Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | May 03, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | SYNOVUS FINANCIAL CORP | |
Entity Central Index Key | 18,349 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 118,640,312,000 |
CONSOLIDATED BALANCE SHEETS (un
CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | |
ASSETS | |||
Cash and due from banks | $ 348,027 | $ 397,848 | |
Interest bearing funds with Federal Reserve Bank | 636,947 | 460,928 | |
Interest earning deposits with banks | 16,851 | 26,311 | |
Federal funds sold and securities purchased under resale agreements | 57,192 | 47,846 | |
Total cash, cash equivalents, restricted cash, and restricted cash equivalents | [1],[2] | 1,059,017 | 932,933 |
Mortgage loans held for sale, at fair value | 50,439 | 48,024 | |
Investment securities available for sale, at fair value | 3,990,978 | 3,987,069 | |
Loans, net of deferred fees and costs | 24,883,037 | 24,787,464 | |
Allowance for loan losses | (257,764) | (249,268) | |
Loans, net | 24,625,273 | 24,538,196 | |
Cash surrender value of bank-owned life insurance | 543,684 | 540,958 | |
Premises and equipment, net | 424,342 | 426,813 | |
Goodwill | 57,315 | 57,315 | |
Other intangible assets | 10,750 | 11,254 | |
Deferred tax asset, net | 179,343 | 165,788 | |
Other assets | 559,887 | 513,487 | |
Total assets | 31,501,028 | 31,221,837 | |
Deposits: | |||
Non-interest bearing deposits | 7,381,070 | 7,686,339 | |
Interest bearing deposits, excluding brokered deposits | 16,865,859 | 16,500,436 | |
Brokered deposits | 2,006,578 | 1,961,125 | |
Total deposits | 26,253,507 | 26,147,900 | |
Federal funds purchased and securities sold under repurchase agreements | 185,531 | 161,190 | |
Long-term debt | 1,856,392 | 1,706,138 | |
Other liabilities | 249,103 | 245,043 | |
Total liabilities | 28,544,533 | 28,260,271 | |
Shareholders' Equity | |||
Series C Preferred Stock – no par value. Authorized 100,000,000 shares; 5,200,000 shares issued and outstanding at March 31, 2018 and December 31, 2017 | 125,980 | 125,980 | |
Common stock - $1.00 par value. Authorized 342,857,143 shares; 143,017,301 issued at March 31, 2018 and 142,677,449 issued at December 31, 2017; 118,702,497 outstanding at March 31, 2018 and 118,897,295 outstanding at December 31, 2017 | 143,017 | 142,678 | |
Additional paid-in capital | 3,039,757 | 3,043,129 | |
Treasury stock, at cost – 24,314,804 shares at March 31, 2018 and 23,780,154 shares at December 31, 2017 | (866,407) | (839,674) | |
Accumulated other comprehensive loss | (107,777) | (54,754) | |
Retained earnings | 621,925 | 544,207 | |
Total shareholders’ equity | 2,956,495 | 2,961,566 | |
Total liabilities and shareholders' equity | $ 31,501,028 | $ 31,221,837 | |
[1] | See "Note 1 - Significant Accounting Policies" of this Report for information on Synovus' change in presentation of cash and cash equivalents. | ||
[2] | See "Note 1 - Significant Accounting Policies" of this Report for information on Synovus' change in presentation of cash and cash equivalents. |
CONSOLIDATED BALANCE SHEETS (u3
CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - $ / shares | Mar. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Preferred Stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Preferred Stock, shares issued (in shares) | 5,200,000 | 5,200,000 |
Preferred stock, shares outstanding (in shares) | 5,200,000 | 5,200,000 |
Common stock, par value (USD per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 342,857,143 | 342,857,143 |
Common stock, shares issued (in shares) | 143,017,301 | 142,677,449 |
Common stock, shares outstanding (in shares) | 118,702,497 | 118,897,295 |
Treasury stock, shares at cost (in shares) | 24,314,804 | 23,780,154 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Interest income: | ||
Loans, including fees | $ 285,340 | $ 249,348 |
Investment securities available for sale | 23,928 | 19,834 |
Trading account assets | 54 | 28 |
Mortgage loans held for sale | 379 | 467 |
Federal Reserve Bank balances | 1,750 | 1,211 |
Other earning assets | 1,683 | 1,513 |
Total interest income | 313,134 | 272,401 |
Interest expense: | ||
Deposits | 26,375 | 16,958 |
Federal funds purchased and securities sold under repurchase agreements | 107 | 38 |
Long-term debt | 12,368 | 15,478 |
Total interest expense | 38,850 | 32,474 |
Net interest income | 274,284 | 239,927 |
Provision for loan losses | 12,776 | 8,674 |
Net interest income after provision for loan losses | 261,508 | 231,253 |
Non-interest income: | ||
Service charges on deposit accounts | 19,940 | 20,118 |
Fiduciary and asset management fees | 13,435 | 12,151 |
Card fees | 10,199 | 9,844 |
Brokerage revenue | 8,695 | 7,226 |
Mortgage banking income | 5,047 | 5,766 |
Income from bank-owned life insurance | 4,217 | 3,056 |
Investment securities gains, net | 0 | 7,668 |
Decrease in fair value of private equity investments, net | (3,056) | (1,814) |
Other fee income | 4,618 | 4,868 |
Other non-interest income | 3,951 | 2,956 |
Total non-interest income | 67,046 | 71,839 |
Non-interest expense: | ||
Salaries and other personnel expense | 113,720 | 107,191 |
Net occupancy and equipment expense | 31,480 | 29,331 |
Third-party processing expense | 13,945 | 12,603 |
FDIC insurance and other regulatory fees | 6,793 | 6,770 |
Professional fees | 5,505 | 5,355 |
Advertising expense | 5,092 | 5,912 |
Foreclosed real estate expense, net | 856 | 2,134 |
Restructuring charges, net | (315) | 6,511 |
Other operating expenses | 18,103 | 21,581 |
Total non-interest expense | 195,179 | 197,388 |
Income before income taxes | 133,375 | 105,704 |
Income tax expense | 30,209 | 33,847 |
Net income | 103,166 | 71,857 |
Dividends on preferred stock | 2,559 | 2,559 |
Net income available to common shareholders | $ 100,607 | $ 69,298 |
Net income per common share, basic (in dollars per share) | $ 0.85 | $ 0.57 |
Net income per common share, diluted (in dollars per share) | $ 0.84 | $ 0.56 |
Weighted average common shares outstanding, basic (in shares) | 118,666 | 122,300 |
Weighted average common shares outstanding, diluted (in shares) | 119,321 | 123,059 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | ||
Net income, Before-tax Amount | $ 133,375 | $ 105,704 |
Net income, Tax (Expense) Benefit | (30,209) | (33,847) |
Net income | 103,166 | 71,857 |
Reclassification adjustment for losses realized in net income, Before-tax Amount | 0 | 65 |
Reclassification adjustment for losses realized in net income, Tax (Expense) Benefit | 0 | (25) |
Reclassification adjustment for losses realized in net income, Net of Tax Amount | 0 | 40 |
Net unrealized gains on investment securities available for sale: | ||
Reclassification adjustment for net losses (gains) realized in net income, Before-tax Amount | 0 | (7,668) |
Net unrealized gains arising during the period, Before-tax Amount | (61,445) | 9,099 |
Net unrealized gain, Before-tax Amount | (61,445) | 1,431 |
Net unrealized gains on investment securities available for sale: Tax (Expense) Benefit | ||
Reclassification adjustment for net losses (gains) realized in net income, Tax (Expense) Benefit | 0 | 2,952 |
Net unrealized gains arising during the period, Tax (Expense) Benefit | 15,914 | (3,503) |
Net unrealized gains, Tax (Expense) Benefit | 15,914 | (551) |
Net unrealized gains on investment securities available for sale: Net of Tax Amount | ||
Reclassification adjustment for net losses (gains) realized in net income, Net of Tax Amount | 0 | (4,716) |
Net unrealized gains arising during the period, Net of Tax Amount | (45,531) | 5,596 |
Net unrealized gains, Net of Tax Amount | (45,531) | 880 |
Post-retirement unfunded health benefit: Before-tax Amount | ||
Reclassification adjustment for gains realized in net income, Before-tax Amount | (34) | (20) |
Post-retirement unfunded health benefit: Tax (Expense) Benefit | ||
Reclassification adjustment for gains realized in net income, Tax (Expense) Benefit | 13 | 8 |
Post-retirement unfunded health benefit: Net of Tax Amount | ||
Reclassification adjustment for gains realized in net income, Net of Tax Amount | (21) | (12) |
Other comprehensive income (loss), Before-tax Amount | (61,479) | 1,476 |
Other comprehensive income (loss), Tax (Expense) Benefit | 15,927 | (568) |
Other comprehensive income (loss), Net of Tax Amount | (45,552) | 908 |
Comprehensive income, Net of Tax Amount | $ 57,614 | $ 72,765 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (unaudited) - USD ($) $ in Thousands | Total | Preferred StockSeries C Preferred Stock | Common Stock | Additional Paid-in Capital | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Retained Earnings |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Adoption of ASU | $ 0 | ||||||
Balance at Dec. 31, 2016 | 2,927,924 | $ 125,980 | $ 142,026 | $ 3,028,405 | $ (664,595) | $ (55,659) | $ 351,767 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 71,857 | 71,857 | |||||
Other comprehensive income, net of income taxes | 908 | 908 | |||||
Cash dividends declared on common stock | (18,347) | (18,347) | |||||
Cash dividends paid on Series C Preferred Stock | (2,559) | (2,559) | |||||
Repurchases of common stock | (15,151) | 0 | (15,151) | ||||
Restricted share unit activity | (7,784) | 305 | (7,799) | (290) | |||
Stock options exercised | 1,919 | 110 | 1,809 | ||||
Share-based compensation expense | 3,360 | 3,360 | |||||
Balance at Mar. 31, 2017 | 2,962,127 | 125,980 | 142,441 | 3,025,775 | (679,746) | (54,751) | 402,428 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Adoption of ASU | (685) | ||||||
Adoption of ASU | ASU 2014-09 | (685) | (685) | |||||
Adoption of ASU | ASU 2018-02 | 0 | (7,588) | 7,588 | ||||
Adoption of ASU | ASU 2016-01 | 0 | 117 | (117) | ||||
Balance at Dec. 31, 2017 | 2,961,566 | 125,980 | 142,678 | 3,043,129 | (839,674) | (54,754) | 544,207 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 103,166 | 103,166 | |||||
Other comprehensive income, net of income taxes | (45,552) | (45,552) | |||||
Cash dividends declared on common stock | (29,675) | (29,675) | |||||
Cash dividends paid on Series C Preferred Stock | (2,559) | (2,559) | |||||
Repurchases of common stock | (26,733) | (26,733) | |||||
Restricted share unit activity | (8,228) | 266 | (8,494) | ||||
Stock options exercised | 1,240 | 73 | 1,167 | ||||
Share-based compensation expense | 3,955 | 3,955 | |||||
Balance at Mar. 31, 2018 | 2,956,495 | $ 125,980 | $ 143,017 | $ 3,039,757 | $ (866,407) | $ (107,777) | $ 621,925 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Adoption of ASU | ASU 2016-01 | $ 3,200 |
CONSOLIDATED STATEMENTS OF CHA7
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Statement of Stockholders' Equity [Abstract] | ||
Cash dividends declared on common stock, per share | $ 0.25 | $ 0.15 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | |||
Operating Activities | ||||
Net income | $ 103,166 | $ 71,857 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Provision for loan losses | 12,776 | 8,674 | ||
Depreciation, amortization, and accretion, net | 14,823 | 14,479 | ||
Deferred income tax expense | 2,599 | 36,014 | ||
Originations of mortgage loans held for sale | (128,618) | (156,043) | ||
Proceeds from sales of mortgage loans held for sale | 130,805 | 155,245 | ||
Gain on sales of mortgage loans held for sale, net | (3,445) | (3,560) | ||
(Increase) decrease in other assets | (52,159) | 7,375 | ||
(Decrease) increase in other liabilities | (8,466) | 4,963 | ||
Investment securities gains, net | 0 | (7,668) | ||
Share-based compensation expense | 3,955 | 3,360 | ||
Net cash provided by operating activities | 75,436 | 134,696 | ||
Investing Activities | ||||
Proceeds from maturities and principal collections of investment securities available for sale | 139,929 | 163,386 | ||
Proceeds from sales of investment securities available for sale | 0 | 282,629 | ||
Purchases of investment securities available for sale | (211,085) | (410,814) | ||
Proceeds from sales of loans | 10,885 | 0 | ||
Proceeds from sales of other real estate | 2,090 | 2,773 | ||
Net increase in loans | (109,180) | (419,552) | ||
Purchases of bank-owned life insurance policies, net of settlements | 1,523 | (73,110) | ||
Net increase in premises and equipment | (9,212) | (5,497) | ||
Proceeds from sales of other assets held for sale | 0 | 1,328 | ||
Net cash used in investing activities | (175,050) | (458,857) | ||
Financing Activities | ||||
Net (decrease) increase in demand and savings deposits | (216,836) | 364,517 | ||
Net increase in certificates of deposit | 322,338 | 92,955 | ||
Net increase (decrease) in federal funds purchased and securities sold under repurchase agreements | 24,341 | (13,219) | ||
Repayments and redemption of long-term debt | (2,130,030) | (275,000) | ||
Proceeds from issuance of long-term debt | 2,280,000 | 275,000 | ||
Dividends paid to common shareholders | (17,835) | (18,347) | ||
Dividends paid to preferred shareholders | (2,559) | (2,559) | ||
Stock options exercised | 1,240 | 1,919 | ||
Repurchase of common stock | (26,733) | (15,151) | ||
Taxes paid related to net share settlement of equity awards | 8,228 | 7,784 | ||
Net cash provided by financing activities | 225,698 | 402,331 | ||
Increase in cash and cash equivalents including restricted cash | 126,084 | 78,170 | ||
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period | [2] | 932,933 | [1] | 999,045 |
Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period | [2] | 1,059,017 | [1] | 1,077,215 |
Supplemental Cash Flow Information | ||||
Income tax payments, net | 183 | 210 | ||
Interest paid | 33,431 | 31,714 | ||
Non-cash Activities | ||||
Loans foreclosed and transferred to other real estate | 3,407 | 2,679 | ||
Loans transferred to other loans held for sale at fair value | 5,233 | 8,442 | ||
Equity investment securities available for sale transferred to other assets at fair value | 3,162 | 0 | ||
Securities purchased during the period but settled after period-end | 0 | 94,560 | ||
Dividends declared on common stock during the period but paid after period-end | $ 29,675 | $ 0 | ||
[1] | See "Note 1 - Significant Accounting Policies" of this Report for information on Synovus' change in presentation of cash and cash equivalents. | |||
[2] | See "Note 1 - Significant Accounting Policies" of this Report for information on Synovus' change in presentation of cash and cash equivalents. |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 1 - Significant Accounting Policies Business Operations The accompanying unaudited interim consolidated financial statements of Synovus Financial Corp. include the accounts of the Parent Company and its consolidated subsidiaries. Synovus Financial Corp. is a financial services company based in Columbus, Georgia. Through its wholly-owned subsidiary, Synovus Bank, a Georgia state-chartered bank that is a member of the Federal Reserve System, the company provides commercial and retail banking in addition to a full suite of specialized products and services including private banking, treasury management, wealth management, premium finance and international banking. Synovus Bank is positioned in some of the highest growth markets in the Southeast, with 250 branches and 328 ATMs in Georgia, Alabama, South Carolina, Florida, and Tennessee. Basis of Presentation The accompanying unaudited interim consolidated financial statements have been prepared in accordance with the instructions to the SEC Form 10-Q and Article 10 of Regulation S-X; therefore, they do not include all information and footnotes necessary for a fair presentation of financial position, results of operations, comprehensive income, and cash flows in conformity with GAAP. All adjustments consisting of normally recurring accruals that, in the opinion of management, are necessary for a fair presentation of the consolidated financial position and results of operations for the periods covered by this Report have been included. The accompanying unaudited interim consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes appearing in Synovus' 2017 Form 10-K . In connection with the adoption of ASU 2016-18, Statement of Cash Flows-Restricted Cash, Synovus changed its presentation of cash and cash equivalents, effective January 1, 2018, to include cash and due from banks as well as interest bearing funds with the Federal Reserve Bank, interest earning deposits with banks, and federal funds sold and securities purchased under resale agreements, which are inclusive of any restricted cash and restricted cash equivalents. Prior to 2018, cash and cash equivalents only included cash and due from banks. Prior periods have been revised to maintain comparability. Excluding the aforementioned presentation change, there have been no significant changes to the accounting policies as disclosed in Synovus' 2017 Form 10-K . In preparing the unaudited interim consolidated financial statements in accordance with GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the respective consolidated balance sheets and the reported amounts of revenues and expenses for the periods presented. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses, the fair value of investment securities, and the fair value of private equity investments. Cash and Cash Equivalents Cash and cash equivalents consist of cash and due from banks, interest bearing funds with the Federal Reserve Bank, interest earning deposits with banks, federal funds sold and securities purchased under resale agreements, and is inclusive of any restricted cash and restricted cash equivalents. Restricted cash and restricted cash equivalents primarily relate to cash held on deposit with the Federal Reserve to meet reserve requirements as well as cash posted as collateral for derivatives in a liability position. At March 31, 2018 and December 31, 2017 , interest bearing funds with the Federal Reserve Bank included $14.1 million and $8.6 million , respectively, on deposit to meet Federal Reserve Bank requirements. Interest earning deposits with banks include $6.3 million and $5.9 million at March 31, 2018 and December 31, 2017 , respectively, which are pledged as collateral in connection with certain letters of credit. Federal funds sold include $32.7 million and $43.8 million at March 31, 2018 and December 31, 2017 , respectively, which are pledged to collateralize certain derivative financial instruments. Federal funds sold and securities purchased under resale agreements generally mature in one day. Income Taxes On December 22, 2017, Federal Tax Reform was enacted into law. The new legislation included a decrease in the corporate federal income tax rate from 35% to 21% effective January 1, 2018. Under ASC 740, the effects of the changes in tax rates and laws are recognized in the period in which the new legislation is enacted. Therefore, Synovus was required to remeasure its deferred tax assets and liabilities and record the adjustment to income tax expense effective December 22, 2017. In December 2017, the SEC issued Staff Accounting Bulletin No. 118, Income Tax Accounting Implications of the Tax Cuts and Jobs Act (SAB 118), which allowed companies to record provisional amounts during a measurement period not to extend beyond one year of the enactment date. Since Federal Tax Reform was enacted late in 2017, management expects that certain deferred tax assets and liabilities will continue to be evaluated in the context of Federal Tax Reform through the date of the filing of our 2017 federal income tax return, and may change as a result of evolving management interpretations, elections, and assumptions, as well as new guidance that may be issued by the Internal Revenue Service. Accordingly, the federal income tax expense of $47.2 million recorded in 2017 relating to the effects from Federal Tax Reform is considered provisional. Management expects to complete its analysis within the measurement period in accordance with SAB 118. Recently Adopted Accounting Standards Updates ASU 2014-09, Revenue from Contracts with Customers (Topic 606) issued by the FASB in May 2014 , and all subsequent ASUs that modified 606. ASU 2014-09 implements a common revenue standard that establishes principles for reporting information about the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts to provide goods or services to customers. The core principle of the revenue model is that a company will recognize revenue when it transfers control of goods or services to customers at an amount that reflects the consideration to which it expects to be entitled in exchange for those goods or services. The scope of the guidance explicitly excludes net interest income as well as many other revenues from financial assets. Management reviewed its revenue streams and contracts with customers and did not identify material changes to the timing or amount of revenue recognition. Synovus adopted these ASUs on the required effective date of January 1, 2018 utilizing the modified retrospective method of adoption. The adoption resulted in a cumulative effect adjustment of ($685) thousand to the opening balance of retained earnings. Beginning January 1, 2018, in connection with the adoption of this standard, Synovus began including merchant discounts and other card-related fees in card fees. For periods prior to January 1, 2018, these amounts were previously presented in other non-interest income and have been reclassified for comparability. See "Part I - Item 1. Financial Statements and Supplementary Data - Note 12 - Non-interest Income" for the required disclosures in accordance with this ASU. ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. In February 2018, the FASB issued final guidance on reclassification of tax effects stranded in other comprehensive income due to Federal Tax Reform. The guidance provides entities the option to reclassify the tax effects that are stranded in accumulated other comprehensive income (AOCI) as a result of Federal Tax Reform to retained earnings. The guidance is effective for fiscal years beginning after December 15, 2018; early adoption is permitted. Synovus elected to early adopt ASU 2018-02 as of January 1, 2018 and elected to reclassify the income tax effects of Federal Tax Reform from AOCI to retained earnings. For Synovus, tax effects stranded in AOCI due to Federal Tax Reform totaled $7.6 million at December 31, 2017 and primarily related to unrealized losses on the available-for-sale investment securities portfolio. The reclassification adjustment resulted in an increase to retained earnings as of January 1, 2018 of $7.6 million and a corresponding decrease to AOCI for the same amount. Synovus utilizes the portfolio approach when releasing income tax effects from AOCI for its investment securities. The reclassification adjustment increased regulatory capital by $7.6 million , resulting in an approximate 3 b.p.s increase to Tier 1 capital, common equity Tier 1 capital, and total risk based capital ratios, and an approximate 2 b.p.s increase to the leverage ratio. ASU 2016-01, Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilitie s. In January 2016, the FASB issued ASU 2016-01 that included targeted amendments to accounting guidance for recognition, measurement, presentation, and disclosure of financial instruments. ASU 2016-01 requires equity investments (except those accounted for under the equity method of accounting or consolidated) to be measured at fair value with changes in fair value recognized in net income. This ASU requires a cumulative-effect adjustment to retained earnings as of the beginning of the reporting period of adoption to reclassify the cumulative change in fair value of equity securities previously recognized in AOCI. ASU 2016-01 became effective for Synovus on January 1, 2018. The adoption of the guidance resulted in a transfer of investments in mutual funds of $3.2 million , at fair value, from investment securities available for sale to other assets and a $117 thousand cumulative-effect adjustment that decreased retained earnings, with offsetting related adjustments to deferred taxes and AOCI. ASU 2016-01 also emphasizes the existing requirement to use an exit price concept to measure fair value for disclosure purposes in determining the fair value of loans. Determination of the fair value under the exit price method requires judgment because substantially all of the loans within the loan portfolio do not have observable market prices. The adoption of this guidance did not have a significant impact on Synovus' fair value disclosures. ASU 2016-18, Statement of Cash Flows-Restricted Cash. In November 2016, the FASB issued new accounting guidance which addressed classification and presentation of changes in restricted cash on the statement of cash flows. The standard requires a reconciliation of the beginning-of-period and end-of-period total amounts shown on the statement of cash flows to include in cash and cash equivalents amounts generally described as restricted cash and restricted cash equivalents. The ASU does not define restricted cash or restricted cash equivalents; however, the nature of the restrictions should be disclosed. The guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. This ASU is to be applied using a retrospective transition method for each period presented. Synovus adopted ASU 2016-18 on January 1, 2018 and concurrently revised its presentation of cash and cash equivalents. For periods prior to January 1, 2018, the presentation of cash and cash equivalents has been revised to conform to the current presentation. Reclassifications Prior periods' consolidated financial statements are reclassified whenever necessary to conform to the current periods' presentation. |
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 31, 2018 | |
Business Combinations [Abstract] | |
Acquisitions | Note 2 - Acquisitions Cabela's Transaction On September 25, 2017, Synovus' wholly owned subsidiary, Synovus Bank, completed the acquisition of certain assets and assumption of certain liabilities of World's Foremost Bank, or WFB. Immediately following the closing of this transaction, Synovus Bank sold WFB’s credit card assets and related liabilities to Capital One Bank (USA), National Association, a bank subsidiary of Capital One Financial Corporation. Synovus retained WFB’s $1.10 billion brokered time deposits portfolio, which had a weighted average remaining maturity of approximately 2.53 years and a weighted average rate of 1.83% as of September 25, 2017. The transaction was accounted for as an assumption of a liability (accounted for under the asset acquisition model). In accordance with ASC 820, Fair Value Measurements and Disclosures, the brokered time deposit portfolio was recorded at $1.10 billion , which was the amount of cash received for the deposits and represented the estimated fair value of the deposits at the transaction date. Additionally, Synovus received a $75.0 million transaction fee from Cabela’s Incorporated and Capital One, which was recognized into earnings on September 25, 2017 upon closing of the transaction, based on having achieved the recognition criteria outlined in SEC SAB Topic 13.A, Revenue Recognition . Acquisition of Global One On October 1, 2016, Synovus completed its acquisition of all of the outstanding stock of Global One. Prior to its acquisition, Global One was an Atlanta-based private specialty financial services company that provided financing primarily to commercial entities, with all loans fully collateralized by cash value life insurance policies and/or annuities issued by investment grade life insurance companies. Under the terms of the merger agreement, Synovus acquired Global One for an up-front payment of $30 million , consisting of the issuance of 821 thousand shares of Synovus common stock valued at $26.6 million and $3.4 million in cash, with additional payments to Global One's former shareholders over a three to five year period based on earnings from the Global One business, as further discussed below. The acquisition of Global One constituted a business combination. Accordingly, the assets acquired and liabilities assumed were recorded at their estimated fair values on October 1, 2016. The determination of fair value required management to make estimates about discount rates, future expected earnings and cash flows, market conditions, future loan growth, and other future events that are highly subjective in nature and subject to change. During the three months ended September 30, 2017, Synovus completed the determination of the final allocation of the purchase price with respect to the assets acquired and liabilities assumed. Under the terms of the merger agreement, the purchase price includes additional annual payments ("Earnout Payments") to Global One's former shareholders over a three to five year period, with amounts based on a percentage of "Global One Earnings," as defined in the merger agreement. The Earnout Payments consist of shares of Synovus common stock as well as a smaller cash consideration component. The first annual Earnout Payment of stock and cash valued at $6.4 million was made during November 2017. The balance of the earnout liability at March 31, 2018 was $11.3 million based on the estimated fair value of the remaining Earnout Payments. |
Share Repurchase Program
Share Repurchase Program | 3 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
Share Repurchase Program | Note 3 - Share Repurchase Program On January 23, 2018, Synovus announced a $150 million share repurchase program to be completed during 2018. As of March 31, 2018 , Synovus had repurchased under this program a total of $26.7 million , or 535 thousand shares of its common stock, at an average price of $49.98 per share. |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2018 | |
Investments [Abstract] | |
