10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________________________

FORM 10-Q

______________________________

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

For the quarterly period ended June 30, 2022

Commission file number 1-10312

______________________________

SYNOVUS FINANCIAL CORP.

(Exact name of registrant as specified in its charter)

______________________________

 

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

______________________________

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

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Sections 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 ☒  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 ☒  No ☐

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

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 is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐    No ☒

As of July 31, 2022, 145,369,831 shares of the registrant's common stock, $1.00 par value, were outstanding.

Table of Contents

			Page
Part I.	Financial Information
		Index of Defined Terms	i
	Item 1.	Financial Statements (Unaudited)
		Consolidated Balance Sheets as of June 30, 2022 and December 31, 2021	1
		Consolidated Statements of Income for the Three and Six Months Ended June 30, 2022 and 2021	2
		Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2022 and 2021	3
		Consolidated Statements of Changes in Shareholders' Equity for the Three and Six Months Ended June 30, 2022 and 2021	4
		Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2022 and 2021	6
		Notes to Unaudited Interim Consolidated Financial Statements	7
	Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	37
	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	60
	Item 4.	Controls and Procedures	60
Part II.	Other Information
	Item 1.	Legal Proceedings	61
	Item 1A.	Risk Factors	61
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	61
	Item 3.	Defaults Upon Senior Securities	61
	Item 4.	Mine Safety Disclosures	61
	Item 5.	Other Information	61
	Item 6.	Exhibits	62
	Signatures		63

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 (ALL, reserve on unfunded loan commitments, and reserve, if required, on debt securities)

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

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

BOLI – Bank-owned life insurance

bp(s) – Basis point(s)

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

CMO – Collateralized mortgage obligation

Code – Internal Revenue Code, as amended

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

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

FDIC – Federal Deposit Insurance Corporation

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

i

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 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

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

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

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

LIBOR – London Interbank Offered Rate

LIHTC – Low Income Housing Tax Credit

LTV – Loan-to-collateral value ratio

MBS – Mortgage-backed security

MPS – Merchant processing servicer(s)

NAICS – North American Industry Classification System

nm – not meaningful

NPA – Non-performing assets

NPL – Non-performing loans

NSF – Non-sufficient funds

OCI – Other comprehensive income (loss)

ORE – Other real estate

Parent Company – Synovus Financial Corp.

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

SAB – Staff Accounting Bulletin

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

ii

SOFR – Secured Overnight Financing Rate

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' 2021 Form 10-K – Synovus' Annual Report on Form 10-K for the year ended December 31, 2021

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

UPB – Unpaid principal balance

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

iii

PART I. FINANCIAL INFORMATION

ITEM 1. - FINANCIAL STATEMENTS

SYNOVUS FINANCIAL CORP.

CONSOLIDATED BALANCE SHEETS

(unaudited)

(in thousands, except share and per share data)	June 30, 2022		December 31, 2021
ASSETS
Cash and due from banks	$	583,323	$	432,925
Interest-bearing funds with Federal Reserve Bank	1,023,030		2,479,006
Interest earning deposits with banks	29,139		25,535
Federal funds sold and securities purchased under resale agreements	29,568		72,387
Total cash, cash equivalents, and restricted cash	1,665,060		3,009,853
Investment securities available for sale, at fair value	9,889,850		10,918,329
Loans held for sale (includes $76,864 and $108,198 measured at fair value, respectively)	917,679		750,642
Loans, net of deferred fees and costs	41,204,780		39,311,958
Allowance for loan losses	(407,837)		(427,597)
Loans, net	40,796,943		38,884,361
Cash surrender value of bank-owned life insurance	1,078,703		1,068,616
Premises, equipment, and software, net	383,060		407,241
Goodwill	452,390		452,390
Other intangible assets, net	31,360		35,596
Other assets	2,167,700		1,790,198
Total assets	$	57,382,745	$	57,317,226
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Deposits:
Non-interest-bearing deposits	$	16,876,710	$	16,392,653
Interest-bearing deposits	32,157,990		33,034,623
Total deposits	49,034,700		49,427,276
Federal funds purchased and securities sold under repurchase agreements	345,242		264,133
Long-term debt	1,804,104		1,204,229
Other liabilities	1,614,261		1,124,788
Total liabilities	52,798,307		52,020,426
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 170,012,527 and 169,383,758; outstanding 145,357,669 and 145,010,086	170,013		169,384
Additional paid-in capital	3,908,118		3,894,109
Treasury stock, at cost; 24,654,858 and 24,373,672 shares	(944,484)		(931,497)
Accumulated other comprehensive income (loss), net	(1,026,705)		(82,321)
Retained earnings	1,940,351		1,709,980
Total shareholders' equity	4,584,438		5,296,800
Total liabilities and shareholders' equity	$	57,382,745	$	57,317,226

See accompanying notes to unaudited interim consolidated financial statements.

1

SYNOVUS FINANCIAL CORP.

CONSOLIDATED STATEMENTS OF INCOME

(unaudited)

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except per share data)	2022		2021		2022		2021
Interest income:
Loans, including fees	$	391,307	$	371,288	$	752,399	$	743,779
Investment securities available for sale	50,312		33,298		97,562		62,755
Loans held for sale	8,600		6,609		14,781		13,071
Federal Reserve Bank balances	1,593		709		2,382		1,383
Other earning assets	1,960		839		2,710		1,572
Total interest income	453,772		412,743		869,834		822,560
Interest expense:
Deposits	18,501		19,371		32,160		44,389
Long-term debt	8,769		11,478		18,913		22,386
Other borrowings	1,114		34		1,126		69
Total interest expense	28,384		30,883		52,199		66,844
Net interest income	425,388		381,860		817,635		755,716
Provision for (reversal of) credit losses	12,688		(24,598)		24,088		(43,173)
Net interest income after provision for (reversal of) credit losses	412,700		406,458		793,547		798,889
Non-interest revenue:
Service charges on deposit accounts	23,491		21,414		46,030		41,448
Fiduciary and asset management fees	20,100		18,805		40,377		36,759
Card fees	16,089		13,304		30,846		25,300
Brokerage revenue	15,243		13,926		29,898		26,899
Mortgage banking income	3,904		13,842		9,857		36,157
Capital markets income	7,393		3,335		12,864		10,840
Income from bank-owned life insurance	9,165		7,188		15,722		16,031
Investment securities gains (losses), net	—		—		—		(1,990)
Other non-interest revenue	1,881		15,273		17,006		26,599
Total non-interest revenue	97,266		107,087		202,600		218,043
Non-interest expense:
Salaries and other personnel expense	161,063		160,567		325,747		322,044
Net occupancy, equipment, and software expense	43,199		41,825		86,076		82,959
Third-party processing and other services	21,952		24,419		42,947		44,451
Professional fees	10,865		7,947		19,338		17,031
FDIC insurance and other regulatory fees	6,894		5,547		13,144		11,127
Restructuring charges	(1,850)		415		(8,274)		946
Other operating expense	39,928		29,811		75,523		59,107
Total non-interest expense	282,051		270,531		554,501		537,665
Income before income taxes	227,915		243,014		441,646		479,267
Income tax expense	49,863		56,814		92,558		105,975
Net income	178,052		186,200		349,088		373,292
Less: Preferred stock dividends	8,291		8,291		16,581		16,581
Net income available to common shareholders	$	169,761	$	177,909	$	332,507	$	356,711
Net income per common share, basic	$	1.17	$	1.20	$	2.29	$	2.41
Net income per common share, diluted	1.16		1.19		2.27		2.38
Weighted average common shares outstanding, basic	145,328		148,113		145,301		148,289
Weighted average common shares outstanding, diluted	146,315		149,747		146,489		149,764

See accompanying notes to unaudited interim consolidated financial statements.

2

SYNOVUS FINANCIAL CORP.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(unaudited)

	Three Months Ended June 30,
	2022						2021
(in thousands)	Before-tax Amount		Income Tax		Net of Tax Amount		Before-tax Amount		Income Tax		Net of Tax Amount
Net income	$	227,915	$	(49,863)	$	178,052	$	243,014	$	(56,814)	$	186,200
Unrealized gains (losses) on investment securities available for sale:
Net unrealized gains (losses) arising during the period	(429,408)		102,328		(327,080)		46,342		(11,725)		34,617
Reclassification adjustment for realized (gains) losses included in net income	—		—		—		—		—		—
Net change	(429,408)		102,328		(327,080)		46,342		(11,725)		34,617
Unrealized gains (losses) on derivative instruments designated as cash flow hedges:
Net unrealized gains (losses) arising during the period	(48,332)		11,517		(36,815)		(1,923)		486		(1,437)
Reclassification adjustment for realized (gains) losses included in net income	(978)		233		(745)		(3,657)		925		(2,732)
Net change	(49,310)		11,750		(37,560)		(5,580)		1,411		(4,169)
Total other comprehensive income (loss)	$	(478,718)	$	114,078	$	(364,640)	$	40,762	$	(10,314)	$	30,448
Comprehensive income (loss)					$	(186,588)					$	216,648
	Six Months Ended June 30,
	2022						2021
(in thousands)	Before-tax Amount		Income Tax		Net of Tax Amount		Before-tax Amount		Income Tax		Net of Tax Amount
Net income	$	441,646	$	(92,558)	$	349,088	$	479,267	$	(105,975)	$	373,292
Unrealized gains (losses) on investment securities available for sale:
Net unrealized gains (losses) arising during the period	(1,050,890)		249,351		(801,539)		(118,899)		31,056		(87,843)
Reclassification adjustment for realized (gains) losses included in net income	—		—		—		1,990		(515)		1,475
Net change	(1,050,890)		249,351		(801,539)		(116,909)		30,541		(86,368)
Unrealized gains (losses) on derivative instruments designated as cash flow hedges:
Net unrealized gains (losses) arising during the period	(184,310)		43,878		(140,432)		(30,980)		8,360		(22,620)
Reclassification adjustment for realized (gains) losses included in net income	(3,167)		754		(2,413)		(5,256)		1,335		(3,921)
Net change	(187,477)		44,632		(142,845)		(36,236)		9,695		(26,541)
Total other comprehensive income (loss)	$	(1,238,367)	$	293,983	$	(944,384)	$	(153,145)	$	40,236	$	(112,909)
Comprehensive income (loss)					$	(595,296)					$	260,383

See accompanying notes to unaudited interim consolidated financial statements.

3

SYNOVUS FINANCIAL CORP.

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

(unaudited)

(in thousands, except per share data)	Preferred Stock		Common Stock		Additional Paid-in Capital		Treasury Stock		Accumulated Other Comprehensive Income (Loss)		Retained Earnings		Total
Balance at March 31, 2022	$	537,145	$	169,912	$	3,899,269	$	(941,168)	$	(662,065)	$	1,821,542	$	4,824,635
Net income	—		—		—		—		—		178,052		178,052
Other comprehensive income (loss), net of income taxes	—		—		—		—		(364,640)		—		(364,640)
Cash dividends declared on common stock - $0.34 per share	—		—		—		—		—		(49,416)		(49,416)
Cash dividends declared on preferred stock(1)	—		—		—		—		—		(8,291)		(8,291)
Repurchases of common stock including costs to repurchase	—		—		—		(3,316)		—		—		(3,316)
Restricted share unit vesting and taxes paid related to net share settlement	—		48		1,086		—		—		(1,536)		(402)
Stock options exercised, net	—		53		919		—		—		—		972
Share-based compensation expense	—		—		6,844		—		—		—		6,844
Balance at June 30, 2022	$	537,145	$	170,013	$	3,908,118	$	(944,484)	$	(1,026,705)	$	1,940,351	$	4,584,438
Balance at March 31, 2021	$	537,145	$	168,978	$	3,864,281	$	(731,690)	$	15,278	$	1,307,725	$	5,161,717
Net income	—		—		—		—		—		186,200		186,200
Other comprehensive income (loss), net of income taxes	—		—		—		—		30,448		—		30,448
Cash dividends declared on common stock - $0.33 per share	—		—		—		—		—		(48,651)		(48,651)
Cash dividends declared on preferred stock(1)	—		—		—		—		—		(8,291)		(8,291)
Repurchases of common stock including costs to repurchase	—		—		—		(92,507)		—		—		(92,507)
Restricted share unit vesting and taxes paid related to net share settlement	—		35		(429)		—		—		—		(394)
Stock options exercised, net	—		95		2,232		—		—		—		2,327
Share-based compensation expense	—		—		6,865		—		—		—		6,865
Balance at June 30, 2021	$	537,145	$	169,108	$	3,872,949	$	(824,197)	$	45,726	$	1,436,983	$	5,237,714

4

(in thousands, except per share data)	Preferred Stock		Common Stock		Additional Paid-in Capital		Treasury Stock		Accumulated Other Comprehensive Income (Loss)		Retained Earnings		Total
Balance at December 31, 2021	$	537,145	$	169,384	$	3,894,109	$	(931,497)	$	(82,321)	$	1,709,980	$	5,296,800
Net income	—		—		—		—		—		349,088		349,088
Other comprehensive income (loss), net of income taxes	—		—		—		—		(944,384)		—		(944,384)
Cash dividends declared on common stock - $0.68 per share	—		—		—		—		—		(98,858)		(98,858)
Cash dividends declared on preferred stock(2)	—		—		—		—		—		(16,581)		(16,581)
Repurchases of common stock including costs to repurchase	—		—		—		(12,987)		—		—		(12,987)
Restricted share unit vesting and taxes paid related to net share settlement	—		350		(3,196)		—		—		(3,278)		(6,124)
Stock options exercised, net	—		279		2,460		—		—		—		2,739
Share-based compensation expense	—		—		14,745		—		—		—		14,745
Balance at June 30, 2022	$	537,145	$	170,013	$	3,908,118	$	(944,484)	$	(1,026,705)	$	1,940,351	$	4,584,438
Balance at December 31, 2020	$	537,145	$	168,133	$	3,851,208	$	(731,806)	$	158,635	$	1,178,019	$	5,161,334
Net income	—		—		—		—		—		373,292		373,292
Other comprehensive income (loss), net of income taxes	—		—		—		—		(112,909)		—		(112,909)
Cash dividends declared on common stock - $0.66 per share	—		—		—		—		—		(97,744)		(97,744)
Cash dividends declared on preferred stock(2)	—		—		—		—		—		(16,581)		(16,581)
Repurchases of common stock including costs to repurchase	—		—		—		(92,507)		—		—		(92,507)
Restricted share unit vesting and taxes paid related to net share settlement	—		306		(6,885)		—		—		—		(6,579)
Stock options exercised, net	—		669		14,210		—		—		—		14,879
Warrants exercised with net settlement and common stock reissued	—		—		(113)		116		—		(3)		—
Share-based compensation expense	—		—		14,529		—		—		—		14,529
Balance at June 30, 2021	$	537,145	$	169,108	$	3,872,949	$	(824,197)	$	45,726	$	1,436,983	$	5,237,714

(1)    For the three months ended June 30, 2022 and 2021, dividends per share were $0.39 and $0.37 for Series D and Series E Preferred Stock, respectively.

(2)    For the six months ended June 30, 2022 and 2021, dividends per share were $0.79 and $0.73 for Series D and Series E Preferred Stock, respectively.

See accompanying notes to unaudited interim consolidated financial statements.

5

SYNOVUS FINANCIAL CORP.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

	Six Months Ended June 30,
(in thousands)	2022		2021
Operating Activities
Net income	$	349,088	$	373,292
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Provision for (reversal of) credit losses	24,088		(43,173)
Depreciation, amortization, and accretion, net	36,991		66,572
Deferred income tax expense (benefit)	(3,227)		25,111
Originations of loans held for sale	(2,095,264)		(2,042,076)
Proceeds from sales and payments on loans held for sale	1,926,118		2,078,089
Gain on sales of loans held for sale, net	(7,277)		(27,502)
(Increase) decrease in other assets	(107,698)		(7,354)
Increase (decrease) in other liabilities	72,987		(1,554)
Investment securities (gains) losses, net	—		1,990
Share-based compensation expense	14,511		13,131
Other	677		—
Net cash provided by (used in) operating activities	210,994		436,526
Investing Activities
Proceeds from maturities and principal collections of investment securities available for sale	1,226,967		1,616,397
Proceeds from sales of investment securities available for sale	—		223,977
Purchases of investment securities available for sale	(1,269,468)		(3,476,929)
Proceeds from sales of loans	47,130		86,650
Purchases of loans	(361,567)		(1,041,602)
Net (increase) decrease in loans	(1,594,366)		928,084
Net (purchases) redemptions of Federal Home Loan Bank stock	(45,700)		(1,200)
Net (purchases) redemptions of Federal Reserve Bank stock	(536)		(954)
Net proceeds from settlement (purchases) of bank-owned life insurance policies	3,106		6,264
Net increase in premises, equipment and software	(11,260)		(12,419)
Other	33,984		4,141
Net cash provided by (used in) investing activities	(1,971,710)		(1,667,591)
Financing Activities
Net increase (decrease) in deposits	(389,758)		480,391
Net increase (decrease) in federal funds purchased and securities sold under repurchase agreements	81,109		(33,135)
Net increase (decrease) in other short-term borrowings	254,818		(7,717)
Repayments and redemption of long-term debt	(400,000)		—
Proceeds from issuance of long-term debt	1,000,000		—
Dividends paid to common shareholders	(97,293)		(97,927)
Dividends paid to preferred shareholders	(16,581)		(16,581)
Repurchases of common stock	(12,987)		(92,507)
Issuances, net of taxes paid, under equity compensation plans	(3,385)		8,300
Net cash provided by (used in) financing activities	415,923		240,824
Increase (decrease) in cash and cash equivalents including restricted cash	(1,344,793)		(990,241)
Cash, cash equivalents, and restricted cash, at beginning of period	3,009,853		4,252,917
Cash, cash equivalents, and restricted cash at end of period	$	1,665,060	$	3,262,676
Supplemental Disclosures:
Income taxes paid	$	88,090	$	115,282
Interest paid	52,330		78,772
Non-cash Activities
Securities purchased during the period but settled after period-end	—		48,795
Premises and equipment transferred to other assets held for sale	13,372		3,864
Loans foreclosed and transferred to other real estate	—		801
Loans transferred (from) to other loans held for sale at fair value	(9,386)		—

See accompanying notes to unaudited interim consolidated financial statements.

6

Notes to Unaudited Interim Consolidated Financial Statements

Note 1 - Basis of Presentation and Accounting Policies

General

The accompanying unaudited interim consolidated financial statements of Synovus Financial Corp. include the accounts of the Parent Company and its consolidated subsidiaries. Synovus Financial Corp. is a financial services company based in Columbus, Georgia. Through its wholly-owned subsidiary, Synovus Bank, a Georgia state-chartered bank that is a member of the Federal Reserve System, the Company 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. Synovus also provides financial planning, and investment advisory services through its wholly-owned subsidiaries, Synovus Trust and Synovus Securities, as well as its GLOBALT and Creative Financial Group divisions. Synovus Bank is positioned in markets in the Southeast, with 261 branches and 367 ATMs in Alabama, Florida, Georgia, South Carolina, and Tennessee.

The accompanying unaudited interim consolidated financial statements have been prepared in accordance with the instructions to the SEC Form 10-Q and Article 10 of Regulation S-X; therefore, they do not include all information and footnotes necessary for a fair presentation of financial position, results of operations, comprehensive income (loss), and cash flows in conformity with GAAP. All adjustments consisting of normally recurring accruals that, in the opinion of management, are necessary for a fair presentation of the consolidated financial position and results of operations for the periods covered by this Report have been included. The accompanying unaudited interim consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes appearing in Synovus' 2021 Form 10-K.

Reclassifications

Prior periods' consolidated financial statements are reclassified whenever necessary to conform to the current periods' presentation.

Use of Estimates in the Preparation of Financial Statements

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 change relate to the determination of the ACL, estimates of fair value, income taxes, and contingent liabilities.

Recent Accounting Pronouncements

The following table provides a brief description of accounting standards adopted or issued in 2022 and the estimated effect on the Company’s financial statements.

7

Standard	Description	Required date of adoption	Effect on Company's financial statements or other significant matters
Standards Adopted (or partially adopted )
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.	This ASU is effective upon issuance and can be applied through December 31, 2022.	The Company is in the process of evaluating and applying, as applicable, the optional expedients and exceptions in accounting for eligible contract modifications, eligible existing hedging relationships and new hedging relationships. The application of this guidance has not had and is not expected to have a material impact to the consolidated financial statements.
SAB 121, Accounting for Obligations to Safeguard Crypto-Assets an Entity Holds for its Platform Users	In March 2022, the SEC released SAB 121 to add interpretive guidance for entities to consider when they have obligations to safeguard crypto-assets held for clients. The new guidance requires reporting entities who allow clients to transact in crypto-assets and act as a custodian to record a liability with a corresponding asset regardless of whether they control the crypto-asset. The crypto-asset will need to be marked at fair value for each reporting period. The new guidance requires disclosures in the footnotes to address the amount of crypto-assets reported, and the safeguarding and recordkeeping of the assets.	June 30, 2022, with retrospective application back to the beginning of the fiscal year.	The adoption of this standard on June 30, 2022, had no impact to the consolidated financial statements.
Standard	Description	Required date of adoption	Effect on Company's financial statements or other significant matters
Standards Issued But Not Yet Adopted
ASU 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosure	In March 2022, the FASB issued ASU 2022-02 to eliminate TDR accounting guidance while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. The ASU also provides guidance for vintage table disclosures and gross write-offs. The ASU requires an entity to disclose current-period gross write-offs by year of origination for financing receivables within the scope of Subtopic 326-20.	January 1, 2023. Early adoption is permitted as of an interim period with retrospective application back to the beginning of the fiscal year.	The Company is currently evaluating the potential financial statement impact from the implementation of this standard.

8

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 June 30, 2022 and December 31, 2021 are summarized below.

	June 30, 2022
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. Treasury securities	$	414,744	$	—	$	(28,160)	$	386,584
U.S. Government agency securities	52,866		2		(1,973)		50,895
Mortgage-backed securities issued by U.S. Government agencies	713,490		6		(81,525)		631,971
Mortgage-backed securities issued by U.S. Government sponsored enterprises	8,144,078		557		(901,994)		7,242,641
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises	826,579		—		(73,493)		753,086
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises	642,436		121		(37,438)		605,119
Asset-backed securities	201,366		—		—		201,366
Corporate debt securities and other debt securities	18,358		—		(170)		18,188
Total investment securities available for sale	$	11,013,917	$	686	$	(1,124,753)	$	9,889,850
	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

At June 30, 2022 and December 31, 2021, investment securities with a carrying value of $3.86 billion and $4.03 billion, respectively, were pledged to secure certain deposits and other liabilities, as required by law or contractual agreements.            

9

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 June 30, 2022 and December 31, 2021 are presented below.

	June 30, 2022
	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	$	322,983	$	(20,632)	$	42,319	$	(7,528)	$	365,302	$	(28,160)
U.S. Government agency securities	50,180		(1,973)		—		—		50,180		(1,973)
Mortgage-backed securities issued by U.S. Government agencies	305,938		(36,743)		324,431		(44,782)		630,369		(81,525)
Mortgage-backed securities issued by U.S. Government sponsored enterprises	5,273,030		(605,258)		1,893,054		(296,736)		7,166,084		(901,994)
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises	348,932		(26,567)		404,154		(46,926)		753,086		(73,493)
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises	418,331		(14,730)		138,644		(22,708)		556,975		(37,438)
Corporate debt securities and other debt securities	18,188		(170)		—		—		18,188		(170)
Total	$	6,737,582	$	(706,073)	$	2,802,602	$	(418,680)	$	9,540,184	$	(1,124,753)
	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)

As of June 30, 2022, Synovus had 304 investment securities in a loss position for less than twelve months and 79 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 June 30, 2022.

10

At June 30, 2022, 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 June 30, 2022 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 June 30, 2022
(in thousands)	Within One  Year		1 to 5 Years		5 to 10  Years		More Than  10 Years		Total
Amortized Cost
U.S. Treasury securities	$	21,282	$	343,616	$	49,846	$	—	$	414,744
U.S. Government agency securities	456		22,420		29,990		—		52,866
Mortgage-backed securities issued by U.S. Government agencies	—		727		5		712,758		713,490
Mortgage-backed securities issued by U.S. Government sponsored enterprises	—		—		127,499		8,016,579		8,144,078
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises	—		114		—		826,465		826,579
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises	—		338,951		234,679		68,806		642,436
Asset-backed securities	201,366		—		—		—		201,366
Corporate debt securities and other debt securities	9,501		—		8,857		—		18,358
Total amortized cost	$	232,605	$	705,828	$	450,876	$	9,624,608	$	11,013,917
Fair Value
U.S. Treasury securities	$	21,282	$	322,983	$	42,319	$	—	$	386,584
U.S. Government agency securities	457		20,581		29,857		—		50,895
Mortgage-backed securities issued by U.S. Government agencies	—		727		5		631,239		631,971
Mortgage-backed securities issued by U.S. Government sponsored enterprises	—		—		124,738		7,117,903		7,242,641
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises	—		114		—		752,972		753,086
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises	—		328,630		209,726		66,763		605,119
Asset-backed securities	201,366		—		—		—		201,366
Corporate debt securities and other debt securities	9,446		—		8,742		—		18,188
Total fair value	$	232,551	$	673,035	$	415,387	$	8,568,877	$	9,889,850

Gross gains and gross losses on sales of securities available for sale for the three and six months ended June 30, 2022 and 2021 are presented below. The specific identification method is used to reclassify gains and losses out of other comprehensive income (loss) at the time of sale.

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2022		2021		2022		2021
Gross realized gains on sales	$	—	$	—	$	—	$	—
Gross realized losses on sales	—		—		—		(1,990)
Investment securities gains (losses), net	$	—	$	—	$	—	$	(1,990)

11

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 June 30, 2022 and December 31, 2021.

	June 30, 2022
(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	$	12,954,600	$	14,363	$	525	$	14,888	$	12,834	$	35,767	$	13,018,089
Owner-occupied	7,744,300		4,538		—		4,538		6,955		4,443		7,760,236
Total commercial and industrial	20,698,900		18,901		525		19,426		19,789		40,210		20,778,325
Investment properties	10,400,407		271		—		271		5,025		2,345		10,408,048
1-4 family properties	636,701		2,036		—		2,036		1,821		1,297		641,855
Land and development	451,590		—		—		—		1,924		—		453,514
Total commercial real estate	11,488,698		2,307		—		2,307		8,770		3,642		11,503,417
Consumer mortgages	5,092,428		9,238		—		9,238		22,857		—		5,124,523
Home equity	1,567,527		3,591		—		3,591		7,588		512		1,579,218
Credit cards	191,641		1,413		1,236		2,649		—		—		194,290
Other consumer loans	2,000,402		18,459		490		18,949		5,656		—		2,025,007
Total consumer	8,851,998		32,701		1,726		34,427		36,101		512		8,923,038
Loans, net of deferred fees and costs	$	41,039,596	$	53,909	$	2,251	$	56,160	$	64,660	$	44,364	$	41,204,780

	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	$	12,068,740	$	13,378	$	3,953	$	17,331	$	37,918	$	23,869	$	12,147,858
Owner-occupied	7,460,184		3,627		59		3,686		7,146		4,050		7,475,066
Total commercial and industrial	19,528,924		17,005		4,012		21,017		45,064		27,919		19,622,924
Investment properties	9,894,924		1,285		717		2,002		3,273		2,577		9,902,776
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	10,998,504		3,312		964		4,276		9,726		2,605		11,015,111
Consumer mortgages	5,033,537		6,257		126		6,383		29,078		—		5,068,998
Home equity	1,349,027		2,619		—		2,619		9,773		—		1,361,419
Credit cards	201,929		1,233		1,010		2,243		—		—		204,172
Other consumer loans	2,011,430		20,369		658		21,027		6,877		—		2,039,334
Total consumer	8,595,923		30,478		1,794		32,272		45,728		—		8,673,923
Loans, net of deferred fees and costs	$	39,123,351	$	50,795	$	6,770	$	57,565	$	100,518	$	30,524	$	39,311,958

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 $2.0 million and $2.7 million for the three months ended June 30, 2022 and 2021, respectively and $5.4 million and $6.2 million for the six months ended June 30, 2022 and 2021, respectively. Of the interest income recognized during the three months ended June 30, 2022 and 2021, cash-basis interest income was $410 thousand and $575 thousand, respectively. Cash-basis interest income was $964 thousand and $1.2 million for the six months ended June 30, 2022 and 2021 respectively.

12

Pledged Loans

Loans with carrying values of $15.15 billion and $14.19 billion, respectively, were pledged as collateral for borrowings and capacity at June 30, 2022 and December 31, 2021, 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 primarily 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, were $86.7 million at June 30, 2022 and are guaranteed by the SBA.

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, home equity, and consumer 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 home equity 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 categorized 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 home equity) secured by junior liens on 1-4 family residential properties also consider available information on the payment status of any associated senior liens with other financial institutions.

13

The following tables summarize each loan portfolio class by risk grade and origination year as of June 30, 2022 and December 31, 2021 as required under CECL.

	June 30, 2022
	Term Loans Amortized Cost Basis by Origination Year												Revolving Loans
(in thousands)	2022		2021		2020		2019		2018		Prior		Amortized Cost Basis		Converted to Term Loans		Total
Commercial, financial and agricultural
Pass	$	539,814	$	2,126,772	$	1,183,170	$	811,870	$	569,801	$	1,166,642	$	6,202,131	$	30,553	$	12,630,753
Special Mention	3,136		4,280		9,337		9,435		17,596		3,333		86,555		—		133,672
Substandard(1)	6,888		11,081		52,047		45,437		18,756		28,546		86,152		1,082		249,989
Doubtful(2)	—		—		—		—		3,520		—		—		—		3,520
Loss(3)	—		—		—		—		—		—		155		—		155
Total commercial, financial and agricultural	549,838		2,142,133		1,244,554		866,742		609,673		1,198,521		6,374,993		31,635		13,018,089
Owner-occupied
Pass	834,063		1,730,966		1,178,269		1,007,485		720,509		1,388,397		641,261		—		7,500,950
Special Mention	137		4,545		86,210		8,841		45,656		28,168		—		—		173,557
Substandard(1)	2,400		12,555		2,969		5,738		39,048		22,766		—		—		85,476
Loss(3)	—		253		—		—		—		—		—		—		253
Total owner-occupied	836,600		1,748,319		1,267,448		1,022,064		805,213		1,439,331		641,261		—		7,760,236
Total commercial and industrial	1,386,438		3,890,452		2,512,002		1,888,806		1,414,886		2,637,852		7,016,254		31,635		20,778,325
Investment properties
Pass	1,352,056		2,953,629		1,554,185		1,444,006		901,677		1,749,178		314,751		—		10,269,482
Special Mention	—		6,963		—		15,295		11,559		4,409		7,997		—		46,223
Substandard(1)	358		486		631		3,695		52,785		13,118		21,270		—		92,343
Total investment properties	1,352,414		2,961,078		1,554,816		1,462,996		966,021		1,766,705		344,018		—		10,408,048
1-4 family properties
Pass	174,897		203,245		56,607		38,918		33,778		75,587		46,689		—		629,721
Special Mention	2,688		1,250		970		634		—		202		—		—		5,744
Substandard(1)	699		1,785		5		435		1,521		1,900		45		—		6,390
Total 1-4 family properties	178,284		206,280		57,582		39,987		35,299		77,689		46,734		—		641,855

14

	June 30, 2022
	Term Loans Amortized Cost Basis by Origination Year												Revolving Loans
(in thousands)	2022		2021		2020		2019		2018		Prior		Amortized Cost Basis		Converted to Term Loans		Total
Land and development
Pass	66,081		133,592		30,360		55,259		21,038		84,205		22,182		—		412,717
Special Mention	29		170		775		—		31,136		290		—		—		32,400
Substandard(1)	813		2,884		225		643		477		3,355		—		—		8,397
Total land and development	66,923		136,646		31,360		55,902		52,651		87,850		22,182		—		453,514
Total commercial real estate	1,597,621		3,304,004		1,643,758		1,558,885		1,053,971		1,932,244		412,934		—		11,503,417
Consumer mortgages
Pass	498,240		1,249,155		1,432,760		496,716		187,795		1,205,352		492		—		5,070,510
Substandard(1)	45		2,667		4,926		7,134		11,624		26,856		—		—		53,252
Loss(3)	—		—		—		4		—		757		—		—		761
Total consumer mortgages	498,285		1,251,822		1,437,686		503,854		199,419		1,232,965		492		—		5,124,523
Home equity
Pass	—		—		—		—		—		—		1,204,042		363,356		1,567,398
Substandard(1)	—		—		—		—		—		—		6,967		4,289		11,256
Loss(3)	—		—		—		—		—		—		426		138		564
Total home equity	—		—		—		—		—		—		1,211,435		367,783		1,579,218
Credit cards
Pass	—		—		—		—		—		—		193,102		—		193,102
Substandard(1)	—		—		—		—		—		—		430		—		430
Loss(4)	—		—		—		—		—		—		758		—		758
Total credit cards	—		—		—		—		—		—		194,290		—		194,290
Other consumer loans
Pass	155,843		667,787		557,705		86,030		43,321		182,373		323,060		—		2,016,119
Substandard(1)	1,942		1,515		1,724		1,326		1,110		1,094		168		—		8,879
Loss(4)	—		—		—		—		—		9		—		—		9
Total other consumer loans	157,785		669,302		559,429		87,356		44,431		183,476		323,228		—		2,025,007
Total consumer	656,070		1,921,124		1,997,115		591,210		243,850		1,416,441		1,729,445		367,783		8,923,038
Loans, net of deferred fees and costs	$	3,640,129	$	9,115,580	$	6,152,875	$	4,038,901	$	2,712,707	$	5,986,537	$	9,158,633	$	399,418	$	41,204,780

(1)    The majority of loans within Substandard risk grade are accruing loans at June 30, 2022.

(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.

15

	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	$	2,396,717	$	1,332,549	$	922,396	$	607,918	$	433,045	$	903,995	$	5,151,981	$	42,809	$	11,791,410
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		51,442		33		223,105
Doubtful(2)	469		—		1,601		8,512		—		—		48		—		10,630
Loss(3)	—		—		—		—		—		—		85		—		85
Total commercial, financial and agricultural	2,416,022		1,398,694		981,693		637,246		451,760		944,049		5,275,552		42,842		12,147,858
Owner-occupied
Pass	1,776,086		1,276,797		1,117,825		858,721		708,942		1,116,766		437,724		—		7,292,861
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
Loss(3)	271		—		—		—		—		—		—		—		271
Total owner-occupied	1,784,371		1,298,041		1,130,935		912,199		733,220		1,178,576		437,724		—		7,475,066
Total commercial and industrial	4,200,393		2,696,735		2,112,628		1,549,445		1,184,980		2,122,625		5,713,276		42,842		19,622,924
Investment properties
Pass	2,823,978		1,463,503		1,905,534		1,019,765		738,036		1,317,634		278,697		—		9,547,147
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		1,385,671		333,710		—		9,902,776
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		1,494,335		434,073		—		11,015,111

16

	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	1,274,999		1,556,733		572,467		216,277		392,492		1,001,771		255		—		5,014,994
Substandard(1)	1,031		3,680		5,943		12,387		5,717		25,025		—		—		53,783
Loss(3)	—		—		5		—		—		216		—		—		221
Total consumer mortgages	1,276,030		1,560,413		578,415		228,664		398,209		1,027,012		255		—		5,068,998
Home equity
Pass	—		—		—		—		—		—		1,199,556		146,635		1,346,191
Substandard(1)	—		—		—		—		—		—		9,058		5,372		14,430
Loss(3)	—		—		—		—		—		—		658		140		798
Total home equity	—		—		—		—		—		—		1,209,272		152,147		1,361,419
Credit cards
Pass	—		—		—		—		—		—		203,161		—		203,161
Substandard(1)	—		—		—		—		—		—		348		—		348
Loss(4)	—		—		—		—		—		—		663		—		663
Total credit cards	—		—		—		—		—		—		204,172		—		204,172
Other consumer loans
Pass	654,419		708,937		127,131		49,993		86,175		97,765		306,500		—		2,030,920
Substandard(1)	668		1,550		2,064		1,308		1,892		750		162		—		8,394
Loss(4)	—		—		—		—		—		20		—		—		20
Total other consumer loans	655,087		710,487		129,195		51,301		88,067		98,535		306,662		—		2,039,334
Total consumer	1,931,117		2,270,900		707,610		279,965		486,276		1,125,547		1,720,361		152,147		8,673,923
Loans, net of deferred fees and costs	$	9,402,827	$	6,558,797	$	4,899,572	$	3,085,986	$	2,559,570	$	4,742,507	$	7,867,710	$	194,989	$	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.

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 three and six months ended June 30, 2022.

17

Rollforward of Allowance for Loan Losses

The following tables detail the changes in the ALL by loan segment for the three and six months ended June 30, 2022 and 2021.

	As Of and For the Three Months Ended June 30, 2022
(in thousands)	Commercial & Industrial		Commercial Real Estate		Consumer		Total
Allowance for loan losses:
Beginning balance at March 31, 2022	$	178,722	$	94,696	$	141,538	$	414,956
Charge-offs	(15,512)		(252)		(7,934)		(23,698)
Recoveries	3,208		572		3,353		7,133
Provision for (reversal of) loan losses	(6,410)		9,202		6,654		9,446
Ending balance at June 30, 2022	$	160,008	$	104,218	$	143,611	$	407,837
	As Of and For the Three Months Ended June 30, 2021
(in thousands)	Commercial & Industrial		Commercial Real Estate		Consumer		Total
Allowance for loan losses:
Beginning balance at March 31, 2021	$	254,777	$	113,812	$	194,625	$	563,214
Charge-offs	(18,729)		(3,839)		(8,285)		(30,853)
Recoveries	1,495		377		2,435		4,307
Provision for (reversal of) loan losses	17,395		(18,237)		(19,118)		(19,960)
Ending balance at June 30, 2021	$	254,938	$	92,113	$	169,657	$	516,708
	As Of and For the Six Months Ended June 30, 2022
(in thousands)	Commercial & Industrial		Commercial Real Estate		Consumer		Total
Allowance for loan losses:
Beginning balance at December 31, 2021	$	188,364	$	97,760	$	141,473	$	427,597
Charge-offs	(29,275)		(2,708)		(16,862)		(48,845)
Recoveries	5,571		933		7,167		13,671
Provision for (reversal of) loan losses	(4,652)		8,233		11,833		15,414
Ending balance at June 30, 2022	$	160,008	$	104,218	$	143,611	$	407,837
	As Of and For the Six Months Ended June 30, 2021
(in thousands)	Commercial & Industrial		Commercial Real Estate		Consumer		Total
Allowance for loan losses:
Beginning balance at December 31, 2020	$	229,555	$	130,742	$	245,439	$	605,736
Charge-offs	(28,146)		(14,158)		(13,874)		(56,178)
Recoveries	4,267		1,403		3,758		9,428
Provision for loan losses	49,262		(25,874)		(65,666)		(42,278)
Ending balance at June 30, 2021	$	254,938	$	92,113	$	169,657	$	516,708

The ALL of $407.8 million and the reserve for unfunded commitments of $50.6 million, which is recorded in other liabilities, comprise the total ACL of $458.4 million at June 30, 2022. The ACL decreased $11.1 million compared to the December 31, 2021 ACL of $469.5 million, which consisted of the ALL of $427.6 million and the reserve for unfunded commitments of $41.9 million. The ACL to loans coverage ratio of 1.11% at June 30, 2022 was 8 bps lower compared to December 31, 2021.

The reduction in the ACL resulted primarily from decreased specific reserves, continued positive trends in our credit performance, and the modeled impact from improvement in the current labor market. This was partially offset by loan growth and an increase in the downside weighting of the multiple scenario model which reflects increased economic uncertainty from inflation concerns and geopolitical tensions which slowed the pace of the allowance decline for the first half of the year.

18

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 that are probability-weighted internally. The scenarios include a consensus 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 June 30, 2022, economic scenario weights incorporated a 60% downside bias to the baseline scenario compared to 43% at December 31, 2021. The consensus baseline outlook used in the June 30, 2022 estimate showed stable economic conditions with an unemployment rate of 3.6% over the forecast period, compared to the December 31, 2021 baseline forecast that sloped from above 4.0% to 3.5%. The downside scenario that assumes consistent slow growth is the highest internally-weighted economic scenario and includes an unemployment rate that steadily rises to 5.2% by the end of 2023.

The provision for credit losses of $12.7 million and $24.1 million for the three and six months ended June 30, 2022 included net charge-offs of $16.6 million and $35.2 million, respectively, and represented a slowing of allowance releases due primarily to the increased economic uncertainty noted above. $3.7 million and $7.5 million in reserves, respectively, were also added as a result of purchases of $180.2 million and $361.6 million of third-party lending loans for the three and six months ended June 30, 2022, respectively.

19

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 under the CARES Act, some of which had not been classified as TDRs. The CARES Act election period ended on January 1, 2022. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" in Synovus' 2021 Form 10-K for information on Synovus' loan modifications due to COVID-19. The following tables represent, by concession type, the post-modification balance for loans modified or renewed during the three and six months ended June 30, 2022 and 2021 that were reported as accruing or non-accruing TDRs.

TDRs by Concession Type
	Three Months Ended June 30, 2022
(in thousands, except contract data)	Number of Contracts	Below Market Interest Rate		Other Concessions(1)		Total
Commercial, financial and agricultural	23	$	8,534	$	266	$	8,800
Owner-occupied	7	22,430		—		22,430
Total commercial and industrial	30	30,964		266		31,230
Investment properties	2	690		—		690
1-4 family properties	4	1,984		—		1,984
Land and development	1	437		—		437
Total commercial real estate	7	3,111		—		3,111
Consumer mortgages	3	159		162		321
Home equity	14	2,490		39		2,529
Other consumer loans	4	—		91		91
Total consumer	21	2,649		292		2,941
Total TDRs	58	$	36,724	$	558	$	37,282	(2)
	Three Months Ended June 30, 2021
(in thousands, except contract data)	Number of Contracts	Below Market Interest Rate		Other Concessions(1)		Total
Commercial, financial and agricultural	18	$	1,770	$	1,174	$	2,944
Owner-occupied	5	1,155		—		1,155
Total commercial and industrial	23	2,925		1,174		4,099
Investment properties	1	419		—		419
1-4 family properties	2	158		—		158
Land and development	1	366		—		366
Total commercial real estate	4	943		—		943
Consumer mortgages	2	331		—		331
Home equity	14	900		96		996
Other consumer loans	13	187		245		432
Total consumer	29	1,418		341		1,759
Total TDRs	56	$	5,286	$	1,515	$	6,801	(3)

(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 three months ending June 30, 2022 and 2021.

(2)    No net charge-offs were recorded during the three months ended June 30, 2022.

(3)    No net charge-offs were recorded during the three months ended June 30, 2021.

