Subsequent Events

6 Months Ended

Jun. 30, 2023

Subsequent Events [Abstract]

Subsequent Events

Note 11 - Subsequent Events

Pending sale of medical office loans

On July 19, 2023, Synovus signed a purchase and sale agreement to sell approximately $1.3 billion of medical office loans; accordingly, a charge-off of the existing ACL of approximately $23 million has been recorded, and the loans have been reclassified to other loans held-for-sale subsequent to the end of the second quarter of 2023. The transaction is expected to result in an after-tax net loss of approximately $25 million that represents the difference between the amortized cost and the estimated value of the loan proceeds.

Voluntary Early Retirement Program

In July 2023, Synovus incurred approximately $19 million in one-time termination benefits, recorded as restructuring charges, associated with a voluntary early retirement program offered to certain qualified employees.

Execution of third-party consumer loans sale

On July 25, 2023, Synovus sold approximately $316 million of third-party consumer loans held for sale, with the remaining $22 million of the portfolio expected to settle in the third quarter of 2023. Synovus previously recognized a $19.1 million year-to-date loss as of June 30, 2023.