Investment Securities | Note 4 - Investment Securities Available for Sale The amortized cost, gross unrealized gains and losses, and estimated fair values of investment securities available for sale at March 31, 2018 and December 31, 2017 are summarized below. March 31, 2018 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury securities $ 122,655 $ — $ (1,724 ) $ 120,931 U.S. Government agency securities 10,769 128 — 10,897 Mortgage-backed securities issued by U.S. Government agencies 115,888 237 (3,257 ) 112,868 Mortgage-backed securities issued by U.S. Government sponsored enterprises 2,734,650 483 (71,133 ) 2,664,000 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 1,102,361 — (37,320 ) 1,065,041 State and municipal securities 115 — — 115 Corporate debt and other debt securities 17,000 274 (148 ) 17,126 Total investment securities available for sale $ 4,103,438 $ 1,122 $ (113,582 ) $ 3,990,978 December 31, 2017 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury securities $ 83,608 $ — $ (934 ) $ 82,674 U.S. Government agency securities 10,771 91 — 10,862 Mortgage-backed securities issued by U.S. Government agencies 121,283 519 (1,362 ) 120,440 Mortgage-backed securities issued by U.S. Government sponsored enterprises 2,666,818 5,059 (31,354 ) 2,640,523 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 1,135,259 144 (23,404 ) 1,111,999 State and municipal securities 180 — — 180 Corporate debt and other securities 20,320 294 (223 ) 20,391 Total investment securities available for sale $ 4,038,239 $ 6,107 $ (57,277 ) $ 3,987,069 At March 31, 2018 and December 31, 2017 , investment securities with a carrying value of $1.01 billion and $2.00 billion , respectively, were pledged to secure certain deposits and securities sold under repurchase agreements as required by law and contractual agreements. Synovus has reviewed investment securities that are in an unrealized loss position as of March 31, 2018 and December 31, 2017 for OTTI and does not consider any securities in an unrealized loss position to be other-than-temporarily impaired. If Synovus intended to sell a security in an unrealized loss position, the entire unrealized loss would be reflected in earnings. 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. Declines in the fair value of available for sale securities below their cost that are deemed to have OTTI are reflected in earnings as realized losses to the extent the impairment is related to credit losses. The amount of the impairment related to other factors is recognized in other comprehensive income. Currently, unrealized losses on debt securities are attributable to increases in interest rates on comparable securities from the date of purchase. Synovus regularly evaluates its investment securities portfolio to ensure that there are no conditions that would indicate that unrealized losses represent OTTI. These factors include the length of time the security has been in a loss position, the extent that the fair value is below amortized cost, and the credit standing of the issuer. As of March 31, 2018 , Synovus had 75 investment securities in a loss position for less than twelve months and 54 investment securities in a loss position for twelve months or longer. 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 March 31, 2018 and December 31, 2017 are presented below. March 31, 2018 Less than 12 Months 12 Months or Longer Total (in thousands) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses U.S. Treasury securities $ 72,694 $ 989 $ 29,313 $ 735 $ 102,007 $ 1,724 Mortgage-backed securities issued by U.S. Government agencies 39,763 1,045 52,763 2,212 92,526 3,257 Mortgage-backed securities issued by U.S. Government sponsored enterprises 1,656,562 38,195 882,984 32,938 2,539,546 71,133 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 629,793 17,650 435,247 19,670 1,065,040 37,320 Corporate debt and other debt securities — — 1,852 148 1,852 148 Total $ 2,398,812 $ 57,879 $ 1,402,159 $ 55,703 $ 3,800,971 $ 113,582 December 31, 2017 Less than 12 Months 12 Months or Longer Total (in thousands) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses U.S. Treasury securities $ 34,243 $ 443 $ 29,562 $ 491 $ 63,805 $ 934 Mortgage-backed securities issued by U.S. Government agencies 36,810 357 55,740 1,005 92,550 1,362 Mortgage-backed securities issued by U.S. Government sponsored enterprises 1,271,012 10,263 929,223 21,091 2,200,235 31,354 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 653,781 9,497 426,237 13,907 1,080,018 23,404 Corporate debt and other securities — — 5,097 223 5,097 223 Total $ 1,995,846 $ 20,560 $ 1,445,859 $ 36,717 $ 3,441,705 $ 57,277 The amortized cost and fair value by contractual maturity of investment securities available for sale at March 31, 2018 are shown below. The expected life of mortgage-backed securities 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, mortgage-backed securities 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 March 31, 2018 (in thousands) Within One Year 1 to 5 Years 5 to 10 Years More Than 10 Years Total Amortized Cost U.S. Treasury securities $ 18,924 $ 103,731 $ — $ — $ 122,655 U.S. Government agency securities 2,330 6,437 2,002 — 10,769 Mortgage-backed securities issued by U.S. Government agencies — — 29,355 86,533 115,888 Mortgage-backed securities issued by U.S. Government sponsored enterprises 7 1,657 578,774 2,154,212 2,734,650 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — — 18,652 1,083,709 1,102,361 State and municipal securities 115 — — — 115 Corporate debt and other debt securities — — 15,000 2,000 17,000 Total amortized cost $ 21,376 $ 111,825 $ 643,783 $ 3,326,454 $ 4,103,438 Fair Value U.S. Treasury securities $ 18,924 $ 102,007 $ — $ — $ 120,931 U.S. Government agency securities 2,355 6,514 2,028 — 10,897 Mortgage-backed securities issued by U.S. Government agencies — — 28,993 83,875 112,868 Mortgage-backed securities issued by U.S. Government sponsored enterprises 7 1,723 565,331 2,096,939 2,664,000 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — — 18,218 1,046,823 1,065,041 State and municipal securities 115 — — — 115 Corporate debt and other debt securities — — 15,274 1,852 17,126 Total fair value $ 21,401 $ 110,244 $ 629,844 $ 3,229,489 $ 3,990,978 Synovus did not sell any securities available for sale during the three months ended March 31, 2018 . Proceeds from sales, gross gains, and gross losses on sales of securities available for sale for the three months ended March 31, 2017 are presented below. The specific identification method is used to reclassify gains and losses out of other comprehensive income at the time of sale. On January 1, 2018, Synovus transferred $3.2 million , at fair value, from investment securities available for sale to other assets upon adoption of ASU 2016-01. Three Months Ended March 31, (in thousands) 2018 2017 Proceeds from sales of investment securities available for sale $ — $ 282,629 Gross realized gains on sales — 7,702 Gross realized losses on sales — (34 ) Investment securities gains, net $ — $ 7,668 |
Restructuring Charges
Restructuring Charges | 3 Months Ended |
Mar. 31, 2018 | |
Restructuring Charges [Abstract] | |
Restructuring Charges | Note 5 - Restructuring Charges For the three months ended March 31, 2018 and 2017 , total restructuring charges consist of the following components: Three Months Ended March 31, (in thousands) 2018 2017 Severance charges $ — $ 6,453 Other charges, net (315 ) 58 Total restructuring charges, net $ (315 ) $ 6,511 For the three months ended March 31, 2018, Synovus recorded net lease termination accrual reversals of $377 thousand related to branches closed in prior years. During the three months ended March 31, 2017 , Synovus recorded severance charges of $6.5 million including $6.2 million for termination benefits incurred in conjunction with a voluntary early retirement program offered to Synovus employees during the first quarter of 2017. The following tables present aggregate activity within the accrual for restructuring charges for the three months ended March 31, 2018 and 2017 : (in thousands) Severance Charges Lease Termination Charges Total Balance at December 31, 2017 $ 336 $ 3,276 $ 3,612 Accruals for lease terminations — (377 ) (377 ) Payments (336 ) (393 ) (729 ) Balance at March 31, 2018 $ — $ 2,506 $ 2,506 (in thousands) Severance Charges Lease Termination Charges Total Balance at December 31, 2016 $ 81 $ 3,968 $ 4,049 Accrual for voluntary and involuntary termination benefits 6,453 — 6,453 Payments (219 ) (279 ) (498 ) Balance at March 31, 2017 $ 6,315 $ 3,689 $ 10,004 All other charges were paid in the quarters in which they were incurred. No other restructuring charges resulted in payment accruals. |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses | 3 Months Ended |
Mar. 31, 2018 | |
Loans and Allowance for Loan Losses [Abstract] | |
Loans and Allowance for Loan Losses | Note 6 - Loans and Allowance for Loan Losses The following is a summary of current, accruing past due, and non-accrual loans by portfolio class as of March 31, 2018 and December 31, 2017 . Current, Accruing Past Due, and Non-accrual Loans March 31, 2018 (in thousands) Current Accruing 30-89 Days Past Due Accruing 90 Days or Greater Past Due Total Accruing Past Due Non-accrual Total Investment properties $ 5,613,811 $ 1,986 $ 323 $ 2,309 $ 2,930 $ 5,619,050 1-4 family properties 753,255 2,232 783 3,015 2,634 758,904 Land and development 449,700 3,450 49 3,499 4,574 457,773 Total commercial real estate 6,816,766 7,668 1,155 8,823 10,138 6,835,727 Commercial, financial and agricultural 7,093,270 15,872 783 16,655 81,606 7,191,531 Owner-occupied 4,901,542 3,841 936 4,777 4,067 4,910,386 Total commercial and industrial 11,994,812 19,713 1,719 21,432 85,673 12,101,917 Home equity lines 1,450,454 6,718 431 7,149 14,868 1,472,471 Consumer mortgages 2,651,758 3,905 — 3,905 7,708 2,663,371 Credit cards 223,232 1,599 1,882 3,481 — 226,713 Other consumer loans 1,595,745 9,131 229 9,360 1,694 1,606,799 Total consumer 5,921,189 21,353 2,542 23,895 24,270 5,969,354 Total loans $ 24,732,767 $ 48,734 $ 5,416 $ 54,150 $ 120,081 $ 24,906,998 (1 ) December 31, 2017 (in thousands) Current Accruing 30-89 Days Past Due Accruing 90 Days or Greater Past Due Total Accruing Past Due Non-accrual Total Investment properties $ 5,663,665 $ 2,506 $ 90 $ 2,596 $ 3,804 $ 5,670,065 1-4 family properties 775,023 3,545 202 3,747 2,849 781,619 Land and development 476,131 1,609 67 1,676 5,797 483,604 Total commercial real estate 6,914,819 7,660 359 8,019 12,450 6,935,288 Commercial, financial and agricultural 7,097,127 11,214 1,016 12,230 70,130 7,179,487 Owner-occupied 4,830,150 6,880 479 7,359 6,654 4,844,163 Total commercial and industrial 11,927,277 18,094 1,495 19,589 76,784 12,023,650 Home equity lines 1,490,808 5,629 335 5,964 17,455 1,514,227 Consumer mortgages 2,622,061 3,971 268 4,239 7,203 2,633,503 Credit cards 229,015 1,930 1,731 3,661 — 232,676 Other consumer loans 1,461,223 10,333 226 10,559 1,669 1,473,451 Total consumer 5,803,107 21,863 2,560 24,423 26,327 5,853,857 Total loans $ 24,645,203 $ 47,617 $ 4,414 $ 52,031 $ 115,561 $ 24,812,795 (2 ) (1) Total before net deferred fees and costs of $24.0 million . (2) Total before net deferred fees and costs of $25.3 million . The credit quality of the loan portfolio is reviewed and updated no less frequently than quarterly using the standard asset classification system utilized by the federal banking agencies. These classifications are divided into three groups – Not Criticized (Pass), Special Mention, and Classified or Adverse rating (Substandard, Doubtful, and Loss) and are defined as follows: Pass - loans which are well protected by the current net worth and paying capacity of the obligor (or guarantors, if any) or by the fair value, less cost to acquire and sell in a timely manner, of any underlying collateral. Special Mention - loans which have potential weaknesses that deserve management's close attention. These loans are not adversely classified and do not expose an institution to sufficient risk to warrant an adverse classification. Substandard - loans which are inadequately protected by the current net worth and paying capacity of the obligor or by the collateral pledged, if any. Loans with this classification are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Doubtful - loans which have all the weaknesses inherent in loans classified as Substandard with the added characteristic that the weaknesses make collection or liquidation in full highly questionable and improbable on the basis of currently known facts, conditions, and values. Loss - loans which are considered by management to be uncollectible and of such little value that their continuance on the institution's books as an asset, without establishment of a specific valuation allowance or charge-off, is not warranted. In the following tables, consumer loans are generally assigned a risk grade similar to the classifications described above; however, upon reaching 90 days and 120 days past due, they are generally downgraded to Substandard and Loss, respectively, in accordance with the FFIEC Uniform Retail Credit Classification and Account Management Policy. Additionally, in accordance with the Interagency Supervisory Guidance on Allowance for Loan and Lease Losses Estimation Practices for Loans and Lines of Credit Secured by Junior Liens on 1-4 Family Residential Properties, the risk grade classifications of consumer loans (home equity lines and consumer mortgages) secured by junior liens on 1-4 family residential properties also consider available information on the payment status of any associated senior liens with other financial institutions. Loan Portfolio Credit Exposure by Risk Grade March 31, 2018 (in thousands) Pass Special Mention Substandard (1) Doubtful (2) Loss Total Investment properties $ 5,545,689 $ 53,193 $ 20,168 $ — $ — $ 5,619,050 1-4 family properties 729,023 14,331 15,550 — — 758,904 Land and development 408,128 33,858 12,654 3,133 — 457,773 Total commercial real estate 6,682,840 101,382 48,372 3,133 — 6,835,727 Commercial, financial and agricultural 6,895,133 132,582 154,863 8,953 — 7,191,531 Owner-occupied 4,778,913 55,627 75,773 73 — 4,910,386 Total commercial and industrial 11,674,046 188,209 230,636 9,026 — 12,101,917 Home equity lines 1,452,171 — 18,421 271 1,608 (3) 1,472,471 Consumer mortgages 2,654,285 — 8,951 103 32 (3) 2,663,371 Credit cards 224,831 — 564 — 1,318 (4) 226,713 Other consumer loans 1,604,979 — 1,556 257 7 (3) 1,606,799 Total consumer 5,936,266 — 29,492 631 2,965 5,969,354 Total loans $ 24,293,152 $ 289,591 $ 308,500 $ 12,790 $ 2,965 $ 24,906,998 (5 ) December 31, 2017 (in thousands) Pass Special Mention Substandard (1) Doubtful (2) Loss Total Investment properties $ 5,586,792 $ 64,628 $ 18,645 $ — $ — $ 5,670,065 1-4 family properties 745,299 19,419 16,901 — — 781,619 Land and development 431,759 33,766 14,950 3,129 — 483,604 Total commercial real estate 6,763,850 117,813 50,496 3,129 — 6,935,288 Commercial, financial and agricultural 6,929,506 115,912 132,818 1,251 — 7,179,487 Owner-occupied 4,713,877 50,140 80,073 73 — 4,844,163 Total commercial and industrial 11,643,383 166,052 212,891 1,324 — 12,023,650 Home equity lines 1,491,105 — 21,079 285 1,758 (3) 1,514,227 Consumer mortgages 2,622,499 — 10,607 291 106 (3) 2,633,503 Credit cards 230,945 — 399 — 1,332 (4) 232,676 Other consumer loans 1,470,944 — 2,168 329 10 (3) 1,473,451 Total consumer 5,815,493 — 34,253 905 3,206 5,853,857 Total loans $ 24,222,726 $ 283,865 $ 297,640 $ 5,358 $ 3,206 $ 24,812,795 (6 ) (1) Includes $204.2 million and $190.6 million of Substandard accruing loans at March 31, 2018 and December 31, 2017 , respectively. (2) The loans within this risk grade are on non-accrual status. Commercial loans generally have an allowance for loan losses in accordance with ASC 310, and retail loans generally have an allowance for loan losses equal to 50% of the loan amount. (3) The loans within this risk grade are on non-accrual status and have an allowance for loan losses equal to the full loan amount. (4) Represent amounts that were 120 days past due. These credits are downgraded to the Loss category with an allowance for loan losses equal to the full loan amount and are generally charged off upon reaching 181 days past due in accordance with the FFIEC Uniform Retail Credit Classification and Account Management Policy. (5) Total before net deferred fees and costs of $24.0 million . (6) Total before net deferred fees and costs of $25.3 million . The following table details the changes in the allowance for loan losses by loan segment for the three months ended March 31, 2018 . Allowance for Loan Losses and Recorded Investment in Loans As Of and For The Three Months Ended March 31, 2018 (in thousands) Commercial Real Estate Commercial & Industrial Consumer Total Allowance for loan losses: Beginning balance $ 74,998 $ 126,803 $ 47,467 $ 249,268 Charge-offs (1,911 ) (8,015 ) (4,455 ) (14,381 ) Recoveries 5,723 3,112 1,266 10,101 Provision for loan losses (4,819 ) 12,845 4,750 12,776 Ending balance (1) $ 73,991 $ 134,745 $ 49,028 $ 257,764 Ending balance: individually evaluated for impairment 3,740 14,405 797 18,942 Ending balance: collectively evaluated for impairment $ 70,251 $ 120,340 $ 48,231 $ 238,822 Loans: Ending balance: total loans (1)(2) $ 6,835,727 $ 12,101,917 $ 5,969,354 $ 24,906,998 Ending balance: individually evaluated for impairment 49,221 112,823 29,608 191,652 Ending balance: collectively evaluated for impairment $ 6,786,506 $ 11,989,094 $ 5,939,746 $ 24,715,346 As Of and For The Three Months Ended March 31, 2017 (in thousands) Commercial Real Estate Commercial & Industrial Consumer Total Allowance for loan losses: Beginning balance $ 81,816 $ 125,778 $ 44,164 $ 251,758 Charge-offs (1,908 ) (6,893 ) (3,934 ) (12,735 ) Recoveries 2,889 1,824 1,104 5,817 Provision for loan losses (4,483 ) 6,387 6,770 8,674 Ending balance (1) $ 78,314 $ 127,096 $ 48,104 $ 253,514 Ending balance: individually evaluated for impairment 6,917 11,085 1,705 19,707 Ending balance: collectively evaluated for impairment $ 71,397 $ 116,011 $ 46,399 $ 233,807 Loans: Ending balance: total loans (1)(3) $ 7,467,288 $ 11,732,701 $ 5,084,199 $ 24,284,188 Ending balance: individually evaluated for impairment 79,203 120,470 35,083 234,756 Ending balance: collectively evaluated for impairment $ 7,388,085 $ 11,612,231 $ 5,049,116 $ 24,049,432 (1 ) As of and for the three months ended March 31, 2018 and 2017 , there were no purchased credit-impaired loans and no allowance for loan losses for purchased credit-impaired loans. (2) Total before net deferred fees and costs of $24.0 million . (3) Total before net deferred fees and costs of $25.7 million . The tables below summarize impaired loans (including accruing TDRs) as of March 31, 2018 and December 31, 2017 . Impaired Loans (including accruing TDRs) March 31, 2018 Three Months Ended March 31, 2018 (in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded Investment properties $ — $ — $ — $ — $ — 1-4 family properties — — — — — Land and development — — — 37 — Total commercial real estate — — — 37 — Commercial, financial and agricultural 9,614 12,039 — 8,682 — Owner-occupied — — — — — Total commercial and industrial 9,614 12,039 — 8,682 — Home equity lines 1,086 1,086 — 2,122 — Consumer mortgages 2,640 2,665 — 880 — Credit cards — — — — — Other consumer loans — — — — — Total consumer 3,726 3,751 — 3,002 — Total impaired loans with no related allowance recorded $ 13,340 $ 15,790 $ — $ 11,721 $ — With allowance recorded Investment properties $ 19,388 $ 19,388 $ 753 $ 22,769 $ 198 1-4 family properties 12,008 12,008 392 11,715 216 Land and development 17,825 19,565 2,595 18,133 76 Total commercial real estate 49,221 50,961 3,740 52,617 490 Commercial, financial and agricultural 65,422 65,691 12,491 67,198 273 Owner-occupied 37,787 37,841 1,914 37,715 357 Total commercial and industrial 103,209 103,532 14,405 104,913 630 Home equity lines 3,475 3,475 44 4,383 45 Consumer mortgages 17,378 17,378 447 19,106 194 Credit cards — — — — — Other consumer loans 5,029 5,031 306 5,391 71 Total consumer 25,882 25,884 797 28,880 310 Total impaired loans with allowance recorded $ 178,312 $ 180,377 $ 18,942 $ 186,410 $ 1,430 Total impaired loans Investment properties $ 19,388 $ 19,388 $ 753 $ 22,769 $ 198 1-4 family properties 12,008 12,008 392 11,715 216 Land and development 17,825 19,565 2,595 18,170 76 Total commercial real estate 49,221 50,961 3,740 52,654 490 Commercial, financial and agricultural 75,036 77,730 12,491 75,880 273 Owner-occupied 37,787 37,841 1,914 37,715 357 Total commercial and industrial 112,823 115,571 14,405 113,595 630 Home equity lines 4,561 4,561 44 6,505 45 Consumer mortgages 20,018 20,043 447 19,986 194 Credit cards — — — — — Other consumer loans 5,029 5,031 306 5,391 71 Total consumer 29,608 29,635 797 31,882 310 Total impaired loans $ 191,652 196,167 18,942 198,131 1,430 Impaired Loans (including accruing TDRs) December 31, 2017 Year Ended December 31, 2017 (in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded Investment properties $ — — — 123 — 1-4 family properties — — — 323 — Land and development 56 1,740 — 1,816 — Total commercial real estate 56 1,740 — 2,262 — Commercial, financial and agricultural 8,220 9,576 — 21,686 — Owner-occupied — — — 6,665 — Total commercial and industrial 8,220 9,576 — 28,351 — Home equity lines 2,746 2,943 — 1,205 — Consumer mortgages — — — 496 — Credit cards — — — — — Other consumer loans — — — — — Total consumer 2,746 2,943 — 1,701 — Total impaired loans with no related allowance recorded $ 11,022 14,259 — 32,314 — With allowance recorded Investment properties $ 23,364 23,364 1,100 28,749 1,144 1-4 family properties 15,056 15,056 504 16,257 925 Land and development 18,420 18,476 2,636 23,338 404 Total commercial real estate 56,840 56,896 4,240 68,344 2,473 Commercial, financial and agricultural 65,715 65,851 7,406 50,468 1,610 Owner-occupied 37,399 37,441 2,109 40,498 1,382 Total commercial and industrial 103,114 103,292 9,515 90,966 2,992 Home equity lines 5,096 5,096 114 7,476 334 Consumer mortgages 18,668 18,668 569 19,144 896 Credit cards — — — — — Other consumer loans 5,546 5,546 470 4,765 266 Total consumer 29,310 29,310 1,153 31,385 1,496 Total impaired loans with allowance recorded $ 189,264 189,498 14,908 190,695 6,961 Total impaired loans Investment properties $ 23,364 23,364 1,100 28,872 1,144 1-4 family properties 15,056 15,056 504 16,580 925 Land and development 18,476 20,216 2,636 25,154 404 Total commercial real estate 56,896 58,636 4,240 70,606 2,473 Commercial, financial and agricultural 73,935 75,427 7,406 72,154 1,610 Owner-occupied 37,399 37,441 2,109 47,163 1,382 Total commercial and industrial 111,334 112,868 9,515 119,317 2,992 Home equity lines 7,842 8,039 114 8,681 334 Consumer mortgages 18,668 18,668 569 19,640 896 Credit cards — — — — — Other consumer loans 5,546 5,546 470 4,765 266 Total consumer 32,056 32,253 1,153 33,086 1,496 Total impaired loans $ 200,286 $ 203,757 $ 14,908 $ 223,009 $ 6,961 The average recorded investment in impaired loans was $235.6 million for the three months ended March 31, 2017 . Excluding accruing TDRs, there was no interest income recognized for the investment in impaired loans for the three months ended March 31, 2017 . Interest income recognized for accruing TDRs was $1.7 million for the three months ended March 31, 2017 . At March 31, 2018 and December 31, 2017 , impaired loans of $62.2 million and $49.0 million , respectively, were on non-accrual status. Concessions provided in a TDR are primarily in the form of providing a below market interest rate given the borrower's credit risk, a period of time generally less than one year with a reduction of required principal and/or interest payments (e.g., interest only for a period of time), or an extension of the maturity of the loan generally for less than one year. Insignificant periods of reduction of principal and/or interest payments, or one-time deferrals of 3 months or less, are generally not considered to be financial concessions. The following tables represent, by concession type, the post-modification balance for loans modified or renewed during the three months ended March 31, 2018 and 2017 that were reported as accruing or non-accruing TDRs. TDRs by Concession Type Three Months Ended March 31, 2018 (in thousands, except contract data) Number of Contracts Principal Forgiveness Below Market Interest Rate Term Extensions and/or Other Concessions Total Investment properties 1 $ — $ — $ 1,959 $ 1,959 1-4 family properties 6 — 963 — 963 Total commercial real estate 7 — 963 1,959 2,922 Commercial, financial and agricultural 9 — — 989 989 Owner-occupied 2 — 2,705 93 2,798 Total commercial and industrial 11 — 2,705 1,082 3,787 Consumer mortgages 7 — 1,733 — 1,733 Other consumer loans 14 — 537 508 1,045 Total consumer 21 — 2,270 508 2,778 Total TDRs 39 $ — $ 5,938 $ 3,549 $ 9,487 (1 ) (1) No net charge-offs were recorded during the three months ended March 31, 2018 upon restructuring of these loans. TDRs by Concession Type Three Months Ended March 31, 2017 (in thousands, except contract data) Number of Contracts Principal Forgiveness Below Market Interest Rate Term Extensions and/or Other Concessions Total 1-4 family properties 8 — 1,611 317 1,928 Total commercial real estate 8 — 1,611 317 1,928 Commercial, financial and agricultural 18 — 3,865 5,539 9,404 Total commercial and industrial 18 — 3,865 5,539 9,404 Other consumer loans 3 — — 275 275 Total consumer 3 — — 275 275 Total TDRs 29 $ — $ 5,476 $ 6,131 $ 11,607 (2 ) (2) No net charge-offs were recorded during the three months ended March 31, 2017 upon restructuring of these loans. For the three months ended March 31, 2018 and March 31, 2017 there were no defaults on accruing TDRs restructured during the previous twelve months (defaults are defined as the earlier of the TDR being placed on non-accrual status or reaching 90 days past due with respect to principal and/or interest payments). If, at the time a loan was designated as a TDR, the loan was not already impaired, the measurement of impairment that resulted from the TDR designation closely approximates the reserve derived through specific loan measurement of impairment in accordance with ASC 310-10-35. Generally, the change in the allowance for loan losses resulting from such TDR designation is not significant. At March 31, 2018 , the allowance for loan losses allocated to accruing TDRs totaling $129.4 million was $6.1 million compared to accruing TDRs of $151.3 million with an allocated allowance for loan losses of $8.7 million at December 31, 2017 . Non-accrual, non-homogeneous loans (commercial-type impaired loans greater than $1 million ) that are designated as TDRs are individually measured for the amount of impairment, if any, both before and after the TDR designation . |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
Other Comprehensive Income (Loss) | Note 7 - Other Comprehensive Income (Loss) The following tables illustrate activity within the balances in accumulated other comprehensive income (loss) by component for the three months ended March 31, 2018 and 2017 . Changes in Accumulated Other Comprehensive Income (Loss) by Component (Net of Income Taxes) (in thousands) Net unrealized gains (losses) on cash flow hedges Net unrealized gains (losses) on investment securities available for sale Post-retirement unfunded health benefit Total Balance at December 31, 2017 $ (12,137 ) $ (43,470 ) $ 853 $ (54,754 ) Other comprehensive income before reclassifications — (45,531 ) — (45,531 ) Amounts reclassified from accumulated other comprehensive income (loss) — — (21 ) (21 ) Net current period other comprehensive income — (45,531 ) (21 ) (45,552 ) Reclassification from adoption of ASU 2018-02 — (7,763 ) 175 (7,588 ) Cumulative-effect adjustment from adoption of ASU 2016-01 — 117 — 117 Balance as of March 31, 2018 $ (12,137 ) $ (96,647 ) $ 1,007 $ (107,777 ) Changes in Accumulated Other Comprehensive Income (Loss) by Component (Net of Income Taxes) (in thousands) Net unrealized gains (losses) on cash flow hedges Net unrealized gains (losses) on investment securities available for sale Post-retirement unfunded health benefit Total Balance at December 31, 2016 $ (12,217 ) $ (44,324 ) $ 882 $ (55,659 ) Other comprehensive income before reclassifications — 5,596 — 5,596 Amounts reclassified from accumulated other comprehensive income (loss) 40 (4,716 ) (12 ) (4,688 ) Net current period other comprehensive income 40 880 (12 ) 908 Balance as of March 31, 2017 $ (12,177 ) $ (43,444 ) $ 870 $ (54,751 ) In accordance with ASC 740-20-45-11(b), a deferred tax asset valuation allowance associated with unrealized gains and losses not recognized in income is charged directly to other comprehensive income (loss). During the years 2010 and 2011, Synovus recorded a deferred tax asset valuation allowance associated with net unrealized losses not recognized in income directly to other comprehensive income (loss) by applying the portfolio approach for allocation of the valuation allowance. Synovus has consistently applied the portfolio approach which treats derivative instruments and available for sale securities as a single portfolio. As of March 31, 2018 , the ending balance in net unrealized gains (losses) on cash flow hedges and net unrealized gains (losses) on investment securities available for sale includes unrealized losses of $12.1 million and $13.3 million , respectively, related to the residual tax effects remaining in OCI due to the previously established deferred tax asset valuation allowance. Under the portfolio approach, these unrealized losses are realized at the time the entire portfolio is sold or disposed. Reclassifications out of Accumulated Other Comprehensive Income (Loss) Details About Accumulated Other Comprehensive Income (Loss) Components Amount Reclassified from Accumulated Other Comprehensive Income (Loss) Affected Line Item in the Statement Where Net Income is Presented For the Three Months Ended March 31, 2018 2017 Net unrealized gains (losses) on cash flow hedges: Amortization of deferred losses $ — $ (65 ) Interest expense — 25 Income tax (expense) benefit $ — $ (40 ) Reclassifications, net of income taxes Net unrealized gains on investment securities available for sale: Realized gains on sale of securities $ — $ 7,668 Investment securities gains, net — (2,952 ) Income tax (expense) benefit $ — $ 4,716 Reclassifications, net of income taxes Post-retirement unfunded health benefit: Amortization of actuarial gains $ 34 $ 20 Salaries and other personnel expense (13 ) (8 ) Income tax (expense) benefit $ 21 $ 12 Reclassifications, net of income taxes |
Fair Value Accounting