20

	Six Months Ended June 30, 2022
(in thousands, except contract data)	Number of Contracts	Below Market Interest Rate		Other Concessions(1)		Total
Commercial, financial and agricultural	56	$	26,434	$	807	$	27,241
Owner-occupied	20	28,534		3,857		32,391
Total commercial and industrial	76	54,968		4,664		59,632
Investment properties	5	1,279		6,610		7,889
1-4 family properties	11	3,197		—		3,197
Land and development	4	3,168		—		3,168
Total commercial real estate	20	7,644		6,610		14,254
Consumer mortgages	10	1,176		266		1,442
Home equity	25	3,419		39		3,458
Other consumer loans	6	—		139		139
Total consumer	41	4,595		444		5,039
Total TDRs	137	$	67,207	$	11,718	$	78,925	(2)
	Six Months Ended June 30, 2021
(in thousands, except contract data)	Number of Contracts	Below Market Interest Rate		Other Concessions(1)		Total
Commercial, financial and agricultural	58	$	5,003	$	3,737	$	8,740
Owner-occupied	10	2,409		399		2,808
Total commercial and industrial	68	7,412		4,136		11,548
Investment properties	6	2,403		—		2,403
1-4 family properties	7	621		39		660
Land and development	2	366		43		409
Total commercial real estate	15	3,390		82		3,472
Consumer mortgages	2	331		—		331
Home equity	27	1,487		258		1,745
Other consumer loans	86	316		4,864		5,180
Total consumer	115	2,134		5,122		7,256
Total TDRs	198	$	12,936	$	9,340	$	22,276	(3)

(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 six months ending June 30, 2022 and 2021.

(2)    No net charge-offs were recorded during the six months ended June 30, 2022.

(3)    No net charge-offs were recorded during the six months ended June 30, 2021.

    For both the three and six months ended June 30, 2022, there were 3 defaults with a recorded investment of $430 thousand 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) compared to five defaults with a recorded investment of $172 thousand for both the three and six months ended June 30, 2021. As of June 30, 2022 and December 31, 2021, there were no commitments to lend a material amount of additional funds to any client whose loan was classified as a TDR.

21

Note 4 - Goodwill and Other Intangible Assets

During the first quarter of 2022, Synovus reorganized its internal management reporting structure to add an additional segment for Consumer Banking. The Consumer Banking segment was previously included in the Community Banking segment. In connection with the reorganization, management reallocated a portion of the Community Banking goodwill to Consumer Banking using a relative fair value approach. See "Part I - Item 1. Financial Statements and Supplementary Data - Note 10 - Segment Reporting" in this Report for additional information.

Goodwill allocated to each reporting unit at June 30, 2022 and December 31, 2021 is presented as follows:

(in thousands)	Wholesale Banking Reporting Unit		Community Banking Reporting Unit		Consumer Banking Reporting Unit		Mortgage Reporting Unit		Wealth Management Reporting Unit		Total Goodwill
Balance at December 31, 2021	$	171,636	$	256,323	$	—	$	—	$	24,431	$	452,390
Changes during the period from:
Reallocation	—		(114,701)		114,701		—		—		—
Balance at June 30, 2022	$	171,636	$	141,622	$	114,701	$	—	$	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). Synovus performs its annual evaluation of goodwill impairment during the fourth quarter of each year. Due to the Company’s reorganization of its reporting structure during the first quarter of 2022, as described above, the Company thereby performed a qualitative impairment assessment of the impacted reporting units and determined that performing a quantitative impairment test was not necessary.

The following table shows the gross carrying amount and accumulated amortization of other intangible assets as of June 30, 2022 and December 31, 2021, 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 three and six months ended June 30, 2022, was $2.1 million and $4.2 million, respectively. Aggregate other intangible assets amortization expense for the three and six months ended June 30, 2021, was $2.4 million and $4.8 million, respectively.

(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
June 30, 2022
CDI	$	57,400	$	(31,831)	$	25,569
Other	12,500		(6,709)		5,791
Total other intangible assets	$	69,900	$	(38,540)	$	31,360
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

Note 5 - Shareholders' Equity and Other Comprehensive Income (Loss)

Repurchases of Common Stock

Synovus announced on January 20, 2022 that its Board of Directors authorized share repurchases of up to $300 million in 2022. During the three months ended June 30, 2022, Synovus repurchased under this program a total of $3.3 million, or 78 thousand shares of its common stock, at an average price of $42.71 per share, and during the six months ended June 30, 2022, Synovus repurchased a total of $13.0 million, or 281 thousand shares of its common stock, at an average price of $46.17 per share.

Changes in Accumulated Other Comprehensive Income (Loss) by Component (Net of Income Taxes)

The following tables illustrate activity within the balances in accumulated other comprehensive income (loss) by component for the three and six months ended June 30, 2022 and 2021.

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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)		Total
Balance at March 31, 2022	$	(542,439)	$	(119,626)	$	(662,065)
Other comprehensive income (loss) before reclassifications	(327,080)		(36,815)		(363,895)
Amounts reclassified from AOCI	—		(745)		(745)
Net current period other comprehensive income (loss)	(327,080)		(37,560)		(364,640)
Balance at June 30, 2022	$	(869,519)	$	(157,186)	$	(1,026,705)
Balance at March 31, 2021	$	(15,316)	$	30,594	$	15,278
Other comprehensive income (loss) before reclassifications	34,617		(1,437)		33,180
Amounts reclassified from AOCI	—		(2,732)		(2,732)
Net current period other comprehensive income (loss)	34,617		(4,169)		30,448
Balance at June 30, 2021	$	19,301	$	26,425	$	45,726
Balance, December 31, 2021	$	(67,980)	$	(14,341)	$	(82,321)
Other comprehensive income (loss) before reclassifications	(801,539)		(140,432)		(941,971)
Amounts reclassified from AOCI	—		(2,413)		(2,413)
Net current period other comprehensive income (loss)	(801,539)		(142,845)		(944,384)
Balance at June 30, 2022	$	(869,519)	$	(157,186)	$	(1,026,705)
Balance, December 31, 2020	$	105,669	$	52,966	$	158,635
Other comprehensive income (loss) before reclassifications	(87,843)		(22,620)		(110,463)
Amounts reclassified from AOCI	1,475		(3,921)		(2,446)
Net current period other comprehensive income (loss)	(86,368)		(26,541)		(112,909)
Balance at June 30, 2021	$	19,301	$	26,425	$	45,726

(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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Note 6 - Fair Value Accounting

See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" of Synovus' 2021 Form 10-K for a description of valuation methodologies for assets and liabilities measured at fair value on a recurring and non-recurring basis.

The following table presents assets and liabilities measured at estimated fair value on a recurring basis.

	June 30, 2022								December 31, 2021
(in thousands)	Level 1		Level 2		Level 3		Total Estimated Fair Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
Assets
Trading securities:
Mortgage-backed securities issued by U.S. Government agencies	$	—	$	2,795	$	—	$	2,795	$	—	$	197	$	—	$	197
Collateralized mortgage obligations issued by U.S. Government sponsored enterprises	—		412		—		412		—		671		—		671
Other mortgage-backed securities	—		3,231		—		3,231		—		—		—		—
State and municipal securities	—		28		—		28		—		560		—		560
Asset-backed securities	—		9,811		—		9,811		—		6,963		—		6,963
Total trading securities	$	—	$	16,277	$	—	$	16,277	$	—	$	8,391	$	—	$	8,391
Investment securities available for sale:
U.S. Treasury securities	$	386,584	$	—	$	—	$	386,584	$	117,838	$	—	$	—	$	117,838
U.S. Government agency securities	—		50,895		—		50,895		—		54,201		—		54,201
Mortgage-backed securities issued by U.S. Government agencies	—		631,971		—		631,971		—		779,633		—		779,633
Mortgage-backed securities issued by U.S. Government sponsored enterprises	—		7,242,641		—		7,242,641		—		8,012,301		—		8,012,301
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises	—		753,086		—		753,086		—		939,623		—		939,623
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises	—		605,119		—		605,119		—		481,744		—		481,744
Asset-backed securities	—		201,366		—		201,366		—		514,188		—		514,188
Corporate debt securities and other debt securities	—		18,188		—		18,188		—		18,801		—		18,801
Total investment securities available for sale	$	386,584	$	9,503,266	$	—	$	9,889,850	$	117,838	$	10,800,491	$	—	$	10,918,329
Mortgage loans held for sale	$	—	$	76,864	$	—	$	76,864	$	—	$	108,198	$	—	$	108,198
Other investments	—		—		11,083		11,083		—		—		12,185		12,185
Mutual funds and mutual funds held in rabbi trusts	41,254		—		—		41,254		43,657		—		—		43,657
GGL/SBA loans servicing asset	—		—		3,155		3,155		—		—		3,233		3,233
Derivative assets	—		191,377		—		191,377		—		191,708		—		191,708
Liabilities
Trading liability for short positions	$	—	$	5,018	$	—	$	5,018	$	—	$	200	$	—	$	200
Mutual funds held in rabbi trusts	25,995		—		—		25,995		27,205		—		—		27,205
Derivative liabilities	—		339,722		4,993		344,715		—		95,067		3,535		98,602

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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 changes in instrument-specific credit risk.

Mortgage Loans Held for Sale
(in thousands)	As of June 30, 2022		As of December 31, 2021
Fair value	$	76,864	$	108,198
Unpaid principal balance	75,996		105,785
Fair value less aggregate unpaid principal balance	$	868	$	2,413

Changes in Fair Value Included in Net Income	Three Months Ended June 30,				Six Months Ended June 30,				Location in Consolidated Statements of Income
(in thousands)	2022		2021		2022		2021
Mortgage loans held for sale	$	805	$	4,094	$	(1,545)	$	(538)	Mortgage banking income

Activity for Level 3 Assets and Liabilities

See "Part II - Item 8. Financial Statements and Supplementary Data - Note 12 - Fair Value Accounting" of Synovus' 2021 Form 10-K for a description of the valuation techniques and significant inputs for Level 3 assets and liabilities that are measured at fair value on a recurring and non-recurring basis. During the three and six months ended June 30, 2022 and 2021, Synovus did not have any transfers in or out of Level 3 in the fair value hierarchy. The following tables provide rollforwards of Level 3 assets and liabilities measured at fair value on a recurring basis.

					Three Months Ended June 30, 2022
(in thousands)					Other Investments		GGL / SBA Loans Servicing Asset		Visa Derivative
Beginning balance					$	12,093	$	3,451	$	(1,776)
Total gains (losses) realized/unrealized:
Included in earnings					(7,037)		(510)		(3,500)
Additions					6,027		—		—
Settlements					—		214		283
Ending balance					$	11,083	$	3,155	$	(4,993)
Total net gains (losses) for the period included in earnings attributable to the change in unrealized gains/(losses) relating to assets/liabilities still held at June 30, 2022					$	(7,037)	$	—	$	(3,500)
			Three Months Ended June 30, 2021
(in thousands)	Investment Securities Available for Sale		Other Investments		GGL / SBA Loans Servicing Asset		Earnout Liability		Visa Derivative
Beginning balance	$	—	$	1,053	$	3,305	$	(5,677)	$	(1,768)
Total gains (losses) realized/unrealized:
Included in earnings	—		(27)		(252)		(750)		—
Additions	—		—		268		—		—
Settlements	—		—		—		—		295
Ending balance	$	—	$	1,026	$	3,321	$	(6,427)	$	(1,473)
Total net gains (losses) for the period included in earnings attributable to the change in unrealized gains/(losses) relating to assets/liabilities still held at June 30, 2021	$	—	$	(27)	$	—	$	(750)	$	—

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					Six Months Ended June 30, 2022
(in thousands)					Other Investments		GGL / SBA Loans Servicing Asset		Visa Derivative
Beginning balance					$	12,185	$	3,233	$	(3,535)
Total gains (losses) realized/unrealized:
Included in earnings					(7,129)		(772)		(3,500)
Additions					6,027		—		—
Settlements					—		694		2,042
Ending balance					$	11,083	$	3,155	$	(4,993)
Total net gains (losses) for the period included in earnings attributable to the change in unrealized gains/(losses) relating to assets/liabilities still held at June 30, 2022					$	(7,129)	$	—	$	(3,500)
	Six Months Ended June 30, 2021
(in thousands)	Investment Securities Available for Sale		Other Investments		GGL / SBA Loans Servicing Asset		Earnout Liability		Visa Derivative
Beginning balance	$	2,021	$	1,021	$	3,258	$	(5,677)	$	(2,048)
Total gains (losses) realized/unrealized:
Included in earnings	—		5		(430)		(750)		—
Sales	(2,021)		—		—		—		—
Additions	—		—		493		—		—
Settlements	—		—		—		—		575
Ending balance	$	—	$	1,026	$	3,321	$	(6,427)	$	(1,473)
Total net gains (losses) for the period included in earnings attributable to the change in unrealized gains/(losses) relating to assets/liabilities still held at June 30, 2021	$	—	$	5	$	—	$	(750)	$	—

The following table presents assets measured at fair value on a non-recurring basis as of the dates indicated for which there was a fair value adjustment.

	June 30, 2022						Fair Value Adjustments for the				Location in Consolidated Statements of Income
(in thousands)	Level 1		Level 2		Level 3		Three Months Ended June 30, 2022		Six Months Ended June 30, 2022
Loans(1)	$	—	$	—	$	24,360	$	8,900	$	9,239	Provision for credit losses
Other assets held for sale	—		—		2,725		—		492		Other operating expense
	June 30, 2021						Fair Value Adjustments for the				Location in Consolidated Statements of Income
	Level 1		Level 2		Level 3		Three Months Ended June 30, 2021		Six Months Ended June 30, 2021
Loans(1)	$	—	$	—	$	29,201	$	13,476	$	13,504	Provision for credit losses
Other real estate	—		—		42		2		2		Other operating expense
Other assets held for sale	—		—		1,170		76		76		Other operating expense

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

ORE properties are included in other assets on the consolidated balance sheets. The carrying value of ORE at June 30, 2022 and December 31, 2021 was $11.4 million and $11.8 million, respectively.

Fair Value of Financial Instruments

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The following tables present the carrying and estimated fair values of financial instruments at June 30, 2022 and December 31, 2021. The fair values represent management’s best estimates based on a range of methodologies and assumptions. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" to the consolidated financial statements of Synovus' 2021 Form 10-K for a description of how fair value measurements are determined.

	June 30, 2022
(in thousands)	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Financial assets
Total cash, cash equivalents, and restricted cash	$	1,665,060	$	1,665,060	$	1,665,060	$	—	$	—
Trading securities	16,277		16,277		—		16,277		—
Investment securities available for sale	9,889,850		9,889,850		386,584		9,503,266		—
Loans held for sale	917,679		917,347		—		76,864		840,483
Other investments	11,083		11,083		—		—		11,083
Mutual funds and mutual funds held in rabbi trusts	41,254		41,254		41,254		—		—
Loans, net	40,796,943		40,886,790		—		—		40,886,790
GGL/SBA loans servicing asset	3,155		3,155		—		—		3,155
FRB and FHLB stock	206,177		206,177		—		206,177
Derivative assets	191,377		191,377		—		191,377		—
Financial liabilities
Non-interest-bearing deposits	$	16,876,710	$	16,876,710	$	—	$	16,876,710	$	—
Non-time interest-bearing deposits	27,084,663		27,084,663		—		27,084,663		—
Time deposits	5,073,327		5,052,977		—		5,052,977		—
Total deposits	$	49,034,700	$	49,014,350	$	—	$	49,014,350	$	—
Federal funds purchased and securities sold under repurchase agreements	345,242		345,242		345,242		—		—
Trading liability for short positions	5,018		5,018		—		5,018		—
Short-term borrowings	250,000		250,000		—		250,000		—
Long-term debt	1,804,104		1,793,812		—		1,793,812		—
Mutual funds held in rabbi trusts	25,995		25,995		25,995		—		—
Derivative liabilities	344,715		344,715		—		339,722		4,993

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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	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	$	—
Federal funds purchased and 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 funds held in rabbi trusts	27,205		27,205		27,205		—		—
Derivative liabilities	98,602		98,602		—		95,067		3,535

Note 7 - Derivative Instruments and Hedging Activities

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 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. 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" to the consolidated financial statements of Synovus' 2021 Form 10-K for additional information regarding accounting policies for derivatives.

Hedging Derivatives

Cash flow hedging 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. During the three and six months ended June 30, 2022, notional amounts of $250.0 million and $1.65 billion, respectively, in either spot starting or forward starting cash flow hedges were added.

For cash flow hedges, 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 would have affected earnings. If, however, it is probable the forecasted

28

transactions will no longer occur, the remaining accumulated amounts in OCI for the impacted cash flow hedges are immediately recognized in earnings.

Synovus recorded no unrealized gains during the three and six months ended June 30, 2022 and $757 thousand, or $565 thousand, after tax, in OCI during the first quarter of 2021 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 $1.0 million and $3.2 million during the three and six months ended June 30, 2022 and $3.7 million and $5.3 million for the three and six months ended June 30, 2021 related to the amortization of terminated cash flow hedges.

As of June 30, 2022, Synovus expects to reclassify into earnings approximately $84 million in pre-tax loss 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 $2 million in pre-tax income related to the amortization of terminated cash flow hedges. As of June 30, 2022, 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.

Fair value hedging relationships mitigate exposure to the change in fair value of an asset or liability. Synovus has entered into receive-fixed, pay-variable interest rate swap contracts to hedge the change in the fair value due to fluctuations in market interest rates for outstanding fixed-rate long-term debt and interest-bearing deposits. The changes in fair value of the fair value hedges are recorded through earnings with an offset against changes in the fair value of the hedged item within interest expense in the consolidated statements of income. All components of each derivative instrument’s gain/(loss) are included in the assessment of hedge effectiveness. During the second quarter of 2022, notional amounts of $819.4 million in fair value hedges were added.

For derivative instruments that are not designated as hedging instruments, changes in the fair value of the derivatives are recognized in earnings immediately.

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, 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.

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 June 30, 2022 and December 31, 2021, collateral totaling $31.6 million and $64.5 million, respectively, was pledged to the derivative counterparties to comply with collateral requirements.

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 in the consolidated balance sheets and related disclosures. At June 30, 2022 and December 31, 2021, Synovus had a variation margin of $37.0 million and $94.6 million respectively, each reducing the derivative liability.

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The following table reflects the estimated fair value of derivative instruments included in other assets and other liabilities on the consolidated balance sheets along with their respective notional amounts on a gross basis.

	June 30, 2022						December 31, 2021
			Estimated Fair Value						Estimated Fair Value
(in thousands)	Notional Amount		Derivative Assets		Derivative Liabilities		Notional Amount		Derivative Assets		Derivative Liabilities
Derivatives in cash flow hedging relationships:
Interest rate contracts	$	5,250,000	$	248	$	182,949	$	3,600,000	$	22,004	$	20,395
Total cash flow hedges			$	248	$	182,949			$	22,004	$	20,395
Derivatives in fair value hedging relationships:
Interest rate contracts	$	819,389	$	298	$	4,571	$	—	$	—	$	—
Total fair value hedges			$	298	$	4,571			$	—	$	—
Total derivatives designated as hedging instruments			$	546	$	187,520			$	22,004	$	20,395
Derivatives not designated   as hedging instruments:
Interest rate contracts(1)	$	9,250,136	$	188,994	$	152,201	$	9,653,600	$	167,560	$	74,514
Mortgage derivatives - interest rate lock commitments	108,135		1,181		—		99,006		2,105		—
Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans	126,000		233		—		105,500		—		122
Risk participation agreements	448,186		—		1		374,214		—		36
Foreign exchange contracts	22,082		423		—		22,387		39		—
Visa derivative	—		—		4,993		—		—		3,535
Total derivatives not designated as hedging instruments			$	190,831	$	157,195			$	169,704	$	78,207

(1)    Includes interest rate contracts for client swaps and offsetting positions, net of variation margin payments.

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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 three and six months ended June 30, 2022 and 2021.

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2022		2021		2022		2021
Total interest income/(expense) amounts presented in the consolidated statements of income:
Interest income on loans, including fees	$	2,986	$	7,605	$	11,642	$	15,947
Interest expense on deposits	1,447		—		1,447		—
Interest expense on long-term debt	584		—		584		—
Gain/(loss) on cash flow hedging relationships:
Interest rate contracts:
Realized gains (losses) reclassified from AOCI, pre-tax, to interest income on loans	978		3,657		3,167		5,256
Pre-tax income recognized on cash flow hedges	$	978	$	3,657	$	3,167	$	5,256
Gain/(loss) on fair value hedging relationships:
Interest rate contracts related to interest-bearing deposits:
Recognized on derivatives	(2,818)		—		(2,818)		—
Recognized on hedged items	2,818		—		2,818		—
Pre-tax income recognized on interest-bearing deposits fair value hedges	$	—	$	—	$	—	$	—
Interest rate contracts related to long-term debt:
Recognized on derivatives	(1,455)		—		(1,455)		—
Recognized on hedged items	1,455		—		1,455		—
Pre-tax income recognized on long-term debt fair value hedges	$	—	$	—	$	—	$	—
Total pre-tax income recognized on fair value hedges	$	—	$	—	$	—	$	—

The following table presents the carrying amount and associated cumulative basis adjustment related to the application of hedge accounting that is included in the carrying amount of the hedged liabilities in fair value hedging relationships.

	June 30, 2022				December 31, 2021
	Hedged Items Currently Designated				Hedged Items Currently Designated
(in thousands)	Carrying Amount of Assets/(Liabilities)		Hedge Accounting Basis Adjustment		Carrying Amount of Assets/(Liabilities)		Hedge Accounting Basis Adjustment
Interest-bearing deposits	$	(619,390)	$	2,818	$	—	$	—
Long-term debt	(197,760)		1,455		—		—

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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 three and six months ended June 30, 2022 and 2021 is presented below.

		Gain (Loss) Recognized in Consolidated Statements of Income
		Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	Location in Consolidated Statements of Income	2022		2021		2022		2021
Derivatives not designated   as hedging instruments:
Interest rate contracts(1)	Capital markets income	$	736	$	(637)	$	1,409	$	310
Mortgage derivatives - interest rate lock commitments	Mortgage banking income	394		(53)		(924)		(1,772)
Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans	Mortgage banking income	(3,210)		(4,974)		355		1,268
Risk participation agreements	Capital markets income	10		(19)		35		182
Foreign exchange contracts	Capital markets income	320		—		385		—
Total derivatives not designated as hedging instruments		$	(1,750)	$	(5,683)	$	1,260	$	(12)

(1)    Gain (loss) represents net fair value adjustments (including credit related adjustments) for client swaps and offsetting positions.

Note 8 - 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 three and six months ended June 30, 2022 and 2021. 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.

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except per share data)	2022		2021		2022		2021
Basic Net Income Per Common Share:
Net income available to common shareholders	$	169,761	$	177,909	$	332,507	$	356,711
Weighted average common shares outstanding	145,328		148,113		145,301		148,289
Net income per common share, basic	$	1.17	$	1.20	$	2.29	$	2.41
Diluted Net Income Per Common Share:
Net income available to common shareholders	$	169,761	$	177,909	$	332,507	$	356,711
Weighted average common shares outstanding	145,328		148,113		145,301		148,289
Effect of dilutive outstanding equity-based awards and earnout payments	987		1,634		1,188		1,475
Weighted average diluted common shares	146,315		149,747		146,489		149,764
Net income per common share, diluted	$	1.16	$	1.19	$	2.27	$	2.38

For the three months ended June 30, 2022, there were 21 thousand potentially dilutive shares, and for the three months ended June 30, 2021, there were no potentially dilutive shares related to stock options to purchase shares of common stock that were outstanding. For the six months ended June 30, 2022 and 2021, there were 11 thousand and 21 thousand, respectively, potentially dilutive shares related to stock options to purchase shares of common stock that were outstanding. These potentially dilutive shares were not included in the computation of diluted net income per common share because the effect would be anti-dilutive.

Note 9 - 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

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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 June 30, 2022, the ACL for unfunded commitments was $50.6 million, compared to a reserve of $41.9 million at December 31, 2021. 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.

(in thousands)	June 30, 2022		December 31, 2021
Letters of credit(1)	$	202,904	$	183,463
Commitments to fund commercial and industrial loans	9,794,706		9,595,793
Commitments to fund commercial real estate, construction, and land development loans	3,829,403		3,593,171
Commitments under home equity lines of credit	1,951,166		1,805,869
Unused credit card lines	475,843		473,582
Other loan commitments	680,366		604,353
Total letters of credit and unfunded lending commitments	$	16,934,388	$	16,256,231

Tax credits, CRA partnerships, and other investments:
Carrying amount included in other assets	$	471,264	$	438,322
Amount of future funding commitments	255,031		250,733
Permanent and short-term construction loans and letter of credit commitments(2)	164,957		204,391
Funded portion of permanent and short-term loans and letters of credit(3)	159,721		104,315

(1)    Represent the contractual amount net of risk participations purchased of $26.1 million and $26.1 million at June 30, 2022 and December 31, 2021, respectively.

(2)    Represent the contractual amount net of risk participations of $3.7 million and $6.0 million at June 30, 2022 and December 31, 2021.

(3)    Represent the contractual amount net of risk participations of $4.1 million and $3.0 million at June 30, 2022 and December 31, 2021.

Merchant Services

In accordance with credit and debit card association rules, Synovus provides merchant processing services for clients with a contractual arrangement under which certain sales and processing support are provided through an outside merchant services provider with Synovus owning the merchant contract relationship. 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 three and six months ended June 30, 2022, Synovus and the sponsored entities processed and settled $31.00 billion and $59.60 billion of transactions,

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respectively. For the three and six months ended June 30, 2021, Synovus and the sponsored entities processed and settled $28.89 billion and $55.15 billion of transactions, respectively.

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, and 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 June 30, 2022 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.

Note 10 - 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. During the first quarter of 2022, Synovus reorganized its internal management reporting structure to separate the previous Community Banking segment into Consumer Banking and Community Banking segments. Accordingly, its operating segment reporting structure was also updated. Synovus now has four major reportable business segments: Wholesale Banking, Community Banking, Consumer 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's 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.

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The Wholesale Banking business segment serves primarily larger corporate and governmental clients by providing commercial lending, capital markets, and deposit services through specialty teams including middle market, CRE, senior housing, national accounts, premium finance, structured lending, healthcare, asset-based lending, public finance, restaurant services, and community investment capital.

The Community Banking business segment primarily serves small and medium-sized commercial clients as well as individual private wealth clients using a relationship-based approach. The commercial component of this segment focuses on locally owned and operated businesses. Private wealth services are delivered to the individuals operating the businesses as well as other individuals in the communities in which the Community Bank operates. A comprehensive set of banking products are offered to the client set including a full suite of lending, payments, and depository products as well as financial planning services.

The Consumer Banking business segment serves individual and small business clients through its branch and ATM network, in addition to digital and telephone channels. This segment provides individuals and small businesses with an array of comprehensive banking products and services including depository accounts, credit and debit cards, payment solutions, goal-based planning, home equity and other consumer loans, and small business lending solutions.

The Financial Management Services business segment serves its clients by providing mortgage 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 three and six months ended June 30, 2022 and 2021. The application and development of management reporting methodologies is a dynamic process and is subject to periodic enhancements. As these enhancements are made, financial results presented by each reportable business segment may be periodically revised. Loan and deposit transfers occur from time to time between reportable business segments primarily to maintain the migration of clients between segments. Prior period loan and deposit segment balances are not adjusted for these transfers.

	Three Months Ended June 30, 2022
(in thousands)	Wholesale Banking		Community Banking		Consumer Banking		Financial Management Services		Treasury and Corporate Other		Synovus Consolidated
Net interest income	$	168,988	$	100,892	$	103,727	$	18,403	$	33,378	$	425,388
Non-interest revenue	9,285		12,468		22,095		45,195		8,223		97,266
Non-interest expense	27,026		33,083		47,534		44,333		130,075		282,051
Pre-provision net revenue	$	151,247	$	80,277	$	78,288	$	19,265	$	(88,474)	$	240,603

	Three Months Ended June 30, 2021
(in thousands)	Wholesale Banking		Community Banking		Consumer Banking		Financial Management Services		Treasury and Corporate Other		Synovus Consolidated
Net interest income	$	136,126	$	99,200	$	103,681	$	18,935	$	23,918	$	381,860
Non-interest revenue	7,000		12,472		19,740		52,345		15,530		107,087
Non-interest expense	21,290		27,543		43,908		46,773		131,017		270,531
Pre-provision net revenue	$	121,836	$	84,129	$	79,513	$	24,507	$	(91,569)	$	218,416

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	Six Months Ended June 30, 2022
(in thousands)	Wholesale Banking		Community Banking		Consumer Banking		Financial Management Services		Treasury and Corporate Other		Synovus Consolidated
Net interest income	$	324,984	$	197,018	$	201,133	$	36,818	$	57,682	$	817,635
Non-interest revenue	17,683		26,051		43,739		90,359		24,768		202,600
Non-interest expense	53,674		63,503		92,249		88,472		256,603		554,501
Pre-provision net revenue	$	288,993	$	159,566	$	152,623	$	38,705	$	(174,153)	$	465,734

	Six Months Ended June 30, 2021
(in thousands)	Wholesale Banking		Community Banking		Consumer Banking		Financial Management Services		Treasury and Corporate Other		Synovus Consolidated
Net interest income	$	270,200	$	198,340	$	210,783	$	39,930	$	36,463	$	755,716
Non-interest revenue	14,319		23,092		38,874		110,928		30,830		218,043
Non-interest expense	42,014		54,463		87,464		94,447		259,277		537,665
Pre-provision net revenue	$	242,505	$	166,969	$	162,193	$	56,411	$	(191,984)	$	436,094

	June 30, 2022
(dollars in thousands)	Wholesale Banking		Community Banking		Consumer Banking		Financial Management Services		Treasury and Corporate Other		Synovus Consolidated
Loans, net of deferred fees and costs	$	23,235,771	$	8,449,876	$	2,782,037	$	5,061,990	$	1,675,106	$	41,204,780
Total deposits	$	11,514,037	$	12,326,818	$	19,829,216	$	593,705	$	4,770,924	$	49,034,700
Total full-time equivalent employees	310		610		1,505		810		1,770		5,005
	December 31, 2021
(dollars in thousands)	Wholesale Banking		Community Banking		Consumer Banking		Financial Management Services		Treasury and Corporate Other		Synovus Consolidated
Loans, net of deferred fees and costs	$	21,496,050	$	8,231,451	$	2,559,892	$	4,994,494	$	2,030,071	$	39,311,958
Total deposits	$	12,370,554	$	12,557,631	$	19,668,846	$	826,639	$	4,003,606	$	49,427,276
Total full-time equivalent employees	284		607		1,532		794		1,670		4,887

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ITEM 2. – MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

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 regularly 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)	the risk that an economic downturn and contraction, including a recession, 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 environment could be weakened by the continued impact of COVID-19 and by current supply chain challenges and inflation;
(5)	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;
(6)	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;
(7)	the risk that prolonged periods of inflation could have on our business, profitability and our stock price;
(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 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;
(10)	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;
(11)	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;
(12)	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;
(13)	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;

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(14)	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;
(15)	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;
(16)	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;
(17)	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;
(18)	changes in the cost and availability of funding due to changes in the deposit market and credit market;
(19)	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;
(20)	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;
(21)	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;
(22)	our ability to receive dividends from our subsidiaries could affect our liquidity, including our ability to pay dividends or take other capital actions;
(23)	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;
(24)	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;
(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 II - 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 Synovus' 2021 Form 10-K 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.

INTRODUCTION AND CORPORATE PROFILE

Synovus Financial Corp. is a financial services company and a registered bank holding company headquartered in Columbus, Georgia. Through its wholly-owned subsidiary, Synovus Bank, a Georgia state-chartered bank that is a member of the Federal Reserve System, the Company provides commercial and consumer banking in addition to a full suite of specialized

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products and services including private banking, treasury management, wealth management, mortgage services, premium finance, asset-based lending, structured lending, and international banking. Synovus also provides financial planning and investment advisory services through its wholly-owned subsidiaries, Synovus Trust and Synovus Securities, as well as its GLOBALT and Creative Financial Group divisions.

Synovus Bank is positioned in some of the highest growth markets in the Southeast, with 261 branches in Alabama, Florida, Georgia, South Carolina, and Tennessee.

The following financial review summarizes the significant trends, changes in our business, transactions, and other matters affecting Synovus’ results of operations for the three and six months ended June 30, 2022 and financial condition as of June 30, 2022 and December 31, 2021. This discussion supplements, and should be read in conjunction with, the unaudited interim consolidated financial statements and notes thereto contained elsewhere in this Report and the consolidated financial statements of Synovus, the notes thereto, and management’s discussion and analysis contained in Synovus' 2021 Form 10-K.

Management's Discussion and Analysis of Financial Condition and Results of Operations consists of:

•Discussion of Results of Operations - Reviews Synovus' financial performance, as well as selected balance sheet items, items from the statements of income, significant transactions, and certain key ratios that illustrate Synovus' performance.

•Credit Quality, Capital Resources and Liquidity - Discusses credit quality, market risk, capital resources, and liquidity, as well as performance trends. It also includes a discussion of liquidity policies, how Synovus obtains funding, and related performance.

•Additional Disclosures - Discusses additional important matters including critical accounting policies and non-GAAP financial measures.

A reading of each section is important to understand fully our financial performance.

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DISCUSSION OF RESULTS OF OPERATIONS

Table 1 - Consolidated Financial Highlights
	Three Months Ended June 30,								Six Months Ended June 30,
(dollars in thousands, except per share data)	2022			2021			Change		2022			2021			Change
Net interest income	$	425,388		$	381,860		11	%	$	817,635		$	755,716		8	%
Provision for (reversal of) credit losses	12,688			(24,598)			nm		24,088			(43,173)			nm
Non-interest revenue	97,266			107,087			(9)		202,600			218,043			(7)
Total TE revenue	523,614			489,738			7		1,022,059			975,324			5
Non-interest expense	282,051			270,531			4		554,501			537,665			3
Income before income taxes	227,915			243,014			(6)		441,646			479,267			(8)
Net income	178,052			186,200			(4)		349,088			373,292			(6)
Net income available to common shareholders	169,761			177,909			(5)		332,507			356,711			(7)
Net income per common share, basic	1.17			1.20			(3)		2.29			2.41			(5)
Net income per common share, diluted	1.16			1.19			(3)		2.27			2.38			(5)
Net interest margin(1)	3.22		%	3.02		%	20	bps	3.11		%	3.03		%	8	bps
Net charge-off ratio(1)	0.16			0.28			(12)		0.18			0.24			(6)
Return on average assets(1)	1.26			1.36			(10)		1.24			1.38			(14)
Efficiency ratio-TE	53.87			55.24			(137)		54.25			55.13			(88)

(1)    Annualized

	June 30, 2022			March 31, 2022			Sequential Quarter Change			June 30, 2021			Year-Over-Year Change
(dollars in thousands)
Loans, net of deferred fees and costs	$	41,204,780		$	40,169,150		$	1,035,630		$	38,236,018		$	2,968,762
Total average loans	40,590,875			39,350,761			1,240,114			38,496,477			2,094,398
Total deposits	49,034,700			48,656,244			378,456			47,171,962			1,862,738
Core deposits (excludes brokered deposits)	45,411,583			46,618,560			(1,206,977)			44,203,000			1,208,583
Core transaction deposits (excludes brokered and public fund deposits)	37,399,915			38,285,649			(885,734)			35,506,980			1,892,935
Total average deposits	49,015,994			49,345,364			(329,370)			47,349,646			1,666,348
Non-performing assets ratio	0.33		%	0.40		%	(7)		bps	0.46		%	(13)		bps
Non-performing loans ratio	0.26			0.33			(7)			0.42			(16)
Past due loans over 90 days	0.01			0.01			—			0.01			—
CET1 capital	$	4,612,070		$	4,485,661		$	126,409		$	4,214,720		$	397,350
Tier 1 capital	5,149,215			5,022,806			126,409			4,751,865			397,350
Total risk-based capital	6,059,074			5,936,543			122,531			5,725,176			333,898
CET1 capital ratio	9.46		%	9.49		%	(3)		bps	9.75		%	(29)		bps
Tier 1 capital ratio	10.56			10.63			(7)			11.00			(44)
Total risk-based capital ratio	12.43			12.56			(13)			13.25			(82)
Total shareholders’ equity to total assets ratio	7.99			8.55			(56)			9.53			(154)
Return on average common equity(1)	16.48			14.20			228			15.40			108

(1)    Quarter annualized

Executive Summary

Net income available to common shareholders for the second quarter of 2022 was $169.8 million, or $1.16 per diluted common share, compared to $177.9 million, or $1.19 per diluted common share for the second quarter of 2021. Net income available to common shareholders for the first six months of 2022 was $332.5 million, or $2.27 per diluted common share, compared to $356.7 million, or $2.38 per diluted common share for the first six months of 2021. The year-over-year decreases for all time periods were impacted by a slowing of allowance releases due primarily to the increased economic uncertainty present from inflation concerns and geopolitical tensions, resulting in provision for credit losses of $12.7 million and $24.1 million, respectively, for the three and six months ended June 30, 2022, and reversals of $24.6 million and $43.2 million for the three and six months ended June 30, 2021, respectively.

Net interest income for the six months ended June 30, 2022 was $817.6 million, up $61.9 million, or 8%, compared to the same period in 2021, including $10.5 million in PPP fees during 2022 and $45.2 million in 2021. Net interest margin was up 8

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bps over the comparable six-month period to 3.11% due primarily to positive re-mixing within earning assets and our asset-sensitive rate risk position, partially offset by a $34.7 million decline in PPP fees. Net interest margin for the second quarter was up 22 bps sequentially, aided by higher interest rates, lower cash balances, and managed deposit repricing.

Non-interest revenue for the second quarter of 2022 was $97.3 million, down $9.8 million, or 9%, compared to the second quarter of 2021, and year-to-date was $202.6 million, down $15.4 million, or 7%, from the first half of 2021, primarily due to lower mortgage banking income and a $7.0 million write-down on a minority fintech investment partially offset by higher core banking fees(1) and higher wealth revenue(2).

Non-interest expense for the second quarter of 2022 was $282.1 million, up $11.5 million, or 4%, while year-to-date non-interest expense of $554.5 million was up $16.8 million, or 3%, compared to the same periods in 2021. The increase in non-interest expense during 2022 was primarily due to an increase in expense associated with merit and elevated performance incentives, resumption of normal business activities post COVID-19, and investments in new growth initiatives.

At June 30, 2022, loans, net of deferred fees and costs, of $41.20 billion, increased $1.89 billion, or 5%, from December 31, 2021. Excluding a $312.9 million decline in PPP loans, primarily from forgiveness, loans increased $2.21 billion, or 6%, led by growth in C&I and CRE loans as commercial production and line utilization continue to drive growth.

At June 30, 2022, credit metrics remained stable and near historically low levels with NPAs at 33 bps, NPLs at 26 bps, and total past dues at 14 bps, as a percentage of total loans. Net charge-offs remained low at $16.6 million, or 16 bps annualized, and $35.2 million, or 18 bps annualized, for the three and six months ended June 30, 2022. The ACL at June 30, 2022 totaled $458.4 million, a decrease of $11.1 million from December 31, 2021, and resulted primarily from continued positive trends in our credit performance, including reduction of NPLs, and quality and mix of new loan originations, mostly offset by an uncertain and generally negative economic outlook. The ACL to loans coverage ratio at June 30, 2022 was 1.11%, 8 bps lower compared to December 31, 2021.

Total period-end deposits at June 30, 2022 decreased $392.6 million compared to December 31, 2021 as lower money market, public funds, and time deposits impacted by rate-driven outflows and normal client liquidity deployment were mostly offset by increases in brokered deposits and higher non-interest-bearing demand deposits. Total deposit costs were 15 bps during the second quarter of 2022 and decreased 1 bp from the prior year comparable period, primarily due to an increase in non-interest-bearing deposits. Total deposit costs increased 4 bps compared to the sequential quarter due to deposit repricing associated with recent rate hikes.

At June 30, 2022, Synovus' CET1 ratio of 9.46%, well in excess of regulatory requirements, declined 4 bps compared to December 31, 2021, driven by significant growth in risk-weighted assets, largely from loan growth, and return of capital primarily through common stock shareholder dividends, mostly offset by strong capital generation from earnings. Our commitment remains to allocate internally generated capital toward our strategic priorities of client loan growth and a stable dividend while also maintaining a strong and efficient capital position.

More detail on Synovus' financial results for the three and six months ended June 30, 2022 may be found in subsequent sections of "Item 2. – Management's Discussion and Analysis of Financial Condition and Results of Operations" of this Report. See also "Part 1 – Item 1A. – Risk Factors" of Synovus' 2021 Form 10-K.

(1) Core banking fees consist of service charges on deposit accounts, card fees, and several other non-interest revenue components including letter of credit fees, ATM fee income, line of credit non-usage fees, gains (losses) from sales of SBA loans, and miscellaneous other service charges.

(2) Consists of fiduciary and asset management, brokerage, and insurance revenue.

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Changes in Financial Condition

During the six months ended June 30, 2022, total assets increased $65.5 million to $57.38 billion. We deployed liquidity as cash and cash equivalents decreased $1.34 billion, and total loans increased $1.89 billion, with commercial production and line utilization continuing to drive growth. Investment securities available for sale decreased $1.03 billion, driven by net unrealized losses from increases in market interest rates in the first half of 2022. The loan to deposit ratio was 84.0% at June 30, 2022, higher as compared to 79.5% at December 31, 2021, and 81.1% at June 30, 2021.

Total shareholders' equity at June 30, 2022 decreased $712.4 million compared to December 31, 2021 and included net income of $349.1 million, offset by dividends declared on common and preferred stock of $98.9 million and $16.6 million, respectively, changes in after-tax net unrealized losses on investment securities available for sale and cash flow hedges of $801.5 million and $142.8 million, respectively, and share repurchases of $13.0 million.

Loans

The following table compares the composition of the loan portfolio at June 30, 2022, December 31, 2021, and June 30, 2021.

Table 2 - Loans by Portfolio Class
									June 31, 2022 vs. December 31, 2021 Change								June 31, 2022 vs. June 31, 2021 Change
(dollars in thousands)	June 30, 2022				December 31, 2021								June 30, 2021
Commercial, financial and agricultural	$	13,018,089	31.6	%	$	12,147,858	30.9	%	$	870,231	7	%	$	12,174,835	31.8	%	$	843,254	7	%
Owner-occupied	7,760,236		18.8		7,475,066		19.0		285,170		4		7,064,599		18.5		695,637		10
Total commercial and industrial	20,778,325		50.4		19,622,924		49.9		1,155,401		6		19,239,434		50.3		1,538,891		8
Investment properties	10,408,048		25.3		9,902,776		25.2		505,272		5		9,218,013		24.1		1,190,035		13
1-4 family properties	641,855		1.6		645,469		1.6		(3,614)		(1)		636,344		1.7		5,511		1
Land and development	453,514		1.0		466,866		1.2		(13,352)		(3)		506,694		1.3		(53,180)		(10)
Total commercial real estate	11,503,417		27.9		11,015,111		28.0		488,306		4		10,361,051		27.1		1,142,366		11
Consumer mortgages	5,124,523		12.4		5,068,998		12.9		55,525		1		5,200,718		13.6		(76,195)		(1)
Home equity	1,579,218		3.9		1,361,419		3.5		217,799		16		1,395,717		3.7		183,501		13
Credit cards	194,290		0.5		204,172		0.5		(9,882)		(5)		196,207		0.5		(1,917)		(1)
Other consumer loans	2,025,007		4.9		2,039,334		5.2		(14,327)		(1)		1,842,891		4.8		182,116		10
Total consumer	8,923,038		21.7		8,673,923		22.1		249,115		3		8,635,533		22.6		287,505		3
Loans, net of deferred fees and costs	$	41,204,780	100.0	%	$	39,311,958	100.0	%	$	1,892,822	5	%	$	38,236,018	100.0	%	$	2,968,762	8	%

At June 30, 2022, loans, net of deferred fees and costs, of $41.20 billion, increased $1.89 billion, or 5%, from December 31, 2021. This included a $312.9 million decline in PPP loans, primarily from forgiveness, and growth primarily in C&I and CRE loans, as commercial production and line utilization continue to drive growth. As a result of our strong year-to-date loan growth of 6% excluding PPP loans, we expect to be at or above the upper end of our previous guidance of 6% to 8% for 2022.

