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Investment Securities Available for Sale
 12 Months Ended
Dec. 31, 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 December 31, 2023 and 2022 are summarized below.
December 31, 2023
(in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
U.S. Treasury securities$588,082 $9,547 $— $597,629 
U.S. Government agency securities29,993 — (1,053)28,940 
Mortgage-backed securities issued by U.S. Government agencies1,021,612 2,037 (97,985)925,664 
Mortgage-backed securities issued by U.S. Government sponsored enterprises7,523,399 1,192 (1,094,212)6,430,379 
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises692,487 — (104,892)587,595 
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises1,226,672 18,764 (35,653)1,209,783 
Corporate debt securities and other debt securities9,009 — (337)8,672 
Total investment securities available for sale(1)
$11,091,254 $31,540 $(1,334,132)$9,788,662 
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 agencies904,593 1,624 (113,468)792,749 
Mortgage-backed securities issued by U.S. Government sponsored enterprises8,144,374 936 (1,250,240)6,895,070 
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises769,498 — (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(1)
$11,273,327 $2,560 $(1,597,784)$9,678,103 
(1) The amounts reported exclude accrued interest receivable on investment securities available for sale of $26.6 million and $22.7 million at December 31, 2023 and 2022, respectively, which is presented as a component of other assets on the consolidated balance sheets. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 6 - Other Assets" in this Report for more information on other assets.
At December 31, 2023 and 2022, investment securities with a carrying value of $5.19 billion and $4.47 billion, respectively, were pledged to secure certain deposits and other liabilities, as required by law or contractual agreements.
Gross unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2023 and 2022 are presented below.
December 31, 2023
Less than 12 Months12 Months or LongerTotal
(in thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
U.S. Government agency securities$— $— $28,940 $(1,053)$28,940 $(1,053)
Mortgage-backed securities issued by U.S. Government agencies159,402 (1,268)565,358 (96,717)724,760 (97,985)
Mortgage-backed securities issued by U.S. Government sponsored enterprises215,917 (1,193)6,045,914 (1,093,019)6,261,831 (1,094,212)
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises— — 587,595 (104,892)587,595 (104,892)
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises34,406 (205)276,675 (35,448)311,081 (35,653)
Corporate debt securities and other debt securities— — 8,672 (337)8,672 (337)
Total$409,725 $(2,666)$7,513,154 $(1,331,466)$7,922,879 $(1,334,132)
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 agencies187,655 (5,952)521,395 (107,516)709,050 (113,468)
Mortgage-backed securities issued by U.S. Government sponsored enterprises1,473,348 (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 enterprises119,649 (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 December 31, 2023, Synovus had 12 investment securities in a loss position for less than twelve months and 343 investment securities in a loss position for twelve months or longer. As of December 31, 2023, 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. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" of this Report for Synovus' policy for evaluating impairment on its investment securities available for sale portfolio.
During the fourth quarter of 2023, as part of an overall strategic repositioning of the investment securities portfolio, Synovus sold at amortized cost $1.30 billion of U.S. Treasury securities, U.S. Government agency securities, MBS issued by U.S. Government agencies, MBS issued by U.S. Government sponsored enterprises, and Commercial MBS issued by U.S. Government agencies or sponsored enterprises, which resulted in realized net losses of $77.7 million. Additionally, Synovus purchased $1.28 billion in principal of U.S. Treasury securities, U.S. Government agency securities, MBS issued by U.S. Government agencies, MBS issued by U.S. Government sponsored enterprises, and Commercial MBS issued by U.S. Government agencies or sponsored enterprises.
At December 31, 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 December 31, 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 December 31, 2023
(in thousands)Within One Year1 to 5
Years		5 to 10
Years		More Than
10 Years		Total
Amortized Cost
U.S. Treasury securities$25,688 $141,378 $421,016 $— $588,082 
U.S. Government agency securities— 29,993 — — 29,993 
Mortgage-backed securities issued by U.S. Government agencies— 65 3 1,021,544 1,021,612 
Mortgage-backed securities issued by U.S. Government sponsored enterprises— — 11,063 7,512,336 7,523,399 
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises— 50 10,508 681,929 692,487 
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises66,599 545,350 597,302 17,421 1,226,672 
Corporate debt securities and other debt securities— 9,009 — — 9,009 
Total amortized cost$92,287 $725,845 $1,039,892 $9,233,230 $11,091,254 
Fair Value
U.S. Treasury securities$25,688 $143,641 $428,300 $— $597,629 
U.S. Government agency securities— 28,940 — — 28,940 
Mortgage-backed securities issued by U.S. Government agencies— 63 3 925,598 925,664 
Mortgage-backed securities issued by U.S. Government sponsored enterprises— — 10,341 6,420,038 6,430,379 
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises— 49 10,220 577,326 587,595 
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises67,822 544,620 582,238 15,103 1,209,783 
Corporate debt securities and other debt securities— 8,672 — — 8,672 
Total fair value$93,510 $725,985 $1,031,102 $7,938,065 $9,788,662 
Gross gains and gross losses on sales of securities available for sale for the years ended December 31, 2023, 2022, and 2021 are presented below.
(in thousands)202320222021
Gross realized gains on sales$5,141 $— $1,191 
Gross realized losses on sales(81,859)— (1,990)
Investment securities gains (losses), net$(76,718)$— $(799)