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Investment Securities Available for Sale
 9 Months Ended
Sep. 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 September 30, 2022 and December 31, 2021 are summarized below.
September 30, 2022
(in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
U.S. Treasury securities$515,190 $— $(47,434)$467,756 
U.S. Government agency securities52,411 1 (3,842)48,570 
Mortgage-backed securities issued by U.S. Government agencies 840,735 — (118,123)722,612 
Mortgage-backed securities issued by U.S. Government sponsored enterprises 8,174,641 — (1,341,702)6,832,939 
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 791,310 — (106,802)684,508 
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises884,027 — (71,032)812,995 
Corporate debt securities and other debt securities18,382 — (254)18,128 
Total investment securities available for sale$11,276,696 $1 $(1,689,189)$9,587,508 
December 31, 2021
(in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
U.S. Treasury securities$120,465 $— $(2,627)$117,838 
U.S. Government agency securities53,214 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 enterprises479,420 8,644 (6,320)481,744 
Asset-backed securities514,188 — — 514,188 
Corporate debt securities and other debt securities18,309 492 — 18,801 
Total investment securities available for sale$10,991,506 $66,427 $(139,604)$10,918,329 
At September 30, 2022 and December 31, 2021, investment securities with a carrying value of $4.01 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 September 30, 2022 and December 31, 2021 are presented below.
September 30, 2022
Less than 12 Months12 Months or LongerTotal
(in thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
U.S. Treasury securities$359,580 $(31,435)$83,875 $(15,999)$443,455 $(47,434)
U.S. Government agency securities48,311 (3,842)— — 48,311 (3,842)
Mortgage-backed securities issued by U.S. Government agencies 220,484 (12,059)502,128 (106,064)722,612 (118,123)
Mortgage-backed securities issued by U.S. Government sponsored enterprises 2,371,537 (331,934)4,461,403 (1,009,768)6,832,940 (1,341,702)
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 171,343 (13,315)513,165 (93,487)684,508 (106,802)
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises682,610 (40,538)130,385 (30,494)812,995 (71,032)
Corporate debt securities and other debt securities18,128 (254)— — 18,128 (254)
Total$3,871,993 $(433,377)$5,690,956 $(1,255,812)$9,562,949 $(1,689,189)
December 31, 2021
Less than 12 Months12 Months or LongerTotal
(in thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
U.S. Treasury securities$49,648 $(379)$47,590 $(2,248)$97,238 $(2,627)
U.S. Government agency securities21,760 (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 enterprises146,672 (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 September 30, 2022, Synovus had 254 investment securities in a loss position for less than twelve months and 166 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 September 30, 2022.
At September 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 September 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 September 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$24,100 $392,854 $98,236 $— $515,190 
U.S. Government agency securities273 22,148 29,990 — 52,411 
Mortgage-backed securities issued by U.S. Government agencies — 621 4 840,110 840,735 
Mortgage-backed securities issued by U.S. Government sponsored enterprises — 5,062 115,479 8,054,100 8,174,641 
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — 102 — 791,208 791,310 
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises— 486,500 330,378 67,149 884,027 
Corporate debt securities and other debt securities9,500 — 8,882 — 18,382 
Total amortized cost$33,873 $907,287 $582,969 $9,752,567 $11,276,696 
Fair Value
U.S. Treasury securities$24,100 $358,045 $85,611 $— $467,756 
U.S. Government agency securities273 19,415 28,882 — 48,570 
Mortgage-backed securities issued by U.S. Government agencies — 597 4 722,011 722,612 
Mortgage-backed securities issued by U.S. Government sponsored enterprises — 4,706 107,107 6,721,126 6,832,939 
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — 100 — 684,408 684,508 
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises— 460,412 289,991 62,592 812,995 
Corporate debt securities and other debt securities9,457 — 8,671 — 18,128 
Total fair value$33,830 $843,275 $520,266 $8,190,137 $9,587,508 
Gross gains and gross losses on sales of securities available for sale for the three and nine months ended September 30, 2022 and 2021 are presented below. The specific identification method is used to reclassify gains and losses out of other comprehensive income (loss) at the time of sale.
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)2022202120222021
Gross realized gains on sales$— $962 $— $962 
Gross realized losses on sales— — — (1,990)
Investment securities gains (losses), net$— $962 $— $(1,028)