C&I loans remain the largest component of our loan portfolio, representing 50.4% of total loans, while CRE and consumer loans represent 27.9% and 21.7%, respectively. Our portfolio composition is guided by our strategic growth plan, in conjunction with a comprehensive concentration management policy, which sets limits for C&I, CRE, and consumer loan levels as well as for 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. The total balance of all PPP loans was $86.7 million as of June 30, 2022, down $312.9 million, or 78%, compared to $399.6 million as of December 31, 2021, primarily due to $316 million in forgiveness. The table below provides additional information on PPP loans.

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Table 3 - PPP loans
	June 30, 2022
	PPP Loan Balances
(in millions, except count data )	Fundings		2Q22 Forgiveness		2022 Forgiveness		Total Life-to-Date Forgiveness		End of Period, Net of Unearned Fees and Costs(1)
Phase 1- 2020 Originations	$	2,886	$	11	$	26	$	2,750	$	14
Phase 2- 2021 Originations	1,047		108		290		971		73
Total	$	3,933	$	119	$	316	$	3,721	$	87

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

(dollars in millions)	Total Net Fees		Percent of Fundings		2Q22 Recognized Net Fees		2022 Recognized Net Fees		Total Recognized Net Fees		Total Unrecognized or Remaining Net Fees		Contractual Maturity
Phase 1- 2020 Originations	$	94.9	3.3	%	$	0.1	$	0.3	$	94.9	$	—	2 years
Phase 2- 2021 Originations	43.6		4.2		3.6		10.3		40.9		2.8		5 years
Total	$	138.5	3.5	%	$	3.7	$	10.5	$	135.8	$	2.8
Amounts may not total due to rounding.

Commercial Loans

Total commercial loans (which are comprised of C&I and CRE loans) at June 30, 2022 were $32.28 billion, or 78.3%, of the total loan portfolio, compared to $30.64 billion, or 77.9%, at December 31, 2021.

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 wide range of industries. The following table shows the composition of the C&I loan portfolio aggregated by NAICS 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 June 30, 2022, 93.4% (93.8% excluding PPP loans) of Synovus' C&I loans are secured by real estate, business equipment, inventory, and other types of collateral compared to 92.2% (94.1% excluding PPP loans) as of December 31, 2021. C&I loans at June 30, 2022 grew $1.16 billion, or 6%, from December 31, 2021, as diverse growth from many of our Wholesale Banking sub-businesses was partially offset by a $312.9 million decline in PPP loan balances. The growth largely consisted of funded loan production and increased line utilization particularly in the finance and insurance, healthcare and social assistance, wholesale trade, and accommodation and food services industries.

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Table 4 - Commercial and Industrial Loans by Industry
		June 30, 2022				December 31, 2021
(dollars in thousands)	NAICS Code	Amount		%(1)		Amount		%(1)
Health care and social assistance	62	$	4,489,914	21.6	%	$	4,220,579	21.5	%
Finance and insurance	52	3,112,695		15.0		2,520,480		12.8
Manufacturing	31-33	1,377,435		6.6		1,314,212		6.7
Accommodation and food services	72	1,338,556		6.4		1,231,801		6.3
Wholesale trade	42	1,268,075		6.1		1,146,505		5.8
Retail trade	44-45	1,184,962		5.7		1,195,456		6.1
Real estate and rental and leasing	5311	1,086,787		5.2		1,061,921		5.4
Construction	23	1,063,753		5.1		1,023,540		5.2
Professional, scientific, and technical services	54	951,794		4.6		928,436		4.7
Other services	81	946,549		4.6		1,004,448		5.1
Transportation and warehousing	48-49	843,764		4.1		852,969		4.3
Real estate other	53	778,636		3.7		752,997		3.8
Arts, entertainment, and recreation	71	469,665		2.3		534,597		2.7
Educational services	61	422,306		2.0		427,456		2.2
Public administration	92	417,871		2.0		407,451		2.1
Administration, support, waste management, and remediation	56	263,754		1.3		246,638		1.3
Agriculture, forestry, fishing, and hunting	11	261,234		1.3		285,372		1.5
Information	51	211,917		1.0		189,306		1.0
Other industries	(2)	288,658		1.4		278,760		1.5
Total commercial and industrial loans		$	20,778,325	100.0	%	$	19,622,924	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 2% of total C&I loans.

At June 30, 2022, $13.02 billion of C&I loans, or 31.6% of the total loan portfolio (including PPP loans of $86.7 million net of unearned fees and costs), represented loans originated 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 June 30, 2022, $7.76 billion of C&I loans, or 18.8% 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 consist primarily 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 $11.50 billion increased $488.3 million or 4%, from December 31, 2021 as growth primarily in the multi-family and medical office sectors from funded loan production continued to outpace payoff activity.

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 June 30, 2022 were $10.41 billion, or 90.5% of the CRE loan portfolio, and increased $505.3 million, or 5%, from December 31, 2021 primarily due to growth in all sub-categories with the exception of shopping centers, which were down $196.6 million, or 12%, from December 31, 2021.

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

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properties are primarily located in the markets served by Synovus. At June 30, 2022, 1-4 family properties loans totaled $641.9 million, or 5.6% of the CRE loan portfolio, and decreased slightly from December 31, 2021.

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 $453.5 million at June 30, 2022 decreased slightly from December 31, 2021.

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, home equity and consumer credit card loans, as well as both secured and unsecured loans from third-party lending. As of June 30, 2022, weighted-average FICO scores within the residential real estate portfolio based on committed balances were 777 for consumer mortgages and 788 for home equity, consistent with year-end 2021 scores.

Consumer loans at June 30, 2022 of $8.92 billion increased $249.1 million, or 3%, compared to December 31, 2021. Home equity grew $217.8 million from December 31, 2021 largely due to increased demand for home equity products as property values have increased, and interest rates for home equity products have remained relatively low. Other consumer loans decreased $14.3 million from December 31, 2021 primarily resulting from $43.0 million lower third-party loan balances as payment activity more than offset purchases of $361.6 million.

Deposits

Deposits provide the most significant funding source for interest earning assets. The following table shows the composition of period-end deposits as of the dates indicated. See Table 12 - Quarter-to-Date Net Interest Income and Rate/Volume Analysis and Table 13 - Year-to-Date Net Interest Income and Rate/Volume Analysis in this Report for information on average deposits including average rates.

Table 5 - Composition of Period-end Deposits
(dollars in thousands)	June 30, 2022		%(1)		December 31, 2021		%(1)		June 30, 2021		%(1)
Non-interest-bearing demand deposits(2)	$	15,781,109	32.2	%	$	15,242,839	30.9	%	$	14,342,601	30.4	%
Interest-bearing demand deposits(2)	6,327,055		12.9		6,346,959		12.9		5,839,814		12.4
Money market accounts(2)	13,793,024		28.1		14,886,424		30.1		13,983,112		29.7
Savings deposits(2)	1,498,727		3.0		1,404,428		2.8		1,341,453		2.8
Public funds	5,863,899		12.0		6,284,553		12.7		5,804,905		12.3
Time deposits(2)	2,147,769		4.4		2,427,073		4.9		2,891,115		6.1
Brokered deposits	3,623,117		7.4		2,835,000		5.7		2,968,962		6.3
Total deposits	$	49,034,700	100.0	%	$	49,427,276	100.0	%	$	47,171,962	100.0	%
Core deposits(3)	$	45,411,583	92.6	%	$	46,592,276	94.3	%	$	44,203,000	93.7	%
Brokered time deposits	$	2,314,488	4.7	%	$	1,024,448	2.1	%	$	1,063,947	2.3	%
Public funds time deposits	$	611,070	1.2	%	$	665,954	1.3	%	$	689,478	1.5	%

(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.

Total period-end deposits at June 30, 2022 decreased $392.6 million compared to December 31, 2021 as lower money market, public funds, and time deposits, impacted by rate-driven outflows and normal client liquidity deployment, were mostly offset by increases in brokered deposits and higher non-interest-bearing demand deposits. On a year-to-date average basis, the increase in total deposits was $1.57 billion, or 3%, driven by $1.33 billion in growth from non-interest-bearing demand deposits as this meaningful component of our overall funding strategy continues to help manage our total funding costs in the rising rate environment. Total deposit costs of 15 bps for the second quarter of 2022 decreased 1 bp from the prior year comparable period, primarily due to an increase in non-interest-bearing deposits. Total deposit costs increased 4 bps compared to the first quarter of 2022 as the Federal Open Market Committee's recent rate hikes have begun to modestly impact our deposit costs. Given the 75 bps rate hike in June 2022, as well as the recently announced 75 bps hike in July 2022, we have begun to see and

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expect a continuation of upward pressure on deposits costs, as would be reasonably expected for this phase of the tightening cycle.

Non-interest Revenue

Non-interest revenue for the second quarter of 2022 was $97.3 million, down $9.8 million, or 9%, and year-to-date was $202.6 million, down $15.4 million, or 7%, compared to the same periods in 2021. The primary drivers were lower mortgage banking income and a $7.0 million write-down on a minority fintech investment partially offset by higher core banking fees(1) and higher wealth revenue(2).

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

Table 6 - Non-interest Revenue
	Three Months Ended June 30,								Six Months Ended June 30,
(dollars in thousands)	2022		2021		$ Change		% Change		2022		2021		$ Change		% Change
Service charges on deposit accounts	$	23,491	$	21,414	$	2,077	10	%	$	46,030	$	41,448	$	4,582	11	%
Fiduciary and asset management fees	20,100		18,805		1,295		7		40,377		36,759		3,618		10
Card fees	16,089		13,304		2,785		21		30,846		25,300		5,546		22
Brokerage revenue	15,243		13,926		1,317		9		29,898		26,899		2,999		11
Mortgage banking income	3,904		13,842		(9,938)		(72)		9,857		36,157		(26,300)		(73)
Capital markets income	7,393		3,335		4,058		122		12,864		10,840		2,024		19
Income from bank-owned life insurance	9,165		7,188		1,977		28		15,722		16,031		(309)		(2)
Insurance revenue	2,564		3,383		(819)		(24)		3,983		5,079		(1,096)		(22)
Investment securities gains (losses), net	—		—		—		nm		—		(1,990)		1,990		nm
Other non-interest revenue	(683)		11,890		(12,573)		(106)		13,023		21,520		(8,497)		(39)
Total non-interest revenue	$	97,266	$	107,087	$	(9,821)	(9)	%	$	202,600	$	218,043	$	(15,443)	(7)	%
Core banking fees (1)	$	45,483	$	41,464	$	4,019	10	%	$	90,887	$	79,620	$	11,267	14	%
Wealth revenue (2)	$	37,907	$	36,114	$	1,793	5	%	$	74,258	$	68,737	$	5,521	8	%

(1) Core banking fees consist of service charges on deposit accounts, card fees, and several other non-interest revenue components including letter of credit fees, ATM fee income, line of credit non-usage fees, gains (losses) from sales of SBA loans, and miscellaneous other service charges.

(2) Consists of fiduciary and asset management, brokerage, and insurance revenue.

Three and Six Months Ended June 30, 2022 compared to June 30, 2021

Service charges on deposit accounts, consisting of account analysis fees, NSF fees, and all other service charges, for the three and six months ended June 30, 2022 were up compared to the same periods in 2021. The largest category of service charges, account analysis fees, were flat compared to the second quarter of 2021, and up 3% on a year-to-date comparable basis. NSF fees for the six months ended June 30, 2022 and 2021 comprised 32% and 29%, respectively, of service charges on deposit accounts and 7% and 6%, respectively, of total non-interest revenue. NSF fees for the three and six months ended June 30, 2021 were lower primarily due to fiscal stimulus funds. All other service charges on deposit accounts, which consist primarily of monthly fees on consumer demand deposits and small business accounts, for the three and six months ended June 30, 2022 were up $740 thousand, or 14%, and $1.4 million, or 14%, respectively.

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 the three and six months ended June 30, 2022 was driven by strong client acquisition despite headwinds from a decline in the equity markets.

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 expenses and network expenses. Card fees for the three and six months ended June 30, 2022 were up primarily due to higher transaction volumes from both consumer and commercial spend activity and account growth as we continue to invest in our Treasury and Payment solutions business.

Brokerage revenue consists primarily of brokerage commissions as well as advisory fees earned from the management of client assets. Brokerage revenue for the three and six months ended June 30, 2022 increased over the prior year comparable periods, benefiting from client activity in the face of challenging equity markets.

Mortgage banking income was significantly lower for the three and six months ended June 30, 2022, compared to the same periods in 2021, largely due to the economic environment with substantial increases in mortgage rates reducing refinancing and

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new-purchase volumes and compressing secondary margins. On a year-to-date basis, gains on sale declined $18.5 million as a result of a $550.9 million, or 55%, decrease in loan sales and a $574.1 million, or 58%, decline in secondary market mortgage production compared to the prior year.

Capital markets income primarily includes fee income from client derivative transactions. Additionally, capital markets income includes fee income from debt capital market transactions and foreign exchange as well as other miscellaneous income from capital market transactions. The increase for the three months ended June 30, 2022 compared to the same period in 2021 primarily resulted from a higher volume of client derivative transactions and a $1.3 million increase in loan syndication arranger fees. The increase for the six months ended June 30, 2022 was primarily due to higher loan syndication arranger fees.

Income from BOLI includes increases in the cash surrender value of policies and proceeds from insurance contracts. The increase for the three months ended June 30, 2022 primarily related to $2.5 million in proceeds from insurance benefits.

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, gains from sales of GGL/SBA loans, and other miscellaneous items. The six months ended June 30, 2022 primarily included a $7.0 million write-down on a minority fintech investment and a reduction in the fair value of non-qualified deferred compensation plan assets of $6.5 million (offset in non-interest expense), partially offset by a gain of $3.5 million related to the sale of a certain real estate partnership, as compared to 2021.

Non-interest Expense

Non-interest expense for the second quarter of 2022 was $282.1 million, up $11.5 million, or 4%, and year-to-date was $554.5 million, up $16.8 million, or 3%, compared to the same periods in 2021. The increase in non-interest expense during 2022 was primarily due to an increase in expense associated with merit and elevated performance incentives, resumption of normal business activities post COVID-19, and investments in new growth initiatives. We expect total investments in new growth initiatives to be in the $30 million to $35 million range in 2022.

The following table summarizes the components of non-interest expense.

Table 7 - Non-interest Expense
	Three Months Ended June 30,								Six Months Ended June 30,
(dollars in thousands)	2022		2021		$ Change		% Change		2022		2021		$ Change		% Change
Salaries and other personnel expense	$	161,063	$	160,567	$	496	—	%	$	325,747	$	322,044	$	3,703	1	%
Net occupancy, equipment, and software expense	43,199		41,825		1,374		3		86,076		82,959		3,117		4
Third-party processing and other services	21,952		24,419		(2,467)		(10)		42,947		44,451		(1,504)		(3)
Professional fees	10,865		7,947		2,918		37		19,338		17,031		2,307		14
FDIC insurance and other regulatory fees	6,894		5,547		1,347		24		13,144		11,127		2,017		18
Amortization of intangibles	2,118		2,379		(261)		(11)		4,236		4,758		(522)		(11)
Restructuring charges	(1,850)		415		(2,265)		nm		(8,274)		946		(9,220)		nm
Valuation adjustment to Visa derivative	3,500		—		3,500		nm		3,500		—		3,500		nm
Loss on early extinguishment of debt	—		—		—		nm		677		—		677		nm
Earnout liability adjustments	—		750		(750)		nm		—		750		(750)		nm
Other operating expense	34,310		26,682		7,628		29		67,110		53,599		13,511		25
Total non-interest expense	$	282,051	$	270,531	$	11,520	4	%	$	554,501	$	537,665	$	16,836	3	%

Three and Six Months Ended June 30, 2022 compared to June 30, 2021

Salaries and other personnel expense increased for the three and six months ended June 30, 2022 primarily due to the impacts of elevated performance incentives and merit partially offset by a reduction in the fair value of the non-qualified deferred compensation liability (offset in non-interest revenue) and lower mortgage production-based commissions. Total headcount of 5,091 was flat compared to June 30, 2021 as a result of Synovus Forward initiatives while adding headcount in areas associated with strategic revenue growth.

Net occupancy, equipment, and software expense increased for the three and six months ended June 30, 2022 due primarily to continued investments in technology and initiatives partially offset by savings from branch closures. Synovus Bank operated 261 branches at June 30, 2022 compared to 285 branches at June 30, 2021 with twenty branch closures during the first half of 2022. We expect to close a similar amount in the second half of 2022 to complete our large-scale branch optimization program.

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Third-party processing and other services include all third-party core operating system and processing charges as well as third-party loan servicing charges. Third-party processing expense decreased for the three and six months ended June 30, 2022, largely a result of higher 2021 expense associated with PPP loan forgiveness partially offset by enhancements associated with technology and initiatives.

Professional fees increased for the three and six months ended June 30, 2022 primarily from higher consulting fees largely related to new initiatives, technology, and sustainability strategies and increased legal fees from various matters, including new initiatives and credit-related items.

FDIC insurance and other regulatory fees increased for the three and six months ended June 30, 2022 largely due to a higher assessment rate primarily driven by partial normalization of liquidity levels and redemption of Synovus Bank senior notes.

During the three months ended June 30, 2022, Synovus recorded $3.0 million in gains on sales of five closed branches partially offset by restructuring charges associated with additional branch closures. During the six months ended June 30, 2022, Synovus recorded $12.1 million in gains largely relating to the sale of real estate facilities in Columbus, Georgia in addition to gains on sales of closed branches, partially offset by restructuring charges associated with additional branch closures. During the three and six months ended June 30, 2021, Synovus recorded restructuring charges primarily related to branch closures and restructuring of corporate real estate as part of the Synovus Forward initiative.

During the second quarter of 2022, Synovus recorded a $3.5 million valuation adjustment to the Visa derivative following Visa's announcement to fund $600 million to its litigation escrow account.

On February 10, 2022, Synovus Bank redeemed its 2.289% Fixed-to-Floating Rate Senior Bank Notes of $400 million par value and incurred a $677 thousand loss on early extinguishment of debt.

Earnout liability fair value adjustments 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. Other operating expense was up for the three and six months ended June 30, 2022. The increases over prior year were primarily related to an increase in loan expense due to elevated production, managing fraud protection for clients, resumption of normal business activities post COVID-19, and increased 2022 advertising expense resulting from the launch of our newly developed brand positioning and campaign.

Income Tax Expense

Income tax expense was $49.9 million for the three months ended June 30, 2022, representing an effective tax rate of 21.9%, compared to income tax expense of $56.8 million for the three months ended June 30, 2021, representing an effective tax rate of 23.4%. Income tax expense was $92.6 million for the six months ended June 30, 2022, representing an effective tax rate of 21.0%, compared to income tax expense of $106.0 million for the six months ended June 30, 2021, representing an effective tax rate of 22.1%. The effective tax rate is lower for both the three and six month periods ended June 30, 2022, primarily due to an increase in net discrete tax benefits recognized during the current period, including share-based compensation, changes in amounts taxable by jurisdictions, and other accrual adjustments, compared to the respective prior periods.

CREDIT QUALITY, CAPITAL RESOURCES AND LIQUIDITY

Credit Quality

Synovus diligently monitors the quality of its loan portfolio by industry, property type, and geography through a thorough portfolio review process and our analytical risk management tools. At June 30, 2022, credit metrics remained stable and near historical lows with NPAs at 33 bps, NPLs at 26 bps, and total past dues at 14 bps, as a percentage of total loans. Net charge-offs remained low at $16.6 million, or 16 bps annualized, and $35.2 million, or 18 bps annualized, respectively, for the three and six months ended June 30, 2022. We expect net charge-offs to remain relatively stable in the second half of 2022, assuming no material change in the economic environment.

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The table below includes selected credit quality metrics.

Table 8 - Credit Quality Metrics
(dollars in thousands)	June 30, 2022			December 31, 2021			June 30, 2021
Non-performing loans	$	109,024		$	131,042		$	161,028
ORE and other assets	26,759			27,137			16,806
Non-performing assets	$	135,783		$	158,179		$	177,834
Total loans	$	41,204,780		$	39,311,958		$	38,236,018
Non-performing loans as a % of total loans	0.26		%	0.33		%	0.42		%
Non-performing assets as a % of total loans, ORE, and specific other assets	0.33			0.40			0.46
Loans 90 days past due and still accruing	$	2,251		$	6,770		$	4,415
As a % of total loans	0.01		%	0.02		%	0.01		%
Total past due loans and still accruing	$	56,160		$	57,565		$	49,321
As a % of total loans	0.14		%	0.15		%	0.13		%
Net charge-offs, quarter	$	16,565		$	10.522		$	26,546
Net charge-offs/average loans, quarter	0.16		%	0.11		%	0.28		%
Net charge-offs, year-to-date	$	35,174		$	77,788		$	46,750
Net charge-offs/average loans, year-to-date	0.18		%	0.20		%	0.24		%
Provision for (reversal of) loan losses, quarter	$	9,446		$	(54,124)		$	(19,960)
Provision for (reversal of) unfunded commitments, quarter	3,242			(1,086)			(4,638)
Provision for (reversal of) credit losses, quarter	$	12,688		$	(55,210)		$	(24,598)
Provision for (reversal of) loan losses, year-to-date	$	15,414		$	(100,351)		$	(42,278)
Provision for (reversal of) unfunded commitments, year-to-date	$	8,674		$	(5,900)		$	(895)
Provision for (reversal of) credit losses, year-to-date	$	24,088		$	(106,251)		$	(43.173)
Allowance for loan losses	$	407,837		$	427,597		$	516,708
Reserve for unfunded commitments	50,559			41,885			46,890
Allowance for credit losses	$	458,396		$	469,482		$	563,598
ACL to loans coverage ratio	1.11		%	1.19		%	1.47		%
ALL to loans coverage ratio	0.99			1.09			1.35
ACL/NPLs	420.45			358.27			350.00
ALL/NPLs	374.08			326.31			320.88

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 June 30, 2022 were 2.2% of total loans, or $914.0 million, down $113.9 million as compared to 2.6% of total loans, or $1.03 billion, at December 31, 2021.

Table 9 - Criticized and Classified Loans
(dollars in thousands)	June 30, 2022			December 31, 2021
Special mention	$	391,596		$	489,150
Substandard	516,412			526,117
Doubtful	3,520			10,630
Loss	2,500			2,058
Criticized and Classified loans	$	914,028		$	1,027,955
As a % of total loans	2.2		%	2.6		%

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

The provision for credit losses of $12.7 million and $24.1 million for the three and six months ended June 30, 2022 included net charge-offs of $16.6 million and $35.2 million, respectively, and also represented a slower pace of allowance decline for the first half of the year. $3.7 million and $7.5 million in reserves were also added as a result of purchases of $180.2 million and $361.6 million of third-party lending loans for the three and six months ended June 30, 2022.

The ALL of $407.8 million and the reserve for unfunded commitments of $50.6 million, which is recorded in other liabilities, comprise the total ACL of $458.4 million at June 30, 2022. The ACL decreased $11.1 million compared to the December 31, 2021 ACL of $469.5 million, which consisted of an ALL of $427.6 million and the reserve for unfunded commitments of $41.9 million. The ACL to loans coverage ratio of 1.11% at June 30, 2022 was 8 bps lower compared to December 31, 2021. The reduction in the ACL resulted primarily from continued positive trends in our credit performance, including reduction of NPLs, and quality and mix of new loan originations, mostly offset by an uncertain and generally negative economic outlook.

Table 10 - Accruing TDRs by Risk Grade
	June 30, 2022				December 31, 2021				June 30, 2021
(dollars in thousands)	Amount		%		Amount		%		Amount		%
Pass	$	59,865	36.5	%	$	56,479	47.1	%	$	62,686	50.3	%
Special mention	31,492		19.2		11,387		9.5		8,600		6.9
Substandard accruing	72,744		44.3		51,938		43.4		53,242		42.8
Total accruing TDRs	$	164,101	100.0	%	$	119,804	100.0	%	$	124,528	100.0	%

Troubled Debt Restructurings

Accruing TDRs were $164.1 million at June 30, 2022, up $44.3 million compared to December 31, 2021 primarily due to interest rate modifications granted that were previously accounted for under the CARES Act. Non-accruing TDRs were $18.3 million at June 30, 2022, compared to $22.3 million at December 31, 2021.

Accruing TDRs are considered performing because they are performing in accordance with the restructured terms. At both June 30, 2022 and December 31, 2021, approximately 98% of accruing TDRs were current. 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 low levels.

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 June 30, 2022, 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.

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Table 11 - Capital Ratios
(dollars in thousands)	June 30, 2022			December 31, 2021
CET1 capital
Synovus Financial Corp.	$	4,612,070		$	4,388,618
Synovus Bank	5,158,225			4,998,698
Tier 1 risk-based capital
Synovus Financial Corp.	5,149,215			4,925,763
Synovus Bank	5,158,225			4,998,698
Total risk-based capital
Synovus Financial Corp.	6,059,074			5,827,196
Synovus Bank	5,754,389			5,587,757
CET1 capital ratio
Synovus Financial Corp.	9.46		%	9.50		%
Synovus Bank	10.59			10.83
Tier 1 risk-based capital ratio
Synovus Financial Corp.	10.56			10.66
Synovus Bank	10.59			10.83
Total risk-based capital to risk-weighted assets ratio
Synovus Financial Corp.	12.43			12.61
Synovus Bank	11.82			12.11
Leverage ratio
Synovus Financial Corp.	9.03			8.72
Synovus Bank	9.06			8.86

At June 30, 2022, Synovus' CET1 ratio was 9.46%, well in excess of regulatory requirements including the capital conservation buffer of 2.5%. The June 30, 2022 CET1 ratio declined 4 bps compared to December 31, 2021, driven by significant growth in risk-weighted assets, largely from loan growth, and return of capital primarily through common stock shareholder dividends, mostly offset by strong capital generation from earnings. Our commitment remains to allocate internally generated capital toward our strategic priorities of client loan growth and a stable dividend while also maintaining a strong and efficient capital position. For additional information on regulatory capital requirements, see "Part II - Item 8. Financial Statements and Supplementary Data - Note 10 - Regulatory Capital" to the consolidated financial statements of Synovus' 2021 Form 10-K. 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 authorized share repurchases of up to $300 million in 2022. During the six months ended June 30, 2022, Synovus repurchased a total of $13.0 million, or 281 thousand shares of its common stock, at an average price of $46.17 per share. Based on our current forecast for loan growth and given the uncertain economic environment, we expect to retain the majority of capital generated through earnings to support core balance sheet growth through the remainder of 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 adopt 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 June 30, 2022 regulatory capital ratios reflect Synovus' election of the five-year transition provision. At June 30, 2022, $43.7 million, or a cumulative 9 bps benefit to CET1, was deferred.

Dividends

Synovus has historically paid a quarterly cash dividend to the holders of its common stock. Management and the Board of Directors closely monitor current and projected capital levels, liquidity (including dividends from subsidiaries), financial markets and other economic trends, as well as regulatory requirements regarding the payment of dividends.

Synovus' ability to pay dividends on its common stock and preferred stock is primarily dependent upon dividends and distributions that it receives from its bank and non-banking subsidiaries, which are restricted by various regulations administered by federal and state bank regulatory authorities.

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Synovus declared common stock dividends of $98.9 million, or $0.68 per common share, for the six months ended June 30, 2022, compared to $97.7 million, or $0.66 per common share, for the six months ended June 30, 2021. In addition, Synovus declared dividends on its preferred stock of $16.6 million during both the six months ended June 30, 2022 and 2021.

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 June 30, 2022, based on currently pledged collateral, Synovus Bank had access to FHLB funding of $4.73 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 - 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" of Synovus' 2021 Form 10-K. 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.

Earning Assets and Sources of Funds

Average total assets for the six months ended June 30, 2022 increased $2.09 billion, or 4%, as compared to the first six months of 2021. Average earning assets increased $2.66 billion, or 5%, in the first six months of 2022 compared to the same period in 2021. The increase in average earning assets primarily resulted from a $2.39 billion, or 27%, increase in average investment securities available for sale and a $1.62 billion, or 4%, increase in average total loans, net of unearned income, which included a decrease of $1.98 billion in PPP loans. The increase in average loans was primarily attributable to growth in commercial production and line utilization. These increases were partially offset by a $1.36 billion, or 51%, decrease in average interest-bearing funds held at the Federal Reserve Bank.

Average interest-bearing liabilities decreased $24.2 million for the first six months of 2022 compared to the same period in 2021. The decrease in average interest-bearing liabilities largely resulted from a $1.05 billion, or 27%, decrease in average time deposits, as a result of continued focus on remixing the deposit base, mostly offset by a $945.2 million, or 11%, increase in average interest-bearing demand deposits. Average non-interest-bearing deposits also increased $2.28 billion, or 16%, for the first six months of 2022 compared to the same period in 2021 as these deposits continue to be a meaningful component of our funding strategy and will help manage total funding costs in the rising rate environment.

Net interest income for the six months ended June 30, 2022 was $817.6 million, up $61.9 million, or 8% compared to the same period in 2021, including $10.5 million in PPP fees during 2022 and $45.2 million in 2021. Net interest margin was up 8 bps over the comparable six-month period to 3.11% due primarily to positive re-mixing within earning assets and our asset-

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sensitive rate risk position, partially offset by a $34.7 million decline in PPP fees. For the six months ended June 30, 2022, the yield on earning assets was 3.31%, an increase of 2 bps compared to the six months ended June 30, 2021, while the effective cost of funds decreased 6 bps to 0.20%. Compared to the same period in 2021, the yield on loans decreased 13 bps due primarily to the decline in PPP fees, while the yield on investment securities increased 32 bps primarily due to higher reinvestment yield and deceleration in prepayment activity compared to the prior year.

On a sequential quarter basis, net interest income was up $33.1 million, or 8%, driven by loan growth and higher rates. Net interest margin for the second quarter was 3.22%, which was up 22 bps compared to the first quarter of 2022 aided by higher interest rates, lower cash balances, and managed deposit repricing. The second quarter of 2022 included $3.7 million recognized for associated PPP fees versus $6.9 million in the first quarter of 2022 and average PPP loan balances of $147.9 million versus $282.4 million in the first quarter of 2022. For the second quarter of 2022, the yield on earning assets increased 25 bps, while the effective cost of funds increased 3 bps compared to the first quarter of 2022. We continue to expect that net interest income and net interest margin will increase from second quarter 2022 levels as the benefits of higher short-term and long-term market interest rates are realized.

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Net Interest Income and Rate/Volume Analysis

    The following tables set forth the major components of net interest income and the related annualized yields and rates for the three and six months ended June 30, 2022 and 2021, as well as the variances between the periods caused by changes in interest rates versus changes in volume.

Table 12 - Quarter-to-Date Net Interest Income and Rate/Volume Analysis
	Three Months Ended June 30,												2022 Compared to 2021
	Average Balances				Interest				Annualized Yield/Rate				Change due to				Increase (Decrease)
(dollars in thousands)	2022		2021		2022		2021		2022		2021		Volume		Rate
Assets
Interest earning assets:
Investment securities available for sale	$	11,153,091	$	9,184,691	$	50,312	$	33,298	1.81	%	1.45	%	$	7,116	$	9,898	$	17,014
Trading account assets	11,987		2,831		73		8		2.44		1.15		26		39		65
Commercial loans (1) (2)	31,870,387		29,936,751		308,442		287,677		3.88		3.85		18,560		2,205		20,765
Consumer loans (1)	8,720,488		8,559,726		83,826		84,402		3.86		3.94		1,579		(2,155)		(576)
Allowance for loan losses	(415,372)		(561,242)		—		—		—		—		—		—		—
Loans, net	40,175,503		37,935,235		392,268		372,079		3.92		3.93		20,139		50		20,189
Mortgage loans held for sale	85,299		242,940		921		1,859		4.32		3.06		(1,203)		265		(938)
Other loans held for sale	725,762		615,301		7,678		4,750		4.19		3.05		840		2,088		2,928
Other earning assets(3)	813,028		2,705,819		1,660		740		0.81		0.11		(472)		1,392		920
Federal Home Loan Bank and Federal Reserve Bank stock	179,837		159,340		1,820		800		4.05		2.01		103		917		1,020
Total interest earning assets	53,144,507		50,846,157		$	454,732	$	413,534	3.43	%	3.26	%	26,549		14,649		41,198
Cash and due from banks	538,647		571,561
Premises, equipment, and software, net	385,457		452,652
Other real estate	11,439		1,406
Cash surrender value of bank-owned life insurance	1,077,231		1,055,663
Other assets(4)	1,379,659		2,090,332
Total assets	$	56,536,940	$	55,017,771
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
Interest-bearing demand deposits	$	9,513,334	$	8,601,262	$	3,598	$	2,441	0.15	%	0.11	%	250		907		1,157
Money market accounts	15,328,395		15,476,262		6,850		7,181		0.18		0.19		(70)		(261)		(331)
Savings deposits	1,506,195		1,333,297		72		55		0.02		0.02		9		8		17
Time deposits	2,829,684		3,792,382		1,688		4,894		0.24		0.52		(1,248)		(1,958)		(3,206)
Brokered deposits	2,878,536		3,057,607		6,293		4,799		0.88		0.63		(281)		1,775		1,494
Federal funds purchased and securities sold under repurchase agreements	246,737		204,053		219		35		0.35		0.07		7		177		184
Other short-term borrowings	478,469		—		896		—		0.74		—		896		—		896
Long-term debt	878,413		1,203,038		8,768		11,478		3.99		3.82		(3,092)		382		(2,710)
Total interest-bearing liabilities	33,659,763		33,667,901		$	28,384	$	30,883	0.33	%	0.36	%	(3,529)		1,030		(2,499)
Non-interest-bearing deposits	16,959,850		15,088,836
Other liabilities	1,247,646		1,091,321
Shareholders' equity	4,669,681		5,169,713
Total liabilities and equity	$	56,536,940	$	55,017,771
Interest rate spread:									3.10		2.90
Net interest income - TE/margin(5)					$	426,348	$	382,651	3.22	%	3.02	%	$	30,078	$	13,619	$	43,697
Taxable equivalent adjustment					960		791
Net interest income, actual					$	425,388	$	381,860

(1)     Average loans are shown net of unearned income. NPLs are included. Interest income includes fees as follows: 2022 - $13.0 million, 2021 - $28.5 million.

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

(3)    Includes interest-bearing funds with Federal Reserve Bank, interest earning deposits with banks, and federal funds sold and securities purchased under resale agreements.

(4)    Includes average net unrealized gains (losses) on investment securities available for sale of $(923.1) million and $37.0 million for the three months ended June 30, 2022 and 2021, respectively.

(5)    The net interest margin is calculated by dividing annualized net interest income - TE by average total interest earnings assets.

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Table 13 - Year-to-Date Net Interest Income and Rate/Volume Analysis
	Six Months Ended June 30,												2022 Compared to 2021
	Average Balances				Interest				Annualized Yield/Rate				Change due to				Increase (Decrease)
(dollars in thousands)	2022		2021		2022		2021		2022		2021		Volume		Rate
Assets
Interest earning assets:
Investment securities available for sale	$	11,206,150	$	8,813,191	$	97,562	$	62,755	1.74	%	1.42	%	$	16,850	$	17,957	$	34,807
Trading account assets	10,540		2,947		112		30		2.13		2.01		76		6		82
Commercial loans (1) (2)	31,316,646		29,930,734		589,029		578,877		3.79		3.90		26,803		(16,651)		10,152
Consumer loans (1)	8,657,598		8,424,423		165,194		166,466		3.83		3.97		4,590		(5,862)		(1,272)
Allowance for loan losses	(419,639)		(580,450)
Loans, net	39,554,605		37,774,707		754,223		745,343		3.84		3.97		31,393		(22,513)		8,880
Mortgage loans held for sale	94,542		244,940		1,803		3,516		3.81		2.87		(2,140)		427		(1,713)
Other loans held for sale	661,768		637,901		12,978		9,555		3.90		2.98		353		3,070		3,423
Other earning assets(3)	1,363,223		2,771,576		2,475		1,458		0.36		0.10		(629)		1,646		1,017
Federal Home Loan Bank and Federal Reserve Bank stock	170,006		158,503		2,505		1,468		2.95		1.85		106		931		1,037
Total interest earning assets	53,060,834		50,403,765		871,658		824,125		3.31		3.29		46,009		1,524		47,533
Cash and due from banks	543,638		545,295
Premises, equipment, and software, net	392,079		456,537
Other real estate	11,598		1,613
Cash surrender value of bank-owned life insurance	1,074,076		1,053,603
Other assets(4)	1,613,313		2,144,615
Total assets	$	56,695,538	$	54,605,428
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
Interest-bearing demand deposits	$	9,531,330	$	8,586,092	5,970		5,414		0.13		0.13		609		(53)		556
Money market accounts	15,685,030		15,412,941		12,199		15,911		0.16		0.21		283		(3,995)		(3,712)
Savings deposits	1,483,547		1,276,608		139		105		0.02		0.02		20		14		34
Time deposits	2,919,242		3,972,840		3,826		11,936		0.26		0.61		(3,187)		(4,923)		(8,110)
Brokered deposits	2,833,580		3,212,608		10,026		11,023		0.71		0.69		(1,297)		300		(997)
Federal funds purchased and securities sold under repurchase agreements	220,689		206,735		230		69		0.21		0.07		5		156		161
Other short-term borrowings	242,870		—		896		—		0.73		—		896		—		896
Long-term debt	930,131		1,202,827		18,913		22,386		4.07		3.73		(5,044)		1,571		(3,473)
Total interest-bearing liabilities	33,846,419		33,870,651		52,199		66,844		0.31		0.39		(7,715)		(6,930)		(14,645)
Non-interest-bearing deposits	16,727,040		14,443,645
Other liabilities	1,196,375		1,138,073
Shareholders' equity	4,925,704		5,153,059
Total liabilities and equity	$	56,695,538	$	54,605,428
Interest rate spread:									3.00	%	2.90	%
Net interest income - TE/margin(5)					$	819,459	$	757,281	3.11	%	3.03	%	$	53,724	$	8,454	$	62,178
Taxable equivalent adjustment					1,824		1,565
Net interest income, actual					$	817,635	$	755,716

(1)     Average loans are shown net of unearned income. NPLs are included. Interest income includes fees as follows: 2022 - $33.7 million, 2021 - $60.4 million.

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

(3)    Includes interest-bearing funds with Federal Reserve Bank, interest earning deposits with banks, and federal funds sold and securities purchased under resale agreements.

(4)    Includes average net unrealized gains (losses) on investment securities available for sale of $(587.1) million and $76.3 million for the six months ended June 30, 2022 and 2021, respectively.

(5)    The net interest margin is calculated by dividing annualized net interest income - TE by average total interest earnings assets.

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Market Risk Analysis

Interest rate risk is the primary market risk to which Synovus is potentially exposed. Synovus measures its sensitivity to changes in market interest rates through the use of a simulation model which incorporates all of Synovus’ earning assets and liabilities. These simulations are used to determine a baseline net interest income projection and the sensitivity of the income profile based on changes in interest rates. These simulations incorporate assumptions and factors, including, but not limited to, changes in market rates, in the size or composition of the balance sheet, and in repricing characteristics as well as client behaviors. This process is reviewed and updated on an on-going basis in a manner consistent with Synovus’ ALCO governance 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 targeted range of 1.50% to 1.75% as of June 30, 2022 and the prime rate of 4.75% as of June 30, 2022. 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. Synovus' current rate risk position is considered asset-sensitive and would be expected to benefit net interest income in a rising interest rate environment. The following table represents the estimated sensitivity of net interest income at June 30, 2022, with comparable information for December 31, 2021.

Table 14 - Twelve Month Net Interest Income Sensitivity
	Estimated % Change in Net Interest Income as Compared to Unchanged Rates (for the next twelve months)
Change in Interest Rates (in bps)	June 30, 2022	December 31, 2021
+200	11.0%	14.5%
+100	5.5%	6.5%

The net interest income simulation model is the primary tool utilized to evaluate potential interest rate risks over a shorter-term time horizon. Synovus also evaluates potential longer-term interest rate risk through modeling and evaluation of the sensitivity of the Company's EVE. The EVE measurement process estimates the net fair value of assets, liabilities, and off-balance sheet financial instruments under various interest rate scenarios. Management uses EVE sensitivity analyses as an additional means of measuring interest rate risk and incorporates this form of analysis within its governance and limits framework.

LIBOR Transition

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 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 Synovus' 2021 Form 10-K, 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 were impacted and have been changed as a result; 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 June 30, 2022, the Company had approximately $13 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, including the use of the Adjustable Interest (LIBOR) Act, enacted in March 2022, and other relevant legislation.

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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 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’ unaudited interim consolidated financial statements. Synovus’ financial results could differ significantly if different judgments or estimates are used in the application of these policies. All accounting policies described in "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" in Synovus' 2021 Form 10-K should be reviewed for a greater understanding of how we record and report our financial performance. There have been no significant changes to the accounting policies, estimates and assumptions, or the judgments affecting the application of these estimates and assumptions from those disclosed in Synovus' 2021 Form 10-K.

