
4 - 5 years	41,967
Thereafter	10,269
Total	$	4,117,475

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Long-term Debt (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Long-term debt at December 31, 2021 and 2020 is presented in the following table:

(dollars in thousands)	2021		2020
Parent Company:
3.125% senior notes, due November 1, 2022, $300.0 million par value with semi-annual interest payments and principal to be paid at maturity	$	299,479	$	298,853
5.90% Fixed-to-Fixed Rate Subordinated Notes issued February 7, 2019, due February 7, 2029, subject to redemption prior to February 7, 2029: $300.0 million par value with semi-annual interest payments at 5.90% for the first five years and semi-annual payments thereafter at a fixed rate of 3.379% above the 5-Year Mid-Swap Rate as of the reset date	297,855		297,553
LIBOR + 1.80% junior subordinated debentures, due June 15, 2035, $10.0 million par value with quarterly interest payments and principal to be paid at maturity (rate of 2.00% at December 31, 2021 and 2.02% at December 31, 2020)	10,000		10,000
Total long-term debt — Parent Company	$	607,334	$	606,406
Synovus Bank:
2.289% Fixed-to-Floating Rate Senior Bank Notes issued February 12, 2020, due February 10, 2023, subject to redemption on February 10, 2022: $400.0 million par value with semi-annual interest payments at 2.289% for the first two years and quarterly payments thereafter at an adjustable rate equal to the then-current SOFR + 94.5 bps per annum(1)	$	399,269	$	398,594
4.00% Fixed-to-Fixed Rate Subordinated Bank Notes issued October 29, 2020, due October 29, 2030, $200.0 million par value with semi-annual interest payments at 4.00% for the first five years and semi-annual payments thereafter at a fixed rate of 3.625% above the 5-Year U.S. Treasury Rate	197,626		197,349
FRB PPP Lending Facility	—		145
Total long-term debt — Synovus Bank	596,895		596,088
Total long-term debt	$	1,204,229	$	1,202,494

(1)    Subsequent to December 31, 2021, Synovus Bank called these Notes and settled them on February 10, 2022 with a net payment of $405.3 million that included principal, interest, and written off debt issuance costs. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 19 - Subsequent Event" in this Report for more information.

Schedule of Principal Payments on Long-term Debt

Contractual annual principal payments on long-term debt for the next five years and thereafter are shown in the following table. These maturities are based upon the par value of the long-term debt.

(in thousands)	Parent Company		Synovus Bank			Total
2022	$	300,000	$	—		$	300,000
2023	—		400,000		(1)	400,000
2024	—		—			—
2025	—		—			—
2026	—		—			—
Thereafter	310,000		200,000			510,000
Total	$	610,000	$	600,000		$	1,210,000

(1)    Subsequent to December 31, 2021, Synovus Bank called these Notes and settled them on February 10, 2022 with a net payment of $405.3 million that included principal, interest, and written off debt issuance costs. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 19 - Subsequent Event" in this Report for more information.

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Shareholders' Equity and Other Comprehensive Income (Tables)

12 Months Ended

Dec. 31, 2021

Stockholders' Equity Note [Abstract]

Schedule of Change in Preferred and Common Shares Issued and Common Shares Held as Treasury Shares

The following table shows the changes in shares of preferred and common stock issued and common stock held as treasury shares for the years ended December 31, 2021, 2020, and 2019.

(shares in thousands)	Series D Preferred Stock Issued	Series E Preferred Stock Issued	Total Preferred Stock Issued	Common Stock Issued	Treasury Stock Held	Common Stock Outstanding
Balance at December 31, 2018	8,000	—	8,000	143,300	27,434	115,866
FCB acquisition:
Issuance of common stock for acquisition	—	—	—	22,043	—	22,043
Common stock reissued	—	—	—	—	(27,434)	27,434
Warrants exercised and common stock reissued	—	—	—	—	(260)	260
Issuance of preferred stock	—	14,000	14,000	—	—	—
Issuance of common stock for earnout payment	—	—	—	344	—	344
Restricted share unit activity	—	—	—	302	—	302
Stock options exercised	—	—	—	812	—	812
Repurchase of common stock	—	—	—	—	19,903	(19,903)
Balance at December 31, 2019	8,000	14,000	22,000	166,801	19,643	147,158
Issuance of common stock for earnout payment	—	—	—	379	—	379
Restricted share unit activity	—	—	—	389	—	389
Stock options exercised	—	—	—	564	—	564
Repurchase of common stock	—	—	—	—	450	(450)
Balance at December 31, 2020	8,000	14,000	22,000	168,133	20,093	148,040
Warrants exercised and common stock reissued	—	—	—	—	(3)	3
Common stock reissued for earnout payment	—	—	—	—	(125)	125
Restricted share unit activity	—	—	—	355	—	355
Stock options exercised	—	—	—	896	—	896
Repurchase of common stock	—	—	—	—	4,409	(4,409)
Balance at December 31, 2021	8,000	14,000	22,000	169,384	24,374	145,010

Schedule of Preferred Stock

The following table presents a summary of Preferred Stock as of December 31, 2021, 2020, and 2019.

	Issuance Date	Public Offering Amount		Net Proceeds		Earliest Redemption Date	Dividend Rate(1)			Liquidation Preference
Series D	June 21, 2018	$200.0	million	$195.1	million	June 21, 2023	6.300	%	(2)	$25 per share
Series E	July 1, 2019	$350.0	million	$342.0	million	July 1, 2024	5.875	%	(3)	$25 per share

(1)     Dividends on all series of Preferred Stock are non-cumulative and, if declared, will accrue and be payable in arrears, quarterly.

(2)     Dividends, if declared, will be paid quarterly at a rate per annum equal to 6.300% for each dividend period from the original issue date to, but excluding, June 21, 2023. From and including June 21, 2023, the dividend rate will change to a floating rate equal to the three-month LIBOR plus a spread of 3.352% per annum.

(3)     Dividends, if declared, will be paid quarterly at a rate per annum equal to 5.875% for each dividend period from the original issue date to, but excluding, July 1, 2024. From and including July 1, 2024, the dividend rate will change and reset every five years on July 1 at a rate equal to the five-year U.S. Treasury Rate plus 4.127% per annum.

Schedule of Changes in Accumulated Other Comprehensive Income (Loss)

The following table illustrates activity within the balances in AOCI by component, and is shown for the years ended December 31, 2021, 2020, and 2019.

Changes in Accumulated Other Comprehensive Income (Loss) by Component (Net of Income Taxes)
(in thousands)	Net Unrealized Gains (Losses) on Investment Securities Available for Sale(1)		Net Unrealized Gains (Losses) on Cash Flow Hedges(1)		Post-Retirement Unfunded Health Benefit		Total
Balance at December 31, 2018	$	(83,179)	$	(12,137)	$	896	$	(94,420)
Other comprehensive income (loss) before reclassifications	161,170		(6,350)		(378)		154,442
Amounts reclassified from accumulated other comprehensive income (loss)	5,675		—		(56)		5,619
Net current period other comprehensive income (loss)	166,845		(6,350)		(434)		160,061
Balance at December 31, 2019	$	83,666	$	(18,487)	$	462	$	65,641
Other comprehensive income (loss) before reclassifications	80,491		73,502		—		153,993
Amounts reclassified from accumulated other comprehensive income (loss)	(58,488)		(2,049)		(462)		(60,999)
Net current period other comprehensive income (loss)	22,003		71,453		(462)		92,994
Balance at December 31, 2020	$	105,669	$	52,966	$	—	$	158,635
Other comprehensive income (loss) before reclassifications	(174,246)		(57,705)		—		(231,951)
Amounts reclassified from accumulated other comprehensive income (loss)	597		(9,602)		—		(9,005)
Net current period other comprehensive income (loss)	(173,649)		(67,307)		—		(240,956)
Balance at December 31, 2021	$	(67,980)	$	(14,341)	$	—	$	(82,321)

(1)    For all periods presented, the ending balance in net unrealized gains (losses) on investment securities available for sale and cash flow hedges includes unrealized losses of $13.3 million and $12.1 million, respectively, related to residual tax effects remaining in OCI due to previously established deferred tax asset valuation allowances in 2010 and 2011. In accordance with ASC 740-20-45-11(b), under the portfolio approach, these unrealized losses are realized at the time the entire portfolio is sold or disposed.

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Regulatory Capital (Tables)

12 Months Ended

Dec. 31, 2021

Regulatory Capital Disclosure [Abstract]

Schedule of Compliance with Regulatory Capital

The following table summarizes regulatory capital information at December 31, 2021 and 2020 for Synovus and Synovus Bank.

	Actual Capital						Minimum Requirement For Capital Adequacy(1)						To Be Well-Capitalized Under Prompt Corrective Action Provisions(2)
(dollars in thousands)	2021			2020			2021			2020			2021			2020
Synovus Financial Corp.
CET1 capital	$	4,388,618		$	4,034,865		$	2,079,435		$	1,879,551		N/A			N/A
Tier 1 risk-based capital	4,925,763			4,572,010			2,772,581			2,506,068			N/A			N/A
Total risk-based capital	5,827,196			5,604,230			3,696,774			3,341,425			N/A			N/A
CET1 capital ratio	9.50		%	9.66		%	4.50		%	4.50		%	N/A			N/A
Tier 1 risk-based capital ratio	10.66			10.95			6.00			6.00			N/A			N/A
Total risk-based capital ratio	12.61			13.42			8.00			8.00			N/A			N/A
Leverage ratio	8.72			8.50			4.00			4.00			N/A			N/A
Synovus Bank
CET1 capital	$	4,998,698		$	4,641,711		$	2,076,515		$	1,880,757		$	2,999,410		$	2,716,650
Tier 1 risk-based capital	4,998,698			4,641,711			2,768,686			2,507,677			3,691,581			3,343,569
Total risk-based capital	5,587,757			5,361,611			3,691,581			3,343,569			4,614,477			4,176,461
CET1 capital ratio	10.83		%	11.11		%	4.50		%	4.50		%	6.50		%	6.50		%
Tier 1 risk-based capital ratio	10.83			11.11			6.00			6.00			8.00			8.00
Total risk-based capital ratio	12.11			12.83			8.00			8.00			10.00			10.00
Leverage ratio	8.86			8.73			4.00			4.00			5.00			5.00

(1)    The additional capital conservation buffer in effect is 2.5%.

(2)    The prompt corrective action provisions are applicable at the bank level only.

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Net Income Per Common Share (Tables)

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Schedule of Basic And Diluted Earnings per Share

The following table displays a reconciliation of the information used in calculating basic and diluted net income per common share for the years ended December 31, 2021, 2020, and 2019. Diluted net income per common share incorporates the potential impact of contingently issuable shares, including awards which require future service as a condition of delivery of the underlying common stock.

	Years Ended December 31,
(in thousands, except per share data)	2021		2020		2019
Net income	$	760,467	$	373,695	$	563,780
Less: Preferred stock dividends	33,163		33,163		22,881
Net income available to common shareholders	$	727,304	$	340,532	$	540,899
Weighted average common shares outstanding	147,041		147,415		154,331
Effect of dilutive outstanding equity-based awards, warrants, and earnout payments	1,454		795		1,727
Weighted average diluted common shares	148,495		148,210		156,058
Net income per common share, basic	$	4.95	$	2.31	$	3.50
Net income per common share, diluted	$	4.90	$	2.30	$	3.47

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Fair Value Accounting (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

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, 2021 and 2020.

	December 31, 2021								December 31, 2020
(in thousands)	Level 1		Level 2		Level 3		Total Assets and Liabilities at Fair Value		Level 1		Level 2		Level 3		Total Assets and Liabilities at Fair Value
Assets
Trading securities:
Mortgage-backed securities issued by U.S. Government agencies	$	—	$	197	$	—	$	197	$	—	$	10,185	$	—	$	10,185
Collateralized mortgage obligations issued by U.S. Government sponsored enterprises	—		671		—		671		—		158		—		158
Other mortgage-backed securities	—		—		—		—		—		178		—		178
State and municipal securities	—		560		—		560		—		176		—		176
Asset-backed securities	—		6,963		—		6,963		—		183		—		183
Total trading securities	$	—	$	8,391	$	—	$	8,391	$	—	$	10,880	$	—	$	10,880
Investment securities available for sale:
U.S. Treasury securities	$	117,838	$	—	$	—	$	117,838	$	20,257	$	—	$	—	$	20,257
U.S. Government agency securities	—		54,201		—		54,201		—		82,320		—		82,320
Mortgage-backed securities issued by U.S. Government agencies	—		779,633		—		779,633		—		1,218,017		—		1,218,017
Mortgage-backed securities issued by U.S. Government sponsored enterprises	—		8,012,301		—		8,012,301		—		5,000,046		—		5,000,046
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises	—		939,623		—		939,623		—		1,250,377		—		1,250,377
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises	—		481,744		—		481,744		—		370,921		—		370,921
Asset-backed securities	—		514,188		—		514,188		—		—		—		—
Corporate debt securities and other debt securities	—		18,801		—		18,801		—		18,479		2,021		20,500
Total investment securities available for sale	$	117,838	$	10,800,491	$	—	$	10,918,329	$	20,257	$	7,940,160	$	2,021	$	7,962,438
Mortgage loans held for sale	—		108,198		—		108,198		—		216,647		—		216,647
Other investments	—		—		12,185		12,185		—		—		1,021		1,021
Mutual funds and mutual funds held in rabbi trusts	43,657		—		—		43,657		37,650		—		—		37,650
GGL/SBA loans servicing asset	—		—		3,233		3,233		—		—		3,258		3,258
Derivative assets	—		191,708		—		191,708		—		401,295		—		401,295
Liabilities
Trading liability for short positions	$	—	$	200	$	—	$	200	$	—	$	7,717	$	—	$	7,717
Mutual fund held in rabbi trusts	27,205		—		—		27,205		20,752		—		—		20,752
Earnout liability	—		—		—		—		—		—		5,677		5,677
Derivative liabilities	—		95,067		3,535		98,602		—		155,119		2,048		157,167

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 instrument-specific credit risk.

	Years Ended December 31,
(in thousands)	2021		2020		2019
Changes in fair value included in net income:
Mortgage loans held for sale	$	(3,942)	$	3,400	$	1,675
Mortgage loans held for sale:
Fair value	108,198		216,647		115,173
Unpaid principal balance	105,785		210,292		112,218
Fair value less aggregate unpaid principal balance	$	2,413	$	6,355	$	2,955

Changes in Level 3 Fair Value Measurements

During 2021 and 2020, Synovus did not have any transfers in or out of Level 3 in the fair value hierarchy.

	2021
(in thousands)	Investment Securities Available for Sale		Other Investments		GGL/SBA Loans Servicing Asset		Earnout Liability		Visa Derivative Liability
Beginning balance	$	2,021	$	1,021	$	3,258	$	(5,677)	$	(2,048)
Total gains (losses) realized/unrealized:
Included in earnings	—		1,164		(1,339)		(507)		(2,656)
Sales	(2,021)		—		—		—		—
Additions	—		10,000		—		—		—
Settlements	—		—		1,314		6,184		1,169
Ending balance	$	—	$	12,185	$	3,233	$	—	$	(3,535)
Total net gains (losses) for the year included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at December 31, 2021	$	—	$	1,164	$	—			$	(2,656)

	2020
(in thousands)	Investment Securities Available for Sale		Other Investments		GGL/SBA Loans Servicing Asset		Earnout Liability		Visa Derivative Liability
Beginning balance	$	2,105	$	3,887	$	3,040	$	(11,016)	$	(2,339)
Total gains (losses) realized/unrealized:
Included in earnings	—		(2,866)		(1,000)		(4,908)		(890)
Unrealized gains (losses) included in other comprehensive income	(84)		—		—		—		—
Additions	—		—		1,218		—		—
Settlements	—		—		—		10,247		1,181
Ending balance	$	2,021	$	1,021	$	3,258	$	(5,677)	$	(2,048)
Total net gains (losses) for the year included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at December 31, 2020	$	—	$	(2,866)	$	—	$	(4,908)	$	(890)

Fair Value Measurement Inputs and Valuation Techniques

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. The range of sensitivities that management utilized in its fair value calculations is deemed acceptable in the industry with respect to the identified financial instruments.

			December 31, 2021		December 31, 2020
(dollars in thousands)	Valuation Technique	Significant Unobservable Input	Level 3 Fair Value	Rate/Range	Level 3 Fair Value	Rate/Range
Assets measured at fair value on a recurring basis
Investment Securities Available for Sale:
Corporate debt and other debt securities trust preferred security	Discounted cash flow analysis	Discount rate Forecasted average Prime reset rate	$—	N/A	$2,021	4.96% 4.06%
Other investments	Individual analysis of each investee company	Multiple 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	$12,185	N/A	$1,021	N/A
GGL/SBA loans servicing asset	Discounted cash flow analysis	Discount rate Prepayment speeds	$3,233	8.55% 18.50%	$3,258	10.79% 18.81%
Earnout liability	Option pricing methods and Monte Carlo simulation	Financial projections of Global One through June 30, 2021	$—	N/A	$5,677	N/A
Visa derivative liability	Discounted cash flow analysis	Estimated timing of resolution of Covered Litigation and future cumulative deposits to the litigation escrow for settlement of the Covered Litigation	$3,535	0-1.8 years (3Q 2023)	$2,048	0-1.8 years (3Q 2022)

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, 2021	December 31, 2020
	Valuation Technique	Significant Unobservable Input	Range (Weighted Average)(1)	Range (Weighted Average)(1)
Assets measured at fair value on a non-recurring basis
Loans	Third-party appraised value of collateral less estimated selling costs	Discount to appraised value Estimated selling costs	0%-71% (48%) 0%-10% (7%)	0%-39% (25%) 0%-7% (7%)
Loans held for sale	Analysis of anticipated market prices for similar assets less estimated selling costs	Market price analysis for similar assets Estimated selling costs	N/A	N/A
Other real estate	Third-party appraised value of real estate less estimated selling costs	Discount to appraised value Estimated selling costs	0%-48% (24%) 0%-10% (7%)	0%-23% (12%) 0%-10% (7%)
MPS receivable(2)	Third-party appraised value of business less estimated selling costs	Discount to appraised value Estimated selling costs	N/A	N/A
Other assets held for sale	Third-party appraised value less estimated selling costs or BOV	Discount to appraised value Estimated selling costs	0%-51% (20%) 0%-10% (7%)	0%-66% (45%) 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.

(2)    See "Part II - Item 8. Financial Statements and Supplementary Data - Note 14 - Commitments and Contingencies" of this Report for more information on this receivable which was classified as a NPA at December 31, 2021 and 2020.

Assets and Liabilities 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.

	December 31, 2021								December 31, 2020
(in thousands)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Loans(1)	$	—	$	—	$	19,482	$	19,482	$	—	$	—	$	44,802	$	44,802
Other real estate	—		—		270		270		—		—		860		860
MPS receivable	—		—		—		—		—		—		15,575		15,575
Other assets held for sale	—		—		1,256		1,256		—		—		2,354		2,354

	Years Ended December 31,
(in thousands)	2021		2020		Location in Consolidated Statements of Income
Loans(1)	$	27,613	$	21,927	Provision for credit losses
Other real estate	120		200		Other operating expense
MPS receivable	—		2,663		Other operating expense
Other assets held for sale	462		2,292		Other operating expense

(1) Collateral-dependent loans that are written down to fair value of collateral.

Carrying and Estimated Fair Values of Financial Instruments Carried on Balance Sheet

The following table presents the carrying and estimated fair values of financial instruments at December 31, 2021 and 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" of this Report for a description of how fair value measurements are determined.

