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Fair Value Accounting (Tables)
 6 Months Ended
Jun. 30, 2023
Fair Value Disclosures [Abstract]  
Schedule of 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.
June 30, 2023December 31, 2022
(in thousands)Level 1Level 2Level 3Total Estimated Fair ValueLevel 1Level 2Level 3Total Estimated Fair Value
Assets
Trading securities:
Collateralized mortgage obligations issued by U.S. Government sponsored enterprises $— $2,875 $— $2,875 $— $2,991 $— $2,991 
Other mortgage-backed securities— 2,685 — 2,685 — 3,185 — 3,185 
State and municipal securities— — — — — 48 — 48 
Asset-backed securities— 15,907 — 15,907 — 2,071 — 2,071 
Total trading securities$— $21,467 $— $21,467 $— $8,295 $— $8,295 
Investment securities available for sale:
U.S. Treasury securities$473,890 $— $— $473,890 $471,813 $— $— $471,813 
U.S. Government agency securities— 48,603 — 48,603 — 48,798 — 48,798 
Mortgage-backed securities issued by U.S. Government agencies — 817,350 — 817,350 — 792,749 — 792,749 
Mortgage-backed securities issued by U.S. Government sponsored enterprises — 6,777,393 — 6,777,393 — 6,895,070 — 6,895,070 
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — 615,951 — 615,951 — 655,127 — 655,127 
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises— 879,350 — 879,350 — 805,945 — 805,945 
Corporate debt securities and other debt securities— 8,638 — 8,638 — 8,601 — 8,601 
Total investment securities available for sale$473,890 $9,147,285 $— $9,621,175 $471,813 $9,206,290 $— $9,678,103 
Mortgage loans held for sale$— $62,616 $— $62,616 $— $51,136 $— $51,136 
Other investments— — 11,770 11,770 — — 11,172 11,172 
Mutual funds and mutual funds held in rabbi trusts51,147 — — 51,147 42,659 — — 42,659 
SBA loans servicing asset— — 2,234 2,234 — — 2,354 2,354 
Derivative assets— 119,659 — 119,659 — 89,815 — 89,815 
Liabilities
Securities sold short$1,461 $— $— $1,461 $3,370 $— $— $3,370 
Mutual funds held in rabbi trusts36,380 — — 36,380 27,944 — — 27,944 
Derivative liabilities— 365,390 3,937 369,327 — 339,227 3,453 342,680 
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 June 30, 2023As of December 31, 2022
Fair value$62,616 $51,136 
Unpaid principal balance61,536 50,264 
Fair value less aggregate unpaid principal balance$1,080 $872 
Changes in Fair Value Included in Net IncomeThree Months Ended June 30,Six Months Ended June 30, Location in Consolidated Statements of Income
(in thousands)2023202220232022
Mortgage loans held for sale$(95)$805 $208 $(1,545)Mortgage banking income
Schedule of 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 June 30, 2023
(in thousands)Other InvestmentsSBA Loans Servicing AssetVisa Derivative
Beginning balance$11,655 $2,412 $(1,111)
Total gains (losses) realized/unrealized:
Included in earnings(43)(303)(3,027)
Additions158 125 — 
Settlements— — 201 
Ending balance$11,770 $2,234 $(3,937)
Total net gains (losses) for the period included in earnings attributable to the change in unrealized gains/(losses) relating to assets/liabilities still held at June 30, 2023$(43)$(303)$(3,027)
Three Months Ended June 30, 2022
(in thousands)Other InvestmentsSBA Loans Servicing AssetVisa Derivative
Beginning balance$12,093 $3,451 $(1,776)
Total gains (losses) realized/unrealized:
Included in earnings(7,037)(510)(3,500)
Additions6,027 — — 
Settlements— 214 283 
Ending balance$11,083 $3,155 $(4,993)
Total net gains (losses) for the period included in earnings attributable to the change in unrealized gains/(losses) relating to assets/liabilities still held at June 30, 2022$(7,037)$(510)$(3,500)
Six Months Ended June 30, 2023
(in thousands)Other InvestmentsSBA Loans Servicing AssetVisa Derivative
Beginning balance$11,172 $2,354 $(3,453)