Non-GAAP Financial Measures

The measures entitled adjusted non-interest revenue; adjusted non-interest expense; adjusted total revenue; adjusted tangible efficiency ratio; adjusted net income available to common shareholders; adjusted net income per common share, diluted; adjusted return on average assets; adjusted return on average common equity; return on average tangible common equity; adjusted return on average tangible common equity; and tangible common equity 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; net income available to common shareholders; net income per common share, diluted; return on average assets; 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 total revenue and adjusted non-interest revenue are measures used by management to evaluate total TE revenue and non-interest revenue exclusive of net investment securities gains (losses) 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 net income available to common shareholders, adjusted net income per common share, diluted, adjusted return on average assets, 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. Return on average tangible common equity and 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 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 15 - Reconciliation of Non-GAAP Financial Measures
	Three Months Ended						Six Months Ended
(in thousands, except per share data)	June 30, 2022			June 30, 2021			June 30, 2022			June 30, 2021
Adjusted non-interest revenue
Total non-interest revenue	$	97,266		$	107,087		$	202,600		$	218,043
Subtract/add: Investment securities (gains) losses, net	—			—			—			1,990
Subtract/add: Fair value adjustment on non-qualified deferred compensation	3,240			(1,126)			4,535			(1,918)
Adjusted non-interest revenue	$	100,506		$	105,961		$	207,135		$	218,115
Adjusted non-interest expense
Total non-interest expense	$	282,051		$	270,531		$	554,501		$	537,665
Subtract: Earnout liability adjustments	—			(750)			—			(750)
Subtract/add: Restructuring charges	1,850			(415)			8,274			(946)
Subtract: Valuation adjustment to Visa derivative	(3,500)			—			(3,500)			—
Subtract: Loss on early extinguishment of debt	—			—			(677)			—
Subtract/add: Fair value adjustment on non-qualified deferred compensation	3,240			(1,126)			4,535			(1,918)
Adjusted non-interest expense	$	283,641		$	268,240		$	563,133		$	534,051
Adjusted total revenue and adjusted tangible efficiency ratio
Adjusted non-interest expense	$	283,641		$	268,240		$	563,133		$	534,051
Subtract: Amortization of intangibles	(2,118)			(2,379)			(4,236)			(4,758)
Adjusted tangible non-interest expense	$	281,523		$	265,861		$	558,897		$	529,293
Net interest income	$	425,388		$	381,860		$	817,635		$	755,716
Add: Tax equivalent adjustment	960			791			1,824			1,565
Add: Total non-interest revenue	97,266			107,087			202,600			218,043
Total TE revenue	$	523,614		$	489,738		$	1,022,059		$	975,324
Subtract/add: Investment securities (gains) losses, net	—			—			—			1,990
Subtract/add: Fair value adjustment on non-qualified deferred compensation	3,240			(1,126)			4,535			(1,918)
Adjusted total revenue	$	526,854		$	488,612		$	1,026,594		$	975,396
Efficiency ratio-TE	53.87		%	55.24		%	54.25		%	55.13		%
Adjusted tangible efficiency ratio	53.43			54.41			54.44			54.26
Adjusted net income available to common shareholders and adjusted diluted earnings per share
Net income available to common shareholders	$	169,761		$	177,909		$	332,507		$	356,711
Add: Earnout liability adjustments	—			750			—			750
Add/subtract: Restructuring charges	(1,850)			415			(8,274)			946
Add: Valuation adjustment to Visa derivative	3,500			—			3,500			—
Add: Loss on early extinguishment of debt	—			—			677			—
Subtract/add: Investment securities (gains) losses, net	—			—			—			1,990
Add/subtract: Tax effect of adjustments (1)	(393)			(105)			976			(743)
Adjusted net income available to common shareholders	$	171,018		$	178,969		$	329,386		$	359,654
Weighted average common shares outstanding, diluted	146,315			149,747			146,489			149,764
Net income per common share, diluted	$	1.16		$	1.19		$	2.27		$	2.38
Adjusted net income per common share, diluted	1.17			1.20			2.25			2.40

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Table 15 - Reconciliation of Non-GAAP Financial Measures, continued
	Three Months Ended						Six Months Ended
(dollars in thousands)	June 30, 2022			June 30, 2021			June 30, 2022			June 30, 2021
Adjusted return on average assets (annualized)
Net income	$	178,052		$	186,200		$	349,088		$	373,292
Add: Earnout liability adjustments	—			750			—			750
Add/subtract: Restructuring charges	(1,850)			415			(8,274)			946
Add: Valuation adjustment to Visa derivative	3,500			—			3,500			—
Add: Loss on early extinguishment of debt	—			—			677			—
Subtract/add: Investment securities (gains) losses, net	—			—			—			1,990
Add/subtract: Tax effect of adjustments (1)	(393)			(105)			976			(743)
Adjusted net income	$	179,309		$	187,260		$	345,967		$	376,235
Net income annualized	714,165			746,846			703,962			752,771
Adjusted net income annualized	719,206			751,098			697,668			758,706
Total average assets	56,536,940			55,017,771			56,695,538			54,605,428
Return on average assets (annualized)	1.26		%	1.36		%	1.24		%	1.38		%
Adjusted return on average assets (annualized)	1.27			1.37			1.23			1.39

	Three Months Ended
(dollars in thousands)	June 30, 2022			March 31, 2022			June 30, 2021
Adjusted return on average common equity, return on average tangible common equity, and adjusted return on average tangible common equity (annualized)
Net income available to common shareholders	$	169,761		$	162,746		$	177,909
Add: Earnout liability adjustments	—			—			750
Add/subtract: Restructuring charges	(1,850)			(6,424)			415
Add: Valuation adjustment to Visa derivative	3,500			—			—
Add: Loss on early extinguishment of debt	—			677			—
Add/subtract: Tax effect of adjustments (1)	(393)			1,369			(105)
Adjusted net income available to common shareholders	$	171,018		$	158,368		$	178,969
Adjusted net income available to common shareholders annualized	$	685,951		$	642,270		$	717,843
Add: Amortization of intangibles, annualized net of tax	6,471			6,543			7,128
Adjusted net income available to common shareholders excluding amortization of intangibles annualized	$	692,422		$	648,813		$	724,971
Net income available to common shareholders annualized	$	680,910		$	660,025		$	713,591
Add: Amortization of intangibles, annualized net of tax	6,471			6,543			7,128
Net income available to common shareholders excluding amortization of intangibles	$	687,381		$	666,568		$	720,719
Total average shareholders' equity less preferred stock	$	4,132,536		$	4,647,426		$	4,632,568
Subtract: Goodwill	(452,390)			(452,390)			(452,390)
Subtract: Other intangible assets, net	(32,387)			(34,576)			(41,399)
Total average tangible shareholders' equity less preferred stock	$	3,647,759		$	4,160,460		$	4,138,779
Return on average common equity (annualized)	16.48		%	14.20		%	15.40		%
Adjusted return on average common equity (annualized)	16.60			13.82			15.50
Return on average tangible common equity (annualized)	18.84			16.02			17.41
Adjusted return on average tangible common equity (annualized)	18.98			15.59			17.52

59

Table 15 - Reconciliation of Non-GAAP Financial Measures, continued
(dollars in thousands)	June 30, 2022			March 31, 2022			December 31, 2021			June 30, 2021
Tangible common equity ratio
Total assets	$	57,382,745		$	56,419,549		$	57,317,226		$	54,938,659
Subtract: Goodwill	(452,390)			(452,390)			(452,390)			(452,390)
Subtract: Other intangible assets, net	(31,360)			(33,478)			(35,596)			(40,354)
Tangible assets	$	56,898,995		$	55,933,681		$	56,829,240		$	54,445,915
Total shareholders' equity	$	4,584,438		$	4,824,635		$	5,296,800		$	5,237,714
Subtract: Goodwill	(452,390)			(452,390)			(452,390)			(452,390)
Subtract: Other intangible assets, net	(31,360)			(33,478)			(35,596)			(40,354)
Subtract: Preferred stock, no par value	(537,145)			(537,145)			(537,145)			(537,145)
Tangible common equity	$	3,563,543		$	3,801,622		$	4,271,669		$	4,207,825
Total shareholders' equity to total assets ratio	7.99		%	8.55		%	9.24		%	9.53		%
Tangible common equity ratio	6.26			6.80			7.52			7.73
(1) An assumed marginal tax rate of 23.8% for 2022 and 25.3% for 2021 was applied.

ITEM 3. – QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

    The information presented in the Market Risk Analysis section of the Management's Discussion and Analysis of Financial Condition and Results of Operations section of this Report is incorporated herein by reference.

ITEM 4. – CONTROLS AND PROCEDURES

In connection with the preparation of this Quarterly Report on Form 10-Q, 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 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 June 30, 2022, Synovus' disclosure controls and procedures were effective.

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 quarter ended June 30, 2022 that have materially affected, or are reasonably likely to materially affect, Synovus' internal control over financial reporting.

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PART II. – OTHER INFORMATION

ITEM 1. – LEGAL PROCEEDINGS

See "Part I - Item 1. Financial Statements and Supplementary Data - Note 9 - Commitments and Contingencies" of this Report.

ITEM 1A. – RISK FACTORS

In addition to the other information set forth in this Report, you should carefully consider the factors discussed in "Part I - Item IA - Risk Factors” of Synovus' 2021 Form 10-K which could materially affect its business, financial position, results of operations, cash flows, or future results. 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.

There are no material changes during the period covered by this Report to the risk factors previously disclosed in Synovus' 2021 Form 10-K.

ITEM 2. – UNREGISTERED SALES OF SECURITIES AND USE OF PROCEEDS

    (a) None.

    (b) None.

    (c) Issuer Purchases of Equity Securities:

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

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
April 1 to April 30, 2022	25	$	42.41	25	$	289,273
May 1 to May 31, 2022	53	42.85		53	287,019
June 1 to June 30, 2022	—	—		—	287,019
Total	78	$	42.71	78

(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 second quarter of 2022 were purchased through open market transactions, including under plans complying with Rule 10b5-1 under the Exchange Act.

ITEM 3. – DEFAULTS UPON SENIOR SECURITIES

    None.

ITEM 4. – MINE SAFETY DISCLOSURES

    None.

ITEM 5. – OTHER INFORMATION

    None.

61

ITEM 6. – EXHIBITS  

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.
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 in Inline XBRL and contained in Exhibit 101).

62

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.

 

	SYNOVUS FINANCIAL CORP.
August 2, 2022	By:	/s/ Andrew J. Gregory, Jr.
Date		Andrew J. Gregory, Jr.
		Executive Vice President and Chief Financial Officer
		(Duly Authorized Officer and Principal Financial Officer)

63

EX-31.1

Exhibit 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

I, Kevin S. Blair, certify that:

1. I have reviewed this quarterly report on Form 10-Q 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 Synovus’ supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to Synovus 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 Synovus’ 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 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 Synovus’ 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:	August 2, 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 quarterly report on Form 10-Q 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 Synovus’ supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to Synovus 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 Synovus’ 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 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 Synovus’ 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:	August 2, 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 Quarterly Report on Form 10-Q for the period ended June 30, 2022 (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:	August 2, 2022	BY:	/s/ Kevin S. Blair
			Kevin S. Blair
			President and Chief Executive Officer
Date:	August 2, 2022	BY:	/s/ Andrew J. Gregory, Jr.
			Andrew J. Gregory, Jr.
			Executive Vice President and Chief Financial Officer

This certification “accompanies” the Form 10-Q 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-Q, irrespective of any general incorporation contained in such filing.)

XML

Cover Page - shares	6 Months Ended
	Jun. 30, 2022	Jul. 31, 2022
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
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, 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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		145,369,831
Entity Central Index Key	0000018349
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false
Document Transition Report	false
Common Stock
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

CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
ASSETS
Cash and due from banks	$ 583,323	$ 432,925
Interest-bearing funds with Federal Reserve Bank	1,023,030	2,479,006
Interest earning deposits with banks	29,139	25,535
Federal funds sold and securities purchased under resale agreements	29,568	72,387
Total cash, cash equivalents, and restricted cash	1,665,060	3,009,853
Investment securities available for sale, at fair value	9,889,850	10,918,329
Loans held for sale (includes $76,864 and $108,198 measured at fair value, respectively)	917,679	750,642
Loans, net of deferred fees and costs	41,204,780	39,311,958
Allowance for loan losses	(407,837)	(427,597)
Loans, net	40,796,943	38,884,361
Cash surrender value of bank-owned life insurance	1,078,703	1,068,616
Premises, equipment, and software, net	383,060	407,241
Goodwill	452,390	452,390
Other intangible assets, net	31,360	35,596
Other assets	2,167,700	1,790,198
Total assets	57,382,745	57,317,226
Deposits:
Non-interest-bearing deposits	16,876,710	16,392,653
Interest-bearing deposits	32,157,990	33,034,623
Total deposits	49,034,700	49,427,276
Federal funds purchased and securities sold under repurchase agreements	345,242	264,133
Long-term debt	1,804,104	1,204,229
Other liabilities	1,614,261	1,124,788
Total liabilities	52,798,307	52,020,426
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 170,012,527 and 169,383,758; outstanding 145,357,669 and 145,010,086	170,013	169,384
Additional paid-in capital	3,908,118	3,894,109
Treasury stock, at cost; 24,654,858 and 24,373,672 shares	(944,484)	(931,497)
Accumulated other comprehensive income (loss), net	(1,026,705)	(82,321)
Retained earnings	1,940,351	1,709,980
Total shareholders' equity	4,584,438	5,296,800
Total liabilities and shareholders' equity	$ 57,382,745	$ 57,317,226

XML

CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Loans held-for-sale, fair value disclosure	$ 76,864	$ 108,198
Preferred stock, no 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)	170,012,527	169,383,758
Common stock, shares outstanding (in shares)	145,357,669	145,010,086
Treasury stock, shares at cost (in shares)	24,654,858	24,373,672

XML

CONSOLIDATED STATEMENTS OF INCOME (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Interest income:
Loans, including fees	$ 391,307	$ 371,288	$ 752,399	$ 743,779
Investment securities available for sale	50,312	33,298	97,562	62,755
Loans held for sale	8,600	6,609	14,781	13,071
Federal Reserve Bank balances	1,593	709	2,382	1,383
Other earning assets	1,960	839	2,710	1,572
Total interest income	453,772	412,743	869,834	822,560
Interest expense:
Deposits	18,501	19,371	32,160	44,389
Long-term debt	8,769	11,478	18,913	22,386
Other borrowings	1,114	34	1,126	69
Total interest expense	28,384	30,883	52,199	66,844
Net interest income	425,388	381,860	817,635	755,716
Provision for (reversal of) credit losses	12,688	(24,598)	24,088	(43,173)
Net interest income after provision for (reversal of) credit losses	412,700	406,458	793,547	798,889
Non-interest revenue:
Service charges on deposit accounts	23,491	21,414	46,030	41,448
Fiduciary and asset management fees	20,100	18,805	40,377	36,759
Card fees	16,089	13,304	30,846	25,300
Brokerage revenue	15,243	13,926	29,898	26,899
Mortgage banking income	3,904	13,842	9,857	36,157
Capital markets income	7,393	3,335	12,864	10,840
Income from bank-owned life insurance	9,165	7,188	15,722	16,031
Investment securities gains (losses), net	0	0	0	(1,990)
Other non-interest revenue	1,881	15,273	17,006	26,599
Total non-interest revenue	97,266	107,087	202,600	218,043
Non-interest expense:
Salaries and other personnel expense	161,063	160,567	325,747	322,044
Net occupancy, equipment, and software expense	43,199	41,825	86,076	82,959
Third-party processing and other services	21,952	24,419	42,947	44,451
Professional fees	10,865	7,947	19,338	17,031
FDIC insurance and other regulatory fees	6,894	5,547	13,144	11,127
Restructuring charges	(1,850)	415	(8,274)	946
Other operating expense	39,928	29,811	75,523	59,107
Total non-interest expense	282,051	270,531	554,501	537,665
Income before income taxes	227,915	243,014	441,646	479,267
Income tax expense	49,863	56,814	92,558	105,975
Net income	178,052	186,200	349,088	373,292
Less: Preferred stock dividends	8,291	8,291	16,581	16,581
Net income available to common shareholders	$ 169,761	$ 177,909	$ 332,507	$ 356,711
Net income per common share, basic (in dollars per share)	$ 1.17	$ 1.20	$ 2.29	$ 2.41
Net income per common share, diluted (in dollars per share)	$ 1.16	$ 1.19	$ 2.27	$ 2.38
Weighted average common shares outstanding, basic (in shares)	145,328	148,113	145,301	148,289
Weighted average common shares outstanding, diluted (in shares)	146,315	149,747	146,489	149,764

XML

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income, before-tax amount	$ 227,915	$ 243,014	$ 441,646	$ 479,267
Net income, tax	(49,863)	(56,814)	(92,558)	(105,975)
Net income	178,052	186,200	349,088	373,292
Before-tax Amount
Net unrealized gains (losses) arising during the period	(429,408)	46,342	(1,050,890)	(118,899)
Reclassification adjustment for realized (gains) losses included in net income	0	0	0	1,990
Net change	(429,408)	46,342	(1,050,890)	(116,909)
Income Tax
Net unrealized gains (losses) arising during the period	102,328	(11,725)	249,351	31,056
Reclassification adjustment for realized (gains) losses included in net income	0	0	0	(515)
Net change	102,328	(11,725)	249,351	30,541
Net of Tax Amount
Net unrealized gains (losses) arising during the period	(327,080)	34,617	(801,539)	(87,843)
Reclassification adjustment for realized (gains) losses included in net income	0	0	0	1,475
Net change	(327,080)	34,617	(801,539)	(86,368)
Before-tax Amount
Net unrealized gains (losses) arising during the period	(48,332)	(1,923)	(184,310)	(30,980)
Reclassification adjustment for realized (gains) losses included in net income	(978)	(3,657)	(3,167)	(5,256)
Net change	(49,310)	(5,580)	(187,477)	(36,236)
Income Tax
Net unrealized gains (losses) arising during the period	11,517	486	43,878	8,360
Reclassification adjustment for realized (gains) losses included in net income	233	925	754	1,335
Net change	11,750	1,411	44,632	9,695
Net of Tax Amount
Net unrealized gains (losses) arising during the period	(36,815)	(1,437)	(140,432)	(22,620)
Reclassification adjustment for realized (gains) losses included in net income	(745)	(2,732)	(2,413)	(3,921)
Net change	(37,560)	(4,169)	(142,845)	(26,541)
Total other comprehensive income (loss)	(478,718)	40,762	(1,238,367)	(153,145)
Other comprehensive income (loss), income tax	114,078	(10,314)	293,983	40,236
Total other comprehensive income (loss), net of tax	(364,640)	30,448	(944,384)	(112,909)
Comprehensive income (loss)	$ (186,588)	$ 216,648	$ (595,296)	$ 260,383

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CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (unaudited) - USD ($) $ in Thousands		Total	Preferred Stock	Common Stock	Additional Paid-in Capital	Treasury Stock	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Treasury Stock, Common
Beginning 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		373,292						373,292
Other comprehensive income (loss), net of income taxes		(112,909)					(112,909)
Cash dividends declared on common stock		(97,744)						(97,744)
Cash dividends declared on preferred stock	[1]	(16,581)						(16,581)
Repurchases of common stock including costs to repurchase		(92,507)				(92,507)
Restricted share unit vesting and taxes paid related to net share settlement		(6,579)		306	(6,885)
Stock options exercised, net		14,879		669	14,210
Warrants exercised with net settlement and common stock reissued		0			(113)	116		(3)
Share-based compensation expense		14,529			14,529
Ending balance at Jun. 30, 2021		5,237,714	537,145	169,108	3,872,949	(824,197)	45,726	1,436,983	$ (824,197)
Beginning balance at Mar. 31, 2021		5,161,717	537,145	168,978	3,864,281		15,278	1,307,725	(731,690)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		186,200						186,200
Other comprehensive income (loss), net of income taxes		30,448					30,448
Cash dividends declared on common stock		(48,651)						(48,651)
Cash dividends declared on preferred stock	[2]	(8,291)						(8,291)
Repurchases of common stock including costs to repurchase		(92,507)							(92,507)
Restricted share unit vesting and taxes paid related to net share settlement		(394)		35	(429)
Stock options exercised, net		2,327		95	2,232
Share-based compensation expense		6,865			6,865
Ending balance at Jun. 30, 2021		5,237,714	537,145	169,108	3,872,949	(824,197)	45,726	1,436,983	(824,197)
Beginning balance at Dec. 31, 2021		5,296,800	537,145	169,384	3,894,109	(931,497)	(82,321)	1,709,980
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		349,088						349,088
Other comprehensive income (loss), net of income taxes		(944,384)					(944,384)
Cash dividends declared on common stock		(98,858)						(98,858)
Cash dividends declared on preferred stock	[1]	(16,581)						(16,581)
Repurchases of common stock including costs to repurchase		(12,987)				(12,987)
Restricted share unit vesting and taxes paid related to net share settlement		(6,124)		350	(3,196)			(3,278)
Stock options exercised, net		2,739		279	2,460
Share-based compensation expense		14,745			14,745
Ending balance at Jun. 30, 2022		4,584,438	537,145	170,013	3,908,118	(944,484)	(1,026,705)	1,940,351	(944,484)
Beginning balance at Mar. 31, 2022		4,824,635	537,145	169,912	3,899,269		(662,065)	1,821,542	(941,168)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		178,052						178,052
Other comprehensive income (loss), net of income taxes		(364,640)					(364,640)
Cash dividends declared on common stock		(49,416)						(49,416)
Cash dividends declared on preferred stock	[2]	(8,291)						(8,291)
Repurchases of common stock including costs to repurchase		(3,316)							(3,316)
Restricted share unit vesting and taxes paid related to net share settlement		(402)		48	1,086			(1,536)
Stock options exercised, net		972		53	919
Share-based compensation expense		6,844			6,844
Ending balance at Jun. 30, 2022		$ 4,584,438	$ 537,145	$ 170,013	$ 3,908,118	$ (944,484)	$ (1,026,705)	$ 1,940,351	$ (944,484)

[1] For the six months ended June 30, 2022 and 2021, dividends per share were $0.79 and $0.73 for Series D and Series E Preferred Stock, respectively.

[2] For the three months ended June 30, 2022 and 2021, dividends per share were $0.39 and $0.37 for Series D and Series E Preferred Stock, respectively.

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CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (unaudited) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Cash dividends on common stock (in dollars per share)	$ 0.34	$ 0.33	$ 0.68	$ 0.66
Series D Preferred Stock
Cash dividends on preferred stock (in dollars per share)	0.39	0.39	0.79	0.79
Series E Preferred Stock
Cash dividends on preferred stock (in dollars per share)	$ 0.37	$ 0.37	$ 0.73	$ 0.73

XML

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Operating Activities
Net income	$ 349,088	$ 373,292
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Provision for (reversal of) credit losses	24,088	(43,173)
Depreciation, amortization, and accretion, net	36,991	66,572
Deferred income tax expense (benefit)	(3,227)	25,111
Originations of loans held for sale	(2,095,264)	(2,042,076)
Proceeds from sales and payments on loans held for sale	1,926,118	2,078,089
Gain on sales of loans held for sale, net	(7,277)	(27,502)
(Increase) decrease in other assets	(107,698)	(7,354)
Increase (decrease) in other liabilities	72,987	(1,554)
Investment securities (gains) losses, net	0	1,990
Share-based compensation expense	14,511	13,131
Other	677	0
Net cash provided by (used in) operating activities	210,994	436,526
Investing Activities
Proceeds from maturities and principal collections of investment securities available for sale	1,226,967	1,616,397
Proceeds from sales of investment securities available for sale	0	223,977
Purchases of investment securities available for sale	(1,269,468)	(3,476,929)
Proceeds from sales of loans	47,130	86,650
Purchases of loans	(361,567)	(1,041,602)
Net (increase) decrease in loans	(1,594,366)	928,084
Net (purchases) redemptions of Federal Home Loan Bank stock	(45,700)	(1,200)
Net (purchases) redemptions of Federal Reserve Bank stock	(536)	(954)
Net proceeds from settlement (purchases) of bank-owned life insurance policies	3,106	6,264
Net increase in premises, equipment and software	(11,260)	(12,419)
Other	33,984	4,141
Net cash provided by (used in) investing activities	(1,971,710)	(1,667,591)
Financing Activities
Net increase (decrease) in deposits	(389,758)	480,391
Net increase (decrease) in federal funds purchased and securities sold under repurchase agreements	81,109	(33,135)
Net increase (decrease) in other short-term borrowings	254,818	(7,717)
Repayments and redemption of long-term debt	(400,000)	0
Proceeds from issuance of long-term debt	1,000,000	0
Dividends paid to common shareholders	(97,293)	(97,927)
Dividends paid to preferred shareholders	(16,581)	(16,581)
Repurchases of common stock	(12,987)	(92,507)
Issuances, net of taxes paid, under equity compensation plans	(3,385)	8,300
Net cash provided by (used in) financing activities	415,923	240,824
Increase (decrease) in cash and cash equivalents including restricted cash	(1,344,793)	(990,241)
Cash, cash equivalents, and restricted cash, at beginning of period	3,009,853	4,252,917
Cash, cash equivalents, and restricted cash at end of period	1,665,060	3,262,676
Supplemental Disclosures:
Income taxes paid	88,090	115,282
Interest paid	52,330	78,772
Non-cash Activities
Securities purchased during the period but settled after period-end	0	48,795
Premises and equipment transferred to other assets held for sale	13,372	3,864
Loans foreclosed and transferred to other real estate	0	801
Loans transferred (from) to other loans held for sale at fair value	$ (9,386)	$ 0

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Basis of Presentation and Accounting Policies

6 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

Basis of Presentation and Accounting Policies

Note 1 - Basis of Presentation and Accounting Policies

General

The accompanying unaudited interim consolidated financial statements of Synovus Financial Corp. include the accounts of the Parent Company and its consolidated subsidiaries. Synovus Financial Corp. is a financial services company based in Columbus, Georgia. Through its wholly-owned subsidiary, Synovus Bank, a Georgia state-chartered bank that is a member of the Federal Reserve System, the Company 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. Synovus also provides financial planning, and investment advisory services through its wholly-owned subsidiaries, Synovus Trust and Synovus Securities, as well as its GLOBALT and Creative Financial Group divisions. Synovus Bank is positioned in markets in the Southeast, with 261 branches and 367 ATMs in Alabama, Florida, Georgia, South Carolina, and Tennessee.

The accompanying unaudited interim consolidated financial statements have been prepared in accordance with the instructions to the SEC Form 10-Q and Article 10 of Regulation S-X; therefore, they do not include all information and footnotes necessary for a fair presentation of financial position, results of operations, comprehensive income (loss), and cash flows in conformity with GAAP. All adjustments consisting of normally recurring accruals that, in the opinion of management, are necessary for a fair presentation of the consolidated financial position and results of operations for the periods covered by this Report have been included. The accompanying unaudited interim consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes appearing in Synovus' 2021 Form 10-K.

Reclassifications

Prior periods' consolidated financial statements are reclassified whenever necessary to conform to the current periods' presentation.

Use of Estimates in the Preparation of Financial Statements

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 change relate to the determination of the ACL, estimates of fair value, income taxes, and contingent liabilities.

Recent Accounting Pronouncements

The following table provides a brief description of accounting standards adopted or issued in 2022 and the estimated effect on the Company’s financial statements.

Standard	Description	Required date of adoption	Effect on Company's financial statements or other significant matters
Standards Adopted (or partially adopted )
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.	This ASU is effective upon issuance and can be applied through December 31, 2022.	The Company is in the process of evaluating and applying, as applicable, the optional expedients and exceptions in accounting for eligible contract modifications, eligible existing hedging relationships and new hedging relationships. The application of this guidance has not had and is not expected to have a material impact to the consolidated financial statements.
SAB 121, Accounting for Obligations to Safeguard Crypto-Assets an Entity Holds for its Platform Users	In March 2022, the SEC released SAB 121 to add interpretive guidance for entities to consider when they have obligations to safeguard crypto-assets held for clients. The new guidance requires reporting entities who allow clients to transact in crypto-assets and act as a custodian to record a liability with a corresponding asset regardless of whether they control the crypto-asset. The crypto-asset will need to be marked at fair value for each reporting period. The new guidance requires disclosures in the footnotes to address the amount of crypto-assets reported, and the safeguarding and recordkeeping of the assets.	June 30, 2022, with retrospective application back to the beginning of the fiscal year.	The adoption of this standard on June 30, 2022, had no impact to the consolidated financial statements.
Standard	Description	Required date of adoption	Effect on Company's financial statements or other significant matters
Standards Issued But Not Yet Adopted
ASU 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosure	In March 2022, the FASB issued ASU 2022-02 to eliminate TDR accounting guidance while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. The ASU also provides guidance for vintage table disclosures and gross write-offs. The ASU requires an entity to disclose current-period gross write-offs by year of origination for financing receivables within the scope of Subtopic 326-20.	January 1, 2023. Early adoption is permitted as of an interim period with retrospective application back to the beginning of the fiscal year.	The Company is currently evaluating the potential financial statement impact from the implementation of this standard.

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Investment Securities Available for Sale

6 Months Ended

Jun. 30, 2022

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 June 30, 2022 and December 31, 2021 are summarized below.

	June 30, 2022
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. Treasury securities	$	414,744	$	—	$	(28,160)	$	386,584
U.S. Government agency securities	52,866		2		(1,973)		50,895
Mortgage-backed securities issued by U.S. Government agencies	713,490		6		(81,525)		631,971
Mortgage-backed securities issued by U.S. Government sponsored enterprises	8,144,078		557		(901,994)		7,242,641
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises	826,579		—		(73,493)		753,086
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises	642,436		121		(37,438)		605,119
Asset-backed securities	201,366		—		—		201,366
Corporate debt securities and other debt securities	18,358		—		(170)		18,188
Total investment securities available for sale	$	11,013,917	$	686	$	(1,124,753)	$	9,889,850
	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

At June 30, 2022 and December 31, 2021, investment securities with a carrying value of $3.86 billion and $4.03 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 June 30, 2022 and December 31, 2021 are presented below.

	June 30, 2022
	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	$	322,983	$	(20,632)	$	42,319	$	(7,528)	$	365,302	$	(28,160)
U.S. Government agency securities	50,180		(1,973)		—		—		50,180		(1,973)
Mortgage-backed securities issued by U.S. Government agencies	305,938		(36,743)		324,431		(44,782)		630,369		(81,525)
Mortgage-backed securities issued by U.S. Government sponsored enterprises	5,273,030		(605,258)		1,893,054		(296,736)		7,166,084		(901,994)
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises	348,932		(26,567)		404,154		(46,926)		753,086		(73,493)
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises	418,331		(14,730)		138,644		(22,708)		556,975		(37,438)
Corporate debt securities and other debt securities	18,188		(170)		—		—		18,188		(170)
Total	$	6,737,582	$	(706,073)	$	2,802,602	$	(418,680)	$	9,540,184	$	(1,124,753)
	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)

As of June 30, 2022, Synovus had 304 investment securities in a loss position for less than twelve months and 79 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 June 30, 2022.

At June 30, 2022, 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 June 30, 2022 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 June 30, 2022
(in thousands)	Within One  Year		1 to 5 Years		5 to 10  Years		More Than  10 Years		Total
Amortized Cost
U.S. Treasury securities	$	21,282	$	343,616	$	49,846	$	—	$	414,744
U.S. Government agency securities	456		22,420		29,990		—		52,866
Mortgage-backed securities issued by U.S. Government agencies	—		727		5		712,758		713,490
Mortgage-backed securities issued by U.S. Government sponsored enterprises	—		—		127,499		8,016,579		8,144,078
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises	—		114		—		826,465		826,579
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises	—		338,951		234,679		68,806		642,436
Asset-backed securities	201,366		—		—		—		201,366
Corporate debt securities and other debt securities	9,501		—		8,857		—		18,358
Total amortized cost	$	232,605	$	705,828	$	450,876	$	9,624,608	$	11,013,917
Fair Value
U.S. Treasury securities	$	21,282	$	322,983	$	42,319	$	—	$	386,584
U.S. Government agency securities	457		20,581		29,857		—		50,895
Mortgage-backed securities issued by U.S. Government agencies	—		727		5		631,239		631,971
Mortgage-backed securities issued by U.S. Government sponsored enterprises	—		—		124,738		7,117,903		7,242,641
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises	—		114		—		752,972		753,086
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises	—		328,630		209,726		66,763		605,119
Asset-backed securities	201,366		—		—		—		201,366
Corporate debt securities and other debt securities	9,446		—		8,742		—		18,188
Total fair value	$	232,551	$	673,035	$	415,387	$	8,568,877	$	9,889,850

Gross gains and gross losses on sales of securities available for sale for the three and six months ended June 30, 2022 and 2021 are presented below. The specific identification method is used to reclassify gains and losses out of other comprehensive income (loss) at the time of sale.

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2022		2021		2022		2021
Gross realized gains on sales	$	—	$	—	$	—	$	—
Gross realized losses on sales	—		—		—		(1,990)
Investment securities gains (losses), net	$	—	$	—	$	—	$	(1,990)

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Loans and Allowance for Loan Losses

6 Months Ended

Jun. 30, 2022

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 June 30, 2022 and December 31, 2021.

	June 30, 2022
(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	$	12,954,600	$	14,363	$	525	$	14,888	$	12,834	$	35,767	$	13,018,089
Owner-occupied	7,744,300		4,538		—		4,538		6,955		4,443		7,760,236
Total commercial and industrial	20,698,900		18,901		525		19,426		19,789		40,210		20,778,325
Investment properties	10,400,407		271		—		271		5,025		2,345		10,408,048
1-4 family properties	636,701		2,036		—		2,036		1,821		1,297		641,855
Land and development	451,590		—		—		—		1,924		—		453,514
Total commercial real estate	11,488,698		2,307		—		2,307		8,770		3,642		11,503,417
Consumer mortgages	5,092,428		9,238		—		9,238		22,857		—		5,124,523
Home equity	1,567,527		3,591		—		3,591		7,588		512		1,579,218
Credit cards	191,641		1,413		1,236		2,649		—		—		194,290
Other consumer loans	2,000,402		18,459		490		18,949		5,656		—		2,025,007
Total consumer	8,851,998		32,701		1,726		34,427		36,101		512		8,923,038
Loans, net of deferred fees and costs	$	41,039,596	$	53,909	$	2,251	$	56,160	$	64,660	$	44,364	$	41,204,780

	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	$	12,068,740	$	13,378	$	3,953	$	17,331	$	37,918	$	23,869	$	12,147,858
Owner-occupied	7,460,184		3,627		59		3,686		7,146		4,050		7,475,066
Total commercial and industrial	19,528,924		17,005		4,012		21,017		45,064		27,919		19,622,924
Investment properties	9,894,924		1,285		717		2,002		3,273		2,577		9,902,776
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	10,998,504		3,312		964		4,276		9,726		2,605		11,015,111
Consumer mortgages	5,033,537		6,257		126		6,383		29,078		—		5,068,998
Home equity	1,349,027		2,619		—		2,619		9,773		—		1,361,419
Credit cards	201,929		1,233		1,010		2,243		—		—		204,172
Other consumer loans	2,011,430		20,369		658		21,027		6,877		—		2,039,334
Total consumer	8,595,923		30,478		1,794		32,272		45,728		—		8,673,923
Loans, net of deferred fees and costs	$	39,123,351	$	50,795	$	6,770	$	57,565	$	100,518	$	30,524	$	39,311,958

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 $2.0 million and $2.7 million for the three months ended June 30, 2022 and 2021, respectively and $5.4 million and $6.2 million for the six months ended June 30, 2022 and 2021, respectively. Of the interest income recognized during the three months ended June 30, 2022 and 2021, cash-basis interest income was $410 thousand and $575 thousand, respectively. Cash-basis interest income was $964 thousand and $1.2 million for the six months ended June 30, 2022 and 2021 respectively.

Pledged Loans

Loans with carrying values of $15.15 billion and $14.19 billion, respectively, were pledged as collateral for borrowings and capacity at June 30, 2022 and December 31, 2021, 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 primarily 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, were $86.7 million at June 30, 2022 and are guaranteed by the SBA.

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, home equity, and consumer 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 home equity 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 categorized 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 home equity) secured by junior liens on 1-4 family residential properties also consider available information on the payment status of any associated senior liens with other financial institutions.

The following tables summarize each loan portfolio class by risk grade and origination year as of June 30, 2022 and December 31, 2021 as required under CECL.

	June 30, 2022
	Term Loans Amortized Cost Basis by Origination Year												Revolving Loans
(in thousands)	2022		2021		2020		2019		2018		Prior		Amortized Cost Basis		Converted to Term Loans		Total
Commercial, financial and agricultural
Pass	$	539,814	$	2,126,772	$	1,183,170	$	811,870	$	569,801	$	1,166,642	$	6,202,131	$	30,553	$	12,630,753
Special Mention	3,136		4,280		9,337		9,435		17,596		3,333		86,555		—		133,672
Substandard(1)	6,888		11,081		52,047		45,437		18,756		28,546		86,152		1,082		249,989
Doubtful(2)	—		—		—		—		3,520		—		—		—		3,520
Loss(3)	—		—		—		—		—		—		155		—		155
Total commercial, financial and agricultural	549,838		2,142,133		1,244,554		866,742		609,673		1,198,521		6,374,993		31,635		13,018,089
Owner-occupied
Pass	834,063		1,730,966		1,178,269		1,007,485		720,509		1,388,397		641,261		—		7,500,950
Special Mention	137		4,545		86,210		8,841		45,656		28,168		—		—		173,557
Substandard(1)	2,400		12,555		2,969		5,738		39,048		22,766		—		—		85,476
Loss(3)	—		253		—		—		—		—		—		—		253
Total owner-occupied	836,600		1,748,319		1,267,448		1,022,064		805,213		1,439,331		641,261		—		7,760,236
Total commercial and industrial	1,386,438		3,890,452		2,512,002		1,888,806		1,414,886		2,637,852		7,016,254		31,635		20,778,325
Investment properties
Pass	1,352,056		2,953,629		1,554,185		1,444,006		901,677		1,749,178		314,751		—		10,269,482
Special Mention	—		6,963		—		15,295		11,559		4,409		7,997		—		46,223
Substandard(1)	358		486		631		3,695		52,785		13,118		21,270		—		92,343
Total investment properties	1,352,414		2,961,078		1,554,816		1,462,996		966,021		1,766,705		344,018		—		10,408,048
1-4 family properties
Pass	174,897		203,245		56,607		38,918		33,778		75,587		46,689		—		629,721
Special Mention	2,688		1,250		970		634		—		202		—		—		5,744
Substandard(1)	699		1,785		5		435		1,521		1,900		45		—		6,390
Total 1-4 family properties	178,284		206,280		57,582		39,987		35,299		77,689		46,734		—		641,855

	June 30, 2022
	Term Loans Amortized Cost Basis by Origination Year												Revolving Loans
(in thousands)	2022		2021		2020		2019		2018		Prior		Amortized Cost Basis		Converted to Term Loans		Total
Land and development
Pass	66,081		133,592		30,360		55,259		21,038		84,205		22,182		—		412,717
Special Mention	29		170		775		—		31,136		290		—		—		32,400
Substandard(1)	813		2,884		225		643		477		3,355		—		—		8,397
Total land and development	66,923		136,646		31,360		55,902		52,651		87,850		22,182		—		453,514
Total commercial real estate	1,597,621		3,304,004		1,643,758		1,558,885		1,053,971		1,932,244		412,934		—		11,503,417
Consumer mortgages
Pass	498,240		1,249,155		1,432,760		496,716		187,795		1,205,352		492		—		5,070,510
Substandard(1)	45		2,667		4,926		7,134		11,624		26,856		—		—		53,252
Loss(3)	—		—		—		4		—		757		—		—		761
Total consumer mortgages	498,285		1,251,822		1,437,686		503,854		199,419		1,232,965		492		—		5,124,523
Home equity
Pass	—		—		—		—		—		—		1,204,042		363,356		1,567,398
Substandard(1)	—		—		—		—		—		—		6,967		4,289		11,256
Loss(3)	—		—		—		—		—		—		426		138		564
Total home equity	—		—		—		—		—		—		1,211,435		367,783		1,579,218
Credit cards
Pass	—		—		—		—		—		—		193,102		—		193,102
Substandard(1)	—		—		—		—		—		—		430		—		430
Loss(4)	—		—		—		—		—		—		758		—		758
Total credit cards	—		—		—		—		—		—		194,290		—		194,290
Other consumer loans
Pass	155,843		667,787		557,705		86,030		43,321		182,373		323,060		—		2,016,119
Substandard(1)	1,942		1,515		1,724		1,326		1,110		1,094		168		—		8,879
Loss(4)	—		—		—		—		—		9		—		—		9
Total other consumer loans	157,785		669,302		559,429		87,356		44,431		183,476		323,228		—		2,025,007
Total consumer	656,070		1,921,124		1,997,115		591,210		243,850		1,416,441		1,729,445		367,783		8,923,038
Loans, net of deferred fees and costs	$	3,640,129	$	9,115,580	$	6,152,875	$	4,038,901	$	2,712,707	$	5,986,537	$	9,158,633	$	399,418	$	41,204,780

(1)    The majority of loans within Substandard risk grade are accruing loans at June 30, 2022.

(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, 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	$	2,396,717	$	1,332,549	$	922,396	$	607,918	$	433,045	$	903,995	$	5,151,981	$	42,809	$	11,791,410
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		51,442		33		223,105
Doubtful(2)	469		—		1,601		8,512		—		—		48		—		10,630
Loss(3)	—		—		—		—		—		—		85		—		85
Total commercial, financial and agricultural	2,416,022		1,398,694		981,693		637,246		451,760		944,049		5,275,552		42,842		12,147,858
Owner-occupied
Pass	1,776,086		1,276,797		1,117,825		858,721		708,942		1,116,766		437,724		—		7,292,861
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
Loss(3)	271		—		—		—		—		—		—		—		271
Total owner-occupied	1,784,371		1,298,041		1,130,935		912,199		733,220		1,178,576		437,724		—		7,475,066
Total commercial and industrial	4,200,393		2,696,735		2,112,628		1,549,445		1,184,980		2,122,625		5,713,276		42,842		19,622,924
Investment properties
Pass	2,823,978		1,463,503		1,905,534		1,019,765		738,036		1,317,634		278,697		—		9,547,147
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		1,385,671		333,710		—		9,902,776
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		1,494,335		434,073		—		11,015,111

	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	1,274,999		1,556,733		572,467		216,277		392,492		1,001,771		255		—		5,014,994
Substandard(1)	1,031		3,680		5,943		12,387		5,717		25,025		—		—		53,783
Loss(3)	—		—		5		—		—		216		—		—		221
Total consumer mortgages	1,276,030		1,560,413		578,415		228,664		398,209		1,027,012		255		—		5,068,998
Home equity
Pass	—		—		—		—		—		—		1,199,556		146,635		1,346,191
Substandard(1)	—		—		—		—		—		—		9,058		5,372		14,430
Loss(3)	—		—		—		—		—		—		658		140		798
Total home equity	—		—		—		—		—		—		1,209,272		152,147		1,361,419
Credit cards
Pass	—		—		—		—		—		—		203,161		—		203,161
Substandard(1)	—		—		—		—		—		—		348		—		348
Loss(4)	—		—		—		—		—		—		663		—		663
Total credit cards	—		—		—		—		—		—		204,172		—		204,172
Other consumer loans
Pass	654,419		708,937		127,131		49,993		86,175		97,765		306,500		—		2,030,920
Substandard(1)	668		1,550		2,064		1,308		1,892		750		162		—		8,394
Loss(4)	—		—		—		—		—		20		—		—		20
Total other consumer loans	655,087		710,487		129,195		51,301		88,067		98,535		306,662		—		2,039,334
Total consumer	1,931,117		2,270,900		707,610		279,965		486,276		1,125,547		1,720,361		152,147		8,673,923
Loans, net of deferred fees and costs	$	9,402,827	$	6,558,797	$	4,899,572	$	3,085,986	$	2,559,570	$	4,742,507	$	7,867,710	$	194,989	$	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.

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 three and six months ended June 30, 2022.

Rollforward of Allowance for Loan Losses

The following tables detail the changes in the ALL by loan segment for the three and six months ended June 30, 2022 and 2021.

