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Loans and Allowance for Loan Losses (Tables)
 3 Months Ended
Mar. 31, 2023
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 March 31, 2023 and December 31, 2022.
March 31, 2023
(in thousands)CurrentAccruing 30-89 Days Past DueAccruing 90 Days or Greater Past DueTotal Accruing Past DueNon-accrual with an ALLNon-accrual without an ALLTotal
Commercial, financial and agricultural$14,095,704 $9,723 $1,775 $11,498 $78,792 $15,404 $14,201,398 
Owner-occupied8,369,684 3,455 48 3,503 25,591 — 8,398,778 
Total commercial and industrial22,465,388 13,178 1,823 15,001 104,383 15,404 22,600,176 
Investment properties11,971,387 1,830 — 1,830 1,935 1,678 11,976,830 
1-4 family properties592,680 455 — 455 2,621 894 596,650 
Land and development422,055 67 — 67 1,153 — 423,275 
Total commercial real estate12,986,122 2,352 — 2,352 5,709 2,572 12,996,755 
Consumer mortgages5,194,675 12,429 — 12,429 39,536 — 5,246,640 
Home equity1,742,419 6,863 1 6,864 7,967 — 1,757,250 
Credit cards181,091 1,799 1,705 3,504 — — 184,595 
Other consumer loans1,237,731 14,903 — 14,903 6,857 32 1,259,523 
Total consumer8,355,916 35,994 1,706 37,700 54,360 32 8,448,008 
Loans, net of deferred fees and costs$43,807,426 $51,524 $3,529 $55,053 $164,452 $18,008 $44,044,939 
December 31, 2022
(in thousands)CurrentAccruing 30-89 Days Past DueAccruing 90 Days or Greater Past DueTotal Accruing Past DueNon-accrual with an ALLNon-accrual without an ALLTotal
Commercial, financial and agricultural$13,798,639 $15,033 $1,437 $16,470 $48,008 $11,299 $13,874,416 
Owner-occupied8,181,649 487 — 487 9,499 605 8,192,240 
Total commercial and industrial21,980,288 15,520 1,437 16,957 57,507 11,904 22,066,656 
Investment properties11,639,614 960 — 960 1,785 1,688 11,644,047 
1-4 family properties613,049 762 — 762 2,172 950 616,933 
Land and development388,098 77 — 77 1,158 — 389,333 
Total commercial real estate12,640,761 1,799 — 1,799 5,115 2,638 12,650,313 
Consumer mortgages5,163,417 13,969 210 14,179 36,847 — 5,214,443 
Home equity1,742,412 7,795 1 7,796 6,830 — 1,757,038 
Credit cards200,047 1,843 1,722 3,565 — — 203,612 
Other consumer loans1,795,799 21,269 3 21,272 7,220 — 1,824,291 
Total consumer8,901,675 44,876 1,936 46,812 50,897 — 8,999,384 
Loans, net of deferred fees and costs$43,522,724 $62,195 $3,373 $65,568 $113,519 $14,542 $43,716,353 
Schedule of Loan Portfolio Credit Exposure
The following table summarizes each loan portfolio class by risk grade and origination year as of March 31, 2023 as required under CECL. In addition, gross charge-offs by loan portfolio class and origination year as of March 31, 2023 are included below as a result of the adoption of ASU 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosure.