Fair Value Accounting | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Accounting | Note 8 - Fair Value Accounting Synovus carries various assets and liabilities at fair value based on the fair value accounting guidance under ASC 820, Fair Value Measurements , and ASC 825, Financial Instruments . Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an “exit price”) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Fair Value Hierarchy Synovus determines the fair value of its financial instruments based on the fair value hierarchy established under ASC 820-10, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the financial instrument's fair value measurement in its entirety. There are three levels of inputs that may be used to measure fair value. The three levels of inputs of the valuation hierarchy are defined below: Level 1 Quoted prices (unadjusted) in active markets for identical assets and liabilities for the instrument or security to be valued. Level 1 assets include U.S. Treasury securities and mutual funds. Level 2 Observable inputs other than Level 1 quoted prices, such as quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active or model-based valuation techniques for which all significant assumptions are derived principally from or corroborated by observable market data. Level 2 assets and liabilities include debt securities with quoted prices that are traded less frequently than exchange-traded instruments and derivative contracts whose value is determined by using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data. U.S. Government sponsored agency securities, mortgage-backed securities issued by GSEs and agencies, obligations of states and municipalities, collateralized mortgage obligations issued by GSEs, and mortgage loans held-for-sale are generally included in this category. Level 3 Unobservable inputs that are supported by little, if any, market activity for the asset or liability. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow models and similar techniques, and may also include the use of market prices of assets or liabilities that are not directly comparable to the subject asset or liability. These methods of valuation may result in a significant portion of the fair value being derived from unobservable assumptions that reflect Synovus' own estimates for assumptions that market participants would use in pricing the asset or liability. This category primarily includes collateral-dependent impaired loans, other loans held for sale, other real estate, certain corporate securities, private equity investments, GGL/SBA loan servicing assets, and the earnout liability. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 15 - Fair Value Accounting" to the consolidated financial statements of Synovus' 2017 Form 10-K for a description of valuation methodologies for assets and liabilities measured at fair value on a recurring and non-recurring basis. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table presents all financial instruments measured at fair value on a recurring basis as of March 31, 2018 and December 31, 2017 , according to the valuation hierarchy included in ASC 820-10. For debt securities, class was determined based on the nature and risks of the investments. Synovus did not have any transfers between levels during the three months ended March 31, 2018 and year ended December 31, 2017 . March 31, 2018 (in thousands) Level 1 Level 2 Level 3 Total Assets and Liabilities at Fair Value Assets Trading securities: U.S. Government agency securities $ — $ 25,971 $ — $ 25,971 Collateralized mortgage obligations issued by U.S. Government sponsored enterprises — 240 — 240 State and municipal securities — 40 — 40 Total trading securities $ — $ 26,251 $ — $ 26,251 Mortgage loans held for sale — 50,439 — 50,439 Investment securities available for sale: U.S. Treasury securities 120,931 — — 120,931 U.S. Government agency securities — 10,897 — 10,897 Mortgage-backed securities issued by U.S. Government agencies — 112,868 — 112,868 Mortgage-backed securities issued by U.S. Government sponsored enterprises — 2,664,000 — 2,664,000 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — 1,065,041 — 1,065,041 State and municipal securities — 115 — 115 Corporate debt and other debt securities (1) — 15,274 1,852 17,126 Total investment securities available for sale $ 120,931 $ 3,868,195 $ 1,852 $ 3,990,978 Private equity investments — — 12,715 12,715 Mutual funds 3,131 — — 3,131 Mutual funds held in rabbi trusts 13,385 — — 13,385 GGL/SBA loans servicing asset — — 3,971 3,971 Derivative assets: Interest rate contracts — 7,672 — 7,672 Mortgage derivatives (2) — 1,735 — 1,735 Total derivative assets $ — $ 9,407 $ — $ 9,407 Liabilities Trading account liabilities — 23,856 — 23,856 Earnout liability (3) — — 11,348 11,348 Derivative liabilities: Interest rate contracts — 16,122 — 16,122 Visa derivative — — 3,974 3,974 Total derivative liabilities $ — $ 16,122 $ 3,974 $ 20,096 December 31, 2017 (in thousands) Level 1 Level 2 Level 3 Total Assets and Liabilities at Fair Value Assets Trading securities: Mortgage-backed securities issued by U.S. Government agencies $ — $ 3,002 $ — $ 3,002 Collateralized mortgage obligations issued by U.S. Government sponsored enterprises — 296 — 296 Other investments 522 — — 522 Total trading securities $ 522 $ 3,298 $ — $ 3,820 Mortgage loans held for sale — 48,024 — 48,024 Investment securities available for sale: U.S. Treasury securities 82,674 — — 82,674 U.S. Government agency securities — 10,862 — 10,862 Mortgage-backed securities issued by U.S. Government agencies — 120,440 — 120,440 Mortgage-backed securities issued by U.S. Government sponsored enterprises — 2,640,523 — 2,640,523 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — 1,111,999 — 1,111,999 State and municipal securities — 180 — 180 Corporate debt and other securities (1) 3,162 15,294 1,935 20,391 Total investment securities available for sale $ 85,836 $ 3,899,298 $ 1,935 $ 3,987,069 Private equity investments — — 15,771 15,771 Mutual funds held in rabbi trusts 14,140 — — 14,140 GGL/SBA loan servicing asset — — 4,101 4,101 Derivative assets: Interest rate contracts — 10,786 — 10,786 Mortgage derivatives (2) — 936 — 936 Total derivative assets $ — $ 11,722 $ — $ 11,722 Liabilities Trading account liabilities — 1,000 — 1,000 Earnout liability (3) — — 11,348 11,348 Derivative liabilities: Interest rate contracts — 12,638 — 12,638 Mortgage derivatives (2) — 129 — 129 Visa derivative — — 4,330 4,330 Total derivative liabilities $ — $ 12,767 $ 4,330 $ 17,097 (1) Based on an analysis of the nature and risks of these investments, Synovus has determined that presenting these investments as a single asset class is appropriate. (2) Mortgage derivatives consist of customer interest rate lock commitments that relate to the potential origination of mortgage loans, which would be classified as held for sale and forward loan sales commitments with third-party investors. (3) Earnout liability consists of contingent consideration obligation related to the Global One acquisition. Fair Value Option The following table summarizes the difference between the fair value and the unpaid principal balance of mortgage loans held for sale measured at fair value and the changes in fair value of these loans. Mortgage loans held for sale are initially measured at fair value with subsequent changes in fair value recognized in earnings. Changes in fair value are recorded as a component of mortgage banking income in the consolidated statements of income. An immaterial portion of these changes in fair value was attributable to changes in instrument-specific credit risk. Changes in Fair Value Included in Net Income For the Three Months Ended March 31, (in thousands) 2018 2017 Mortgage loans held for sale $ 115 $ 1,203 Mortgage Loans Held for Sale (in thousands) As of March 31, 2018 As of December 31, 2017 Fair value $ 50,439 $ 48,024 Unpaid principal balance 49,139 46,839 Fair value less aggregate unpaid principal balance $ 1,300 $ 1,185 Changes in Level 3 Fair Value Measurements and Quantitative Information about Level 3 Fair Value Measurements As noted above, Synovus uses significant unobservable inputs in determining the fair value of assets and liabilities classified as Level 3 in the fair value hierarchy. The table below includes a roll-forward of the amounts on the consolidated balance sheet for the three months ended March 31, 2018 and 2017 (including the change in fair value) for financial instruments of a material nature that are classified by Synovus within Level 3 of the fair value hierarchy and are measured at fair value on a recurring basis. Transfers between fair value levels are recognized at the end of the reporting period in which the associated changes in inputs occur. During the three months ended March 31, 2018 and 2017 , Synovus did not have any transfers between levels in the fair value hierarchy. Three Months Ended March 31, 2018 (in thousands) Investment Securities Available for Sale Private Equity Investments Visa Derivative Earnout Liability (1) GGL / SBA Loans Servicing Asset Beginning balance, January 1, 2018 $ 1,935 $ 15,771 $ (4,330 ) $ (11,348 ) $ 4,101 Total (losses) gains realized/unrealized: Included in earnings — (3,056 ) — — (422 ) Unrealized (losses) gains included in other comprehensive income (83 ) — — — — Additions — — — — 292 Settlements — — 356 — — Ending balance, March 31, 2018 $ 1,852 $ 12,715 $ (3,974 ) $ (11,348 ) $ 3,971 Total net (losses) for the period included in earnings attributable to the change in unrealized losses relating to assets/liabilities still held at March 31, 2018 $ — $ (3,056 ) $ — $ — $ (422 ) Three Months Ended March 31, 2017 (in thousands) Investment Securities Available for Sale Private Equity Investments Visa Derivative Earnout Liability (1) GGL / SBA Loans Servicing Asset (2) Beginning balance, January 1, 2017 $ 1,796 $ 25,493 $ (5,768 ) $ (14,000 ) $ — Total gains (losses) realized/unrealized: Included in earnings — (1,814 ) — — — Unrealized gains included in other comprehensive income 55 — — — — Settlements — — 356 — — Transfer from amortization method to fair value — — — — 4,178 Measurement period adjustments related to Global One acquisition $ — — — 2,579 — Ending balance, March 31, 2017 $ 1,851 $ 23,679 $ (5,412 ) $ (11,421 ) $ 4,178 Total net (losses) for the period included in earnings attributable to the change in unrealized losses relating to assets still held at March 31, 2017 $ — $ (1,814 ) $ — $ — $ — (1) Earnout liability consists of contingent consideration obligation related to the Global One acquisition. (2) Effective January 1, 2017, Synovus elected the fair value option for determining the value of the GGL/SBA loans servicing asset. Prior to 2017, Synovus accounted for the GGL/SBA loans servicing asset using the amortization method. The table below provides an overview of the valuation techniques and significant unobservable inputs used in those techniques to measure financial instruments that are classified within Level 3 of the valuation hierarchy and are measured at fair value on a recurring basis. March 31, 2018 December 31, 2017 Valuation Technique Significant Unobservable Input Level 3 Fair Value Range/Weighted Average Level 3 Fair Value Range/Weighted Average Assets and liabilities measured at fair value on a recurring basis Investment Securities Available for Sale - Other Investments: Trust preferred securities Discounted cash flow analysis Credit spread embedded in discount rate $1,852 439 bps $1,935 398 bps Private equity investments Individual analysis of each investee company Multiple factors, including but not limited to, current operations, financial condition, cash flows, evaluation of business management and financial plans, and recently executed financing transactions related to the investee companies 12,715 N/A 15,771 N/A GGL/SBA loans servicing asset Discounted cash flow analysis Discount rate Prepayment speeds 3,971 13.57% 7.98% 4,101 13.16% 7.50% Earnout liability Option pricing methods and Monte Carlo simulation Financial projections of Global One 11,348 N/A 11,348 N/A Visa derivative liability Discounted cash flow analysis Estimated timing of resolution of covered litigation, future cumulative deposits to the litigation escrow for settlement of the covered litigation, and estimated future monthly fees payable to the derivative counterparty 3,974 1-4 years 4,330 1-4 years Assets Measured at Fair Value on a Non-recurring Basis Certain assets are recorded at fair value on a non-recurring basis. These assets are not measured at fair value on an ongoing basis. Non-recurring fair value adjustments typically are a result of the application of lower of cost or fair value accounting or a write-down occurring during the period. For example, if the fair value of an asset in these categories falls below its cost basis, it is considered to be at fair value at the end of the period of the adjustment. 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 during the period. March 31, 2018 December 31, 2017 (in thousands) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Impaired loans * $ — $ — $ 4,531 $ 4,531 $ — $ — $ 3,603 $ 3,603 Other loans held for sale — — 3,295 3,295 — — 10,197 10,197 Other real estate — — 1,447 1,447 — — 3,363 3,363 Other assets held for sale — — 1,395 1,395 — — 5,334 5,334 * Collateral-dependent impaired loans that were written down to fair value during the period. Other real estate (ORE) properties are included in other assets on the consolidated balance sheet. The carrying value of ORE at March 31, 2018 and December 31, 2017 was $4.5 million and $3.8 million , respectively. The following table presents fair value adjustments recognized in earnings for the three months ended March 31, 2018 and 2017 for assets measured at fair value on a non-recurring basis still held at period-end. Three Months Ended March 31, (in thousands) 2018 2017 Impaired loans * $ 720 $ 2,230 Other loans held for sale 1,512 3,519 Other real estate 731 399 Other assets held for sale 107 238 * Collateral-dependent impaired loans that were written down to fair value during the period. The table below provides an overview of the valuation techniques and significant unobservable inputs used in those techniques to measure financial instruments that are classified within Level 3 of the valuation hierarchy and are measured at fair value on a non-recurring basis. The range of sensitivities that management utilized in its fair value calculations is deemed acceptable in the industry with respect to the identified financial instruments. March 31, 2018 December 31, 2017 Valuation Technique Significant Unobservable Input Range (Weighted Average) (1) Range (Weighted Average) (1) Assets measured at fair value on a non-recurring basis Collateral dependent impaired loans Third-party appraised value of collateral less estimated selling costs Discount to appraised value (2) Estimated selling costs 0% - 23% (9%) 0% - 10% (7%) 0%-50% (15%) 0%-10% (7%) Other loans held for sale Third-party appraised value of collateral less estimated selling costs Discount to appraised value (2) Estimated selling costs 0% - 85% (30%) 0% - 10% (2%) 5% - 99% (54%) 0% - 10% (2%) Other real estate Third-party appraised value of real estate less estimated selling costs Discount to appraised value (2) Estimated selling costs 0% - 39% (21%) 0% - 10% (7%) 0%-85% (35%) 0%-10% (7%) Other assets held for sale Third-party appraised value less estimated selling costs or BOV Discount to appraised value (2) Estimated selling costs N/A 0%-10% (7%) 21%-52% (25%) 0%-10% (7%) (1) The range represents management's estimate of the high and low of the value that would be assigned to a particular input. For assets measured at fair value on a non-recurring basis, the weighted average is the measure of central tendencies; it is not the value that management is using for the asset or liability. (2) Synovus also makes adjustments to the values of the assets listed above for reasons including age of the appraisal, information known by management about the property, such as occupancy rates, changes to the physical condition of the property, and other factors. Fair Value of Financial Instruments The following table presents the carrying and fair values of financial instruments at March 31, 2018 and December 31, 2017 . The fair values represent management’s estimates based on various methodologies and assumptions. For financial instruments that are not recorded at fair value on the balance sheet, such as loans held for investment, interest bearing deposits (including brokered deposits), and long-term debt, the fair value amounts should not be taken as an estimate of the amount that would be realized if all such financial instruments were to be settled immediately. The carrying and estimated fair values of financial instruments, as well as the level within the fair value hierarchy, as of March 31, 2018 and December 31, 2017 are as follows: March 31, 2018 (in thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Financial assets Total cash, cash equivalents, restricted cash, and restricted cash equivalents $ 1,059,017 $ 1,059,017 $ 1,059,017 $ — $ — Trading account assets 26,251 26,251 — 26,251 — Mortgage loans held for sale 50,439 50,439 — 50,439 — Other loans held for sale 6,591 6,591 — — 6,591 Investment securities available for sale 3,990,978 3,990,978 120,931 3,868,195 1,852 Private equity investments 12,715 12,715 — — 12,715 Mutual funds 3,131 3,131 3,131 — — Mutual funds held in rabbi trusts 13,385 13,385 13,385 — — Loans, net 24,625,273 24,538,259 — — 24,538,259 GGL/SBA loans servicing asset 3,971 3,971 — — 3,971 Derivative assets 9,407 9,407 — 9,407 — Financial liabilities Trading account liabilities 23,856 — — 23,856 — Non-interest bearing deposits 7,381,070 7,381,070 — 7,381,070 — Non-time interest bearing deposits 14,030,247 14,030,247 — 14,030,247 — Time deposits 4,842,190 4,834,135 — 4,834,135 — Total deposits $ 26,253,507 $ 26,245,452 $ — $ 26,245,452 $ — Federal funds purchased, other short-term borrowings and other short-term liabilities 185,531 185,531 185,531 — — Long-term debt 1,856,392 1,861,008 — 1,861,008 — Earnout liabilities 11,348 11,348 — — 11,348 Derivative liabilities 20,096 20,096 — 16,122 3,974 December 31, 2017 (in thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Financial assets Total cash, cash equivalents, restricted cash, and restricted cash equivalents $ 932,933 $ 932,933 $ 932,933 $ — $ — Trading account assets 3,820 3,820 522 3,298 — Mortgage loans held for sale 48,024 48,024 — 48,024 — Other loans for sale 11,356 11,356 — — 11,356 Investment securities available for sale 3,987,069 3,987,069 85,836 3,899,298 1,935 Private equity investments 15,771 15,771 — — 15,771 Mutual funds held in rabbi trusts 14,140 14,140 14,140 — — Loans, net 24,538,196 24,507,141 — — 24,507,141 GGL/SBA loans servicing asset 4,101 4,101 — — 4,101 Derivative assets 11,722 11,722 — 11,722 — Financial liabilities Trading account liabilities 1,000 1,000 — 1,000 — Non-interest bearing deposits 7,686,339 7,686,339 — 7,686,339 — Non-time interest bearing deposits 13,941,814 13,941,814 — 13,941,814 — Time deposits 4,519,747 4,523,661 — 4,523,661 — Total deposits $ 26,147,900 $ 26,151,814 $ — $ 26,151,814 $ — Federal funds purchased, other short-term borrowings and other short-term liabilities 161,190 161,190 161,190 — — Long-term debt 1,706,138 1,721,814 — 1,721,814 — Earnout liabilities 11,348 11,348 — — 11,348 Derivative liabilities 17,097 17,097 — 12,767 4,330 |
Derivative Instruments
Derivative Instruments | 3 Months Ended |
Mar. 31, 2018 | |
Summary of Derivative Instruments [Abstract] | |
Derivative Instruments | Note 9 - Derivative Instruments As part of its overall interest rate risk management activities, Synovus utilizes derivative instruments to manage its exposure to various types of interest rate risk. These derivative instruments generally consist of interest rate swaps, interest rate lock commitments made to prospective mortgage loan customers, and commitments to sell fixed-rate mortgage loans. Interest rate lock commitments represent derivative instruments since it is intended that such loans will be sold. Synovus may also utilize interest rate swaps to manage interest rate risks primarily arising from its core banking activities. These interest rate swap transactions generally involve the exchange of fixed and floating interest rate payment obligations without the exchange of underlying principal amounts. Swaps may be designated as either cash flow hedges or fair value hedges, as discussed below. As of March 31, 2018 and December 31, 2017 , Synovus had no outstanding interest rate swap contracts utilized to manage interest rate risk related to core banking activities. Synovus is party to master netting arrangements with its dealer counterparties; however, Synovus does not offset assets and liabilities under these arrangements for financial statement presentation purposes. Counterparty Credit Risk and Collateral Entering into derivative contracts potentially exposes Synovus to the risk of counterparties’ failure to fulfill their legal obligations, including, but not limited to, potential amounts due or payable under each derivative contract. Notional principal amounts are often used to express the volume of these transactions, but the amounts potentially subject to credit risk are much smaller. Synovus assesses the credit risk of its dealer counterparties by regularly monitoring publicly available credit rating information, evaluating other market indicators, and periodically reviewing detailed financials. Dealer collateral requirements are determined via risk-based policies and procedures and in accordance with existing agreements. Synovus seeks to minimize dealer credit risk by dealing with highly rated counterparties and by obtaining collateral for exposures above certain predetermined limits. Management closely monitors credit conditions within the customer swap portfolio, which management deems to be of higher risk than dealer counterparties. Collateral is secured at origination and credit related fair value adjustments are recorded against the asset value of the derivative as deemed necessary based upon an analysis, which includes consideration of the current asset value of the swap, customer credit rating, collateral value, and customer standing with regards to its swap contractual obligations and other related matters. Such asset values fluctuate based upon changes in interest rates regardless of changes in notional amounts and changes in customer specific risk. Customer Related Derivative Positions Synovus enters into interest rate swap agreements to facilitate the risk management strategies of a small number of commercial banking customers. Synovus mitigates this risk by entering into equal and offsetting interest rate swap agreements with highly rated counterparties. The interest rate swap agreements are free-standing derivatives and are recorded at fair value on Synovus' consolidated balance sheet. Fair value changes are recorded as a component of non-interest income. As of March 31, 2018 , the notional amount of customer related interest rate derivative financial instruments, including both the customer position and the offsetting position, was $1.55 billion , an increase of $82.0 million compared to December 31, 2017 . Visa Derivative In conjunction with the sale of Class B shares of common stock issued by Visa to Synovus as a Visa USA member, Synovus entered into a derivative contract with the purchaser, which provides for settlements between the parties based upon a change in the ratio for conversion of Visa Class B shares to Visa Class A shares. The conversion ratio changes when Visa deposits funds to a litigation escrow established by Visa to pay settlements for certain litigation, for which Visa is indemnified by Visa USA members. The litigation escrow is funded by proceeds from Visa’s conversion of Class B shares. The fair value of the derivative contract was $4.0 million and $4.3 million at March 31, 2018 and December 31, 2017 , respectively. The fair value of the derivative contract is determined based on management's estimate of the timing and amount of the Covered Litigation settlement, and the resulting payments due to the counterparty under the terms of the contract. Management believes that the estimate of Synovus' exposure to the Visa indemnification and fees associated with the Visa derivative is adequate based on current information, including Visa's recent announcements and disclosures. However, future developments in the litigation could require potentially significant changes to Synovus' estimate. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 18 - Visa Shares and Related Agreements" of Synovus' 2017 Form 10-K for further information. Mortgage Derivatives Synovus originates first lien residential mortgage loans for sale into the secondary market. Mortgage loans are sold by Synovus for conversion to securities and the servicing of these loans is generally sold to a third-party servicing aggregator, or Synovus sells the mortgage loans as whole loans to investors either individually or in bulk on a servicing released basis. Synovus enters into interest rate lock commitments for residential mortgage loans which commits it to lend funds to a potential borrower at a specific interest rate and within a specified period of time. Interest rate lock commitments that relate to the origination of mortgage loans that, if originated, will be held for sale, are considered derivative financial instruments under applicable accounting guidance. Outstanding interest rate lock commitments expose Synovus to the risk that the price of the mortgage loans underlying the commitments may decline due to increases in mortgage interest rates from inception of the rate lock to the funding of the loan. At March 31, 2018 and December 31, 2017 , Synovus had commitments to fund at a locked interest rate, primarily fixed-rate mortgage loans to customers in the amount of $ 93.1 million and $49.3 million , respectively. Fair value adjustments related to these commitments resulted in a gain of $192 thousand and $674 thousand for the three months ended March 31, 2018 and 2017 , respectively, which was recorded as a component of mortgage banking income in the consolidated statements of income. At March 31, 2018 and December 31, 2017 , outstanding commitments to sell primarily fixed-rate mortgage loans amounted to $113.0 million and $72.5 million , respectively. Such commitments are entered into to reduce the exposure to market risk arising from potential changes in interest rates, which could affect the fair value of mortgage loans held for sale and outstanding rate lock commitments, which guarantee a certain interest rate if the loan is ultimately funded or granted by Synovus as a mortgage loan held for sale. The commitments to sell mortgage loans are at fixed prices and are scheduled to settle at specified dates that generally do not exceed 90 days. Fair value adjustments related to these outstanding commitments to sell mortgage loans resulted in a gain of $735 thousand and a loss of $2.5 million for the three months ended March 31, 2018 and 2017 , respectively, which were recorded as a component of mortgage banking income in the Consolidated Statements of Income. Collateral Requirements Pursuant to the Dodd-Frank Act, certain derivative transactions have collateral requirements, both at the inception of the trade and as the value of each derivative position changes. As of March 31, 2018 , collateral totaling $32.7 million of federal funds sold was pledged to the derivative counterparties to comply with collateral requirements. Effective January 3, 2017, the CME amended its rulebook to legally characterize variation margin cash payments for cleared OTC derivatives as settlement rather than as collateral. As a result, in 2017, Synovus began reducing the corresponding derivative asset and liability balances for CME-cleared OTC derivatives to reflect the settlement of those positions via the exchange of variation margin. At March 31, 2018 and December 31, 2017, Synovus had a variation margin of $8.1 million and $1.5 million , respectively, reducing the derivative asset. The impact of derivative instruments on the Consolidated Balance Sheets at March 31, 2018 and December 31, 2017 is presented below. Fair Value of Derivative Assets Fair Value of Derivative Liabilities (in thousands) Location on Consolidated Balance Sheets March 31, 2018 December 31, 2017 Location on Consolidated Balance Sheets March 31, 2018 December 31, 2017 Derivatives not designated as hedging instruments: Interest rate contracts Other assets $ 7,672 $ 10,786 Other liabilities $ 16,122 $ 12,638 Mortgage derivatives Other assets 1,735 936 Other liabilities — 129 Visa derivative — — Other liabilities 3,974 4,330 Total derivatives not designated as hedging instruments $ 9,407 $ 11,722 $ 20,096 $ 17,097 The pre-tax effect of fair value hedges on the Consolidated Statements of Income for the three months ended March 31, 2018 and 2017 is presented below. Gain (Loss) Recognized in Income (in thousands) Three Months Ended March 31, Derivatives not designated as hedging instruments Location of Gain (Loss) Recognized in Income 2018 2017 Interest rate contracts (1) Other non-interest income $ 7 $ (1 ) Mortgage derivatives (2) Mortgage banking income 927 (1,784 ) Total $ 934 $ (1,785 ) (1) Gain (loss) represents net fair value adjustments (including credit related adjustments) for customer swaps and offsetting positions. (2) Gain (loss) represents net fair value adjustments recorded for interest rate lock commitments and commitments to sell mortgage loans to third-party investors. |
Net Income Per Common Share
Net Income Per Common Share | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Net Income Per Common Share | Note 10 - Net Income Per Common Share The following table displays a reconciliation of the information used in calculating basic and diluted earnings per common share for the three months ended March 31, 2018 and 2017 . Three Months Ended March 31, (in thousands, except per share data) 2018 2017 Basic Net Income Per Common Share: Net income available to common shareholders $ 100,607 $ 69,298 Weighted average common shares outstanding 118,666 122,300 Net income per common share, basic $ 0.85 $ 0.57 Diluted Net Income Per Common Share: Net income available to common shareholders $ 100,607 $ 69,298 Weighted average common shares outstanding 118,666 122,300 Potentially dilutive shares from outstanding equity-based awards and Earnout Payments 655 759 Weighted average diluted common shares 119,321 123,059 Net income per common share, diluted $ 0.84 $ 0.56 Basic net income per common share is computed by dividing net income by the average common shares outstanding for the period. Diluted net income per common share reflects the dilution that could occur if securities or other contracts to issue common stock were exercised or converted. The dilutive effect of outstanding stock options and restricted share units is reflected in diluted net income per common share, unless the impact is anti-dilutive, by application of the treasury stock method. As of March 31, 2018 and 2017 there were 2.2 million potentially dilutive shares related to the Warrant to purchase shares of common stock that were outstanding during 2018 and 2017 but were not included in the computation of diluted net income per common share because the effect would have been anti-dilutive. |
Share-based Compensation
Share-based Compensation | 3 Months Ended |
Mar. 31, 2018 | |
Share-based Compensation [Abstract] | |
Share-based Compensation | Note 11 - Share-based Compensation General Description of Share-based Plans Synovus has a long-term incentive plan under which the Compensation Committee of the Board of Directors has the authority to grant share-based awards to Synovus employees. The 2013 Omnibus Plan authorizes 8.6 million common share equivalents available for grant, where grants of options count as one share equivalent and grants of full value awards (e.g., restricted share units, market restricted share units, and performance share units) count as two share equivalents. Any restricted share units that are forfeited and options that expire unexercised will again become available for issuance under the Plan. At March 31, 2018 , Synovus had a total of 4.9 million shares of its authorized but unissued common stock reserved for future grants under the 2013 Omnibus Plan. The Plan permits grants of share-based compensation including stock options, restricted share units, market restricted share units, and performance share units. The grants generally include vesting periods ranging from three to five years and contractual terms of ten years. Vesting for grants made in 2018 accelerates upon retirement for plan participants who have reached age 65 and who also have no less than 10 years of service at the date of their election to retire. Market restricted share units and performance share units are granted at a defined target level and are compared annually to required market and performance metrics to determine actual units vested and compensation expense. Synovus has historically issued new shares to satisfy share option exercises and share unit conversions. Dividend equivalents are paid on outstanding restricted share units, market restricted share units, and performance share units in the form of additional restricted share units that vest over the same vesting period or the vesting period left on the original restricted share unit grant. Share-based Compensation Expense Total share-based compensation expense was $4.0 million for the three months ended March 31, 2018 and $3.4 million for the three months ended March 31, 2017 . Accelerated share-based compensation expense associated with the provision in 2018 of a retirement vesting provision was approximately $170 thousand for the three months ended March 31, 2018 for retirement eligible employees. Stock Options No stock option grants were made during the three months ended March 31, 2018 . At March 31, 2018 , there were 693 thousand outstanding stock options to purchase shares of common stock with a weighted average exercise price of $16.94 per share. Restricted Share Units, Performance Share Units, and Market Restricted Share Units During the three months ended March 31, 2018 , Synovus awarded 213 thousand restricted share units that have a service-based vesting period of three years and awarded 87 thousand performance share units that vest upon service and performance conditions. Synovus also granted 58 thousand market restricted share units during the three months ended March 31, 2018 . The weighted average grant-date fair value of the awarded restricted share units, performance share units and market restricted share units was $47.43 per share. Market restricted share units and performance share units are granted at target and are compared annually to required market and performance metrics. The performance share units vest upon meeting certain service and performance conditions. Return on average assets (ROAA) and return on average tangible common equity (ROATCE) performance is evaluated each year over a three-year performance period, with share distribution determined at the end of the three years. The number of performance share units that will ultimately vest ranges from 0% to 150% of target based on Synovus' three-year weighted average ROAA (as defined) and ROATCE (as defined). The market restricted share units have a three -year service-based vesting component as well as a total shareholder return multiplier. The number of market restricted share units that will ultimately vest ranges from 75% to 125% of target based on Synovus' total shareholder return. At March 31, 2018 , including dividend equivalents granted, there were 921 thousand restricted share units, performance share units and market restricted share units outstanding with a weighted average grant-date fair value of $39.94 per share. |
Non-interest Income
Non-interest Income | 3 Months Ended |
Mar. 31, 2018 | |
Noninterest Income [Abstract] | |