	As Of and For the Three Months Ended June 30, 2022
(in thousands)	Commercial & Industrial		Commercial Real Estate		Consumer		Total
Allowance for loan losses:
Beginning balance at March 31, 2022	$	178,722	$	94,696	$	141,538	$	414,956
Charge-offs	(15,512)		(252)		(7,934)		(23,698)
Recoveries	3,208		572		3,353		7,133
Provision for (reversal of) loan losses	(6,410)		9,202		6,654		9,446
Ending balance at June 30, 2022	$	160,008	$	104,218	$	143,611	$	407,837
	As Of and For the Three Months Ended June 30, 2021
(in thousands)	Commercial & Industrial		Commercial Real Estate		Consumer		Total
Allowance for loan losses:
Beginning balance at March 31, 2021	$	254,777	$	113,812	$	194,625	$	563,214
Charge-offs	(18,729)		(3,839)		(8,285)		(30,853)
Recoveries	1,495		377		2,435		4,307
Provision for (reversal of) loan losses	17,395		(18,237)		(19,118)		(19,960)
Ending balance at June 30, 2021	$	254,938	$	92,113	$	169,657	$	516,708
	As Of and For the Six Months Ended June 30, 2022
(in thousands)	Commercial & Industrial		Commercial Real Estate		Consumer		Total
Allowance for loan losses:
Beginning balance at December 31, 2021	$	188,364	$	97,760	$	141,473	$	427,597
Charge-offs	(29,275)		(2,708)		(16,862)		(48,845)
Recoveries	5,571		933		7,167		13,671
Provision for (reversal of) loan losses	(4,652)		8,233		11,833		15,414
Ending balance at June 30, 2022	$	160,008	$	104,218	$	143,611	$	407,837
	As Of and For the Six Months Ended June 30, 2021
(in thousands)	Commercial & Industrial		Commercial Real Estate		Consumer		Total
Allowance for loan losses:
Beginning balance at December 31, 2020	$	229,555	$	130,742	$	245,439	$	605,736
Charge-offs	(28,146)		(14,158)		(13,874)		(56,178)
Recoveries	4,267		1,403		3,758		9,428
Provision for loan losses	49,262		(25,874)		(65,666)		(42,278)
Ending balance at June 30, 2021	$	254,938	$	92,113	$	169,657	$	516,708

The ALL of $407.8 million and the reserve for unfunded commitments of $50.6 million, which is recorded in other liabilities, comprise the total ACL of $458.4 million at June 30, 2022. The ACL decreased $11.1 million compared to the December 31, 2021 ACL of $469.5 million, which consisted of the ALL of $427.6 million and the reserve for unfunded commitments of $41.9 million. The ACL to loans coverage ratio of 1.11% at June 30, 2022 was 8 bps lower compared to December 31, 2021.

The reduction in the ACL resulted primarily from decreased specific reserves, continued positive trends in our credit performance, and the modeled impact from improvement in the current labor market. This was partially offset by loan growth and an increase in the downside weighting of the multiple scenario model which reflects increased economic uncertainty from inflation concerns and geopolitical tensions which slowed the pace of the allowance decline for the first half of the year.

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 that are probability-weighted internally. The scenarios include a consensus 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 June 30, 2022, economic scenario weights incorporated a 60% downside bias to the baseline scenario compared to 43% at December 31, 2021. The consensus baseline outlook used in the June 30, 2022 estimate showed stable economic conditions with an unemployment rate of 3.6% over the forecast period, compared to the December 31, 2021 baseline forecast that sloped from above 4.0% to 3.5%. The downside scenario that assumes consistent slow growth is the highest internally-weighted economic scenario and includes an unemployment rate that steadily rises to 5.2% by the end of 2023.

The provision for credit losses of $12.7 million and $24.1 million for the three and six months ended June 30, 2022 included net charge-offs of $16.6 million and $35.2 million, respectively, and represented a slowing of allowance releases due primarily to the increased economic uncertainty noted above. $3.7 million and $7.5 million in reserves, respectively, were also added as a result of purchases of $180.2 million and $361.6 million of third-party lending loans for the three and six months ended June 30, 2022, respectively.

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 under the CARES Act, some of which had not been classified as TDRs. The CARES Act election period ended on January 1, 2022. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" in Synovus' 2021 Form 10-K for information on Synovus' loan modifications due to COVID-19. The following tables represent, by concession type, the post-modification balance for loans modified or renewed during the three and six months ended June 30, 2022 and 2021 that were reported as accruing or non-accruing TDRs.

TDRs by Concession Type
	Three Months Ended June 30, 2022
(in thousands, except contract data)	Number of Contracts	Below Market Interest Rate		Other Concessions(1)		Total
Commercial, financial and agricultural	23	$	8,534	$	266	$	8,800
Owner-occupied	7	22,430		—		22,430
Total commercial and industrial	30	30,964		266		31,230
Investment properties	2	690		—		690
1-4 family properties	4	1,984		—		1,984
Land and development	1	437		—		437
Total commercial real estate	7	3,111		—		3,111
Consumer mortgages	3	159		162		321
Home equity	14	2,490		39		2,529
Other consumer loans	4	—		91		91
Total consumer	21	2,649		292		2,941
Total TDRs	58	$	36,724	$	558	$	37,282	(2)
	Three Months Ended June 30, 2021
(in thousands, except contract data)	Number of Contracts	Below Market Interest Rate		Other Concessions(1)		Total
Commercial, financial and agricultural	18	$	1,770	$	1,174	$	2,944
Owner-occupied	5	1,155		—		1,155
Total commercial and industrial	23	2,925		1,174		4,099
Investment properties	1	419		—		419
1-4 family properties	2	158		—		158
Land and development	1	366		—		366
Total commercial real estate	4	943		—		943
Consumer mortgages	2	331		—		331
Home equity	14	900		96		996
Other consumer loans	13	187		245		432
Total consumer	29	1,418		341		1,759
Total TDRs	56	$	5,286	$	1,515	$	6,801	(3)

(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 three months ending June 30, 2022 and 2021.

(2)    No net charge-offs were recorded during the three months ended June 30, 2022.

(3)    No net charge-offs were recorded during the three months ended June 30, 2021.

	Six Months Ended June 30, 2022
(in thousands, except contract data)	Number of Contracts	Below Market Interest Rate		Other Concessions(1)		Total
Commercial, financial and agricultural	56	$	26,434	$	807	$	27,241
Owner-occupied	20	28,534		3,857		32,391
Total commercial and industrial	76	54,968		4,664		59,632
Investment properties	5	1,279		6,610		7,889
1-4 family properties	11	3,197		—		3,197
Land and development	4	3,168		—		3,168
Total commercial real estate	20	7,644		6,610		14,254
Consumer mortgages	10	1,176		266		1,442
Home equity	25	3,419		39		3,458
Other consumer loans	6	—		139		139
Total consumer	41	4,595		444		5,039
Total TDRs	137	$	67,207	$	11,718	$	78,925	(2)
	Six Months Ended June 30, 2021
(in thousands, except contract data)	Number of Contracts	Below Market Interest Rate		Other Concessions(1)		Total
Commercial, financial and agricultural	58	$	5,003	$	3,737	$	8,740
Owner-occupied	10	2,409		399		2,808
Total commercial and industrial	68	7,412		4,136		11,548
Investment properties	6	2,403		—		2,403
1-4 family properties	7	621		39		660
Land and development	2	366		43		409
Total commercial real estate	15	3,390		82		3,472
Consumer mortgages	2	331		—		331
Home equity	27	1,487		258		1,745
Other consumer loans	86	316		4,864		5,180
Total consumer	115	2,134		5,122		7,256
Total TDRs	198	$	12,936	$	9,340	$	22,276	(3)

(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 six months ending June 30, 2022 and 2021.

(2)    No net charge-offs were recorded during the six months ended June 30, 2022.

(3)    No net charge-offs were recorded during the six months ended June 30, 2021.

    For both the three and six months ended June 30, 2022, there were 3 defaults with a recorded investment of $430 thousand 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) compared to five defaults with a recorded investment of $172 thousand for both the three and six months ended June 30, 2021. As of June 30, 2022 and December 31, 2021, there were no commitments to lend a material amount of additional funds to any client whose loan was classified as a TDR.

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Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Note 4 - Goodwill and Other Intangible Assets

During the first quarter of 2022, Synovus reorganized its internal management reporting structure to add an additional segment for Consumer Banking. The Consumer Banking segment was previously included in the Community Banking segment. In connection with the reorganization, management reallocated a portion of the Community Banking goodwill to Consumer Banking using a relative fair value approach. See "Part I - Item 1. Financial Statements and Supplementary Data - Note 10 - Segment Reporting" in this Report for additional information.

Goodwill allocated to each reporting unit at June 30, 2022 and December 31, 2021 is presented as follows:

(in thousands)	Wholesale Banking Reporting Unit		Community Banking Reporting Unit		Consumer Banking Reporting Unit		Mortgage Reporting Unit		Wealth Management Reporting Unit		Total Goodwill
Balance at December 31, 2021	$	171,636	$	256,323	$	—	$	—	$	24,431	$	452,390
Changes during the period from:
Reallocation	—		(114,701)		114,701		—		—		—
Balance at June 30, 2022	$	171,636	$	141,622	$	114,701	$	—	$	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). Synovus performs its annual evaluation of goodwill impairment during the fourth quarter of each year. Due to the Company’s reorganization of its reporting structure during the first quarter of 2022, as described above, the Company thereby performed a qualitative impairment assessment of the impacted reporting units and determined that performing a quantitative impairment test was not necessary.

The following table shows the gross carrying amount and accumulated amortization of other intangible assets as of June 30, 2022 and December 31, 2021, 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 three and six months ended June 30, 2022, was $2.1 million and $4.2 million, respectively. Aggregate other intangible assets amortization expense for the three and six months ended June 30, 2021, was $2.4 million and $4.8 million, respectively.

(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
June 30, 2022
CDI	$	57,400	$	(31,831)	$	25,569
Other	12,500		(6,709)		5,791
Total other intangible assets	$	69,900	$	(38,540)	$	31,360
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

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Shareholders' Equity and Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Shareholders' Equity and Other Comprehensive Income (Loss)

Note 5 - Shareholders' Equity and Other Comprehensive Income (Loss)

Repurchases of Common Stock

Synovus announced on January 20, 2022 that its Board of Directors authorized share repurchases of up to $300 million in 2022. During the three months ended June 30, 2022, Synovus repurchased under this program a total of $3.3 million, or 78 thousand shares of its common stock, at an average price of $42.71 per share, and during the six months ended June 30, 2022, Synovus repurchased a total of $13.0 million, or 281 thousand shares of its common stock, at an average price of $46.17 per share.

Changes in Accumulated Other Comprehensive Income (Loss) by Component (Net of Income Taxes)

The following tables illustrate activity within the balances in accumulated other comprehensive income (loss) by component for the three and six months ended June 30, 2022 and 2021.

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)		Total
Balance at March 31, 2022	$	(542,439)	$	(119,626)	$	(662,065)
Other comprehensive income (loss) before reclassifications	(327,080)		(36,815)		(363,895)
Amounts reclassified from AOCI	—		(745)		(745)
Net current period other comprehensive income (loss)	(327,080)		(37,560)		(364,640)
Balance at June 30, 2022	$	(869,519)	$	(157,186)	$	(1,026,705)
Balance at March 31, 2021	$	(15,316)	$	30,594	$	15,278
Other comprehensive income (loss) before reclassifications	34,617		(1,437)		33,180
Amounts reclassified from AOCI	—		(2,732)		(2,732)
Net current period other comprehensive income (loss)	34,617		(4,169)		30,448
Balance at June 30, 2021	$	19,301	$	26,425	$	45,726
Balance, December 31, 2021	$	(67,980)	$	(14,341)	$	(82,321)
Other comprehensive income (loss) before reclassifications	(801,539)		(140,432)		(941,971)
Amounts reclassified from AOCI	—		(2,413)		(2,413)
Net current period other comprehensive income (loss)	(801,539)		(142,845)		(944,384)
Balance at June 30, 2022	$	(869,519)	$	(157,186)	$	(1,026,705)
Balance, December 31, 2020	$	105,669	$	52,966	$	158,635
Other comprehensive income (loss) before reclassifications	(87,843)		(22,620)		(110,463)
Amounts reclassified from AOCI	1,475		(3,921)		(2,446)
Net current period other comprehensive income (loss)	(86,368)		(26,541)		(112,909)
Balance at June 30, 2021	$	19,301	$	26,425	$	45,726

(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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Fair Value Accounting

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Accounting

Note 6 - Fair Value Accounting

See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" of Synovus' 2021 Form 10-K for a description of valuation methodologies for assets and liabilities measured at fair value on a recurring and non-recurring basis.

The following table presents assets and liabilities measured at estimated fair value on a recurring basis.

	June 30, 2022								December 31, 2021
(in thousands)	Level 1		Level 2		Level 3		Total Estimated Fair Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
Assets
Trading securities:
Mortgage-backed securities issued by U.S. Government agencies	$	—	$	2,795	$	—	$	2,795	$	—	$	197	$	—	$	197
Collateralized mortgage obligations issued by U.S. Government sponsored enterprises	—		412		—		412		—		671		—		671
Other mortgage-backed securities	—		3,231		—		3,231		—		—		—		—
State and municipal securities	—		28		—		28		—		560		—		560
Asset-backed securities	—		9,811		—		9,811		—		6,963		—		6,963
Total trading securities	$	—	$	16,277	$	—	$	16,277	$	—	$	8,391	$	—	$	8,391
Investment securities available for sale:
U.S. Treasury securities	$	386,584	$	—	$	—	$	386,584	$	117,838	$	—	$	—	$	117,838
U.S. Government agency securities	—		50,895		—		50,895		—		54,201		—		54,201
Mortgage-backed securities issued by U.S. Government agencies	—		631,971		—		631,971		—		779,633		—		779,633
Mortgage-backed securities issued by U.S. Government sponsored enterprises	—		7,242,641		—		7,242,641		—		8,012,301		—		8,012,301
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises	—		753,086		—		753,086		—		939,623		—		939,623
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises	—		605,119		—		605,119		—		481,744		—		481,744
Asset-backed securities	—		201,366		—		201,366		—		514,188		—		514,188
Corporate debt securities and other debt securities	—		18,188		—		18,188		—		18,801		—		18,801
Total investment securities available for sale	$	386,584	$	9,503,266	$	—	$	9,889,850	$	117,838	$	10,800,491	$	—	$	10,918,329
Mortgage loans held for sale	$	—	$	76,864	$	—	$	76,864	$	—	$	108,198	$	—	$	108,198
Other investments	—		—		11,083		11,083		—		—		12,185		12,185
Mutual funds and mutual funds held in rabbi trusts	41,254		—		—		41,254		43,657		—		—		43,657
GGL/SBA loans servicing asset	—		—		3,155		3,155		—		—		3,233		3,233
Derivative assets	—		191,377		—		191,377		—		191,708		—		191,708
Liabilities
Trading liability for short positions	$	—	$	5,018	$	—	$	5,018	$	—	$	200	$	—	$	200
Mutual funds held in rabbi trusts	25,995		—		—		25,995		27,205		—		—		27,205
Derivative liabilities	—		339,722		4,993		344,715		—		95,067		3,535		98,602

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 changes in instrument-specific credit risk.

Mortgage Loans Held for Sale
(in thousands)	As of June 30, 2022		As of December 31, 2021
Fair value	$	76,864	$	108,198
Unpaid principal balance	75,996		105,785
Fair value less aggregate unpaid principal balance	$	868	$	2,413

Changes in Fair Value Included in Net Income	Three Months Ended June 30,				Six Months Ended June 30,				Location in Consolidated Statements of Income
(in thousands)	2022		2021		2022		2021
Mortgage loans held for sale	$	805	$	4,094	$	(1,545)	$	(538)	Mortgage banking income

Activity for Level 3 Assets and Liabilities

See "Part II - Item 8. Financial Statements and Supplementary Data - Note 12 - Fair Value Accounting" of Synovus' 2021 Form 10-K for a description of the valuation techniques and significant inputs for Level 3 assets and liabilities that are measured at fair value on a recurring and non-recurring basis. During the three and six months ended June 30, 2022 and 2021, Synovus did not have any transfers in or out of Level 3 in the fair value hierarchy. The following tables provide rollforwards of Level 3 assets and liabilities measured at fair value on a recurring basis.

					Three Months Ended June 30, 2022
(in thousands)					Other Investments		GGL / SBA Loans Servicing Asset		Visa Derivative
Beginning balance					$	12,093	$	3,451	$	(1,776)
Total gains (losses) realized/unrealized:
Included in earnings					(7,037)		(510)		(3,500)
Additions					6,027		—		—
Settlements					—		214		283
Ending balance					$	11,083	$	3,155	$	(4,993)
Total net gains (losses) for the period included in earnings attributable to the change in unrealized gains/(losses) relating to assets/liabilities still held at June 30, 2022					$	(7,037)	$	—	$	(3,500)
			Three Months Ended June 30, 2021
(in thousands)	Investment Securities Available for Sale		Other Investments		GGL / SBA Loans Servicing Asset		Earnout Liability		Visa Derivative
Beginning balance	$	—	$	1,053	$	3,305	$	(5,677)	$	(1,768)
Total gains (losses) realized/unrealized:
Included in earnings	—		(27)		(252)		(750)		—
Additions	—		—		268		—		—
Settlements	—		—		—		—		295
Ending balance	$	—	$	1,026	$	3,321	$	(6,427)	$	(1,473)
Total net gains (losses) for the period included in earnings attributable to the change in unrealized gains/(losses) relating to assets/liabilities still held at June 30, 2021	$	—	$	(27)	$	—	$	(750)	$	—

					Six Months Ended June 30, 2022
(in thousands)					Other Investments		GGL / SBA Loans Servicing Asset		Visa Derivative
Beginning balance					$	12,185	$	3,233	$	(3,535)
Total gains (losses) realized/unrealized:
Included in earnings					(7,129)		(772)		(3,500)
Additions					6,027		—		—
Settlements					—		694		2,042
Ending balance					$	11,083	$	3,155	$	(4,993)
Total net gains (losses) for the period included in earnings attributable to the change in unrealized gains/(losses) relating to assets/liabilities still held at June 30, 2022					$	(7,129)	$	—	$	(3,500)
	Six Months Ended June 30, 2021
(in thousands)	Investment Securities Available for Sale		Other Investments		GGL / SBA Loans Servicing Asset		Earnout Liability		Visa Derivative
Beginning balance	$	2,021	$	1,021	$	3,258	$	(5,677)	$	(2,048)
Total gains (losses) realized/unrealized:
Included in earnings	—		5		(430)		(750)		—
Sales	(2,021)		—		—		—		—
Additions	—		—		493		—		—
Settlements	—		—		—		—		575
Ending balance	$	—	$	1,026	$	3,321	$	(6,427)	$	(1,473)
Total net gains (losses) for the period included in earnings attributable to the change in unrealized gains/(losses) relating to assets/liabilities still held at June 30, 2021	$	—	$	5	$	—	$	(750)	$	—

The following table presents assets measured at fair value on a non-recurring basis as of the dates indicated for which there was a fair value adjustment.

	June 30, 2022						Fair Value Adjustments for the				Location in Consolidated Statements of Income
(in thousands)	Level 1		Level 2		Level 3		Three Months Ended June 30, 2022		Six Months Ended June 30, 2022
Loans(1)	$	—	$	—	$	24,360	$	8,900	$	9,239	Provision for credit losses
Other assets held for sale	—		—		2,725		—		492		Other operating expense
	June 30, 2021						Fair Value Adjustments for the				Location in Consolidated Statements of Income
	Level 1		Level 2		Level 3		Three Months Ended June 30, 2021		Six Months Ended June 30, 2021
Loans(1)	$	—	$	—	$	29,201	$	13,476	$	13,504	Provision for credit losses
Other real estate	—		—		42		2		2		Other operating expense
Other assets held for sale	—		—		1,170		76		76		Other operating expense

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

ORE properties are included in other assets on the consolidated balance sheets. The carrying value of ORE at June 30, 2022 and December 31, 2021 was $11.4 million and $11.8 million, respectively.

Fair Value of Financial Instruments

The following tables present the carrying and estimated fair values of financial instruments at June 30, 2022 and December 31, 2021. The fair values represent management’s best estimates based on a range of methodologies and assumptions. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" to the consolidated financial statements of Synovus' 2021 Form 10-K for a description of how fair value measurements are determined.

	June 30, 2022
(in thousands)	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Financial assets
Total cash, cash equivalents, and restricted cash	$	1,665,060	$	1,665,060	$	1,665,060	$	—	$	—
Trading securities	16,277		16,277		—		16,277		—
Investment securities available for sale	9,889,850		9,889,850		386,584		9,503,266		—
Loans held for sale	917,679		917,347		—		76,864		840,483
Other investments	11,083		11,083		—		—		11,083
Mutual funds and mutual funds held in rabbi trusts	41,254		41,254		41,254		—		—
Loans, net	40,796,943		40,886,790		—		—		40,886,790
GGL/SBA loans servicing asset	3,155		3,155		—		—		3,155
FRB and FHLB stock	206,177		206,177		—		206,177
Derivative assets	191,377		191,377		—		191,377		—
Financial liabilities
Non-interest-bearing deposits	$	16,876,710	$	16,876,710	$	—	$	16,876,710	$	—
Non-time interest-bearing deposits	27,084,663		27,084,663		—		27,084,663		—
Time deposits	5,073,327		5,052,977		—		5,052,977		—
Total deposits	$	49,034,700	$	49,014,350	$	—	$	49,014,350	$	—
Federal funds purchased and securities sold under repurchase agreements	345,242		345,242		345,242		—		—
Trading liability for short positions	5,018		5,018		—		5,018		—
Short-term borrowings	250,000		250,000		—		250,000		—
Long-term debt	1,804,104		1,793,812		—		1,793,812		—
Mutual funds held in rabbi trusts	25,995		25,995		25,995		—		—
Derivative liabilities	344,715		344,715		—		339,722		4,993

	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	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	$	—
Federal funds purchased and 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 funds held in rabbi trusts	27,205		27,205		27,205		—		—
Derivative liabilities	98,602		98,602		—		95,067		3,535

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Derivative Instruments and Hedging Activities

6 Months Ended

Jun. 30, 2022

Summary of Derivative Instruments [Abstract]

Derivative Instruments and Hedging Activities

Note 7 - Derivative Instruments and Hedging Activities

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 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. 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" to the consolidated financial statements of Synovus' 2021 Form 10-K for additional information regarding accounting policies for derivatives.

Hedging Derivatives

Cash flow hedging 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. During the three and six months ended June 30, 2022, notional amounts of $250.0 million and $1.65 billion, respectively, in either spot starting or forward starting cash flow hedges were added.

For cash flow hedges, 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 would have affected 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 no unrealized gains during the three and six months ended June 30, 2022 and $757 thousand, or $565 thousand, after tax, in OCI during the first quarter of 2021 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 $1.0 million and $3.2 million during the three and six months ended June 30, 2022 and $3.7 million and $5.3 million for the three and six months ended June 30, 2021 related to the amortization of terminated cash flow hedges.

As of June 30, 2022, Synovus expects to reclassify into earnings approximately $84 million in pre-tax loss 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 $2 million in pre-tax income related to the amortization of terminated cash flow hedges. As of June 30, 2022, 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.

Fair value hedging relationships mitigate exposure to the change in fair value of an asset or liability. Synovus has entered into receive-fixed, pay-variable interest rate swap contracts to hedge the change in the fair value due to fluctuations in market interest rates for outstanding fixed-rate long-term debt and interest-bearing deposits. The changes in fair value of the fair value hedges are recorded through earnings with an offset against changes in the fair value of the hedged item within interest expense in the consolidated statements of income. All components of each derivative instrument’s gain/(loss) are included in the assessment of hedge effectiveness. During the second quarter of 2022, notional amounts of $819.4 million in fair value hedges were added.

For derivative instruments that are not designated as hedging instruments, changes in the fair value of the derivatives are recognized in earnings immediately.

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, 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.

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 June 30, 2022 and December 31, 2021, collateral totaling $31.6 million and $64.5 million, respectively, was pledged to the derivative counterparties to comply with collateral requirements.

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 in the consolidated balance sheets and related disclosures. At June 30, 2022 and December 31, 2021, Synovus had a variation margin of $37.0 million and $94.6 million respectively, each reducing the derivative liability.

The following table reflects the estimated fair value of derivative instruments included in other assets and other liabilities on the consolidated balance sheets along with their respective notional amounts on a gross basis.

	June 30, 2022						December 31, 2021
			Estimated Fair Value						Estimated Fair Value
(in thousands)	Notional Amount		Derivative Assets		Derivative Liabilities		Notional Amount		Derivative Assets		Derivative Liabilities
Derivatives in cash flow hedging relationships:
Interest rate contracts	$	5,250,000	$	248	$	182,949	$	3,600,000	$	22,004	$	20,395
Total cash flow hedges			$	248	$	182,949			$	22,004	$	20,395
Derivatives in fair value hedging relationships:
Interest rate contracts	$	819,389	$	298	$	4,571	$	—	$	—	$	—
Total fair value hedges			$	298	$	4,571			$	—	$	—
Total derivatives designated as hedging instruments			$	546	$	187,520			$	22,004	$	20,395
Derivatives not designated   as hedging instruments:
Interest rate contracts(1)	$	9,250,136	$	188,994	$	152,201	$	9,653,600	$	167,560	$	74,514
Mortgage derivatives - interest rate lock commitments	108,135		1,181		—		99,006		2,105		—
Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans	126,000		233		—		105,500		—		122
Risk participation agreements	448,186		—		1		374,214		—		36
Foreign exchange contracts	22,082		423		—		22,387		39		—
Visa derivative	—		—		4,993		—		—		3,535
Total derivatives not designated as hedging instruments			$	190,831	$	157,195			$	169,704	$	78,207

(1)    Includes interest rate contracts for client swaps and offsetting positions, net of variation margin payments.

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 three and six months ended June 30, 2022 and 2021.

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2022		2021		2022		2021
Total interest income/(expense) amounts presented in the consolidated statements of income:
Interest income on loans, including fees	$	2,986	$	7,605	$	11,642	$	15,947
Interest expense on deposits	1,447		—		1,447		—
Interest expense on long-term debt	584		—		584		—
Gain/(loss) on cash flow hedging relationships:
Interest rate contracts:
Realized gains (losses) reclassified from AOCI, pre-tax, to interest income on loans	978		3,657		3,167		5,256
Pre-tax income recognized on cash flow hedges	$	978	$	3,657	$	3,167	$	5,256
Gain/(loss) on fair value hedging relationships:
Interest rate contracts related to interest-bearing deposits:
Recognized on derivatives	(2,818)		—		(2,818)		—
Recognized on hedged items	2,818		—		2,818		—
Pre-tax income recognized on interest-bearing deposits fair value hedges	$	—	$	—	$	—	$	—
Interest rate contracts related to long-term debt:
Recognized on derivatives	(1,455)		—		(1,455)		—
Recognized on hedged items	1,455		—		1,455		—
Pre-tax income recognized on long-term debt fair value hedges	$	—	$	—	$	—	$	—
Total pre-tax income recognized on fair value hedges	$	—	$	—	$	—	$	—

The following table presents the carrying amount and associated cumulative basis adjustment related to the application of hedge accounting that is included in the carrying amount of the hedged liabilities in fair value hedging relationships.

	June 30, 2022				December 31, 2021
	Hedged Items Currently Designated				Hedged Items Currently Designated
(in thousands)	Carrying Amount of Assets/(Liabilities)		Hedge Accounting Basis Adjustment		Carrying Amount of Assets/(Liabilities)		Hedge Accounting Basis Adjustment
Interest-bearing deposits	$	(619,390)	$	2,818	$	—	$	—
Long-term debt	(197,760)		1,455		—		—

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 three and six months ended June 30, 2022 and 2021 is presented below.

		Gain (Loss) Recognized in Consolidated Statements of Income
		Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	Location in Consolidated Statements of Income	2022		2021		2022		2021
Derivatives not designated   as hedging instruments:
Interest rate contracts(1)	Capital markets income	$	736	$	(637)	$	1,409	$	310
Mortgage derivatives - interest rate lock commitments	Mortgage banking income	394		(53)		(924)		(1,772)
Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans	Mortgage banking income	(3,210)		(4,974)		355		1,268
Risk participation agreements	Capital markets income	10		(19)		35		182
Foreign exchange contracts	Capital markets income	320		—		385		—
Total derivatives not designated as hedging instruments		$	(1,750)	$	(5,683)	$	1,260	$	(12)

(1)    Gain (loss) represents net fair value adjustments (including credit related adjustments) for client swaps and offsetting positions.

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Net Income Per Common Share

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Net Income Per Common Share

Note 8 - 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 three and six months ended June 30, 2022 and 2021. 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.

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except per share data)	2022		2021		2022		2021
Basic Net Income Per Common Share:
Net income available to common shareholders	$	169,761	$	177,909	$	332,507	$	356,711
Weighted average common shares outstanding	145,328		148,113		145,301		148,289
Net income per common share, basic	$	1.17	$	1.20	$	2.29	$	2.41
Diluted Net Income Per Common Share:
Net income available to common shareholders	$	169,761	$	177,909	$	332,507	$	356,711
Weighted average common shares outstanding	145,328		148,113		145,301		148,289
Effect of dilutive outstanding equity-based awards and earnout payments	987		1,634		1,188		1,475
Weighted average diluted common shares	146,315		149,747		146,489		149,764
Net income per common share, diluted	$	1.16	$	1.19	$	2.27	$	2.38

For the three months ended June 30, 2022, there were 21 thousand potentially dilutive shares, and for the three months ended June 30, 2021, there were no potentially dilutive shares related to stock options to purchase shares of common stock that were outstanding. For the six months ended June 30, 2022 and 2021, there were 11 thousand and 21 thousand, respectively, potentially dilutive shares related to stock options to purchase shares of common stock that were outstanding. These potentially dilutive shares were not included in the computation of diluted net income per common share because the effect would be anti-dilutive.

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Commitments and Contingencies

6 Months Ended

Jun. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 9 - 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 June 30, 2022, the ACL for unfunded commitments was $50.6 million, compared to a reserve of $41.9 million at December 31, 2021. 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.

(in thousands)	June 30, 2022		December 31, 2021
Letters of credit(1)	$	202,904	$	183,463
Commitments to fund commercial and industrial loans	9,794,706		9,595,793
Commitments to fund commercial real estate, construction, and land development loans	3,829,403		3,593,171
Commitments under home equity lines of credit	1,951,166		1,805,869
Unused credit card lines	475,843		473,582
Other loan commitments	680,366		604,353
Total letters of credit and unfunded lending commitments	$	16,934,388	$	16,256,231

Tax credits, CRA partnerships, and other investments:
Carrying amount included in other assets	$	471,264	$	438,322
Amount of future funding commitments	255,031		250,733
Permanent and short-term construction loans and letter of credit commitments(2)	164,957		204,391
Funded portion of permanent and short-term loans and letters of credit(3)	159,721		104,315

(1)    Represent the contractual amount net of risk participations purchased of $26.1 million and $26.1 million at June 30, 2022 and December 31, 2021, respectively.

(2)    Represent the contractual amount net of risk participations of $3.7 million and $6.0 million at June 30, 2022 and December 31, 2021.

(3)    Represent the contractual amount net of risk participations of $4.1 million and $3.0 million at June 30, 2022 and December 31, 2021.

Merchant Services

In accordance with credit and debit card association rules, Synovus provides merchant processing services for clients with a contractual arrangement under which certain sales and processing support are provided through an outside merchant services provider with Synovus owning the merchant contract relationship. 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 three and six months ended June 30, 2022, Synovus and the sponsored entities processed and settled $31.00 billion and $59.60 billion of transactions,

respectively. For the three and six months ended June 30, 2021, Synovus and the sponsored entities processed and settled $28.89 billion and $55.15 billion of transactions, respectively.

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, and 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 June 30, 2022 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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Segment Reporting

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Segment Reporting

Note 10 - 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. During the first quarter of 2022, Synovus reorganized its internal management reporting structure to separate the previous Community Banking segment into Consumer Banking and Community Banking segments. Accordingly, its operating segment reporting structure was also updated. Synovus now has four major reportable business segments: Wholesale Banking, Community Banking, Consumer 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's 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 Wholesale Banking business segment serves primarily larger corporate and governmental clients by providing commercial lending, capital markets, and deposit services through specialty teams including middle market, CRE, senior housing, national accounts, premium finance, structured lending, healthcare, asset-based lending, public finance, restaurant services, and community investment capital.

The Community Banking business segment primarily serves small and medium-sized commercial clients as well as individual private wealth clients using a relationship-based approach. The commercial component of this segment focuses on locally owned and operated businesses. Private wealth services are delivered to the individuals operating the businesses as well as other individuals in the communities in which the Community Bank operates. A comprehensive set of banking products are offered to the client set including a full suite of lending, payments, and depository products as well as financial planning services.

The Consumer Banking business segment serves individual and small business clients through its branch and ATM network, in addition to digital and telephone channels. This segment provides individuals and small businesses with an array of comprehensive banking products and services including depository accounts, credit and debit cards, payment solutions, goal-based planning, home equity and other consumer loans, and small business lending solutions.

The Financial Management Services business segment serves its clients by providing mortgage 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 three and six months ended June 30, 2022 and 2021. The application and development of management reporting methodologies is a dynamic process and is subject to periodic enhancements. As these enhancements are made, financial results presented by each reportable business segment may be periodically revised. Loan and deposit transfers occur from time to time between reportable business segments primarily to maintain the migration of clients between segments. Prior period loan and deposit segment balances are not adjusted for these transfers.

	Three Months Ended June 30, 2022
(in thousands)	Wholesale Banking		Community Banking		Consumer Banking		Financial Management Services		Treasury and Corporate Other		Synovus Consolidated
Net interest income	$	168,988	$	100,892	$	103,727	$	18,403	$	33,378	$	425,388
Non-interest revenue	9,285		12,468		22,095		45,195		8,223		97,266
Non-interest expense	27,026		33,083		47,534		44,333		130,075		282,051
Pre-provision net revenue	$	151,247	$	80,277	$	78,288	$	19,265	$	(88,474)	$	240,603

	Three Months Ended June 30, 2021
(in thousands)	Wholesale Banking		Community Banking		Consumer Banking		Financial Management Services		Treasury and Corporate Other		Synovus Consolidated
Net interest income	$	136,126	$	99,200	$	103,681	$	18,935	$	23,918	$	381,860
Non-interest revenue	7,000		12,472		19,740		52,345		15,530		107,087
Non-interest expense	21,290		27,543		43,908		46,773		131,017		270,531
Pre-provision net revenue	$	121,836	$	84,129	$	79,513	$	24,507	$	(91,569)	$	218,416

	Six Months Ended June 30, 2022
(in thousands)	Wholesale Banking		Community Banking		Consumer Banking		Financial Management Services		Treasury and Corporate Other		Synovus Consolidated
Net interest income	$	324,984	$	197,018	$	201,133	$	36,818	$	57,682	$	817,635
Non-interest revenue	17,683		26,051		43,739		90,359		24,768		202,600
Non-interest expense	53,674		63,503		92,249		88,472		256,603		554,501
Pre-provision net revenue	$	288,993	$	159,566	$	152,623	$	38,705	$	(174,153)	$	465,734

	Six Months Ended June 30, 2021
(in thousands)	Wholesale Banking		Community Banking		Consumer Banking		Financial Management Services		Treasury and Corporate Other		Synovus Consolidated
Net interest income	$	270,200	$	198,340	$	210,783	$	39,930	$	36,463	$	755,716
Non-interest revenue	14,319		23,092		38,874		110,928		30,830		218,043
Non-interest expense	42,014		54,463		87,464		94,447		259,277		537,665
Pre-provision net revenue	$	242,505	$	166,969	$	162,193	$	56,411	$	(191,984)	$	436,094

	June 30, 2022
(dollars in thousands)	Wholesale Banking		Community Banking		Consumer Banking		Financial Management Services		Treasury and Corporate Other		Synovus Consolidated
Loans, net of deferred fees and costs	$	23,235,771	$	8,449,876	$	2,782,037	$	5,061,990	$	1,675,106	$	41,204,780
Total deposits	$	11,514,037	$	12,326,818	$	19,829,216	$	593,705	$	4,770,924	$	49,034,700
Total full-time equivalent employees	310		610		1,505		810		1,770		5,005
	December 31, 2021
(dollars in thousands)	Wholesale Banking		Community Banking		Consumer Banking		Financial Management Services		Treasury and Corporate Other		Synovus Consolidated
Loans, net of deferred fees and costs	$	21,496,050	$	8,231,451	$	2,559,892	$	4,994,494	$	2,030,071	$	39,311,958
Total deposits	$	12,370,554	$	12,557,631	$	19,668,846	$	826,639	$	4,003,606	$	49,427,276
Total full-time equivalent employees	284		607		1,532		794		1,670		4,887

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Basis of Presentation and Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

Reclassifications

Reclassifications

Prior periods' consolidated financial statements are reclassified whenever necessary to conform to the current periods' presentation.

Use of Estimates in the Preparation of Financial Statements

Use of Estimates in the Preparation of Financial Statements

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 change relate to the determination of the ACL, estimates of fair value, income taxes, and contingent liabilities.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

The following table provides a brief description of accounting standards adopted or issued in 2022 and the estimated effect on the Company’s financial statements.

Standard	Description	Required date of adoption	Effect on Company's financial statements or other significant matters
Standards Adopted (or partially adopted )
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.	This ASU is effective upon issuance and can be applied through December 31, 2022.	The Company is in the process of evaluating and applying, as applicable, the optional expedients and exceptions in accounting for eligible contract modifications, eligible existing hedging relationships and new hedging relationships. The application of this guidance has not had and is not expected to have a material impact to the consolidated financial statements.
SAB 121, Accounting for Obligations to Safeguard Crypto-Assets an Entity Holds for its Platform Users	In March 2022, the SEC released SAB 121 to add interpretive guidance for entities to consider when they have obligations to safeguard crypto-assets held for clients. The new guidance requires reporting entities who allow clients to transact in crypto-assets and act as a custodian to record a liability with a corresponding asset regardless of whether they control the crypto-asset. The crypto-asset will need to be marked at fair value for each reporting period. The new guidance requires disclosures in the footnotes to address the amount of crypto-assets reported, and the safeguarding and recordkeeping of the assets.	June 30, 2022, with retrospective application back to the beginning of the fiscal year.	The adoption of this standard on June 30, 2022, had no impact to the consolidated financial statements.
Standard	Description	Required date of adoption	Effect on Company's financial statements or other significant matters
Standards Issued But Not Yet Adopted
ASU 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosure	In March 2022, the FASB issued ASU 2022-02 to eliminate TDR accounting guidance while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. The ASU also provides guidance for vintage table disclosures and gross write-offs. The ASU requires an entity to disclose current-period gross write-offs by year of origination for financing receivables within the scope of Subtopic 326-20.	January 1, 2023. Early adoption is permitted as of an interim period with retrospective application back to the beginning of the fiscal year.	The Company is currently evaluating the potential financial statement impact from the implementation of this standard.

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Basis of Presentation and Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

Schedule of Recent Accounting Pronouncements

The following table provides a brief description of accounting standards adopted or issued in 2022 and the estimated effect on the Company’s financial statements.

Standard	Description	Required date of adoption	Effect on Company's financial statements or other significant matters
Standards Adopted (or partially adopted )
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.	This ASU is effective upon issuance and can be applied through December 31, 2022.	The Company is in the process of evaluating and applying, as applicable, the optional expedients and exceptions in accounting for eligible contract modifications, eligible existing hedging relationships and new hedging relationships. The application of this guidance has not had and is not expected to have a material impact to the consolidated financial statements.
SAB 121, Accounting for Obligations to Safeguard Crypto-Assets an Entity Holds for its Platform Users	In March 2022, the SEC released SAB 121 to add interpretive guidance for entities to consider when they have obligations to safeguard crypto-assets held for clients. The new guidance requires reporting entities who allow clients to transact in crypto-assets and act as a custodian to record a liability with a corresponding asset regardless of whether they control the crypto-asset. The crypto-asset will need to be marked at fair value for each reporting period. The new guidance requires disclosures in the footnotes to address the amount of crypto-assets reported, and the safeguarding and recordkeeping of the assets.	June 30, 2022, with retrospective application back to the beginning of the fiscal year.	The adoption of this standard on June 30, 2022, had no impact to the consolidated financial statements.
Standard	Description	Required date of adoption	Effect on Company's financial statements or other significant matters
Standards Issued But Not Yet Adopted
ASU 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosure	In March 2022, the FASB issued ASU 2022-02 to eliminate TDR accounting guidance while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. The ASU also provides guidance for vintage table disclosures and gross write-offs. The ASU requires an entity to disclose current-period gross write-offs by year of origination for financing receivables within the scope of Subtopic 326-20.	January 1, 2023. Early adoption is permitted as of an interim period with retrospective application back to the beginning of the fiscal year.	The Company is currently evaluating the potential financial statement impact from the implementation of this standard.

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Investment Securities Available for Sale (Tables)

6 Months Ended

Jun. 30, 2022

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 June 30, 2022 and December 31, 2021 are summarized below.

	June 30, 2022
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. Treasury securities	$	414,744	$	—	$	(28,160)	$	386,584
U.S. Government agency securities	52,866		2		(1,973)		50,895
Mortgage-backed securities issued by U.S. Government agencies	713,490		6		(81,525)		631,971
Mortgage-backed securities issued by U.S. Government sponsored enterprises	8,144,078		557		(901,994)		7,242,641
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises	826,579		—		(73,493)		753,086
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises	642,436		121		(37,438)		605,119
Asset-backed securities	201,366		—		—		201,366
Corporate debt securities and other debt securities	18,358		—		(170)		18,188
Total investment securities available for sale	$	11,013,917	$	686	$	(1,124,753)	$	9,889,850
	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

Schedule of Gross Unrealized Losses on Investment Securities and Fair Value

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 June 30, 2022 and December 31, 2021 are presented below.