	December 31, 2021
(in thousands)	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Financial assets
Total cash, cash equivalents, and restricted cash	$	3,009,853	$	3,009,853	$	3,009,853	$	—	$	—
Trading securities	8,391		8,391		—		8,391		—
Investment securities available for sale	10,918,329		10,918,329		117,838		10,800,491		—
Loans held for sale	750,642		749,980		—		108,198		641,782
Other investments	12,185		12,185		—		—		12,185
Mutual funds and mutual funds held in rabbi trusts	43,657		43,657		43,657		—		—
Loans, net of deferred fees and costs	38,884,361		39,118,275		—		—		39,118,275
GGL/SBA loans servicing asset	3,233		3,233		—		—		3,233
FRB and FHLB stock	159,941		159,941		—		159,941		—
Derivative assets	191,708		191,708		—		191,708		—
Financial Liabilities
Non-interest-bearing deposits	$	16,392,653	$	16,392,653	$	—	$	16,392,653	$	—
Non-time interest-bearing deposits	28,917,148		28,917,148		—		28,917,148		—
Time deposits	4,117,475		4,125,673		—		4,125,673		—
Total deposits	$	49,427,276	$	49,435,474	$	—	$	49,435,474	$	—
Securities sold under repurchase agreements	264,133		264,133		264,133		—		—
Trading liability for short positions	200		200		—		200		—
Long-term debt	1,204,229		1,243,147		—		1,243,147		—
Mutual fund held in rabbi trusts	27,205		27,205		27,205		—		—
Derivative liabilities	98,602		98,602		—		95,067		3,535

	December 31, 2020
(in thousands)	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Financial assets
Total cash, cash equivalents, and restricted cash	$	4,252,917	$	4,252,917	$	4,252,917	$	—	$	—
Trading securities	10,880		10,880		—		10,880		—
Investment securities available for sale	7,962,438		7,962,438		20,257		7,940,160		2,021
Loans held for sale	760,123		760,939		—		216,647		544,292
Other investments	1,021		1,021		—		—		1,021
Mutual funds and mutual funds held in rabbi trusts	37,650		37,650		37,650		—		—
Loans, net of deferred fees and costs	37,647,248		37,605,881		—		—		37,605,881
GGL/SBA loans servicing asset	3,258		3,258		—		—		3,258
FRB and FHLB stock	157,520		157,520		—		157,520		—
Derivative assets	401,295		401,295		—		401,295		—
Financial Liabilities
Non-interest-bearing deposits	$	13,477,854	$	13,477,854	$	—	$	13,477,854	$	—
Non-time interest-bearing deposits	27,265,521		27,265,521		—		27,265,521		—
Time deposits	5,948,196		5,970,146		—		5,970,146		—
Total deposits	$	46,691,571	$	46,713,521	$	—	$	46,713,521	$	—
Securities sold under repurchase agreements	227,922		227,922		227,922		—		—
Trading liability for short positions	7,717		7,717		—		7,717		—
Long-term debt	1,202,494		1,266,825		—		1,266,825		—
Earnout liability	5,677		5,677		—		—		5,677
Mutual fund held in rabbi trusts	20,752		20,752		20,752		—		—
Derivative liabilities	157,167		157,167		—		155,119		2,048

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Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2021

Summary of Derivative Instruments [Abstract]

Impact of Derivatives on Balance Sheet

The following table reflects the notional amount and fair value of derivative instruments included on the consolidated balance sheets.

	December 31, 2021						December 31, 2020
			Fair Value						Fair Value
(in thousands)	Notional Amount		Derivative Assets(1)		Derivative Liabilities(2)		Notional Amount		Derivative Assets(1)		Derivative Liabilities(2)
Derivatives in cash flow hedging relationships:
Interest rate contracts	$	3,600,000	$	22,004	$	20,395	$	3,000,000	$	80,802	$	—
Total derivatives designated as hedging instruments			$	22,004	$	20,395			$	80,802	$	—
Derivatives not designated:   as hedging instruments
Interest rate contracts(3)	$	9,653,600	$	167,560	$	74,514	$	8,784,141	$	314,234	$	153,204
Mortgage derivatives - interest rate lock commitments	99,006		2,105		—		306,138		6,259		—
Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans	105,500		—		122		230,500		—		1,611
Other contracts(4)	293,059		—		36		234,884		—		304
Foreign exchange contracts(5)	22,387		39		—		24,125
Visa derivative	—		—		3,535		—		—		2,048
Total derivatives not designated as hedging instruments			$	169,704	$	78,207			$	320,493	$	157,167

(1)    Derivative assets are recorded in other assets on the consolidated balance sheets.

(2)    Derivative liabilities are recorded in other liabilities on the consolidated balance sheets.

(3)    Includes interest rate contracts for client swaps and offsetting positions, net of variation margin payments.

(4)    Includes risk participation agreements sold. Additionally, the notional amount of risk participation agreements purchased was $81.2 million and $2.6 million at December 31, 2021 and 2020, respectively.

(5)     The fair value of foreign exchange contracts was negligible at December 31, 2020 due to the very short duration of these contracts.

Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location

The following table presents the effect of hedging derivative instruments on the consolidated statements of income and the total amounts for the respective line item affected for the years ended December 31, 2021, 2020, and 2019.

(in thousands)	2021		2020		2019
Total amounts presented on the consolidated statements of income in interest income on loans	$	31,522	$	22,215	$	—
Gain/loss on cash flow hedging relationships:(1)
Interest rate swaps:
Realized gains (losses) reclassified from AOCI, pre-tax, to interest income on loans	12,862		2,765		—
Pre-tax income recognized on cash flow hedges	$	12,862	$	2,765	$	—

(1)    See "Part II - Item 8. Financial Statements and Supplementary Data - Note 9 - Shareholders' Equity and Other Comprehensive Income" in this Report for additional information.

Effect of Fair Value Hedges on the Consolidated Statements of Income

The pre-tax effect of changes in fair value from derivative instruments not designated as hedging instruments on the consolidated statements of income for the years ended December 31, 2021, 2020 and 2019 is presented below.

		Gain (Loss) Recognized in Consolidated Statements of Income
		For The Years Ended December 31,
(in thousands)	Location in Consolidated Statements of Income	2021		2020		2019
Derivatives not designated as hedging instruments:
Interest rate contracts(1)	Capital markets income	$	100	$	(777)	$	(338)
Other contracts(2)	Capital markets income	269		(213)		(91)
Foreign exchange contracts	Capital markets income	39		—		—
Mortgage derivatives - interest rate lock commitments	Mortgage banking income	(4,154)		4,969		346
Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans	Mortgage banking income	1,489		(1,443)		651
Visa derivative	Other non-interest expense	2,656		(890)		(3,611)
Total derivatives not designated as hedging instruments		$	399	$	1,646	$	(3,043)

(1)    Gain (loss) represents net fair value adjustments (including credit related adjustments) for client swaps and offsetting positions. Additionally, losses related to termination of client swaps of $2.5 million were recorded in other non-interest expense during 2020.

(2)    Includes risk participation agreements sold

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Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Loan Commitments and Letters of Credit

Synovus also invests in CRA partnerships, including SBIC programs, and other investments. The SBIC is a program initiated by the SBA in 1958 to assist in the funding of small business loans.

	December 31,
(in thousands)	2021		2020
Letters of credit(1)	$	183,463	$	190,562
Commitments to fund commercial and industrial loans	9,069,588		8,200,608
Commitments to fund commercial real estate, construction, and land development loans	3,593,171		3,290,041
Commitments under home equity lines of credit	1,805,869		1,602,831
Unused credit card lines	999,787		1,012,313
Other loan commitments	604,353		472,233
Total letters of credit and unfunded lending commitments	$	16,256,231	$	14,768,588
Tax credits, CRA partnerships, and other investments:
Carrying amount included in other assets	$	426,137	$	262,855
Amount of future funding commitments	250,733		133,946
Permanent and short-term construction loans and letter of credit commitments(2)	204,391		82,786
Funded portion of permanent and short-term loans and letters of credit(3)	104,315		9,528

(1)    Represent the contractual amount net of risk participations purchased of approximately $26 million and $30 million at December 31, 2021 and December 31, 2020, respectively.

(2)    Represent the contractual amount net of risk participations of $3.0 million and $1.8 million at December 31, 2021 and December 31, 2020, respectively

(3)    Represent the contractual amount net of risk participations of $3.0 million and $234 thousand at December 31, 2021 December 31, 2020, respectively.

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Share-based Compensation and Other Employment Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Share-based Compensation, Allocation of Recognized Period Costs

Total share-based compensation expense recognized for 2021, 2020, and 2019 is presented in the following table by its classification within total non-interest expense.

	Years Ended December 31,
(in thousands)	2021		2020		2019
Salaries and other personnel expense	$	26,957	$	17,827	$	19,618
Merger-related expense	—		—		4,219
Other operating expense	838		814		650
Total share-based compensation expense included in non-interest expense	$	27,795	$	18,641	$	24,487

Schedule of Measuring Compensation Expense

The estimated fair value of the converted stock options was determined using a Hull-White model in a binomial lattice option pricing framework with the following weighted average assumptions:

	2019
Stock price (Synovus' closing stock price on December 31, 2018)	$	31.99
Weighted average fair value of converted stock options	11.50
Risk-free interest rate	2.51		%
Expected stock price volatility	26.4		%
Dividend yield	3.13		%
Term to expiration	5.1 years

The fair value of market restricted share units granted was estimated on the date of grant using a Monte Carlo simulation model with the following weighted average assumptions:

	2021		2020		2019
Risk-free interest rate	2.87	%	1.42	%	2.40	%
Expected stock price volatility	56.1		25.4		24.4
Simulation period	2.9 years		3.0 years		3.0 years

Schedule of Stock Options Activity

A summary of stock option activity and changes during the years ended December 31, 2021, 2020, and 2019 is presented below.

Stock Options
	2021			2020			2019
(in thousands, except per share data)	Quantity	Weighted-Average Exercise Price		Quantity	Weighted-Average Exercise Price		Quantity	Weighted-Average Exercise Price
Outstanding at beginning of year	2,401	$	22.47	3,037	$	22.74	640	$	16.93
Assumed in acquisition	—	—		—	—		3,230	23.22
Options exercised	(923)	22.07		(572)	22.67		(820)	19.91
Options forfeited/expired/canceled	—	—		(64)	33.50		(13)	34.23
Options outstanding at end of year	1,478	$	22.71	2,401	$	22.47	3,037	$	22.74
Options exercisable at end of year	1,478	$	22.71	2,401	$	22.47	2,399	$	19.52

Schedule of Restricted Stock Units Activity

A summary of restricted share units and market/performance share units outstanding and changes during the years ended December 31, 2021, 2020, and 2019 is presented below.

	Restricted Share Units			Market/Performance Share Units
(in thousands, except per share data)	Quantity	Weighted-Average Grant Date Fair Value		Quantity	Weighted-Average Grant Date Fair Value
Outstanding at December 31, 2018	526	$	41.18	392	$	39.62
Granted	573	36.27		305	37.22
Assumed in acquisition	136	31.99		—	—
Vested	(304)	37.04		(152)	30.87
Forfeited	(114)	37.04		(50)	39.45
Outstanding at December 31, 2019	817	38.32		495	40.85
Granted	822	32.42		204	37.74
Vested	(384)	38.04		(214)	41.31
Forfeited	(34)	35.97		(46)	39.03
Outstanding at December 31, 2020	1,221	34.50		439	39.37
Granted	599	42.31		141	42.94
Vested	(482)	37.05		(58)	42.43
Forfeited	(93)	31.41		—	—
Outstanding at December 31, 2021	1,245	$	37.00	522	$	37.59

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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The components of income tax expense (benefit) included on the consolidated statements of income for the years ended December 31, 2021, 2020, and 2019 are presented below:

(in thousands)	2021		2020		2019
Current
Federal	$	153,911	$	187,741	$	112,517
State	29,982		9,421		2,085
Total current income tax expense	183,893		197,162		114,602
Deferred
Federal	28,873		(90,777)		46,182
State	16,127		4,585		40,451
Total deferred income tax expense (benefit)	45,000		(86,192)		86,633
Total income tax expense	$	228,893	$	110,970	$	201,235

Schedule of Effective Income Tax Rate Reconciliation

Income tax expense as shown on the consolidated statements of income differed from the federal statutory rate for the years ended December 31, 2021, 2020, and 2019. A reconciliation of the differences is presented below:

	Years Ended December 31,
(dollars in thousands)	2021			2020			2019
Income tax expense at statutory federal income tax rate	$	207,765		$	101,779		$	160,653
Increase (decrease) resulting from:
State income tax expense, net of federal income tax benefit	38,452			11,168			33,764
Income not subject to tax	(10,455)			(9,207)			(6,564)
Low income housing tax credits and other tax benefits, net of amortization	(4,858)			(2,611)			(1,583)
FDIC premiums	4,111			4,744			5,802
General business tax credits	(3,727)			(657)			(678)
Excess tax benefit from share-based compensation	(3,084)			311			(1,337)
Executive compensation	1,096			1,501			6,385
Goodwill impairment	—			9,424			—
Other, net	(407)			(5,482)			4,793
Total income tax expense	$	228,893		$	110,970		$	201,235
Effective tax rate	23.1		%	22.9		%	26.3		%

Schedule of Deferred Tax Assets and Liabilities

The components of the Company's deferred tax assets and liabilities at December 31, 2021 and 2020 are presented below:

(in thousands)	2021		2020
Deferred tax assets
Allowance for loan losses	$	112,180	$	165,691
Lease liability	102,412		98,340
Employee benefits and deferred compensation	35,782		27,917
Net operating loss carryforwards	23,897		29,684
Net unrealized losses on investment securities available for sale and cash flow hedges	19,261		—
Deferred revenue	18,487		24,751
Tax credit carryforwards	15,870		8,605
Fair value of investment securities and loans	6,439		10,093
Non-performing loan interest	2,621		12,472
Other	7,100		9,819
Total gross deferred tax assets	344,049		387,372
Less valuation allowance	(19,003)		(19,191)
Total deferred tax assets	325,046		368,181
Deferred tax liabilities
Right-of-use asset	(98,773)		(98,681)
Excess tax over financial statement depreciation	(27,355)		(40,452)
Purchase accounting intangibles	(14,820)		(14,458)
Other properties held for sale	(5,345)		(3,025)
Prepaid expense	(4,631)		(5,955)
Net unrealized gains on investment securities available for sale and cash flow hedges	—		(64,344)
Other	(5,071)		(10,418)
Total gross deferred tax liabilities	(155,995)		(237,333)
Net deferred tax assets	$	169,051	$	130,848

Schedule of Net Operating Loss and Tax Credit Carryforward

State NOLs and tax credit carryforwards as of December 31, 2021 are summarized in the following table.

Tax Carryforwards	As of December 31, 2021
(in thousands)	Expiration Dates	Deferred Tax Asset, Before Valuation Allowance		Valuation Allowance		Net Deferred Tax Asset Balance
Net operating losses - federal	2027-2033	$	19,592	$	(15,851)	$	3,741
Net operating losses - states	2023-2034	4,305		(3,152)		1,153
Other credits - states	2022-2031	15,870		—		15,870

Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized income tax benefits is as follows (unrecognized state income tax benefits are not adjusted for the federal income tax impact).

	Years Ended December 31,
(in thousands)	2021		2020		2019
Balance at January 1,	$	20,250	$	20,994	$	18,586
Additions based on income tax positions related to current year	3,754		461		550
Additions for income tax positions of prior years(1)	1,379		147		—
Additions from acquisition	—		—		3,464
Reductions for income tax positions of prior years	(200)		(327)		(1,589)
Statute of limitation expirations	(79)		(820)		(17)
Settlements	—		(205)		—
Balance at December 31,	$	25,104	$	20,250	$	20,994

(1)    Includes deferred tax benefits that could reduce future tax liabilities.

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Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following tables present certain financial information for each reportable business segment for the years ended December 31, 2021, 2020, and 2019 and as of December 31, 2021 and 2020. The fourth quarter of 2019 was the first financial period in which the new segment reporting became effective; thus, to provide comparable prior year information, Synovus has included proforma business segment financial information for the full year 2019 utilizing various allocation methodologies based on balance sheet and income statement items assigned to each business segment. 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.

During the year ended December 31, 2021, Treasury and Corporate Other's net interest income benefited from the recognition of $79.2 million of PPP fees, an increase of $33.2 million from $46.0 million for the year ended December 31, 2020. During the year ended December 31, 2020, Synovus strategically repositioned the investment securities portfolio, which resulted in net gains of $78.9 million in the Treasury and Corporate Other segment. Additionally, during the year ended December 31, 2020, Synovus recognized a $44.9 million non-cash goodwill impairment charge representing all of the goodwill allocated to the Consumer Mortgage reporting unit (which is included in the FMS reportable segment) resulting from a combination of factors, including the extended duration of lower market valuations, high volumes in refinance activity that reduced mortgage yields, and the clarity around longer term policy actions designed to keep interest rates low.

	Year Ended December 31, 2021
(in thousands)	Community Banking		Wholesale Banking		Financial Management Services		Treasury and Corporate Other		Synovus Consolidated
Net interest income	$	808,700	$	557,943	$	79,173	$	87,131	$	1,532,947
Non-interest revenue	128,026		34,590		211,002		76,448		450,066
Non-interest expense	290,817		90,074		184,257		534,756		1,099,904
Pre-provision net revenue	$	645,909	$	502,459	$	105,918	$	(371,177)	$	883,109
	Year Ended December 31, 2020
(in thousands)	Community Banking		Wholesale Banking		Financial Management Services		Treasury and Corporate Other		Synovus Consolidated
Net interest income	$	854,021	$	548,152	$	79,362	$	31,213	$	1,512,748
Non-interest revenue	111,256		26,379		224,620		144,258		506,513
Non-interest expense	297,071		85,250		232,222		565,031		1,179,574
Pre-provision net revenue	$	668,206	$	489,281	$	71,760	$	(389,560)	$	839,687
	Year Ended December 31, 2019 (Proforma)
(in thousands)	Community Banking		Wholesale Banking		Financial Management Services		Treasury and Corporate Other		Synovus Consolidated
Net interest income	$	825,219	$	518,033	$	112,431	$	140,120	$	1,595,803
Non-interest revenue	136,657		28,948		154,166		36,129		355,900
Non-interest expense	302,327		71,393		152,115		573,133		1,098,968
Pre-provision net revenue	$	659,549	$	475,588	$	114,482	$	(396,884)	$	852,735

	December 31, 2021
(dollars in thousands)	Community Banking		Wholesale Banking		Financial Management Services		Treasury and Corporate Other		Synovus Consolidated
Loans, net of deferred fees and costs	$	10,791,343	$	21,496,050	$	4,994,494	$	2,030,071	$	39,311,958
Deposits	$	32,226,477	$	12,370,554	$	826,639	$	4,003,606	$	49,427,276
Full-time equivalent employees	2,139		284		794		1,670		4,887
	December 31, 2020
(dollars in thousands)	Community Banking		Wholesale Banking		Financial Management Services		Treasury and Corporate Other		Synovus Consolidated
Loans, net of deferred fees and costs	$	11,171,055	$	18,810,729	$	5,370,748	$	2,900,452	$	38,252,984
Deposits	$	29,141,242	$	11,958,105	$	739,200	$	4,853,024	$	46,691,571
Full-time equivalent employees	2,296		285		835		1,718		5,134

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Condensed Financial Information Of Synovus Financial Corp. (Parent Company Only) (Tables)

12 Months Ended

Dec. 31, 2021

Condensed Financial Information Disclosure [Abstract]

Schedule of Condensed Balance Sheets

Condensed Balance Sheets
	December 31,
(in thousands)	2021		2020
Assets
Cash due from bank subsidiary	$	389,071	$	439,352
Funds due from other depository institutions	9,277		9,277
Total cash, cash equivalents, and restricted cash	398,348		448,629
Investment in consolidated bank subsidiary, at equity	5,381,311		5,239,849
Investment in consolidated nonbank subsidiaries, at equity	69,712		46,271
Note receivable from bank subsidiary	100,000		100,000
Other assets	25,538		16,975
Total assets	$	5,974,909	$	5,851,724
Liabilities and Shareholders' Equity
Liabilities:
Long-term debt	$	607,334	$	606,406
Other liabilities	70,775		83,984
Total liabilities	678,109		690,390
Shareholders’ equity:
Preferred stock	537,145		537,145
Common stock	169,384		168,133
Additional paid-in capital	3,894,109		3,851,208
Treasury stock	(931,497)		(731,806)
Accumulated other comprehensive income (loss), net	(82,321)		158,635
Retained earnings	1,709,980		1,178,019
Total shareholders’ equity	5,296,800		5,161,334
Total liabilities and shareholders’ equity	$	5,974,909	$	5,851,724

Schedule of Condensed Statements of Income

Condensed Statements of Income
	Years Ended December 31,
(in thousands)	2021		2020		2019
Income
Cash dividends received from subsidiaries	$	420,000	$	547,500	$	400,000
Interest income	777		3,341		5,920
Other income (loss)	1,070		4,966		11,590
Total income	421,847		555,807		417,510
Expense
Interest expense	27,616		42,911		41,328
Other expense	10,300		10,584		13,528
Total expense	37,916		53,495		54,856
Income before income taxes and equity in undistributed income of subsidiaries	383,931		502,312		362,654
Allocated income tax benefit	(7,834)		(12,202)		(9,753)
Income before equity in undistributed income of subsidiaries	391,765		514,514		372,407
Equity in undistributed income (loss) of subsidiaries	368,702		(140,819)		191,373
Net income	760,467		373,695		563,780
Dividends on preferred stock	33,163		33,163		22,881
Net income available to common shareholders	$	727,304	$	340,532	$	540,899

Schedule of Condensed Statements of Comprehensive Income

Condensed Statements of Comprehensive Income
	Years Ended December 31,
	2021						2020						2019
(in thousands)	Before-tax Amount		Income Tax		Net of Tax Amount		Before-tax Amount		Income Tax		Net of Tax Amount		Before-tax Amount		Income Tax		Net of Tax Amount
Net income	$	989,360	$	(228,893)	$	760,467	$	484,665	$	(110,970)	$	373,695	$	765,015	$	(201,235)	$	563,780
Reclassification adjustment for realized (gains) losses included in net income on investment securities available for sale	—		—		—		—		—		—		(22)		6		(16)
Other comprehensive gain (loss) of bank subsidiary	(324,561)		83,605		(240,956)		125,505		(32,511)		92,994		216,032		(55,955)		160,077
Other comprehensive income (loss)	$	(324,561)	$	83,605	$	(240,956)	$	125,505	$	(32,511)	$	92,994	$	216,010	$	(55,949)	$	160,061
Comprehensive income					$	519,511					$	466,689					$	723,841

Schedule of Condensed Statements of Cash Flows

Condensed Statements of Cash Flows
	Years Ended December 31,
(in thousands)	2021		2020		2019
Operating Activities
Net income	$	760,467	$	373,695	$	563,780
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed (income) loss of subsidiaries	(368,702)		140,819		(191,373)
Deferred income tax expense (benefit)	(7,296)		3,962		1,775
Net increase (decrease) in other liabilities	(2,082)		11,243		43,617
Net decrease in other assets	5,280		17,441		3,367
Other, net	928		(5,132)		1,037
Net cash provided by operating activities	388,595		542,028		422,203
Investing Activities
Proceeds from sales of investment securities available for sale	—		—		97,389
Advance of long-term note receivable due from bank subsidiary	—		—		(100,000)
Return of investment non-bank subsidiary	—		—		790
Proceeds from sales of equity securities	—		23,141		—
Increase in other investments	(10,000)		—		—
Net cash received in business combination, net of cash paid	—		—		4,813
Net cash provided by investing activities	(10,000)		23,141		2,992
Financing Activities
Dividends paid to common and preferred shareholders	(227,840)		(223,130)		(185,664)
Repurchase of common stock	(199,932)		(16,246)		(725,398)
Redemption of long-term debt	—		(250,000)		—
Proceeds from issuance of long-term debt, net	—		—		297,174
Proceeds from issuance of preferred stock, net	—		—		342,005
Other	(1,104)		(1,552)		(1,947)
Net cash used in financing activities	(428,876)		(490,928)		(273,830)
Increase (decrease) in cash, cash equivalents, and restricted cash	(50,281)		74,241		151,365
Cash, cash equivalents, and restricted cash at beginning of year	448,629		374,388		223,023
Cash, cash equivalents, and restricted cash at end of year	$	398,348	$	448,629	$	374,388

See accompanying notes to the audited consolidated financial statements.

