Goodwill

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

Note 4 - Goodwill

Goodwill allocated to each reporting unit at March 31, 2023 and December 31, 2022 is presented as follows:

(in thousands)	Wholesale Banking Reporting Unit		Community Banking Reporting Unit		Consumer Banking Reporting Unit		Wealth Management Reporting Unit		Total Goodwill
Balance at December 31, 2022	$	171,636	$	141,622	$	114,701	$	24,431	$	452,390
Change in goodwill	—		—		—		—		—
Balance at March 31, 2023	$	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.

During the first quarter of 2023, Synovus assessed the events and circumstances surrounding recent bank failures that generated significant market trading volatility in the banking industry, particularly regional banks like Synovus. Our assessment of the impact of these events included company-specific factors such as recent operating performance and financial projections, changes in market capitalization, changes in business climate, as well as trends in the banking industry. After assessing the indicators above, Synovus determined that it was not more likely than not that the fair value had declined below carrying value at the reporting unit level as of March 31, 2023, and a test of goodwill impairment was not required.