Non-interest Income | Note 12 - Non-interest Income The following table reflects revenue disaggregated by revenue type and line of business for the three months ended March 31, 2018 and 2017. Non-interest Income by Line of Business For Three Months Ended March 31, 2018 (in thousands) Total Community Banking Corporate Banking Retail Banking Financial Management Services Other Service charges on deposit accounts $ 19,940 $ 5,680 $ 533 $ 13,422 $ — $ 305 Fiduciary and asset management fees 13,435 — — — 13,435 — Card fees 10,199 205 — 9,994 — — Brokerage revenue 8,695 — — — 8,695 — Insurance revenue 1,213 — — — 1,213 — Other fees 832 — — 559 — 273 $ 54,314 $ 5,885 $ 533 $ 23,975 $ 23,343 $ 578 Other revenues (1) 12,732 2,452 1,733 1,529 5,843 1,175 Total non-interest income $ 67,046 $ 8,337 $ 2,266 $ 25,504 $ 29,186 $ 1,753 Non-interest Income by Line of Business For Three Months Ended March 31, 2017 (in thousands) Total Community Banking Corporate Banking Retail Banking Financial Management Services Other Service charges on deposit accounts $ 20,118 $ 5,771 $ 459 $ 13,437 $ — $ 451 Fiduciary and asset management fees 12,151 — — — 12,151 — Card fees 9,844 219 — 9,625 — — Brokerage revenue 7,226 — — — 7,226 — Insurance revenue 1,304 — — — 1,304 — Other fees 842 — — 574 — 268 $ 51,485 $ 5,990 $ 459 $ 23,636 $ 20,681 $ 719 Other revenues (1) 20,354 1,648 1,619 1,566 6,597 8,924 Total non-interest income $ 71,839 $ 7,638 $ 2,078 $ 25,202 $ 27,278 $ 9,643 ( 1) Other revenues primarily relate to revenues not derived from contracts with customers. Following is a discussion of key revenues within the scope of the new revenue guidance: Service Charges on Deposit Accounts : Revenue from service charges on deposit accounts is earned through cash management, wire transfer, and other deposit-related services, as well as overdraft, non-sufficient funds, account management and other deposit-related fees. Revenue is recognized for these services either over time, corresponding with deposit accounts' monthly cycle, or at a point in time for transaction related services and fees. Payment for service charges on deposit accounts is primarily received immediately or in the following month through a direct charge to customers' accounts. Fiduciary and Asset Management Fees : Fiduciary and asset management fees are primarily comprised of fees earned from the management and administration of trusts and other customer assets. Synovus' performance obligation is generally satisfied over time and the resulting fees are recognized monthly, based upon the month-end market value of the assets under management and the applicable fee rate. Payment is generally received a few days after month-end through a direct charge to customers' accounts. Synovus does not earn performance-based incentives. Card Fees: Card fees consist primarily of interchange fees from consumer credit and debit cards processed by card association networks, as well as merchant discounts, and other card related services. Interchange rates are generally set by the credit card associations and based on purchase volumes and other factors. Interchange fees and merchant discounts are recognized concurrently with the delivery of service on a daily basis as transactions occur. Payment is typically received immediately or in the following month. Card fees are reported net of certain associated expense items including loyalty program expenses and network expenses. Brokerage Revenue: Brokerage revenue consists primarily of commissions. Additionally, brokerage revenue includes advisory fees earned from the management of customer assets. Advisory fees for brokerage services are recognized and collected monthly and are based upon the month-end market value of the assets under management at a rate predetermined in the contract. Transactional revenues are based on the size and number of transactions executed at the client's direction and are generally recognized on the trade date with payment received on the settlement date. Insurance Revenue: Insurance revenue primarily consists of commissions received on annuity and life product sales. Synovus acts as an intermediary between the customer and the insurance carrier. Synovus' performance obligation is generally satisfied upon the issuance of the insurance policy; thus, revenue is recognized upon issuance of the policy. Shortly after the policy is issued, the carrier remits the commission payment to Synovus. Synovus earns an insignificant amount of trailer fees on sales of insurance products. Other Fees: Other fees primarily consist of revenues generated from safe deposit box rental fees and lockbox services. Fees are recognized over time, on a monthly basis, as Synovus' performance obligation for services is satisfied. Payment is received upfront for safe deposit box rentals and in the following month for lockbox services. Contract Balances A contract asset balance occurs when an entity performs a service for a customer before the customer pays consideration (resulting in a contract receivable) or before payment is due (resulting in a contract asset). A contract liability balance is an entity's obligation to transfer a service to a customer for which the entity has already received payment (or payment is due) from the customer. Synovus' non-interest revenue streams are largely based on transactional activity, or standard month-end revenue accruals such as asset management fees based on month-end market values. Consideration is often received immediately or shortly after Synovus satisfies its performance obligation and revenue is recognized. Synovus does not typically enter into long-term revenue contracts with customers, and therefore, does not experience significant contract balances. As of March 31, 2018 and December 31, 2017, Synovus did not have any significant contract balances. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 13 - Commitments and Contingencies In the normal course of business, Synovus enters into commitments to extend credit such as loan commitments and letters of credit to meet the financing needs of its customers. Synovus uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. The contractual amount of these financial instruments represents Synovus' maximum credit risk should the counterparty draw upon the commitment, and should the counterparty subsequently fail to perform according to the terms of the contract. Since many of the commitments are expected to expire without being drawn upon, total commitment amounts do not necessarily represent future cash requirements. Additionally, certain commitments (primarily consumer) may generally be canceled by providing notice to the borrower. The allowance for credit losses associated with unfunded commitments and letters of credit is a component of the unfunded commitments reserve recorded within other liabilities on the consolidated balance sheet. Additionally, unearned fees relating to letters of credit are recorded within other liabilities on the consolidated balance sheet. These amounts are not material to Synovus' consolidated balance sheet. Unfunded letters of credit and lending commitments at March 31, 2018 and December 31, 2017 are presented below. (in thousands) March 31, 2018 December 31, 2017 Letters of credit* $ 175,164 $ 153,372 Commitments to fund commercial and industrial loans 5,143,323 5,090,827 Commitments to fund commercial real estate, construction, and land development loans 1,541,810 1,567,583 Commitments under home equity lines of credit 1,156,283 1,137,714 Unused credit card lines 780,704 779,254 Other loan commitments 369,636 351,358 Total unfunded lending commitments and letters of credit $ 9,166,920 $ 9,080,108 * Represent the contractual amount net of risk participations of approximately $60 million and $77 million at March 31, 2018 and December 31, 2017, respectively. Legal Proceedings Synovus and its subsidiaries are subject to various legal proceedings and claims that arise in the ordinary course of its business. Additionally, in the ordinary course of business, Synovus and its subsidiaries are subject to regulatory examinations, information gathering requests, inquiries and investigations. Synovus, like many other financial institutions, has been the target of numerous legal actions and other proceedings asserting claims for damages and related relief for losses. These actions include claims and counterclaims asserted by individual borrowers related to their loans and allegations of violations of state and federal laws and regulations relating to banking practices, including putative class action matters. In addition to actual damages, if Synovus does not prevail in asserted legal actions, credit-related litigation could result in additional write-downs or charge-offs of loans, which could adversely affect Synovus' results of operations during the period in which the write-down or charge-off were to occur. Synovus carefully examines and considers each legal matter, and, in those situations where Synovus determines that a particular legal matter presents loss contingencies that are both probable and reasonably estimable, Synovus establishes an appropriate accrual. An event is considered to be probable if the future event is likely to occur. While the final outcome of any legal proceeding is inherently uncertain, based on the information currently available, advice of counsel and available insurance coverage, management believes that the amounts accrued with respect to legal matters as of March 31, 2018 are adequate. The actual costs of resolving legal claims may be higher or lower than the amounts accrued. In addition, where Synovus determines that there is a reasonable possibility of a loss in respect of legal matters, Synovus considers whether it is able to estimate the total reasonably possible loss or range of loss. An event is “reasonably possible” if “the chance of the future event or events occurring is more than remote but less than likely.” An event is “remote” if “the chance of the future event or events occurring is more than slight but less than reasonably possible." In many situations, Synovus may be unable to estimate reasonably possible losses due to the preliminary nature of the legal matters, as well as a variety of other factors and uncertainties. For those legal matters where Synovus is able to estimate a range of reasonably possible losses, management currently estimates the aggregate range from our outstanding litigation is from zero to $5 million in excess of the amounts accrued, if any, related to those matters. This estimated aggregate range is based upon information currently available to Synovus, and the actual losses could prove to be lower or higher. As there are further developments in these legal matters, Synovus will reassess these matters, and the estimated range of reasonably possible losses may change as a result of this assessment. Based on Synovus' current knowledge and advice of counsel, management presently does not believe that the liabilities arising from these legal matters will have a material adverse effect on Synovus' consolidated financial condition, results of operations or cash flows. However, it is possible that the ultimate resolution of these legal matters could have a material adverse effect on Synovus' results of operations for any particular period. Synovus intends to vigorously pursue all available defenses to these legal matters, but will also consider other alternatives, including settlement, in situations where there is an opportunity to resolve such legal matters on terms that Synovus considers to be favorable, including in light of the continued expense and distraction of defending such legal matters. Synovus maintains insurance coverage, which may be available to cover legal fees, or potential losses that might be incurred in connection with such legal matters. The above-noted estimated range of reasonably possible losses does not take into consideration insurance coverage which may or may not be available for the respective legal matters. |
Significant Accounting Polici22
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The accompanying unaudited interim consolidated financial statements have been prepared in accordance with the instructions to the SEC Form 10-Q and Article 10 of Regulation S-X; therefore, they do not include all information and footnotes necessary for a fair presentation of financial position, results of operations, comprehensive income, and cash flows in conformity with GAAP. All adjustments consisting of normally recurring accruals that, in the opinion of management, are necessary for a fair presentation of the consolidated financial position and results of operations for the periods covered by this Report have been included. The accompanying unaudited interim consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes appearing in Synovus' 2017 Form 10-K . In connection with the adoption of ASU 2016-18, Statement of Cash Flows-Restricted Cash, Synovus changed its presentation of cash and cash equivalents, effective January 1, 2018, to include cash and due from banks as well as interest bearing funds with the Federal Reserve Bank, interest earning deposits with banks, and federal funds sold and securities purchased under resale agreements, which are inclusive of any restricted cash and restricted cash equivalents. Prior to 2018, cash and cash equivalents only included cash and due from banks. Prior periods have been revised to maintain comparability. Excluding the aforementioned presentation change, there have been no significant changes to the accounting policies as disclosed in Synovus' 2017 Form 10-K . In preparing the unaudited interim consolidated financial statements in accordance with GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the respective consolidated balance sheets and the reported amounts of revenues and expenses for the periods presented. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses, the fair value of investment securities, and the fair value of private equity investments. |
Cash and Cash Equivalents | Cash and cash equivalents consist of cash and due from banks, interest bearing funds with the Federal Reserve Bank, interest earning deposits with banks, federal funds sold and securities purchased under resale agreements, and is inclusive of any restricted cash and restricted cash equivalents. Restricted cash and restricted cash equivalents primarily relate to cash held on deposit with the Federal Reserve to meet reserve requirements as well as cash posted as collateral for derivatives in a liability position. At March 31, 2018 and December 31, 2017 , interest bearing funds with the Federal Reserve Bank included $14.1 million and $8.6 million , respectively, on deposit to meet Federal Reserve Bank requirements. Interest earning deposits with banks include $6.3 million and $5.9 million at March 31, 2018 and December 31, 2017 , respectively, which are pledged as collateral in connection with certain letters of credit. Federal funds sold include $32.7 million and $43.8 million at March 31, 2018 and December 31, 2017 , respectively, which are pledged to collateralize certain derivative financial instruments. Federal funds sold and securities purchased under resale agreements generally mature in one day. |
Income Taxes | On December 22, 2017, Federal Tax Reform was enacted into law. The new legislation included a decrease in the corporate federal income tax rate from 35% to 21% effective January 1, 2018. Under ASC 740, the effects of the changes in tax rates and laws are recognized in the period in which the new legislation is enacted. Therefore, Synovus was required to remeasure its deferred tax assets and liabilities and record the adjustment to income tax expense effective December 22, 2017. In December 2017, the SEC issued Staff Accounting Bulletin No. 118, Income Tax Accounting Implications of the Tax Cuts and Jobs Act (SAB 118), which allowed companies to record provisional amounts during a measurement period not to extend beyond one year of the enactment date. Since Federal Tax Reform was enacted late in 2017, management expects that certain deferred tax assets and liabilities will continue to be evaluated in the context of Federal Tax Reform through the date of the filing of our 2017 federal income tax return, and may change as a result of evolving management interpretations, elections, and assumptions, as well as new guidance that may be issued by the Internal Revenue Service. Accordingly, the federal income tax expense of $47.2 million recorded in 2017 relating to the effects from Federal Tax Reform is considered provisional. Management expects to complete its analysis within the measurement period in accordance with SAB 118. |
Recently Adopted Accounting Standards Updates | ASU 2014-09, Revenue from Contracts with Customers (Topic 606) issued by the FASB in May 2014 , and all subsequent ASUs that modified 606. ASU 2014-09 implements a common revenue standard that establishes principles for reporting information about the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts to provide goods or services to customers. The core principle of the revenue model is that a company will recognize revenue when it transfers control of goods or services to customers at an amount that reflects the consideration to which it expects to be entitled in exchange for those goods or services. The scope of the guidance explicitly excludes net interest income as well as many other revenues from financial assets. Management reviewed its revenue streams and contracts with customers and did not identify material changes to the timing or amount of revenue recognition. Synovus adopted these ASUs on the required effective date of January 1, 2018 utilizing the modified retrospective method of adoption. The adoption resulted in a cumulative effect adjustment of ($685) thousand to the opening balance of retained earnings. Beginning January 1, 2018, in connection with the adoption of this standard, Synovus began including merchant discounts and other card-related fees in card fees. For periods prior to January 1, 2018, these amounts were previously presented in other non-interest income and have been reclassified for comparability. See "Part I - Item 1. Financial Statements and Supplementary Data - Note 12 - Non-interest Income" for the required disclosures in accordance with this ASU. ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. In February 2018, the FASB issued final guidance on reclassification of tax effects stranded in other comprehensive income due to Federal Tax Reform. The guidance provides entities the option to reclassify the tax effects that are stranded in accumulated other comprehensive income (AOCI) as a result of Federal Tax Reform to retained earnings. The guidance is effective for fiscal years beginning after December 15, 2018; early adoption is permitted. Synovus elected to early adopt ASU 2018-02 as of January 1, 2018 and elected to reclassify the income tax effects of Federal Tax Reform from AOCI to retained earnings. For Synovus, tax effects stranded in AOCI due to Federal Tax Reform totaled $7.6 million at December 31, 2017 and primarily related to unrealized losses on the available-for-sale investment securities portfolio. The reclassification adjustment resulted in an increase to retained earnings as of January 1, 2018 of $7.6 million and a corresponding decrease to AOCI for the same amount. Synovus utilizes the portfolio approach when releasing income tax effects from AOCI for its investment securities. The reclassification adjustment increased regulatory capital by $7.6 million , resulting in an approximate 3 b.p.s increase to Tier 1 capital, common equity Tier 1 capital, and total risk based capital ratios, and an approximate 2 b.p.s increase to the leverage ratio. ASU 2016-01, Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilitie s. In January 2016, the FASB issued ASU 2016-01 that included targeted amendments to accounting guidance for recognition, measurement, presentation, and disclosure of financial instruments. ASU 2016-01 requires equity investments (except those accounted for under the equity method of accounting or consolidated) to be measured at fair value with changes in fair value recognized in net income. This ASU requires a cumulative-effect adjustment to retained earnings as of the beginning of the reporting period of adoption to reclassify the cumulative change in fair value of equity securities previously recognized in AOCI. ASU 2016-01 became effective for Synovus on January 1, 2018. The adoption of the guidance resulted in a transfer of investments in mutual funds of $3.2 million , at fair value, from investment securities available for sale to other assets and a $117 thousand cumulative-effect adjustment that decreased retained earnings, with offsetting related adjustments to deferred taxes and AOCI. ASU 2016-01 also emphasizes the existing requirement to use an exit price concept to measure fair value for disclosure purposes in determining the fair value of loans. Determination of the fair value under the exit price method requires judgment because substantially all of the loans within the loan portfolio do not have observable market prices. The adoption of this guidance did not have a significant impact on Synovus' fair value disclosures. ASU 2016-18, Statement of Cash Flows-Restricted Cash. In November 2016, the FASB issued new accounting guidance which addressed classification and presentation of changes in restricted cash on the statement of cash flows. The standard requires a reconciliation of the beginning-of-period and end-of-period total amounts shown on the statement of cash flows to include in cash and cash equivalents amounts generally described as restricted cash and restricted cash equivalents. The ASU does not define restricted cash or restricted cash equivalents; however, the nature of the restrictions should be disclosed. The guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. This ASU is to be applied using a retrospective transition method for each period presented. Synovus adopted ASU 2016-18 on January 1, 2018 and concurrently revised its presentation of cash and cash equivalents. For periods prior to January 1, 2018, the presentation of cash and cash equivalents has been revised to conform to the current presentation. |
Reclassifications | Prior periods' consolidated financial statements are reclassified whenever necessary to conform to the current periods' presentation. |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Investments [Abstract] | |
Summary of Available-for-Sale Investment Securities | The amortized cost, gross unrealized gains and losses, and estimated fair values of investment securities available for sale at March 31, 2018 and December 31, 2017 are summarized below. March 31, 2018 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury securities $ 122,655 $ — $ (1,724 ) $ 120,931 U.S. Government agency securities 10,769 128 — 10,897 Mortgage-backed securities issued by U.S. Government agencies 115,888 237 (3,257 ) 112,868 Mortgage-backed securities issued by U.S. Government sponsored enterprises 2,734,650 483 (71,133 ) 2,664,000 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 1,102,361 — (37,320 ) 1,065,041 State and municipal securities 115 — — 115 Corporate debt and other debt securities 17,000 274 (148 ) 17,126 Total investment securities available for sale $ 4,103,438 $ 1,122 $ (113,582 ) $ 3,990,978 December 31, 2017 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury securities $ 83,608 $ — $ (934 ) $ 82,674 U.S. Government agency securities 10,771 91 — 10,862 Mortgage-backed securities issued by U.S. Government agencies 121,283 519 (1,362 ) 120,440 Mortgage-backed securities issued by U.S. Government sponsored enterprises 2,666,818 5,059 (31,354 ) 2,640,523 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 1,135,259 144 (23,404 ) 1,111,999 State and municipal securities 180 — — 180 Corporate debt and other securities 20,320 294 (223 ) 20,391 Total investment securities available for sale $ 4,038,239 $ 6,107 $ (57,277 ) $ 3,987,069 |
Schedule of Unrealized Loss on Investments | 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 March 31, 2018 and December 31, 2017 are presented below. March 31, 2018 Less than 12 Months 12 Months or Longer Total (in thousands) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses U.S. Treasury securities $ 72,694 $ 989 $ 29,313 $ 735 $ 102,007 $ 1,724 Mortgage-backed securities issued by U.S. Government agencies 39,763 1,045 52,763 2,212 92,526 3,257 Mortgage-backed securities issued by U.S. Government sponsored enterprises 1,656,562 38,195 882,984 32,938 2,539,546 71,133 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 629,793 17,650 435,247 19,670 1,065,040 37,320 Corporate debt and other debt securities — — 1,852 148 1,852 148 Total $ 2,398,812 $ 57,879 $ 1,402,159 $ 55,703 $ 3,800,971 $ 113,582 December 31, 2017 Less than 12 Months 12 Months or Longer Total (in thousands) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses U.S. Treasury securities $ 34,243 $ 443 $ 29,562 $ 491 $ 63,805 $ 934 Mortgage-backed securities issued by U.S. Government agencies 36,810 357 55,740 1,005 92,550 1,362 Mortgage-backed securities issued by U.S. Government sponsored enterprises 1,271,012 10,263 929,223 21,091 2,200,235 31,354 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 653,781 9,497 426,237 13,907 1,080,018 23,404 Corporate debt and other securities — — 5,097 223 5,097 223 Total $ 1,995,846 $ 20,560 $ 1,445,859 $ 36,717 $ 3,441,705 $ 57,277 |
Amortized Cost and Estimated Fair Value by Contractual Maturity of Investment Securities Available-for-Sale | For purposes of the maturity table, mortgage-backed securities 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 March 31, 2018 (in thousands) Within One Year 1 to 5 Years 5 to 10 Years More Than 10 Years Total Amortized Cost U.S. Treasury securities $ 18,924 $ 103,731 $ — $ — $ 122,655 U.S. Government agency securities 2,330 6,437 2,002 — 10,769 Mortgage-backed securities issued by U.S. Government agencies — — 29,355 86,533 115,888 Mortgage-backed securities issued by U.S. Government sponsored enterprises 7 1,657 578,774 2,154,212 2,734,650 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — — 18,652 1,083,709 1,102,361 State and municipal securities 115 — — — 115 Corporate debt and other debt securities — — 15,000 2,000 17,000 Total amortized cost $ 21,376 $ 111,825 $ 643,783 $ 3,326,454 $ 4,103,438 Fair Value U.S. Treasury securities $ 18,924 $ 102,007 $ — $ — $ 120,931 U.S. Government agency securities 2,355 6,514 2,028 — 10,897 Mortgage-backed securities issued by U.S. Government agencies — — 28,993 83,875 112,868 Mortgage-backed securities issued by U.S. Government sponsored enterprises 7 1,723 565,331 2,096,939 2,664,000 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — — 18,218 1,046,823 1,065,041 State and municipal securities 115 — — — 115 Corporate debt and other debt securities — — 15,274 1,852 17,126 Total fair value $ 21,401 $ 110,244 $ 629,844 $ 3,229,489 $ 3,990,978 |
Schedule of Activity for Available-for-Sale Securities | Proceeds from sales, gross gains, and gross losses on sales of securities available for sale for the three months ended March 31, 2017 are presented below. The specific identification method is used to reclassify gains and losses out of other comprehensive income at the time of sale. On January 1, 2018, Synovus transferred $3.2 million , at fair value, from investment securities available for sale to other assets upon adoption of ASU 2016-01. Three Months Ended March 31, (in thousands) 2018 2017 Proceeds from sales of investment securities available for sale $ — $ 282,629 Gross realized gains on sales — 7,702 Gross realized losses on sales — (34 ) Investment securities gains, net $ — $ 7,668 |
Restructuring Charges (Tables)
Restructuring Charges (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Restructuring Charges [Abstract] | |
Schedule of Restructuring and Related Costs | The following tables present aggregate activity within the accrual for restructuring charges for the three months ended March 31, 2018 and 2017 : (in thousands) Severance Charges Lease Termination Charges Total Balance at December 31, 2017 $ 336 $ 3,276 $ 3,612 Accruals for lease terminations — (377 ) (377 ) Payments (336 ) (393 ) (729 ) Balance at March 31, 2018 $ — $ 2,506 $ 2,506 (in thousands) Severance Charges Lease Termination Charges Total Balance at December 31, 2016 $ 81 $ 3,968 $ 4,049 Accrual for voluntary and involuntary termination benefits 6,453 — 6,453 Payments (219 ) (279 ) (498 ) Balance at March 31, 2017 $ 6,315 $ 3,689 $ 10,004 For the three months ended March 31, 2018 and 2017 , total restructuring charges consist of the following components: Three Months Ended March 31, (in thousands) 2018 2017 Severance charges $ — $ 6,453 Other charges, net (315 ) 58 Total restructuring charges, net $ (315 ) $ 6,511 |
Loans and Allowance for Loan 25
Loans and Allowance for Loan Losses (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Loans and Allowance for Loan Losses [Abstract] | |
Schedule of Current, Accruing Past Due, and Nonaccrual Loans | The following is a summary of current, accruing past due, and non-accrual loans by portfolio class as of March 31, 2018 and December 31, 2017 . Current, Accruing Past Due, and Non-accrual Loans March 31, 2018 (in thousands) Current Accruing 30-89 Days Past Due Accruing 90 Days or Greater Past Due Total Accruing Past Due Non-accrual Total Investment properties $ 5,613,811 $ 1,986 $ 323 $ 2,309 $ 2,930 $ 5,619,050 1-4 family properties 753,255 2,232 783 3,015 2,634 758,904 Land and development 449,700 3,450 49 3,499 4,574 457,773 Total commercial real estate 6,816,766 7,668 1,155 8,823 10,138 6,835,727 Commercial, financial and agricultural 7,093,270 15,872 783 16,655 81,606 7,191,531 Owner-occupied 4,901,542 3,841 936 4,777 4,067 4,910,386 Total commercial and industrial 11,994,812 19,713 1,719 21,432 85,673 12,101,917 Home equity lines 1,450,454 6,718 431 7,149 14,868 1,472,471 Consumer mortgages 2,651,758 3,905 — 3,905 7,708 2,663,371 Credit cards 223,232 1,599 1,882 3,481 — 226,713 Other consumer loans 1,595,745 9,131 229 9,360 1,694 1,606,799 Total consumer 5,921,189 21,353 2,542 23,895 24,270 5,969,354 Total loans $ 24,732,767 $ 48,734 $ 5,416 $ 54,150 $ 120,081 $ 24,906,998 (1 ) December 31, 2017 (in thousands) Current Accruing 30-89 Days Past Due Accruing 90 Days or Greater Past Due Total Accruing Past Due Non-accrual Total Investment properties $ 5,663,665 $ 2,506 $ 90 $ 2,596 $ 3,804 $ 5,670,065 1-4 family properties 775,023 3,545 202 3,747 2,849 781,619 Land and development 476,131 1,609 67 1,676 5,797 483,604 Total commercial real estate 6,914,819 7,660 359 8,019 12,450 6,935,288 Commercial, financial and agricultural 7,097,127 11,214 1,016 12,230 70,130 7,179,487 Owner-occupied 4,830,150 6,880 479 7,359 6,654 4,844,163 Total commercial and industrial 11,927,277 18,094 1,495 19,589 76,784 12,023,650 Home equity lines 1,490,808 5,629 335 5,964 17,455 1,514,227 Consumer mortgages 2,622,061 3,971 268 4,239 7,203 2,633,503 Credit cards 229,015 1,930 1,731 3,661 — 232,676 Other consumer loans 1,461,223 10,333 226 10,559 1,669 1,473,451 Total consumer 5,803,107 21,863 2,560 24,423 26,327 5,853,857 Total loans $ 24,645,203 $ 47,617 $ 4,414 $ 52,031 $ 115,561 $ 24,812,795 (2 ) (1) Total before net deferred fees and costs of $24.0 million . (2) Total before net deferred fees and costs of $25.3 million . |
Loan Portfolio Credit Exposure | In the following tables, consumer loans are generally assigned a risk grade similar to the classifications described above; however, upon reaching 90 days and 120 days past due, they are generally downgraded to Substandard and Loss, respectively, in accordance with the FFIEC Uniform Retail Credit Classification and Account Management Policy. Additionally, in accordance with the Interagency Supervisory Guidance on Allowance for Loan and Lease Losses Estimation Practices for Loans and Lines of Credit Secured by Junior Liens on 1-4 Family Residential Properties, the risk grade classifications of consumer loans (home equity lines and consumer mortgages) secured by junior liens on 1-4 family residential properties also consider available information on the payment status of any associated senior liens with other financial institutions. Loan Portfolio Credit Exposure by Risk Grade March 31, 2018 (in thousands) Pass Special Mention Substandard (1) Doubtful (2) Loss Total Investment properties $ 5,545,689 $ 53,193 $ 20,168 $ — $ — $ 5,619,050 1-4 family properties 729,023 14,331 15,550 — — 758,904 Land and development 408,128 33,858 12,654 3,133 — 457,773 Total commercial real estate 6,682,840 101,382 48,372 3,133 — 6,835,727 Commercial, financial and agricultural 6,895,133 132,582 154,863 8,953 — 7,191,531 Owner-occupied 4,778,913 55,627 75,773 73 — 4,910,386 Total commercial and industrial 11,674,046 188,209 230,636 9,026 — 12,101,917 Home equity lines 1,452,171 — 18,421 271 1,608 (3) 1,472,471 Consumer mortgages 2,654,285 — 8,951 103 32 (3) 2,663,371 Credit cards 224,831 — 564 — 1,318 (4) 226,713 Other consumer loans 1,604,979 — 1,556 257 7 (3) 1,606,799 Total consumer 5,936,266 — 29,492 631 2,965 5,969,354 Total loans $ 24,293,152 $ 289,591 $ 308,500 $ 12,790 $ 2,965 $ 24,906,998 (5 ) December 31, 2017 (in thousands) Pass Special Mention Substandard (1) Doubtful (2) Loss Total Investment properties $ 5,586,792 $ 64,628 $ 18,645 $ — $ — $ 5,670,065 1-4 family properties 745,299 19,419 16,901 — — 781,619 Land and development 431,759 33,766 14,950 3,129 — 483,604 Total commercial real estate 6,763,850 117,813 50,496 3,129 — 6,935,288 Commercial, financial and agricultural 6,929,506 115,912 132,818 1,251 — 7,179,487 Owner-occupied 4,713,877 50,140 80,073 73 — 4,844,163 Total commercial and industrial 11,643,383 166,052 212,891 1,324 — 12,023,650 Home equity lines 1,491,105 — 21,079 285 1,758 (3) 1,514,227 Consumer mortgages 2,622,499 — 10,607 291 106 (3) 2,633,503 Credit cards 230,945 — 399 — 1,332 (4) 232,676 Other consumer loans 1,470,944 — 2,168 329 10 (3) 1,473,451 Total consumer 5,815,493 — 34,253 905 3,206 5,853,857 Total loans $ 24,222,726 $ 283,865 $ 297,640 $ 5,358 $ 3,206 $ 24,812,795 (6 ) (1) Includes $204.2 million and $190.6 million of Substandard accruing loans at March 31, 2018 and December 31, 2017 , respectively. (2) The loans within this risk grade are on non-accrual status. Commercial loans generally have an allowance for loan losses in accordance with ASC 310, and retail loans generally have an allowance for loan losses equal to 50% of the loan amount. (3) The loans within this risk grade are on non-accrual status and have an allowance for loan losses equal to the full loan amount. (4) Represent amounts that were 120 days past due. These credits are downgraded to the Loss category with an allowance for loan losses equal to the full loan amount and are generally charged off upon reaching 181 days past due in accordance with the FFIEC Uniform Retail Credit Classification and Account Management Policy. (5) Total before net deferred fees and costs of $24.0 million . (6) Total before net deferred fees and costs of $25.3 million . |