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Summary of Significant Accounting Policies - Summary of Corrections (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Basis Of Presentation [Line Items]
Proceeds from sales of investment securities available for sale	$ 565,400	$ 2,649,686	$ 2,923,787
Purchases of investment securities available for sale	(6,877,712)	(6,036,179)	(4,300,021)
Net cash used in investing activities	$ 4,384,166	2,352,973	$ 2,153,862
As Reported
Basis Of Presentation [Line Items]
Proceeds from sales of investment securities available for sale		4,054,670
Purchases of investment securities available for sale		(7,441,163)
Net cash used in investing activities		2,352,973
Adjustment
Basis Of Presentation [Line Items]
Proceeds from sales of investment securities available for sale		(1,404,984)
Purchases of investment securities available for sale		1,404,984
Net cash used in investing activities		$ 0

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Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands		12 Months Ended
	Jan. 01, 2020 USD ($)	Dec. 31, 2021 USD ($) segment	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)		Dec. 31, 2018 USD ($)
Basis Of Presentation [Line Items]
Federal funds sold		$ 65,100	$ 158,700
Total shareholders’ equity		$ 5,296,800	5,161,334	$ 4,941,690		$ 3,133,602
Number of reportable segments | segment		3
Federal reserve bank stock		$ 143,700	142,500
Required percent of capital or surplus		6.00%
Required percent of deposits		0.60%
Federal home loan bank stock		$ 16,200	15,000
Vesting period		3 years
Cumulative Effect, Period of Adoption, Adjustment
Basis Of Presentation [Line Items]
Total shareholders’ equity				(35,721)	[1]	4,270
Retained Earnings
Basis Of Presentation [Line Items]
Total shareholders’ equity		$ 1,709,980	$ 1,178,019	1,068,327		843,767
Retained Earnings | Cumulative Effect, Period of Adoption, Adjustment
Basis Of Presentation [Line Items]
Total shareholders’ equity	$ 35,700			$ (35,721)	[1]	$ 4,270
Non-employee Director
Basis Of Presentation [Line Items]
Vesting period		3 years
Non-employee
Basis Of Presentation [Line Items]
Vesting period		3 years
Unfunded Loan Commitment
Basis Of Presentation [Line Items]
Financing receivable, purchased with credit deterioration, amount at purchase price	$ 62,200
DRR Methodology
Basis Of Presentation [Line Items]
Loans, net		41.00%	40.00%
Minimum
Basis Of Presentation [Line Items]
Other intangible assets, useful life		8 years
Minimum | Buildings and improvements
Basis Of Presentation [Line Items]
Premises and equipment, useful life		10 years
Minimum | Furniture, equipment and software
Basis Of Presentation [Line Items]
Premises and equipment, useful life		3 years
Minimum | Software and Software Development Costs
Basis Of Presentation [Line Items]
Premises and equipment, useful life		3 years
Maximum
Basis Of Presentation [Line Items]
Other intangible assets, useful life		10 years
Maximum | Buildings and improvements
Basis Of Presentation [Line Items]
Premises and equipment, useful life		40 years
Maximum | Furniture, equipment and software
Basis Of Presentation [Line Items]
Premises and equipment, useful life		10 years
Maximum | Software and Software Development Costs
Basis Of Presentation [Line Items]
Premises and equipment, useful life		7 years

[1] For additional information, see "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies.

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Summary of Significant Accounting Policies - ASC 326 Adoption (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Jan. 01, 2020	Dec. 31, 2019	Dec. 31, 2018
Basis Of Presentation [Line Items]
Financing receivable, allowance for credit loss	$ 427,597	$ 605,736	$ 281,402	$ 281,402	$ 250,555
Reserve for unfunded commitments	41,900		1,375
Allowance for credit losses	469,500	653,500	282,777
Loans, net of deferred fees and costs			36,881,048
Retained earnings	$ 1,709,980	$ 1,178,019	1,068,327
Accounting Standards Update 2016-02
Basis Of Presentation [Line Items]
Financing receivable, allowance for credit loss			364,396
Reserve for unfunded commitments			28,815
Allowance for credit losses			393,211
Loans, net of deferred fees and costs			36,860,281
Retained earnings			1,032,606
Cumulative Effect, Period of Adoption, Adjustment
Basis Of Presentation [Line Items]
Financing receivable, allowance for credit loss			82,994	$ 82,994
Reserve for unfunded commitments			27,440
Allowance for credit losses			110,434
Loans, net of deferred fees and costs			(20,767)
Retained earnings			(35,721)
Commercial and industrial
Basis Of Presentation [Line Items]
Financing receivable, allowance for credit loss			145,782
Commercial and industrial | Accounting Standards Update 2016-02
Basis Of Presentation [Line Items]
Financing receivable, allowance for credit loss			143,472
Commercial and industrial | Cumulative Effect, Period of Adoption, Adjustment
Basis Of Presentation [Line Items]
Financing receivable, allowance for credit loss			(2,310)
Commercial real estate
Basis Of Presentation [Line Items]
Financing receivable, allowance for credit loss			67,430
Commercial real estate | Accounting Standards Update 2016-02
Basis Of Presentation [Line Items]
Financing receivable, allowance for credit loss			66,779
Commercial real estate | Cumulative Effect, Period of Adoption, Adjustment
Basis Of Presentation [Line Items]
Financing receivable, allowance for credit loss			(651)
Consumer mortgages
Basis Of Presentation [Line Items]
Financing receivable, allowance for credit loss			68,190
Consumer mortgages | Accounting Standards Update 2016-02
Basis Of Presentation [Line Items]
Financing receivable, allowance for credit loss			154,145
Consumer mortgages | Cumulative Effect, Period of Adoption, Adjustment
Basis Of Presentation [Line Items]
Financing receivable, allowance for credit loss			$ 85,955

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Investment Securities Available for Sale - Summary Of Available For Sale Investment Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 10,991,506	$ 7,801,864
Gross Unrealized Gains	66,427	177,243
Gross Unrealized Losses	(139,604)	(16,669)
Fair Value	10,918,329	7,962,438
U.S. Treasury securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	120,465	20,257
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(2,627)	0
Fair Value	117,838	20,257
U.S. Government agency securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	53,214	79,638
Gross Unrealized Gains	1,374	2,682
Gross Unrealized Losses	(387)	0
Fair Value	54,201	82,320
Mortgage-backed securities issued by U.S. Government agencies
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	790,329	1,216,012
Gross Unrealized Gains	768	7,930
Gross Unrealized Losses	(11,464)	(5,925)
Fair Value	779,633	1,218,017
Mortgage-backed securities issued by U.S. Government sponsored enterprises
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	8,063,890	4,865,858
Gross Unrealized Gains	50,491	134,188
Gross Unrealized Losses	(102,080)	0
Fair Value	8,012,301	5,000,046
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	951,691	1,245,644
Gross Unrealized Gains	4,658	15,309
Gross Unrealized Losses	(16,726)	(10,576)
Fair Value	939,623	1,250,377
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	479,420	354,244
Gross Unrealized Gains	8,644	16,677
Gross Unrealized Losses	(6,320)	0
Fair Value	481,744	370,921
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	514,188
Gross Unrealized Gains	0
Gross Unrealized Losses	0
Fair Value	514,188
Corporate debt securities and other debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	18,309	20,211
Gross Unrealized Gains	492	457
Gross Unrealized Losses	0	(168)
Fair Value	$ 18,801	$ 20,500

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Investment Securities Available for Sale - Narrative (Details)	Dec. 31, 2021 USD ($) security	Dec. 31, 2020 USD ($)
Financing Receivable, Impaired [Line Items]
Securities in a loss position for less than twelve months | security	143
Investment securities in a loss position for twelve months or longer | security	37
Allowance for credit loss | $	$ 0
Collateral Pledged
Financing Receivable, Impaired [Line Items]
Pledged to secure deposits | $	$ 4,030,000,000.00	$ 3,840,000,000

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Investment Securities Available for Sale - Schedule Of Unrealized Loss On Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, fair value	$ 6,596,065	$ 1,379,662
Less than 12 months, gross unrealized losses	(96,227)	(16,669)
12 months or longer, fair value	1,523,383	0
12 months or longer, gross unrealized losses	(43,377)	0
Total, fair value	8,119,448	1,379,662
Total, gross unrealized losses	(139,604)	(16,669)
U.S. Treasury securities
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, fair value	49,648
Less than 12 months, gross unrealized losses	(379)
12 months or longer, fair value	47,590
12 months or longer, gross unrealized losses	(2,248)
Total, fair value	97,238
Total, gross unrealized losses	(2,627)
U.S. Government agency securities
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, fair value	21,760
Less than 12 months, gross unrealized losses	(387)
12 months or longer, fair value	0
12 months or longer, gross unrealized losses	0
Total, fair value	21,760
Total, gross unrealized losses	(387)
Mortgage-backed securities issued by U.S. Government agencies
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, fair value	461,078	566,896
Less than 12 months, gross unrealized losses	(5,858)	(5,925)
12 months or longer, fair value	244,264	0
12 months or longer, gross unrealized losses	(5,606)	0
Total, fair value	705,342	566,896
Total, gross unrealized losses	(11,464)	(5,925)
Mortgage-backed securities issued by U.S. Government sponsored enterprises
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, fair value	5,729,476
Less than 12 months, gross unrealized losses	(82,671)
12 months or longer, fair value	643,758
12 months or longer, gross unrealized losses	(19,409)
Total, fair value	6,373,234
Total, gross unrealized losses	(102,080)
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, fair value	187,431	803,429
Less than 12 months, gross unrealized losses	(3,981)	(10,576)
12 months or longer, fair value	504,238	0
12 months or longer, gross unrealized losses	(12,745)	0
Total, fair value	691,669	803,429
Total, gross unrealized losses	(16,726)	(10,576)
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, fair value	146,672
Less than 12 months, gross unrealized losses	(2,951)
12 months or longer, fair value	83,533
12 months or longer, gross unrealized losses	(3,369)
Total, fair value	230,205
Total, gross unrealized losses	$ (6,320)
Corporate debt securities and other debt securities
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, fair value		9,337
Less than 12 months, gross unrealized losses		(168)
12 months or longer, fair value		0
12 months or longer, gross unrealized losses		0
Total, fair value		9,337
Total, gross unrealized losses		$ (168)

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Investment Securities Available for Sale - Amortized Cost And Estimated Fair Value By Contractual Maturity Of Investment Securities Available For Sale (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Amortized Cost
Amortized cost, within one year	$ 545,074
Amortized cost, 1 to 5 years	182,307
Amortized cost, 5 to 10 years	452,953
Amortized cost, more than 10 years	9,811,172
Amortized Cost	10,991,506	$ 7,801,864
Fair Value
Fair value, within one year	545,306
Fair value, 1 to 5 years	184,013
Fair value, 5 to 10 years	452,296
Fair value, more than 10 years	9,736,714
Total fair value	10,918,329	7,962,438
U.S. Treasury securities
Amortized Cost
Amortized cost, within one year	20,600
Amortized cost, 1 to 5 years	0
Amortized cost, 5 to 10 years	99,865
Amortized cost, more than 10 years	0
Amortized Cost	120,465	20,257
Fair Value
Fair value, within one year	20,600
Fair value, 1 to 5 years	0
Fair value, 5 to 10 years	97,238
Fair value, more than 10 years	0
Total fair value	117,838	20,257
U.S. Government agency securities
Amortized Cost
Amortized cost, within one year	756
Amortized cost, 1 to 5 years	321
Amortized cost, 5 to 10 years	52,137
Amortized cost, more than 10 years	0
Amortized Cost	53,214	79,638
Fair Value
Fair value, within one year	760
Fair value, 1 to 5 years	322
Fair value, 5 to 10 years	53,119
Fair value, more than 10 years	0
Total fair value	54,201	82,320
Mortgage-backed securities issued by U.S. Government agencies
Amortized Cost
Amortized cost, within one year	0
Amortized cost, 1 to 5 years	842
Amortized cost, 5 to 10 years	131
Amortized cost, more than 10 years	789,356
Amortized Cost	790,329	1,216,012
Fair Value
Fair value, within one year	0
Fair value, 1 to 5 years	870
Fair value, 5 to 10 years	136
Fair value, more than 10 years	778,627
Total fair value	779,633	1,218,017
Mortgage-backed securities issued by U.S. Government sponsored enterprises
Amortized Cost
Amortized cost, within one year	28
Amortized cost, 1 to 5 years	0
Amortized cost, 5 to 10 years	80,539
Amortized cost, more than 10 years	7,983,323
Amortized Cost	8,063,890	4,865,858
Fair Value
Fair value, within one year	28
Fair value, 1 to 5 years	0
Fair value, 5 to 10 years	83,271
Fair value, more than 10 years	7,929,002
Total fair value	8,012,301	5,000,046
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises
Amortized Cost
Amortized cost, within one year	0
Amortized cost, 1 to 5 years	0
Amortized cost, 5 to 10 years	146
Amortized cost, more than 10 years	951,545
Amortized Cost	951,691	1,245,644
Fair Value
Fair value, within one year	0
Fair value, 1 to 5 years	0
Fair value, 5 to 10 years	150
Fair value, more than 10 years	939,473
Total fair value	939,623	1,250,377
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises
Amortized Cost
Amortized cost, within one year	0
Amortized cost, 1 to 5 years	181,144
Amortized cost, 5 to 10 years	211,328
Amortized cost, more than 10 years	86,948
Amortized Cost	479,420	354,244
Fair Value
Fair value, within one year	0
Fair value, 1 to 5 years	182,821
Fair value, 5 to 10 years	209,311
Fair value, more than 10 years	89,612
Total fair value	481,744	370,921
Asset-backed securities
Amortized Cost
Amortized cost, within one year	514,188
Amortized cost, 1 to 5 years	0
Amortized cost, 5 to 10 years	0
Amortized cost, more than 10 years	0
Amortized Cost	514,188
Fair Value
Fair value, within one year	514,188
Fair value, 1 to 5 years	0
Fair value, 5 to 10 years	0
Fair value, more than 10 years	0
Total fair value	514,188
Corporate debt securities and other debt securities
Amortized Cost
Amortized cost, within one year	9,502
Amortized cost, 1 to 5 years	0
Amortized cost, 5 to 10 years	8,807
Amortized cost, more than 10 years	0
Amortized Cost	18,309	20,211
Fair Value
Fair value, within one year	9,730
Fair value, 1 to 5 years	0
Fair value, 5 to 10 years	9,071
Fair value, more than 10 years	0
Total fair value	$ 18,801	$ 20,500

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Investment Securities Available for Sale - Summary Of Sales Transactions In The Investment Securities Available For Sale Portfolio (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Investments [Abstract]
Gross realized gains on sales	$ 1,191	$ 85,375	$ 10,370
Gross realized losses on sales	(1,990)	(6,444)	(18,029)
Investment securities gains (losses), net	$ (799)	$ 78,931	$ (7,659)