Total gains (losses) realized/unrealized:
Included in earnings(71)(515)(3,027)
Additions669 395 — 
Settlements— — 2,543 
Ending balance$11,770 $2,234 $(3,937)
Total net gains (losses) for the period included in earnings attributable to the change in unrealized gains/(losses) relating to assets/liabilities still held at June 30, 2023$(71)$(515)$(3,027)
Six Months Ended June 30, 2022
(in thousands)Other InvestmentsSBA Loans Servicing AssetVisa Derivative
Beginning balance$12,185 $3,233 $(3,535)
Total gains (losses) realized/unrealized:
Included in earnings(7,129)(772)(3,500)
Additions6,027 — — 
Settlements— 694 2,042 
Ending balance$11,083 $3,155 $(4,993)
Total net gains (losses) for the period included in earnings attributable to the change in unrealized gains/(losses) relating to assets/liabilities still held at June 30, 2022$(7,129)$(772)$(3,500)
Schedule of 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 June 30, 2023
(in thousands)Other InvestmentsSBA Loans Servicing AssetVisa Derivative
Beginning balance$11,655 $2,412 $(1,111)
Total gains (losses) realized/unrealized:
Included in earnings(43)(303)(3,027)
Additions158 125 — 
Settlements— — 201 
Ending balance$11,770 $2,234 $(3,937)
Total net gains (losses) for the period included in earnings attributable to the change in unrealized gains/(losses) relating to assets/liabilities still held at June 30, 2023$(43)$(303)$(3,027)
Three Months Ended June 30, 2022
(in thousands)Other InvestmentsSBA Loans Servicing AssetVisa Derivative
Beginning balance$12,093 $3,451 $(1,776)
Total gains (losses) realized/unrealized:
Included in earnings(7,037)(510)(3,500)
Additions6,027 — — 
Settlements— 214 283 
Ending balance$11,083 $3,155 $(4,993)
Total net gains (losses) for the period included in earnings attributable to the change in unrealized gains/(losses) relating to assets/liabilities still held at June 30, 2022$(7,037)$(510)$(3,500)
Six Months Ended June 30, 2023
(in thousands)Other InvestmentsSBA Loans Servicing AssetVisa Derivative
Beginning balance$11,172 $2,354 $(3,453)
Total gains (losses) realized/unrealized:
Included in earnings(71)(515)(3,027)
Additions669 395 — 
Settlements— — 2,543 
Ending balance$11,770 $2,234 $(3,937)
Total net gains (losses) for the period included in earnings attributable to the change in unrealized gains/(losses) relating to assets/liabilities still held at June 30, 2023$(71)$(515)$(3,027)
Six Months Ended June 30, 2022
(in thousands)Other InvestmentsSBA Loans Servicing AssetVisa Derivative
Beginning balance$12,185 $3,233 $(3,535)
Total gains (losses) realized/unrealized:
Included in earnings(7,129)(772)(3,500)
Additions6,027 — — 
Settlements— 694 2,042 
Ending balance$11,083 $3,155 $(4,993)
Total net gains (losses) for the period included in earnings attributable to the change in unrealized gains/(losses) relating to assets/liabilities still held at June 30, 2022$(7,129)$(772)$(3,500)
Schedule of 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.
June 30, 2023Fair Value Adjustments for the Location in Consolidated Statements of Income
(in thousands)Level 1Level 2Level 3
Three Months Ended June 30, 2023
Six Months Ended June 30, 2023
Loans(1)        
$— $— $30,123 $6,413 $6,462 Provision for credit losses
Other loans held for sale— — 346,897 2,360 19,110 Loss on other loans held for sale
June 30, 2022Fair Value Adjustments for theLocation in Consolidated Statements of Income
Level 1Level 2Level 3
Three Months Ended June 30, 2022
Six Months Ended June 30, 2022
Loans(1)        
$— $— $24,360 $8,900 $9,239 Provision for credit losses
Other assets held for sale— — 2,725 — 492 Other operating expense
(1)    Collateral-dependent loans that were written down to fair value of collateral.