	June 30, 2022
	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	$	322,983	$	(20,632)	$	42,319	$	(7,528)	$	365,302	$	(28,160)
U.S. Government agency securities	50,180		(1,973)		—		—		50,180		(1,973)
Mortgage-backed securities issued by U.S. Government agencies	305,938		(36,743)		324,431		(44,782)		630,369		(81,525)
Mortgage-backed securities issued by U.S. Government sponsored enterprises	5,273,030		(605,258)		1,893,054		(296,736)		7,166,084		(901,994)
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises	348,932		(26,567)		404,154		(46,926)		753,086		(73,493)
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises	418,331		(14,730)		138,644		(22,708)		556,975		(37,438)
Corporate debt securities and other debt securities	18,188		(170)		—		—		18,188		(170)
Total	$	6,737,582	$	(706,073)	$	2,802,602	$	(418,680)	$	9,540,184	$	(1,124,753)
	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)

Amortized Cost and Estimated Fair Value by Contractual Maturity of Investment Securities Available-for-Sale

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 June 30, 2022
(in thousands)	Within One  Year		1 to 5 Years		5 to 10  Years		More Than  10 Years		Total
Amortized Cost
U.S. Treasury securities	$	21,282	$	343,616	$	49,846	$	—	$	414,744
U.S. Government agency securities	456		22,420		29,990		—		52,866
Mortgage-backed securities issued by U.S. Government agencies	—		727		5		712,758		713,490
Mortgage-backed securities issued by U.S. Government sponsored enterprises	—		—		127,499		8,016,579		8,144,078
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises	—		114		—		826,465		826,579
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises	—		338,951		234,679		68,806		642,436
Asset-backed securities	201,366		—		—		—		201,366
Corporate debt securities and other debt securities	9,501		—		8,857		—		18,358
Total amortized cost	$	232,605	$	705,828	$	450,876	$	9,624,608	$	11,013,917
Fair Value
U.S. Treasury securities	$	21,282	$	322,983	$	42,319	$	—	$	386,584
U.S. Government agency securities	457		20,581		29,857		—		50,895
Mortgage-backed securities issued by U.S. Government agencies	—		727		5		631,239		631,971
Mortgage-backed securities issued by U.S. Government sponsored enterprises	—		—		124,738		7,117,903		7,242,641
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises	—		114		—		752,972		753,086
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises	—		328,630		209,726		66,763		605,119
Asset-backed securities	201,366		—		—		—		201,366
Corporate debt securities and other debt securities	9,446		—		8,742		—		18,188
Total fair value	$	232,551	$	673,035	$	415,387	$	8,568,877	$	9,889,850

Schedule of Sales Activities of Available-for-Sale Securities

Gross gains and gross losses on sales of securities available for sale for the three and six months ended June 30, 2022 and 2021 are presented below. The specific identification method is used to reclassify gains and losses out of other comprehensive income (loss) at the time of sale.

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2022		2021		2022		2021
Gross realized gains on sales	$	—	$	—	$	—	$	—
Gross realized losses on sales	—		—		—		(1,990)
Investment securities gains (losses), net	$	—	$	—	$	—	$	(1,990)

XML

Loans and Allowance for Loan Losses (Tables)

6 Months Ended

Jun. 30, 2022

Receivables [Abstract]

Schedule of Current, Accruing Past Due, and Non-accrual Loans

The following tables provide a summary of current, accruing past due, and non-accrual loans by portfolio class as of June 30, 2022 and December 31, 2021.

	June 30, 2022
(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	$	12,954,600	$	14,363	$	525	$	14,888	$	12,834	$	35,767	$	13,018,089
Owner-occupied	7,744,300		4,538		—		4,538		6,955		4,443		7,760,236
Total commercial and industrial	20,698,900		18,901		525		19,426		19,789		40,210		20,778,325
Investment properties	10,400,407		271		—		271		5,025		2,345		10,408,048
1-4 family properties	636,701		2,036		—		2,036		1,821		1,297		641,855
Land and development	451,590		—		—		—		1,924		—		453,514
Total commercial real estate	11,488,698		2,307		—		2,307		8,770		3,642		11,503,417
Consumer mortgages	5,092,428		9,238		—		9,238		22,857		—		5,124,523
Home equity	1,567,527		3,591		—		3,591		7,588		512		1,579,218
Credit cards	191,641		1,413		1,236		2,649		—		—		194,290
Other consumer loans	2,000,402		18,459		490		18,949		5,656		—		2,025,007
Total consumer	8,851,998		32,701		1,726		34,427		36,101		512		8,923,038
Loans, net of deferred fees and costs	$	41,039,596	$	53,909	$	2,251	$	56,160	$	64,660	$	44,364	$	41,204,780

	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	$	12,068,740	$	13,378	$	3,953	$	17,331	$	37,918	$	23,869	$	12,147,858
Owner-occupied	7,460,184		3,627		59		3,686		7,146		4,050		7,475,066
Total commercial and industrial	19,528,924		17,005		4,012		21,017		45,064		27,919		19,622,924
Investment properties	9,894,924		1,285		717		2,002		3,273		2,577		9,902,776
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	10,998,504		3,312		964		4,276		9,726		2,605		11,015,111
Consumer mortgages	5,033,537		6,257		126		6,383		29,078		—		5,068,998
Home equity	1,349,027		2,619		—		2,619		9,773		—		1,361,419
Credit cards	201,929		1,233		1,010		2,243		—		—		204,172
Other consumer loans	2,011,430		20,369		658		21,027		6,877		—		2,039,334
Total consumer	8,595,923		30,478		1,794		32,272		45,728		—		8,673,923
Loans, net of deferred fees and costs	$	39,123,351	$	50,795	$	6,770	$	57,565	$	100,518	$	30,524	$	39,311,958

Loan Portfolio Credit Exposure

The following tables summarize each loan portfolio class by risk grade and origination year as of June 30, 2022 and December 31, 2021 as required under CECL.

	June 30, 2022
	Term Loans Amortized Cost Basis by Origination Year												Revolving Loans
(in thousands)	2022		2021		2020		2019		2018		Prior		Amortized Cost Basis		Converted to Term Loans		Total
Commercial, financial and agricultural
Pass	$	539,814	$	2,126,772	$	1,183,170	$	811,870	$	569,801	$	1,166,642	$	6,202,131	$	30,553	$	12,630,753
Special Mention	3,136		4,280		9,337		9,435		17,596		3,333		86,555		—		133,672
Substandard(1)	6,888		11,081		52,047		45,437		18,756		28,546		86,152		1,082		249,989
Doubtful(2)	—		—		—		—		3,520		—		—		—		3,520
Loss(3)	—		—		—		—		—		—		155		—		155
Total commercial, financial and agricultural	549,838		2,142,133		1,244,554		866,742		609,673		1,198,521		6,374,993		31,635		13,018,089
Owner-occupied
Pass	834,063		1,730,966		1,178,269		1,007,485		720,509		1,388,397		641,261		—		7,500,950
Special Mention	137		4,545		86,210		8,841		45,656		28,168		—		—		173,557
Substandard(1)	2,400		12,555		2,969		5,738		39,048		22,766		—		—		85,476
Loss(3)	—		253		—		—		—		—		—		—		253
Total owner-occupied	836,600		1,748,319		1,267,448		1,022,064		805,213		1,439,331		641,261		—		7,760,236
Total commercial and industrial	1,386,438		3,890,452		2,512,002		1,888,806		1,414,886		2,637,852		7,016,254		31,635		20,778,325
Investment properties
Pass	1,352,056		2,953,629		1,554,185		1,444,006		901,677		1,749,178		314,751		—		10,269,482
Special Mention	—		6,963		—		15,295		11,559		4,409		7,997		—		46,223
Substandard(1)	358		486		631		3,695		52,785		13,118		21,270		—		92,343
Total investment properties	1,352,414		2,961,078		1,554,816		1,462,996		966,021		1,766,705		344,018		—		10,408,048
1-4 family properties
Pass	174,897		203,245		56,607		38,918		33,778		75,587		46,689		—		629,721
Special Mention	2,688		1,250		970		634		—		202		—		—		5,744
Substandard(1)	699		1,785		5		435		1,521		1,900		45		—		6,390
Total 1-4 family properties	178,284		206,280		57,582		39,987		35,299		77,689		46,734		—		641,855

	June 30, 2022
	Term Loans Amortized Cost Basis by Origination Year												Revolving Loans
(in thousands)	2022		2021		2020		2019		2018		Prior		Amortized Cost Basis		Converted to Term Loans		Total
Land and development
Pass	66,081		133,592		30,360		55,259		21,038		84,205		22,182		—		412,717
Special Mention	29		170		775		—		31,136		290		—		—		32,400
Substandard(1)	813		2,884		225		643		477		3,355		—		—		8,397
Total land and development	66,923		136,646		31,360		55,902		52,651		87,850		22,182		—		453,514
Total commercial real estate	1,597,621		3,304,004		1,643,758		1,558,885		1,053,971		1,932,244		412,934		—		11,503,417
Consumer mortgages
Pass	498,240		1,249,155		1,432,760		496,716		187,795		1,205,352		492		—		5,070,510
Substandard(1)	45		2,667		4,926		7,134		11,624		26,856		—		—		53,252
Loss(3)	—		—		—		4		—		757		—		—		761
Total consumer mortgages	498,285		1,251,822		1,437,686		503,854		199,419		1,232,965		492		—		5,124,523
Home equity
Pass	—		—		—		—		—		—		1,204,042		363,356		1,567,398
Substandard(1)	—		—		—		—		—		—		6,967		4,289		11,256
Loss(3)	—		—		—		—		—		—		426		138		564
Total home equity	—		—		—		—		—		—		1,211,435		367,783		1,579,218
Credit cards
Pass	—		—		—		—		—		—		193,102		—		193,102
Substandard(1)	—		—		—		—		—		—		430		—		430
Loss(4)	—		—		—		—		—		—		758		—		758
Total credit cards	—		—		—		—		—		—		194,290		—		194,290
Other consumer loans
Pass	155,843		667,787		557,705		86,030		43,321		182,373		323,060		—		2,016,119
Substandard(1)	1,942		1,515		1,724		1,326		1,110		1,094		168		—		8,879
Loss(4)	—		—		—		—		—		9		—		—		9
Total other consumer loans	157,785		669,302		559,429		87,356		44,431		183,476		323,228		—		2,025,007
Total consumer	656,070		1,921,124		1,997,115		591,210		243,850		1,416,441		1,729,445		367,783		8,923,038
Loans, net of deferred fees and costs	$	3,640,129	$	9,115,580	$	6,152,875	$	4,038,901	$	2,712,707	$	5,986,537	$	9,158,633	$	399,418	$	41,204,780

(1)    The majority of loans within Substandard risk grade are accruing loans at June 30, 2022.

(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, 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	$	2,396,717	$	1,332,549	$	922,396	$	607,918	$	433,045	$	903,995	$	5,151,981	$	42,809	$	11,791,410
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		51,442		33		223,105
Doubtful(2)	469		—		1,601		8,512		—		—		48		—		10,630
Loss(3)	—		—		—		—		—		—		85		—		85
Total commercial, financial and agricultural	2,416,022		1,398,694		981,693		637,246		451,760		944,049		5,275,552		42,842		12,147,858
Owner-occupied
Pass	1,776,086		1,276,797		1,117,825		858,721		708,942		1,116,766		437,724		—		7,292,861
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
Loss(3)	271		—		—		—		—		—		—		—		271
Total owner-occupied	1,784,371		1,298,041		1,130,935		912,199		733,220		1,178,576		437,724		—		7,475,066
Total commercial and industrial	4,200,393		2,696,735		2,112,628		1,549,445		1,184,980		2,122,625		5,713,276		42,842		19,622,924
Investment properties
Pass	2,823,978		1,463,503		1,905,534		1,019,765		738,036		1,317,634		278,697		—		9,547,147
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		1,385,671		333,710		—		9,902,776
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		1,494,335		434,073		—		11,015,111

	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	1,274,999		1,556,733		572,467		216,277		392,492		1,001,771		255		—		5,014,994
Substandard(1)	1,031		3,680		5,943		12,387		5,717		25,025		—		—		53,783
Loss(3)	—		—		5		—		—		216		—		—		221
Total consumer mortgages	1,276,030		1,560,413		578,415		228,664		398,209		1,027,012		255		—		5,068,998
Home equity
Pass	—		—		—		—		—		—		1,199,556		146,635		1,346,191
Substandard(1)	—		—		—		—		—		—		9,058		5,372		14,430
Loss(3)	—		—		—		—		—		—		658		140		798
Total home equity	—		—		—		—		—		—		1,209,272		152,147		1,361,419
Credit cards
Pass	—		—		—		—		—		—		203,161		—		203,161
Substandard(1)	—		—		—		—		—		—		348		—		348
Loss(4)	—		—		—		—		—		—		663		—		663
Total credit cards	—		—		—		—		—		—		204,172		—		204,172
Other consumer loans
Pass	654,419		708,937		127,131		49,993		86,175		97,765		306,500		—		2,030,920
Substandard(1)	668		1,550		2,064		1,308		1,892		750		162		—		8,394
Loss(4)	—		—		—		—		—		20		—		—		20
Total other consumer loans	655,087		710,487		129,195		51,301		88,067		98,535		306,662		—		2,039,334
Total consumer	1,931,117		2,270,900		707,610		279,965		486,276		1,125,547		1,720,361		152,147		8,673,923
Loans, net of deferred fees and costs	$	9,402,827	$	6,558,797	$	4,899,572	$	3,085,986	$	2,559,570	$	4,742,507	$	7,867,710	$	194,989	$	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.

Financing Receivable, Allowance for Credit Loss

The following tables detail the changes in the ALL by loan segment for the three and six months ended June 30, 2022 and 2021.

	As Of and For the Three Months Ended June 30, 2022
(in thousands)	Commercial & Industrial		Commercial Real Estate		Consumer		Total
Allowance for loan losses:
Beginning balance at March 31, 2022	$	178,722	$	94,696	$	141,538	$	414,956
Charge-offs	(15,512)		(252)		(7,934)		(23,698)
Recoveries	3,208		572		3,353		7,133
Provision for (reversal of) loan losses	(6,410)		9,202		6,654		9,446
Ending balance at June 30, 2022	$	160,008	$	104,218	$	143,611	$	407,837
	As Of and For the Three Months Ended June 30, 2021
(in thousands)	Commercial & Industrial		Commercial Real Estate		Consumer		Total
Allowance for loan losses:
Beginning balance at March 31, 2021	$	254,777	$	113,812	$	194,625	$	563,214
Charge-offs	(18,729)		(3,839)		(8,285)		(30,853)
Recoveries	1,495		377		2,435		4,307
Provision for (reversal of) loan losses	17,395		(18,237)		(19,118)		(19,960)
Ending balance at June 30, 2021	$	254,938	$	92,113	$	169,657	$	516,708
	As Of and For the Six Months Ended June 30, 2022
(in thousands)	Commercial & Industrial		Commercial Real Estate		Consumer		Total
Allowance for loan losses:
Beginning balance at December 31, 2021	$	188,364	$	97,760	$	141,473	$	427,597
Charge-offs	(29,275)		(2,708)		(16,862)		(48,845)
Recoveries	5,571		933		7,167		13,671
Provision for (reversal of) loan losses	(4,652)		8,233		11,833		15,414
Ending balance at June 30, 2022	$	160,008	$	104,218	$	143,611	$	407,837
	As Of and For the Six Months Ended June 30, 2021
(in thousands)	Commercial & Industrial		Commercial Real Estate		Consumer		Total
Allowance for loan losses:
Beginning balance at December 31, 2020	$	229,555	$	130,742	$	245,439	$	605,736
Charge-offs	(28,146)		(14,158)		(13,874)		(56,178)
Recoveries	4,267		1,403		3,758		9,428
Provision for loan losses	49,262		(25,874)		(65,666)		(42,278)
Ending balance at June 30, 2021	$	254,938	$	92,113	$	169,657	$	516,708

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 under the CARES Act, some of which had not been classified as TDRs. The CARES Act election period ended on January 1, 2022. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" in Synovus' 2021 Form 10-K for information on Synovus' loan modifications due to COVID-19. The following tables represent, by concession type, the post-modification balance for loans modified or renewed during the three and six months ended June 30, 2022 and 2021 that were reported as accruing or non-accruing TDRs.

TDRs by Concession Type
	Three Months Ended June 30, 2022
(in thousands, except contract data)	Number of Contracts	Below Market Interest Rate		Other Concessions(1)		Total
Commercial, financial and agricultural	23	$	8,534	$	266	$	8,800
Owner-occupied	7	22,430		—		22,430
Total commercial and industrial	30	30,964		266		31,230
Investment properties	2	690		—		690
1-4 family properties	4	1,984		—		1,984
Land and development	1	437		—		437
Total commercial real estate	7	3,111		—		3,111
Consumer mortgages	3	159		162		321
Home equity	14	2,490		39		2,529
Other consumer loans	4	—		91		91
Total consumer	21	2,649		292		2,941
Total TDRs	58	$	36,724	$	558	$	37,282	(2)
	Three Months Ended June 30, 2021
(in thousands, except contract data)	Number of Contracts	Below Market Interest Rate		Other Concessions(1)		Total
Commercial, financial and agricultural	18	$	1,770	$	1,174	$	2,944
Owner-occupied	5	1,155		—		1,155
Total commercial and industrial	23	2,925		1,174		4,099
Investment properties	1	419		—		419
1-4 family properties	2	158		—		158
Land and development	1	366		—		366
Total commercial real estate	4	943		—		943
Consumer mortgages	2	331		—		331
Home equity	14	900		96		996
Other consumer loans	13	187		245		432
Total consumer	29	1,418		341		1,759
Total TDRs	56	$	5,286	$	1,515	$	6,801	(3)

(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 three months ending June 30, 2022 and 2021.

(2)    No net charge-offs were recorded during the three months ended June 30, 2022.

(3)    No net charge-offs were recorded during the three months ended June 30, 2021.

	Six Months Ended June 30, 2022
(in thousands, except contract data)	Number of Contracts	Below Market Interest Rate		Other Concessions(1)		Total
Commercial, financial and agricultural	56	$	26,434	$	807	$	27,241
Owner-occupied	20	28,534		3,857		32,391
Total commercial and industrial	76	54,968		4,664		59,632
Investment properties	5	1,279		6,610		7,889
1-4 family properties	11	3,197		—		3,197
Land and development	4	3,168		—		3,168
Total commercial real estate	20	7,644		6,610		14,254
Consumer mortgages	10	1,176		266		1,442
Home equity	25	3,419		39		3,458
Other consumer loans	6	—		139		139
Total consumer	41	4,595		444		5,039
Total TDRs	137	$	67,207	$	11,718	$	78,925	(2)
	Six Months Ended June 30, 2021
(in thousands, except contract data)	Number of Contracts	Below Market Interest Rate		Other Concessions(1)		Total
Commercial, financial and agricultural	58	$	5,003	$	3,737	$	8,740
Owner-occupied	10	2,409		399		2,808
Total commercial and industrial	68	7,412		4,136		11,548
Investment properties	6	2,403		—		2,403
1-4 family properties	7	621		39		660
Land and development	2	366		43		409
Total commercial real estate	15	3,390		82		3,472
Consumer mortgages	2	331		—		331
Home equity	27	1,487		258		1,745
Other consumer loans	86	316		4,864		5,180
Total consumer	115	2,134		5,122		7,256
Total TDRs	198	$	12,936	$	9,340	$	22,276	(3)

(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 six months ending June 30, 2022 and 2021.

(2)    No net charge-offs were recorded during the six months ended June 30, 2022.

(3)    No net charge-offs were recorded during the six months ended June 30, 2021.

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Goodwill and Other Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Goodwill allocated to each reporting unit at June 30, 2022 and December 31, 2021 is presented as follows:

(in thousands)	Wholesale Banking Reporting Unit		Community Banking Reporting Unit		Consumer Banking Reporting Unit		Mortgage Reporting Unit		Wealth Management Reporting Unit		Total Goodwill
Balance at December 31, 2021	$	171,636	$	256,323	$	—	$	—	$	24,431	$	452,390
Changes during the period from:
Reallocation	—		(114,701)		114,701		—		—		—
Balance at June 30, 2022	$	171,636	$	141,622	$	114,701	$	—	$	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 June 30, 2022 and December 31, 2021, 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 three and six months ended June 30, 2022, was $2.1 million and $4.2 million, respectively. Aggregate other intangible assets amortization expense for the three and six months ended June 30, 2021, was $2.4 million and $4.8 million, respectively.

(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
June 30, 2022
CDI	$	57,400	$	(31,831)	$	25,569
Other	12,500		(6,709)		5,791
Total other intangible assets	$	69,900	$	(38,540)	$	31,360
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

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Shareholders' Equity and Other Comprehensive Income (Loss) (Tables)

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Schedule of Changes in Accumulated Other Comprehensive Income (Loss) by Component (Net of Income Taxes)

The following tables illustrate activity within the balances in accumulated other comprehensive income (loss) by component for the three and six months ended June 30, 2022 and 2021.

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)		Total
Balance at March 31, 2022	$	(542,439)	$	(119,626)	$	(662,065)
Other comprehensive income (loss) before reclassifications	(327,080)		(36,815)		(363,895)
Amounts reclassified from AOCI	—		(745)		(745)
Net current period other comprehensive income (loss)	(327,080)		(37,560)		(364,640)
Balance at June 30, 2022	$	(869,519)	$	(157,186)	$	(1,026,705)
Balance at March 31, 2021	$	(15,316)	$	30,594	$	15,278
Other comprehensive income (loss) before reclassifications	34,617		(1,437)		33,180
Amounts reclassified from AOCI	—		(2,732)		(2,732)
Net current period other comprehensive income (loss)	34,617		(4,169)		30,448
Balance at June 30, 2021	$	19,301	$	26,425	$	45,726
Balance, December 31, 2021	$	(67,980)	$	(14,341)	$	(82,321)
Other comprehensive income (loss) before reclassifications	(801,539)		(140,432)		(941,971)
Amounts reclassified from AOCI	—		(2,413)		(2,413)
Net current period other comprehensive income (loss)	(801,539)		(142,845)		(944,384)
Balance at June 30, 2022	$	(869,519)	$	(157,186)	$	(1,026,705)
Balance, December 31, 2020	$	105,669	$	52,966	$	158,635
Other comprehensive income (loss) before reclassifications	(87,843)		(22,620)		(110,463)
Amounts reclassified from AOCI	1,475		(3,921)		(2,446)
Net current period other comprehensive income (loss)	(86,368)		(26,541)		(112,909)
Balance at June 30, 2021	$	19,301	$	26,425	$	45,726

(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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Fair Value Accounting (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Financial Instruments Measured at Fair Value on Recurring Basis

The following table presents assets and liabilities measured at estimated fair value on a recurring basis.

	June 30, 2022								December 31, 2021
(in thousands)	Level 1		Level 2		Level 3		Total Estimated Fair Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
Assets
Trading securities:
Mortgage-backed securities issued by U.S. Government agencies	$	—	$	2,795	$	—	$	2,795	$	—	$	197	$	—	$	197
Collateralized mortgage obligations issued by U.S. Government sponsored enterprises	—		412		—		412		—		671		—		671
Other mortgage-backed securities	—		3,231		—		3,231		—		—		—		—
State and municipal securities	—		28		—		28		—		560		—		560
Asset-backed securities	—		9,811		—		9,811		—		6,963		—		6,963
Total trading securities	$	—	$	16,277	$	—	$	16,277	$	—	$	8,391	$	—	$	8,391
Investment securities available for sale:
U.S. Treasury securities	$	386,584	$	—	$	—	$	386,584	$	117,838	$	—	$	—	$	117,838
U.S. Government agency securities	—		50,895		—		50,895		—		54,201		—		54,201
Mortgage-backed securities issued by U.S. Government agencies	—		631,971		—		631,971		—		779,633		—		779,633
Mortgage-backed securities issued by U.S. Government sponsored enterprises	—		7,242,641		—		7,242,641		—		8,012,301		—		8,012,301
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises	—		753,086		—		753,086		—		939,623		—		939,623
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises	—		605,119		—		605,119		—		481,744		—		481,744
Asset-backed securities	—		201,366		—		201,366		—		514,188		—		514,188
Corporate debt securities and other debt securities	—		18,188		—		18,188		—		18,801		—		18,801
Total investment securities available for sale	$	386,584	$	9,503,266	$	—	$	9,889,850	$	117,838	$	10,800,491	$	—	$	10,918,329
Mortgage loans held for sale	$	—	$	76,864	$	—	$	76,864	$	—	$	108,198	$	—	$	108,198
Other investments	—		—		11,083		11,083		—		—		12,185		12,185
Mutual funds and mutual funds held in rabbi trusts	41,254		—		—		41,254		43,657		—		—		43,657
GGL/SBA loans servicing asset	—		—		3,155		3,155		—		—		3,233		3,233
Derivative assets	—		191,377		—		191,377		—		191,708		—		191,708
Liabilities
Trading liability for short positions	$	—	$	5,018	$	—	$	5,018	$	—	$	200	$	—	$	200
Mutual funds held in rabbi trusts	25,995		—		—		25,995		27,205		—		—		27,205
Derivative liabilities	—		339,722		4,993		344,715		—		95,067		3,535		98,602

Schedule of Mortgage Loans Held for Sale and Changes in Fair Value Included in Consolidated Statements of Income

The following table summarizes the difference between the fair value and the UPB of mortgage loans held for sale and the changes in fair value of these loans. An immaterial portion of these changes in fair value was attributable to changes in instrument-specific credit risk.

Mortgage Loans Held for Sale
(in thousands)	As of June 30, 2022		As of December 31, 2021
Fair value	$	76,864	$	108,198
Unpaid principal balance	75,996		105,785
Fair value less aggregate unpaid principal balance	$	868	$	2,413

Changes in Fair Value Included in Net Income	Three Months Ended June 30,				Six Months Ended June 30,				Location in Consolidated Statements of Income
(in thousands)	2022		2021		2022		2021
Mortgage loans held for sale	$	805	$	4,094	$	(1,545)	$	(538)	Mortgage banking income

Level 3 Assets Measured at Fair Value on a Recurring Basis.

The following tables provide rollforwards of Level 3 assets and liabilities measured at fair value on a recurring basis.

					Three Months Ended June 30, 2022
(in thousands)					Other Investments		GGL / SBA Loans Servicing Asset		Visa Derivative
Beginning balance					$	12,093	$	3,451	$	(1,776)
Total gains (losses) realized/unrealized:
Included in earnings					(7,037)		(510)		(3,500)
Additions					6,027		—		—
Settlements					—		214		283
Ending balance					$	11,083	$	3,155	$	(4,993)
Total net gains (losses) for the period included in earnings attributable to the change in unrealized gains/(losses) relating to assets/liabilities still held at June 30, 2022					$	(7,037)	$	—	$	(3,500)
			Three Months Ended June 30, 2021
(in thousands)	Investment Securities Available for Sale		Other Investments		GGL / SBA Loans Servicing Asset		Earnout Liability		Visa Derivative
Beginning balance	$	—	$	1,053	$	3,305	$	(5,677)	$	(1,768)
Total gains (losses) realized/unrealized:
Included in earnings	—		(27)		(252)		(750)		—
Additions	—		—		268		—		—
Settlements	—		—		—		—		295
Ending balance	$	—	$	1,026	$	3,321	$	(6,427)	$	(1,473)
Total net gains (losses) for the period included in earnings attributable to the change in unrealized gains/(losses) relating to assets/liabilities still held at June 30, 2021	$	—	$	(27)	$	—	$	(750)	$	—

					Six Months Ended June 30, 2022
(in thousands)					Other Investments		GGL / SBA Loans Servicing Asset		Visa Derivative
Beginning balance					$	12,185	$	3,233	$	(3,535)
Total gains (losses) realized/unrealized:
Included in earnings					(7,129)		(772)		(3,500)
Additions					6,027		—		—
Settlements					—		694		2,042
Ending balance					$	11,083	$	3,155	$	(4,993)
Total net gains (losses) for the period included in earnings attributable to the change in unrealized gains/(losses) relating to assets/liabilities still held at June 30, 2022					$	(7,129)	$	—	$	(3,500)
	Six Months Ended June 30, 2021
(in thousands)	Investment Securities Available for Sale		Other Investments		GGL / SBA Loans Servicing Asset		Earnout Liability		Visa Derivative
Beginning balance	$	2,021	$	1,021	$	3,258	$	(5,677)	$	(2,048)
Total gains (losses) realized/unrealized:
Included in earnings	—		5		(430)		(750)		—
Sales	(2,021)		—		—		—		—
Additions	—		—		493		—		—
Settlements	—		—		—		—		575
Ending balance	$	—	$	1,026	$	3,321	$	(6,427)	$	(1,473)
Total net gains (losses) for the period included in earnings attributable to the change in unrealized gains/(losses) relating to assets/liabilities still held at June 30, 2021	$	—	$	5	$	—	$	(750)	$	—

Level 3 Liabilities Measured at Fair Value on a Recurring Basis

The following tables provide rollforwards of Level 3 assets and liabilities measured at fair value on a recurring basis.

					Three Months Ended June 30, 2022
(in thousands)					Other Investments		GGL / SBA Loans Servicing Asset		Visa Derivative
Beginning balance					$	12,093	$	3,451	$	(1,776)
Total gains (losses) realized/unrealized:
Included in earnings					(7,037)		(510)		(3,500)
Additions					6,027		—		—
Settlements					—		214		283
Ending balance					$	11,083	$	3,155	$	(4,993)
Total net gains (losses) for the period included in earnings attributable to the change in unrealized gains/(losses) relating to assets/liabilities still held at June 30, 2022					$	(7,037)	$	—	$	(3,500)
			Three Months Ended June 30, 2021
(in thousands)	Investment Securities Available for Sale		Other Investments		GGL / SBA Loans Servicing Asset		Earnout Liability		Visa Derivative
Beginning balance	$	—	$	1,053	$	3,305	$	(5,677)	$	(1,768)
Total gains (losses) realized/unrealized:
Included in earnings	—		(27)		(252)		(750)		—
Additions	—		—		268		—		—
Settlements	—		—		—		—		295
Ending balance	$	—	$	1,026	$	3,321	$	(6,427)	$	(1,473)
Total net gains (losses) for the period included in earnings attributable to the change in unrealized gains/(losses) relating to assets/liabilities still held at June 30, 2021	$	—	$	(27)	$	—	$	(750)	$	—

					Six Months Ended June 30, 2022
(in thousands)					Other Investments		GGL / SBA Loans Servicing Asset		Visa Derivative
Beginning balance					$	12,185	$	3,233	$	(3,535)
Total gains (losses) realized/unrealized:
Included in earnings					(7,129)		(772)		(3,500)
Additions					6,027		—		—
Settlements					—		694		2,042
Ending balance					$	11,083	$	3,155	$	(4,993)
Total net gains (losses) for the period included in earnings attributable to the change in unrealized gains/(losses) relating to assets/liabilities still held at June 30, 2022					$	(7,129)	$	—	$	(3,500)
	Six Months Ended June 30, 2021
(in thousands)	Investment Securities Available for Sale		Other Investments		GGL / SBA Loans Servicing Asset		Earnout Liability		Visa Derivative
Beginning balance	$	2,021	$	1,021	$	3,258	$	(5,677)	$	(2,048)
Total gains (losses) realized/unrealized:
Included in earnings	—		5		(430)		(750)		—
Sales	(2,021)		—		—		—		—
Additions	—		—		493		—		—
Settlements	—		—		—		—		575
Ending balance	$	—	$	1,026	$	3,321	$	(6,427)	$	(1,473)
Total net gains (losses) for the period included in earnings attributable to the change in unrealized gains/(losses) relating to assets/liabilities still held at June 30, 2021	$	—	$	5	$	—	$	(750)	$	—

Assets Measured at Fair Value on Non-Recurring Basis

The following table presents assets measured at fair value on a non-recurring basis as of the dates indicated for which there was a fair value adjustment.

	June 30, 2022						Fair Value Adjustments for the				Location in Consolidated Statements of Income
(in thousands)	Level 1		Level 2		Level 3		Three Months Ended June 30, 2022		Six Months Ended June 30, 2022
Loans(1)	$	—	$	—	$	24,360	$	8,900	$	9,239	Provision for credit losses
Other assets held for sale	—		—		2,725		—		492		Other operating expense
	June 30, 2021						Fair Value Adjustments for the				Location in Consolidated Statements of Income
	Level 1		Level 2		Level 3		Three Months Ended June 30, 2021		Six Months Ended June 30, 2021
Loans(1)	$	—	$	—	$	29,201	$	13,476	$	13,504	Provision for credit losses
Other real estate	—		—		42		2		2		Other operating expense
Other assets held for sale	—		—		1,170		76		76		Other operating expense

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

Carrying and Estimated Fair Values of Financial Instruments Carried on Balance Sheet

The following tables present the carrying and estimated fair values of financial instruments at June 30, 2022 and December 31, 2021. The fair values represent management’s best estimates based on a range of methodologies and assumptions. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" to the consolidated financial statements of Synovus' 2021 Form 10-K for a description of how fair value measurements are determined.

	June 30, 2022
(in thousands)	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Financial assets
Total cash, cash equivalents, and restricted cash	$	1,665,060	$	1,665,060	$	1,665,060	$	—	$	—
Trading securities	16,277		16,277		—		16,277		—
Investment securities available for sale	9,889,850		9,889,850		386,584		9,503,266		—
Loans held for sale	917,679		917,347		—		76,864		840,483
Other investments	11,083		11,083		—		—		11,083
Mutual funds and mutual funds held in rabbi trusts	41,254		41,254		41,254		—		—
Loans, net	40,796,943		40,886,790		—		—		40,886,790
GGL/SBA loans servicing asset	3,155		3,155		—		—		3,155
FRB and FHLB stock	206,177		206,177		—		206,177
Derivative assets	191,377		191,377		—		191,377		—
Financial liabilities
Non-interest-bearing deposits	$	16,876,710	$	16,876,710	$	—	$	16,876,710	$	—
Non-time interest-bearing deposits	27,084,663		27,084,663		—		27,084,663		—
Time deposits	5,073,327		5,052,977		—		5,052,977		—
Total deposits	$	49,034,700	$	49,014,350	$	—	$	49,014,350	$	—
Federal funds purchased and securities sold under repurchase agreements	345,242		345,242		345,242		—		—
Trading liability for short positions	5,018		5,018		—		5,018		—
Short-term borrowings	250,000		250,000		—		250,000		—
Long-term debt	1,804,104		1,793,812		—		1,793,812		—
Mutual funds held in rabbi trusts	25,995		25,995		25,995		—		—
Derivative liabilities	344,715		344,715		—		339,722		4,993

	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	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	$	—
Federal funds purchased and 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 funds held in rabbi trusts	27,205		27,205		27,205		—		—
Derivative liabilities	98,602		98,602		—		95,067		3,535

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Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2022

Summary of Derivative Instruments [Abstract]

Impact of Derivatives on Balance Sheet

The following table reflects the estimated fair value of derivative instruments included in other assets and other liabilities on the consolidated balance sheets along with their respective notional amounts on a gross basis.

	June 30, 2022						December 31, 2021
			Estimated Fair Value						Estimated Fair Value
(in thousands)	Notional Amount		Derivative Assets		Derivative Liabilities		Notional Amount		Derivative Assets		Derivative Liabilities
Derivatives in cash flow hedging relationships:
Interest rate contracts	$	5,250,000	$	248	$	182,949	$	3,600,000	$	22,004	$	20,395
Total cash flow hedges			$	248	$	182,949			$	22,004	$	20,395
Derivatives in fair value hedging relationships:
Interest rate contracts	$	819,389	$	298	$	4,571	$	—	$	—	$	—
Total fair value hedges			$	298	$	4,571			$	—	$	—
Total derivatives designated as hedging instruments			$	546	$	187,520			$	22,004	$	20,395
Derivatives not designated   as hedging instruments:
Interest rate contracts(1)	$	9,250,136	$	188,994	$	152,201	$	9,653,600	$	167,560	$	74,514
Mortgage derivatives - interest rate lock commitments	108,135		1,181		—		99,006		2,105		—
Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans	126,000		233		—		105,500		—		122
Risk participation agreements	448,186		—		1		374,214		—		36
Foreign exchange contracts	22,082		423		—		22,387		39		—
Visa derivative	—		—		4,993		—		—		3,535
Total derivatives not designated as hedging instruments			$	190,831	$	157,195			$	169,704	$	78,207

(1)    Includes interest rate contracts for client swaps and offsetting positions, net of variation margin payments.

Schedule of Derivative Instruments, Effect on Hedging

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 three and six months ended June 30, 2022 and 2021.

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2022		2021		2022		2021
Total interest income/(expense) amounts presented in the consolidated statements of income:
Interest income on loans, including fees	$	2,986	$	7,605	$	11,642	$	15,947
Interest expense on deposits	1,447		—		1,447		—
Interest expense on long-term debt	584		—		584		—
Gain/(loss) on cash flow hedging relationships:
Interest rate contracts:
Realized gains (losses) reclassified from AOCI, pre-tax, to interest income on loans	978		3,657		3,167		5,256
Pre-tax income recognized on cash flow hedges	$	978	$	3,657	$	3,167	$	5,256
Gain/(loss) on fair value hedging relationships:
Interest rate contracts related to interest-bearing deposits:
Recognized on derivatives	(2,818)		—		(2,818)		—
Recognized on hedged items	2,818		—		2,818		—
Pre-tax income recognized on interest-bearing deposits fair value hedges	$	—	$	—	$	—	$	—
Interest rate contracts related to long-term debt:
Recognized on derivatives	(1,455)		—		(1,455)		—
Recognized on hedged items	1,455		—		1,455		—
Pre-tax income recognized on long-term debt fair value hedges	$	—	$	—	$	—	$	—
Total pre-tax income recognized on fair value hedges	$	—	$	—	$	—	$	—

Schedule of Carrying Amount and Associated Cumulative Basis Adjustment Related to the Application of Hedge Accounting

The following table presents the carrying amount and associated cumulative basis adjustment related to the application of hedge accounting that is included in the carrying amount of the hedged liabilities in fair value hedging relationships.

	June 30, 2022				December 31, 2021
	Hedged Items Currently Designated				Hedged Items Currently Designated
(in thousands)	Carrying Amount of Assets/(Liabilities)		Hedge Accounting Basis Adjustment		Carrying Amount of Assets/(Liabilities)		Hedge Accounting Basis Adjustment
Interest-bearing deposits	$	(619,390)	$	2,818	$	—	$	—
Long-term debt	(197,760)		1,455		—		—

Effect of Fair Value Hedges on 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 three and six months ended June 30, 2022 and 2021 is presented below.

		Gain (Loss) Recognized in Consolidated Statements of Income
		Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	Location in Consolidated Statements of Income	2022		2021		2022		2021
Derivatives not designated   as hedging instruments:
Interest rate contracts(1)	Capital markets income	$	736	$	(637)	$	1,409	$	310
Mortgage derivatives - interest rate lock commitments	Mortgage banking income	394		(53)		(924)		(1,772)
Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans	Mortgage banking income	(3,210)		(4,974)		355		1,268
Risk participation agreements	Capital markets income	10		(19)		35		182
Foreign exchange contracts	Capital markets income	320		—		385		—
Total derivatives not designated as hedging instruments		$	(1,750)	$	(5,683)	$	1,260	$	(12)

(1)    Gain (loss) represents net fair value adjustments (including credit related adjustments) for client swaps and offsetting positions.

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Net Income Per Common Share (Tables)

6 Months Ended

Jun. 30, 2022

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 three and six months ended June 30, 2022 and 2021. 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.

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except per share data)	2022		2021		2022		2021
Basic Net Income Per Common Share:
Net income available to common shareholders	$	169,761	$	177,909	$	332,507	$	356,711
Weighted average common shares outstanding	145,328		148,113		145,301		148,289
Net income per common share, basic	$	1.17	$	1.20	$	2.29	$	2.41
Diluted Net Income Per Common Share:
Net income available to common shareholders	$	169,761	$	177,909	$	332,507	$	356,711
Weighted average common shares outstanding	145,328		148,113		145,301		148,289
Effect of dilutive outstanding equity-based awards and earnout payments	987		1,634		1,188		1,475
Weighted average diluted common shares	146,315		149,747		146,489		149,764
Net income per common share, diluted	$	1.16	$	1.19	$	2.27	$	2.38

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Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Loan Commitments and Letters of Credit

(in thousands)	June 30, 2022		December 31, 2021
Letters of credit(1)	$	202,904	$	183,463
Commitments to fund commercial and industrial loans	9,794,706		9,595,793
Commitments to fund commercial real estate, construction, and land development loans	3,829,403		3,593,171
Commitments under home equity lines of credit	1,951,166		1,805,869
Unused credit card lines	475,843		473,582
Other loan commitments	680,366		604,353
Total letters of credit and unfunded lending commitments	$	16,934,388	$	16,256,231

Tax credits, CRA partnerships, and other investments:
Carrying amount included in other assets	$	471,264	$	438,322
Amount of future funding commitments	255,031		250,733
Permanent and short-term construction loans and letter of credit commitments(2)	164,957		204,391
Funded portion of permanent and short-term loans and letters of credit(3)	159,721		104,315

(1)    Represent the contractual amount net of risk participations purchased of $26.1 million and $26.1 million at June 30, 2022 and December 31, 2021, respectively.

(2)    Represent the contractual amount net of risk participations of $3.7 million and $6.0 million at June 30, 2022 and December 31, 2021.

(3)    Represent the contractual amount net of risk participations of $4.1 million and $3.0 million at June 30, 2022 and December 31, 2021.

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Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Schedule of Segment Reporting

The following tables present certain financial information for each reportable business segment for the three and six months ended June 30, 2022 and 2021. The application and development of management reporting methodologies is a dynamic process and is subject to periodic enhancements. As these enhancements are made, financial results presented by each reportable business segment may be periodically revised. Loan and deposit transfers occur from time to time between reportable business segments primarily to maintain the migration of clients between segments. Prior period loan and deposit segment balances are not adjusted for these transfers.