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Loans And Allowance For Loan Losses - Schedule Of Current, Accruing Past Due And Nonaccrual Loans (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Loans, net of deferred fees and costs	$ 39,311,958	$ 38,252,984
Non-accrual with an ALL	100,518	127,720
Non-accrual without an ALL	30,524	23,359
Total	39,311,958	38,252,984
Commercial and industrial
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Non-accrual with an ALL	45,064	75,546
Non-accrual without an ALL	27,919	21,859
Total	19,561,161	19,520,168
Commercial and industrial | Commercial, financial, and agricultural
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Non-accrual with an ALL	37,918	55,527
Non-accrual without an ALL	23,869	21,859
Total	12,052,475	12,410,152
Commercial and industrial | Owner-occupied
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Non-accrual with an ALL	7,146	20,019
Non-accrual without an ALL	4,050	0
Total	7,508,686	7,110,016
Commercial real estate
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Non-accrual with an ALL	9,726	28,913
Non-accrual without an ALL	2,605	1,500
Total	10,981,490	10,325,707
Commercial real estate | Investment properties
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Non-accrual with an ALL	3,273	24,631
Non-accrual without an ALL	2,577	0
Total	9,869,155	9,103,379
Commercial real estate | 1-4 family properties
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Non-accrual with an ALL	4,535	2,383
Non-accrual without an ALL	28	1,236
Total	645,469	628,695
Commercial real estate | Land and development
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Non-accrual with an ALL	1,918	1,899
Non-accrual without an ALL	0	264
Total	466,866	593,633
Consumer
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Non-accrual with an ALL	45,728	23,261
Non-accrual without an ALL	0	0
Total	8,769,307	8,407,109
Consumer | Consumer mortgages
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Non-accrual with an ALL	29,078	8,740
Non-accrual without an ALL	0	0
Total	5,069,039	5,513,491
Consumer | Home equity lines
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Non-accrual with an ALL	9,760	12,145
Non-accrual without an ALL	0	0
Total	1,281,989	1,537,726
Consumer | Credit cards
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Non-accrual with an ALL	0	0
Non-accrual without an ALL	0	0
Total	299,556	281,018
Consumer | Other consumer loans
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Non-accrual with an ALL	6,890	2,376
Non-accrual without an ALL	0	0
Total	2,118,723	1,074,874
Current
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Loans, net of deferred fees and costs	39,123,351	38,054,556
Current | Commercial and industrial
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Loans, net of deferred fees and costs	19,467,778	19,409,506
Current | Commercial and industrial | Commercial, financial, and agricultural
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Loans, net of deferred fees and costs	11,973,974	12,321,514
Current | Commercial and industrial | Owner-occupied
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Loans, net of deferred fees and costs	7,493,804	7,087,992
Current | Commercial real estate
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Loans, net of deferred fees and costs	10,964,883	10,288,383
Current | Commercial real estate | Investment properties
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Loans, net of deferred fees and costs	9,861,303	9,075,843
Current | Commercial real estate | 1-4 family properties
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Loans, net of deferred fees and costs	639,631	621,492
Current | Commercial real estate | Land and development
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Loans, net of deferred fees and costs	463,949	591,048
Current | Consumer
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Loans, net of deferred fees and costs	8,690,690	8,356,667
Current | Consumer | Consumer mortgages
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Loans, net of deferred fees and costs	5,033,579	5,495,415
Current | Consumer | Home equity lines
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Loans, net of deferred fees and costs	1,269,610	1,521,575
Current | Consumer | Credit cards
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Loans, net of deferred fees and costs	296,695	276,778
Current | Consumer | Other consumer loans
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Loans, net of deferred fees and costs	2,090,806	1,062,899
Accruing 30-89 Days Past Due
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Loans, net of deferred fees and costs	50,795	43,232
Accruing 30-89 Days Past Due | Commercial and industrial
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Loans, net of deferred fees and costs	16,655	12,169
Accruing 30-89 Days Past Due | Commercial and industrial | Commercial, financial, and agricultural
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Loans, net of deferred fees and costs	13,028	10,256
Accruing 30-89 Days Past Due | Commercial and industrial | Owner-occupied
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Loans, net of deferred fees and costs	3,627	1,913
Accruing 30-89 Days Past Due | Commercial real estate
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Loans, net of deferred fees and costs	3,312	6,721
Accruing 30-89 Days Past Due | Commercial real estate | Investment properties
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Loans, net of deferred fees and costs	1,285	2,751
Accruing 30-89 Days Past Due | Commercial real estate | 1-4 family properties
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Loans, net of deferred fees and costs	1,182	3,548
Accruing 30-89 Days Past Due | Commercial real estate | Land and development
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Loans, net of deferred fees and costs	845	422
Accruing 30-89 Days Past Due | Consumer
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Loans, net of deferred fees and costs	30,828	24,342
Accruing 30-89 Days Past Due | Consumer | Consumer mortgages
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Loans, net of deferred fees and costs	6,256	8,851
Accruing 30-89 Days Past Due | Consumer | Home equity lines
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Loans, net of deferred fees and costs	2,619	4,006
Accruing 30-89 Days Past Due | Consumer | Credit cards
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Loans, net of deferred fees and costs	1,584	2,363
Accruing 30-89 Days Past Due | Consumer | Other consumer loans
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Loans, net of deferred fees and costs	20,369	9,122
Accruing 90 Days or Greater Past Due
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Loans, net of deferred fees and costs	6,770	4,117
Accruing 90 Days or Greater Past Due | Commercial and industrial
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Loans, net of deferred fees and costs	3,745	1,088
Accruing 90 Days or Greater Past Due | Commercial and industrial | Commercial, financial, and agricultural
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Loans, net of deferred fees and costs	3,686	996
Accruing 90 Days or Greater Past Due | Commercial and industrial | Owner-occupied
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Loans, net of deferred fees and costs	59	92
Accruing 90 Days or Greater Past Due | Commercial real estate
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Loans, net of deferred fees and costs	964	190
Accruing 90 Days or Greater Past Due | Commercial real estate | Investment properties
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Loans, net of deferred fees and costs	717	154
Accruing 90 Days or Greater Past Due | Commercial real estate | 1-4 family properties
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Loans, net of deferred fees and costs	93	36
Accruing 90 Days or Greater Past Due | Commercial real estate | Land and development
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Loans, net of deferred fees and costs	154	0
Accruing 90 Days or Greater Past Due | Consumer
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Loans, net of deferred fees and costs	2,061	2,839
Accruing 90 Days or Greater Past Due | Consumer | Consumer mortgages
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Loans, net of deferred fees and costs	126	485
Accruing 90 Days or Greater Past Due | Consumer | Home equity lines
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Loans, net of deferred fees and costs	0	0
Accruing 90 Days or Greater Past Due | Consumer | Credit cards
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Loans, net of deferred fees and costs	1,277	1,877
Accruing 90 Days or Greater Past Due | Consumer | Other consumer loans
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Loans, net of deferred fees and costs	658	477
Total Accruing Past Due
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Loans, net of deferred fees and costs	57,565	47,349
Total Accruing Past Due | Commercial and industrial
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Loans, net of deferred fees and costs	20,400	13,257
Total Accruing Past Due | Commercial and industrial | Commercial, financial, and agricultural
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Loans, net of deferred fees and costs	16,714	11,252
Total Accruing Past Due | Commercial and industrial | Owner-occupied
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Loans, net of deferred fees and costs	3,686	2,005
Total Accruing Past Due | Commercial real estate
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Loans, net of deferred fees and costs	4,276	6,911
Total Accruing Past Due | Commercial real estate | Investment properties
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Loans, net of deferred fees and costs	2,002	2,905
Total Accruing Past Due | Commercial real estate | 1-4 family properties
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Loans, net of deferred fees and costs	1,275	3,584
Total Accruing Past Due | Commercial real estate | Land and development
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Loans, net of deferred fees and costs	999	422
Total Accruing Past Due | Consumer
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Loans, net of deferred fees and costs	32,889	27,181
Total Accruing Past Due | Consumer | Consumer mortgages
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Loans, net of deferred fees and costs	6,382	9,336
Total Accruing Past Due | Consumer | Home equity lines
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Loans, net of deferred fees and costs	2,619	4,006
Total Accruing Past Due | Consumer | Credit cards
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Loans, net of deferred fees and costs	2,861	4,240
Total Accruing Past Due | Consumer | Other consumer loans
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Loans, net of deferred fees and costs	$ 21,027	$ 9,599

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Loans And Allowance For Loan Losses - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) contract	Dec. 31, 2020 USD ($) contract	Dec. 31, 2019 USD ($) contract	Jan. 01, 2020 USD ($)	Dec. 31, 2018 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and leases receivable, impaired, interest lost on nonaccrual loans	$ 11,100	$ 12,600
Loans and leases receivable, impaired, interest income recognized, change in present value attributable to passage of time	1,800	3,900
Loans pledged as collateral	14,190,000	15,050,000
Loans	39,311,958	38,252,984
Financing receivable, change in method, credit loss expense (reversal)		18,300
Transfers to held for sale		1,430,000
Financing receivable, allowance for credit loss	427,597	605,736	$ 281,402	$ 281,402	$ 250,555
Reserve for unfunded commitments	41,900			1,375
Allowance for credit losses	469,500	653,500		$ 282,777
Allowance for credit loss, decrease	$ 184,000
ACL to loans ratio	1.19%
Decrease in ACL to loans ratio	0.0052
Estimated unemployment rate	3.70%
Downside bias	43.00%
Financing receivable, allowance for credit loss, period increase (decrease) from increase in size of loan profile	$ 1,620,000
Financing receivable, purchase	$ 38,600
Allowance for credit loss, reasonable and supportable forecast period	2 years
Allowance for credit loss, straight-line basis historical period	1 year
Modifications, post-modification recorded investment	$ 48,932	76,615	$ 49,859
Unfunded Loan Commitment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, allowance for credit loss		$ 47,800
Troubled Debt Restructuring That Subsequently Defaulted
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subsequent default, number of contracts | contract	8,000	7	4
Modifications, post-modification recorded investment	$ 978	$ 21,700	$ 326
Commercial and industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	19,561,161	19,520,168
Modifications, post-modification recorded investment	27,618	28,917	$ 28,793
Commercial and industrial | Small Business Administration (SBA), CARES Act, Paycheck Protection Program
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 399,600	$ 2,190,000

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Loans And Allowance For Loan Losses - Loan Portfolio Credit Exposure (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Financing Receivable, Credit Quality Indicator [Line Items]
2021	$ 9,422,021	$ 8,709,446
2020	6,553,714	6,259,069
2019	4,897,449	4,981,643
2018	3,086,000	3,875,295
2017	2,559,500	2,594,349
Prior	4,731,830	4,699,763
Total	$ 39,311,958	$ 38,252,984
Maximum
Financing Receivable, Credit Quality Indicator [Line Items]
Allowance for loan and lease losses, percent of loan amount	50.00%	50.00%
Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total	$ 7,945,964	$ 6,985,664
Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total	115,480	147,755
Commercial and industrial
Financing Receivable, Credit Quality Indicator [Line Items]
2021	4,201,081	5,241,473
2020	2,696,735	2,722,640
2019	2,112,628	2,098,769
2018	1,549,445	1,662,981
2017	1,184,980	1,130,716
Prior	2,156,245	2,015,220
Total	19,561,161	19,520,168
Commercial and industrial | Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total	5,617,205	4,597,604
Commercial and industrial | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total	42,842	50,765
Commercial and industrial | Commercial, financial, and agricultural
Financing Receivable, Credit Quality Indicator [Line Items]
2021	2,416,710	3,911,053
2020	1,398,694	1,414,417
2019	981,693	904,651
2018	637,246	640,754
2017	451,760	565,886
Prior	944,049	674,588
Total	12,052,475	12,410,152
Commercial and industrial | Commercial, financial, and agricultural | Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total	5,179,481	4,248,038
Commercial and industrial | Commercial, financial, and agricultural | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total	42,842	50,765
Commercial and industrial | Owner-occupied
Financing Receivable, Credit Quality Indicator [Line Items]
2021	1,784,371	1,330,420
2020	1,298,041	1,308,223
2019	1,130,935	1,194,118
2018	912,199	1,022,227
2017	733,220	564,830
Prior	1,212,196	1,340,632
Total	7,508,686	7,110,016
Commercial and industrial | Owner-occupied | Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total	437,724	349,566
Commercial and industrial | Owner-occupied | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0	0
Commercial real estate
Financing Receivable, Credit Quality Indicator [Line Items]
2021	3,271,317	1,344,249
2020	1,591,162	2,469,117
2019	2,079,334	2,366,966
2018	1,256,576	1,431,516
2017	888,314	696,471
Prior	1,460,714	1,649,986
Total	10,981,490	10,325,707
Commercial real estate | Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total	434,073	367,402
Commercial real estate | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0	0
Commercial real estate | Investment properties
Financing Receivable, Credit Quality Indicator [Line Items]
2021	2,831,606	1,057,929
2020	1,463,829	2,197,597
2019	1,946,374	2,200,615
2018	1,140,792	1,247,704
2017	800,794	644,017
Prior	1,352,050	1,470,998
Total	9,869,155	9,103,379
Commercial real estate | Investment properties | Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total	333,710	284,519
Commercial real estate | Investment properties | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0	0
Commercial real estate | 1-4 family properties
Financing Receivable, Credit Quality Indicator [Line Items]
2021	297,273	199,249
2020	83,183	95,798
2019	53,146	75,087
2018	47,247	89,704
2017	49,546	40,069
Prior	59,441	99,791
Total	645,469	628,695
Commercial real estate | 1-4 family properties | Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total	55,633	28,997
Commercial real estate | 1-4 family properties | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0	0
Commercial real estate | Land and development
Financing Receivable, Credit Quality Indicator [Line Items]
2021	142,438	87,071
2020	44,150	175,722
2019	79,814	91,264
2018	68,537	94,108
2017	37,974	12,385
Prior	49,223	79,197
Total	466,866	593,633
Commercial real estate | Land and development | Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total	44,730	53,886
Commercial real estate | Land and development | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0	0
Consumer
Financing Receivable, Credit Quality Indicator [Line Items]
2021	1,949,623	2,123,724
2020	2,265,817	1,067,312
2019	705,487	515,908
2018	279,979	780,798
2017	486,206	767,162
Prior	1,114,871	1,034,557
Total	8,769,307	8,407,109
Consumer | Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total	1,894,686	2,020,658
Consumer | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total	72,638	96,990
Consumer | Consumer mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
2021	1,294,137	1,871,545
2020	1,555,190	875,730
2019	576,292	426,459
2018	228,664	679,144
2017	398,139	686,676
Prior	1,016,321	972,897
Total	5,069,039	5,513,491
Consumer | Consumer mortgages | Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total	296	1,040
Consumer | Consumer mortgages | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0	0
Consumer | Home equity lines
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0	0
2020	0	0
2019	0	0
2018	0	0
2017	0	0
Prior	0	0
Total	1,281,989	1,537,726
Consumer | Home equity lines | Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total	1,209,351	1,440,736
Consumer | Home equity lines | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total	72,638	96,990
Consumer | Credit cards
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0	0
2020	0	0
2019	0	0
2018	0	0
2017	0	0
Prior	0	0
Total	299,556	281,018
Consumer | Credit cards | Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total	299,556	281,018
Consumer | Credit cards | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0	0
Consumer | Other consumer loans
Financing Receivable, Credit Quality Indicator [Line Items]
2021	655,486	252,179
2020	710,627	191,582
2019	129,195	89,449
2018	51,315	101,654
2017	88,067	80,486
Prior	98,550	61,660
Total	2,118,723	1,074,874
Consumer | Other consumer loans | Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total	385,483	297,864
Consumer | Other consumer loans | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0	0
Pass | Commercial and industrial | Commercial, financial, and agricultural
Financing Receivable, Credit Quality Indicator [Line Items]
2021	2,397,405	3,819,048
2020	1,332,549	1,333,460
2019	922,396	847,283
2018	607,918	582,612
2017	433,045	551,413
Prior	903,995	633,871
Total	11,696,285	11,920,200
Pass | Commercial and industrial | Commercial, financial, and agricultural | Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total	5,056,168	4,102,751
Pass | Commercial and industrial | Commercial, financial, and agricultural | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total	42,809	49,762
Pass | Commercial and industrial | Owner-occupied
Financing Receivable, Credit Quality Indicator [Line Items]
2021	1,776,086	1,321,680
2020	1,276,797	1,275,435
2019	1,117,825	1,131,183
2018	858,721	982,056
2017	708,942	555,932
Prior	1,150,386	1,297,070
Total	7,326,481	6,912,922
Pass | Commercial and industrial | Owner-occupied | Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total	437,724	349,566
Pass | Commercial and industrial | Owner-occupied | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0	0
Pass | Commercial real estate | Investment properties
Financing Receivable, Credit Quality Indicator [Line Items]
2021	2,823,978	1,055,440
2020	1,463,503	2,126,667
2019	1,905,534	1,999,345
2018	1,019,765	1,091,880
2017	738,036	483,780
Prior	1,284,013	1,301,088
Total	9,513,526	8,287,244
Pass | Commercial real estate | Investment properties | Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total	278,697	229,044
Pass | Commercial real estate | Investment properties | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0	0
Pass | Commercial real estate | 1-4 family properties
Financing Receivable, Credit Quality Indicator [Line Items]
2021	295,082	197,320
2020	82,976	95,145
2019	51,939	70,267
2018	43,025	88,454
2017	49,057	38,729
Prior	57,025	97,374
Total	634,692	614,946
Pass | Commercial real estate | 1-4 family properties | Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total	55,588	27,657
Pass | Commercial real estate | 1-4 family properties | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0	0
Pass | Commercial real estate | Land and development
Financing Receivable, Credit Quality Indicator [Line Items]
2021	141,614	84,985
2020	42,201	173,302
2019	77,868	83,734
2018	34,058	92,911
2017	37,167	12,249
Prior	44,989	76,380
Total	422,627	576,811
Pass | Commercial real estate | Land and development | Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total	44,730	53,250
Pass | Commercial real estate | Land and development | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0	0
Pass | Consumer | Consumer mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
2021	1,293,106	1,871,512
2020	1,551,510	874,769
2019	570,344	425,711
2018	216,277	678,255
2017	392,422	685,810
Prior	991,080	965,382
Total	5,015,035	5,502,479
Pass | Consumer | Consumer mortgages | Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total	296	1,040
Pass | Consumer | Consumer mortgages | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0	0
Pass | Consumer | Home equity lines
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0	0
2020	0	0
2019	0	0
2018	0	0
2017	0	0
Prior	0	0
Total	1,266,774	1,520,587
Pass | Consumer | Home equity lines | Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total	1,199,635	1,429,755
Pass | Consumer | Home equity lines | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total	67,139	90,832
Pass | Consumer | Credit cards
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0	0
2020	0	0
2019	0	0
2018	0	0
2017	0	0
Prior	0	0
Total	298,287	279,142
Pass | Consumer | Credit cards | Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total	298,287	279,142
Pass | Consumer | Credit cards | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0	0
Pass | Consumer | Other consumer loans
Financing Receivable, Credit Quality Indicator [Line Items]
2021	654,818	252,160
2020	709,077	190,820
2019	127,131	89,187
2018	50,007	100,459
2017	86,175	80,365
Prior	97,780	61,040
Total	2,110,296	1,071,668
Pass | Consumer | Other consumer loans | Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total	385,308	297,637
Pass | Consumer | Other consumer loans | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0	0
Special Mention | Commercial and industrial | Commercial, financial, and agricultural
Financing Receivable, Credit Quality Indicator [Line Items]
2021	2,731	63,307
2020	15,166	40,618
2019	17,571	12,723
2018	10,433	22,070
2017	2,242	1,665
Prior	2,489	5,545
Total	122,628	207,158
Special Mention | Commercial and industrial | Commercial, financial, and agricultural | Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total	71,996	60,741
Special Mention | Commercial and industrial | Commercial, financial, and agricultural | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0	489
Special Mention | Commercial and industrial | Owner-occupied
Financing Receivable, Credit Quality Indicator [Line Items]
2021	702	6,170
2020	19,950	9,995
2019	4,724	10,682
2018	10,202	14,138
2017	18,109	1,582
Prior	36,481	13,768
Total	90,168	56,335
Special Mention | Commercial and industrial | Owner-occupied | Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0	0
Special Mention | Commercial and industrial | Owner-occupied | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0	0
Special Mention | Commercial real estate | Investment properties
Financing Receivable, Credit Quality Indicator [Line Items]
2021	6,163	1,482
2020	0	66,160
2019	32,290	176,794
2018	63,900	136,004
2017	59,194	138,362
Prior	44,532	129,401
Total	239,738	703,643
Special Mention | Commercial real estate | Investment properties | Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total	33,659	55,440
Special Mention | Commercial real estate | Investment properties | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0	0
Special Mention | Commercial real estate | 1-4 family properties
Financing Receivable, Credit Quality Indicator [Line Items]
2021	192	402
2020	207	0
2019	641	508
2018	0	109
2017	0	786
Prior	239	118
Total	1,279	1,923
Special Mention | Commercial real estate | 1-4 family properties | Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0	0
Special Mention | Commercial real estate | 1-4 family properties | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0	0
Special Mention | Commercial real estate | Land and development
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0	857
2020	800	1,995
2019	1,900	2,866
2018	31,458	282
2017	0	0
Prior	1,179	1,332
Total	35,337	7,968
Special Mention | Commercial real estate | Land and development | Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0	636
Special Mention | Commercial real estate | Land and development | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0	0
Substandard | Commercial and industrial | Commercial, financial, and agricultural
Financing Receivable, Credit Quality Indicator [Line Items]
2021	16,105	28,698
2020	50,979	36,618
2019	40,125	24,867
2018	10,383	36,072
2017	16,473	12,808
Prior	37,565	35,172
Total	222,932	259,247
Substandard | Commercial and industrial | Commercial, financial, and agricultural | Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total	51,269	84,498
Substandard | Commercial and industrial | Commercial, financial, and agricultural | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total	33	514
Substandard | Commercial and industrial | Owner-occupied
Financing Receivable, Credit Quality Indicator [Line Items]
2021	7,312	2,570
2020	1,294	22,793
2019	8,386	42,615
2018	43,276	26,033
2017	6,169	7,316
Prior	25,329	29,794
Total	91,766	131,121
Substandard | Commercial and industrial | Owner-occupied | Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0	0
Substandard | Commercial and industrial | Owner-occupied | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0	0
Substandard | Commercial real estate | Investment properties
Financing Receivable, Credit Quality Indicator [Line Items]
2021	1,465	1,007
2020	326	4,770
2019	8,550	24,476
2018	57,127	19,820
2017	3,564	21,875
Prior	23,505	40,509
Total	115,891	112,492
Substandard | Commercial real estate | Investment properties | Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total	21,354	35
Substandard | Commercial real estate | Investment properties | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0	0
Substandard | Commercial real estate | 1-4 family properties
Financing Receivable, Credit Quality Indicator [Line Items]
2021	1,999	1,527
2020	0	653
2019	566	4,312
2018	4,222	1,141
2017	489	554
Prior	2,177	2,299
Total	9,498	11,826
Substandard | Commercial real estate | 1-4 family properties | Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total	45	1,340
Substandard | Commercial real estate | 1-4 family properties | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0	0
Substandard | Commercial real estate | Land and development
Financing Receivable, Credit Quality Indicator [Line Items]
2021	824	1,229
2020	1,149	425
2019	46	4,664
2018	3,021	915
2017	807	136
Prior	3,055	1,485
Total	8,902	8,854
Substandard | Commercial real estate | Land and development | Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0	0
Substandard | Commercial real estate | Land and development | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0	0
Substandard | Consumer | Consumer mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
2021	1,031	33
2020	3,680	961
2019	5,943	748
2018	12,387	889
2017	5,717	866
Prior	25,025	7,224
Total	53,783	10,721
Substandard | Consumer | Consumer mortgages | Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0	0
Substandard | Consumer | Consumer mortgages | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0	0
Substandard | Consumer | Home equity lines
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0	0
2020	0	0
2019	0	0
2018	0	0
2017	0	0
Prior	0	0
Total	14,417	15,694
Substandard | Consumer | Home equity lines | Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total	9,058	9,698
Substandard | Consumer | Home equity lines | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total	5,359	5,996
Substandard | Consumer | Credit cards
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0	0
2020	0	0
2019	0	0
2018	0	0
2017	0	0
Prior	0	0
Total	521	595
Substandard | Consumer | Credit cards | Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total	521	595
Substandard | Consumer | Credit cards | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0	0
Substandard | Consumer | Other consumer loans
Financing Receivable, Credit Quality Indicator [Line Items]
2021	668	19
2020	1,550	762
2019	2,064	262
2018	1,308	1,195
2017	1,892	121
Prior	750	585
Total	8,407	3,171
Substandard | Consumer | Other consumer loans | Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total	175	227
Substandard | Consumer | Other consumer loans | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0	0
Doubtful | Commercial and industrial | Commercial, financial, and agricultural
Financing Receivable, Credit Quality Indicator [Line Items]
2021	469	0
2020	0	3,721
2019	1,601	19,778
2018	8,512	0
2017	0	0
Prior	0	0
Total	10,630	23,547
Doubtful | Commercial and industrial | Commercial, financial, and agricultural | Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total	48	48
Doubtful | Commercial and industrial | Commercial, financial, and agricultural | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0	0
Doubtful | Commercial and industrial | Owner-occupied
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0	0
2020	0	0
2019	0	9,638
2018	0	0
2017	0	0
Prior	0	0
Total	0	9,638
Doubtful | Commercial and industrial | Owner-occupied | Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0	0
Doubtful | Commercial and industrial | Owner-occupied | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0	0
Doubtful | Consumer | Home equity lines
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0	0
2020	0	0
2019	0	0
2018	0	0
2017	0	0
Prior	0	0
Total	0	19
Doubtful | Consumer | Home equity lines | Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0	0
Doubtful | Consumer | Home equity lines | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0	19
Loss | Commercial and industrial | Owner-occupied
Financing Receivable, Credit Quality Indicator [Line Items]
2021	271
2020	0
2019	0
2018	0
2017	0
Prior	0
Total	271
Loss | Commercial and industrial | Owner-occupied | Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0
Loss | Commercial and industrial | Owner-occupied | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0
Loss | Consumer | Consumer mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0	0
2020	0	0
2019	5	0
2018	0	0
2017	0	0
Prior	216	291
Total	221	291
Loss | Consumer | Consumer mortgages | Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0	0
Loss | Consumer | Consumer mortgages | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0	0
Loss | Consumer | Home equity lines
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0	0
2020	0	0
2019	0	0
2018	0	0
2017	0	0
Prior	0	0
Total	798	1,426
Loss | Consumer | Home equity lines | Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total	658	1,283
Loss | Consumer | Home equity lines | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total	140	143
Loss | Consumer | Credit cards
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0	0
2020	0	0
2019	0	0
2018	0	0
2017	0	0
Prior	0	0
Total	748	1,281
Loss | Consumer | Credit cards | Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total	748	1,281
Loss | Consumer | Credit cards | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0	0
Loss | Consumer | Other consumer loans
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0	0
2020	0	0
2019	0	0
2018	0	0
2017	0	0
Prior	20	35
Total	20	35
Loss | Consumer | Other consumer loans | Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0	0
Loss | Consumer | Other consumer loans | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total	$ 0	$ 0