Schedule of 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 June 30, 2023 and December 31, 2022. 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' 2022 Form 10-K for a description of how fair value measurements are determined.
June 30, 2023
(in thousands)Carrying ValueFair ValueLevel 1Level 2Level 3
Financial assets
Total cash, cash equivalents, and restricted cash$2,054,151 $2,054,151 $2,054,151 $— $— 
Trading securities21,467 21,467 — 21,467 — 
Investment securities available for sale9,621,175 9,621,175 473,890 9,147,285 — 
Loans held for sale514,450 514,450 — 62,616 451,834 
Other investments11,770 11,770 — — 11,770 
Mutual funds and mutual funds held in rabbi trusts51,147 51,147 51,147 — — 
Loans, net43,882,299 41,977,636 — — 41,977,636 
SBA loans servicing asset2,234 2,234 — — 2,234 
FRB and FHLB stock273,951 273,951 — 273,951 
Derivative assets119,659 119,659 — 119,659 — 
Financial liabilities
Non-interest-bearing deposits$13,565,602 $13,565,602 $— $13,565,602 $— 
Non-time interest-bearing deposits26,929,264 26,929,264 — 26,929,264 — 
Time deposits9,585,526 9,596,056 — 9,596,056 — 
Total deposits(1)
$50,080,392 $50,090,922 $— $50,090,922 $— 
Federal funds purchased and securities sold under repurchase agreements83,384 83,384 83,384 — — 
Securities sold short1,461 1,461 1,461 — — 
Long-term debt4,021,411 3,949,290 — 3,949,290 — 
Mutual funds held in rabbi trusts36,380 36,380 36,380 — — 
Derivative liabilities369,327 369,327 — 365,390 3,937 
(1)    The fair value of deposits with no stated maturity, such as non-interest-bearing demand, interest bearing demand, money market, and savings accounts reflects the carrying amount which is payable on demand, as of the respective date, and may not align with other valuation methods or processes. The fair value of time deposits is based on the discounted value of contractual cash flows. The discount rate is estimated using the rates currently offered for deposits of similar remaining maturities.
December 31, 2022
(in thousands)Carrying ValueFair ValueLevel 1Level 2Level 3
Financial assets
Total cash, cash equivalents, and restricted cash$1,977,780 $1,977,780 $1,977,780 $— $— 
Trading securities8,295 8,295 — 8,295 — 
Investment securities available for sale9,678,103 9,678,103 471,813 9,206,290 — 
Loans held for sale391,502 391,085 — 51,136 339,949 
Other investments11,172 11,172 — — 11,172 
Mutual funds and mutual funds held in rabbi trusts42,659 42,659 42,659 — — 
Loans, net43,272,929 42,192,295 — — 42,192,295 
SBA loans servicing asset2,354 2,354 — — 2,354 
FRB and FHLB stock308,321 308,321 — 308,321 — 
Derivative assets89,815 89,815 — 89,815 — 
Financial liabilities
Non-interest-bearing deposits$15,639,899 $15,639,899 $— $15,639,899 $— 
Non-time interest-bearing deposits26,936,635 26,936,635 — 26,936,635 — 
Time deposits6,295,025 6,260,315 — 6,260,315 — 
Total deposits(1)
$48,871,559 $48,836,849 $— $48,836,849 $— 
Federal funds purchased and securities sold under repurchase agreements146,588 146,588 146,588 — — 
Securities sold short3,370 3,370 3,370 — — 
Short-term FHLB advances600,014 600,014 — 600,014 — 
Long-term debt4,109,597 4,120,113 — 4,120,113 — 
Mutual funds held in rabbi trusts27,944 27,944 27,944 — — 
Derivative liabilities342,680 342,680 — 339,227 3,453 
(1)    The fair value of deposits with no stated maturity, such as non-interest-bearing demand, interest bearing demand, money market, and savings accounts reflects the carrying amount which is payable on demand, as of the respective date, and may not align with other valuation methods or processes. The fair value of time deposits is based on the discounted value of contractual cash flows. The discount rate is estimated using the rates currently offered for deposits of similar remaining maturities.