March 31, 2023
Term Loans Amortized Cost Basis by Origination YearRevolving Loans
(in thousands)20232022202120202019PriorAmortized Cost BasisConverted to Term LoansTotal
Commercial, financial and agricultural
Pass$209,699 $1,263,951 $1,752,589 $973,723 $780,905 $1,480,991 $7,182,461 $53,212 $13,697,531 
Special Mention1,135 1,174 2,453 1,705 4,580 17,890 137,617 — 166,554 
Substandard(1)
16,893 18,271 22,900 40,625 39,241 26,678 170,153 1,976 336,737 
Loss(2)(3)
— 41 34 — — 355 146 — 576 
Total commercial, financial and agricultural227,727 1,283,437 1,777,976 1,016,053 824,726 1,525,914 7,490,377 55,188 14,201,398 
Current YTD Period:
Gross charge-offs— 595 1,525 600 137 308 4,152 203 7,520 
Owner-occupied
Pass290,480 1,574,203 1,674,386 1,117,073 876,567 1,673,967 870,423 — 8,077,099 
Special Mention637 1,740 1,002 24,249 7,196 69,869 17,766 — 122,459 
Substandard(1)
148 23,273 15,989 62,754 15,325 67,223 14,082 — 198,794 
Loss(3)
— — 245 — — 181 — — 426 
Total owner-occupied291,265 1,599,216 1,691,622 1,204,076 899,088 1,811,240 902,271 — 8,398,778 
Current YTD Period:
Gross charge-offs— — 353 — — — — — 353 
Total commercial and industrial518,992 2,882,653 3,469,598 2,220,129 1,723,814 3,337,154 8,392,648 55,188 22,600,176 
Current YTD Period:
Gross charge-offs$— $595 $1,878 $600 $137 $308 $4,152 $203 $7,873 
Investment properties
Pass197,011 2,796,377 3,401,131 1,487,377 1,207,607 2,205,565 539,903 — 11,834,971 
Special Mention551 1,198 1,514 — 14,446 30,961 — — 48,670 
Substandard(1)
3,219 2,711 1,447 174 1,678 62,924 20,929 — 93,082 
Loss(3)
— — — — — 107 — — 107 
Total investment properties200,781 2,800,286 3,404,092 1,487,551 1,223,731 2,299,557 560,832 — 11,976,830 
Current YTD Period:
Gross charge-offs— — — — — — — — — 
1-4 family properties
Pass40,898 219,509 141,305 40,833 33,065 73,898 40,670 — 590,178 
Special Mention— — — 195 — 192 — — 387 
Substandard(1)
1,301 1,289 985 316 685 1,464 45 — 6,085 
Total 1-4 family properties42,199 220,798 142,290 41,344 33,750 75,554 40,715 — 596,650 
Current YTD Period:
Gross charge-offs— — — — — 19 — — 19 
March 31, 2023
Term Loans Amortized Cost Basis by Origination YearRevolving Loans
(in thousands)20232022202120202019PriorAmortized Cost BasisConverted to Term LoansTotal
Land and development
Pass52,110 107,318 78,137 21,631 34,780 85,463 8,314 — 387,753 
Special Mention— — — — — 30,688 — — 30,688 
Substandard(1)
169 688 302 953 619 2,103 — — 4,834 
Total land and development52,279 108,006 78,439 22,584 35,399 118,254 8,314 — 423,275 
Current YTD Period:
Gross charge-offs— — — 77 — — — — 77 
Total commercial real estate295,259 3,129,090 3,624,821 1,551,479 1,292,880 2,493,365 609,861 — 12,996,755 
Current YTD Period:
Gross charge-offs$— $— $— $77 $— $19 $— $— $96 
Consumer mortgages
Pass164,007 854,860 1,142,028 1,314,831 447,533 1,269,573 33 — 5,192,865 
Substandard(1)
— 813 7,136 11,174 8,851 25,067 — — 53,041 
Loss(3)
— — — — 4 730 — — 734 
Total consumer mortgages164,007 855,673 1,149,164 1,326,005 456,388 1,295,370 33 — 5,246,640 
Current YTD Period:
Gross charge-offs— 55 9 8 71 271 — — 414 
Home equity
Pass— — — — — — 1,232,884 511,633 1,744,517 
Substandard(1)
— — — — — — 7,611 4,684 12,295 
Loss(3)
— — — — — — 322 116 438 
Total home equity— — — — — — 1,240,817 516,433 1,757,250 
Current YTD Period:
Gross charge-offs— — — — — — 106 — 106 
Credit cards