XML

Loans And Allowance For Loan Losses - Schedule Of Allowances For Loan Losses And Recorded Investment In Loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	$ 605,736	$ 281,402	$ 250,555
Charge-offs	(105,232)	(119,262)	(79,135)
Recoveries	27,444	24,550	21,523
Provision for (reversal of) loan losses	(100,351)	336,052	87,720
Transfer of unfunded commitment reserve			739
Ending balance	427,597	605,736	281,402
Cumulative Effect, Period of Adoption, Adjustment
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance		82,994
Ending balance			82,994
Cumulative Effect, Period of Adoption, Adjusted Balance
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	605,736	364,396
Ending balance		605,736	364,396
Commercial and industrial
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	229,555	145,782	133,123
Charge-offs	(59,457)	(76,260)	(49,572)
Recoveries	9,734	13,544	7,827
Provision for (reversal of) loan losses	8,532	148,799	53,665
Transfer of unfunded commitment reserve			739
Ending balance	188,364	229,555	145,782
Commercial and industrial | Cumulative Effect, Period of Adoption, Adjustment
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance		(2,310)
Ending balance			(2,310)
Commercial and industrial | Cumulative Effect, Period of Adoption, Adjusted Balance
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	229,555	143,472
Ending balance		229,555	143,472
Commercial real estate
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	130,742	67,430	68,796
Charge-offs	(15,392)	(13,213)	(5,540)
Recoveries	7,444	2,857	8,618
Provision for (reversal of) loan losses	(25,034)	74,319	(4,444)
Transfer of unfunded commitment reserve			0
Ending balance	97,760	130,742	67,430
Commercial real estate | Cumulative Effect, Period of Adoption, Adjustment
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance		(651)
Ending balance			(651)
Commercial real estate | Cumulative Effect, Period of Adoption, Adjusted Balance
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	130,742	66,779
Ending balance		130,742	66,779
Consumer
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	245,439	68,190	48,636
Charge-offs	(30,383)	(29,789)	(24,023)
Recoveries	10,266	8,149	5,078
Provision for (reversal of) loan losses	(83,849)	112,934	38,499
Transfer of unfunded commitment reserve			0
Ending balance	141,473	245,439	68,190
Consumer | Cumulative Effect, Period of Adoption, Adjustment
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance		85,955
Ending balance			85,955
Consumer | Cumulative Effect, Period of Adoption, Adjusted Balance
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	$ 245,439	154,145
Ending balance		$ 245,439	$ 154,145

XML

Loans And Allowance For Loan Losses - Troubled Debt Restructurings (Details)	12 Months Ended
	Dec. 31, 2021 USD ($) Contract	Dec. 31, 2020 USD ($) Contract	Dec. 31, 2019 USD ($) Contract
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Contracts | Contract	382	352	380
Total loans	$ 48,932,000	$ 76,615,000	$ 49,859,000
Write-down	$ 0	$ 0	$ 0
Commercial and industrial
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Contracts | Contract	176	174	149
Total loans	$ 27,618,000	$ 28,917,000	$ 28,793,000
Commercial and industrial | Commercial, financial, and agricultural
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Contracts | Contract	152	152	127
Total loans	$ 20,842,000	$ 22,851,000	$ 18,915,000
Commercial and industrial | Owner-occupied
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Contracts | Contract	24	22	22
Total loans	$ 6,776,000	$ 6,066,000	$ 9,878,000
Commercial real estate
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Contracts | Contract	30	35	34
Total loans	$ 6,392,000	$ 34,579,000	$ 5,590,000
Commercial real estate | Investment properties
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Contracts | Contract	9	9	8
Total loans	$ 3,130,000	$ 31,099,000	$ 1,548,000
Commercial real estate | 1-4 family properties
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Contracts | Contract	13	22	18
Total loans	$ 1,254,000	$ 2,874,000	$ 2,825,000
Commercial real estate | Land and development
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Contracts | Contract	8	4	8
Total loans	$ 2,008,000	$ 606,000	$ 1,217,000
Consumer
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Contracts | Contract	176	143	197
Total loans	$ 14,922,000	$ 13,119,000	$ 15,476,000
Consumer | Consumer mortgages
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Contracts | Contract	18	23	18
Total loans	$ 3,518,000	$ 4,655,000	$ 2,948,000
Consumer | Home equity lines
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Contracts | Contract	55	63	70
Total loans	$ 5,249,000	$ 4,500,000	$ 5,546,000
Consumer | Other consumer loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Contracts | Contract	103	57	109
Total loans	$ 6,155,000	$ 3,964,000	$ 6,982,000
Below Market Interest Rate
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total loans	32,801,000	52,550,000	29,299,000
Below Market Interest Rate | Commercial and industrial
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total loans	18,654,000	15,475,000	18,059,000
Below Market Interest Rate | Commercial and industrial | Commercial, financial, and agricultural
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total loans	12,746,000	10,939,000	9,042,000
Below Market Interest Rate | Commercial and industrial | Owner-occupied
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total loans	5,908,000	4,536,000	9,017,000
Below Market Interest Rate | Commercial real estate
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total loans	6,209,000	32,054,000	4,917,000
Below Market Interest Rate | Commercial real estate | Investment properties
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total loans	3,130,000	29,679,000	1,548,000
Below Market Interest Rate | Commercial real estate | 1-4 family properties
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total loans	1,131,000	1,769,000	2,182,000
Below Market Interest Rate | Commercial real estate | Land and development
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total loans	1,948,000	606,000	1,187,000
Below Market Interest Rate | Consumer
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total loans	7,938,000	5,021,000	6,323,000
Below Market Interest Rate | Consumer | Consumer mortgages
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total loans	2,512,000	1,866,000	1,587,000
Below Market Interest Rate | Consumer | Home equity lines
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total loans	4,991,000	1,970,000	3,024,000
Below Market Interest Rate | Consumer | Other consumer loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total loans	435,000	1,185,000	1,712,000
Other Concessions
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total loans	16,131,000	24,065,000	20,560,000
Other Concessions | Commercial and industrial
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total loans	8,964,000	13,442,000	10,734,000
Other Concessions | Commercial and industrial | Commercial, financial, and agricultural
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total loans	8,096,000	11,912,000	9,873,000
Other Concessions | Commercial and industrial | Owner-occupied
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total loans	868,000	1,530,000	861,000
Other Concessions | Commercial real estate
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total loans	183,000	2,525,000	673,000
Other Concessions | Commercial real estate | Investment properties
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total loans	0	1,420,000	0
Other Concessions | Commercial real estate | 1-4 family properties
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total loans	123,000	1,105,000	643,000
Other Concessions | Commercial real estate | Land and development
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total loans	60,000	0	30,000
Other Concessions | Consumer
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total loans	6,984,000	8,098,000	9,153,000
Other Concessions | Consumer | Consumer mortgages
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total loans	1,006,000	2,789,000	1,361,000
Other Concessions | Consumer | Home equity lines
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total loans	258,000	2,530,000	2,522,000
Other Concessions | Consumer | Other consumer loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total loans	5,720,000	2,779,000	5,270,000
Principal Forgiveness
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total loans	$ 0	$ 0	$ 0

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Premises Equipment and Software - Schedule of Premises Equipment and Software (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Total premises, equipment and software	$ 981,468	$ 1,069,349
Less: Accumulated depreciation and amortization	(574,227)	(605,390)
Net premises, equipment and software	407,241	463,959
Land
Property, Plant and Equipment [Line Items]
Total premises, equipment and software	104,768	113,828
Buildings and improvements
Property, Plant and Equipment [Line Items]
Total premises, equipment and software	361,593	407,735
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total premises, equipment and software	55,098	53,174
Furniture, equipment and software
Property, Plant and Equipment [Line Items]
Total premises, equipment and software	441,091	481,560
Construction in progress
Property, Plant and Equipment [Line Items]
Total premises, equipment and software	$ 18,918	$ 13,052

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Premises Equipment and Software - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Premises, equipment and software, net	Premises, equipment and software, net
Finance lease, right-of-use asset	$ 2.2	$ 3.4
Depreciation and amortization expense	50.5	51.6	$ 49.2
Premises and equipment transferred to/(from) other assets, net	33.4	$ 7.0
Real Estate Assets
Property, Plant and Equipment [Line Items]
Premises and equipment transferred to/(from) other assets, net	$ 17.6

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Goodwill And Other Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Goodwill [Roll Forward]
Beginning balance	$ 452,390	$ 497,267
Goodwill impairment	0	(44,877)	$ 0
Change in goodwill	0
Ending balance	452,390	452,390	497,267
Community Banking Reporting Unit
Goodwill [Roll Forward]
Beginning balance	256,323	256,323
Goodwill impairment		0
Change in goodwill	0
Ending balance	256,323	256,323	256,323
Wholesale Banking Reporting Unit
Goodwill [Roll Forward]
Beginning balance	171,636	171,636
Goodwill impairment		0
Change in goodwill	0
Ending balance	171,636	171,636	171,636
Consumer Mortgage Reporting Unit
Goodwill [Roll Forward]
Beginning balance	0	44,877
Goodwill impairment		(44,877)
Change in goodwill	0
Ending balance	0	0	44,877
Wealth Management Reporting Unit
Goodwill [Roll Forward]
Beginning balance	24,431	24,431
Goodwill impairment		0
Change in goodwill	0
Ending balance	$ 24,431	$ 24,431	$ 24,431

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Goodwill And Other Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Goodwill [Line Items]
Goodwill impairment	$ 0	$ 44,877	$ 0
Amortization of intangibles	$ 9,500	10,600	$ 11,600
Consumer Mortgage Reporting Unit
Goodwill [Line Items]
Goodwill impairment		$ 44,877
CDI | FCB Financial Holdings, Inc.
Goodwill [Line Items]
Finite-lived intangible asset, useful life	10 years

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Goodwill And Other Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 69,900	$ 69,900
Accumulated Amortization	(34,304)	(24,788)
Net Carrying Value	35,596	45,112
CDI
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	57,400	57,400
Accumulated Amortization	(28,178)	(19,829)
Net Carrying Value	29,222	37,571
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	12,500	12,500
Accumulated Amortization	(6,126)	(4,959)
Net Carrying Value	$ 6,374	$ 7,541

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Goodwill And Other Intangible Assets - Amortization Expense (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Aggregate estimated amortization expense
2022	$ 8,472
2023	7,429
2024	6,366
2025	5,266
2026	$ 4,195

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Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Other Assets [Abstract]
Investments in tax credits, CRA partnerships, and other investments	$ 426,137	$ 262,855
ROU assets	411,472	380,380
Derivative asset positions	191,708	401,295
Deferred tax asset, net	169,051	130,848
Federal Reserve Bank and FHLB Stock	159,941	157,520
Accrued interest receivable	145,659	177,865
Accounts receivable	81,325	88,286
Mutual funds and mutual funds held in rabbi trusts	43,657	37,650
Prepaid expense	42,874	45,088
MPS receivable	15,320	15,575
Other investments	12,185	1,021
Other real estate	11,818	1,819
Trading account assets, at fair value	8,391	10,880
Miscellaneous other assets	70,660	49,517
Total other assets	$ 1,790,198	$ 1,760,599

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Deposits (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Interest-bearing Deposit Liabilities [Abstract]
Interest-bearing demand deposits	$ 9,321,611	$ 8,838,710
Money market accounts	16,364,338	15,277,829
Savings accounts	1,420,647	1,168,672
Time deposits	3,093,027	4,358,100
Brokered deposits	2,835,000	3,570,406
Total interest-bearing deposits	33,034,623	33,213,717
Aggregate amount of time deposits of $250,000 or more	1,330,000	$ 1,800,000
Time Deposits, by Maturity [Abstract]
Maturing within one year	3,025,020
Between 1 - 2 years	789,274
2 - 3 years	171,042
3 - 4 years	79,903
4 - 5 years	41,967
Thereafter	10,269
Total	$ 4,117,475

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Long-term Debt and Short-term Borrowings - Schedule of Long-term Debt Instruments (Details) - USD ($)		12 Months Ended
	Feb. 10, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Long-term debt		$ 1,204,229,000	$ 1,202,494,000
Repayments of long-term debt, net		0	2,408,939,000	$ 157,226,000
Synovus Bank
Debt Instrument [Line Items]
Other long-term debt		0	145,000
Long-term debt		596,895,000	596,088,000
Synovus Bank | 2.289% Fixed-to-Floating Rate Senior Bank Notes due 2023 | Subsequent Event
Debt Instrument [Line Items]
Repayments of long-term debt, net	$ 405,300,000
Stated percentage	2.289%
Debt, face amount	$ 400,000,000
Synovus Bank | Four Percent Subordinated Notes, Due October 29, 2030
Debt Instrument [Line Items]
Subordinated notes		$ 197,626,000	197,349,000
Stated percentage		4.00%
Debt, face amount		$ 200,000,000.0
Interest rate period		5 years
Synovus Bank | Four Percent Subordinated Notes, Due October 29, 2030 | US Treasury Rate
Debt Instrument [Line Items]
Basis spread on variable rate		3.625%
Synovus Bank | Senior Notes | 2.289% Fixed-to-Floating Rate Senior Bank Notes due 2023
Debt Instrument [Line Items]
Long-term debt		$ 399,269,000	398,594,000
Stated percentage		2.289%
Debt, face amount		$ 400,000,000.0
Interest rate period		2 years
Synovus Bank | Senior Notes | 2.289% Fixed-to-Floating Rate Senior Bank Notes due 2023 | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate		0.945%
Parent Company
Debt Instrument [Line Items]
Long-term debt		$ 607,334,000	606,406,000
Repayments of long-term debt, net		0	250,000,000	$ 0
Parent Company | 5.90% Subordinated Notes, due February 7, 2029
Debt Instrument [Line Items]
Subordinated notes		$ 297,855,000	297,553,000
Stated percentage		5.90%
Debt, face amount		$ 300,000,000.0
Interest rate period		5 years
Parent Company | 5.90% Subordinated Notes, due February 7, 2029 | Five-Year Mid Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate		3.379%
Parent Company | LIBOR 1.80% debentures, due June 15, 2035
Debt Instrument [Line Items]
Unsecured debt		$ 10,000,000	$ 10,000,000
Stated percentage		1.80%
Debt, face amount		$ 10,000,000.0
Interest rate at period end		2.00%	2.02%
Parent Company | Senior Notes | 3.125% Senior Notes due November 1, 2022
Debt Instrument [Line Items]
Long-term debt		$ 299,479,000	$ 298,853,000
Stated percentage		3.125%
Debt, face amount		$ 300,000,000.0

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Long-term Debt and Short-term Borrowings - Principal Payments on Long-term Debt (Details) - USD ($) $ in Thousands		12 Months Ended
	Feb. 10, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
2022		$ 300,000
2023		400,000
2024		0
2025		0
2026		0
Thereafter		510,000
Total		1,210,000
Repayments of long-term debt, net		0	$ 2,408,939	$ 157,226
Synovus Bank
Debt Instrument [Line Items]
2022		0
2023		400,000
2024		0
2025		0
2026		0
Thereafter		200,000
Total		600,000
Synovus Bank | 2.289% Fixed-to-Floating Rate Senior Bank Notes due 2023 | Subsequent Event
Debt Instrument [Line Items]
Repayments of long-term debt, net	$ 405,300
Parent Company
Debt Instrument [Line Items]
2022		300,000
2023		0
2024		0
2025		0
2026		0
Thereafter		310,000
Total		610,000
Repayments of long-term debt, net		$ 0	$ 250,000	$ 0

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Shareholders' Equity and Other Comprehensive Income - Changes in Shares by Class (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, common stock, shares outstanding (in shares)	148,039,495
Stock options exercised (in shares)	923,000	572,000	820,000
Balance, common stock, shares outstanding (in shares)	145,010,086	148,039,495
Preferred Shares Issued
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance (in shares)	22,000,000	22,000,000	8,000,000
Issuance of preferred stock (in shares)			14,000,000
Balance (in shares)	22,000,000	22,000,000	22,000,000
Preferred Shares Issued | Series D Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance (in shares)	8,000,000	8,000,000	8,000,000
Issuance of preferred stock (in shares)			0
Balance (in shares)	8,000,000	8,000,000	8,000,000
Preferred Shares Issued | Series E Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance (in shares)	14,000,000	14,000,000	0
Issuance of preferred stock (in shares)			14,000,000
Balance (in shares)	14,000,000	14,000,000	14,000,000
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance (in shares)	168,133,000	166,801,000	143,300,000
Balance, common stock, shares outstanding (in shares)	148,040,000	147,158,000	115,866,000
Issuance of common stock (in shares)	125,000	379,000	344,000
Warrants exercised and common stock reissued (in shares)	3,000		260,000
Restricted share unit activity (in shares)	355,000	389,000	302,000
Stock options exercised (in shares)	896,000	564,000	812,000
Repurchase of common stock (in shares)	4,400,000	450,000	19,900,000
Repurchase of stock (in shares)	(4,409,000)	(450,000)	(19,903,000)
Balance (in shares)	169,384,000	168,133,000	166,801,000
Balance, common stock, shares outstanding (in shares)	145,010,000	148,040,000	147,158,000
Common Stock | FCB Financial Holdings, Inc.
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)			22,043,000
Common stock reissued (in shares)			(27,434,000)
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance (in shares)	20,093,000	19,643,000	27,434,000
Issuance of common stock (in shares)	(125,000)
Warrants exercised and common stock reissued (in shares)	(3,000)		(260,000)
Repurchase of common stock (in shares)	4,409,000	450,000	19,903,000
Balance (in shares)	24,374,000	20,093,000	19,643,000
Treasury Stock | FCB Financial Holdings, Inc.
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock reissued (in shares)			(27,434,000)