Schedule of Allowances for Loan Losses and Recorded Investment in Loans | The following table details the changes in the allowance for loan losses by loan segment for the three months ended March 31, 2018 . Allowance for Loan Losses and Recorded Investment in Loans As Of and For The Three Months Ended March 31, 2018 (in thousands) Commercial Real Estate Commercial & Industrial Consumer Total Allowance for loan losses: Beginning balance $ 74,998 $ 126,803 $ 47,467 $ 249,268 Charge-offs (1,911 ) (8,015 ) (4,455 ) (14,381 ) Recoveries 5,723 3,112 1,266 10,101 Provision for loan losses (4,819 ) 12,845 4,750 12,776 Ending balance (1) $ 73,991 $ 134,745 $ 49,028 $ 257,764 Ending balance: individually evaluated for impairment 3,740 14,405 797 18,942 Ending balance: collectively evaluated for impairment $ 70,251 $ 120,340 $ 48,231 $ 238,822 Loans: Ending balance: total loans (1)(2) $ 6,835,727 $ 12,101,917 $ 5,969,354 $ 24,906,998 Ending balance: individually evaluated for impairment 49,221 112,823 29,608 191,652 Ending balance: collectively evaluated for impairment $ 6,786,506 $ 11,989,094 $ 5,939,746 $ 24,715,346 As Of and For The Three Months Ended March 31, 2017 (in thousands) Commercial Real Estate Commercial & Industrial Consumer Total Allowance for loan losses: Beginning balance $ 81,816 $ 125,778 $ 44,164 $ 251,758 Charge-offs (1,908 ) (6,893 ) (3,934 ) (12,735 ) Recoveries 2,889 1,824 1,104 5,817 Provision for loan losses (4,483 ) 6,387 6,770 8,674 Ending balance (1) $ 78,314 $ 127,096 $ 48,104 $ 253,514 Ending balance: individually evaluated for impairment 6,917 11,085 1,705 19,707 Ending balance: collectively evaluated for impairment $ 71,397 $ 116,011 $ 46,399 $ 233,807 Loans: Ending balance: total loans (1)(3) $ 7,467,288 $ 11,732,701 $ 5,084,199 $ 24,284,188 Ending balance: individually evaluated for impairment 79,203 120,470 35,083 234,756 Ending balance: collectively evaluated for impairment $ 7,388,085 $ 11,612,231 $ 5,049,116 $ 24,049,432 (1 ) As of and for the three months ended March 31, 2018 and 2017 , there were no purchased credit-impaired loans and no allowance for loan losses for purchased credit-impaired loans. (2) Total before net deferred fees and costs of $24.0 million . (3) Total before net deferred fees and costs of $25.7 million . |
Schedule of Impaired Loans | The tables below summarize impaired loans (including accruing TDRs) as of March 31, 2018 and December 31, 2017 . Impaired Loans (including accruing TDRs) March 31, 2018 Three Months Ended March 31, 2018 (in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded Investment properties $ — $ — $ — $ — $ — 1-4 family properties — — — — — Land and development — — — 37 — Total commercial real estate — — — 37 — Commercial, financial and agricultural 9,614 12,039 — 8,682 — Owner-occupied — — — — — Total commercial and industrial 9,614 12,039 — 8,682 — Home equity lines 1,086 1,086 — 2,122 — Consumer mortgages 2,640 2,665 — 880 — Credit cards — — — — — Other consumer loans — — — — — Total consumer 3,726 3,751 — 3,002 — Total impaired loans with no related allowance recorded $ 13,340 $ 15,790 $ — $ 11,721 $ — With allowance recorded Investment properties $ 19,388 $ 19,388 $ 753 $ 22,769 $ 198 1-4 family properties 12,008 12,008 392 11,715 216 Land and development 17,825 19,565 2,595 18,133 76 Total commercial real estate 49,221 50,961 3,740 52,617 490 Commercial, financial and agricultural 65,422 65,691 12,491 67,198 273 Owner-occupied 37,787 37,841 1,914 37,715 357 Total commercial and industrial 103,209 103,532 14,405 104,913 630 Home equity lines 3,475 3,475 44 4,383 45 Consumer mortgages 17,378 17,378 447 19,106 194 Credit cards — — — — — Other consumer loans 5,029 5,031 306 5,391 71 Total consumer 25,882 25,884 797 28,880 310 Total impaired loans with allowance recorded $ 178,312 $ 180,377 $ 18,942 $ 186,410 $ 1,430 Total impaired loans Investment properties $ 19,388 $ 19,388 $ 753 $ 22,769 $ 198 1-4 family properties 12,008 12,008 392 11,715 216 Land and development 17,825 19,565 2,595 18,170 76 Total commercial real estate 49,221 50,961 3,740 52,654 490 Commercial, financial and agricultural 75,036 77,730 12,491 75,880 273 Owner-occupied 37,787 37,841 1,914 37,715 357 Total commercial and industrial 112,823 115,571 14,405 113,595 630 Home equity lines 4,561 4,561 44 6,505 45 Consumer mortgages 20,018 20,043 447 19,986 194 Credit cards — — — — — Other consumer loans 5,029 5,031 306 5,391 71 Total consumer 29,608 29,635 797 31,882 310 Total impaired loans $ 191,652 196,167 18,942 198,131 1,430 Impaired Loans (including accruing TDRs) December 31, 2017 Year Ended December 31, 2017 (in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded Investment properties $ — — — 123 — 1-4 family properties — — — 323 — Land and development 56 1,740 — 1,816 — Total commercial real estate 56 1,740 — 2,262 — Commercial, financial and agricultural 8,220 9,576 — 21,686 — Owner-occupied — — — 6,665 — Total commercial and industrial 8,220 9,576 — 28,351 — Home equity lines 2,746 2,943 — 1,205 — Consumer mortgages — — — 496 — Credit cards — — — — — Other consumer loans — — — — — Total consumer 2,746 2,943 — 1,701 — Total impaired loans with no related allowance recorded $ 11,022 14,259 — 32,314 — With allowance recorded Investment properties $ 23,364 23,364 1,100 28,749 1,144 1-4 family properties 15,056 15,056 504 16,257 925 Land and development 18,420 18,476 2,636 23,338 404 Total commercial real estate 56,840 56,896 4,240 68,344 2,473 Commercial, financial and agricultural 65,715 65,851 7,406 50,468 1,610 Owner-occupied 37,399 37,441 2,109 40,498 1,382 Total commercial and industrial 103,114 103,292 9,515 90,966 2,992 Home equity lines 5,096 5,096 114 7,476 334 Consumer mortgages 18,668 18,668 569 19,144 896 Credit cards — — — — — Other consumer loans 5,546 5,546 470 4,765 266 Total consumer 29,310 29,310 1,153 31,385 1,496 Total impaired loans with allowance recorded $ 189,264 189,498 14,908 190,695 6,961 Total impaired loans Investment properties $ 23,364 23,364 1,100 28,872 1,144 1-4 family properties 15,056 15,056 504 16,580 925 Land and development 18,476 20,216 2,636 25,154 404 Total commercial real estate 56,896 58,636 4,240 70,606 2,473 Commercial, financial and agricultural 73,935 75,427 7,406 72,154 1,610 Owner-occupied 37,399 37,441 2,109 47,163 1,382 Total commercial and industrial 111,334 112,868 9,515 119,317 2,992 Home equity lines 7,842 8,039 114 8,681 334 Consumer mortgages 18,668 18,668 569 19,640 896 Credit cards — — — — — Other consumer loans 5,546 5,546 470 4,765 266 Total consumer 32,056 32,253 1,153 33,086 1,496 Total impaired loans $ 200,286 $ 203,757 $ 14,908 $ 223,009 $ 6,961 |
Troubled Debt Restructurings | The following tables represent, by concession type, the post-modification balance for loans modified or renewed during the three months ended March 31, 2018 and 2017 that were reported as accruing or non-accruing TDRs. TDRs by Concession Type Three Months Ended March 31, 2018 (in thousands, except contract data) Number of Contracts Principal Forgiveness Below Market Interest Rate Term Extensions and/or Other Concessions Total Investment properties 1 $ — $ — $ 1,959 $ 1,959 1-4 family properties 6 — 963 — 963 Total commercial real estate 7 — 963 1,959 2,922 Commercial, financial and agricultural 9 — — 989 989 Owner-occupied 2 — 2,705 93 2,798 Total commercial and industrial 11 — 2,705 1,082 3,787 Consumer mortgages 7 — 1,733 — 1,733 Other consumer loans 14 — 537 508 1,045 Total consumer 21 — 2,270 508 2,778 Total TDRs 39 $ — $ 5,938 $ 3,549 $ 9,487 (1 ) (1) No net charge-offs were recorded during the three months ended March 31, 2018 upon restructuring of these loans. TDRs by Concession Type Three Months Ended March 31, 2017 (in thousands, except contract data) Number of Contracts Principal Forgiveness Below Market Interest Rate Term Extensions and/or Other Concessions Total 1-4 family properties 8 — 1,611 317 1,928 Total commercial real estate 8 — 1,611 317 1,928 Commercial, financial and agricultural 18 — 3,865 5,539 9,404 Total commercial and industrial 18 — 3,865 5,539 9,404 Other consumer loans 3 — — 275 275 Total consumer 3 — — 275 275 Total TDRs 29 $ — $ 5,476 $ 6,131 $ 11,607 (2 ) (2) No net charge-offs were recorded during the three months ended March 31, 2017 upon restructuring of these loans. |
Other Comprehensive Income (L26
Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive Income (Loss) by Component (Net of Income Taxes) | The following tables illustrate activity within the balances in accumulated other comprehensive income (loss) by component for the three months ended March 31, 2018 and 2017 . Changes in Accumulated Other Comprehensive Income (Loss) by Component (Net of Income Taxes) (in thousands) Net unrealized gains (losses) on cash flow hedges Net unrealized gains (losses) on investment securities available for sale Post-retirement unfunded health benefit Total Balance at December 31, 2017 $ (12,137 ) $ (43,470 ) $ 853 $ (54,754 ) Other comprehensive income before reclassifications — (45,531 ) — (45,531 ) Amounts reclassified from accumulated other comprehensive income (loss) — — (21 ) (21 ) Net current period other comprehensive income — (45,531 ) (21 ) (45,552 ) Reclassification from adoption of ASU 2018-02 — (7,763 ) 175 (7,588 ) Cumulative-effect adjustment from adoption of ASU 2016-01 — 117 — 117 Balance as of March 31, 2018 $ (12,137 ) $ (96,647 ) $ 1,007 $ (107,777 ) Changes in Accumulated Other Comprehensive Income (Loss) by Component (Net of Income Taxes) (in thousands) Net unrealized gains (losses) on cash flow hedges Net unrealized gains (losses) on investment securities available for sale Post-retirement unfunded health benefit Total Balance at December 31, 2016 $ (12,217 ) $ (44,324 ) $ 882 $ (55,659 ) Other comprehensive income before reclassifications — 5,596 — 5,596 Amounts reclassified from accumulated other comprehensive income (loss) 40 (4,716 ) (12 ) (4,688 ) Net current period other comprehensive income 40 880 (12 ) 908 Balance as of March 31, 2017 $ (12,177 ) $ (43,444 ) $ 870 $ (54,751 ) |
Schedule of Reclassifications out of Accumulated Other Comprehensive Income (Loss) | Reclassifications out of Accumulated Other Comprehensive Income (Loss) Details About Accumulated Other Comprehensive Income (Loss) Components Amount Reclassified from Accumulated Other Comprehensive Income (Loss) Affected Line Item in the Statement Where Net Income is Presented For the Three Months Ended March 31, 2018 2017 Net unrealized gains (losses) on cash flow hedges: Amortization of deferred losses $ — $ (65 ) Interest expense — 25 Income tax (expense) benefit $ — $ (40 ) Reclassifications, net of income taxes Net unrealized gains on investment securities available for sale: Realized gains on sale of securities $ — $ 7,668 Investment securities gains, net — (2,952 ) Income tax (expense) benefit $ — $ 4,716 Reclassifications, net of income taxes Post-retirement unfunded health benefit: Amortization of actuarial gains $ 34 $ 20 Salaries and other personnel expense (13 ) (8 ) Income tax (expense) benefit $ 21 $ 12 Reclassifications, net of income taxes |
Fair Value Accounting (Tables)
Fair Value Accounting (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments Measured at Fair Value on Recurring Basis | The following table presents all financial instruments measured at fair value on a recurring basis as of March 31, 2018 and December 31, 2017 , according to the valuation hierarchy included in ASC 820-10. For debt securities, class was determined based on the nature and risks of the investments. Synovus did not have any transfers between levels during the three months ended March 31, 2018 and year ended December 31, 2017 . March 31, 2018 (in thousands) Level 1 Level 2 Level 3 Total Assets and Liabilities at Fair Value Assets Trading securities: U.S. Government agency securities $ — $ 25,971 $ — $ 25,971 Collateralized mortgage obligations issued by U.S. Government sponsored enterprises — 240 — 240 State and municipal securities — 40 — 40 Total trading securities $ — $ 26,251 $ — $ 26,251 Mortgage loans held for sale — 50,439 — 50,439 Investment securities available for sale: U.S. Treasury securities 120,931 — — 120,931 U.S. Government agency securities — 10,897 — 10,897 Mortgage-backed securities issued by U.S. Government agencies — 112,868 — 112,868 Mortgage-backed securities issued by U.S. Government sponsored enterprises — 2,664,000 — 2,664,000 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — 1,065,041 — 1,065,041 State and municipal securities — 115 — 115 Corporate debt and other debt securities (1) — 15,274 1,852 17,126 Total investment securities available for sale $ 120,931 $ 3,868,195 $ 1,852 $ 3,990,978 Private equity investments — — 12,715 12,715 Mutual funds 3,131 — — 3,131 Mutual funds held in rabbi trusts 13,385 — — 13,385 GGL/SBA loans servicing asset — — 3,971 3,971 Derivative assets: Interest rate contracts — 7,672 — 7,672 Mortgage derivatives (2) — 1,735 — 1,735 Total derivative assets $ — $ 9,407 $ — $ 9,407 Liabilities Trading account liabilities — 23,856 — 23,856 Earnout liability (3) — — 11,348 11,348 Derivative liabilities: Interest rate contracts — 16,122 — 16,122 Visa derivative — — 3,974 3,974 Total derivative liabilities $ — $ 16,122 $ 3,974 $ 20,096 December 31, 2017 (in thousands) Level 1 Level 2 Level 3 Total Assets and Liabilities at Fair Value Assets Trading securities: Mortgage-backed securities issued by U.S. Government agencies $ — $ 3,002 $ — $ 3,002 Collateralized mortgage obligations issued by U.S. Government sponsored enterprises — 296 — 296 Other investments 522 — — 522 Total trading securities $ 522 $ 3,298 $ — $ 3,820 Mortgage loans held for sale — 48,024 — 48,024 Investment securities available for sale: U.S. Treasury securities 82,674 — — 82,674 U.S. Government agency securities — 10,862 — 10,862 Mortgage-backed securities issued by U.S. Government agencies — 120,440 — 120,440 Mortgage-backed securities issued by U.S. Government sponsored enterprises — 2,640,523 — 2,640,523 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — 1,111,999 — 1,111,999 State and municipal securities — 180 — 180 Corporate debt and other securities (1) 3,162 15,294 1,935 20,391 Total investment securities available for sale $ 85,836 $ 3,899,298 $ 1,935 $ 3,987,069 Private equity investments — — 15,771 15,771 Mutual funds held in rabbi trusts 14,140 — — 14,140 GGL/SBA loan servicing asset — — 4,101 4,101 Derivative assets: Interest rate contracts — 10,786 — 10,786 Mortgage derivatives (2) — 936 — 936 Total derivative assets $ — $ 11,722 $ — $ 11,722 Liabilities Trading account liabilities — 1,000 — 1,000 Earnout liability (3) — — 11,348 11,348 Derivative liabilities: Interest rate contracts — 12,638 — 12,638 Mortgage derivatives (2) — 129 — 129 Visa derivative — — 4,330 4,330 Total derivative liabilities $ — $ 12,767 $ 4,330 $ 17,097 (1) Based on an analysis of the nature and risks of these investments, Synovus has determined that presenting these investments as a single asset class is appropriate. (2) Mortgage derivatives consist of customer interest rate lock commitments that relate to the potential origination of mortgage loans, which would be classified as held for sale and forward loan sales commitments with third-party investors. (3) Earnout liability consists of contingent consideration obligation related to the Global One acquisition. |
Changes in Fair Value Included in Consolidated Statements of Income | The following table summarizes the difference between the fair value and the unpaid principal balance of mortgage loans held for sale measured at fair value and the changes in fair value of these loans. Mortgage loans held for sale are initially measured at fair value with subsequent changes in fair value recognized in earnings. Changes in fair value are recorded as a component of mortgage banking income in the consolidated statements of income. An immaterial portion of these changes in fair value was attributable to changes in instrument-specific credit risk. Changes in Fair Value Included in Net Income For the Three Months Ended March 31, (in thousands) 2018 2017 Mortgage loans held for sale $ 115 $ 1,203 Mortgage Loans Held for Sale (in thousands) As of March 31, 2018 As of December 31, 2017 Fair value $ 50,439 $ 48,024 Unpaid principal balance 49,139 46,839 Fair value less aggregate unpaid principal balance $ 1,300 $ 1,185 |
Changes in Level 3 Fair Value Measurements | The table below includes a roll-forward of the amounts on the consolidated balance sheet for the three months ended March 31, 2018 and 2017 (including the change in fair value) for financial instruments of a material nature that are classified by Synovus within Level 3 of the fair value hierarchy and are measured at fair value on a recurring basis. Transfers between fair value levels are recognized at the end of the reporting period in which the associated changes in inputs occur. During the three months ended March 31, 2018 and 2017 , Synovus did not have any transfers between levels in the fair value hierarchy. Three Months Ended March 31, 2018 (in thousands) Investment Securities Available for Sale Private Equity Investments Visa Derivative Earnout Liability (1) GGL / SBA Loans Servicing Asset Beginning balance, January 1, 2018 $ 1,935 $ 15,771 $ (4,330 ) $ (11,348 ) $ 4,101 Total (losses) gains realized/unrealized: Included in earnings — (3,056 ) — — (422 ) Unrealized (losses) gains included in other comprehensive income (83 ) — — — — Additions — — — — 292 Settlements — — 356 — — Ending balance, March 31, 2018 $ 1,852 $ 12,715 $ (3,974 ) $ (11,348 ) $ 3,971 Total net (losses) for the period included in earnings attributable to the change in unrealized losses relating to assets/liabilities still held at March 31, 2018 $ — $ (3,056 ) $ — $ — $ (422 ) Three Months Ended March 31, 2017 (in thousands) Investment Securities Available for Sale Private Equity Investments Visa Derivative Earnout Liability (1) GGL / SBA Loans Servicing Asset (2) Beginning balance, January 1, 2017 $ 1,796 $ 25,493 $ (5,768 ) $ (14,000 ) $ — Total gains (losses) realized/unrealized: Included in earnings — (1,814 ) — — — Unrealized gains included in other comprehensive income 55 — — — — Settlements — — 356 — — Transfer from amortization method to fair value — — — — 4,178 Measurement period adjustments related to Global One acquisition $ — — — 2,579 — Ending balance, March 31, 2017 $ 1,851 $ 23,679 $ (5,412 ) $ (11,421 ) $ 4,178 Total net (losses) for the period included in earnings attributable to the change in unrealized losses relating to assets still held at March 31, 2017 $ — $ (1,814 ) $ — $ — $ — (1) Earnout liability consists of contingent consideration obligation related to the Global One acquisition. (2) Effective January 1, 2017, Synovus elected the fair value option for determining the value of the GGL/SBA loans servicing asset. Prior to 2017, Synovus accounted for the GGL/SBA loans servicing asset using the amortization method. |
Fair Value Inputs, Assets, Quantitative Information | The table below provides an overview of the valuation techniques and significant unobservable inputs used in those techniques to measure financial instruments that are classified within Level 3 of the valuation hierarchy and are measured at fair value on a recurring basis. March 31, 2018 December 31, 2017 Valuation Technique Significant Unobservable Input Level 3 Fair Value Range/Weighted Average Level 3 Fair Value Range/Weighted Average Assets and liabilities measured at fair value on a recurring basis Investment Securities Available for Sale - Other Investments: Trust preferred securities Discounted cash flow analysis Credit spread embedded in discount rate $1,852 439 bps $1,935 398 bps Private equity investments Individual analysis of each investee company Multiple factors, including but not limited to, current operations, financial condition, cash flows, evaluation of business management and financial plans, and recently executed financing transactions related to the investee companies 12,715 N/A 15,771 N/A GGL/SBA loans servicing asset Discounted cash flow analysis Discount rate Prepayment speeds 3,971 13.57% 7.98% 4,101 13.16% 7.50% Earnout liability Option pricing methods and Monte Carlo simulation Financial projections of Global One 11,348 N/A 11,348 N/A Visa derivative liability Discounted cash flow analysis Estimated timing of resolution of covered litigation, future cumulative deposits to the litigation escrow for settlement of the covered litigation, and estimated future monthly fees payable to the derivative counterparty 3,974 1-4 years 4,330 1-4 years The table below provides an overview of the valuation techniques and significant unobservable inputs used in those techniques to measure financial instruments that are classified within Level 3 of the valuation hierarchy and are measured at fair value on a non-recurring basis. The range of sensitivities that management utilized in its fair value calculations is deemed acceptable in the industry with respect to the identified financial instruments. March 31, 2018 December 31, 2017 Valuation Technique Significant Unobservable Input Range (Weighted Average) (1) Range (Weighted Average) (1) Assets measured at fair value on a non-recurring basis Collateral dependent impaired loans Third-party appraised value of collateral less estimated selling costs Discount to appraised value (2) Estimated selling costs 0% - 23% (9%) 0% - 10% (7%) 0%-50% (15%) 0%-10% (7%) Other loans held for sale Third-party appraised value of collateral less estimated selling costs Discount to appraised value (2) Estimated selling costs 0% - 85% (30%) 0% - 10% (2%) 5% - 99% (54%) 0% - 10% (2%) Other real estate Third-party appraised value of real estate less estimated selling costs Discount to appraised value (2) Estimated selling costs 0% - 39% (21%) 0% - 10% (7%) 0%-85% (35%) 0%-10% (7%) Other assets held for sale Third-party appraised value less estimated selling costs or BOV Discount to appraised value (2) Estimated selling costs N/A 0%-10% (7%) 21%-52% (25%) 0%-10% (7%) (1) The range represents management's estimate of the high and low of the value that would be assigned to a particular input. For assets measured at fair value on a non-recurring basis, the weighted average is the measure of central tendencies; it is not the value that management is using for the asset or liability. (2) Synovus also makes adjustments to the values of the assets listed above for reasons including age of the appraisal, information known by management about the property, such as occupancy rates, changes to the physical condition of the property, and other factors. |
Assets and Liabilities 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 during the period. March 31, 2018 December 31, 2017 (in thousands) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Impaired loans * $ — $ — $ 4,531 $ 4,531 $ — $ — $ 3,603 $ 3,603 Other loans held for sale — — 3,295 3,295 — — 10,197 10,197 Other real estate — — 1,447 1,447 — — 3,363 3,363 Other assets held for sale — — 1,395 1,395 — — 5,334 5,334 * Collateral-dependent impaired loans that were written down to fair value during the period. |
Assets Measured at Fair Value on a Nonrecurring Basis | The following table presents fair value adjustments recognized in earnings for the three months ended March 31, 2018 and 2017 for assets measured at fair value on a non-recurring basis still held at period-end. Three Months Ended March 31, (in thousands) 2018 2017 Impaired loans * $ 720 $ 2,230 Other loans held for sale 1,512 3,519 Other real estate 731 399 Other assets held for sale 107 238 * Collateral-dependent impaired loans that were written down to fair value during the period. |
Carrying and Estimated Fair Values of Financial Instruments Carried on Balance Sheet | The carrying and estimated fair values of financial instruments, as well as the level within the fair value hierarchy, as of March 31, 2018 and December 31, 2017 are as follows: March 31, 2018 (in thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Financial assets Total cash, cash equivalents, restricted cash, and restricted cash equivalents $ 1,059,017 $ 1,059,017 $ 1,059,017 $ — $ — Trading account assets 26,251 26,251 — 26,251 — Mortgage loans held for sale 50,439 50,439 — 50,439 — Other loans held for sale 6,591 6,591 — — 6,591 Investment securities available for sale 3,990,978 3,990,978 120,931 3,868,195 1,852 Private equity investments 12,715 12,715 — — 12,715 Mutual funds 3,131 3,131 3,131 — — Mutual funds held in rabbi trusts 13,385 13,385 13,385 — — Loans, net 24,625,273 24,538,259 — — 24,538,259 GGL/SBA loans servicing asset 3,971 3,971 — — 3,971 Derivative assets 9,407 9,407 — 9,407 — Financial liabilities Trading account liabilities 23,856 — — 23,856 — Non-interest bearing deposits 7,381,070 7,381,070 — 7,381,070 — Non-time interest bearing deposits 14,030,247 14,030,247 — 14,030,247 — Time deposits 4,842,190 4,834,135 — 4,834,135 — Total deposits $ 26,253,507 $ 26,245,452 $ — $ 26,245,452 $ — Federal funds purchased, other short-term borrowings and other short-term liabilities 185,531 185,531 185,531 — — Long-term debt 1,856,392 1,861,008 — 1,861,008 — Earnout liabilities 11,348 11,348 — — 11,348 Derivative liabilities 20,096 20,096 — 16,122 3,974 December 31, 2017 (in thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Financial assets Total cash, cash equivalents, restricted cash, and restricted cash equivalents $ 932,933 $ 932,933 $ 932,933 $ — $ — Trading account assets 3,820 3,820 522 3,298 — Mortgage loans held for sale 48,024 48,024 — 48,024 — Other loans for sale 11,356 11,356 — — 11,356 Investment securities available for sale 3,987,069 3,987,069 85,836 3,899,298 1,935 Private equity investments 15,771 15,771 — — 15,771 Mutual funds held in rabbi trusts 14,140 14,140 14,140 — — Loans, net 24,538,196 24,507,141 — — 24,507,141 GGL/SBA loans servicing asset 4,101 4,101 — — 4,101 Derivative assets 11,722 11,722 — 11,722 — Financial liabilities Trading account liabilities 1,000 1,000 — 1,000 — Non-interest bearing deposits 7,686,339 7,686,339 — 7,686,339 — Non-time interest bearing deposits 13,941,814 13,941,814 — 13,941,814 — Time deposits 4,519,747 4,523,661 — 4,523,661 — Total deposits $ 26,147,900 $ 26,151,814 $ — $ 26,151,814 $ — Federal funds purchased, other short-term borrowings and other short-term liabilities 161,190 161,190 161,190 — — Long-term debt 1,706,138 1,721,814 — 1,721,814 — Earnout liabilities 11,348 11,348 — — 11,348 Derivative liabilities 17,097 17,097 — 12,767 4,330 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Summary of Derivative Instruments [Abstract] | |
Impact of Derivatives on Balance Sheet | The impact of derivative instruments on the Consolidated Balance Sheets at March 31, 2018 and December 31, 2017 is presented below. Fair Value of Derivative Assets Fair Value of Derivative Liabilities (in thousands) Location on Consolidated Balance Sheets March 31, 2018 December 31, 2017 Location on Consolidated Balance Sheets March 31, 2018 December 31, 2017 Derivatives not designated as hedging instruments: Interest rate contracts Other assets $ 7,672 $ 10,786 Other liabilities $ 16,122 $ 12,638 Mortgage derivatives Other assets 1,735 936 Other liabilities — 129 Visa derivative — — Other liabilities 3,974 4,330 Total derivatives not designated as hedging instruments $ 9,407 $ 11,722 $ 20,096 $ 17,097 |
Effect of Fair Value Hedges on Consolidated Statements of Income | The pre-tax effect of fair value hedges on the Consolidated Statements of Income for the three months ended March 31, 2018 and 2017 is presented below. Gain (Loss) Recognized in Income (in thousands) Three Months Ended March 31, Derivatives not designated as hedging instruments Location of Gain (Loss) Recognized in Income 2018 2017 Interest rate contracts (1) Other non-interest income $ 7 $ (1 ) Mortgage derivatives (2) Mortgage banking income 927 (1,784 ) Total $ 934 $ (1,785 ) (1) Gain (loss) represents net fair value adjustments (including credit related adjustments) for customer swaps and offsetting positions. (2) Gain (loss) represents net fair value adjustments recorded for interest rate lock commitments and commitments to sell mortgage loans to third-party investors. |
Net Income Per Common Share (Ta
Net Income Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Basic And Diluted Earnings per Share | The following table displays a reconciliation of the information used in calculating basic and diluted earnings per common share for the three months ended March 31, 2018 and 2017 . Three Months Ended March 31, (in thousands, except per share data) 2018 2017 Basic Net Income Per Common Share: Net income available to common shareholders $ 100,607 $ 69,298 Weighted average common shares outstanding 118,666 122,300 Net income per common share, basic $ 0.85 $ 0.57 Diluted Net Income Per Common Share: Net income available to common shareholders $ 100,607 $ 69,298 Weighted average common shares outstanding 118,666 122,300 Potentially dilutive shares from outstanding equity-based awards and Earnout Payments 655 759 Weighted average diluted common shares 119,321 123,059 Net income per common share, diluted $ 0.84 $ 0.56 |
Non-interest Income (Tables)
Non-interest Income (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Noninterest Income [Abstract] | |
Schedule of Non-interest Income | The following table reflects revenue disaggregated by revenue type and line of business for the three months ended March 31, 2018 and 2017. Non-interest Income by Line of Business For Three Months Ended March 31, 2018 (in thousands) Total Community Banking Corporate Banking Retail Banking Financial Management Services Other Service charges on deposit accounts $ 19,940 $ 5,680 $ 533 $ 13,422 $ — $ 305 Fiduciary and asset management fees 13,435 — — — 13,435 — Card fees 10,199 205 — 9,994 — — Brokerage revenue 8,695 — — — 8,695 — Insurance revenue 1,213 — — — 1,213 — Other fees 832 — — 559 — 273 $ 54,314 $ 5,885 $ 533 $ 23,975 $ 23,343 $ 578 Other revenues (1) 12,732 2,452 1,733 1,529 5,843 1,175 Total non-interest income $ 67,046 $ 8,337 $ 2,266 $ 25,504 $ 29,186 $ 1,753 Non-interest Income by Line of Business For Three Months Ended March 31, 2017 (in thousands) Total Community Banking Corporate Banking Retail Banking Financial Management Services Other Service charges on deposit accounts $ 20,118 $ 5,771 $ 459 $ 13,437 $ — $ 451 Fiduciary and asset management fees 12,151 — — — 12,151 — Card fees 9,844 219 — 9,625 — — Brokerage revenue 7,226 — — — 7,226 — Insurance revenue 1,304 — — — 1,304 — Other fees 842 — — 574 — 268 $ 51,485 $ 5,990 $ 459 $ 23,636 $ 20,681 $ 719 Other revenues (1) 20,354 1,648 1,619 1,566 6,597 8,924 Total non-interest income $ 71,839 $ 7,638 $ 2,078 $ 25,202 $ 27,278 $ 9,643 ( 1) Other revenues primarily relate to revenues not derived from contracts with customers. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Loan Commitments and Letters of Credit | Unfunded letters of credit and lending commitments at March 31, 2018 and December 31, 2017 are presented below. (in thousands) March 31, 2018 December 31, 2017 Letters of credit* $ 175,164 $ 153,372 Commitments to fund commercial and industrial loans 5,143,323 5,090,827 Commitments to fund commercial real estate, construction, and land development loans 1,541,810 1,567,583 Commitments under home equity lines of credit 1,156,283 1,137,714 Unused credit card lines 780,704 779,254 Other loan commitments 369,636 351,358 Total unfunded lending commitments and letters of credit $ 9,166,920 $ 9,080,108 * Represent the contractual amount net of risk participations of approximately $60 million and $77 million at March 31, 2018 and December 31, 2017, respectively. |
