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Segment Reporting
 9 Months Ended
Sep. 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, trust services, 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 nine months ended September 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 and relationship managers between segments. During the third quarter of 2022, public funds deposits (and related net interest income, FTP, and non-interest expense) in the Financial Management Services segment were transferred to the Wholesale Banking segment in order to maintain consistency so that all public funds deposits can be managed together in the same business segment. Prior periods have been adjusted accordingly.
Three Months Ended September 30, 2022
(in thousands)Wholesale BankingCommunity BankingConsumer BankingFinancial Management ServicesTreasury and Corporate OtherSynovus Consolidated
Net interest income$177,844 $109,948 $125,421 $17,076 $47,630 $477,919 
Non-interest revenue9,790 11,768 21,498 46,615 14,627 104,298 
Non-interest expense29,888 33,545 48,234 42,620 139,723 294,010 
Pre-provision net revenue$157,746 $88,171 $98,685 $21,071 $(77,466)$288,207 
Three Months Ended September 30, 2021
(in thousands)Wholesale BankingCommunity BankingConsumer BankingFinancial Management ServicesTreasury and Corporate OtherSynovus Consolidated
Net interest income$138,774 $99,512 $100,502 $19,964 $26,165 $384,917 
Non-interest revenue10,739 12,963 20,758 51,248 19,247 114,955 
Non-interest expense22,514 30,169 43,620 44,999 125,730 267,032 
Pre-provision net revenue$126,999 $82,306 $77,640 $26,213 $(80,318)$232,840 
Nine Months Ended September 30, 2022
(in thousands)Wholesale BankingCommunity BankingConsumer BankingFinancial Management ServicesTreasury and Corporate OtherSynovus Consolidated
Net interest income$503,828 $306,966 $326,553 $52,895 $105,313 $1,295,555 
Non-interest revenue27,473 37,819 65,236 136,975 39,394 306,897 
Non-interest expense83,630 97,671 139,859 131,023 396,328 848,511 
Pre-provision net revenue$447,671 $247,114 $251,930 $58,847 $(251,621)$753,941 
Nine Months Ended September 30, 2021
(in thousands)Wholesale BankingCommunity BankingConsumer BankingFinancial Management ServicesTreasury and Corporate OtherSynovus Consolidated
Net interest income$409,265 $297,852 $311,285 $59,603 $62,629 $1,140,634 
Non-interest revenue25,058 36,055 59,632 162,176 50,076 332,997 
Non-interest expense64,590 85,234 130,482 139,383 385,008 804,697 
Pre-provision net revenue$369,733 $248,673 $240,435 $82,396 $(272,303)$668,934 
September 30, 2022
(dollars in thousands)Wholesale BankingCommunity BankingConsumer BankingFinancial Management ServicesTreasury and Corporate OtherSynovus Consolidated
Loans, net of deferred fees and costs$24,614,311 $8,232,482 $2,887,964 $5,104,400 $1,732,301 $42,571,458 
Total deposits$11,346,835 $11,227,390 $19,394,060 $124,208 $5,605,071 $47,697,564 
Total full-time equivalent employees325 623 1,510 799 1,776 5,033 
December 31, 2021
(dollars in thousands)Wholesale BankingCommunity BankingConsumer BankingFinancial Management ServicesTreasury and Corporate OtherSynovus 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$12,795,224 $12,557,631 $19,668,846 $401,969 $4,003,606 $49,427,276 
Total full-time equivalent employees284 617 1,522 794 1,670 4,887