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Shareholders' Equity and Other Comprehensive Income - Summary of Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands			12 Months Ended
	Jul. 01, 2019	Jun. 21, 2018	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Proceeds from issuance of stock			$ 0	$ 0	$ 342,005
Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D
Class of Stock [Line Items]
Proceeds from issuance of stock		$ 200,000
Net Proceeds		$ 195,100
Liquidation preference (in dollars per share)		$ 25
Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E
Class of Stock [Line Items]
Proceeds from issuance of stock	$ 350,000
Net Proceeds	$ 342,000
Liquidation preference (in dollars per share)	$ 25
Up to and Excluding June 21, 2023 | Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D
Class of Stock [Line Items]
Dividend rate, percentage		6.30%
From and Including June 21, 2023 | Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D
Class of Stock [Line Items]
Dividend rate, percentage		3.352%
Until July 1, 2024 (Excluding July 1, 2024) | Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E
Class of Stock [Line Items]
Dividend rate, percentage	5.875%		5.875%
From July 1, 2024 (Including July 1, 2024) | Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E
Class of Stock [Line Items]
Dividend rate, percentage			4.127%

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Shareholders' Equity and Other Comprehensive Income - Narrative (Details) - USD ($) $ / shares in Units, shares in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Repurchases of common stock	$ 199,932,000	$ 16,246,000	$ 725,398,000
Stock repurchase program, authorized amount			725,000,000
Fourth Quarter of 2018
Class of Stock [Line Items]
Stock repurchase program, authorized amount			400,000,000
Authorized 2019
Class of Stock [Line Items]
Stock repurchase program, authorized amount			325,000,000
Preferred Stock
Class of Stock [Line Items]
Redemption period from regulatory capital treatment	90 days
Redemption price per share (in dollars per share)	$ 25
Common Stock
Class of Stock [Line Items]
Repurchases of common stock	$ 199,900,000	$ 16,200,000	$ 725,000,000
Repurchase of common stock (in shares)	4,400	450	19,900
Treasury Stock
Class of Stock [Line Items]
Repurchases of common stock	$ 199,932,000	$ 16,246,000	$ 725,398,000
Repurchase of common stock (in shares)	4,409	450	19,903

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Shareholders' Equity and Other Comprehensive Income - OCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Roll Forward]
Beginning balance	$ 5,161,334	$ 4,941,690	$ 3,133,602
Other comprehensive income (loss) before reclassifications	(231,951)	153,993	154,442
Amounts reclassified from accumulated other comprehensive income (loss)	(9,005)	(60,999)	5,619
Net current period other comprehensive income (loss)	(240,956)	92,994	160,061
Ending balance	5,296,800	5,161,334	4,941,690
Accumulated other comprehensive income (loss), net	(82,321)	158,635
Net Unrealized Gains (Losses) on Investment Securities Available for Sale
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Roll Forward]
Beginning balance	105,669	83,666	(83,179)
Other comprehensive income (loss) before reclassifications	(174,246)	80,491	161,170
Amounts reclassified from accumulated other comprehensive income (loss)	597	(58,488)	5,675
Net current period other comprehensive income (loss)	(173,649)	22,003	166,845
Ending balance	(67,980)	105,669	83,666
Accumulated other comprehensive income (loss), net	13,300
Net Unrealized Gains (Losses) on Cash Flow Hedges
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Roll Forward]
Beginning balance	52,966	(18,487)	(12,137)
Other comprehensive income (loss) before reclassifications	(57,705)	73,502	(6,350)
Amounts reclassified from accumulated other comprehensive income (loss)	(9,602)	(2,049)	0
Net current period other comprehensive income (loss)	(67,307)	71,453	(6,350)
Ending balance	(14,341)	52,966	(18,487)
Post-Retirement Unfunded Health Benefit
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Roll Forward]
Beginning balance	0	462	896
Other comprehensive income (loss) before reclassifications	0	0	(378)
Amounts reclassified from accumulated other comprehensive income (loss)	0	(462)	(56)
Net current period other comprehensive income (loss)	0	(462)	(434)
Ending balance	0	0	462
AOCI
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Roll Forward]
Beginning balance	158,635	65,641	(94,420)
Net current period other comprehensive income (loss)	(240,956)	92,994	160,061
Ending balance	(82,321)	$ 158,635	$ 65,641
Net Unrealized Gains (Losses) on Cash Flow Hedges
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Roll Forward]
Accumulated other comprehensive income (loss), net	$ 12,100

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Regulatory Capital (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Capital conservation buffer	2.50%
CET1 capital
CET1 capital, actual	$ 4,388,618	$ 4,034,865
CET1 capital, For capital adequacy purposes	2,079,435	1,879,551
Tier 1 risk-based capital
Tier I risk-based capital, actual	4,925,763	4,572,010
Tier I risk-based capital, for capital adequacy purposes	2,772,581	2,506,068
Total risk-based capital
Total risk-based capital, actual	5,827,196	5,604,230
Total risk-based capital, for capital adequacy purposes	$ 3,696,774	$ 3,341,425
CET1 capital ratio
CET1 capital ratio, actual	9.50%	9.66%
CET1 capital ratio, for capital adequacy purposes	4.50%	4.50%
Tier 1 risk-based capital ratio
Tier I risk-based capital ratio, actual	0.1066	0.1095
Tier I risk-based capital ratio, for capital adequacy purposes	0.0600	0.0600
Total risk-based capital ratio
Total risk-based capital ratio, actual	0.1261	0.1342
Total risk-based capital ratio, for capital adequacy purposes	0.0800	0.0800
Leverage ratio
Leverage ratio, actual	0.0872	0.0850
Leverage ratio, for capital adequacy purposes	0.0400	0.0400
Synovus Bank
CET1 capital
CET1 capital, actual	$ 4,998,698	$ 4,641,711
CET1 capital, For capital adequacy purposes	2,076,515	1,880,757
CET1 capital, to be well capitalized under prompt corrective action provisions	2,999,410	2,716,650
Tier 1 risk-based capital
Tier I risk-based capital, actual	4,998,698	4,641,711
Tier I risk-based capital, for capital adequacy purposes	2,768,686	2,507,677
Tier I risk-based capital, to be well capitalized under prompt corrective action provisions	3,691,581	3,343,569
Total risk-based capital
Total risk-based capital, actual	5,587,757	5,361,611
Total risk-based capital, for capital adequacy purposes	3,691,581	3,343,569
Total risk-based capital, to be well capitalized under prompt corrective action provisions	$ 4,614,477	$ 4,176,461
CET1 capital ratio
CET1 capital ratio, actual	10.83%	11.11%
CET1 capital ratio, for capital adequacy purposes	4.50%	4.50%
CET1 capital ratio, to be well capitalized under prompt corrective action provisions	6.50%	6.50%
Tier 1 risk-based capital ratio
Tier I risk-based capital ratio, actual	0.1083	0.1111
Tier I risk-based capital ratio, for capital adequacy purposes	0.0600	0.0600
Tier I risk-based capital ratio, to be well capitalized under prompt corrective action provisions	0.0800	0.0800
Total risk-based capital ratio
Total risk-based capital ratio, actual	0.1211	0.1283
Total risk-based capital ratio, for capital adequacy purposes	0.0800	0.0800
Total risk-based capital ratio, to be well capitalized under prompt corrective action provisions	0.1000	0.1000
Leverage ratio
Leverage ratio, actual	0.0886	0.0873
Leverage ratio, for capital adequacy purposes	0.0400	0.0400
Leverage ratio, to be well capitalized under prompt corrective action provisions	0.0500	0.0500

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Net Income Per Common Share - Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share [Abstract]
Net income	$ 760,467	$ 373,695	$ 563,780
Less: Preferred stock dividends	33,163	33,163	22,881
Net income available to common shareholders	$ 727,304	$ 340,532	$ 540,899
Weighted average common shares outstanding, basic (in shares)	147,041	147,415	154,331
Effect of dilutive outstanding equity-based awards, warrants, and earnout payments (in shares)	1,454	795	1,727
Weighted average common shares outstanding, diluted (in shares)	148,495	148,210	156,058
Net income per common share, basic (in dollars per share)	$ 4.95	$ 2.31	$ 3.50
Net income per common share, diluted (in dollars per share)	$ 4.90	$ 2.30	$ 3.47

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Net Income Per Common Share - Narrative (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	21	602	40

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Fair Value Accounting - Financial Instruments Measured At Fair Value On A Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investment securities available for sale	$ 10,918,329	$ 7,962,438
Mutual funds and mutual funds held in rabbi trusts	43,657	37,650
Derivative assets	191,708	401,295
Mortgage-backed securities issued by U.S. Government agencies
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investment securities available for sale	779,633	1,218,017
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investment securities available for sale	939,623	1,250,377
Asset-backed securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investment securities available for sale	514,188
U.S. Treasury securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investment securities available for sale	117,838	20,257
Mortgage-backed securities issued by U.S. Government sponsored enterprises
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investment securities available for sale	8,012,301	5,000,046
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investment securities available for sale	481,744	370,921
Corporate debt securities and other debt securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investment securities available for sale	18,801	20,500
Fair Value, Measurements, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total trading securities	8,391	10,880
Total investment securities available for sale	10,918,329	7,962,438
Mortgage loans held for sale	108,198	216,647
Other investments	12,185	1,021
Mutual funds and mutual funds held in rabbi trusts	43,657	37,650
GGL/SBA loans servicing asset	3,233	3,258
Derivative assets	191,708	401,295
Trading liability for short positions	200	7,717
Mutual fund held in rabbi trusts	27,205	20,752
Earnout liability	0	5,677
Derivative liabilities	98,602	157,167
Fair Value, Measurements, Recurring | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total trading securities	0	0
Total investment securities available for sale	117,838	20,257
Mortgage loans held for sale	0	0
Other investments	0	0
Mutual funds and mutual funds held in rabbi trusts	43,657	37,650
GGL/SBA loans servicing asset	0	0
Derivative assets	0	0
Trading liability for short positions	0	0
Mutual fund held in rabbi trusts	27,205	20,752
Earnout liability	0	0
Derivative liabilities	0	0
Fair Value, Measurements, Recurring | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total trading securities	8,391	10,880
Total investment securities available for sale	10,800,491	7,940,160
Mortgage loans held for sale	108,198	216,647
Other investments	0	0
Mutual funds and mutual funds held in rabbi trusts	0	0
GGL/SBA loans servicing asset	0	0
Derivative assets	191,708	401,295
Trading liability for short positions	200	7,717
Mutual fund held in rabbi trusts	0	0
Earnout liability	0	0
Derivative liabilities	95,067	155,119
Fair Value, Measurements, Recurring | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total trading securities	0	0
Total investment securities available for sale	0	2,021
Mortgage loans held for sale	0	0
Other investments	12,185	1,021
Mutual funds and mutual funds held in rabbi trusts	0	0
GGL/SBA loans servicing asset	3,233	3,258
Derivative assets	0	0
Trading liability for short positions	0	0
Mutual fund held in rabbi trusts	0	0
Earnout liability	0	5,677
Derivative liabilities	3,535	2,048
Fair Value, Measurements, Recurring | Mortgage-backed securities issued by U.S. Government agencies
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total trading securities	197	10,185
Total investment securities available for sale	779,633	1,218,017
Fair Value, Measurements, Recurring | Mortgage-backed securities issued by U.S. Government agencies | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total trading securities	0	0
Total investment securities available for sale	0	0
Fair Value, Measurements, Recurring | Mortgage-backed securities issued by U.S. Government agencies | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total trading securities	197	10,185
Total investment securities available for sale	779,633	1,218,017
Fair Value, Measurements, Recurring | Mortgage-backed securities issued by U.S. Government agencies | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total trading securities	0	0
Total investment securities available for sale	0	0
Fair Value, Measurements, Recurring | Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total trading securities	671	158
Total investment securities available for sale	939,623	1,250,377
Fair Value, Measurements, Recurring | Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total trading securities	0	0
Total investment securities available for sale	0	0
Fair Value, Measurements, Recurring | Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total trading securities	671	158
Total investment securities available for sale	939,623	1,250,377
Fair Value, Measurements, Recurring | Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total trading securities	0	0
Total investment securities available for sale	0	0
Fair Value, Measurements, Recurring | Other mortgage-backed securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total trading securities	0	178
Fair Value, Measurements, Recurring | Other mortgage-backed securities | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total trading securities	0	0
Fair Value, Measurements, Recurring | Other mortgage-backed securities | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total trading securities	0	178
Fair Value, Measurements, Recurring | Other mortgage-backed securities | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total trading securities	0	0
Fair Value, Measurements, Recurring | State and municipal securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total trading securities	560	176
Fair Value, Measurements, Recurring | State and municipal securities | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total trading securities	0	0
Fair Value, Measurements, Recurring | State and municipal securities | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total trading securities	560	176
Fair Value, Measurements, Recurring | State and municipal securities | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total trading securities	0	0
Fair Value, Measurements, Recurring | Asset-backed securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total trading securities	6,963	183
Total investment securities available for sale	514,188	0
Fair Value, Measurements, Recurring | Asset-backed securities | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total trading securities	0	0
Total investment securities available for sale	0	0
Fair Value, Measurements, Recurring | Asset-backed securities | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total trading securities	6,963	183
Total investment securities available for sale	514,188	0
Fair Value, Measurements, Recurring | Asset-backed securities | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total trading securities	0	0
Total investment securities available for sale	0	0
Fair Value, Measurements, Recurring | U.S. Treasury securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investment securities available for sale	117,838	20,257
Fair Value, Measurements, Recurring | U.S. Treasury securities | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investment securities available for sale	117,838	20,257
Fair Value, Measurements, Recurring | U.S. Treasury securities | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investment securities available for sale	0	0
Fair Value, Measurements, Recurring | U.S. Treasury securities | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investment securities available for sale	0	0
Fair Value, Measurements, Recurring | U.S. Government agency securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investment securities available for sale	54,201	82,320
Fair Value, Measurements, Recurring | U.S. Government agency securities | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investment securities available for sale	0	0
Fair Value, Measurements, Recurring | U.S. Government agency securities | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investment securities available for sale	54,201	82,320
Fair Value, Measurements, Recurring | U.S. Government agency securities | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investment securities available for sale	0	0
Fair Value, Measurements, Recurring | Mortgage-backed securities issued by U.S. Government sponsored enterprises
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investment securities available for sale	8,012,301	5,000,046
Fair Value, Measurements, Recurring | Mortgage-backed securities issued by U.S. Government sponsored enterprises | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investment securities available for sale	0	0
Fair Value, Measurements, Recurring | Mortgage-backed securities issued by U.S. Government sponsored enterprises | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investment securities available for sale	8,012,301	5,000,046
Fair Value, Measurements, Recurring | Mortgage-backed securities issued by U.S. Government sponsored enterprises | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investment securities available for sale	0	0
Fair Value, Measurements, Recurring | Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investment securities available for sale	481,744	370,921
Fair Value, Measurements, Recurring | Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investment securities available for sale	0	0
Fair Value, Measurements, Recurring | Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investment securities available for sale	481,744	370,921
Fair Value, Measurements, Recurring | Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investment securities available for sale	0	0
Fair Value, Measurements, Recurring | Corporate debt securities and other debt securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investment securities available for sale	18,801	20,500
Fair Value, Measurements, Recurring | Corporate debt securities and other debt securities | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investment securities available for sale	0	0
Fair Value, Measurements, Recurring | Corporate debt securities and other debt securities | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investment securities available for sale	18,801	18,479
Fair Value, Measurements, Recurring | Corporate debt securities and other debt securities | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investment securities available for sale	$ 0	$ 2,021

XML

Fair Value Accounting - Changes in Fair Value Included in Consolidated Statements of Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Mortgage loans held for sale	$ (3,942)	$ 3,400	$ 1,675
Fair value	108,198	216,647	115,173
Unpaid principal balance	105,785	210,292	112,218
Fair value less aggregate unpaid principal balance	$ 2,413	$ 6,355	$ 2,955

XML

Fair Value Accounting - Changes In Level 3 Fair Value Measurements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Investment securities available for sale, at fair value	$ 10,918,329	$ 7,962,438
Corporate debt securities and other debt securities
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Investment securities available for sale, at fair value	18,801	20,500
Fair Value, Measurements, Recurring
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Investment securities available for sale, at fair value	10,918,329	7,962,438
Other investments	12,185	1,021
GGL/SBA loans servicing asset	3,233	3,258
Earnout liability	0	5,677
Derivative liabilities	98,602	157,167
Fair Value, Measurements, Recurring | Corporate debt securities and other debt securities
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Investment securities available for sale, at fair value	18,801	20,500
Level 3 | Fair Value, Measurements, Recurring
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Investment securities available for sale, at fair value	0	2,021
Other investments	12,185	1,021
GGL/SBA loans servicing asset	3,233	3,258
Earnout liability	0	5,677
Derivative liabilities	3,535	2,048
Level 3 | Fair Value, Measurements, Recurring | Corporate debt securities and other debt securities
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Investment securities available for sale, at fair value	$ 0	$ 2,021
Level 3 | Fair Value, Measurements, Recurring | Discounted cash flow analysis
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Servicing assets and servicing liabilities at fair value, assumptions used to estimate fair value, discount rate	8.55%	4.96%
Servicing assets and servicing liabilities at fair value, assumptions used to estimate fair value, discount rate		4.06%
Servicing assets and servicing liabilities at fair value, assumptions used to estimate fair value, discount rate	18.50%
GGL/SBA Loans Servicing Asset | Level 3 | Fair Value, Measurements, Recurring
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	$ 3,258	$ 3,040
Included in earnings	(1,339)	(1,000)
Sales	0
Unrealized gains (losses) included in other comprehensive income		0
Additions	0	1,218
Settlements	1,314	0
Ending balance	3,233	3,258
Total net gain (losses) for the year included in earnings attributable to the change in unrealized gains (losses)	0	0
GGL/SBA loans servicing asset		$ 3,258
GGL/SBA Loans Servicing Asset | Level 3 | Fair Value, Measurements, Recurring | Discounted cash flow analysis
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Servicing assets and servicing liabilities at fair value, assumptions used to estimate fair value, discount rate		10.79%
Servicing assets and servicing liabilities at fair value, assumptions used to estimate fair value, discount rate		18.81%
Earnout Liability | Level 3 | Fair Value, Measurements, Recurring
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	(5,677)	$ (11,016)
Included in earnings	(507)	(4,908)
Sales	0
Unrealized gains (losses) included in other comprehensive income		0
Additions	0	0
Settlements	6,184	10,247
Ending balance	0	(5,677)
Total net gain (losses) for the year included in earnings attributable to the change in unrealized gains (losses)		(4,908)
Visa Derivative Liability | Level 3 | Fair Value, Measurements, Recurring
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	(2,048)	(2,339)
Included in earnings	(2,656)	(890)
Sales	0
Unrealized gains (losses) included in other comprehensive income		0
Additions	0	0
Settlements	1,169	1,181
Ending balance	(3,535)	(2,048)
Total net gain (losses) for the year included in earnings attributable to the change in unrealized gains (losses)	$ (2,656)	$ (890)
Visa Derivative Liability | Level 3 | Fair Value, Measurements, Recurring | Discounted cash flow analysis | Minimum
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Estimated timing of resolution of covered litigation and future cumulative deposits to the litigation escrow for settlement of the covered litigation	0 years	0 years
Visa Derivative Liability | Level 3 | Fair Value, Measurements, Recurring | Discounted cash flow analysis | Maximum
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Estimated timing of resolution of covered litigation and future cumulative deposits to the litigation escrow for settlement of the covered litigation	1 year 9 months 18 days	1 year 9 months 18 days
Investment Securities Available for Sale | Level 3 | Fair Value, Measurements, Recurring
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	$ 2,021	$ 2,105
Included in earnings	0	0
Sales	(2,021)
Unrealized gains (losses) included in other comprehensive income		(84)
Additions	0	0
Settlements	0	0
Ending balance	0	2,021
Total net gain (losses) for the year included in earnings attributable to the change in unrealized gains (losses)	0	0
Other investments | Level 3 | Fair Value, Measurements, Recurring
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	1,021	3,887
Included in earnings	1,164	(2,866)
Sales	0
Unrealized gains (losses) included in other comprehensive income		0
Additions	10,000	0
Settlements	0	0
Ending balance	12,185	1,021
Total net gain (losses) for the year included in earnings attributable to the change in unrealized gains (losses)	$ 1,164	$ (2,866)