Pass— — — — — — 182,926 — 182,926 
Substandard(1)
— — — — — — 567 — 567 
Loss(2)
— — — — — — 1,102 — 1,102 
Total credit cards— — — — — — 184,595 — 184,595 
Current YTD Period:
Gross charge-offs— — — — — — 1,816 — 1,816 
Other consumer loans
Pass32,096 246,407 319,745 151,022 42,022 153,316 306,552 — 1,251,160 
Substandard(1)
— 1,499 3,623 1,505 697 829 138 — 8,291 
Loss(2)
— — — — — 28 44 — 72 
Total other consumer loans32,096 247,906 323,368 152,527 42,719 154,173 306,734 — 1,259,523 
Current YTD Period:
Gross charge-offs(4)
31 1,250 10,898 1,194 496 600 561 — 15,030 
Total consumer196,103 1,103,579 1,472,532 1,478,532 499,107 1,449,543 1,732,179 516,433 8,448,008 
Current YTD Period:
Gross charge-offs$31 $1,305 $10,907 $1,202 $567 $871 $2,483 $— $17,366 
Loans, net of deferred fees and costs$1,010,354 $7,115,322 $8,566,951 $5,250,140 $3,515,801 $7,280,062 $10,734,688 $571,621 $44,044,939 
Current YTD Period:
Gross charge-offs$31 $1,900 $12,785 $1,879 $704 $1,198 $6,635 $203 $25,335 
(1)    The majority of loans within Substandard risk grade are accruing loans at March 31, 2023.
(2)    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.
(3)    Loans within Loss risk grade are on non-accrual status and have an ALL equal to the full loan amount.
(4)    Includes $6.6 million in gross charge-offs related to the transfer of third-party consumer loans to held for sale.
The following table summarizes each loan portfolio class by risk grade and origination year as of December 31, 2022 as required under CECL.
December 31, 2022
Term Loans Amortized Cost Basis by Origination YearRevolving Loans
(in thousands)20222021202020192018PriorAmortized Cost BasisConverted to Term LoansTotal
Commercial, financial and agricultural
Pass$1,276,814 $1,911,353 $1,009,230 $782,100 $536,001 $1,037,488 $6,862,070 $43,748 $13,458,804 
Special Mention4,131 14,289 12,691 6,637 5,716 2,777 81,889 1,710 129,840 
Substandard(1)
13,751 17,780 38,943 42,773 18,405 21,418 131,422 1,003 285,495 
Loss(2)
— — — — — — 277 — 277 
Total commercial, financial and agricultural1,294,696 1,943,422 1,060,864 831,510 560,122 1,061,683 7,075,658 46,461 13,874,416 
Owner-occupied
Pass1,537,016 1,675,524 1,137,889 909,525 664,734 1,103,500 866,920 — 7,895,108 
Special Mention4,238 6,760 24,175 13,913 5,024 69,500 — — 123,610 
Substandard(1)
19,437 13,381 63,925 7,415 51,364 17,755 — — 173,277 
Loss(3)
— 245 — — — — — — 245 
Total owner-occupied1,560,691 1,695,910 1,225,989 930,853 721,122 1,190,755 866,920 — 8,192,240 
Total commercial and industrial2,855,387 3,639,332 2,286,853 1,762,363 1,281,244 2,252,438 7,942,578 46,461 22,066,656 
Investment properties
Pass2,671,660 3,245,669 1,532,230 1,220,974 775,747 1,543,724 541,118 — 11,531,122 
Special Mention2,379 1,550 — 14,570 5,908 2,388 146 — 26,941 
Substandard(1)
5,973 1,455 176 1,688 51,767 3,931 20,994 — 85,984 
Total investment properties2,680,012 3,248,674 1,532,406 1,237,232 833,422 1,550,043 562,258 — 11,644,047 
1-4 family properties
Pass248,418 154,181 44,032 33,246 27,053 55,543 47,732 — 610,205 
Special Mention1 — 752 — — 297 — — 1,050 
Substandard(1)
1,309 1,429 75 741 836 1,243 45 — 5,678 
Total 1-4 family properties249,728 155,610 44,859 33,987 27,889 57,083 47,777 — 616,933 
Land and development
Pass119,801 84,055 21,984 39,484 18,600 64,854 5,078 — 353,856 
Special Mention— — 744 — 29,618 1,118 — — 31,480 
Substandard(1)
