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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Interest income:        
Loans, including fees $ 670,230 $ 391,307 $ 1,299,787 $ 752,399
Investment securities available for sale 60,421 50,312 121,475 97,562
Loans held for sale 5,801 8,600 11,378 14,781
Federal Reserve Bank balances 17,410 1,593 34,228 2,382
Other earning assets 5,281 1,960 9,154 2,710
Total interest income 759,143 453,772 1,476,022 869,834
Interest expense:        
Deposits 241,780 18,501 415,715 32,160
Long-term debt 55,915 8,769 98,444 18,913
Other borrowings 5,917 1,114 25,580 1,126
Total interest expense 303,612 28,384 539,739 52,199
Net interest income 455,531 425,388 936,283 817,635
Provision for (reversal of) credit losses 38,881 12,688 71,035 24,088
Net interest income after provision for (reversal of) credit losses 416,650 412,700 865,248 793,547
Non-interest revenue:        
Service charges on deposit accounts 23,477 23,491 46,451 46,030
Fiduciary and asset management fees 20,027 20,100 39,723 40,377
Card fees 17,059 16,089 32,884 30,846
Brokerage revenue 20,908 15,243 43,466 29,898
Mortgage banking income 4,609 3,904 8,467 9,857
Capital markets income 6,975 7,393 20,700 12,864
Income from bank-owned life insurance 6,878 9,165 14,140 15,722
Investment securities gains (losses), net 0 0 1,030 0
Recovery of NPA 0 0 13,126 0
Other non-interest revenue 12,343 1,881 25,415 17,006
Total non-interest revenue 112,276 97,266 245,402 202,600
Non-interest expense:        
Salaries and other personnel expense 183,001 161,063 371,926 325,747
Net occupancy, equipment, and software expense 42,785 43,199 85,645 86,076
Third-party processing and other services 21,659 21,952 43,493 42,947
Professional fees 9,597 10,865 18,560 19,338
FDIC insurance and other regulatory fees 11,162 6,894 21,429 13,144
Restructuring charges (reversals) (110) (1,850) (843) (8,274)
Loss on other loans held for sale 2,360 0 19,110 0
Other operating expense 36,727 39,928 69,714 75,523
Total non-interest expense 307,181 282,051 629,034 554,501
Income before income taxes 221,745 227,915 481,616 441,646
Income tax expense 47,801 49,863 105,513 92,558
Net income 173,944 178,052 376,103 349,088
Less: Net income (loss) attributable to noncontrolling interest (166) 0 (166) 0
Net income attributable to Synovus Financial Corp. 174,110 178,052 376,269 349,088
Less: Preferred stock dividends 8,291 8,291 16,581 16,581
Net income available to common shareholders $ 165,819 $ 169,761 $ 359,688 $ 332,507
Net income per common share, basic (in dollars per share) $ 1.13 $ 1.17 $ 2.46 $ 2.29
Net income per common share, diluted (in dollars per share) $ 1.13 $ 1.16 $ 2.45 $ 2.27
Weighted average common shares outstanding, basic (in shares) 146,113 145,328 145,957 145,301
Weighted average common shares outstanding, diluted (in shares) 146,550 146,315 146,644 146,489