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Fair Value Accounting (Tables)
 9 Months Ended
Sep. 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.
September 30, 2022December 31, 2021
(in thousands)Level 1Level 2Level 3Total Estimated Fair ValueLevel 1Level 2Level 3Total Estimated Fair Value
Assets
Trading securities:
Mortgage-backed securities issued by U.S. Government agencies $— $22 $— $22 $— $197 $— $197 
Collateralized mortgage obligations issued by U.S. Government sponsored enterprises — 4,187 — 4,187 — 671 — 671 
U.S. Government agency securities13,712 — 13,712 — — — — 
Other mortgage-backed securities— 3,350 — 3,350 — — — — 
State and municipal securities— 297 — 297 — 560 — 560 
Asset-backed securities— 3,791 — 3,791 — 6,963 — 6,963 
Other investments— 122 — 122 — — — — 
Total trading securities$— $25,481 $— $25,481 $— $8,391 $— $8,391 
Investment securities available for sale:
U.S. Treasury securities$467,756 $— $— $467,756 $117,838 $— $— $117,838 
U.S. Government agency securities— 48,570 — 48,570 — 54,201 — 54,201 
Mortgage-backed securities issued by U.S. Government agencies — 722,612 — 722,612 — 779,633 — 779,633 
Mortgage-backed securities issued by U.S. Government sponsored enterprises — 6,832,939 — 6,832,939 — 8,012,301 — 8,012,301 
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — 684,508 — 684,508 — 939,623 — 939,623 
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises— 812,995 — 812,995 — 481,744 — 481,744 
Asset-backed securities— — — — — 514,188 — 514,188 
Corporate debt securities and other debt securities— 18,128 — 18,128 — 18,801 — 18,801 
Total investment securities available for sale$467,756 $9,119,752 $— $9,587,508 $117,838 $10,800,491 $— $10,918,329 
Mortgage loans held for sale$— $56,517 $— $56,517 $— $108,198 $— $108,198 
Other investments— — 11,212 11,212 — — 12,185 12,185 
Mutual funds and mutual funds held in rabbi trusts40,151 — — 40,151 43,657 — — 43,657 
GGL/SBA loans servicing asset— — 2,798 2,798 — — 3,233 3,233 
Derivative assets— 82,087 — 82,087 — 191,708 — 191,708 
Liabilities
Trading liability for short positions$16,236 $296 $— $16,532 $— $200 $— $200 
Mutual funds held in rabbi trusts25,486 — — 25,486 27,205 — — 27,205 
Derivative liabilities— 338,970 1,184 340,154 — 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 September 30, 2022As of December 31, 2021
Fair value$56,517 $108,198 
Unpaid principal balance57,038 105,785 
Fair value less aggregate unpaid principal balance$(521)$2,413 
Changes in Fair Value Included in Net IncomeThree Months Ended September 30,Nine Months Ended September 30, Location in Consolidated Statements of Income
(in thousands)2022202120222021
Mortgage loans held for sale$(1,389)$(1,761)$(2,934)$(2,299)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 September 30, 2022
(in thousands)Other InvestmentsGGL / SBA
Loans Servicing Asset		Visa Derivative
Beginning balance$11,083 $3,155 $(4,993)
Total gains (losses) realized/unrealized:
Included in earnings129 (444)— 
Additions— — — 
Settlements— 87 3,809 
Ending balance$11,212 $2,798 $(1,184)
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 September 30, 2022$129 $— $— 
Three Months Ended September 30, 2021
(in thousands)Other InvestmentsGGL / SBA
Loans Servicing Asset		Earnout
Liability 		Visa Derivative
Beginning balance$1,026 $3,321 $(6,427)$(1,473)
Total gains (losses) realized/unrealized:
Included in earnings(35)(467)243 — 
Additions10,000 534 — — 
Settlements— — 6,184 302 
Ending balance$10,991 $3,388 $— $(1,171)
Total net gains (losses) for the period included in earnings attributable to the change in unrealized gains/(losses) relating to assets/liabilities still held at September 30, 2021$(35)$— $— $— 
Nine Months Ended September 30, 2022
(in thousands)Other InvestmentsGGL / SBA
Loans Servicing Asset		Visa Derivative
Beginning balance$12,185 $3,233 $(3,535)
Total gains (losses) realized/unrealized:
Included in earnings(7,000)(1,216)(3,500)
Additions6,027 — — 
Settlements— 781 5,851 
Ending balance$11,212 $2,798 $(1,184)
Total net gains (losses) for the period included in earnings attributable to the change in unrealized gains/(losses) relating to assets/liabilities still held at September 30, 2022$(7,000)$— $(3,500)
Nine Months Ended September 30, 2021
(in thousands)Investment Securities Available for SaleOther InvestmentsGGL / SBA
Loans Servicing Asset		Earnout
Liability 		Visa Derivative
Beginning balance$2,021 $1,021 $3,258 $(5,677)$(2,048)
Total gains (losses) realized/unrealized:
Included in earnings— (30)(897)(507)— 
Sales(2,021)— — — — 
Additions— 10,000 1,027 — — 
Settlements— — — 6,184 877 
Ending balance$— $10,991 $3,388 $— $(1,171)
Total net gains (losses) for the period included in earnings attributable to the change in unrealized gains/(losses) relating to assets/liabilities still held at September 30, 2021$— $(30)$— $— $— 
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 September 30, 2022
(in thousands)Other InvestmentsGGL / SBA
Loans Servicing Asset		Visa Derivative
Beginning balance$11,083 $3,155 $(4,993)
Total gains (losses) realized/unrealized:
Included in earnings129 (444)— 
Additions— — — 