699 325 220 627 472 1,654 — — 3,997 
Total land and development120,500 84,380 22,948 40,111 48,690 67,626 5,078 — 389,333 
Total commercial real estate3,050,240 3,488,664 1,600,213 1,311,330 910,001 1,674,752 615,113 — 12,650,313 
December 31, 2022
Term Loans Amortized Cost Basis by Origination YearRevolving Loans
(in thousands)20222021202020192018PriorAmortized Cost BasisConverted to Term LoansTotal
Consumer mortgages
Pass$857,489 $1,188,652 $1,356,065 $458,441 $182,834 $1,118,686 $143 $— $5,162,310 
Substandard(1)
1,153 6,452 8,519 9,442 6,167 19,662 — — 51,395 
Loss(3)
— — — 4 — 734 — — 738 
Total consumer mortgages858,642 1,195,104 1,364,584 467,887 189,001 1,139,082 143 — 5,214,443 
Home equity
Pass— — — — — — 1,241,201 504,272 1,745,473 
Substandard(1)
— — — — — — 6,534 4,512 11,046 
Loss(3)
— — — — — — 402 117 519 
Total home equity— — — — — — 1,248,137 508,901 1,757,038 
Credit cards
Pass— — — — — — 201,898 — 201,898 
Substandard(1)
— — — — — — 617 — 617 
Loss(2)
— — — — — — 1,097 — 1,097 
Total credit cards— — — — — — 203,612 — 203,612 
Other consumer loans
Pass284,045 524,601 457,684 61,760 31,662 142,189 313,565 — 1,815,506 
Substandard(1)
1,417 3,810 1,648 712 163 888 139 — 8,777 
Loss(2)
— — — — — 8 — — 8 
Total other consumer loans285,462 528,411 459,332 62,472 31,825 143,085 313,704 — 1,824,291 
Total consumer1,144,104 1,723,515 1,823,916 530,359 220,826 1,282,167 1,765,596 508,901 8,999,384 
Loans, net of deferred fees and costs$7,049,731 $8,851,511 $5,710,982 $3,604,052 $2,412,071 $5,209,357 $10,323,287 $555,362 $43,716,353 
(1)    The majority of loans within Substandard risk grade are accruing loans at December 31, 2022.
(2)    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.
(3) Loans within Loss risk grade are on non-accrual status and have an ALL equal to the full loan amount.
Schedule of Financing Receivable, Allowance for Credit Loss
The following tables detail the changes in the ALL by loan segment for the three months ended March 31, 2023 and 2022. During the three months ended March 31, 2023, Synovus charged-off $6.6 million in previously established reserves for credit losses associated with the transfer of $424.1 million in certain third-party consumer loans to held for sale as part of our overall balance sheet management strategy.
As Of and For the Three Months Ended March 31, 2023
(in thousands)Commercial & IndustrialCommercial Real EstateConsumerTotal
Allowance for loan losses:
Beginning balance at December 31, 2022$161,550 $143,575 $138,299 $443,424 
Charge-offs(7,873)(96)(17,366)(25,335)
Recoveries3,476 284 3,025 6,785 
Provision for (reversal of) loan losses1,535 16,629 13,972 32,136 
Ending balance at March 31, 2023$158,688 $160,392 $137,930 $457,010 
As Of and For the Three Months Ended March 31, 2022
(in thousands)Commercial & IndustrialCommercial Real EstateConsumerTotal
Allowance for loan losses:
Beginning balance at December 31, 2021$188,364 $97,760 $141,473 $427,597 
Charge-offs(13,763)(2,456)(8,928)(25,147)
Recoveries2,363 361 3,814 6,538 
Provision for (reversal of) loan losses1,758 (969)5,179 5,968 
Ending balance at March 31, 2022$178,722 $94,696 $141,538 $414,956 
Amortized Cost Basis of Loans by Loan Portfolio Class
The following table presents the amortized cost of FDM loans by loan portfolio class that were modified during the three months ended March 31, 2023.