	Three Months Ended June 30, 2022
(in thousands)	Wholesale Banking		Community Banking		Consumer Banking		Financial Management Services		Treasury and Corporate Other		Synovus Consolidated
Net interest income	$	168,988	$	100,892	$	103,727	$	18,403	$	33,378	$	425,388
Non-interest revenue	9,285		12,468		22,095		45,195		8,223		97,266
Non-interest expense	27,026		33,083		47,534		44,333		130,075		282,051
Pre-provision net revenue	$	151,247	$	80,277	$	78,288	$	19,265	$	(88,474)	$	240,603

	Three Months Ended June 30, 2021
(in thousands)	Wholesale Banking		Community Banking		Consumer Banking		Financial Management Services		Treasury and Corporate Other		Synovus Consolidated
Net interest income	$	136,126	$	99,200	$	103,681	$	18,935	$	23,918	$	381,860
Non-interest revenue	7,000		12,472		19,740		52,345		15,530		107,087
Non-interest expense	21,290		27,543		43,908		46,773		131,017		270,531
Pre-provision net revenue	$	121,836	$	84,129	$	79,513	$	24,507	$	(91,569)	$	218,416

	Six Months Ended June 30, 2022
(in thousands)	Wholesale Banking		Community Banking		Consumer Banking		Financial Management Services		Treasury and Corporate Other		Synovus Consolidated
Net interest income	$	324,984	$	197,018	$	201,133	$	36,818	$	57,682	$	817,635
Non-interest revenue	17,683		26,051		43,739		90,359		24,768		202,600
Non-interest expense	53,674		63,503		92,249		88,472		256,603		554,501
Pre-provision net revenue	$	288,993	$	159,566	$	152,623	$	38,705	$	(174,153)	$	465,734

	Six Months Ended June 30, 2021
(in thousands)	Wholesale Banking		Community Banking		Consumer Banking		Financial Management Services		Treasury and Corporate Other		Synovus Consolidated
Net interest income	$	270,200	$	198,340	$	210,783	$	39,930	$	36,463	$	755,716
Non-interest revenue	14,319		23,092		38,874		110,928		30,830		218,043
Non-interest expense	42,014		54,463		87,464		94,447		259,277		537,665
Pre-provision net revenue	$	242,505	$	166,969	$	162,193	$	56,411	$	(191,984)	$	436,094

	June 30, 2022
(dollars in thousands)	Wholesale Banking		Community Banking		Consumer Banking		Financial Management Services		Treasury and Corporate Other		Synovus Consolidated
Loans, net of deferred fees and costs	$	23,235,771	$	8,449,876	$	2,782,037	$	5,061,990	$	1,675,106	$	41,204,780
Total deposits	$	11,514,037	$	12,326,818	$	19,829,216	$	593,705	$	4,770,924	$	49,034,700
Total full-time equivalent employees	310		610		1,505		810		1,770		5,005
	December 31, 2021
(dollars in thousands)	Wholesale Banking		Community Banking		Consumer Banking		Financial Management Services		Treasury and Corporate Other		Synovus Consolidated
Loans, net of deferred fees and costs	$	21,496,050	$	8,231,451	$	2,559,892	$	4,994,494	$	2,030,071	$	39,311,958
Total deposits	$	12,370,554	$	12,557,631	$	19,668,846	$	826,639	$	4,003,606	$	49,427,276
Total full-time equivalent employees	284		607		1,532		794		1,670		4,887

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Basis of Presentation and Accounting Policies (Details)	Jun. 30, 2022 branch aTM
Accounting Policies [Abstract]
Number of branches | branch	261
Number of ATMs | aTM	367

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Investment Securities Available for Sale (Summary of Available for Sale Investment Securities) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 11,013,917	$ 10,991,506
Gross Unrealized Gains	686	66,427
Gross Unrealized Losses	(1,124,753)	(139,604)
Fair Value	9,889,850	10,918,329
U.S. Treasury securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	414,744	120,465
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(28,160)	(2,627)
Fair Value	386,584	117,838
U.S. Government agency securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	52,866	53,214
Gross Unrealized Gains	2	1,374
Gross Unrealized Losses	(1,973)	(387)
Fair Value	50,895	54,201
Mortgage-backed securities issued by U.S. Government agencies
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	713,490	790,329
Gross Unrealized Gains	6	768
Gross Unrealized Losses	(81,525)	(11,464)
Fair Value	631,971	779,633
Mortgage-backed securities issued by U.S. Government sponsored enterprises
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	8,144,078	8,063,890
Gross Unrealized Gains	557	50,491
Gross Unrealized Losses	(901,994)	(102,080)
Fair Value	7,242,641	8,012,301
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	826,579	951,691
Gross Unrealized Gains	0	4,658
Gross Unrealized Losses	(73,493)	(16,726)
Fair Value	753,086	939,623
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	642,436	479,420
Gross Unrealized Gains	121	8,644
Gross Unrealized Losses	(37,438)	(6,320)
Fair Value	605,119	481,744
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	201,366	514,188
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	201,366	514,188
Corporate debt securities and other debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	18,358	18,309
Gross Unrealized Gains	0	492
Gross Unrealized Losses	(170)	0
Fair Value	$ 18,188	$ 18,801

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Investment Securities Available for Sale (Narrative) (Details)	Jun. 30, 2022 USD ($) security	Dec. 31, 2021 USD ($)
Financing Receivable, Impaired [Line Items]
Investment securities in a loss position for less than twelve months | security	304
Investment securities in a loss position for twelve months or longer | security	79
Allowance for credit loss | $	$ 0
Collateral Pledged
Financing Receivable, Impaired [Line Items]
Pledged to secure deposits | $	$ 3,860,000,000	$ 4,030,000,000.00

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Investment Securities Available for Sale (Schedule of Gross Unrealized Losses on Investment Securities and Fair Value) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, fair value	$ 6,737,582	$ 6,596,065
Less than 12 months, gross unrealized losses	(706,073)	(96,227)
12 months or longer, fair value	2,802,602	1,523,383
12 months or longer, gross unrealized losses	(418,680)	(43,377)
Total, fair value	9,540,184	8,119,448
Total, gross unrealized losses	(1,124,753)	(139,604)
U.S. Treasury securities
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, fair value	322,983	49,648
Less than 12 months, gross unrealized losses	(20,632)	(379)
12 months or longer, fair value	42,319	47,590
12 months or longer, gross unrealized losses	(7,528)	(2,248)
Total, fair value	365,302	97,238
Total, gross unrealized losses	(28,160)	(2,627)
U.S. Government agency securities
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, fair value	50,180	21,760
Less than 12 months, gross unrealized losses	(1,973)	(387)
12 months or longer, fair value	0	0
12 months or longer, gross unrealized losses	0	0
Total, fair value	50,180	21,760
Total, gross unrealized losses	(1,973)	(387)
Mortgage-backed securities issued by U.S. Government agencies
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, fair value	305,938	461,078
Less than 12 months, gross unrealized losses	(36,743)	(5,858)
12 months or longer, fair value	324,431	244,264
12 months or longer, gross unrealized losses	(44,782)	(5,606)
Total, fair value	630,369	705,342
Total, gross unrealized losses	(81,525)	(11,464)
Mortgage-backed securities issued by U.S. Government sponsored enterprises
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, fair value	5,273,030	5,729,476
Less than 12 months, gross unrealized losses	(605,258)	(82,671)
12 months or longer, fair value	1,893,054	643,758
12 months or longer, gross unrealized losses	(296,736)	(19,409)
Total, fair value	7,166,084	6,373,234
Total, gross unrealized losses	(901,994)	(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	348,932	187,431
Less than 12 months, gross unrealized losses	(26,567)	(3,981)
12 months or longer, fair value	404,154	504,238
12 months or longer, gross unrealized losses	(46,926)	(12,745)
Total, fair value	753,086	691,669
Total, gross unrealized losses	(73,493)	(16,726)
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	418,331	146,672
Less than 12 months, gross unrealized losses	(14,730)	(2,951)
12 months or longer, fair value	138,644	83,533
12 months or longer, gross unrealized losses	(22,708)	(3,369)
Total, fair value	556,975	230,205
Total, gross unrealized losses	(37,438)	$ (6,320)
Corporate debt securities and other debt securities
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, fair value	18,188
Less than 12 months, gross unrealized losses	(170)
12 months or longer, fair value	0
12 months or longer, gross unrealized losses	0
Total, fair value	18,188
Total, gross unrealized losses	$ (170)

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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	Jun. 30, 2022	Dec. 31, 2021
Amortized Cost
Within one year, amortized cost	$ 232,605
1 to 5 years, amortized cost	705,828
5 to 10 years, amortized cost	450,876
More than 10 years, amortized cost	9,624,608
Amortized Cost	11,013,917	$ 10,991,506
Fair Value
Within one year, fair value	232,551
1 to 5 years, fair value	673,035
5 to 10 years, fair value	415,387
More than 10 years, fair value	8,568,877
Total, fair value	9,889,850	10,918,329
U.S. Treasury securities
Amortized Cost
Within one year, amortized cost	21,282
1 to 5 years, amortized cost	343,616
5 to 10 years, amortized cost	49,846
More than 10 years, amortized cost	0
Amortized Cost	414,744	120,465
Fair Value
Within one year, fair value	21,282
1 to 5 years, fair value	322,983
5 to 10 years, fair value	42,319
More than 10 years, fair value	0
Total, fair value	386,584	117,838
U.S. Government agency securities
Amortized Cost
Within one year, amortized cost	456
1 to 5 years, amortized cost	22,420
5 to 10 years, amortized cost	29,990
More than 10 years, amortized cost	0
Amortized Cost	52,866	53,214
Fair Value
Within one year, fair value	457
1 to 5 years, fair value	20,581
5 to 10 years, fair value	29,857
More than 10 years, fair value	0
Total, fair value	50,895	54,201
Mortgage-backed securities issued by U.S. Government agencies
Amortized Cost
Within one year, amortized cost	0
1 to 5 years, amortized cost	727
5 to 10 years, amortized cost	5
More than 10 years, amortized cost	712,758
Amortized Cost	713,490	790,329
Fair Value
Within one year, fair value	0
1 to 5 years, fair value	727
5 to 10 years, fair value	5
More than 10 years, fair value	631,239
Total, fair value	631,971	779,633
Mortgage-backed securities issued by U.S. Government sponsored enterprises
Amortized Cost
Within one year, amortized cost	0
1 to 5 years, amortized cost	0
5 to 10 years, amortized cost	127,499
More than 10 years, amortized cost	8,016,579
Amortized Cost	8,144,078	8,063,890
Fair Value
Within one year, fair value	0
1 to 5 years, fair value	0
5 to 10 years, fair value	124,738
More than 10 years, fair value	7,117,903
Total, fair value	7,242,641	8,012,301
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises
Amortized Cost
Within one year, amortized cost	0
1 to 5 years, amortized cost	114
5 to 10 years, amortized cost	0
More than 10 years, amortized cost	826,465
Amortized Cost	826,579	951,691
Fair Value
Within one year, fair value	0
1 to 5 years, fair value	114
5 to 10 years, fair value	0
More than 10 years, fair value	752,972
Total, fair value	753,086	939,623
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises
Amortized Cost
Within one year, amortized cost	0
1 to 5 years, amortized cost	338,951
5 to 10 years, amortized cost	234,679
More than 10 years, amortized cost	68,806
Amortized Cost	642,436	479,420
Fair Value
Within one year, fair value	0
1 to 5 years, fair value	328,630
5 to 10 years, fair value	209,726
More than 10 years, fair value	66,763
Total, fair value	605,119	481,744
Asset-backed securities
Amortized Cost
Within one year, amortized cost	201,366
1 to 5 years, amortized cost	0
5 to 10 years, amortized cost	0
More than 10 years, amortized cost	0
Amortized Cost	201,366	514,188
Fair Value
Within one year, fair value	201,366
1 to 5 years, fair value	0
5 to 10 years, fair value	0
More than 10 years, fair value	0
Total, fair value	201,366	514,188
Corporate debt securities and other debt securities
Amortized Cost
Within one year, amortized cost	9,501
1 to 5 years, amortized cost	0
5 to 10 years, amortized cost	8,857
More than 10 years, amortized cost	0
Amortized Cost	18,358	18,309
Fair Value
Within one year, fair value	9,446
1 to 5 years, fair value	0
5 to 10 years, fair value	8,742
More than 10 years, fair value	0
Total, fair value	$ 18,188	$ 18,801

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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	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Investments [Abstract]
Gross realized gains on sales	$ 0	$ 0	$ 0	$ 0
Gross realized losses on sales	0	0	0	(1,990)
Investment securities gains (losses), net	$ 0	$ 0	$ 0	$ (1,990)

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Loans and Allowance for Loan Losses (Schedule of Current, Accruing Past Due and Nonaccrual Loans) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Financing Receivable, Nonaccrual [Line Items]
Loans, net of deferred fees and costs	$ 41,204,780	$ 39,311,958
Non-accrual with an ALL	64,660	100,518
Non-accrual without an ALL	44,364	30,524
Total commercial and industrial
Financing Receivable, Nonaccrual [Line Items]
Loans, net of deferred fees and costs	20,778,325	19,622,924
Non-accrual with an ALL	19,789	45,064
Non-accrual without an ALL	40,210	27,919
Total commercial and industrial | Commercial, financial and agricultural
Financing Receivable, Nonaccrual [Line Items]
Loans, net of deferred fees and costs	13,018,089	12,147,858
Non-accrual with an ALL	12,834	37,918
Non-accrual without an ALL	35,767	23,869
Total commercial and industrial | Owner-occupied
Financing Receivable, Nonaccrual [Line Items]
Loans, net of deferred fees and costs	7,760,236	7,475,066
Non-accrual with an ALL	6,955	7,146
Non-accrual without an ALL	4,443	4,050
Total commercial real estate
Financing Receivable, Nonaccrual [Line Items]
Loans, net of deferred fees and costs	11,503,417	11,015,111
Non-accrual with an ALL	8,770	9,726
Non-accrual without an ALL	3,642	2,605
Total commercial real estate | Investment properties
Financing Receivable, Nonaccrual [Line Items]
Loans, net of deferred fees and costs	10,408,048	9,902,776
Non-accrual with an ALL	5,025	3,273
Non-accrual without an ALL	2,345	2,577
Total commercial real estate | 1-4 family properties
Financing Receivable, Nonaccrual [Line Items]
Loans, net of deferred fees and costs	641,855	645,469
Non-accrual with an ALL	1,821	4,535
Non-accrual without an ALL	1,297	28
Total commercial real estate | Land and development
Financing Receivable, Nonaccrual [Line Items]
Loans, net of deferred fees and costs	453,514	466,866
Non-accrual with an ALL	1,924	1,918
Non-accrual without an ALL	0	0
Total consumer
Financing Receivable, Nonaccrual [Line Items]
Loans, net of deferred fees and costs	8,923,038	8,673,923
Non-accrual with an ALL	36,101	45,728
Non-accrual without an ALL	512	0
Total consumer | Consumer mortgages
Financing Receivable, Nonaccrual [Line Items]
Loans, net of deferred fees and costs	5,124,523	5,068,998
Non-accrual with an ALL	22,857	29,078
Non-accrual without an ALL	0	0
Total consumer | Home equity
Financing Receivable, Nonaccrual [Line Items]
Loans, net of deferred fees and costs	1,579,218	1,361,419
Non-accrual with an ALL	7,588	9,773
Non-accrual without an ALL	512	0
Total consumer | Credit cards
Financing Receivable, Nonaccrual [Line Items]
Loans, net of deferred fees and costs	194,290	204,172
Non-accrual with an ALL	0	0
Non-accrual without an ALL	0	0
Total consumer | Other consumer loans
Financing Receivable, Nonaccrual [Line Items]
Loans, net of deferred fees and costs	2,025,007	2,039,334
Non-accrual with an ALL	5,656	6,877
Non-accrual without an ALL	0	0
Current
Financing Receivable, Nonaccrual [Line Items]
Loans, net of deferred fees and costs	41,039,596	39,123,351
Current | Total commercial and industrial
Financing Receivable, Nonaccrual [Line Items]
Loans, net of deferred fees and costs	20,698,900	19,528,924
Current | Total commercial and industrial | Commercial, financial and agricultural
Financing Receivable, Nonaccrual [Line Items]
Loans, net of deferred fees and costs	12,954,600	12,068,740
Current | Total commercial and industrial | Owner-occupied
Financing Receivable, Nonaccrual [Line Items]
Loans, net of deferred fees and costs	7,744,300	7,460,184
Current | Total commercial real estate
Financing Receivable, Nonaccrual [Line Items]
Loans, net of deferred fees and costs	11,488,698	10,998,504
Current | Total commercial real estate | Investment properties
Financing Receivable, Nonaccrual [Line Items]
Loans, net of deferred fees and costs	10,400,407	9,894,924
Current | Total commercial real estate | 1-4 family properties
Financing Receivable, Nonaccrual [Line Items]
Loans, net of deferred fees and costs	636,701	639,631
Current | Total commercial real estate | Land and development
Financing Receivable, Nonaccrual [Line Items]
Loans, net of deferred fees and costs	451,590	463,949
Current | Total consumer
Financing Receivable, Nonaccrual [Line Items]
Loans, net of deferred fees and costs	8,851,998	8,595,923
Current | Total consumer | Consumer mortgages
Financing Receivable, Nonaccrual [Line Items]
Loans, net of deferred fees and costs	5,092,428	5,033,537
Current | Total consumer | Home equity
Financing Receivable, Nonaccrual [Line Items]
Loans, net of deferred fees and costs	1,567,527	1,349,027
Current | Total consumer | Credit cards
Financing Receivable, Nonaccrual [Line Items]
Loans, net of deferred fees and costs	191,641	201,929
Current | Total consumer | Other consumer loans
Financing Receivable, Nonaccrual [Line Items]
Loans, net of deferred fees and costs	2,000,402	2,011,430
Accruing 30-89 Days Past Due
Financing Receivable, Nonaccrual [Line Items]
Loans, net of deferred fees and costs	53,909	50,795
Accruing 30-89 Days Past Due | Total commercial and industrial
Financing Receivable, Nonaccrual [Line Items]
Loans, net of deferred fees and costs	18,901	17,005
Accruing 30-89 Days Past Due | Total commercial and industrial | Commercial, financial and agricultural
Financing Receivable, Nonaccrual [Line Items]
Loans, net of deferred fees and costs	14,363	13,378
Accruing 30-89 Days Past Due | Total commercial and industrial | Owner-occupied
Financing Receivable, Nonaccrual [Line Items]
Loans, net of deferred fees and costs	4,538	3,627
Accruing 30-89 Days Past Due | Total commercial real estate
Financing Receivable, Nonaccrual [Line Items]
Loans, net of deferred fees and costs	2,307	3,312
Accruing 30-89 Days Past Due | Total commercial real estate | Investment properties
Financing Receivable, Nonaccrual [Line Items]
Loans, net of deferred fees and costs	271	1,285
Accruing 30-89 Days Past Due | Total commercial real estate | 1-4 family properties
Financing Receivable, Nonaccrual [Line Items]
Loans, net of deferred fees and costs	2,036	1,182
Accruing 30-89 Days Past Due | Total commercial real estate | Land and development
Financing Receivable, Nonaccrual [Line Items]
Loans, net of deferred fees and costs	0	845
Accruing 30-89 Days Past Due | Total consumer
Financing Receivable, Nonaccrual [Line Items]
Loans, net of deferred fees and costs	32,701	30,478
Accruing 30-89 Days Past Due | Total consumer | Consumer mortgages
Financing Receivable, Nonaccrual [Line Items]
Loans, net of deferred fees and costs	9,238	6,257
Accruing 30-89 Days Past Due | Total consumer | Home equity
Financing Receivable, Nonaccrual [Line Items]
Loans, net of deferred fees and costs	3,591	2,619
Accruing 30-89 Days Past Due | Total consumer | Credit cards
Financing Receivable, Nonaccrual [Line Items]
Loans, net of deferred fees and costs	1,413	1,233
Accruing 30-89 Days Past Due | Total consumer | Other consumer loans
Financing Receivable, Nonaccrual [Line Items]
Loans, net of deferred fees and costs	18,459	20,369
Accruing 90 Days or Greater Past Due
Financing Receivable, Nonaccrual [Line Items]
Loans, net of deferred fees and costs	2,251	6,770
Accruing 90 Days or Greater Past Due | Total commercial and industrial
Financing Receivable, Nonaccrual [Line Items]
Loans, net of deferred fees and costs	525	4,012
Accruing 90 Days or Greater Past Due | Total commercial and industrial | Commercial, financial and agricultural
Financing Receivable, Nonaccrual [Line Items]
Loans, net of deferred fees and costs	525	3,953
Accruing 90 Days or Greater Past Due | Total commercial and industrial | Owner-occupied
Financing Receivable, Nonaccrual [Line Items]
Loans, net of deferred fees and costs	0	59
Accruing 90 Days or Greater Past Due | Total commercial real estate
Financing Receivable, Nonaccrual [Line Items]
Loans, net of deferred fees and costs	0	964
Accruing 90 Days or Greater Past Due | Total commercial real estate | Investment properties
Financing Receivable, Nonaccrual [Line Items]
Loans, net of deferred fees and costs	0	717
Accruing 90 Days or Greater Past Due | Total commercial real estate | 1-4 family properties
Financing Receivable, Nonaccrual [Line Items]
Loans, net of deferred fees and costs	0	93
Accruing 90 Days or Greater Past Due | Total commercial real estate | Land and development
Financing Receivable, Nonaccrual [Line Items]
Loans, net of deferred fees and costs	0	154
Accruing 90 Days or Greater Past Due | Total consumer
Financing Receivable, Nonaccrual [Line Items]
Loans, net of deferred fees and costs	1,726	1,794
Accruing 90 Days or Greater Past Due | Total consumer | Consumer mortgages
Financing Receivable, Nonaccrual [Line Items]
Loans, net of deferred fees and costs	0	126
Accruing 90 Days or Greater Past Due | Total consumer | Home equity
Financing Receivable, Nonaccrual [Line Items]
Loans, net of deferred fees and costs	0	0
Accruing 90 Days or Greater Past Due | Total consumer | Credit cards
Financing Receivable, Nonaccrual [Line Items]
Loans, net of deferred fees and costs	1,236	1,010
Accruing 90 Days or Greater Past Due | Total consumer | Other consumer loans
Financing Receivable, Nonaccrual [Line Items]
Loans, net of deferred fees and costs	490	658
Total Accruing Past Due
Financing Receivable, Nonaccrual [Line Items]
Loans, net of deferred fees and costs	56,160	57,565
Total Accruing Past Due | Total commercial and industrial
Financing Receivable, Nonaccrual [Line Items]
Loans, net of deferred fees and costs	19,426	21,017
Total Accruing Past Due | Total commercial and industrial | Commercial, financial and agricultural
Financing Receivable, Nonaccrual [Line Items]
Loans, net of deferred fees and costs	14,888	17,331
Total Accruing Past Due | Total commercial and industrial | Owner-occupied
Financing Receivable, Nonaccrual [Line Items]
Loans, net of deferred fees and costs	4,538	3,686
Total Accruing Past Due | Total commercial real estate
Financing Receivable, Nonaccrual [Line Items]
Loans, net of deferred fees and costs	2,307	4,276
Total Accruing Past Due | Total commercial real estate | Investment properties
Financing Receivable, Nonaccrual [Line Items]
Loans, net of deferred fees and costs	271	2,002
Total Accruing Past Due | Total commercial real estate | 1-4 family properties
Financing Receivable, Nonaccrual [Line Items]
Loans, net of deferred fees and costs	2,036	1,275
Total Accruing Past Due | Total commercial real estate | Land and development
Financing Receivable, Nonaccrual [Line Items]
Loans, net of deferred fees and costs	0	999
Total Accruing Past Due | Total consumer
Financing Receivable, Nonaccrual [Line Items]
Loans, net of deferred fees and costs	34,427	32,272
Total Accruing Past Due | Total consumer | Consumer mortgages
Financing Receivable, Nonaccrual [Line Items]
Loans, net of deferred fees and costs	9,238	6,383
Total Accruing Past Due | Total consumer | Home equity
Financing Receivable, Nonaccrual [Line Items]
Loans, net of deferred fees and costs	3,591	2,619
Total Accruing Past Due | Total consumer | Credit cards
Financing Receivable, Nonaccrual [Line Items]
Loans, net of deferred fees and costs	2,649	2,243
Total Accruing Past Due | Total consumer | Other consumer loans
Financing Receivable, Nonaccrual [Line Items]
Loans, net of deferred fees and costs	$ 18,949	$ 21,027

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Loans and Allowance for Loan Losses (Narrative) (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($) contract	Jun. 30, 2021 USD ($) contract	Jun. 30, 2022 USD ($) contract	Jun. 30, 2021 USD ($) contract	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Mar. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and leases receivable, impaired, interest lost on nonaccrual loans	$ 2,000,000	$ 2,700,000	$ 5,400,000	$ 6,200,000
Interest income, cash basis method	410,000	575,000	964,000	1,200,000
Total loans	41,204,780,000		41,204,780,000			$ 39,311,958,000
Allowance for loan losses	407,837,000	516,708,000	407,837,000	516,708,000	$ 414,956,000	427,597,000	$ 563,214,000	$ 605,736,000
Reserve for unfunded commitments	50,600,000		50,600,000			41,900,000
All financing receivable, allowance for credit loss	$ 458,400,000		458,400,000			$ 469,500,000
Allowance for credit loss, decrease			$ (11,100,000)
ACL to loans ratio	1.11%		1.11%
Decrease in ACL to loans ratio			0.0008
Allowance for credit loss, reasonable and supportable forecast period			2 years
Allowance for credit loss, straight-line basis historical period			1 year
Downside bias	60.00%		60.00%			43.00%
Provision for (reversal of) credit losses	$ 12,688,000	(24,598,000)	$ 24,088,000	(43,173,000)
Net chargeoff amount	16,600,000		35,200,000
Financing receivable, allowance for credit loss, period increase (decrease) from increase in size of loan profile	3,700,000		7,500,000
Financing receivable, purchase	180,200,000		361,600,000
Recorded investment	37,282,000	$ 6,801,000	78,925,000	$ 22,276,000
Commitments to land additional funds to TDRs	$ 0		$ 0			$ 0
Troubled Debt Restructuring That Subsequently Defaults
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of contracts | contract	3	5	3	5
Recorded investment	$ 430,000	$ 172,000	$ 430,000	$ 172,000
Baseline
Accounts, Notes, Loans and Financing Receivable [Line Items]
Projected unemployment rate	3.60%		3.60%			4.00%
Baseline | Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Projected unemployment rate						3.50%
Downside
Accounts, Notes, Loans and Financing Receivable [Line Items]
Projected unemployment rate	5.20%		5.20%
Substandard
Accounts, Notes, Loans and Financing Receivable [Line Items]
Retail loan substandard period (in days)			90 days
Loss
Accounts, Notes, Loans and Financing Receivable [Line Items]
Retail loan charge off (in days)			120 days
Total commercial and industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	$ 20,778,325,000		$ 20,778,325,000			$ 19,622,924,000
Recorded investment	31,230,000	$ 4,099,000	59,632,000	$ 11,548,000
Total commercial and industrial | Small Business Administration (SBA), CARES Act, Paycheck Protection Program
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	86,700,000		86,700,000
Asset Pledged as Collateral
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	$ 15,150,000,000		$ 15,150,000,000			$ 14,190,000,000

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Loans and Allowance for Loan Losses (Loan Portfolio Credit Exposure) (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Financing Receivable, Credit Quality Indicator [Line Items]
2022	$ 3,640,129	$ 9,402,827
2021	9,115,580	6,558,797
2020	6,152,875	4,899,572
2019	4,038,901	3,085,986
2018	2,712,707	2,559,570
Prior	5,986,537	4,742,507
Total loans	$ 41,204,780	$ 39,311,958
Number of days past due	120 days	120 days
Number of days past due for charge-off	181 days	181 days
Maximum
Financing Receivable, Credit Quality Indicator [Line Items]
Percent of loan amount	50.00%	50.00%
Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	$ 9,158,633	$ 7,867,710
Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	399,418	194,989
Total commercial and industrial
Financing Receivable, Credit Quality Indicator [Line Items]
2022	1,386,438	4,200,393
2021	3,890,452	2,696,735
2020	2,512,002	2,112,628
2019	1,888,806	1,549,445
2018	1,414,886	1,184,980
Prior	2,637,852	2,122,625
Total loans	20,778,325	19,622,924
Total commercial and industrial | Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	7,016,254	5,713,276
Total commercial and industrial | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	31,635	42,842
Total commercial and industrial | Commercial, financial and agricultural
Financing Receivable, Credit Quality Indicator [Line Items]
2022	549,838	2,416,022
2021	2,142,133	1,398,694
2020	1,244,554	981,693
2019	866,742	637,246
2018	609,673	451,760
Prior	1,198,521	944,049
Total loans	13,018,089	12,147,858
Total commercial and industrial | Commercial, financial and agricultural | Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	6,374,993	5,275,552
Total commercial and industrial | Commercial, financial and agricultural | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	31,635	42,842
Total commercial and industrial | Commercial, financial and agricultural | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2022	539,814	2,396,717
2021	2,126,772	1,332,549
2020	1,183,170	922,396
2019	811,870	607,918
2018	569,801	433,045
Prior	1,166,642	903,995
Total loans	12,630,753	11,791,410
Total commercial and industrial | Commercial, financial and agricultural | Pass | Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	6,202,131	5,151,981
Total commercial and industrial | Commercial, financial and agricultural | Pass | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	30,553	42,809
Total commercial and industrial | Commercial, financial and agricultural | Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
2022	3,136	2,731
2021	4,280	15,166
2020	9,337	17,571
2019	9,435	10,433
2018	17,596	2,242
Prior	3,333	2,489
Total loans	133,672	122,628
Total commercial and industrial | Commercial, financial and agricultural | Special Mention | Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	86,555	71,996
Total commercial and industrial | Commercial, financial and agricultural | Special Mention | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	0	0
Total commercial and industrial | Commercial, financial and agricultural | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
2022	6,888	16,105
2021	11,081	50,979
2020	52,047	40,125
2019	45,437	10,383
2018	18,756	16,473
Prior	28,546	37,565
Total loans	249,989	223,105
Total commercial and industrial | Commercial, financial and agricultural | Substandard | Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	86,152	51,442
Total commercial and industrial | Commercial, financial and agricultural | Substandard | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	1,082	33
Total commercial and industrial | Commercial, financial and agricultural | Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
2022	0	469
2021	0	0
2020	0	1,601
2019	0	8,512
2018	3,520	0
Prior	0	0
Total loans	3,520	10,630
Total commercial and industrial | Commercial, financial and agricultural | Doubtful | Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	0	48
Total commercial and industrial | Commercial, financial and agricultural | Doubtful | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	0	0
Total commercial and industrial | Commercial, financial and agricultural | Loss
Financing Receivable, Credit Quality Indicator [Line Items]
2022	0	0
2021	0	0
2020	0	0
2019	0	0
2018	0	0
Prior	0	0
Total loans	155	85
Total commercial and industrial | Commercial, financial and agricultural | Loss | Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	155	85
Total commercial and industrial | Commercial, financial and agricultural | Loss | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	0	0
Total commercial and industrial | Owner-occupied
Financing Receivable, Credit Quality Indicator [Line Items]
2022	836,600	1,784,371
2021	1,748,319	1,298,041
2020	1,267,448	1,130,935
2019	1,022,064	912,199
2018	805,213	733,220
Prior	1,439,331	1,178,576
Total loans	7,760,236	7,475,066
Total commercial and industrial | Owner-occupied | Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	641,261	437,724
Total commercial and industrial | Owner-occupied | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	0	0
Total commercial and industrial | Owner-occupied | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2022	834,063	1,776,086
2021	1,730,966	1,276,797
2020	1,178,269	1,117,825
2019	1,007,485	858,721
2018	720,509	708,942
Prior	1,388,397	1,116,766
Total loans	7,500,950	7,292,861
Total commercial and industrial | Owner-occupied | Pass | Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	641,261	437,724
Total commercial and industrial | Owner-occupied | Pass | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	0	0
Total commercial and industrial | Owner-occupied | Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
2022	137	702
2021	4,545	19,950
2020	86,210	4,724
2019	8,841	10,202
2018	45,656	18,109
Prior	28,168	36,481
Total loans	173,557	90,168
Total commercial and industrial | Owner-occupied | Special Mention | Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	0	0
Total commercial and industrial | Owner-occupied | Special Mention | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	0	0
Total commercial and industrial | Owner-occupied | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
2022	2,400	7,312
2021	12,555	1,294
2020	2,969	8,386
2019	5,738	43,276
2018	39,048	6,169
Prior	22,766	25,329
Total loans	85,476	91,766
Total commercial and industrial | Owner-occupied | Substandard | Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	0	0
Total commercial and industrial | Owner-occupied | Substandard | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	0	0
Total commercial and industrial | Owner-occupied | Loss
Financing Receivable, Credit Quality Indicator [Line Items]
2022	0	271
2021	253	0
2020	0	0
2019	0	0
2018	0	0
Prior	0	0
Total loans	253	271
Total commercial and industrial | Owner-occupied | Loss | Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	0	0
Total commercial and industrial | Owner-occupied | Loss | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	0	0
Total commercial real estate
Financing Receivable, Credit Quality Indicator [Line Items]
2022	1,597,621	3,271,317
2021	3,304,004	1,591,162
2020	1,643,758	2,079,334
2019	1,558,885	1,256,576
2018	1,053,971	888,314
Prior	1,932,244	1,494,335
Total loans	11,503,417	11,015,111
Total commercial real estate | Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	412,934	434,073
Total commercial real estate | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	0	0
Total commercial real estate | Investment properties
Financing Receivable, Credit Quality Indicator [Line Items]
2022	1,352,414	2,831,606
2021	2,961,078	1,463,829
2020	1,554,816	1,946,374
2019	1,462,996	1,140,792
2018	966,021	800,794
Prior	1,766,705	1,385,671
Total loans	10,408,048	9,902,776
Total commercial real estate | Investment properties | Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	344,018	333,710
Total commercial real estate | Investment properties | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	0	0
Total commercial real estate | Investment properties | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2022	1,352,056	2,823,978
2021	2,953,629	1,463,503
2020	1,554,185	1,905,534
2019	1,444,006	1,019,765
2018	901,677	738,036
Prior	1,749,178	1,317,634
Total loans	10,269,482	9,547,147
Total commercial real estate | Investment properties | Pass | Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	314,751	278,697
Total commercial real estate | Investment properties | Pass | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	0	0
Total commercial real estate | Investment properties | Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
2022	0	6,163
2021	6,963	0
2020	0	32,290
2019	15,295	63,900
2018	11,559	59,194
Prior	4,409	44,532
Total loans	46,223	239,738
Total commercial real estate | Investment properties | Special Mention | Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	7,997	33,659
Total commercial real estate | Investment properties | Special Mention | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	0	0
Total commercial real estate | Investment properties | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
2022	358	1,465
2021	486	326
2020	631	8,550
2019	3,695	57,127
2018	52,785	3,564
Prior	13,118	23,505
Total loans	92,343	115,891
Total commercial real estate | Investment properties | Substandard | Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	21,270	21,354
Total commercial real estate | Investment properties | Substandard | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	0	0
Total commercial real estate | 1-4 family properties
Financing Receivable, Credit Quality Indicator [Line Items]
2022	178,284	297,273
2021	206,280	83,183
2020	57,582	53,146
2019	39,987	47,247
2018	35,299	49,546
Prior	77,689	59,441
Total loans	641,855	645,469
Total commercial real estate | 1-4 family properties | Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	46,734	55,633
Total commercial real estate | 1-4 family properties | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	0	0
Total commercial real estate | 1-4 family properties | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2022	174,897	295,082
2021	203,245	82,976
2020	56,607	51,939
2019	38,918	43,025
2018	33,778	49,057
Prior	75,587	57,025
Total loans	629,721	634,692
Total commercial real estate | 1-4 family properties | Pass | Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	46,689	55,588
Total commercial real estate | 1-4 family properties | Pass | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	0	0
Total commercial real estate | 1-4 family properties | Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
2022	2,688	192
2021	1,250	207
2020	970	641
2019	634	0
2018	0	0
Prior	202	239
Total loans	5,744	1,279
Total commercial real estate | 1-4 family properties | Special Mention | Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	0	0
Total commercial real estate | 1-4 family properties | Special Mention | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	0	0
Total commercial real estate | 1-4 family properties | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
2022	699	1,999
2021	1,785	0
2020	5	566
2019	435	4,222
2018	1,521	489
Prior	1,900	2,177
Total loans	6,390	9,498
Total commercial real estate | 1-4 family properties | Substandard | Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	45	45
Total commercial real estate | 1-4 family properties | Substandard | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	0	0
Total commercial real estate | Land and development
Financing Receivable, Credit Quality Indicator [Line Items]
2022	66,923	142,438
2021	136,646	44,150
2020	31,360	79,814
2019	55,902	68,537
2018	52,651	37,974
Prior	87,850	49,223
Total loans	453,514	466,866
Total commercial real estate | Land and development | Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	22,182	44,730
Total commercial real estate | Land and development | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	0	0
Total commercial real estate | Land and development | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2022	66,081	141,614
2021	133,592	42,201
2020	30,360	77,868
2019	55,259	34,058
2018	21,038	37,167
Prior	84,205	44,989
Total loans	412,717	422,627
Total commercial real estate | Land and development | Pass | Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	22,182	44,730
Total commercial real estate | Land and development | Pass | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	0	0
Total commercial real estate | Land and development | Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
2022	29	0
2021	170	800
2020	775	1,900
2019	0	31,458
2018	31,136	0
Prior	290	1,179
Total loans	32,400	35,337
Total commercial real estate | Land and development | Special Mention | Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	0	0
Total commercial real estate | Land and development | Special Mention | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	0	0
Total commercial real estate | Land and development | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
2022	813	824
2021	2,884	1,149
2020	225	46
2019	643	3,021
2018	477	807
Prior	3,355	3,055
Total loans	8,397	8,902
Total commercial real estate | Land and development | Substandard | Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	0	0
Total commercial real estate | Land and development | Substandard | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	0	0
Total consumer
Financing Receivable, Credit Quality Indicator [Line Items]
2022	656,070	1,931,117
2021	1,921,124	2,270,900
2020	1,997,115	707,610
2019	591,210	279,965
2018	243,850	486,276
Prior	1,416,441	1,125,547
Total loans	8,923,038	8,673,923
Total consumer | Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	1,729,445	1,720,361
Total consumer | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	367,783	152,147
Total consumer | Consumer mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
2022	498,285	1,276,030
2021	1,251,822	1,560,413
2020	1,437,686	578,415
2019	503,854	228,664
2018	199,419	398,209
Prior	1,232,965	1,027,012
Total loans	5,124,523	5,068,998
Total consumer | Consumer mortgages | Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	492	255
Total consumer | Consumer mortgages | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	0	0
Total consumer | Consumer mortgages | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2022	498,240	1,274,999
2021	1,249,155	1,556,733
2020	1,432,760	572,467
2019	496,716	216,277
2018	187,795	392,492
Prior	1,205,352	1,001,771
Total loans	5,070,510	5,014,994
Total consumer | Consumer mortgages | Pass | Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	492	255
Total consumer | Consumer mortgages | Pass | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	0	0
Total consumer | Consumer mortgages | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
2022	45	1,031
2021	2,667	3,680
2020	4,926	5,943
2019	7,134	12,387
2018	11,624	5,717
Prior	26,856	25,025
Total loans	53,252	53,783
Total consumer | Consumer mortgages | Substandard | Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	0	0
Total consumer | Consumer mortgages | Substandard | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	0	0
Total consumer | Consumer mortgages | Loss
Financing Receivable, Credit Quality Indicator [Line Items]
2022	0	0
2021	0	0
2020	0	5
2019	4	0
2018	0	0
Prior	757	216
Total loans	761	221
Total consumer | Consumer mortgages | Loss | Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	0	0
Total consumer | Consumer mortgages | Loss | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	0	0
Total consumer | Home equity
Financing Receivable, Credit Quality Indicator [Line Items]
2022	0	0
2021	0	0
2020	0	0
2019	0	0
2018	0	0
Prior	0	0
Total loans	1,579,218	1,361,419
Total consumer | Home equity | Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	1,211,435	1,209,272
Total consumer | Home equity | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	367,783	152,147
Total consumer | Home equity | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2022	0	0
2021	0	0
2020	0	0
2019	0	0
2018	0	0
Prior	0	0
Total loans	1,567,398	1,346,191
Total consumer | Home equity | Pass | Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	1,204,042	1,199,556
Total consumer | Home equity | Pass | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	363,356	146,635
Total consumer | Home equity | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
2022	0	0
2021	0	0
2020	0	0
2019	0	0
2018	0	0
Prior	0	0
Total loans	11,256	14,430
Total consumer | Home equity | Substandard | Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	6,967	9,058
Total consumer | Home equity | Substandard | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	4,289	5,372
Total consumer | Home equity | Loss
Financing Receivable, Credit Quality Indicator [Line Items]
2022	0	0
2021	0	0
2020	0	0
2019	0	0
2018	0	0
Prior	0	0
Total loans	564	798
Total consumer | Home equity | Loss | Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	426	658
Total consumer | Home equity | Loss | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	138	140
Total consumer | Credit cards
Financing Receivable, Credit Quality Indicator [Line Items]
2022	0	0
2021	0	0
2020	0	0
2019	0	0
2018	0	0
Prior	0	0
Total loans	194,290	204,172
Total consumer | Credit cards | Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	194,290	204,172
Total consumer | Credit cards | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	0	0
Total consumer | Credit cards | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2022	0	0
2021	0	0
2020	0	0
2019	0	0
2018	0	0
Prior	0	0
Total loans	193,102	203,161
Total consumer | Credit cards | Pass | Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	193,102	203,161
Total consumer | Credit cards | Pass | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	0	0
Total consumer | Credit cards | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
2022	0	0
2021	0	0
2020	0	0
2019	0	0
2018	0	0
Prior	0	0
Total loans	430	348
Total consumer | Credit cards | Substandard | Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	430	348
Total consumer | Credit cards | Substandard | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	0	0
Total consumer | Credit cards | Loss
Financing Receivable, Credit Quality Indicator [Line Items]
2022	0	0
2021	0	0
2020	0	0
2019	0	0
2018	0	0
Prior	0	0
Total loans	758	663
Total consumer | Credit cards | Loss | Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	758	663
Total consumer | Credit cards | Loss | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	0	0
Total consumer | Other consumer loans
Financing Receivable, Credit Quality Indicator [Line Items]
2022	157,785	655,087
2021	669,302	710,487
2020	559,429	129,195
2019	87,356	51,301
2018	44,431	88,067
Prior	183,476	98,535
Total loans	2,025,007	2,039,334
Total consumer | Other consumer loans | Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	323,228	306,662
Total consumer | Other consumer loans | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	0	0
Total consumer | Other consumer loans | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2022	155,843	654,419
2021	667,787	708,937
2020	557,705	127,131
2019	86,030	49,993
2018	43,321	86,175
Prior	182,373	97,765
Total loans	2,016,119	2,030,920
Total consumer | Other consumer loans | Pass | Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	323,060	306,500
Total consumer | Other consumer loans | Pass | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	0	0
Total consumer | Other consumer loans | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
2022	1,942	668
2021	1,515	1,550
2020	1,724	2,064
2019	1,326	1,308
2018	1,110	1,892
Prior	1,094	750
Total loans	8,879	8,394
Total consumer | Other consumer loans | Substandard | Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	168	162
Total consumer | Other consumer loans | Substandard | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	0	0
Total consumer | Other consumer loans | Loss
Financing Receivable, Credit Quality Indicator [Line Items]
2022	0	0
2021	0	0
2020	0	0
2019	0	0
2018	0	0
Prior	9	20
Total loans	9	20
Total consumer | Other consumer loans | Loss | Revolving Loans Amortized Cost Basis
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	0	0
Total consumer | Other consumer loans | Loss | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	$ 0	$ 0

XML

Loans and Allowance for Loan Losses (Schedule of Allowances for Loan Losses and Recorded Investment in Loans) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Allowance for loan losses:
Beginning balance	$ 414,956	$ 563,214	$ 427,597	$ 605,736
Charge-offs	(23,698)	(30,853)	(48,845)	(56,178)
Recoveries	7,133	4,307	13,671	9,428
Provision for (reversal of) loan losses	9,446	(19,960)	15,414	(42,278)
Ending balance	407,837	516,708	407,837	516,708
Commercial & Industrial
Allowance for loan losses:
Beginning balance	178,722	254,777	188,364	229,555
Charge-offs	(15,512)	(18,729)	(29,275)	(28,146)
Recoveries	3,208	1,495	5,571	4,267
Provision for (reversal of) loan losses	(6,410)	17,395	(4,652)	49,262
Ending balance	160,008	254,938	160,008	254,938
Commercial Real Estate
Allowance for loan losses:
Beginning balance	94,696	113,812	97,760	130,742
Charge-offs	(252)	(3,839)	(2,708)	(14,158)
Recoveries	572	377	933	1,403
Provision for (reversal of) loan losses	9,202	(18,237)	8,233	(25,874)
Ending balance	104,218	92,113	104,218	92,113
Consumer
Allowance for loan losses:
Beginning balance	141,538	194,625	141,473	245,439
Charge-offs	(7,934)	(8,285)	(16,862)	(13,874)
Recoveries	3,353	2,435	7,167	3,758
Provision for (reversal of) loan losses	6,654	(19,118)	11,833	(65,666)
Ending balance	$ 143,611	$ 169,657	$ 143,611	$ 169,657