XML

Fair Value Accounting - Assets And Liabilities Measured At Fair Value On A Non-Recurring Basis (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other real estate	$ 11,818	$ 1,819
Fair Value, Measurements, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans	19,482	44,802
Other real estate	270	860
MPS receivable	0	15,575
Other assets held for sale	$ 1,256	2,354
Fair Value, Measurements, Nonrecurring | Maximum | Other assets held for sale | Third-party appraised value less estimated selling costs or BOV
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing assets and servicing liabilities at fair value, assumptions used to estimate fair value, discount rate	51.00%
Fair Value, Measurements, Nonrecurring | Weighted Average | Other assets held for sale | Third-party appraised value less estimated selling costs or BOV
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing assets and servicing liabilities at fair value, assumptions used to estimate fair value, discount rate	20.00%
Fair Value, Measurements, Nonrecurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans	$ 0	0
Other real estate	0	0
MPS receivable	0	0
Other assets held for sale	0	0
Fair Value, Measurements, Nonrecurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans	0	0
Other real estate	0	0
MPS receivable	0	0
Other assets held for sale	0	0
Fair Value, Measurements, Nonrecurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans	19,482	44,802
Other real estate	270	860
MPS receivable	0	15,575
Other assets held for sale	$ 1,256	$ 2,354
Fair Value, Measurements, Nonrecurring | Level 3 | Minimum | Collateral Dependent Impaired Loans | Third Party Appraised value of Real Estate Less Estimated Selling Costs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing assets and servicing liabilities at fair value, assumptions used to estimate fair value, discount rate	0.00%	0.00%
Fair value inputs, estimated selling costs	0.00%	0.00%
Fair Value, Measurements, Nonrecurring | Level 3 | Minimum | Other real estate | Third Party Appraised value of Real Estate Less Estimated Selling Costs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing assets and servicing liabilities at fair value, assumptions used to estimate fair value, discount rate	0.00%	0.00%
Fair value inputs, estimated selling costs	0.00%	0.00%
Fair Value, Measurements, Nonrecurring | Level 3 | Minimum | Other assets held for sale | Third-party appraised value less estimated selling costs or BOV
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing assets and servicing liabilities at fair value, assumptions used to estimate fair value, discount rate	0.00%	0.00%
Fair value inputs, estimated selling costs	0.00%	0.00%
Fair Value, Measurements, Nonrecurring | Level 3 | Maximum | Collateral Dependent Impaired Loans | Third Party Appraised value of Real Estate Less Estimated Selling Costs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing assets and servicing liabilities at fair value, assumptions used to estimate fair value, discount rate	71.00%	39.00%
Fair value inputs, estimated selling costs	10.00%	7.00%
Fair Value, Measurements, Nonrecurring | Level 3 | Maximum | Other real estate | Third Party Appraised value of Real Estate Less Estimated Selling Costs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing assets and servicing liabilities at fair value, assumptions used to estimate fair value, discount rate	48.00%	23.00%
Fair value inputs, estimated selling costs	10.00%	10.00%
Fair Value, Measurements, Nonrecurring | Level 3 | Maximum | Other assets held for sale | Third-party appraised value less estimated selling costs or BOV
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing assets and servicing liabilities at fair value, assumptions used to estimate fair value, discount rate		66.00%
Fair value inputs, estimated selling costs	10.00%	10.00%
Fair Value, Measurements, Nonrecurring | Level 3 | Weighted Average | Collateral Dependent Impaired Loans | Third Party Appraised value of Real Estate Less Estimated Selling Costs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing assets and servicing liabilities at fair value, assumptions used to estimate fair value, discount rate	48.00%	25.00%
Fair value inputs, estimated selling costs	7.00%	7.00%
Fair Value, Measurements, Nonrecurring | Level 3 | Weighted Average | Other real estate | Third Party Appraised value of Real Estate Less Estimated Selling Costs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing assets and servicing liabilities at fair value, assumptions used to estimate fair value, discount rate	24.00%	12.00%
Fair value inputs, estimated selling costs	7.00%	7.00%
Fair Value, Measurements, Nonrecurring | Level 3 | Weighted Average | Other assets held for sale | Third-party appraised value less estimated selling costs or BOV
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing assets and servicing liabilities at fair value, assumptions used to estimate fair value, discount rate		45.00%
Fair value inputs, estimated selling costs	7.00%	7.00%

XML

Fair Value Accounting - Fair Value Adjustments Recognized in Earnings for Assets Measured at Fair Value on a Non-recurring Basis (Details) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Loans | Provision for credit losses
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value adjustment	$ 27,613	$ 21,927
Other real estate | Other operating expense
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value adjustment	120	200
MPS receivable | Other operating expense
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value adjustment	0	2,663
Other assets held for sale | Other operating expense
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value adjustment	$ 462	$ 2,292

XML

Fair Value Accounting - Carrying And Estimated Fair Values Of Financial Instruments Carried On Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Jan. 01, 2020
Financial assets
Total investment securities available for sale	$ 10,918,329	$ 7,962,438
Loans held for sale	750,642	760,123
Mutual funds and mutual funds held in rabbi trusts	43,657	37,650
Loans, net of deferred fees and costs			$ 36,881,048
Derivative assets	191,708	401,295
Financial Liabilities
Non-interest-bearing deposits	16,392,653	13,477,854
Time deposits	4,117,475
Total deposits	49,427,276	46,691,571
Securities sold under repurchase agreements	264,133	227,922
Long-term debt	1,204,229	1,202,494
Fair Value, Measurements, Recurring
Financial assets
Trading securities	8,391	10,880
Total investment securities available for sale	10,918,329	7,962,438
Other investments	12,185	1,021
Mutual funds and mutual funds held in rabbi trusts	43,657	37,650
GGL/SBA loans servicing asset	3,233	3,258
Derivative assets	191,708	401,295
Financial Liabilities
Trading liability for short positions	200	7,717
Earnout liability	0	5,677
Mutual fund held in rabbi trusts	27,205	20,752
Derivative liabilities	98,602	157,167
Level 1 | Fair Value, Measurements, Recurring
Financial assets
Total cash, cash equivalents, and restricted cash	3,009,853	4,252,917
Trading securities	0	0
Total investment securities available for sale	117,838	20,257
Loans held for sale	0	0
Other investments	0	0
Mutual funds and mutual funds held in rabbi trusts	43,657	37,650
Loans, net of deferred fees and costs	0	0
GGL/SBA loans servicing asset	0	0
FRB and FHLB stock	0	0
Derivative assets	0	0
Financial Liabilities
Non-interest-bearing deposits	0	0
Non-time interest-bearing deposits	0	0
Time deposits	0	0
Total deposits	0	0
Securities sold under repurchase agreements	264,133	227,922
Trading liability for short positions	0	0
Long-term debt	0	0
Earnout liability	0	0
Mutual fund held in rabbi trusts	27,205	20,752
Derivative liabilities	0	0
Level 2 | Fair Value, Measurements, Recurring
Financial assets
Total cash, cash equivalents, and restricted cash	0	0
Trading securities	8,391	10,880
Total investment securities available for sale	10,800,491	7,940,160
Loans held for sale	108,198	216,647
Other investments	0	0
Mutual funds and mutual funds held in rabbi trusts	0	0
Loans, net of deferred fees and costs	0	0
GGL/SBA loans servicing asset	0	0
FRB and FHLB stock	159,941	157,520
Derivative assets	191,708	401,295
Financial Liabilities
Non-interest-bearing deposits	16,392,653	13,477,854
Non-time interest-bearing deposits	28,917,148	27,265,521
Time deposits	4,125,673	5,970,146
Total deposits	49,435,474	46,713,521
Securities sold under repurchase agreements	0	0
Trading liability for short positions	200	7,717
Long-term debt	1,243,147	1,266,825
Earnout liability	0	0
Mutual fund held in rabbi trusts	0	0
Derivative liabilities	95,067	155,119
Level 3 | Fair Value, Measurements, Recurring
Financial assets
Total cash, cash equivalents, and restricted cash	0	0
Trading securities	0	0
Total investment securities available for sale	0	2,021
Loans held for sale	641,782	544,292
Other investments	12,185	1,021
Mutual funds and mutual funds held in rabbi trusts	0	0
Loans, net of deferred fees and costs	39,118,275	37,605,881
GGL/SBA loans servicing asset	3,233	3,258
FRB and FHLB stock	0	0
Derivative assets	0	0
Financial Liabilities
Non-interest-bearing deposits	0	0
Non-time interest-bearing deposits	0	0
Time deposits	0	0
Total deposits	0	0
Securities sold under repurchase agreements	0	0
Trading liability for short positions	0	0
Long-term debt	0	0
Earnout liability	0	5,677
Mutual fund held in rabbi trusts	0	0
Derivative liabilities	3,535	2,048
Carrying Value | Fair Value, Measurements, Recurring
Financial assets
Total cash, cash equivalents, and restricted cash	3,009,853	4,252,917
Trading securities	8,391	10,880
Total investment securities available for sale	10,918,329	7,962,438
Loans held for sale	750,642	760,123
Other investments	12,185	1,021
Mutual funds and mutual funds held in rabbi trusts	43,657	37,650
Loans, net of deferred fees and costs	38,884,361	37,647,248
GGL/SBA loans servicing asset	3,233	3,258
FRB and FHLB stock	159,941	157,520
Derivative assets	191,708	401,295
Financial Liabilities
Non-interest-bearing deposits	16,392,653	13,477,854
Non-time interest-bearing deposits	28,917,148	27,265,521
Time deposits	4,117,475	5,948,196
Total deposits	49,427,276	46,691,571
Securities sold under repurchase agreements	264,133	227,922
Trading liability for short positions	200	7,717
Long-term debt	1,204,229	1,202,494
Earnout liability		5,677
Mutual fund held in rabbi trusts	27,205	20,752
Derivative liabilities	98,602	157,167
Fair Value | Fair Value, Measurements, Recurring
Financial assets
Total cash, cash equivalents, and restricted cash	3,009,853	4,252,917
Trading securities	8,391	10,880
Total investment securities available for sale	10,918,329	7,962,438
Loans held for sale	749,980	760,939
Other investments	12,185	1,021
Mutual funds and mutual funds held in rabbi trusts	43,657	37,650
Loans, net of deferred fees and costs	39,118,275	37,605,881
GGL/SBA loans servicing asset	3,233	3,258
FRB and FHLB stock	159,941	157,520
Derivative assets	191,708	401,295
Financial Liabilities
Non-interest-bearing deposits	16,392,653	13,477,854
Non-time interest-bearing deposits	28,917,148	27,265,521
Time deposits	4,125,673	5,970,146
Total deposits	49,435,474	46,713,521
Securities sold under repurchase agreements	264,133	227,922
Trading liability for short positions	200	7,717
Long-term debt	1,243,147	1,266,825
Earnout liability		5,677
Mutual fund held in rabbi trusts	27,205	20,752
Derivative liabilities	$ 98,602	$ 157,167

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Derivative Instruments - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Derivative [Line Items]
Net unrealized gains (losses) arising during the period	$ (77,948)	$ 99,193	$ (8,570)
Unrealized gain, after tax	(57,705)	73,502	$ (6,350)
Pre-tax income	12,900	2,800
Unamortized deferred net loss balance from previously terminated cash flow hedges	27,000
Pre-tax gains included in interest income on cash flow hedges	4,000
Collateral	64,500	155,400
Variation margin, amount reducing derivative liability	94,600	162,700
Visa Derivative Liability | Level 3 | Fair Value, Measurements, Recurring
Derivative [Line Items]
Derivative, fair value adjustment	2,700	890
Cash Flow Hedging
Derivative [Line Items]
Net unrealized gains (losses) arising during the period	1,200	9,800
Unrealized gain, after tax	$ 930	$ 7,300

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Derivative Instruments - Impact Of Derivatives On Balance Sheet (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Not Designated As Hedging Instruments
Derivative [Line Items]
Fair value of derivative assets	$ 169,704,000	$ 320,493,000
Fair value of derivative liabilities	78,207,000	157,167,000
Not Designated As Hedging Instruments | Interest rate contracts
Derivative [Line Items]
Notional Amount	9,653,600,000	8,784,141,000
Fair value of derivative assets	167,560,000	314,234,000
Fair value of derivative liabilities	74,514,000	153,204,000
Not Designated As Hedging Instruments | Mortgage derivatives | Mortgage derivatives - interest rate lock commitments
Derivative [Line Items]
Notional Amount	99,006,000	306,138,000
Fair value of derivative assets	2,105,000	6,259,000
Fair value of derivative liabilities	0	0
Not Designated As Hedging Instruments | Mortgage derivatives | Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans
Derivative [Line Items]
Notional Amount	105,500,000	230,500,000
Fair value of derivative assets	0	0
Fair value of derivative liabilities	122,000	1,611,000
Not Designated As Hedging Instruments | Other contracts
Derivative [Line Items]
Notional Amount	293,059,000	234,884,000
Fair value of derivative assets	0	0
Fair value of derivative liabilities	36,000	304,000
Not Designated As Hedging Instruments | Foreign exchange contracts
Derivative [Line Items]
Notional Amount	22,387,000	24,125,000
Fair value of derivative assets	39,000
Fair value of derivative liabilities	0
Not Designated As Hedging Instruments | Visa Derivative Liability
Derivative [Line Items]
Notional Amount	0	0
Fair value of derivative assets	0	0
Fair value of derivative liabilities	3,535,000	2,048,000
Not Designated As Hedging Instruments | Price Risk Derivative
Derivative [Line Items]
Notional Amount	81,200,000	2,600,000
Cash Flow Hedging
Derivative [Line Items]
Fair value of derivative assets	22,004,000	80,802,000
Fair value of derivative liabilities	20,395,000	0
Cash Flow Hedging | Interest rate contracts
Derivative [Line Items]
Notional Amount	3,600,000,000	3,000,000,000
Fair value of derivative assets	22,004,000	80,802,000
Fair value of derivative liabilities	$ 20,395,000	$ 0

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Derivative Instruments - Effect Of Fair Value Hedges On Consolidated Statements Of Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Derivative [Line Items]
Total amounts presented on the consolidated statements of income in interest income on loans	$ 31,522	$ 22,215	$ 0
Not Designated As Hedging Instruments
Derivative [Line Items]
Derivative, gain (loss) on derivative, net	399	1,646	(3,043)
Interest rate contracts | Cash Flow Hedging
Derivative [Line Items]
Realized gains (losses) reclassified from AOCI, pre-tax, to interest income on loans	12,862	2,765	0
Pre-tax income recognized on cash flow hedges	12,862	2,765	0
Interest rate contracts | Not Designated As Hedging Instruments | Capital markets income
Derivative [Line Items]
Derivative, gain (loss) on derivative, net	100	(777)	(338)
Other contracts | Not Designated As Hedging Instruments | Capital markets income
Derivative [Line Items]
Derivative, gain (loss) on derivative, net	269	(213)	(91)
Foreign exchange contracts | Not Designated As Hedging Instruments | Capital markets income
Derivative [Line Items]
Derivative, gain (loss) on derivative, net	39	0	0
Mortgage derivatives - interest rate lock commitments | Not Designated As Hedging Instruments | Mortgage banking income
Derivative [Line Items]
Derivative, gain (loss) on derivative, net	(4,154)	4,969	346
Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans | Not Designated As Hedging Instruments | Mortgage banking income
Derivative [Line Items]
Derivative, gain (loss) on derivative, net	1,489	(1,443)	651
Visa Derivative Liability | Not Designated As Hedging Instruments | Other non-interest expense
Derivative [Line Items]
Derivative, gain (loss) on derivative, net	$ 2,656	(890)	$ (3,611)
Swap | Not Designated As Hedging Instruments | Capital markets income
Derivative [Line Items]
Derivative, gain (loss) on derivative, net		$ 2,500

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Commitments and Contingencies - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Jan. 01, 2020	Dec. 31, 2019	Dec. 31, 2018
Loss Contingencies [Line Items]
Reserve for unfunded commitments	$ 41,900,000		$ 1,375,000
Financing receivable, allowance for credit loss	427,597,000	$ 605,736,000	$ 281,402,000	$ 281,402,000	$ 250,555,000
Other Assets
Loss Contingencies [Line Items]
Guarantor obligations, advanced payment to merchant	15,300,000
Total letters of credit and unfunded lending commitments		15,600,000
Unfunded Loan Commitment
Loss Contingencies [Line Items]
Financing receivable, allowance for credit loss		47,800,000
Minimum
Loss Contingencies [Line Items]
Total letters of credit and unfunded lending commitments	0
Maximum
Loss Contingencies [Line Items]
Total letters of credit and unfunded lending commitments	5,000,000
Guarantee Obligations
Loss Contingencies [Line Items]
Guarantor obligations, monetary amount	105,140,000,000	78,190,000,000
Total letters of credit and unfunded lending commitments	$ 16,256,231,000	$ 14,768,588,000

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Commitments and Contingencies - Small Business Loans (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Loss Contingencies [Line Items]
Carrying amount included in other assets	$ 426,137	$ 262,855
Amount of future funding commitments	250,733	133,946
Permanent and short-term construction loans and letter of credit commitments	204,391	82,786
Funded portion of permanent and short-term loans and letters of credit	104,315	9,528
Letters of credit
Loss Contingencies [Line Items]
Total letters of credit and unfunded lending commitments	183,463	190,562
Amounts participated	26,000	30,000
Commitments to fund commercial and industrial loans
Loss Contingencies [Line Items]
Total letters of credit and unfunded lending commitments	9,069,588	8,200,608
Commitments to fund commercial real estate, construction, and land development loans
Loss Contingencies [Line Items]
Total letters of credit and unfunded lending commitments	3,593,171	3,290,041
Commitments under home equity lines of credit
Loss Contingencies [Line Items]
Total letters of credit and unfunded lending commitments	1,805,869	1,602,831
Unused credit card lines
Loss Contingencies [Line Items]
Total letters of credit and unfunded lending commitments	999,787	1,012,313
Other loan commitments
Loss Contingencies [Line Items]
Total letters of credit and unfunded lending commitments	604,353	472,233
Guarantee Obligations
Loss Contingencies [Line Items]
Total letters of credit and unfunded lending commitments	16,256,231	14,768,588
Permanent and Short-term Construction Loans and Letter of Credit Commitments
Loss Contingencies [Line Items]
Amounts participated	3,000	1,800
Funded Portion of Permanent and Short-term Loans and Letters of Credit
Loss Contingencies [Line Items]
Amounts participated	$ 3,000	$ 234

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Share-based Compensation and Other Employment Benefit Plans - Narrative (Details) $ in Millions		12 Months Ended
	Jan. 01, 2019 shares	Dec. 31, 2021 USD ($) simulation shares	Dec. 31, 2020 USD ($) shares	Dec. 31, 2019 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Award requisite service period		3 years
Tax benefit recognized from compensation expense		$ 7.0	$ 4.8	$ 6.3
Unrecognized compensation cost		$ 30.3
Unrecognized compensation cost, period of recognition (years)		1 year 10 months 13 days
Stock option grants (in shares) | shares		0	0	0
Assumed in acquisition (in shares) | shares		0	0	3,230,000
Options outstanding, intrinsic value		$ 37.2
Options outstanding, weighted average remaining contractual term (years)		2 years 6 months 3 days
Options exercised, intrinsic value		$ 21.3	$ 5.3	$ 13.6
Performance period		3 years
FCB Financial Holdings, Inc.
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Assumed in acquisition (in shares) | shares	3,200,000
Market/Performance Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of simulations | simulation		100,000
Non-option awards vested, total fair value		$ 2.4	7.9	5.7
Performance Share Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Percentage of awards subject to market condition		50.00%
Percentage of awards subject to ROATCE		50.00%
vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
performance period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
ROAA and ROATCE
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Restricted Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-option awards vested, total fair value		$ 19.8	$ 13.4	$ 11.2
Minimum | Market/Performance Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting range based on return on average assets (ROAA)		75.00%
Minimum | Performance Share Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options, vested and expected to vest, range based on return on average assets		0.00%
Maximum | Market/Performance Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting range based on return on average assets (ROAA)		125.00%
Maximum | Performance Share Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options, vested and expected to vest, range based on return on average assets		150.00%
2021 Omnibus Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of authorized but unissued common stock reserved for future grants (in shares) | shares		5,800,000

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Share-based Compensation and Other Employment Benefit Plans - Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Salaries and other personnel expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense included in non-interest expense	$ 26,957	$ 17,827	$ 19,618
Merger-related expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense included in non-interest expense	0	0	4,219
Other operating expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense included in non-interest expense	838	814	650
Non-interest expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense included in non-interest expense	$ 27,795	$ 18,641	$ 24,487

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Share-based Compensation and Other Employment Benefit Plans - Fair Value Assumptions Options (Details) - FCB Financial Holdings, Inc. - Stock Options	12 Months Ended
	Dec. 31, 2019 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock price (in dollars per share)	$ 31.99
Weighted average fair value of converted stock options (in dollars per share)	$ 11.50
Risk-free interest rate	2.51%
Expected stock price volatility	26.40%
Dividend yield	3.13%
Term to expiration	5 years 1 month 6 days