Settlements— 87 3,809 
Ending balance$11,212 $2,798 $(1,184)
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 September 30, 2022$129 $— $— 
Three Months Ended September 30, 2021
(in thousands)Other InvestmentsGGL / SBA
Loans Servicing Asset		Earnout
Liability 		Visa Derivative
Beginning balance$1,026 $3,321 $(6,427)$(1,473)
Total gains (losses) realized/unrealized:
Included in earnings(35)(467)243 — 
Additions10,000 534 — — 
Settlements— — 6,184 302 
Ending balance$10,991 $3,388 $— $(1,171)
Total net gains (losses) for the period included in earnings attributable to the change in unrealized gains/(losses) relating to assets/liabilities still held at September 30, 2021$(35)$— $— $— 
Nine Months Ended September 30, 2022
(in thousands)Other InvestmentsGGL / SBA
Loans Servicing Asset		Visa Derivative
Beginning balance$12,185 $3,233 $(3,535)
Total gains (losses) realized/unrealized:
Included in earnings(7,000)(1,216)(3,500)
Additions6,027 — — 
Settlements— 781 5,851 
Ending balance$11,212 $2,798 $(1,184)
Total net gains (losses) for the period included in earnings attributable to the change in unrealized gains/(losses) relating to assets/liabilities still held at September 30, 2022$(7,000)$— $(3,500)
Nine Months Ended September 30, 2021
(in thousands)Investment Securities Available for SaleOther InvestmentsGGL / SBA
Loans Servicing Asset		Earnout
Liability 		Visa Derivative
Beginning balance$2,021 $1,021 $3,258 $(5,677)$(2,048)
Total gains (losses) realized/unrealized:
Included in earnings— (30)(897)(507)— 
Sales(2,021)— — — — 
Additions— 10,000 1,027 — — 
Settlements— — — 6,184 877 
Ending balance$— $10,991 $3,388 $— $(1,171)
Total net gains (losses) for the period included in earnings attributable to the change in unrealized gains/(losses) relating to assets/liabilities still held at September 30, 2021$— $(30)$— $— $— 
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.
September 30, 2022Fair Value Adjustments for the Location in Consolidated Statements of Income
(in thousands)Level 1Level 2Level 3
Three Months Ended September 30, 2022
Nine Months Ended September 30, 2022
Loans(1)        
$— $— $19,835 $1,871 $6,878 Provision for credit losses
Other assets held for sale— — 1,736 722 722 Other operating expense
September 30, 2021Fair Value Adjustments for theLocation in Consolidated Statements of Income
Level 1Level 2Level 3
Three Months Ended September 30, 2021
Nine Months Ended September 30, 2021
Loans(1)        
$— $— $11,123 $13,933 $14,823 Provision for credit losses
Other assets held for sale— — 806 301 301 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 September 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.
September 30, 2022
(in thousands)Carrying ValueFair ValueLevel 1Level 2Level 3
Financial assets
Total cash, cash equivalents, and restricted cash$1,867,804 $1,867,804 $1,867,804 $— $— 
Trading securities25,481 25,481 — 25,481 — 
Investment securities available for sale9,587,508 9,587,508 467,756 9,119,752 — 
Loans held for sale696,450 693,973 — 56,517 637,456 
Other investments11,212 11,212 — — 11,212 
Mutual funds and mutual funds held in rabbi trusts40,151 40,151 40,151 — — 
Loans, net42,150,099 40,952,610 — — 40,952,610 
GGL/SBA loans servicing asset2,798 2,798 — — 2,798 
FRB and FHLB stock300,979 300,979 — 300,979 
Derivative assets82,087 82,087 — 82,087 — 
Financial liabilities
Non-interest-bearing deposits$16,359,551 $16,359,551 $— $16,359,551 $— 
Non-time interest-bearing deposits26,457,928 26,457,928 — 26,457,928 — 
Time deposits4,880,085 4,832,971 — 4,832,971 — 
Total deposits$47,697,564 $47,650,450 $— $47,650,450 $— 
Federal funds purchased and securities sold under repurchase agreements240,210 240,210 240,210 — — 
Trading liability for short positions16,532 16,532 16,236 296 — 
Short-term FHLB advances599,700 599,700 — 599,700 — 
Long-term debt4,434,327 4,454,897 — 4,454,897 — 
Mutual funds held in rabbi trusts25,486 25,486 25,486 — — 
Derivative liabilities340,154 340,154 — 338,970 1,184 
December 31, 2021
(in thousands)Carrying ValueFair ValueLevel 1Level 2Level 3
Financial assets
Total cash, cash equivalents, and restricted cash$3,009,853 $3,009,853 $3,009,853 $— $— 
Trading securities8,391 8,391 — 8,391 — 
Investment securities available for sale10,918,329 10,918,329 117,838 10,800,491 — 
Loans held for sale750,642 749,980 — 108,198 641,782 
Other investments12,185 12,185 — — 12,185 
Mutual funds and mutual funds held in rabbi trusts43,657 43,657 43,657 — — 
Loans, net38,884,361 39,118,275 — — 39,118,275 
GGL/SBA loans servicing asset3,233 3,233 — — 3,233 
FRB and FHLB stock159,941 159,941 — 159,941 — 
Derivative assets191,708 191,708 — 191,708 — 
Financial liabilities
Non-interest-bearing deposits$16,392,653 $16,392,653 $— $16,392,653 $— 
Non-time interest-bearing deposits28,917,148 28,917,148 — 28,917,148 — 
Time deposits4,117,475 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 agreements264,133 264,133 264,133 — — 
Trading liability for short positions200 200 — 200 — 
Long-term debt1,204,229 1,243,147 — 1,243,147 — 
Mutual funds held in rabbi trusts27,205 27,205 27,205 — — 
Derivative liabilities98,602 98,602 — 95,067 3,535