Significant Accounting Polici32
Significant Accounting Policies (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2018USD ($)ATMbranch | Dec. 31, 2017USD ($) | Jan. 01, 2018USD ($) | Dec. 31, 2016USD ($) | |
Accounting Policies [Abstract] | ||||
Number of branches | branch | 250 | |||
Number of ATMs | ATM | 328 | |||
Collateral requirements | $ 32,700 | $ 43,800 | ||
Provisional income tax expense | 47,200 | |||
Reclassification from AOCI to retained earnings, tax effect | 7,600 | |||
Reclassification from AOCI to retained earnings, effect of regulatory capital | $ 7,600 | |||
Reclassification from AOCI to retained earnings, effect of regulatory capital, increase to Tier 1 capital | 0.03% | |||
Reclassification from AOCI to retained earnings, effect of regulatory capital, increase to common equity capital | 0.03% | |||
Reclassification from AOCI to retained earnings, effect of regulatory capital, increase to total risk based capital | 0.03% | |||
Reclassification from AOCI to retained earnings, effect of regulatory capital, increase to leverage ratio | 0.02% | |||
Basis Of Presentation [Line Items] | ||||
Retained earnings | $ 621,925 | 544,207 | ||
Adjustment from adoption of ASU | (685) | $ 0 | ||
ASU 2014-09 | ||||
Basis Of Presentation [Line Items] | ||||
Adjustment from adoption of ASU | (685) | |||
ASU 2016-01 | ||||
Basis Of Presentation [Line Items] | ||||
Adjustment from adoption of ASU | 3,200 | 0 | ||
ASU 2016-01 | Accumulated Other Comprehensive Income (Loss) | ||||
Basis Of Presentation [Line Items] | ||||
Adjustment from adoption of ASU | 117 | |||
Difference between Revenue Guidance in Effect before and after Topic 606 | ASU 2014-09 | ||||
Basis Of Presentation [Line Items] | ||||
Retained earnings | $ (685) | |||
Cash and Cash Equivalents | ||||
Basis Of Presentation [Line Items] | ||||
Cash and cash equivalents | 14,100 | 8,600 | ||
Interest earning deposits with banks | $ 6,300 | $ 5,900 |
Acquisitions (Details)
Acquisitions (Details) - USD ($) $ in Thousands | Sep. 25, 2017 | Oct. 01, 2016 | Nov. 30, 2017 | Mar. 31, 2018 | Dec. 31, 2017 |
Business Acquisition [Line Items] | |||||
Brokered deposits | $ 2,006,578 | $ 1,961,125 | |||
Common stock, shares issued (in shares) | 143,017,301 | 142,677,449 | |||
Common stock | $ 143,017 | $ 142,678 | |||
Minimum | |||||
Business Acquisition [Line Items] | |||||
Period of additional annual payments | 3 years | ||||
Maximum | |||||
Business Acquisition [Line Items] | |||||
Period of additional annual payments | 5 years | ||||
World's Foremost Bank (WFB) | |||||
Business Acquisition [Line Items] | |||||
Brokered deposits | $ 1,100,000 | ||||
Deposits portfolio, weighted average maturity, period | 2 years 6 months 11 days | ||||
Weighted average rate of deposit, brokered | 1.83% | ||||
Proceeds from fees | $ 75,000 | ||||
Global One | |||||
Business Acquisition [Line Items] | |||||
Consideration transferred | $ 30,000 | ||||
Common stock, shares issued (in shares) | 821,000 | ||||
Common stock | $ 26,600 | ||||
Cash paid | $ 3,400 | ||||
Earnout payment of stock and cash | $ 6,400 | ||||
Earnout liability | $ 11,300 | ||||
Global One | Minimum | |||||
Business Acquisition [Line Items] | |||||
Potential additional payments based on earnings, period | 3 years | ||||
Global One | Maximum | |||||
Business Acquisition [Line Items] | |||||
Potential additional payments based on earnings, period | 5 years |
Share Repurchase Program (Detai
Share Repurchase Program (Details) - USD ($) $ / shares in Units, shares in Thousands | 2 Months Ended | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2018 | Mar. 31, 2017 | Jan. 23, 2018 | |
Equity [Abstract] | ||||
Authorized amount | $ 150,000,000 | |||
Value repurchased | $ 26,700,000 | $ 26,733,000 | $ 15,151,000 | |
Shares repurchased (in shares) | 535 | |||
Shares repurchased, average cost per share (in dollars per share) | $ 49.98 |
Investment Securities (Summary
Investment Securities (Summary Of Available For Sale Investment Securities) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 4,103,438 | $ 4,038,239 |
Gross Unrealized Gains | 1,122 | 6,107 |
Gross Unrealized Losses | (113,582) | (57,277) |
Fair Value | 3,990,978 | 3,987,069 |
U.S. Treasury securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 122,655 | 83,608 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (1,724) | (934) |
Fair Value | 120,931 | 82,674 |
U.S. Government agency securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 10,769 | 10,771 |
Gross Unrealized Gains | 128 | 91 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 10,897 | 10,862 |
Mortgage-backed securities issued by U.S. Government agencies | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 115,888 | 121,283 |
Gross Unrealized Gains | 237 | 519 |
Gross Unrealized Losses | (3,257) | (1,362) |
Fair Value | 112,868 | 120,440 |
Mortgage-backed securities issued by U.S. Government sponsored enterprises | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 2,734,650 | 2,666,818 |
Gross Unrealized Gains | 483 | 5,059 |
Gross Unrealized Losses | (71,133) | (31,354) |
Fair Value | 2,664,000 | 2,640,523 |
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,102,361 | 1,135,259 |
Gross Unrealized Gains | 0 | 144 |
Gross Unrealized Losses | (37,320) | (23,404) |
Fair Value | 1,065,041 | 1,111,999 |
State and municipal securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 115 | 180 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 115 | 180 |
Corporate debt and other debt securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 17,000 | 20,320 |
Gross Unrealized Gains | 274 | 294 |
Gross Unrealized Losses | (148) | (223) |
Fair Value | $ 17,126 | $ 20,391 |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) $ in Thousands | Mar. 31, 2018USD ($)position | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Investments [Abstract] | |||
Pledged to secure deposits | $ 1,010,000 | $ 2,000,000 | |
Investment securities in a loss position for less than twelve months | position | 75 | ||
Investment securities in a loss position for twelve months or longer | position | 54 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Adjustment from adoption of ASU | (685) | $ 0 | |
ASU 2016-01 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Adjustment from adoption of ASU | $ 3,200 | $ 0 |
Investment Securities (Schedule
Investment Securities (Schedule Of Unrealized Loss On Investments) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | $ 2,398,812 | $ 1,995,846 |
Less than 12 Months, Unrealized Losses | 57,879 | 20,560 |
12 Months or Longer, Fair Value | 1,402,159 | 1,445,859 |
12 Months or Longer, Unrealized Losses | 55,703 | 36,717 |
Total Fair Value, Fair Value | 3,800,971 | 3,441,705 |
Total Fair Value, Unrealized Losses | 113,582 | 57,277 |
U.S. Treasury securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 72,694 | 34,243 |
Less than 12 Months, Unrealized Losses | 989 | 443 |
12 Months or Longer, Fair Value | 29,313 | 29,562 |
12 Months or Longer, Unrealized Losses | 735 | 491 |
Total Fair Value, Fair Value | 102,007 | 63,805 |
Total Fair Value, Unrealized Losses | 1,724 | 934 |
Mortgage-backed securities issued by U.S. Government agencies | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 39,763 | 36,810 |
Less than 12 Months, Unrealized Losses | 1,045 | 357 |
12 Months or Longer, Fair Value | 52,763 | 55,740 |
12 Months or Longer, Unrealized Losses | 2,212 | 1,005 |
Total Fair Value, Fair Value | 92,526 | 92,550 |
Total Fair Value, Unrealized Losses | 3,257 | 1,362 |
Mortgage-backed securities issued by U.S. Government sponsored enterprises | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 1,656,562 | 1,271,012 |
Less than 12 Months, Unrealized Losses | 38,195 | 10,263 |
12 Months or Longer, Fair Value | 882,984 | 929,223 |
12 Months or Longer, Unrealized Losses | 32,938 | 21,091 |
Total Fair Value, Fair Value | 2,539,546 | 2,200,235 |
Total Fair Value, Unrealized Losses | 71,133 | 31,354 |
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 629,793 | 653,781 |
Less than 12 Months, Unrealized Losses | 17,650 | 9,497 |
12 Months or Longer, Fair Value | 435,247 | 426,237 |
12 Months or Longer, Unrealized Losses | 19,670 | 13,907 |
Total Fair Value, Fair Value | 1,065,040 | 1,080,018 |
Total Fair Value, Unrealized Losses | 37,320 | 23,404 |
Corporate debt and other debt securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 0 | 0 |
Less than 12 Months, Unrealized Losses | 0 | 0 |
12 Months or Longer, Fair Value | 1,852 | 5,097 |
12 Months or Longer, Unrealized Losses | 148 | 223 |
Total Fair Value, Fair Value | 1,852 | 5,097 |
Total Fair Value, Unrealized Losses | $ 148 | $ 223 |
Investment Securities (Amortize
Investment Securities (Amortized Cost And Estimated Fair Value By Contractual Maturity Of Investment Securities Available For Sale) (Details) $ in Thousands | Mar. 31, 2018USD ($) |
Schedule of Available-for-sale Securities [Line Items] | |
Within One year, Amortized Cost | $ 21,376 |
1 to 5 Years, Amortized Cost | 111,825 |
5 to 10 Years, Amortized Cost | 643,783 |
More Than 10 years, Amortized Cost | 3,326,454 |
Total, Amortized Cost | 4,103,438 |
Within One Year, Fair Value | 21,401 |
1 to 5 Years, Fair Value | 110,244 |
5 to 10 Years, Fair Value | 629,844 |
More Than 10 years, Fair Value | 3,229,489 |
Total, Fair Value | 3,990,978 |
U.S. Treasury securities | |
Schedule of Available-for-sale Securities [Line Items] | |
Within One year, Amortized Cost | 18,924 |
1 to 5 Years, Amortized Cost | 103,731 |
5 to 10 Years, Amortized Cost | 0 |
More Than 10 years, Amortized Cost | 0 |
Total, Amortized Cost | 122,655 |
Within One Year, Fair Value | 18,924 |
1 to 5 Years, Fair Value | 102,007 |
5 to 10 Years, Fair Value | 0 |
More Than 10 years, Fair Value | 0 |
Total, Fair Value | 120,931 |
U.S. Government agency securities | |
Schedule of Available-for-sale Securities [Line Items] | |
Within One year, Amortized Cost | 2,330 |
1 to 5 Years, Amortized Cost | 6,437 |
5 to 10 Years, Amortized Cost | 2,002 |
More Than 10 years, Amortized Cost | 0 |
Total, Amortized Cost | 10,769 |
Within One Year, Fair Value | 2,355 |
1 to 5 Years, Fair Value | 6,514 |
5 to 10 Years, Fair Value | 2,028 |
More Than 10 years, Fair Value | 0 |
Total, Fair Value | 10,897 |
Mortgage-backed securities issued by U.S. Government agencies | |
Schedule of Available-for-sale Securities [Line Items] | |
Within One year, Amortized Cost | 0 |
1 to 5 Years, Amortized Cost | 0 |
5 to 10 Years, Amortized Cost | 29,355 |
More Than 10 years, Amortized Cost | 86,533 |
Total, Amortized Cost | 115,888 |
Within One Year, Fair Value | 0 |
1 to 5 Years, Fair Value | 0 |
5 to 10 Years, Fair Value | 28,993 |
More Than 10 years, Fair Value | 83,875 |
Total, Fair Value | 112,868 |
Mortgage-backed securities issued by U.S. Government sponsored enterprises | |
Schedule of Available-for-sale Securities [Line Items] | |
Within One year, Amortized Cost | 7 |
1 to 5 Years, Amortized Cost | 1,657 |
5 to 10 Years, Amortized Cost | 578,774 |
More Than 10 years, Amortized Cost | 2,154,212 |
Total, Amortized Cost | 2,734,650 |
Within One Year, Fair Value | 7 |
1 to 5 Years, Fair Value | 1,723 |
5 to 10 Years, Fair Value | 565,331 |
More Than 10 years, Fair Value | 2,096,939 |
Total, Fair Value | 2,664,000 |
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | |
Schedule of Available-for-sale Securities [Line Items] | |
Within One year, Amortized Cost | 0 |
1 to 5 Years, Amortized Cost | 0 |
5 to 10 Years, Amortized Cost | 18,652 |
More Than 10 years, Amortized Cost | 1,083,709 |
Total, Amortized Cost | 1,102,361 |
Within One Year, Fair Value | 0 |
1 to 5 Years, Fair Value | 0 |
5 to 10 Years, Fair Value | 18,218 |
More Than 10 years, Fair Value | 1,046,823 |
Total, Fair Value | 1,065,041 |
State and municipal securities | |
Schedule of Available-for-sale Securities [Line Items] | |
Within One year, Amortized Cost | 115 |
1 to 5 Years, Amortized Cost | 0 |
5 to 10 Years, Amortized Cost | 0 |
More Than 10 years, Amortized Cost | 0 |
Total, Amortized Cost | 115 |
Within One Year, Fair Value | 115 |
1 to 5 Years, Fair Value | 0 |
5 to 10 Years, Fair Value | 0 |
More Than 10 years, Fair Value | 0 |
Total, Fair Value | 115 |
Corporate debt and other debt securities | |
Schedule of Available-for-sale Securities [Line Items] | |
Within One year, Amortized Cost | 0 |
1 to 5 Years, Amortized Cost | 0 |
5 to 10 Years, Amortized Cost | 15,000 |
More Than 10 years, Amortized Cost | 2,000 |
Total, Amortized Cost | 17,000 |
Within One Year, Fair Value | 0 |
1 to 5 Years, Fair Value | 0 |
5 to 10 Years, Fair Value | 15,274 |
More Than 10 years, Fair Value | 1,852 |
Total, Fair Value | $ 17,126 |
Investment Securities (Summar39
Investment Securities (Summary Of Sales Transactions In The Investment Securities Available For Sale Portfolio) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Investments [Abstract] | ||
Proceeds from sales of investment securities available for sale | $ 0 | $ 282,629 |
Gross realized gains on sales | 0 | 7,702 |
Gross realized losses on sales | 0 | (34) |
Investment securities gains, net | $ 0 | $ 7,668 |
Restructuring Charges (Schedule
Restructuring Charges (Schedule Of Restructuring And Related Costs) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Restructuring Charges [Abstract] | ||
Severance charges | $ 0 | $ 6,453 |
Other charges, net | (315) | 58 |
Total restructuring charges, net | $ (315) | $ 6,511 |
Restructuring Charges (Narrativ
Restructuring Charges (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Restructuring Cost and Reserve [Line Items] | ||
Accruals for lease terminations | $ (377) | $ 6,453 |
Restructuring charges | (315) | 6,511 |
Special termination benefits | 6,200 | |
Severance Charges | ||
Restructuring Cost and Reserve [Line Items] | ||
Accruals for lease terminations | $ 0 | 6,453 |
Restructuring charges | $ 6,500 |
Restructuring Charges (Restruct
Restructuring Charges (Restructuring Reserve) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Restructuring Reserve [Roll Forward] | ||
Beginning balance | $ 3,612 | $ 4,049 |
Accruals for lease terminations | (377) | 6,453 |
Payments | (729) | (498) |
Ending balance | 2,506 | 10,004 |
Severance Charges | ||
Restructuring Reserve [Roll Forward] | ||
Beginning balance | 336 | 81 |
Accruals for lease terminations | 0 | 6,453 |
Payments | (336) | (219) |
Ending balance | 0 | 6,315 |
Lease Termination Charges | ||
Restructuring Reserve [Roll Forward] | ||
Beginning balance | 3,276 | 3,968 |
Accruals for lease terminations | (377) | 0 |
Payments | (393) | (279) |
Ending balance | $ 2,506 | $ 3,689 |
Loans and Allowance for Loan 43
Loans and Allowance for Loan Losses (Schedule Of Current, Accruing Past Due And Nonaccrual Loans) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Current | $ 24,732,767 | $ 24,645,203 | |
Accruing 30-89 Days Past Due | 48,734 | 47,617 | |
Accruing 90 Days or Greater Past Due | 5,416 | 4,414 | |
Total Accruing Past Due | 54,150 | 52,031 | |
Non-accrual | 120,081 | 115,561 | |
Total loans | 24,906,998 | 24,812,795 | $ 24,284,188 |
Deferred fees and costs, net | 24,000 | 25,300 | $ 25,700 |
Total commercial real estate | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Current | 6,816,766 | 6,914,819 | |
Accruing 30-89 Days Past Due | 7,668 | 7,660 | |
Accruing 90 Days or Greater Past Due | 1,155 | 359 | |
Total Accruing Past Due | 8,823 | 8,019 | |
Non-accrual | 10,138 | 12,450 | |
Total loans | 6,835,727 | 6,935,288 | |
Total commercial real estate | Investment properties | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Current | 5,613,811 | 5,663,665 | |
Accruing 30-89 Days Past Due | 1,986 | 2,506 | |
Accruing 90 Days or Greater Past Due | 323 | 90 | |
Total Accruing Past Due | 2,309 | 2,596 | |
Non-accrual | 2,930 | 3,804 | |
Total loans | 5,619,050 | 5,670,065 | |
Total commercial real estate | 1-4 family properties | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Current | 753,255 | 775,023 | |
Accruing 30-89 Days Past Due | 2,232 | 3,545 | |
Accruing 90 Days or Greater Past Due | 783 | 202 | |
Total Accruing Past Due | 3,015 | 3,747 | |
Non-accrual | 2,634 | 2,849 | |
Total loans | 758,904 | 781,619 | |
Total commercial real estate | Land and development | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Current | 449,700 | 476,131 | |
Accruing 30-89 Days Past Due | 3,450 | 1,609 | |
Accruing 90 Days or Greater Past Due | 49 | 67 | |
Total Accruing Past Due | 3,499 | 1,676 | |
Non-accrual | 4,574 | 5,797 | |
Total loans | 457,773 | 483,604 | |
Total commercial and industrial | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Current | 11,994,812 | 11,927,277 | |
Accruing 30-89 Days Past Due | 19,713 | 18,094 | |
Accruing 90 Days or Greater Past Due | 1,719 | 1,495 | |
Total Accruing Past Due | 21,432 | 19,589 | |
Non-accrual | 85,673 | 76,784 | |
Total loans | 12,101,917 | 12,023,650 | |
Total commercial and industrial | Commercial, financial and agricultural | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Current | 7,093,270 | 7,097,127 | |
Accruing 30-89 Days Past Due | 15,872 | 11,214 | |
Accruing 90 Days or Greater Past Due | 783 | 1,016 | |
Total Accruing Past Due | 16,655 | 12,230 | |
Non-accrual | 81,606 | 70,130 | |
Total loans | 7,191,531 | 7,179,487 | |
Total commercial and industrial | Owner-occupied | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Current | 4,901,542 | 4,830,150 | |
Accruing 30-89 Days Past Due | 3,841 | 6,880 | |
Accruing 90 Days or Greater Past Due | 936 | 479 | |
Total Accruing Past Due | 4,777 | 7,359 | |
Non-accrual | 4,067 | 6,654 | |
Total loans | 4,910,386 | 4,844,163 | |
Total consumer | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Current | 5,921,189 | 5,803,107 | |
Accruing 30-89 Days Past Due | 21,353 | 21,863 | |
Accruing 90 Days or Greater Past Due | 2,542 | 2,560 | |
Total Accruing Past Due | 23,895 | 24,423 | |
Non-accrual | 24,270 | 26,327 | |
Total loans | 5,969,354 | 5,853,857 | |
Total consumer | Home equity lines | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Current | 1,450,454 | 1,490,808 | |
Accruing 30-89 Days Past Due | 6,718 | 5,629 | |
Accruing 90 Days or Greater Past Due | 431 | 335 | |
Total Accruing Past Due | 7,149 | 5,964 | |
Non-accrual | 14,868 | 17,455 | |
Total loans | 1,472,471 | 1,514,227 | |
Total consumer | Consumer mortgages | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Current | 2,651,758 | 2,622,061 | |
Accruing 30-89 Days Past Due | 3,905 | 3,971 | |
Accruing 90 Days or Greater Past Due | 0 | 268 | |
Total Accruing Past Due | 3,905 | 4,239 | |
Non-accrual | 7,708 | 7,203 | |
Total loans | 2,663,371 | 2,633,503 | |
Total consumer | Credit cards | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Current | 223,232 | 229,015 | |
Accruing 30-89 Days Past Due | 1,599 | 1,930 | |
Accruing 90 Days or Greater Past Due | 1,882 | 1,731 | |
Total Accruing Past Due | 3,481 | 3,661 | |
Non-accrual | 0 | 0 | |
Total loans | 226,713 | 232,676 | |
Total consumer | Other consumer loans | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Current | 1,595,745 | 1,461,223 | |
Accruing 30-89 Days Past Due | 9,131 | 10,333 | |
Accruing 90 Days or Greater Past Due | 229 | 226 | |
Total Accruing Past Due | 9,360 | 10,559 | |
Non-accrual | 1,694 | 1,669 | |
Total loans | $ 1,606,799 | $ 1,473,451 |
Loans and Allowance for Loan 44
Loans and Allowance for Loan Losses (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Average recorded investment in impaired loans | $ 198,131,000 | $ 235,600,000 | $ 223,009,000 |
Interest income recognized | 1,430,000 | 0 | 6,961,000 |
Interest income recognized for accruing TDRs | 1,700,000 | ||
Non-accrual status | 62,200,000 | 49,000,000 | |
Provision for loan losses | 12,776,000 | $ 8,674,000 | |
Accruing TDRs With Modifications And Renewals Completed | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accruing troubled debt restructuring | 129,400,000 | ||
Provision for loan losses | $ 6,100,000 | 8,700,000 | |
Substandard | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retail loan substandard period (in days) | 90 days | ||
Loss And Charged Off | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retail loans downgraded to loss (in days) | 120 days | ||
Accruing TDRs With Modifications And Renewals Completed | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accruing troubled debt restructuring | $ 151,300,000 | ||
Accruing TDRs With Modifications And Renewals Completed | Minimum | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial-type impaired loans | $ 1,000,000 |
Loans and Allowance for Loan 45
Loans and Allowance for Loan Losses (Loan Portfolio Credit Exposure) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | |
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | $ 24,906,998 | $ 24,812,795 | $ 24,284,188 |
Accrual substandard loans | 204,200 | 190,600 | |
Deferred fees and costs, net | $ 24,000 | 25,300 | $ 25,700 |
Maximum | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Allowance for loan losses, percent of loan amount | 50.00% | ||
Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | $ 24,293,152 | 24,222,726 | |
Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 289,591 | 283,865 | |
Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 308,500 | 297,640 | |
Doubtful | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 12,790 | 5,358 | |
Loss | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 2,965 | 3,206 | |
Total commercial real estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 6,835,727 | 6,935,288 | |
Total commercial real estate | Investment properties | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 5,619,050 | 5,670,065 | |
Total commercial real estate | 1-4 family properties | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 758,904 | 781,619 | |
Total commercial real estate | Land and development | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 457,773 | 483,604 | |
Total commercial real estate | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 6,682,840 | 6,763,850 | |
Total commercial real estate | Pass | Investment properties | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 5,545,689 | 5,586,792 | |
Total commercial real estate | Pass | 1-4 family properties | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 729,023 | 745,299 | |
Total commercial real estate | Pass | Land and development | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 408,128 | 431,759 | |
Total commercial real estate | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 101,382 | 117,813 | |
Total commercial real estate | Special Mention | Investment properties | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 53,193 | 64,628 | |
Total commercial real estate | Special Mention | 1-4 family properties | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 14,331 | 19,419 | |
Total commercial real estate | Special Mention | Land and development | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 33,858 | 33,766 | |
Total commercial real estate | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 48,372 | 50,496 | |
Total commercial real estate | Substandard | Investment properties | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 20,168 | 18,645 | |
Total commercial real estate | Substandard | 1-4 family properties | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 15,550 | 16,901 | |
Total commercial real estate | Substandard | Land and development | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 12,654 | 14,950 | |
Total commercial real estate | Doubtful | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 3,133 | 3,129 | |
Total commercial real estate | Doubtful | Investment properties | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Total commercial real estate | Doubtful | 1-4 family properties | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Total commercial real estate | Doubtful | Land and development | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 3,133 | 3,129 | |
Total commercial real estate | Loss | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Total commercial real estate | Loss | Investment properties | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Total commercial real estate | Loss | 1-4 family properties | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Total commercial real estate | Loss | Land and development | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Total commercial and industrial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 12,101,917 | 12,023,650 | |
Total commercial and industrial | Commercial, financial and agricultural | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 7,191,531 | 7,179,487 | |
Total commercial and industrial | Owner-occupied | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 4,910,386 | 4,844,163 | |
Total commercial and industrial | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 11,674,046 | 11,643,383 | |
Total commercial and industrial | Pass | Commercial, financial and agricultural | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 6,895,133 | 6,929,506 | |
Total commercial and industrial | Pass | Owner-occupied | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 4,778,913 | 4,713,877 | |
Total commercial and industrial | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 188,209 | 166,052 | |
Total commercial and industrial | Special Mention | Commercial, financial and agricultural | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 132,582 | 115,912 | |
Total commercial and industrial | Special Mention | Owner-occupied | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 55,627 | 50,140 | |
Total commercial and industrial | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 230,636 | 212,891 | |
Total commercial and industrial | Substandard | Commercial, financial and agricultural | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 154,863 | 132,818 | |
Total commercial and industrial | Substandard | Owner-occupied | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 75,773 | 80,073 | |
Total commercial and industrial | Doubtful | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 9,026 | 1,324 | |
Total commercial and industrial | Doubtful | Commercial, financial and agricultural | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 8,953 | 1,251 | |
Total commercial and industrial | Doubtful | Owner-occupied | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 73 | 73 | |
Total commercial and industrial | Loss | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Total commercial and industrial | Loss | Commercial, financial and agricultural | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Total commercial and industrial | Loss | Owner-occupied | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Total consumer | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 5,969,354 | 5,853,857 | |
Total consumer | Home equity lines | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 1,472,471 | 1,514,227 | |
Total consumer | Consumer mortgages | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 2,663,371 | 2,633,503 | |
Total consumer | Credit cards | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 226,713 | 232,676 | |
Total consumer | Other consumer loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 1,606,799 | 1,473,451 | |
Total consumer | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 5,936,266 | 5,815,493 | |
Total consumer | Pass | Home equity lines | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 1,452,171 | 1,491,105 | |
Total consumer | Pass | Consumer mortgages | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 2,654,285 | 2,622,499 | |
Total consumer | Pass | Credit cards | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 224,831 | 230,945 | |
Total consumer | Pass | Other consumer loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 1,604,979 | 1,470,944 | |
Total consumer | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Total consumer | Special Mention | Home equity lines | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Total consumer | Special Mention | Consumer mortgages | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Total consumer | Special Mention | Credit cards | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Total consumer | Special Mention | Other consumer loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Total consumer | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 29,492 | 34,253 | |
Total consumer | Substandard | Home equity lines | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 18,421 | 21,079 | |
Total consumer | Substandard | Consumer mortgages | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 8,951 | 10,607 | |
Total consumer | Substandard | Credit cards | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 564 | 399 | |
Total consumer | Substandard | Other consumer loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 1,556 | 2,168 | |
Total consumer | Doubtful | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 631 | 905 | |
Total consumer | Doubtful | Home equity lines | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 271 | 285 | |
Total consumer | Doubtful | Consumer mortgages | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 103 | 291 | |
Total consumer | Doubtful | Credit cards | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Total consumer | Doubtful | Other consumer loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 257 | 329 | |
Total consumer | Loss | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 2,965 | 3,206 | |
Total consumer | Loss | Home equity lines | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 1,608 | 1,758 | |
Total consumer | Loss | Consumer mortgages | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 32 | 106 | |
Total consumer | Loss | Credit cards | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 1,318 | 1,332 | |
Total consumer | Loss | Other consumer loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | $ 7 | $ 10 |
Loans and Allowance for Loan 46
Loans and Allowance for Loan Losses (Schedule Of Allowances For Loan Losses And Recorded Investment In Loans) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Allowance for loan losses: | |||
Beginning balance, allowance | $ 249,268,000 | $ 251,758,000 | $ 251,758,000 |
Charge-offs | (14,381,000) | (12,735,000) | |
Recoveries | 10,101,000 | 5,817,000 | |
Provision for loan losses | 12,776,000 | 8,674,000 | |
Ending balance, allowance | 257,764,000 | 253,514,000 | 249,268,000 |
Ending balance: individually evaluated for impairment, allowance | 18,942,000 | 19,707,000 | |
Ending balance: collectively evaluated for impairment, allowance | 238,822,000 | 233,807,000 | |
Total loans | 24,906,998,000 | 24,284,188,000 | 24,812,795,000 |
Ending balance: individually evaluated for impairment, loans | 191,652,000 | 234,756,000 | |
Ending balance: collectively evaluated for impairment, loans | 24,715,346,000 | 24,049,432,000 | |
Purchased credit-impaired loans | 0 | 0 | |
Allowance for purchased credit-impaired loans | 0 | 0 | |
Deferred fees and costs, net | 24,000,000 | 25,700,000 | 25,300,000 |
Commercial Real Estate | |||
Allowance for loan losses: | |||
Beginning balance, allowance | 74,998,000 | 81,816,000 | 81,816,000 |
Charge-offs | (1,911,000) | (1,908,000) | |
Recoveries | 5,723,000 | 2,889,000 | |
Provision for loan losses | (4,819,000) | (4,483,000) | |
Ending balance, allowance | 73,991,000 | 78,314,000 | 74,998,000 |
Ending balance: individually evaluated for impairment, allowance | 3,740,000 | 6,917,000 | |
Ending balance: collectively evaluated for impairment, allowance | 70,251,000 | 71,397,000 | |