Three Months Ended March 31, 2023
(in thousands)Interest Rate ReductionTerm ExtensionInterest Rate Reduction and Term ExtensionTotalPercentage of Total by Financing Class
Commercial, financial and agricultural$49 $16,321 $247 $16,617 0.1 %
Owner-occupied— 1,468 41,263 42,731 0.5 
Total commercial and industrial49 17,789 41,510 59,348 0.3 
Investment properties— — — — — 
1-4 family properties— 1,339 — 1,339 0.2 
Land and development— — — — — 
Total commercial real estate— 1,339 — 1,339 — 
Consumer mortgages113 — — 113 — 
Home equity— 88 15 103 — 
Credit cards— — — — — 
Other consumer loans64 141 231 436 — 
Total consumer177 229 246 652 — 
Total FDMs$226 $19,357 $41,756 $61,339 0.1 %
The following presents the financial effect of loan modifications made to borrowers experiencing financial difficulty during the three months ended March 31, 2023.
Three Months Ended March 31, 2023
Weighted Average Interest Rate ReductionWeighted Average Term Extension (in months)
Commercial, financial and agricultural3.3 %8
Owner-occupied1.7 9
1-4 family properties— 12
Consumer mortgages2.2 0
Home equity1.1 334
Other consumer loans3.5 68
The following table provides a summary of current, accruing past due, and non-accrual loans on an amortized cost basis by loan portfolio class that have been modified since January 1, 2023.
As of March 31, 2023
(in thousands)CurrentAccruing 30-89 Days Past DueAccruing 90 Days or Greater Past Due
Non-accrual (1)
Total
Commercial, financial and agricultural$16,028 $— $— $589 $16,617 
Owner-occupied42,731 — — — 42,731 
Total commercial and industrial58,759 — — 589 59,348 
Investment properties— — — — — 
1-4 family properties1,339 — — — 1,339 
Land and development— — — — — 
Total commercial real estate1,339 — — — 1,339 
Consumer mortgages— — — 113 113 
Home equity103 — — — 103 
Credit cards— — — — — 
Other consumer loans22 — — 414 436 
Total consumer125 — — 527 652 
Total FDMs$60,223 $— $— $1,116 $61,339 
(1)    Loans were on non-accrual when modified and subsequently classified as FDMs.
The following tables present, by concession type, the post-modification balance for loans modified or renewed during the three months ended March 31, 2022 that were reported as accruing or non-accruing TDRs.
TDRs by Concession Type
Three Months Ended March 31, 2022
(in thousands, except contract data)Number of ContractsBelow Market Interest Rate
Other Concessions(1)
Total
Commercial, financial and agricultural33 $17,900 $541 $18,441 
Owner-occupied13 6,104 3,857 9,961 
Total commercial and industrial46 24,004 4,398 28,402 
Investment properties3 589 6,610 7,199 
1-4 family properties7 1,213 — 1,213 
Land and development3 2,731 — 2,731 
Total commercial real estate13 4,533 6,610 11,143 
Consumer mortgages7 1,017 104 1,121 
Home equity11 929 — 929 
Other consumer loans2 — 48 48 
Total consumer20 1,946 152 2,098 
Total TDRs79 $30,483 $11,160 $41,643 (2)
(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 ended March 31, 2022.
(2)    No net charge-offs were recorded during the three months ended March 31, 2022.