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Share-based Compensation and Other Employment Benefit Plans - Stock Options (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Quantity
Outstanding at beginning of year (in shares)	2,401,000	3,037,000	640,000
Assumed in acquisition (in shares)	0	0	3,230,000
Options exercised (in shares)	(923,000)	(572,000)	(820,000)
Options expired/canceled (in shares)	0	(64,000)	(13,000)
Options outstanding at end of year (in shares)	1,478,000	2,401,000	3,037,000
Options exercisable at end of year (in shares)	1,478,000	2,401,000	2,399,000
Weighted-Average Exercise Price
Outstanding at beginning of year (in dollars per share)	$ 22.47	$ 22.74	$ 16.93
Assumed in acquisition (in dollars per share)	0	0	23.22
Options exercised (in dollars per share)	22.07	22.67	19.91
Options expired (in dollars per share)	0	33.50	34.23
Options outstanding at end of year (in dollars per share)	22.71	22.47	22.74
Options exercisable at end of year (in dollars per share)	$ 22.71	$ 22.47	$ 19.52

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Share-based Compensation and Other Employment Benefit Plans - Fair Value Assumptions-RSUs (Details) - Restricted Share Units	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	2.87%	1.42%	2.40%
Expected stock price volatility	56.10%	25.40%	24.40%
Simulation period	2 years 10 months 24 days	3 years	3 years

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Share-based Compensation and Other Employment Benefit Plans - Restricted Stock Units Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Restricted Share Units
Quantity
Outstanding, beginning of period (in shares)	1,221,000	817,000	526,000
Granted (in shares)	599,000	822,000	573,000
Assumed in acquisition (in shares)			136,000
Vested (in shares)	(482,000)	(384,000)	(304,000)
Forfeited (in shares)	(93,000)	(34,000)	(114,000)
Outstanding, end of period (in shares)	1,245,000	1,221,000	817,000
Weighted-Average Grant Date Fair Value
Outstanding, beginning of period, weighted-average grant-date fair value (in dollars per share)	$ 34.50	$ 38.32	$ 41.18
Granted, weighted-average grant-date fair value (in dollars per share)	42.31	32.42	36.27
Assumed in acquisition (in dollars per share)			31.99
Vested, weighted-average grant-date fair value (in dollars per share)	37.05	38.04	37.04
Forfeited, weighted-average grant-date fair value (in dollars per share)	31.41	35.97	37.04
Outstanding, end of period, weighted-average grant-date fair value (in dollars per share)	$ 37.00	$ 34.50	$ 38.32
Market/Performance Share Units
Quantity
Outstanding, beginning of period (in shares)	439,000	495,000	392,000
Granted (in shares)	141,000	204,000	305,000
Assumed in acquisition (in shares)			0
Vested (in shares)	(58,000)	(214,000)	(152,000)
Forfeited (in shares)	0	(46,000)	(50,000)
Outstanding, end of period (in shares)	522,000	439,000	495,000
Weighted-Average Grant Date Fair Value
Outstanding, beginning of period, weighted-average grant-date fair value (in dollars per share)	$ 39.37	$ 40.85	$ 39.62
Granted, weighted-average grant-date fair value (in dollars per share)	42.94	37.74	37.22
Assumed in acquisition (in dollars per share)			0
Vested, weighted-average grant-date fair value (in dollars per share)	42.43	41.31	30.87
Forfeited, weighted-average grant-date fair value (in dollars per share)	0	39.03	39.45
Outstanding, end of period, weighted-average grant-date fair value (in dollars per share)	$ 37.59	$ 39.37	$ 40.85

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Share-based Compensation and Other Employment Benefit Plans - Other Employee Benefit Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Employer matching contribution, percent	100.00%	100.00%	100.00%
401(k) percent of match	5.00%	5.00%	5.00%
Annual contribution	$ 21.5	$ 21.3	$ 18.8
Stock purchase plan, percent of match	15.00%	15.00%	15.00%
Stock purchase plans compensation expense	$ 1.1	$ 1.1	$ 1.1

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Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current
Federal	$ 153,911	$ 187,741	$ 112,517
State	29,982	9,421	2,085
Total current income tax expense	183,893	197,162	114,602
Deferred
Federal	28,873	(90,777)	46,182
State	16,127	4,585	40,451
Total deferred income tax expense (benefit)	45,000	(86,192)	86,633
Total income tax expense	$ 228,893	$ 110,970	$ 201,235

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Income Taxes - Effective Income Tax Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Income tax expense at statutory federal income tax rate	$ 207,765	$ 101,779	$ 160,653
State income tax expense, net of federal income tax benefit	38,452	11,168	33,764
Income not subject to tax	(10,455)	(9,207)	(6,564)
Low income housing tax credits and other tax benefits, net of amortization	(4,858)	(2,611)	(1,583)
FDIC premiums	4,111	4,744	5,802
General business tax credits	(3,727)	(657)	(678)
Excess tax benefit from share-based compensation	(3,084)	311	(1,337)
Executive compensation	1,096	1,501	6,385
Goodwill impairment	0	9,424	0
Other, net	(407)	(5,482)	4,793
Total income tax expense	$ 228,893	$ 110,970	$ 201,235
Effective tax rate	23.10%	22.90%	26.30%

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Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred income tax assets
Allowance for loan losses	$ 112,180	$ 165,691
Lease liability	102,412	98,340
Employee benefits and deferred compensation	35,782	27,917
Net operating loss carryforwards	23,897	29,684
Net unrealized losses on investment securities available for sale and cash flow hedges	19,261	0
Deferred revenue	18,487	24,751
Tax credit carryforwards	15,870	8,605
Fair value of investment securities and loans	6,439	10,093
Non-performing loan interest	2,621	12,472
Other	7,100	9,819
Deferred Tax Asset, Before Valuation Allowance	344,049	387,372
Less valuation allowance	(19,003)	(19,191)
Total deferred tax assets	325,046	368,181
Deferred tax liabilities
Right-of-use asset	(98,773)	(98,681)
Excess tax over financial statement depreciation	(27,355)	(40,452)
Purchase accounting intangibles	(14,820)	(14,458)
Other properties held for sale	(5,345)	(3,025)
Prepaid expense	(4,631)	(5,955)
Net unrealized gains on investment securities available for sale and cash flow hedges	0	(64,344)
Other	(5,071)	(10,418)
Total gross deferred tax liabilities	(155,995)	(237,333)
Net deferred tax assets	$ 169,051	$ 130,848

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Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Income Tax Contingency [Line Items]
Valuation allowance	$ 19,003	$ 19,191
Federal and State
Income Tax Contingency [Line Items]
Deferred tax assets, subject to expiration	23,900
State
Income Tax Contingency [Line Items]
Tax credit carryforward, amount	$ 15,900

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Income Taxes - Tax Carryforwards (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Operating Loss Carryforwards [Line Items]
Deferred Tax Asset, Before Valuation Allowance	$ 344,049	$ 387,372
Valuation Allowance	(19,003)	(19,191)
Total deferred tax assets	325,046	$ 368,181
Federal | Net Operating Loss | 2027-2033
Operating Loss Carryforwards [Line Items]
Deferred Tax Asset, Before Valuation Allowance	19,592
Valuation Allowance	(15,851)
Total deferred tax assets	3,741
State | Net Operating Loss | 2023-2034
Operating Loss Carryforwards [Line Items]
Deferred Tax Asset, Before Valuation Allowance	4,305
Valuation Allowance	(3,152)
Total deferred tax assets	1,153
State | Other Credits | 2022-2031
Operating Loss Carryforwards [Line Items]
Deferred Tax Asset, Before Valuation Allowance	15,870
Valuation Allowance	0
Total deferred tax assets	$ 15,870

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Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of Unrecognized Income Tax Benefits
Balance at January 1,	$ 20,250	$ 20,994	$ 18,586
Additions based on income tax positions related to current year	3,754	461	550
Additions for income tax positions of prior years	1,379	147	0
Additions from acquisition	0	0	3,464
Reductions for income tax positions of prior years	(200)	(327)	(1,589)
Statute of limitation expirations	(79)	(820)	(17)
Settlements	0	(205)	0
Balance at December 31,	25,104	20,250	20,994
Unrecognized tax benefits, income tax penalties and interest accrued	3,300	2,700	3,300
Unrecognized tax benefits that would impact effective tax rate	23,500	$ 19,100	$ 20,400
Approximate range of uncertain income tax positions expected to be settled or resolved during the next 12 months, minimum	$ 2,300

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Segment Reporting - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) segment	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment	3
Investment securities gains (losses), net	$ (799)	$ 78,931	$ (7,659)
Goodwill impairment	0	44,877	$ 0
Treasury and Corporate Other
Segment Reporting Information [Line Items]
PPP fees	79,200	46,000
Increase in PPP fees	$ 33,200
Operating Segments | Consumer Mortgage Reporting Unit
Segment Reporting Information [Line Items]
Goodwill impairment		$ 44,900

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Segment Reporting (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) employee	Dec. 31, 2020 USD ($) employee	Dec. 31, 2019 USD ($)
Income Statement Related Disclosures
Net interest income	$ 1,532,947	$ 1,512,748	$ 1,595,803
Non-interest revenue	450,066	506,513	355,900
Non-interest expense	1,099,904	1,179,574	1,098,968
Pre-provision net revenue	883,109	839,687
Balance Sheet Related Disclosures
Loans, net of deferred fees and costs	39,311,958	38,252,984
Deposits	$ 49,427,276	$ 46,691,571
Full-time equivalent employees | employee	4,887	5,134
Operating Segments | Community Banking
Income Statement Related Disclosures
Net interest income	$ 808,700	$ 854,021
Non-interest revenue	128,026	111,256
Non-interest expense	290,817	297,071
Pre-provision net revenue	645,909	668,206
Balance Sheet Related Disclosures
Loans, net of deferred fees and costs	10,791,343	11,171,055
Deposits	$ 32,226,477	$ 29,141,242
Full-time equivalent employees | employee	2,139	2,296
Operating Segments | Wholesale Banking
Income Statement Related Disclosures
Net interest income	$ 557,943	$ 548,152
Non-interest revenue	34,590	26,379
Non-interest expense	90,074	85,250
Pre-provision net revenue	502,459	489,281
Balance Sheet Related Disclosures
Loans, net of deferred fees and costs	21,496,050	18,810,729
Deposits	$ 12,370,554	$ 11,958,105
Full-time equivalent employees | employee	284	285
Operating Segments | Financial Management Services
Income Statement Related Disclosures
Net interest income	$ 79,173	$ 79,362
Non-interest revenue	211,002	224,620
Non-interest expense	184,257	232,222
Pre-provision net revenue	105,918	71,760
Balance Sheet Related Disclosures
Loans, net of deferred fees and costs	4,994,494	5,370,748
Deposits	$ 826,639	$ 739,200
Full-time equivalent employees | employee	794	835
Treasury and Corporate Other
Income Statement Related Disclosures
Net interest income	$ 87,131	$ 31,213
Non-interest revenue	76,448	144,258
Non-interest expense	534,756	565,031
Pre-provision net revenue	(371,177)	(389,560)
Balance Sheet Related Disclosures
Loans, net of deferred fees and costs	2,030,071	2,900,452
Deposits	$ 4,003,606	$ 4,853,024
Full-time equivalent employees | employee	1,670	1,718
Pro Forma
Income Statement Related Disclosures
Net interest income			1,595,803
Non-interest revenue			355,900
Non-interest expense			1,098,968
Pre-provision net revenue			852,735
Pro Forma | Operating Segments | Community Banking
Income Statement Related Disclosures
Net interest income			825,219
Non-interest revenue			136,657
Non-interest expense			302,327
Pre-provision net revenue			659,549
Pro Forma | Operating Segments | Wholesale Banking
Income Statement Related Disclosures
Net interest income			518,033
Non-interest revenue			28,948
Non-interest expense			71,393
Pre-provision net revenue			475,588
Pro Forma | Operating Segments | Financial Management Services
Income Statement Related Disclosures
Net interest income			112,431
Non-interest revenue			154,166
Non-interest expense			152,115
Pre-provision net revenue			114,482
Pro Forma | Treasury and Corporate Other
Income Statement Related Disclosures
Net interest income			140,120
Non-interest revenue			36,129
Non-interest expense			573,133
Pre-provision net revenue			$ (396,884)

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Condensed Financial Information Of Synovus Financial Corp. (Parent Company Only) - Condensed Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Jan. 01, 2020	Dec. 31, 2019	Dec. 31, 2018
ASSETS
Cash due from bank subsidiary	$ 432,925	$ 531,579
Total cash, cash equivalents, and restricted cash	3,009,853	4,252,917		$ 1,186,918	$ 1,143,564
Other assets	1,790,198	1,760,599
Total assets	57,317,226	54,394,159
Liabilities and Shareholders' Equity
Long-term debt	1,204,229	1,202,494
Other liabilities	1,124,788	1,110,838
Total liabilities	52,020,426	49,232,825
Shareholders’ equity:
Preferred stock	537,145	537,145
Common stock	169,384	168,133
Additional paid-in capital	3,894,109	3,851,208
Treasury stock	(931,497)	(731,806)
Accumulated other comprehensive income (loss), net	(82,321)	158,635
Retained earnings	1,709,980	1,178,019	$ 1,068,327
Total shareholders’ equity	5,296,800	5,161,334		4,941,690	3,133,602
Total liabilities and shareholders' equity	57,317,226	54,394,159
Parent Company
ASSETS
Cash due from bank subsidiary	389,071	439,352
Funds due from other depository institutions	9,277	9,277
Total cash, cash equivalents, and restricted cash	398,348	448,629		$ 374,388	$ 223,023
Investment in consolidated bank subsidiary, at equity	5,381,311	5,239,849
Investment in consolidated nonbank subsidiaries, at equity	69,712	46,271
Note receivable from bank subsidiary	100,000	100,000
Other assets	25,538	16,975
Total assets	5,974,909	5,851,724
Liabilities and Shareholders' Equity
Long-term debt	607,334	606,406
Other liabilities	70,775	83,984
Total liabilities	678,109	690,390
Shareholders’ equity:
Preferred stock	537,145	537,145
Common stock	169,384	168,133
Additional paid-in capital	3,894,109	3,851,208
Treasury stock	(931,497)	(731,806)
Accumulated other comprehensive income (loss), net	(82,321)	158,635
Retained earnings	1,709,980	1,178,019
Total shareholders’ equity	5,296,800	5,161,334
Total liabilities and shareholders' equity	$ 5,974,909	$ 5,851,724

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Condensed Financial Information Of Synovus Financial Corp. (Parent Company Only) - Condensed Statements Of Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Expense
Interest expense	$ 120,396	$ 291,747	$ 454,835
Other expense	1,099,904	1,179,574	1,098,968
Net income	760,467	373,695	563,780
Less: Preferred stock dividends	33,163	33,163	22,881
Net income available to common shareholders	727,304	340,532	540,899
Parent Company
Income
Cash dividends received from subsidiaries	420,000	547,500	400,000
Interest income	777	3,341	5,920
Other income (loss)	1,070	4,966	11,590
Total income	421,847	555,807	417,510
Expense
Interest expense	27,616	42,911	41,328
Other expense	10,300	10,584	13,528
Total expense	37,916	53,495	54,856
Income before income taxes and equity in undistributed income of subsidiaries	383,931	502,312	362,654
Allocated income tax benefit	(7,834)	(12,202)	(9,753)
Income before equity in undistributed income of subsidiaries	391,765	514,514	372,407
Equity in undistributed income (loss) of subsidiaries	368,702	(140,819)	191,373
Net income	760,467	373,695	563,780
Less: Preferred stock dividends	33,163	33,163	22,881
Net income available to common shareholders	$ 727,304	$ 340,532	$ 540,899

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Condensed Financial Information Of Synovus Financial Corp. (Parent Company Only) - Condensed Statements of Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Condensed Financial Statements, Captions [Line Items]
Net income, income tax	$ (228,893)	$ (110,970)	$ (201,235)
Net income	760,467	373,695	563,780
Reclassification adjustment for net losses (gains) realized in net income on investment securities available for sale, before-tax amount	799	(78,931)	7,659
Reclassification adjustment for net losses (gains) realized in net income on investment securities available for sale, income tax	(202)	20,443	(1,984)
Reclassification adjustment for realized (gains) losses included in net income	597	(58,488)	5,675
Other comprehensive income (loss), before-tax amount	(324,561)	125,505	216,010
Other comprehensive income (loss), income tax	83,605	(32,511)	(55,949)
Net current period other comprehensive income (loss)	(240,956)	92,994	160,061
Comprehensive income	519,511	466,689	723,841
Parent Company
Condensed Financial Statements, Captions [Line Items]
Net income, before-tax amount	989,360	484,665	765,015
Net income, income tax	(228,893)	(110,970)	(201,235)
Net income	760,467	373,695	563,780
Reclassification adjustment for net losses (gains) realized in net income on investment securities available for sale, before-tax amount	0	0	(22)
Reclassification adjustment for net losses (gains) realized in net income on investment securities available for sale, income tax	0	0	6
Reclassification adjustment for realized (gains) losses included in net income	0	0	(16)
Other comprehensive (loss) gain of bank subsidiary, before-tax amount	(324,561)	125,505	216,032
Other comprehensive (loss) gain of bank subsidiary, income tax	83,605	(32,511)	(55,955)
Other comprehensive (loss) gain of bank subsidiary, net of tax amount	(240,956)	92,994	160,077
Other comprehensive income (loss), before-tax amount	(324,561)	125,505	216,010
Other comprehensive income (loss), income tax	83,605	(32,511)	(55,949)
Net current period other comprehensive income (loss)	(240,956)	92,994	160,061
Comprehensive income	$ 519,511	$ 466,689	$ 723,841

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Condensed Financial Information Of Synovus Financial Corp. (Parent Company Only) - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating Activities
Net income	$ 760,467	$ 373,695	$ 563,780
Adjustments to reconcile net income to net cash provided by operating activities:
Other	0	55,343	4,592
Net cash provided by operating activities	794,016	17,032	621,050
Investing Activities
Proceeds from sales of investment securities available for sale	565,400	2,649,686	2,923,787
Net cash used in investing activities	(4,384,166)	(2,352,973)	(2,153,862)
Financing Activities
Repurchase of common stock	(199,932)	(16,246)	(725,398)
Repayments and redemption of long-term debt	0	(2,408,939)	(157,226)
Proceeds from issuance of long-term debt, net	0	1,445,492	497,045
Proceeds from issuance of preferred stock, net	0	0	342,005
Other	(8,624)	(1,552)	(1,947)
Net cash provided by financing activities	2,347,086	5,401,940	1,576,166
Increase (decrease) in cash and cash equivalents including restricted cash	(1,243,064)	3,065,999	43,354
Cash, cash equivalents, and restricted cash at beginning of year	4,252,917	1,186,918	1,143,564
Cash, cash equivalents, and restricted cash at end of year	3,009,853	4,252,917	1,186,918
Income taxes paid	204,214	110,828	101,781
Interest paid	132,923	319,282	464,712
Parent Company
Operating Activities
Net income	760,467	373,695	563,780
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed (income) loss of subsidiaries	(368,702)	140,819	(191,373)
Deferred income tax expense (benefit)	(7,296)	3,962	1,775
Net increase (decrease) in other liabilities	(2,082)	11,243	43,617
Net decrease in other assets	5,280	17,441	3,367
Other	928	(5,132)	1,037
Net cash provided by operating activities	388,595	542,028	422,203
Investing Activities
Proceeds from sales of investment securities available for sale	0	0	97,389
Advance of long-term note receivable due from bank subsidiary	0	0	(100,000)
Return of investment non-bank subsidiary	0	0	790
Proceeds from sales of equity securities	0	23,141	0
Increase in other investments	(10,000)	0	0
Net cash received in business combination, net of cash paid	0	0	4,813
Net cash used in investing activities	(10,000)	23,141	2,992
Financing Activities
Dividends paid to common and preferred shareholders	(227,840)	(223,130)	(185,664)
Repurchase of common stock	(199,932)	(16,246)	(725,398)
Repayments and redemption of long-term debt	0	(250,000)	0
Proceeds from issuance of long-term debt, net	0	0	297,174
Proceeds from issuance of preferred stock, net	0	0	342,005
Other	(1,104)	(1,552)	(1,947)
Net cash provided by financing activities	(428,876)	(490,928)	(273,830)
Increase (decrease) in cash and cash equivalents including restricted cash	(50,281)	74,241	151,365
Cash, cash equivalents, and restricted cash at beginning of year	448,629	374,388	223,023
Cash, cash equivalents, and restricted cash at end of year	398,348	448,629	374,388
Income taxes paid	203,200	119,100	101,600
Interest paid	$ 27,300	$ 42,000	$ 33,100

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Subsequent Event (Details) - USD ($)		12 Months Ended
	Feb. 10, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Subsequent Event [Line Items]
Repayments of long-term debt, net		$ 0	$ 2,408,939,000	$ 157,226,000
Subsequent Event | 2.289% Fixed-to-Floating Rate Senior Bank Notes due 2023 | Synovus Bank
Subsequent Event [Line Items]
Stated percentage	2.289%
Debt, face amount	$ 400,000,000
Repayments of long-term debt, net	405,300,000
Repayments of long-term debt, principal	400,000,000
Repayments of long-term debt, interest	4,600,000
Write off debt issuance cost	$ 675,000