Total loans | 6,835,727,000 | 7,467,288,000 | |
Ending balance: individually evaluated for impairment, loans | 49,221,000 | 79,203,000 | |
Ending balance: collectively evaluated for impairment, loans | 6,786,506,000 | 7,388,085,000 | |
Commercial & Industrial | |||
Allowance for loan losses: | |||
Beginning balance, allowance | 126,803,000 | 125,778,000 | 125,778,000 |
Charge-offs | (8,015,000) | (6,893,000) | |
Recoveries | 3,112,000 | 1,824,000 | |
Provision for loan losses | 12,845,000 | 6,387,000 | |
Ending balance, allowance | 134,745,000 | 127,096,000 | 126,803,000 |
Ending balance: individually evaluated for impairment, allowance | 14,405,000 | 11,085,000 | |
Ending balance: collectively evaluated for impairment, allowance | 120,340,000 | 116,011,000 | |
Total loans | 12,101,917,000 | 11,732,701,000 | |
Ending balance: individually evaluated for impairment, loans | 112,823,000 | 120,470,000 | |
Ending balance: collectively evaluated for impairment, loans | 11,989,094,000 | 11,612,231,000 | |
Retail | |||
Allowance for loan losses: | |||
Beginning balance, allowance | 47,467,000 | 44,164,000 | 44,164,000 |
Charge-offs | (4,455,000) | (3,934,000) | |
Recoveries | 1,266,000 | 1,104,000 | |
Provision for loan losses | 4,750,000 | 6,770,000 | |
Ending balance, allowance | 49,028,000 | 48,104,000 | $ 47,467,000 |
Ending balance: individually evaluated for impairment, allowance | 797,000 | 1,705,000 | |
Ending balance: collectively evaluated for impairment, allowance | 48,231,000 | 46,399,000 | |
Total loans | 5,969,354,000 | 5,084,199,000 | |
Ending balance: individually evaluated for impairment, loans | 29,608,000 | 35,083,000 | |
Ending balance: collectively evaluated for impairment, loans | $ 5,939,746,000 | $ 5,049,116,000 |
Loans and Allowance for Loan 47
Loans and Allowance for Loan Losses (Schedule Of Impaired Loans) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment, With no related allowance recorded | $ 13,340,000 | $ 11,022,000 | |
Recorded Investment, With allowance recorded | 178,312,000 | 189,264,000 | |
Recorded Investment | 191,652,000 | 200,286,000 | |
Unpaid Principal Balance, With no related allowance recorded | 15,790,000 | 14,259,000 | |
Unpaid Principal Balance, With allowance recorded | 180,377,000 | 189,498,000 | |
Unpaid Principal Balance | 196,167,000 | 203,757,000 | |
Related Allowance, With no related allowance recorded | 0 | 0 | |
Related Allowance, With allowance recorded | 18,942,000 | 14,908,000 | |
Related Allowance | 18,942,000 | 14,908,000 | |
Average Recorded Investment, With no related allowance recorded | 11,721,000 | 32,314,000 | |
Average Recorded Investment, With allowance recorded | 186,410,000 | 190,695,000 | |
Average Recorded Investment | 198,131,000 | $ 235,600,000 | 223,009,000 |
Interest Income Recognized, With no related allowance recorded | 0 | 0 | |
Interest Income Recognized, With allowance recorded | 1,430,000 | 6,961,000 | |
Interest Income Recognized | 1,430,000 | $ 0 | 6,961,000 |
Total commercial real estate | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment, With no related allowance recorded | 0 | 56,000 | |
Recorded Investment, With allowance recorded | 49,221,000 | 56,840,000 | |
Recorded Investment | 49,221,000 | 56,896,000 | |
Unpaid Principal Balance, With no related allowance recorded | 0 | 1,740,000 | |
Unpaid Principal Balance, With allowance recorded | 50,961,000 | 56,896,000 | |
Unpaid Principal Balance | 50,961,000 | 58,636,000 | |
Related Allowance, With no related allowance recorded | 0 | 0 | |
Related Allowance, With allowance recorded | 3,740,000 | 4,240,000 | |
Related Allowance | 3,740,000 | 4,240,000 | |
Average Recorded Investment, With no related allowance recorded | 37,000 | 2,262,000 | |
Average Recorded Investment, With allowance recorded | 52,617,000 | 68,344,000 | |
Average Recorded Investment | 52,654,000 | 70,606,000 | |
Interest Income Recognized, With no related allowance recorded | 0 | 0 | |
Interest Income Recognized, With allowance recorded | 490,000 | 2,473,000 | |
Interest Income Recognized | 490,000 | 2,473,000 | |
Total commercial real estate | Investment properties | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment, With no related allowance recorded | 0 | 0 | |
Recorded Investment, With allowance recorded | 19,388,000 | 23,364,000 | |
Recorded Investment | 19,388,000 | 23,364,000 | |
Unpaid Principal Balance, With no related allowance recorded | 0 | 0 | |
Unpaid Principal Balance, With allowance recorded | 19,388,000 | 23,364,000 | |
Unpaid Principal Balance | 19,388,000 | 23,364,000 | |
Related Allowance, With no related allowance recorded | 0 | 0 | |
Related Allowance, With allowance recorded | 753,000 | 1,100,000 | |
Related Allowance | 753,000 | 1,100,000 | |
Average Recorded Investment, With no related allowance recorded | 0 | 123,000 | |
Average Recorded Investment, With allowance recorded | 22,769,000 | 28,749,000 | |
Average Recorded Investment | 22,769,000 | 28,872,000 | |
Interest Income Recognized, With no related allowance recorded | 0 | 0 | |
Interest Income Recognized, With allowance recorded | 198,000 | 1,144,000 | |
Interest Income Recognized | 198,000 | 1,144,000 | |
Total commercial real estate | 1-4 family properties | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment, With no related allowance recorded | 0 | 0 | |
Recorded Investment, With allowance recorded | 12,008,000 | 15,056,000 | |
Recorded Investment | 12,008,000 | 15,056,000 | |
Unpaid Principal Balance, With no related allowance recorded | 0 | 0 | |
Unpaid Principal Balance, With allowance recorded | 12,008,000 | 15,056,000 | |
Unpaid Principal Balance | 12,008,000 | 15,056,000 | |
Related Allowance, With no related allowance recorded | 0 | 0 | |
Related Allowance, With allowance recorded | 392,000 | 504,000 | |
Related Allowance | 392,000 | 504,000 | |
Average Recorded Investment, With no related allowance recorded | 0 | 323,000 | |
Average Recorded Investment, With allowance recorded | 11,715,000 | 16,257,000 | |
Average Recorded Investment | 11,715,000 | 16,580,000 | |
Interest Income Recognized, With no related allowance recorded | 0 | 0 | |
Interest Income Recognized, With allowance recorded | 216,000 | 925,000 | |
Interest Income Recognized | 216,000 | 925,000 | |
Total commercial real estate | Land and development | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment, With no related allowance recorded | 0 | 56,000 | |
Recorded Investment, With allowance recorded | 17,825,000 | 18,420,000 | |
Recorded Investment | 17,825,000 | 18,476,000 | |
Unpaid Principal Balance, With no related allowance recorded | 0 | 1,740,000 | |
Unpaid Principal Balance, With allowance recorded | 19,565,000 | 18,476,000 | |
Unpaid Principal Balance | 19,565,000 | 20,216,000 | |
Related Allowance, With no related allowance recorded | 0 | 0 | |
Related Allowance, With allowance recorded | 2,595,000 | 2,636,000 | |
Related Allowance | 2,595,000 | 2,636,000 | |
Average Recorded Investment, With no related allowance recorded | 37,000 | 1,816,000 | |
Average Recorded Investment, With allowance recorded | 18,133,000 | 23,338,000 | |
Average Recorded Investment | 18,170,000 | 25,154,000 | |
Interest Income Recognized, With no related allowance recorded | 0 | 0 | |
Interest Income Recognized, With allowance recorded | 76,000 | 404,000 | |
Interest Income Recognized | 76,000 | 404,000 | |
Total commercial and industrial | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment, With no related allowance recorded | 9,614,000 | 8,220,000 | |
Recorded Investment, With allowance recorded | 103,209,000 | 103,114,000 | |
Recorded Investment | 112,823,000 | 111,334,000 | |
Unpaid Principal Balance, With no related allowance recorded | 12,039,000 | 9,576,000 | |
Unpaid Principal Balance, With allowance recorded | 103,532,000 | 103,292,000 | |
Unpaid Principal Balance | 115,571,000 | 112,868,000 | |
Related Allowance, With no related allowance recorded | 0 | 0 | |
Related Allowance, With allowance recorded | 14,405,000 | 9,515,000 | |
Related Allowance | 14,405,000 | 9,515,000 | |
Average Recorded Investment, With no related allowance recorded | 8,682,000 | 28,351,000 | |
Average Recorded Investment, With allowance recorded | 104,913,000 | 90,966,000 | |
Average Recorded Investment | 113,595,000 | 119,317,000 | |
Interest Income Recognized, With no related allowance recorded | 0 | 0 | |
Interest Income Recognized, With allowance recorded | 630,000 | 2,992,000 | |
Interest Income Recognized | 630,000 | 2,992,000 | |
Total commercial and industrial | Commercial, financial and agricultural | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment, With no related allowance recorded | 9,614,000 | 8,220,000 | |
Recorded Investment, With allowance recorded | 65,422,000 | 65,715,000 | |
Recorded Investment | 75,036,000 | 73,935,000 | |
Unpaid Principal Balance, With no related allowance recorded | 12,039,000 | 9,576,000 | |
Unpaid Principal Balance, With allowance recorded | 65,691,000 | 65,851,000 | |
Unpaid Principal Balance | 77,730,000 | 75,427,000 | |
Related Allowance, With no related allowance recorded | 0 | 0 | |
Related Allowance, With allowance recorded | 12,491,000 | 7,406,000 | |
Related Allowance | 12,491,000 | 7,406,000 | |
Average Recorded Investment, With no related allowance recorded | 8,682,000 | 21,686,000 | |
Average Recorded Investment, With allowance recorded | 67,198,000 | 50,468,000 | |
Average Recorded Investment | 75,880,000 | 72,154,000 | |
Interest Income Recognized, With no related allowance recorded | 0 | 0 | |
Interest Income Recognized, With allowance recorded | 273,000 | 1,610,000 | |
Interest Income Recognized | 273,000 | 1,610,000 | |
Total commercial and industrial | Owner-occupied | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment, With no related allowance recorded | 0 | 0 | |
Recorded Investment, With allowance recorded | 37,787,000 | 37,399,000 | |
Recorded Investment | 37,787,000 | 37,399,000 | |
Unpaid Principal Balance, With no related allowance recorded | 0 | 0 | |
Unpaid Principal Balance, With allowance recorded | 37,841,000 | 37,441,000 | |
Unpaid Principal Balance | 37,841,000 | 37,441,000 | |
Related Allowance, With no related allowance recorded | 0 | 0 | |
Related Allowance, With allowance recorded | 1,914,000 | 2,109,000 | |
Related Allowance | 1,914,000 | 2,109,000 | |
Average Recorded Investment, With no related allowance recorded | 0 | 6,665,000 | |
Average Recorded Investment, With allowance recorded | 37,715,000 | 40,498,000 | |
Average Recorded Investment | 37,715,000 | 47,163,000 | |
Interest Income Recognized, With no related allowance recorded | 0 | 0 | |
Interest Income Recognized, With allowance recorded | 357,000 | 1,382,000 | |
Interest Income Recognized | 357,000 | 1,382,000 | |
Total consumer | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment, With no related allowance recorded | 3,726,000 | 2,746,000 | |
Recorded Investment, With allowance recorded | 25,882,000 | 29,310,000 | |
Recorded Investment | 29,608,000 | 32,056,000 | |
Unpaid Principal Balance, With no related allowance recorded | 3,751,000 | 2,943,000 | |
Unpaid Principal Balance, With allowance recorded | 25,884,000 | 29,310,000 | |
Unpaid Principal Balance | 29,635,000 | 32,253,000 | |
Related Allowance, With no related allowance recorded | 0 | 0 | |
Related Allowance, With allowance recorded | 797,000 | 1,153,000 | |
Related Allowance | 797,000 | 1,153,000 | |
Average Recorded Investment, With no related allowance recorded | 3,002,000 | 1,701,000 | |
Average Recorded Investment, With allowance recorded | 28,880,000 | 31,385,000 | |
Average Recorded Investment | 31,882,000 | 33,086,000 | |
Interest Income Recognized, With no related allowance recorded | 0 | 0 | |
Interest Income Recognized, With allowance recorded | 310,000 | 1,496,000 | |
Interest Income Recognized | 310,000 | 1,496,000 | |
Total consumer | Home equity lines | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment, With no related allowance recorded | 1,086,000 | 2,746,000 | |
Recorded Investment, With allowance recorded | 3,475,000 | 5,096,000 | |
Recorded Investment | 4,561,000 | 7,842,000 | |
Unpaid Principal Balance, With no related allowance recorded | 1,086,000 | 2,943,000 | |
Unpaid Principal Balance, With allowance recorded | 3,475,000 | 5,096,000 | |
Unpaid Principal Balance | 4,561,000 | 8,039,000 | |
Related Allowance, With no related allowance recorded | 0 | 0 | |
Related Allowance, With allowance recorded | 44,000 | 114,000 | |
Related Allowance | 44,000 | 114,000 | |
Average Recorded Investment, With no related allowance recorded | 2,122,000 | 1,205,000 | |
Average Recorded Investment, With allowance recorded | 4,383,000 | 7,476,000 | |
Average Recorded Investment | 6,505,000 | 8,681,000 | |
Interest Income Recognized, With no related allowance recorded | 0 | 0 | |
Interest Income Recognized, With allowance recorded | 45,000 | 334,000 | |
Interest Income Recognized | 45,000 | 334,000 | |
Total consumer | Consumer mortgages | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment, With no related allowance recorded | 2,640,000 | 0 | |
Recorded Investment, With allowance recorded | 17,378,000 | 18,668,000 | |
Recorded Investment | 20,018,000 | 18,668,000 | |
Unpaid Principal Balance, With no related allowance recorded | 2,665,000 | 0 | |
Unpaid Principal Balance, With allowance recorded | 17,378,000 | 18,668,000 | |
Unpaid Principal Balance | 20,043,000 | 18,668,000 | |
Related Allowance, With no related allowance recorded | 0 | 0 | |
Related Allowance, With allowance recorded | 447,000 | 569,000 | |
Related Allowance | 447,000 | 569,000 | |
Average Recorded Investment, With no related allowance recorded | 880,000 | 496,000 | |
Average Recorded Investment, With allowance recorded | 19,106,000 | 19,144,000 | |
Average Recorded Investment | 19,986,000 | 19,640,000 | |
Interest Income Recognized, With no related allowance recorded | 0 | 0 | |
Interest Income Recognized, With allowance recorded | 194,000 | 896,000 | |
Interest Income Recognized | 194,000 | 896,000 | |
Total consumer | Credit cards | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment, With no related allowance recorded | 0 | 0 | |
Recorded Investment, With allowance recorded | 0 | 0 | |
Recorded Investment | 0 | 0 | |
Unpaid Principal Balance, With no related allowance recorded | 0 | 0 | |
Unpaid Principal Balance, With allowance recorded | 0 | 0 | |
Unpaid Principal Balance | 0 | 0 | |
Related Allowance, With no related allowance recorded | 0 | 0 | |
Related Allowance, With allowance recorded | 0 | 0 | |
Related Allowance | 0 | 0 | |
Average Recorded Investment, With no related allowance recorded | 0 | 0 | |
Average Recorded Investment, With allowance recorded | 0 | 0 | |
Average Recorded Investment | 0 | 0 | |
Interest Income Recognized, With no related allowance recorded | 0 | 0 | |
Interest Income Recognized, With allowance recorded | 0 | 0 | |
Interest Income Recognized | 0 | 0 | |
Total consumer | Other consumer loans | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment, With no related allowance recorded | 0 | 0 | |
Recorded Investment, With allowance recorded | 5,029,000 | 5,546,000 | |
Recorded Investment | 5,029,000 | 5,546,000 | |
Unpaid Principal Balance, With no related allowance recorded | 0 | 0 | |
Unpaid Principal Balance, With allowance recorded | 5,031,000 | 5,546,000 | |
Unpaid Principal Balance | 5,031,000 | 5,546,000 | |
Related Allowance, With no related allowance recorded | 0 | 0 | |
Related Allowance, With allowance recorded | 306,000 | 470,000 | |
Related Allowance | 306,000 | 470,000 | |
Average Recorded Investment, With no related allowance recorded | 0 | 0 | |
Average Recorded Investment, With allowance recorded | 5,391,000 | 4,765,000 | |
Average Recorded Investment | 5,391,000 | 4,765,000 | |
Interest Income Recognized, With no related allowance recorded | 0 | 0 | |
Interest Income Recognized, With allowance recorded | 71,000 | 266,000 | |
Interest Income Recognized | $ 71,000 | $ 266,000 |
Loans and Allowance for Loan 48
Loans and Allowance for Loan Losses (Troubled Debt Restructurings) (Details) | 3 Months Ended | |
Mar. 31, 2018USD ($)Contract | Mar. 31, 2017USD ($)Contract | |
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 39 | 29 |
Recorded Investment | $ 9,487,000 | $ 11,607,000 |
Net charge-offs | $ 0 | $ 0 |
Total commercial real estate | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 7 | 8 |
Recorded Investment | $ 2,922,000 | $ 1,928,000 |
Total commercial real estate | Investment properties | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 1 | |
Recorded Investment | $ 1,959,000 | |
Total commercial real estate | 1-4 family properties | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 6 | 8 |
Recorded Investment | $ 963,000 | $ 1,928,000 |
Total commercial and industrial | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 11 | 18 |
Recorded Investment | $ 3,787,000 | $ 9,404,000 |
Total commercial and industrial | Commercial, financial and agricultural | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 9 | 18 |
Recorded Investment | $ 989,000 | $ 9,404,000 |
Total commercial and industrial | Owner-occupied | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 2 | |
Recorded Investment | $ 2,798,000 | |
Total consumer | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 21 | 3 |
Recorded Investment | $ 2,778,000 | $ 275,000 |
Total consumer | Consumer mortgages | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 7 | |
Recorded Investment | $ 1,733,000 | |
Total consumer | Other consumer loans | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 14 | 3 |
Recorded Investment | $ 1,045,000 | $ 275,000 |
Principal Forgiveness | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment | 0 | 0 |
Principal Forgiveness | Total commercial real estate | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment | 0 | 0 |
Principal Forgiveness | Total commercial real estate | Investment properties | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment | 0 | |
Principal Forgiveness | Total commercial real estate | 1-4 family properties | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment | 0 | 0 |
Principal Forgiveness | Total commercial and industrial | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment | 0 | 0 |
Principal Forgiveness | Total commercial and industrial | Commercial, financial and agricultural | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment | 0 | 0 |
Principal Forgiveness | Total commercial and industrial | Owner-occupied | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment | 0 | |
Principal Forgiveness | Total consumer | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment | 0 | 0 |
Principal Forgiveness | Total consumer | Consumer mortgages | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment | 0 | |
Principal Forgiveness | Total consumer | Other consumer loans | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment | 0 | 0 |
Below Market Interest Rate | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment | 5,938,000 | 5,476,000 |
Below Market Interest Rate | Total commercial real estate | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment | 963,000 | 1,611,000 |
Below Market Interest Rate | Total commercial real estate | Investment properties | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment | 0 | |
Below Market Interest Rate | Total commercial real estate | 1-4 family properties | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment | 963,000 | 1,611,000 |
Below Market Interest Rate | Total commercial and industrial | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment | 2,705,000 | 3,865,000 |
Below Market Interest Rate | Total commercial and industrial | Commercial, financial and agricultural | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment | 0 | 3,865,000 |
Below Market Interest Rate | Total commercial and industrial | Owner-occupied | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment | 2,705,000 | |
Below Market Interest Rate | Total consumer | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment | 2,270,000 | 0 |
Below Market Interest Rate | Total consumer | Consumer mortgages | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment | 1,733,000 | |
Below Market Interest Rate | Total consumer | Other consumer loans | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment | 537,000 | 0 |
Term Extensions and/or Other Concessions | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment | 3,549,000 | 6,131,000 |
Term Extensions and/or Other Concessions | Total commercial real estate | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment | 1,959,000 | 317,000 |
Term Extensions and/or Other Concessions | Total commercial real estate | Investment properties | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment | 1,959,000 | |
Term Extensions and/or Other Concessions | Total commercial real estate | 1-4 family properties | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment | 0 | 317,000 |
Term Extensions and/or Other Concessions | Total commercial and industrial | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment | 1,082,000 | 5,539,000 |
Term Extensions and/or Other Concessions | Total commercial and industrial | Commercial, financial and agricultural | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment | 989,000 | 5,539,000 |
Term Extensions and/or Other Concessions | Total commercial and industrial | Owner-occupied | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment | 93,000 | |
Term Extensions and/or Other Concessions | Total consumer | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment | 508,000 | 275,000 |
Term Extensions and/or Other Concessions | Total consumer | Consumer mortgages | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment | 0 | |
Term Extensions and/or Other Concessions | Total consumer | Other consumer loans | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment | $ 508,000 | $ 275,000 |
Other Comprehensive Income (L49
Other Comprehensive Income (Loss) (Changes in Accumulated Other Comprehensive Income (Loss) by Component (Net of Income Taxes)) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Roll Forward] | ||
Balance | $ 2,961,566 | $ 2,927,924 |
Other comprehensive income (loss), Net of Tax Amount | (45,552) | 908 |
Balance | 2,956,495 | 2,962,127 |
Total | ||
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Roll Forward] | ||
Balance | (54,754) | (55,659) |
Other comprehensive income before reclassifications | (45,531) | 5,596 |
Amounts reclassified from accumulated other comprehensive income (loss) | (21) | (4,688) |
Reclassification from adoption of ASU 2018-02 | (7,588) | |
Cumulative-effect adjustment from adoption of ASU 2016-01 | 117 | |
Other comprehensive income (loss), Net of Tax Amount | (45,552) | 908 |
Balance | (107,777) | (54,751) |
Net unrealized gains (losses) on cash flow hedges | ||
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Roll Forward] | ||
Balance | (12,137) | (12,217) |
Other comprehensive income before reclassifications | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 40 |
Reclassification from adoption of ASU 2018-02 | 0 | |
Cumulative-effect adjustment from adoption of ASU 2016-01 | 0 | |
Other comprehensive income (loss), Net of Tax Amount | 0 | 40 |
Balance | (12,137) | (12,177) |
Net unrealized gains (losses) on investment securities available for sale | ||
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Roll Forward] | ||
Balance | (43,470) | (44,324) |
Other comprehensive income before reclassifications | (45,531) | 5,596 |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | (4,716) |
Reclassification from adoption of ASU 2018-02 | (7,763) | |
Cumulative-effect adjustment from adoption of ASU 2016-01 | 117 | |
Other comprehensive income (loss), Net of Tax Amount | (45,531) | 880 |
Balance | (96,647) | (43,444) |
Post-retirement unfunded health benefit | ||
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Roll Forward] | ||
Balance | 853 | 882 |
Other comprehensive income before reclassifications | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income (loss) | (21) | (12) |
Reclassification from adoption of ASU 2018-02 | (175) | |
Cumulative-effect adjustment from adoption of ASU 2016-01 | 0 | |
Other comprehensive income (loss), Net of Tax Amount | (21) | (12) |
Balance | $ 1,007 | $ 870 |
Other Comprehensive Income (L50
Other Comprehensive Income (Loss) (Narrative) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Class of Stock [Line Items] | ||
Accumulated other comprehensive income (loss) | $ (107,777) | $ (54,754) |
Net unrealized gains (losses) on cash flow hedges | Valuation Allowance of Deferred Tax Assets | ||
Class of Stock [Line Items] | ||
Accumulated other comprehensive income (loss) | (12,100) | |
Net unrealized gains (losses) on investment securities available for sale | Valuation Allowance of Deferred Tax Assets | ||
Class of Stock [Line Items] | ||
Accumulated other comprehensive income (loss) | $ (13,300) |
Other Comprehensive Income (L51
Other Comprehensive Income (Loss) (Reclassifications out of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||
Interest expense | $ (38,850) | $ (32,474) |
Income tax (expense) benefit | (30,209) | (33,847) |
Investment securities gains, net | 0 | 7,668 |
Salaries and other personnel expense | (113,720) | (107,191) |
Net income available to common shareholders | 100,607 | 69,298 |
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Net unrealized gains (losses) on cash flow hedges: | ||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||
Interest expense | 0 | (65) |
Income tax (expense) benefit | 0 | 25 |
Net income available to common shareholders | 0 | (40) |
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Net unrealized gains (losses) on investment securities available for sale | ||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||
Income tax (expense) benefit | 0 | (2,952) |
Investment securities gains, net | 0 | 7,668 |
Net income available to common shareholders | 0 | 4,716 |
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Post-retirement unfunded health benefit | ||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||
Income tax (expense) benefit | (13) | (8) |
Salaries and other personnel expense | 34 | 20 |
Net income available to common shareholders | $ 21 | $ 12 |
Fair Value Accounting (Financia
Fair Value Accounting (Financial Instruments Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | $ 26,251 | |
Investment securities available for sale | 3,990,978 | $ 3,987,069 |
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available for sale | 1,065,041 | 1,111,999 |
State and municipal securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available for sale | 115 | 180 |
Other investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available for sale | 17,126 | 20,391 |
U.S. Treasury securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available for sale | 120,931 | 82,674 |
Mortgage-backed securities issued by U.S. Government agencies | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available for sale | 112,868 | 120,440 |
Mortgage-backed securities issued by U.S. Government sponsored enterprises | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available for sale | 2,664,000 | 2,640,523 |
Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 0 | 522 |
Investment securities available for sale | 120,931 | 85,836 |
Private equity investments | 0 | 0 |
GGL/SBA loans servicing asset | 0 | 0 |
Derivative assets | 0 | 0 |
Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 26,251 | 3,298 |
Investment securities available for sale | 3,868,195 | 3,899,298 |
Private equity investments | 0 | 0 |
GGL/SBA loans servicing asset | 0 | 0 |
Derivative assets | 9,407 | 11,722 |
Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 0 | 0 |
Investment securities available for sale | 1,852 | 1,935 |
Private equity investments | 12,715 | 15,771 |
GGL/SBA loans servicing asset | 3,971 | 4,101 |
Derivative assets | 0 | 0 |
Fair Value, Measurements, Recurring Basis | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 3,820 | |
Mortgage loans held for sale | 50,439 | 48,024 |
Investment securities available for sale | 3,990,978 | 3,987,069 |
Private equity investments | 12,715 | 15,771 |
Mutual funds held in Rabbi Trusts | 13,385 | 14,140 |
GGL/SBA loans servicing asset | 3,971 | 4,101 |
Derivative assets | 9,407 | 11,722 |
Trading account liabilities | 23,856 | |
Earnout liability | 11,348 | 11,348 |
Derivative liabilities | 20,096 | 17,097 |
Fair Value, Measurements, Recurring Basis | Mortgages | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading account liabilities | 1,000 | |
Fair Value, Measurements, Recurring Basis | Mortgage derivatives | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities | 129 | |
Fair Value, Measurements, Recurring Basis | Other investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 522 | |
Fair Value, Measurements, Recurring Basis | U.S. Government agency securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 25,971 | |
Investment securities available for sale | 10,897 | 10,862 |
Fair Value, Measurements, Recurring Basis | Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 240 | 296 |
Investment securities available for sale | 1,065,041 | 1,111,999 |
Fair Value, Measurements, Recurring Basis | State and municipal securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 40 | |
Investment securities available for sale | 115 | 180 |
Fair Value, Measurements, Recurring Basis | Other investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available for sale | 17,126 | 20,391 |
Fair Value, Measurements, Recurring Basis | U.S. Treasury securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available for sale | 120,931 | 82,674 |
Fair Value, Measurements, Recurring Basis | Mortgage-backed securities issued by U.S. Government agencies | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 3,002 | |
Investment securities available for sale | 112,868 | 120,440 |
Fair Value, Measurements, Recurring Basis | Mortgage-backed securities issued by U.S. Government sponsored enterprises | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available for sale | 2,664,000 | 2,640,523 |
Fair Value, Measurements, Recurring Basis | Mutual funds | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available for sale | 3,131 | |
Fair Value, Measurements, Recurring Basis | Interest rate contracts | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 7,672 | 10,786 |
Derivative liabilities | 16,122 | 12,638 |
Fair Value, Measurements, Recurring Basis | Mortgage derivatives | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 1,735 | 936 |
Fair Value, Measurements, Recurring Basis | Visa derivative | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities | 3,974 | 4,330 |
Fair Value, Measurements, Recurring Basis | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 0 | 522 |
Mortgage loans held for sale | 0 | 0 |
Investment securities available for sale | 120,931 | 85,836 |
Private equity investments | 0 | 0 |
Mutual funds held in Rabbi Trusts | 13,385 | 14,140 |
GGL/SBA loans servicing asset | 0 | 0 |
Derivative assets | 0 | 0 |
Trading account liabilities | 0 | |
Earnout liability | 0 | 0 |
Derivative liabilities | 0 | 0 |
Fair Value, Measurements, Recurring Basis | Level 1 | Mortgages | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading account liabilities | 0 | |
Fair Value, Measurements, Recurring Basis | Level 1 | Mortgage derivatives | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities | 0 | |
Fair Value, Measurements, Recurring Basis | Level 1 | Other investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 522 | |
Fair Value, Measurements, Recurring Basis | Level 1 | U.S. Government agency securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 0 | |
Investment securities available for sale | 0 | |
Fair Value, Measurements, Recurring Basis | Level 1 | Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 0 | 0 |
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring Basis | Level 1 | State and municipal securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 0 | |
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring Basis | Level 1 | Other investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available for sale | 0 | 3,162 |
Fair Value, Measurements, Recurring Basis | Level 1 | U.S. Treasury securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available for sale | 120,931 | 82,674 |
