XML 20 R10.htm IDEA: XBRL DOCUMENT v3.23.2
Investment Securities Available for Sale
 6 Months Ended
Jun. 30, 2023
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 June 30, 2023 and December 31, 2022 are summarized below.
June 30, 2023
(in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
U.S. Treasury securities$517,626 $— $(43,736)$473,890 
U.S. Government agency securities52,397 — (3,794)48,603 
Mortgage-backed securities issued by U.S. Government agencies 928,031 — (110,681)817,350 
Mortgage-backed securities issued by U.S. Government sponsored enterprises 7,979,131 508 (1,202,246)6,777,393 
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 732,938 — (116,987)615,951 
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises954,792 — (75,442)879,350 
Corporate debt securities and other debt securities8,958 — (320)8,638 
Total investment securities available for sale$11,173,873 $508 $(1,553,206)$9,621,175 
December 31, 2022
(in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
U.S. Treasury securities$515,953 $— $(44,140)$471,813 
U.S. Government agency securities52,411 — (3,613)48,798 
Mortgage-backed securities issued by U.S. Government agencies 904,593 1,624 (113,468)792,749 
Mortgage-backed securities issued by U.S. Government sponsored enterprises 8,144,374 936 (1,250,240)6,895,070 
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 769,498 — (114,371)655,127 
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises877,590 — (71,645)805,945 
Corporate debt securities and other debt securities8,908 — (307)8,601 
Total investment securities available for sale$11,273,327 $2,560 $(1,597,784)$9,678,103 
At June 30, 2023 and December 31, 2022, investment securities with a carrying value of $4.56 billion and $4.47 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 June 30, 2023 and December 31, 2022 are presented below.
June 30, 2023
Less than 12 Months12 Months or LongerTotal
(in thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
U.S. Treasury securities$92,580 $(4,858)$356,275 $(38,878)$448,855 $(43,736)
U.S. Government agency securities258 — 48,346 (3,794)48,604 (3,794)
Mortgage-backed securities issued by U.S. Government agencies 301,213 (5,938)516,137 (104,743)817,350 (110,681)
Mortgage-backed securities issued by U.S. Government sponsored enterprises 893,627 (45,280)5,832,438 (1,156,966)6,726,065 (1,202,246)
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 11,090 (489)604,860 (116,498)615,950 (116,987)
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises394,493 (18,190)484,857 (57,252)879,350 (75,442)
Corporate debt securities and other debt securities— — 8,638 (320)8,638 (320)
Total$1,693,261 $(74,755)$7,851,551 $(1,478,451)$9,544,812 $(1,553,206)
December 31, 2022
Less than 12 Months12 Months or LongerTotal
(in thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
U.S. Treasury securities$139,737 $(6,789)$307,582 $(37,351)$447,319 $(44,140)
U.S. Government agency securities28,938 (1,053)19,603 (2,560)48,541 (3,613)
Mortgage-backed securities issued by U.S. Government agencies 187,655 (5,952)521,395 (107,516)709,050 (113,468)
Mortgage-backed securities issued by U.S. Government sponsored enterprises 1,473,348 (120,135)5,365,233 (1,130,105)6,838,581 (1,250,240)
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 119,649 (10,311)535,478 (104,060)655,127 (114,371)
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises565,382 (29,383)240,564 (42,262)805,946 (71,645)
Corporate debt securities and other debt securities8,601 (307)— — 8,601 (307)
Total$2,523,310 $(173,930)$6,989,855 $(1,423,854)$9,513,165 $(1,597,784)
As of June 30, 2023, Synovus had 96 investment securities in a loss position for less than twelve months and 335 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 June 30, 2023.
At June 30, 2023, 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 June 30, 2023 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 June 30, 2023
(in thousands)Within One
 Year		1 to 5
Years		5 to 10
 Years		More Than
 10 Years		Total
Amortized Cost
U.S. Treasury securities$24,834 $442,928 $49,864 $— $517,626 
U.S. Government agency securities258 52,139 — — 52,397 
Mortgage-backed securities issued by U.S. Government agencies 48 324 4 927,655 928,031 
Mortgage-backed securities issued by U.S. Government sponsored enterprises — 19,900 82,822 7,876,409 7,979,131 
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — 69 11,416 721,453 732,938 
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises— 681,844 208,954 63,994 954,792 
Corporate debt securities and other debt securities— 8,958 — — 8,958 
Total amortized cost$25,140 $1,206,162 $353,060 $9,589,511 $11,173,873 
Fair Value
U.S. Treasury securities$24,834 $408,618 $40,438 $— $473,890 
U.S. Government agency securities258 48,345 — — 48,603 
Mortgage-backed securities issued by U.S. Government agencies 47 311 4 816,988 817,350 
Mortgage-backed securities issued by U.S. Government sponsored enterprises — 18,789 76,538 6,682,066 6,777,393 
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — 66 10,936 604,949 615,951 
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises— 643,973 176,619 58,758 879,350 
Corporate debt securities and other debt securities— 8,638 — — 8,638 
Total fair value$25,139 $1,128,740 $304,535 $8,162,761 $9,621,175 
Gross gains and gross losses on sales of securities available for sale for the three and six months ended June 30, 2023 and 2022 are presented below. The specific identification method is used to reclassify gains and losses out of other comprehensive income (loss) at the time of sale.
Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2023202220232022
Gross realized gains on sales$— $— $1,030 $— 
Gross realized losses on sales— — — — 
Investment securities gains (losses), net$— $— $1,030 $—