XML

Loans and Allowance for Loan Losses (Troubled Debt Restructurings) (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($) contract	Jun. 30, 2021 USD ($) contract	Jun. 30, 2022 USD ($) contract	Jun. 30, 2021 USD ($) contract
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Contracts | contract	58	56	137	198
Recorded investment	$ 37,282,000	$ 6,801,000	$ 78,925,000	$ 22,276,000
Net charge-offs	$ 0	$ 0	$ 0	$ 0
Total commercial and industrial
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Contracts | contract	30	23	76	68
Recorded investment	$ 31,230,000	$ 4,099,000	$ 59,632,000	$ 11,548,000
Total commercial and industrial | Commercial, financial and agricultural
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Contracts | contract	23	18	56	58
Recorded investment	$ 8,800,000	$ 2,944,000	$ 27,241,000	$ 8,740,000
Total commercial and industrial | Owner-occupied
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Contracts | contract	7	5	20	10
Recorded investment	$ 22,430,000	$ 1,155,000	$ 32,391,000	$ 2,808,000
Total commercial real estate
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Contracts | contract	7	4	20	15
Recorded investment	$ 3,111,000	$ 943,000	$ 14,254,000	$ 3,472,000
Total commercial real estate | Investment properties
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Contracts | contract	2	1	5	6
Recorded investment	$ 690,000	$ 419,000	$ 7,889,000	$ 2,403,000
Total commercial real estate | 1-4 family properties
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Contracts | contract	4	2	11	7
Recorded investment	$ 1,984,000	$ 158,000	$ 3,197,000	$ 660,000
Total commercial real estate | Land and development
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Contracts | contract	1	1	4	2
Recorded investment	$ 437,000	$ 366,000	$ 3,168,000	$ 409,000
Total consumer
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Contracts | contract	21	29	41	115
Recorded investment	$ 2,941,000	$ 1,759,000	$ 5,039,000	$ 7,256,000
Total consumer | Consumer mortgages
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Contracts | contract	3	2	10	2
Recorded investment	$ 321,000	$ 331,000	$ 1,442,000	$ 331,000
Total consumer | Home equity
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Contracts | contract	14	14	25	27
Recorded investment	$ 2,529,000	$ 996,000	$ 3,458,000	$ 1,745,000
Total consumer | Other consumer loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Contracts | contract	4	13	6	86
Recorded investment	$ 91,000	$ 432,000	$ 139,000	$ 5,180,000
Below Market Interest Rate
Financing Receivable, Troubled Debt Restructuring [Line Items]
Recorded investment	36,724,000	5,286,000	67,207,000	12,936,000
Below Market Interest Rate | Total commercial and industrial
Financing Receivable, Troubled Debt Restructuring [Line Items]
Recorded investment	30,964,000	2,925,000	54,968,000	7,412,000
Below Market Interest Rate | Total commercial and industrial | Commercial, financial and agricultural
Financing Receivable, Troubled Debt Restructuring [Line Items]
Recorded investment	8,534,000	1,770,000	26,434,000	5,003,000
Below Market Interest Rate | Total commercial and industrial | Owner-occupied
Financing Receivable, Troubled Debt Restructuring [Line Items]
Recorded investment	22,430,000	1,155,000	28,534,000	2,409,000
Below Market Interest Rate | Total commercial real estate
Financing Receivable, Troubled Debt Restructuring [Line Items]
Recorded investment	3,111,000	943,000	7,644,000	3,390,000
Below Market Interest Rate | Total commercial real estate | Investment properties
Financing Receivable, Troubled Debt Restructuring [Line Items]
Recorded investment	690,000	419,000	1,279,000	2,403,000
Below Market Interest Rate | Total commercial real estate | 1-4 family properties
Financing Receivable, Troubled Debt Restructuring [Line Items]
Recorded investment	1,984,000	158,000	3,197,000	621,000
Below Market Interest Rate | Total commercial real estate | Land and development
Financing Receivable, Troubled Debt Restructuring [Line Items]
Recorded investment	437,000	366,000	3,168,000	366,000
Below Market Interest Rate | Total consumer
Financing Receivable, Troubled Debt Restructuring [Line Items]
Recorded investment	2,649,000	1,418,000	4,595,000	2,134,000
Below Market Interest Rate | Total consumer | Consumer mortgages
Financing Receivable, Troubled Debt Restructuring [Line Items]
Recorded investment	159,000	331,000	1,176,000	331,000
Below Market Interest Rate | Total consumer | Home equity
Financing Receivable, Troubled Debt Restructuring [Line Items]
Recorded investment	2,490,000	900,000	3,419,000	1,487,000
Below Market Interest Rate | Total consumer | Other consumer loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Recorded investment	0	187,000	0	316,000
Other Concessions
Financing Receivable, Troubled Debt Restructuring [Line Items]
Recorded investment	558,000	1,515,000	11,718,000	9,340,000
Other Concessions | Total commercial and industrial
Financing Receivable, Troubled Debt Restructuring [Line Items]
Recorded investment	266,000	1,174,000	4,664,000	4,136,000
Other Concessions | Total commercial and industrial | Commercial, financial and agricultural
Financing Receivable, Troubled Debt Restructuring [Line Items]
Recorded investment	266,000	1,174,000	807,000	3,737,000
Other Concessions | Total commercial and industrial | Owner-occupied
Financing Receivable, Troubled Debt Restructuring [Line Items]
Recorded investment	0	0	3,857,000	399,000
Other Concessions | Total commercial real estate
Financing Receivable, Troubled Debt Restructuring [Line Items]
Recorded investment	0	0	6,610,000	82,000
Other Concessions | Total commercial real estate | Investment properties
Financing Receivable, Troubled Debt Restructuring [Line Items]
Recorded investment	0	0	6,610,000	0
Other Concessions | Total commercial real estate | 1-4 family properties
Financing Receivable, Troubled Debt Restructuring [Line Items]
Recorded investment	0	0	0	39,000
Other Concessions | Total commercial real estate | Land and development
Financing Receivable, Troubled Debt Restructuring [Line Items]
Recorded investment	0	0	0	43,000
Other Concessions | Total consumer
Financing Receivable, Troubled Debt Restructuring [Line Items]
Recorded investment	292,000	341,000	444,000	5,122,000
Other Concessions | Total consumer | Consumer mortgages
Financing Receivable, Troubled Debt Restructuring [Line Items]
Recorded investment	162,000	0	266,000	0
Other Concessions | Total consumer | Home equity
Financing Receivable, Troubled Debt Restructuring [Line Items]
Recorded investment	39,000	96,000	39,000	258,000
Other Concessions | Total consumer | Other consumer loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Recorded investment	91,000	245,000	139,000	4,864,000
Principal Forgiveness
Financing Receivable, Troubled Debt Restructuring [Line Items]
Recorded investment	$ 0	$ 0	$ 0	$ 0

XML

Goodwill and Other Intangible Assets (Schedule of Goodwill) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 452,390
Reallocation	0
Goodwill, ending balance	452,390
Wholesale Banking Reporting Unit
Goodwill [Roll Forward]
Goodwill, beginning balance	171,636
Reallocation	0
Goodwill, ending balance	171,636
Community Banking Reporting Unit
Goodwill [Roll Forward]
Goodwill, beginning balance	256,323
Reallocation	(114,701)
Goodwill, ending balance	141,622
Consumer Banking Reporting Unit
Goodwill [Roll Forward]
Goodwill, beginning balance	0
Reallocation	114,701
Goodwill, ending balance	114,701
Mortgage Reporting Unit
Goodwill [Roll Forward]
Goodwill, beginning balance	0
Reallocation	0
Goodwill, ending balance	0
Wealth Management Reporting Unit
Goodwill [Roll Forward]
Goodwill, beginning balance	24,431
Reallocation	0
Goodwill, ending balance	$ 24,431

XML

Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Business Acquisition [Line Items]
Amortization expense	$ 2.1	$ 2.4	$ 4.2	$ 4.8
CDI
Business Acquisition [Line Items]
Useful life			10 years

XML

Goodwill and Other Intangible Assets (Other Intangible Assets) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 69,900	$ 69,900
Accumulated Amortization	(38,540)	(34,304)
Net Carrying Value	31,360	35,596
CDI
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	57,400	57,400
Accumulated Amortization	(31,831)	(28,178)
Net Carrying Value	25,569	29,222
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	12,500	12,500
Accumulated Amortization	(6,709)	(6,126)
Net Carrying Value	$ 5,791	$ 6,374

XML

Shareholders' Equity and Other Comprehensive Income (Loss) (Narrative) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022	Jan. 20, 2022
Class of Stock [Line Items]
Authorized amount			$ 300.0
Common Stock
Class of Stock [Line Items]
Share repurchased	$ 3.3	$ 13.0
Shares repurchased (in shares)	78	281
Average price of shares repurchased (in dollars per share)	$ 42.71	$ 46.17

XML

Shareholders' Equity and Other Comprehensive Income (Loss) (Changes in Accumulated Other Comprehensive Income (Loss) by Component (Net of Income Taxes)) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Roll Forward]
Beginning balance	$ 4,824,635	$ 5,161,717	$ 5,296,800	$ 5,161,334
Total other comprehensive income (loss), net of tax	(364,640)	30,448	(944,384)	(112,909)
Ending balance	4,584,438	5,237,714	4,584,438	5,237,714
Accumulated other comprehensive loss	1,026,705		1,026,705		$ 82,321
Total
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Roll Forward]
Beginning balance	(662,065)	15,278	(82,321)	158,635
Other comprehensive income (loss) before reclassifications	(363,895)	33,180	(941,971)	(110,463)
Amounts reclassified from AOCI	(745)	(2,732)	(2,413)	(2,446)
Total other comprehensive income (loss), net of tax	(364,640)	30,448	(944,384)	(112,909)
Ending balance	(1,026,705)	45,726	(1,026,705)	45,726
Net unrealized gains (losses) on investment securities available for sale
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Roll Forward]
Beginning balance	(542,439)	(15,316)	(67,980)	105,669
Other comprehensive income (loss) before reclassifications	(327,080)	34,617	(801,539)	(87,843)
Amounts reclassified from AOCI	0	0	0	1,475
Total other comprehensive income (loss), net of tax	(327,080)	34,617	(801,539)	(86,368)
Ending balance	(869,519)	19,301	(869,519)	19,301
Accumulated other comprehensive loss	13,300		13,300
Net unrealized gains (losses) on cash flow hedges
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Roll Forward]
Beginning balance	(119,626)	30,594	(14,341)	52,966
Other comprehensive income (loss) before reclassifications	(36,815)	(1,437)	(140,432)	(22,620)
Amounts reclassified from AOCI	(745)	(2,732)	(2,413)	(3,921)
Total other comprehensive income (loss), net of tax	(37,560)	(4,169)	(142,845)	(26,541)
Ending balance	(157,186)	$ 26,425	(157,186)	$ 26,425
Net unrealized losses on cash flow hedges
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Roll Forward]
Accumulated other comprehensive loss	$ 12,100		$ 12,100

XML

Fair Value Accounting (Financial Instruments Measured at Fair Value on Recurring Basis) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Assets
Investment securities available for sale	$ 9,889,850	$ 10,918,329
Mortgage loans held for sale	76,864	108,198
Mortgage-backed securities issued by U.S. Government agencies
Assets
Investment securities available for sale	631,971	779,633
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises
Assets
Investment securities available for sale	753,086	939,623
Asset-backed securities
Assets
Investment securities available for sale	201,366	514,188
U.S. Treasury securities
Assets
Investment securities available for sale	386,584	117,838
Mortgage-backed securities issued by U.S. Government sponsored enterprises
Assets
Investment securities available for sale	7,242,641	8,012,301
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises
Assets
Investment securities available for sale	605,119	481,744
Corporate debt securities and other debt securities
Assets
Investment securities available for sale	18,188	18,801
Level 1
Assets
Trading securities	0	0
Investment securities available for sale	386,584	117,838
Other investments	0	0
Mutual funds and mutual funds held in rabbi trusts	41,254	43,657
GGL/SBA loans servicing asset	0	0
Derivative assets	0	0
Liabilities
Trading liability for short positions	0	0
Mutual funds held in rabbi trusts	25,995	27,205
Derivative liabilities	0	0
Level 2
Assets
Trading securities	16,277	8,391
Investment securities available for sale	9,503,266	10,800,491
Other investments	0	0
Mutual funds and mutual funds held in rabbi trusts	0	0
GGL/SBA loans servicing asset	0	0
Derivative assets	191,377	191,708
Liabilities
Trading liability for short positions	5,018	200
Mutual funds held in rabbi trusts	0	0
Derivative liabilities	339,722	95,067
Level 3
Assets
Trading securities	0	0
Investment securities available for sale	0	0
Other investments	11,083	12,185
Mutual funds and mutual funds held in rabbi trusts	0	0
GGL/SBA loans servicing asset	3,155	3,233
Derivative assets	0	0
Liabilities
Trading liability for short positions	0	0
Mutual funds held in rabbi trusts	0	0
Derivative liabilities	4,993	3,535
Fair Value, Measurements, Recurring Basis
Assets
Trading securities	16,277	8,391
Investment securities available for sale	9,889,850	10,918,329
Mortgage loans held for sale	76,864	108,198
Other investments	11,083	12,185
Mutual funds and mutual funds held in rabbi trusts	41,254	43,657
GGL/SBA loans servicing asset	3,155	3,233
Derivative assets	191,377	191,708
Liabilities
Trading liability for short positions	5,018	200
Mutual funds held in rabbi trusts	25,995	27,205
Derivative liabilities	344,715	98,602
Fair Value, Measurements, Recurring Basis | Mortgage-backed securities issued by U.S. Government agencies
Assets
Trading securities	2,795	197
Investment securities available for sale	631,971	779,633
Fair Value, Measurements, Recurring Basis | Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises
Assets
Trading securities	412	671
Investment securities available for sale	753,086	939,623
Fair Value, Measurements, Recurring Basis | Other mortgage-backed securities
Assets
Trading securities	3,231	0
Fair Value, Measurements, Recurring Basis | State and municipal securities
Assets
Trading securities	28	560
Fair Value, Measurements, Recurring Basis | Asset-backed securities
Assets
Trading securities	9,811	6,963
Investment securities available for sale	201,366	514,188
Fair Value, Measurements, Recurring Basis | U.S. Treasury securities
Assets
Investment securities available for sale	386,584	117,838
Fair Value, Measurements, Recurring Basis | U.S. Government agency securities
Assets
Investment securities available for sale	50,895	54,201
Fair Value, Measurements, Recurring Basis | Mortgage-backed securities issued by U.S. Government sponsored enterprises
Assets
Investment securities available for sale	7,242,641	8,012,301
Fair Value, Measurements, Recurring Basis | Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises
Assets
Investment securities available for sale	605,119	481,744
Fair Value, Measurements, Recurring Basis | Corporate debt securities and other debt securities
Assets
Investment securities available for sale	18,188	18,801
Fair Value, Measurements, Recurring Basis | Level 1
Assets
Trading securities	0	0
Investment securities available for sale	386,584	117,838
Mortgage loans held for sale	0	0
Other investments	0	0
Mutual funds and mutual funds held in rabbi trusts	41,254	43,657
GGL/SBA loans servicing asset	0	0
Derivative assets	0	0
Liabilities
Trading liability for short positions	0	0
Mutual funds held in rabbi trusts	25,995	27,205
Derivative liabilities	0	0
Fair Value, Measurements, Recurring Basis | Level 1 | Mortgage-backed securities issued by U.S. Government agencies
Assets
Trading securities	0	0
Investment securities available for sale	0	0
Fair Value, Measurements, Recurring Basis | Level 1 | Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises
Assets
Trading securities	0	0
Investment securities available for sale	0	0
Fair Value, Measurements, Recurring Basis | Level 1 | Other mortgage-backed securities
Assets
Trading securities	0	0
Fair Value, Measurements, Recurring Basis | Level 1 | State and municipal securities
Assets
Trading securities	0	0
Fair Value, Measurements, Recurring Basis | Level 1 | Asset-backed securities
Assets
Trading securities	0	0
Investment securities available for sale	0	0
Fair Value, Measurements, Recurring Basis | Level 1 | U.S. Treasury securities
Assets
Investment securities available for sale	386,584	117,838
Fair Value, Measurements, Recurring Basis | Level 1 | U.S. Government agency securities
Assets
Investment securities available for sale	0	0
Fair Value, Measurements, Recurring Basis | Level 1 | Mortgage-backed securities issued by U.S. Government sponsored enterprises
Assets
Investment securities available for sale	0	0
Fair Value, Measurements, Recurring Basis | Level 1 | Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises
Assets
Investment securities available for sale	0	0
Fair Value, Measurements, Recurring Basis | Level 1 | Corporate debt securities and other debt securities
Assets
Investment securities available for sale	0	0
Fair Value, Measurements, Recurring Basis | Level 2
Assets
Trading securities	16,277	8,391
Investment securities available for sale	9,503,266	10,800,491
Mortgage loans held for sale	76,864	108,198
Other investments	0	0
Mutual funds and mutual funds held in rabbi trusts	0	0
GGL/SBA loans servicing asset	0	0
Derivative assets	191,377	191,708
Liabilities
Trading liability for short positions	5,018	200
Mutual funds held in rabbi trusts	0	0
Derivative liabilities	339,722	95,067
Fair Value, Measurements, Recurring Basis | Level 2 | Mortgage-backed securities issued by U.S. Government agencies
Assets
Trading securities	2,795	197
Investment securities available for sale	631,971	779,633
Fair Value, Measurements, Recurring Basis | Level 2 | Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises
Assets
Trading securities	412	671
Investment securities available for sale	753,086	939,623
Fair Value, Measurements, Recurring Basis | Level 2 | Other mortgage-backed securities
Assets
Trading securities	3,231	0
Fair Value, Measurements, Recurring Basis | Level 2 | State and municipal securities
Assets
Trading securities	28	560
Fair Value, Measurements, Recurring Basis | Level 2 | Asset-backed securities
Assets
Trading securities	9,811	6,963
Investment securities available for sale	201,366	514,188
Fair Value, Measurements, Recurring Basis | Level 2 | U.S. Treasury securities
Assets
Investment securities available for sale	0	0
Fair Value, Measurements, Recurring Basis | Level 2 | U.S. Government agency securities
Assets
Investment securities available for sale	50,895	54,201
Fair Value, Measurements, Recurring Basis | Level 2 | Mortgage-backed securities issued by U.S. Government sponsored enterprises
Assets
Investment securities available for sale	7,242,641	8,012,301
Fair Value, Measurements, Recurring Basis | Level 2 | Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises
Assets
Investment securities available for sale	605,119	481,744
Fair Value, Measurements, Recurring Basis | Level 2 | Corporate debt securities and other debt securities
Assets
Investment securities available for sale	18,188	18,801
Fair Value, Measurements, Recurring Basis | Level 3
Assets
Trading securities	0	0
Investment securities available for sale	0	0
Mortgage loans held for sale	0	0
Other investments	11,083	12,185
Mutual funds and mutual funds held in rabbi trusts	0	0
GGL/SBA loans servicing asset	3,155	3,233
Derivative assets	0	0
Liabilities
Trading liability for short positions	0	0
Mutual funds held in rabbi trusts	0	0
Derivative liabilities	4,993	3,535
Fair Value, Measurements, Recurring Basis | Level 3 | Mortgage-backed securities issued by U.S. Government agencies
Assets
Trading securities	0	0
Investment securities available for sale	0	0
Fair Value, Measurements, Recurring Basis | Level 3 | Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises
Assets
Trading securities	0	0
Investment securities available for sale	0	0
Fair Value, Measurements, Recurring Basis | Level 3 | Other mortgage-backed securities
Assets
Trading securities	0	0
Fair Value, Measurements, Recurring Basis | Level 3 | State and municipal securities
Assets
Trading securities	0	0
Fair Value, Measurements, Recurring Basis | Level 3 | Asset-backed securities
Assets
Trading securities	0	0
Investment securities available for sale	0	0
Fair Value, Measurements, Recurring Basis | Level 3 | U.S. Treasury securities
Assets
Investment securities available for sale	0	0
Fair Value, Measurements, Recurring Basis | Level 3 | U.S. Government agency securities
Assets
Investment securities available for sale	0	0
Fair Value, Measurements, Recurring Basis | Level 3 | Mortgage-backed securities issued by U.S. Government sponsored enterprises
Assets
Investment securities available for sale	0	0
Fair Value, Measurements, Recurring Basis | Level 3 | Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises
Assets
Investment securities available for sale	0	0
Fair Value, Measurements, Recurring Basis | Level 3 | Corporate debt securities and other debt securities
Assets
Investment securities available for sale	$ 0	$ 0

XML

Fair Value Accounting (Mortgage Loans Held for Sale and Changes in Fair Value Included in Consolidated Statements of Income) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Fair value	$ 76,864		$ 76,864		$ 108,198
Unpaid principal balance	75,996		75,996		105,785
Fair value less aggregate unpaid principal balance	868		868		$ 2,413
Mortgage loans held for sale	$ 805	$ 4,094	$ (1,545)	$ (538)

XML

Fair Value Accounting (Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnout Liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance		$ (5,677)		$ (5,677)
Included in earnings		(750)		(750)
Sales				0
Additions		0		0
Settlements		0		0
Ending balance		(6,427)		(6,427)
Total net gains (losses) for the period included in earnings attributable to the change in unrealized gain/(losses) relating to assets/liabilities still held		(750)		(750)
Visa Derivative
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ (1,776)	(1,768)	$ (3,535)	(2,048)
Included in earnings	(3,500)	0	(3,500)	0
Sales				0
Additions	0	0	0	0
Settlements	283	295	2,042	575
Ending balance	(4,993)	(1,473)	(4,993)	(1,473)
Total net gains (losses) for the period included in earnings attributable to the change in unrealized gain/(losses) relating to assets/liabilities still held	(3,500)	0	(3,500)	0
Investment Securities Available for Sale
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance		0		2,021
Included in earnings		0		0
Sales				(2,021)
Additions		0		0
Settlements		0		0
Ending balance		0		0
Total net gains (losses) for the period included in earnings attributable to the change in unrealized gain/(losses) relating to assets/liabilities still held		0		0
Other Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	12,093	1,053	12,185	1,021
Included in earnings	(7,037)	(27)	(7,129)	5
Sales				0
Additions	6,027	0	6,027	0
Settlements	0	0	0	0
Ending balance	11,083	1,026	11,083	1,026
Total net gains (losses) for the period included in earnings attributable to the change in unrealized gain/(losses) relating to assets/liabilities still held	(7,037)	(27)	(7,129)	5
GGL / SBA Loans Servicing Asset
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	3,451	3,305	3,233	3,258
Included in earnings	(510)	(252)	(772)	(430)
Sales				0
Additions	0	268	0	493
Settlements	214	0	694	0
Ending balance	3,155	3,321	3,155	3,321
Total net gains (losses) for the period included in earnings attributable to the change in unrealized gain/(losses) relating to assets/liabilities still held	$ 0	$ 0	$ 0	$ 0

XML

Fair Value Accounting (Assets Measured at Fair Value on Non-Recurring Basis) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other real estate	$ 11,400		$ 11,400		$ 11,800
Fair Value, Measurements, Nonrecurring Basis | Provision for credit losses | Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value adjustment	8,900	$ 13,476	9,239	$ 13,504
Fair Value, Measurements, Nonrecurring Basis | Other operating expense | Other real estate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value adjustment		2		2
Fair Value, Measurements, Nonrecurring Basis | Other operating expense | Other assets held for sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value adjustment	0	76	492	76
Fair Value, Measurements, Nonrecurring Basis | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans	0	0	0	0
Other real estate		0		0
Other assets held for sale	0	0	0	0
Fair Value, Measurements, Nonrecurring Basis | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans	0	0	0	0
Other real estate		0		0
Other assets held for sale	0	0	0	0
Fair Value, Measurements, Nonrecurring Basis | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans	24,360	29,201	24,360	29,201
Other real estate		42		42
Other assets held for sale	$ 2,725	$ 1,170	$ 2,725	$ 1,170

XML

Fair Value Accounting (Narrative) (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Other real estate	$ 11.4	$ 11.8

XML

Fair Value Accounting (Carrying and Estimated Fair Values of Financial Instruments Carried on Balance Sheet) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Financial assets
Investment securities available for sale	$ 9,889,850	$ 10,918,329
Loans held for sale	917,679	750,642
Loans, net	40,796,943	38,884,361
Financial liabilities
Non-interest-bearing deposits	16,876,710	16,392,653
Total deposits	49,034,700	49,427,276
Federal funds purchased and securities sold under repurchase agreements	345,242	264,133
Long-term debt	1,804,104	1,204,229
Level 1
Financial assets
Total cash, cash equivalents, and restricted cash	1,665,060	3,009,853
Trading securities	0	0
Investment securities available for sale	386,584	117,838
Loans held for sale	0	0
Other investments	0	0
Mutual funds and mutual funds held in rabbi trusts	41,254	43,657
Loans, net	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
Federal funds purchased and securities sold under repurchase agreements	345,242	264,133
Trading liability for short positions	0	0
Short-term borrowings	0
Long-term debt	0	0
Mutual funds held in rabbi trusts	25,995	27,205
Derivative liabilities	0	0
Level 2
Financial assets
Total cash, cash equivalents, and restricted cash	0	0
Trading securities	16,277	8,391
Investment securities available for sale	9,503,266	10,800,491
Loans held for sale	76,864	108,198
Other investments	0	0
Mutual funds and mutual funds held in rabbi trusts	0	0
Loans, net	0	0
GGL/SBA loans servicing asset	0	0
FRB and FHLB stock	206,177	159,941
Derivative assets	191,377	191,708
Financial liabilities
Non-interest-bearing deposits	16,876,710	16,392,653
Non-time interest-bearing deposits	27,084,663	28,917,148
Time deposits	5,052,977	4,125,673
Total deposits	49,014,350	49,435,474
Federal funds purchased and securities sold under repurchase agreements	0	0
Trading liability for short positions	5,018	200
Short-term borrowings	250,000
Long-term debt	1,793,812	1,243,147
Mutual funds held in rabbi trusts	0	0
Derivative liabilities	339,722	95,067
Level 3
Financial assets
Total cash, cash equivalents, and restricted cash	0	0
Trading securities	0	0
Investment securities available for sale	0	0
Loans held for sale	840,483	641,782
Other investments	11,083	12,185
Mutual funds and mutual funds held in rabbi trusts	0	0
Loans, net	40,886,790	39,118,275
GGL/SBA loans servicing asset	3,155	3,233
FRB and FHLB stock		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
Federal funds purchased and securities sold under repurchase agreements	0	0
Trading liability for short positions	0	0
Short-term borrowings	0
Long-term debt	0	0
Mutual funds held in rabbi trusts	0	0
Derivative liabilities	4,993	3,535
Carrying Value
Financial assets
Total cash, cash equivalents, and restricted cash	1,665,060	3,009,853
Trading securities	16,277	8,391
Investment securities available for sale	9,889,850	10,918,329
Loans held for sale		750,642
Other investments	11,083	12,185
Mutual funds and mutual funds held in rabbi trusts	41,254	43,657
Loans, net	40,796,943	38,884,361
GGL/SBA loans servicing asset	3,155	3,233
FRB and FHLB stock	206,177	159,941
Derivative assets	191,377	191,708
Financial liabilities
Non-interest-bearing deposits	16,876,710	16,392,653
Non-time interest-bearing deposits	27,084,663	28,917,148
Time deposits	5,073,327	4,117,475
Total deposits	49,034,700	49,427,276
Federal funds purchased and securities sold under repurchase agreements	345,242	264,133
Trading liability for short positions	5,018	200
Short-term borrowings	250,000
Long-term debt	1,804,104	1,204,229
Mutual funds held in rabbi trusts	25,995	27,205
Derivative liabilities	344,715	98,602
Fair Value
Financial assets
Total cash, cash equivalents, and restricted cash	1,665,060	3,009,853
Trading securities	16,277	8,391
Investment securities available for sale	9,889,850	10,918,329
Loans held for sale	917,347	749,980
Other investments	11,083	12,185
Mutual funds and mutual funds held in rabbi trusts	41,254	43,657
Loans, net	40,886,790	39,118,275
GGL/SBA loans servicing asset	3,155	3,233
FRB and FHLB stock	206,177	159,941
Derivative assets	191,377	191,708
Financial liabilities
Non-interest-bearing deposits	16,876,710	16,392,653
Non-time interest-bearing deposits	27,084,663	28,917,148
Time deposits	5,052,977	4,125,673
Total deposits	49,014,350	49,435,474
Federal funds purchased and securities sold under repurchase agreements	345,242	264,133
Trading liability for short positions	5,018	200
Short-term borrowings	250,000
Long-term debt	1,793,812	1,243,147
Mutual funds held in rabbi trusts	25,995	27,205
Derivative liabilities	$ 344,715	$ 98,602

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Derivative Instruments and Hedging Activities (Narrative) (Details) - USD ($)	3 Months Ended			6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Derivative [Line Items]
Net unrealized gains (losses) arising during the period	$ (48,332,000)	$ (1,923,000)		$ (184,310,000)	$ (30,980,000)
Unrealized gain, after tax	(36,815,000)	(1,437,000)		(140,432,000)	(22,620,000)
Income recognized	1,000,000	$ 3,700,000		3,200,000	$ 5,300,000
Cash flow hedge gain (loss) to be reclassified				84,000,000
Cash flow hedge termination gain				2,000,000
Collateral requirements	31,600,000			31,600,000		$ 64,500,000
Variation margin, amount reducing derivative asset	37,000,000			37,000,000		$ 94,600,000
Cash Flow Hedges
Derivative [Line Items]
Net unrealized gains (losses) arising during the period	0		$ 757,000	0
Unrealized gain, after tax			$ 565,000
Cash Flow Hedges | Forward-Starting Cash Flow Hedges Added In Q2 QTD 2022
Derivative [Line Items]
Increase in derivative, notional amount	$ 250,000,000
Cash Flow Hedges | Forward-Starting Cash Flow Hedges Added In Q2 YTD 2022
Derivative [Line Items]
Increase in derivative, notional amount				$ 1,650,000,000

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Derivative Instruments and Hedging Activities (Impact of Derivatives on Balance Sheet) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Designated as hedging instruments
Derivative [Line Items]
Estimated fair value of derivative assets	$ 546	$ 22,004
Estimated fair value of derivative liabilities	187,520	20,395
Derivatives not designated as hedging instruments
Derivative [Line Items]
Estimated fair value of derivative assets	190,831	169,704
Estimated fair value of derivative liabilities	157,195	78,207
Derivatives not designated as hedging instruments | Interest rate contracts
Derivative [Line Items]
Notional Amount	9,250,136	9,653,600
Estimated fair value of derivative assets	188,994	167,560
Estimated fair value of derivative liabilities	152,201	74,514
Derivatives not designated as hedging instruments | Mortgage derivatives | Mortgage derivatives - interest rate lock commitments
Derivative [Line Items]
Notional Amount	108,135	99,006
Estimated fair value of derivative assets	1,181	2,105
Estimated fair value of derivative liabilities	0	0
Derivatives not designated as hedging instruments | Mortgage derivatives | Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans
Derivative [Line Items]
Notional Amount	126,000	105,500
Estimated fair value of derivative assets	233	0
Estimated fair value of derivative liabilities	0	122
Derivatives not designated as hedging instruments | Risk participation agreements
Derivative [Line Items]
Notional Amount	448,186	374,214
Estimated fair value of derivative assets	0	0
Estimated fair value of derivative liabilities	1	36
Derivatives not designated as hedging instruments | Foreign exchange contracts
Derivative [Line Items]
Notional Amount	22,082	22,387
Estimated fair value of derivative assets	423	39
Estimated fair value of derivative liabilities	0	0
Derivatives not designated as hedging instruments | Visa Derivative
Derivative [Line Items]
Notional Amount	0	0
Estimated fair value of derivative assets	0	0
Estimated fair value of derivative liabilities	4,993	3,535
Cash flow hedges
Derivative [Line Items]
Estimated fair value of derivative assets	248	22,004
Estimated fair value of derivative liabilities	182,949	20,395
Cash flow hedges | Interest rate contracts
Derivative [Line Items]
Notional Amount	5,250,000	3,600,000
Estimated fair value of derivative assets	248	22,004
Estimated fair value of derivative liabilities	182,949	20,395
Fair value hedges
Derivative [Line Items]
Estimated fair value of derivative assets	298	0
Estimated fair value of derivative liabilities	4,571	0
Fair value hedges | Interest rate contracts
Derivative [Line Items]
Notional Amount	819,389	0
Estimated fair value of derivative assets	298	0
Estimated fair value of derivative liabilities	$ 4,571	$ 0

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Derivative Instruments and Hedging Activities (Schedule of Derivative Instruments, Effect on Hedging) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Derivative [Line Items]
Interest income on loans, including fees	$ 2,986	$ 7,605	$ 11,642	$ 15,947
Interest expense on deposits	1,447	0	1,447	0
Interest expense on long-term debt	584	0	584	0
Fair Value Hedges
Derivative [Line Items]
Total pre-tax income recognized on fair value hedges	0	0	0	0
Interest rate contracts | Cash Flow Hedges
Derivative [Line Items]
Realized gains (losses) reclassified from AOCI, pre-tax, to interest income on loans	978	3,657	3,167	5,256
Pre-tax income recognized on cash flow hedges	978	3,657	3,167	5,256
Interest rate contracts | Fair Value Hedges | Interest-bearing deposits
Derivative [Line Items]
Recognized on derivatives	(2,818)	0	(2,818)	0
Recognized on hedged items	2,818	0	2,818	0	$ 0
Total pre-tax income recognized on fair value hedges	0	0	0	0
Interest rate contracts | Fair Value Hedges | Long-term debt
Derivative [Line Items]
Recognized on derivatives	(1,455)	0	(1,455)	0
Recognized on hedged items	1,455	0	1,455	0	$ 0
Total pre-tax income recognized on fair value hedges	$ 0	$ 0	$ 0	$ 0

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Derivative Instruments and Hedging Activities (Schedule of the Carrying Amount and Associated Cumulative Basis Adjustment Related to the Application of Hedge Accounting) (Details) - Interest rate contracts - Fair Value Hedges - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Interest-bearing deposits
Derivative [Line Items]
Carrying Amount of Assets/(Liabilities)	$ 619,390		$ 619,390		$ 0
Hedge Accounting Basis Adjustment	2,818	$ 0	2,818	$ 0	0
Long-term debt
Derivative [Line Items]
Carrying Amount of Assets/(Liabilities)	197,760		197,760		0
Hedge Accounting Basis Adjustment	$ 1,455	$ 0	$ 1,455	$ 0	$ 0

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Derivative Instruments and Hedging Activities (Effect of Fair Value Hedges on Consolidated Statements of Income) (Details) - Derivatives not designated as hedging instruments - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Derivative [Line Items]
Gain (Loss) Recognized in Consolidated Statements of Income	$ (1,750)	$ (5,683)	$ 1,260	$ (12)
Interest rate contracts | Capital markets income
Derivative [Line Items]
Gain (Loss) Recognized in Consolidated Statements of Income	736	(637)	1,409	310
Mortgage derivatives | Mortgage derivatives - interest rate lock commitments | Mortgage banking income
Derivative [Line Items]
Gain (Loss) Recognized in Consolidated Statements of Income	394	(53)	(924)	(1,772)
Mortgage derivatives | Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans | Mortgage banking income
Derivative [Line Items]
Gain (Loss) Recognized in Consolidated Statements of Income	(3,210)	(4,974)	355	1,268
Risk participation agreements | Capital markets income
Derivative [Line Items]
Gain (Loss) Recognized in Consolidated Statements of Income	10	(19)	35	182
Foreign exchange contracts | Capital markets income
Derivative [Line Items]
Gain (Loss) Recognized in Consolidated Statements of Income	$ 320	$ 0	$ 385	$ 0

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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	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Basic Net Income Per Common Share:
Net income available to common shareholders	$ 169,761	$ 177,909	$ 332,507	$ 356,711
Weighted average common shares outstanding (in shares)	145,328	148,113	145,301	148,289
Net income per common share, basic (in dollars per share)	$ 1.17	$ 1.20	$ 2.29	$ 2.41
Diluted Net Income Per Common Share:
Net income available to common shareholders	$ 169,761	$ 177,909	$ 332,507	$ 356,711
Weighted average common shares outstanding (in shares)	145,328	148,113	145,301	148,289
Effect of dilutive outstanding equity-based awards, warrants, and earnout payments (in shares)	987	1,634	1,188	1,475
Weighted average number of diluted common shares (in shares)	146,315	149,747	146,489	149,764
Net income per common share, diluted (in dollars per share)	$ 1.16	$ 1.19	$ 2.27	$ 2.38

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Net Income Per Common Share (Narrative) (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share (in shares)	21,000	0	11,000	21,000

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Commitments and Contingencies (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Loss Contingencies [Line Items]
Allowance for loan losses	$ 407,837,000	$ 516,708,000	$ 407,837,000	$ 516,708,000	$ 414,956,000	$ 427,597,000	$ 563,214,000	$ 605,736,000
Carrying amount included in other assets	471,264,000		471,264,000			438,322,000
Amount of future funding commitments	255,031,000		255,031,000			250,733,000
Permanent and short-term construction loans and letter of credit commitments	164,957,000		164,957,000			204,391,000
Funded portion of permanent and short-term loans and letters of credit	159,721,000		159,721,000			104,315,000
Minimum
Loss Contingencies [Line Items]
Total letters of credit and unfunded lending commitments	0		0
Maximum
Loss Contingencies [Line Items]
Total letters of credit and unfunded lending commitments	5,000,000		5,000,000
Guarantee obligations
Loss Contingencies [Line Items]
Total letters of credit and unfunded lending commitments	16,934,388,000		16,934,388,000			16,256,231,000
Maximum potential exposure for sponsored transactions	31,000,000,000	$ 28,890,000,000	59,600,000,000	$ 55,150,000,000
Letters of credit
Loss Contingencies [Line Items]
Total letters of credit and unfunded lending commitments	202,904,000		202,904,000			183,463,000
Contractual amount net of risk participations	26,100,000		26,100,000			26,100,000
Commitments to fund commercial and industrial loans
Loss Contingencies [Line Items]
Total letters of credit and unfunded lending commitments	9,794,706,000		9,794,706,000			9,595,793,000
Commitments to fund commercial real estate, construction, and land development loans
Loss Contingencies [Line Items]
Total letters of credit and unfunded lending commitments	3,829,403,000		3,829,403,000			3,593,171,000
Commitments under home equity lines of credit
Loss Contingencies [Line Items]
Total letters of credit and unfunded lending commitments	1,951,166,000		1,951,166,000			1,805,869,000
Unused credit card lines
Loss Contingencies [Line Items]
Total letters of credit and unfunded lending commitments	475,843,000		475,843,000			473,582,000
Other loan commitments
Loss Contingencies [Line Items]
Total letters of credit and unfunded lending commitments	680,366,000		680,366,000			604,353,000
Permanent and short-term construction loans and letter of credit commitments
Loss Contingencies [Line Items]
Contractual amount net of risk participations	3,700,000		3,700,000			6,000,000
Funded portion of permanent and short-term loans and letters of credit
Loss Contingencies [Line Items]
Contractual amount net of risk participations	4,100,000		4,100,000			3,000,000
Unfunded Loan Commitment
Loss Contingencies [Line Items]
Allowance for loan losses	$ 50,600,000		$ 50,600,000			$ 41,900,000

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Segment Reporting (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($) employee	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) employee segment	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($) employee
Segment Reporting [Abstract]
Number of reportable segments | segment			4
Income Statement Related Disclosures [Abstract]
Net interest income	$ 425,388	$ 381,860	$ 817,635	$ 755,716
Non-interest revenue	97,266	107,087	202,600	218,043
Non-interest expense	282,051	270,531	554,501	537,665
Pre-provision net revenue	240,603	218,416	465,734	436,094
Balance Sheet Related Disclosures [Abstract]
Loans, net of deferred fees and costs	41,204,780		41,204,780		$ 39,311,958
Total deposits	$ 49,034,700		$ 49,034,700		$ 49,427,276
Total full-time equivalent employees | employee	5,005		5,005		4,887
Operating Segments | Wholesale Banking
Income Statement Related Disclosures [Abstract]
Net interest income	$ 168,988	136,126	$ 324,984	270,200
Non-interest revenue	9,285	7,000	17,683	14,319
Non-interest expense	27,026	21,290	53,674	42,014
Pre-provision net revenue	151,247	121,836	288,993	242,505
Balance Sheet Related Disclosures [Abstract]
Loans, net of deferred fees and costs	23,235,771		23,235,771		$ 21,496,050
Total deposits	$ 11,514,037		$ 11,514,037		$ 12,370,554
Total full-time equivalent employees | employee	310		310		284
Operating Segments | Community Banking
Income Statement Related Disclosures [Abstract]
Net interest income	$ 100,892	99,200	$ 197,018	198,340
Non-interest revenue	12,468	12,472	26,051	23,092
Non-interest expense	33,083	27,543	63,503	54,463
Pre-provision net revenue	80,277	84,129	159,566	166,969
Balance Sheet Related Disclosures [Abstract]
Loans, net of deferred fees and costs	8,449,876		8,449,876		$ 8,231,451
Total deposits	$ 12,326,818		$ 12,326,818		$ 12,557,631
Total full-time equivalent employees | employee	610		610		607
Operating Segments | Consumer Banking
Income Statement Related Disclosures [Abstract]
Net interest income	$ 103,727	103,681	$ 201,133	210,783
Non-interest revenue	22,095	19,740	43,739	38,874
Non-interest expense	47,534	43,908	92,249	87,464
Pre-provision net revenue	78,288	79,513	152,623	162,193
Balance Sheet Related Disclosures [Abstract]
Loans, net of deferred fees and costs	2,782,037		2,782,037		$ 2,559,892
Total deposits	$ 19,829,216		$ 19,829,216		$ 19,668,846
Total full-time equivalent employees | employee	1,505		1,505		1,532
Operating Segments | Financial Management Services
Income Statement Related Disclosures [Abstract]
Net interest income	$ 18,403	18,935	$ 36,818	39,930
Non-interest revenue	45,195	52,345	90,359	110,928
Non-interest expense	44,333	46,773	88,472	94,447
Pre-provision net revenue	19,265	24,507	38,705	56,411
Balance Sheet Related Disclosures [Abstract]
Loans, net of deferred fees and costs	5,061,990		5,061,990		$ 4,994,494
Total deposits	$ 593,705		$ 593,705		$ 826,639
Total full-time equivalent employees | employee	810		810		794
Treasury and Corporate Other
Income Statement Related Disclosures [Abstract]
Net interest income	$ 33,378	23,918	$ 57,682	36,463
Non-interest revenue	8,223	15,530	24,768	30,830
Non-interest expense	130,075	131,017	256,603	259,277
Pre-provision net revenue	(88,474)	$ (91,569)	(174,153)	$ (191,984)
Balance Sheet Related Disclosures [Abstract]
Loans, net of deferred fees and costs	1,675,106		1,675,106		$ 2,030,071
Total deposits	$ 4,770,924		$ 4,770,924		$ 4,003,606
Total full-time equivalent employees | employee	1,770		1,770		1,670