Fair Value, Measurements, Recurring Basis | Level 1 | Mortgage-backed securities issued by U.S. Government agencies | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 0 | |
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring Basis | Level 1 | Mortgage-backed securities issued by U.S. Government sponsored enterprises | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring Basis | Level 1 | Mutual funds | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available for sale | 3,131 | |
Fair Value, Measurements, Recurring Basis | Level 1 | Interest rate contracts | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Fair Value, Measurements, Recurring Basis | Level 1 | Mortgage derivatives | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 0 | 0 |
Fair Value, Measurements, Recurring Basis | Level 1 | Visa derivative | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities | 0 | 0 |
Fair Value, Measurements, Recurring Basis | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 26,251 | 3,298 |
Mortgage loans held for sale | 50,439 | 48,024 |
Investment securities available for sale | 3,868,195 | 3,899,298 |
Private equity investments | 0 | 0 |
Mutual funds held in Rabbi Trusts | 0 | 0 |
GGL/SBA loans servicing asset | 0 | 0 |
Derivative assets | 9,407 | 11,722 |
Trading account liabilities | 23,856 | |
Earnout liability | 0 | 0 |
Derivative liabilities | 16,122 | 12,767 |
Fair Value, Measurements, Recurring Basis | Level 2 | Mortgages | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading account liabilities | 1,000 | |
Fair Value, Measurements, Recurring Basis | Level 2 | Mortgage derivatives | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities | 129 | |
Fair Value, Measurements, Recurring Basis | Level 2 | Other investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 0 | |
Fair Value, Measurements, Recurring Basis | Level 2 | U.S. Government agency securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 25,971 | |
Investment securities available for sale | 10,862 | |
Fair Value, Measurements, Recurring Basis | Level 2 | Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 240 | 296 |
Investment securities available for sale | 1,065,041 | 1,111,999 |
Fair Value, Measurements, Recurring Basis | Level 2 | State and municipal securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 40 | |
Investment securities available for sale | 115 | 180 |
Fair Value, Measurements, Recurring Basis | Level 2 | Other investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available for sale | 15,274 | 15,294 |
Fair Value, Measurements, Recurring Basis | Level 2 | U.S. Treasury securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring Basis | Level 2 | Mortgage-backed securities issued by U.S. Government agencies | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 3,002 | |
Investment securities available for sale | 112,868 | 120,440 |
Fair Value, Measurements, Recurring Basis | Level 2 | Mortgage-backed securities issued by U.S. Government sponsored enterprises | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available for sale | 2,664,000 | 2,640,523 |
Fair Value, Measurements, Recurring Basis | Level 2 | Mutual funds | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available for sale | 0 | |
Fair Value, Measurements, Recurring Basis | Level 2 | Interest rate contracts | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 7,672 | 10,786 |
Derivative liabilities | 16,122 | 12,638 |
Fair Value, Measurements, Recurring Basis | Level 2 | Mortgage derivatives | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 1,735 | 936 |
Fair Value, Measurements, Recurring Basis | Level 2 | Visa derivative | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities | 0 | 0 |
Fair Value, Measurements, Recurring Basis | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 0 | 0 |
Mortgage loans held for sale | 0 | 0 |
Investment securities available for sale | 1,852 | 1,935 |
Private equity investments | 12,715 | 15,771 |
Mutual funds held in Rabbi Trusts | 0 | 0 |
GGL/SBA loans servicing asset | 3,971 | 4,101 |
Derivative assets | 0 | 0 |
Trading account liabilities | 0 | |
Earnout liability | 11,348 | 11,348 |
Derivative liabilities | 3,974 | 4,330 |
Fair Value, Measurements, Recurring Basis | Level 3 | Mortgages | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading account liabilities | 0 | |
Fair Value, Measurements, Recurring Basis | Level 3 | Mortgage derivatives | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities | 0 | |
Fair Value, Measurements, Recurring Basis | Level 3 | Other investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 0 | |
Fair Value, Measurements, Recurring Basis | Level 3 | U.S. Government agency securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 0 | |
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring Basis | Level 3 | Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 0 | 0 |
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring Basis | Level 3 | State and municipal securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 0 | |
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring Basis | Level 3 | Other investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available for sale | 1,852 | 1,935 |
Fair Value, Measurements, Recurring Basis | Level 3 | U.S. Treasury securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring Basis | Level 3 | Mortgage-backed securities issued by U.S. Government agencies | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 0 | |
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring Basis | Level 3 | Mortgage-backed securities issued by U.S. Government sponsored enterprises | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring Basis | Level 3 | Mutual funds | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available for sale | 0 | |
Fair Value, Measurements, Recurring Basis | Level 3 | Interest rate contracts | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Fair Value, Measurements, Recurring Basis | Level 3 | Mortgage derivatives | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 0 | 0 |
Fair Value, Measurements, Recurring Basis | Level 3 | Visa derivative | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities | $ 3,974 | $ 4,330 |
Fair Value Accounting (Changes
Fair Value Accounting (Changes In Fair Value Included In Consolidated Statements Of Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |||
Mortgage loans held for sale | $ 115 | $ 1,203 | |
Fair value | 50,439 | $ 48,024 | |
Unpaid principal balance | 49,139 | 46,839 | |
Fair value less aggregate unpaid principal balance | $ 1,300 | $ 1,185 |
Fair Value Accounting (Change54
Fair Value Accounting (Changes In Level 3 Fair Value Measurements) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Visa Derivative | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance, January 1, 2017 | $ (4,330) | $ (5,768) |
Included in earnings | 0 | 0 |
Unrealized (losses) gains included in other comprehensive income | 0 | 0 |
Additions | 0 | |
Settlements | (356) | 356 |
Transfer from amortization method to fair value | 0 | |
Measurement period adjustments related to Global One acquisition | 0 | |
Ending balance, September 30, | (3,974) | (5,412) |
Total net (losses) for the period included in earnings attributable to the change in unrealized losses relating to assets/liabilities still held | 0 | 0 |
Other liabilities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance, January 1, 2017 | (11,348) | (14,000) |
Included in earnings | 0 | 0 |
Unrealized (losses) gains included in other comprehensive income | 0 | 0 |
Additions | 0 | |
Settlements | 0 | 0 |
Transfer from amortization method to fair value | 0 | |
Measurement period adjustments related to Global One acquisition | 2,579 | |
Ending balance, September 30, | (11,348) | (11,421) |
Total net (losses) for the period included in earnings attributable to the change in unrealized losses relating to assets/liabilities still held | 0 | 0 |
GGL / SBA Loans Servicing Asset | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance, January 1, 2017 | 4,101 | 0 |
Included in earnings | (422) | 0 |
Unrealized (losses) gains included in other comprehensive income | 0 | 0 |
Additions | 292 | |
Settlements | 0 | 0 |
Transfer from amortization method to fair value | 4,178 | |
Measurement period adjustments related to Global One acquisition | 0 | |
Ending balance, September 30, | 3,971 | 4,178 |
Total net (losses) for the period included in earnings attributable to the change in unrealized losses relating to assets/liabilities still held | (422) | 0 |
Investment Securities Available for Sale | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance, January 1, 2017 | 1,935 | 1,796 |
Included in earnings | 0 | 0 |
Unrealized (losses) gains included in other comprehensive income | (83) | 55 |
Additions | 0 | |
Settlements | 0 | 0 |
Transfer from amortization method to fair value | 0 | |
Measurement period adjustments related to Global One acquisition | 0 | |
Ending balance, September 30, | 1,852 | 1,851 |
Total net (losses) for the period included in earnings attributable to the change in unrealized losses relating to assets/liabilities still held | 0 | 0 |
Private Equity Investments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance, January 1, 2017 | 15,771 | 25,493 |
Included in earnings | (3,056) | (1,814) |
Unrealized (losses) gains included in other comprehensive income | 0 | 0 |
Additions | 0 | |
Settlements | 0 | 0 |
Transfer from amortization method to fair value | 0 | |
Measurement period adjustments related to Global One acquisition | 0 | |
Ending balance, September 30, | 12,715 | 23,679 |
Total net (losses) for the period included in earnings attributable to the change in unrealized losses relating to assets/liabilities still held | $ (3,056) | $ (1,814) |
Fair Value Accounting (Assets A
Fair Value Accounting (Assets And Liabilities Measured At Fair Value On A Non-Recurring Basis) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 191,652 | $ 200,286 |
Other assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate | 4,500 | 3,800 |
Fair Value, Measurements, Nonrecurring Basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 4,531 | 3,603 |
Other loans held for sale | 3,295 | 10,197 |
Other real estate | 1,447 | 3,363 |
Other assets held for sale | 1,395 | 5,334 |
Fair Value, Measurements, Nonrecurring Basis | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Other loans held for sale | 0 | 0 |
Other real estate | 0 | 0 |
Other assets held for sale | 0 | 0 |
Fair Value, Measurements, Nonrecurring Basis | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Other loans held for sale | 0 | 0 |
Other real estate | 0 | 0 |
Other assets held for sale | 0 | 0 |
Fair Value, Measurements, Nonrecurring Basis | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 4,531 | 3,603 |
Other loans held for sale | 3,295 | 10,197 |
Other real estate | 1,447 | 3,363 |
Other assets held for sale | $ 1,395 | $ 5,334 |
Fair Value Accounting (Assets M
Fair Value Accounting (Assets Measured at Fair Value on Nonrecurring Basis) (Details) - Fair Value, Measurements, Nonrecurring Basis - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Impaired loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value adjustment | $ 720 | $ 2,230 |
Other loans held for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value adjustment | 1,512 | 3,519 |
Other real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value adjustment | 731 | 399 |
Other assets held for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value adjustment | $ 107 | $ 238 |
Fair Value Accounting (Fair Val
Fair Value Accounting (Fair Value Inputs, Assets, Quantitative Information) (Details) - Level 3 - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Fair Value, Measurements, Recurring Basis | Visa Derivative | Discounted cash flow analysis | Minimum | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Estimated future monthly fees payable to the derivative counterparty, period | 1 year | 1 year |
Fair Value, Measurements, Recurring Basis | Visa Derivative | Discounted cash flow analysis | Maximum | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Estimated future monthly fees payable to the derivative counterparty, period | 4 years | 4 years |
Fair Value, Measurements, Recurring Basis | Earnout Liabilities [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Liabilities, Fair Value Disclosure, Nonrecurring | $ 11,348 | $ 11,348 |
Fair Value, Measurements, Recurring Basis | Visa derivative | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Liabilities, Fair Value Disclosure, Nonrecurring | 3,974 | 4,330 |
Fair Value, Measurements, Recurring Basis | Trust preferred securities | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, Fair Value Disclosure | $ 1,852 | $ 1,935 |
Fair Value, Measurements, Recurring Basis | Trust preferred securities | Discounted cash flow analysis | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Credit spread embedded in discount rate | 4.39% | 3.98% |
Fair Value, Measurements, Recurring Basis | Private equity investments | Individual Analysis of Each Investee Company [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, Fair Value Disclosure | $ 12,715 | $ 15,771 |
Fair Value, Measurements, Recurring Basis | GGL / SBA Loans Servicing Asset | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, Fair Value Disclosure | $ 3,971 | $ 4,101 |
Fair Value, Measurements, Recurring Basis | GGL / SBA Loans Servicing Asset | Discounted cash flow analysis | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Discount rate | 13.57% | 13.16% |
Prepayment speeds | 7.98% | 7.50% |
Fair Value, Measurements, Nonrecurring Basis | Collateral dependent impaired loans | Third-party appraised value of collateral less estimated selling costs | Minimum | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Discount to appraised value | 0.00% | 0.00% |
Estimated selling costs | 0.00% | 0.00% |
Fair Value, Measurements, Nonrecurring Basis | Collateral dependent impaired loans | Third-party appraised value of collateral less estimated selling costs | Maximum | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Discount to appraised value | 23.00% | 50.00% |
Estimated selling costs | 10.00% | 10.00% |
Fair Value, Measurements, Nonrecurring Basis | Collateral dependent impaired loans | Third-party appraised value of collateral less estimated selling costs | Weighted Average | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Discount to appraised value | 9.00% | 15.00% |
Estimated selling costs | 7.00% | 7.00% |
Fair Value, Measurements, Nonrecurring Basis | Other loans held for sale | Third-party appraised value of collateral less estimated selling costs | Minimum | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Discount to appraised value | 0.00% | 5.00% |
Estimated selling costs | 0.00% | 0.00% |
Fair Value, Measurements, Nonrecurring Basis | Other loans held for sale | Third-party appraised value of collateral less estimated selling costs | Maximum | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Discount to appraised value | 85.00% | 99.00% |
Estimated selling costs | 10.00% | 10.00% |
Fair Value, Measurements, Nonrecurring Basis | Other loans held for sale | Third-party appraised value of collateral less estimated selling costs | Weighted Average | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Discount to appraised value | 30.00% | 54.00% |
Estimated selling costs | 2.00% | 2.00% |
Fair Value, Measurements, Nonrecurring Basis | Other real estate | Third-party appraised value of collateral less estimated selling costs | Minimum | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Discount to appraised value | 0.00% | 0.00% |
Estimated selling costs | 0.00% | 0.00% |
Fair Value, Measurements, Nonrecurring Basis | Other real estate | Third-party appraised value of collateral less estimated selling costs | Maximum | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Discount to appraised value | 39.00% | 85.00% |
Estimated selling costs | 10.00% | 10.00% |
Fair Value, Measurements, Nonrecurring Basis | Other real estate | Third-party appraised value of collateral less estimated selling costs | Weighted Average | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Discount to appraised value | 21.00% | 35.00% |
Estimated selling costs | 7.00% | 7.00% |
Fair Value, Measurements, Nonrecurring Basis | Other assets held for sale | Third-party appraised value less estimated selling costs or BOV | Minimum | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Discount to appraised value | 21.00% | |
Estimated selling costs | 0.00% | 0.00% |
Fair Value, Measurements, Nonrecurring Basis | Other assets held for sale | Third-party appraised value less estimated selling costs or BOV | Maximum | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Discount to appraised value | 52.00% | |
Estimated selling costs | 10.00% | 10.00% |
Fair Value, Measurements, Nonrecurring Basis | Other assets held for sale | Third-party appraised value less estimated selling costs or BOV | Weighted Average | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Discount to appraised value | 25.00% | |
Estimated selling costs | 7.00% | 7.00% |
Fair Value Accounting (Carrying
Fair Value Accounting (Carrying And Estimated Fair Values Of Financial Instruments Carried On Balance Sheet) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Financial assets | ||
Trading account assets | $ 26,251 | |
Mortgage loans held for sale | 50,439 | $ 48,024 |
Investment securities available for sale | 3,990,978 | 3,987,069 |
Loans, net | 24,625,273 | 24,538,196 |
Financial liabilities | ||
Non-interest bearing deposits | 7,381,070 | 7,686,339 |
Total deposits | 26,253,507 | 26,147,900 |
Federal funds purchased, other short-term borrowings and other short-term liabilities | 185,531 | 161,190 |
Long-term debt | 1,856,392 | 1,706,138 |
Level 1 | ||
Financial assets | ||
Cash and cash equivalents | 1,059,017 | 932,933 |
Trading account assets | 0 | 522 |
Mortgage loans held for sale | 0 | 0 |
Other loans held for sale | 0 | 0 |
Investment securities available for sale | 120,931 | 85,836 |
Private equity investments | 0 | 0 |
Mutual funds | 3,131 | |
Mutual funds held in rabbi trusts | 13,385 | 14,140 |
Loans, net | 0 | 0 |
GGL/SBA loans servicing asset | 0 | 0 |
Derivative assets | 0 | 0 |
Financial liabilities | ||
Trading account liabilities | 0 | 0 |
Non-interest bearing deposits | 0 | 0 |
Non-time interest bearing deposits | 0 | 0 |
Time deposits | 0 | 0 |
Total deposits | 0 | 0 |
Federal funds purchased, other short-term borrowings and other short-term liabilities | 185,531 | 161,190 |
Long-term debt | 0 | 0 |
Earnout liabilities | 0 | 0 |
Derivative liability positions | 0 | 0 |
Level 2 | ||
Financial assets | ||
Cash and cash equivalents | 0 | 0 |
Trading account assets | 26,251 | 3,298 |
Mortgage loans held for sale | 50,439 | 48,024 |
Other loans held for sale | 0 | 0 |
Investment securities available for sale | 3,868,195 | 3,899,298 |
Private equity investments | 0 | 0 |
Mutual funds | 0 | |
Mutual funds held in rabbi trusts | 0 | 0 |
Loans, net | 0 | 0 |
GGL/SBA loans servicing asset | 0 | 0 |
Derivative assets | 9,407 | 11,722 |
Financial liabilities | ||
Trading account liabilities | 23,856 | 1,000 |
Non-interest bearing deposits | 7,381,070 | 7,686,339 |
Non-time interest bearing deposits | 14,030,247 | 13,941,814 |
Time deposits | 4,834,135 | 4,523,661 |
Total deposits | 26,245,452 | 26,151,814 |
Federal funds purchased, other short-term borrowings and other short-term liabilities | 0 | 0 |
Long-term debt | 1,861,008 | 1,721,814 |
Earnout liabilities | 0 | 0 |
Derivative liability positions | 16,122 | 12,767 |
Level 3 | ||
Financial assets | ||
Cash and cash equivalents | 0 | 0 |
Trading account assets | 0 | 0 |
Mortgage loans held for sale | 0 | 0 |
Other loans held for sale | 6,591 | 11,356 |
Investment securities available for sale | 1,852 | 1,935 |
Private equity investments | 12,715 | 15,771 |
Mutual funds | 0 | |
Mutual funds held in rabbi trusts | 0 | 0 |
Loans, net | 24,538,259 | 24,507,141 |
GGL/SBA loans servicing asset | 3,971 | 4,101 |
Derivative assets | 0 | 0 |
Financial liabilities | ||
Trading account liabilities | 0 | 0 |
Non-interest bearing deposits | 0 | 0 |
Non-time interest bearing deposits | 0 | 0 |
Time deposits | 0 | 0 |
Total deposits | 0 | 0 |
Federal funds purchased, other short-term borrowings and other short-term liabilities | 0 | 0 |
Long-term debt | 0 | 0 |
Earnout liabilities | 11,348 | 11,348 |
Derivative liability positions | 3,974 | 4,330 |
Carrying Value | ||
Financial assets | ||
Cash and cash equivalents | 1,059,017 | 932,933 |
Trading account assets | 26,251 | 3,820 |
Mortgage loans held for sale | 50,439 | 48,024 |
Other loans held for sale | 6,591 | 11,356 |
Investment securities available for sale | 3,990,978 | 3,987,069 |
Private equity investments | 12,715 | 15,771 |
Mutual funds | 3,131 | |
Mutual funds held in rabbi trusts | 13,385 | 14,140 |
Loans, net | 24,625,273 | 24,538,196 |
GGL/SBA loans servicing asset | 3,971 | 4,101 |
Derivative assets | 9,407 | 11,722 |
Financial liabilities | ||
Trading account liabilities | 23,856 | 1,000 |
Non-interest bearing deposits | 7,381,070 | 7,686,339 |
Non-time interest bearing deposits | 14,030,247 | 13,941,814 |
Time deposits | 4,842,190 | 4,519,747 |
Total deposits | 26,253,507 | 26,147,900 |
Federal funds purchased, other short-term borrowings and other short-term liabilities | 185,531 | 161,190 |
Long-term debt | 1,856,392 | 1,706,138 |
Earnout liabilities | 11,348 | 11,348 |
Derivative liability positions | 20,096 | 17,097 |
Fair Value | ||
Financial assets | ||
Cash and cash equivalents | 1,059,017 | 932,933 |
Trading account assets | 26,251 | 3,820 |
Mortgage loans held for sale | 50,439 | 48,024 |
Other loans held for sale | 6,591 | 11,356 |
Investment securities available for sale | 3,990,978 | 3,987,069 |
Private equity investments | 12,715 | 15,771 |
Mutual funds | 3,131 | |
Mutual funds held in rabbi trusts | 13,385 | 14,140 |
Loans, net | 24,538,259 | 24,507,141 |
GGL/SBA loans servicing asset | 3,971 | 4,101 |
Derivative assets | 9,407 | 11,722 |
Financial liabilities | ||
Trading account liabilities | 0 | 1,000 |
Non-interest bearing deposits | 7,381,070 | 7,686,339 |
Non-time interest bearing deposits | 14,030,247 | 13,941,814 |
Time deposits | 4,834,135 | 4,523,661 |
Total deposits | 26,245,452 | 26,151,814 |
Federal funds purchased, other short-term borrowings and other short-term liabilities | 185,531 | 161,190 |
Long-term debt | 1,861,008 | 1,721,814 |
Earnout liabilities | 11,348 | 11,348 |
Derivative liability positions | $ 20,096 | $ 17,097 |
Derivative Instruments (Narrati
Derivative Instruments (Narrative) (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Derivative [Line Items] | |||
Derivative, fair value | $ 4,000,000 | $ 4,300,000 | |
Loss on sale of outstanding commitments | 735,000 | $ (2,500,000) | |
Collateral requirements | 32,700,000 | 43,800,000 | |
Variation margin, amount reducing derivative asset | 8,100,000 | 1,500,000 | |
Fixed Rate Residential Mortgage | |||
Derivative [Line Items] | |||
Commitments to fund fixed-rate mortgage loans | 93,100,000 | 49,300,000 | |
Unrealized gain (loss) on fair value of fixed-rate mortgage loans to customers | (192,000) | $ 674,000 | |
Sale of outstanding commitments | 113,000,000 | 72,500,000 | |
Interest Rate Swap | |||
Derivative [Line Items] | |||
Notional amount of interest rate swap contracts | 1,550,000,000 | ||
Increase in derivative, notional amount | $ 82,000,000 | ||
Cash Flow Hedges | |||
Derivative [Line Items] | |||
Derivative instruments | 0 | ||
Fair Value Hedges | |||
Derivative [Line Items] | |||
Derivative instruments | $ 0 |
Derivative Instruments (Impact
Derivative Instruments (Impact Of Derivatives On Balance Sheet) (Details) - Derivatives not designated as hedging instruments - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Other assets | ||
Derivative [Line Items] | ||
Fair value of derivative assets | $ 9,407 | $ 11,722 |
Other assets | Interest rate contracts | ||
Derivative [Line Items] | ||
Fair value of derivative assets | 7,672 | 10,786 |
Other assets | Mortgage derivatives | ||
Derivative [Line Items] | ||
Fair value of derivative assets | 1,735 | 936 |
Other assets | Visa derivative | ||
Derivative [Line Items] | ||
Fair value of derivative assets | 0 | 0 |
Other liabilities | ||
Derivative [Line Items] | ||
Fair value of derivative liabilities | 20,096 | 17,097 |
Other liabilities | Interest rate contracts | ||
Derivative [Line Items] | ||
Fair value of derivative liabilities | 16,122 | 12,638 |
Other liabilities | Mortgage derivatives | ||
Derivative [Line Items] | ||
Fair value of derivative liabilities | 0 | 129 |
Other liabilities | Visa derivative | ||
Derivative [Line Items] | ||
Fair value of derivative liabilities | $ 3,974 | $ 4,330 |
Derivative Instruments (Effect
Derivative Instruments (Effect Of Fair Value Hedges On Consolidated Statements Of Income) (Details) - Derivatives not designated as hedging instruments - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Derivative [Line Items] | ||
Gain (Loss) Recognized in Income | $ 934 | $ (1,785) |
Interest rate contracts | Other non-interest income | ||
Derivative [Line Items] | ||
Gain (Loss) Recognized in Income | 7 | (1) |
Mortgage derivatives | Mortgage banking income | ||
Derivative [Line Items] | ||
Gain (Loss) Recognized in Income | $ 927 | $ (1,784) |
Net Income Per Common Share (Sc
Net Income Per Common Share (Schedule Of Basic And Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Basic Earnings (Loss) Per Share | ||
Net income available to common shareholders | $ 100,607 | $ 69,298 |
Weighted average common shares outstanding (in shares) | 118,666 | 122,300 |
Net income per common share, basic (in dollars per share) | $ 0.85 | $ 0.57 |
Diluted Earnings (Loss) Per Share | ||
Net income available to common shareholders | $ 100,607 | $ 69,298 |
Weighted average common shares outstanding (in shares) | 118,666 | 122,300 |
Potentially dilutive shares from outstanding equity-based awards and Earnout Payments (in shares) | 655 | 759 |
Weighted average number of diluted common shares (in shares) | 119,321 | 123,059 |
Net income per common share, diluted (in dollars per share) | $ 0.84 | $ 0.56 |
Net Income Per Common Share (Na
Net Income Per Common Share (Narrative) (Details) - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Earnings Per Share [Abstract] | ||
Potentially dilutive shares | 2.2 | 2.2 |
Share-based Compensation (Detai
Share-based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | $ 4,000 | $ 3,400 |
Accelerated compensation cost | $ 170 | |
Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Other equity compensation, shares granted (in shares) | 0 | |
Options outstanding (in options) | 693,000 | |
Weighted-average exercise price, options (in dollars per share) | $ 16.94 | |
Restricted Stock Units (RSUs) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period (in years) | 3 years | |
Other equity compensation, shares granted (in shares) | 213,000 | |
Weighted-average exercise price, shares granted during period (in dollars per share) | $ 47.43 | |
Performance Shares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Other equity compensation, shares granted (in shares) | 87,000 | |
Weighted-average exercise price, shares granted during period (in dollars per share) | $ 41.95 | |
Market Restricted Stock Units (MRSUs) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period (in years) | 3 years | |
Other equity compensation, shares granted (in shares) | 58,000 | |
Weighted-average exercise price, shares granted during period (in dollars per share) | $ 41.95 | |
Non-Vested Synovus Shares And Restricted Share Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Other equity compensation, non-vested shares outstanding (in shares) | 921,000 | |
Weighted-average exercise price, non-vested shares outstanding (in dollars per share) | $ 39.94 | |
Minimum | Market Restricted Stock Units (MRSUs) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Range based on shareholder return | 75.00% | |
Minimum | Performance Share Units (PSUs) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Range based on return on average assets (ROAA) | 0.00% | |
Maximum | Market Restricted Stock Units (MRSUs) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Range based on shareholder return | 125.00% | |
Maximum | Performance Share Units (PSUs) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Range based on return on average assets (ROAA) | 150.00% | |
2013 Omnibus Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares of authorized but unissued common stock reserved for future grants (in shares) | 8,600,000 | |
Equivalents authorized (in shares) | 4,900,000 | |
Contractual term (years) | 10 years | |
Minimum age of plan participants | 65 years | |
Plan participants, minimum period of service | 10 years | |
2013 Omnibus Plan | Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share equivalents ratio (in shares) | 1 | |
2013 Omnibus Plan | Value Awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share equivalents ratio (in shares) | 2 | |
2013 Omnibus Plan | Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period (in years) | 3 years | |
2013 Omnibus Plan | Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period (in years) | 5 years |
Non-interest Income (Details)
Non-interest Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Disaggregation of Revenue [Line Items] | ||
Service charges on deposit accounts | $ 19,940 | $ 20,118 |
Fiduciary and asset management fees | 13,435 | 12,151 |
Card fees | 10,199 | 9,844 |
Brokerage revenue | 8,695 | 7,226 |
Insurance revenue | 1,213 | 1,304 |
Other fees | 832 | 842 |
Fees and commissions | 54,314 | 51,485 |
Other revenues | 12,732 | 20,354 |
Total non-interest income | 67,046 | 71,839 |
Community Banking | ||
Disaggregation of Revenue [Line Items] | ||
Service charges on deposit accounts | 5,680 | 5,771 |
Fiduciary and asset management fees | 0 | 0 |
Card fees | 205 | 219 |
Brokerage revenue | 0 | 0 |
Insurance revenue | 0 | 0 |
Other fees | 0 | 0 |
Fees and commissions | 5,885 | 5,990 |
Other revenues | 2,452 | 1,648 |
Total non-interest income | 8,337 | 7,638 |
Corporate Banking | ||
Disaggregation of Revenue [Line Items] | ||
Service charges on deposit accounts | 533 | 459 |
Fiduciary and asset management fees | 0 | 0 |
Card fees | 0 | 0 |
Brokerage revenue | 0 | 0 |
Insurance revenue | 0 | 0 |
Other fees | 0 | 0 |
Fees and commissions | 533 | 459 |
Other revenues | 1,733 | 1,619 |
Total non-interest income | 2,266 | 2,078 |
Retail Banking | ||
Disaggregation of Revenue [Line Items] | ||
Service charges on deposit accounts | 13,422 | 13,437 |
Fiduciary and asset management fees | 0 | 0 |
Card fees | 9,994 | 9,625 |
Brokerage revenue | 0 | 0 |
Insurance revenue | 0 | 0 |
Other fees | 559 | 574 |
Fees and commissions | 23,975 | 23,636 |
Other revenues | 1,529 | 1,566 |
Total non-interest income | 25,504 | 25,202 |
Financial Management Services | ||
Disaggregation of Revenue [Line Items] | ||
Service charges on deposit accounts | 0 | 0 |
Fiduciary and asset management fees | 13,435 | 12,151 |
Card fees | 0 | 0 |
Brokerage revenue | 8,695 | 7,226 |
Insurance revenue | 1,213 | 1,304 |
Other fees | 0 | 0 |
Fees and commissions | 23,343 | 20,681 |
Other revenues | 5,843 | 6,597 |
Total non-interest income | 29,186 | 27,278 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Service charges on deposit accounts | 305 | 451 |
Fiduciary and asset management fees | 0 | 0 |
Card fees | 0 | 0 |
Brokerage revenue | 0 | 0 |
Insurance revenue | 0 | 0 |
Other fees | 273 | 268 |
Fees and commissions | 578 | 719 |
Other revenues | 1,175 | 8,924 |
Total non-interest income | $ 1,753 | $ 9,643 |
Commitments and Contingencies66
Commitments and Contingencies (Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Loss Contingencies [Line Items] | ||
Contractual amount net of risk participations | $ 60,000,000 | $ 77,000,000 |
Minimum | ||
Loss Contingencies [Line Items] | ||
Total unfunded lending commitments and letters of credit | 0 | |
Maximum | ||
Loss Contingencies [Line Items] | ||
Total unfunded lending commitments and letters of credit | 5,000,000 | |
Guarantee obligations | ||
Loss Contingencies [Line Items] | ||
Total unfunded lending commitments and letters of credit | 9,166,920,000 | 9,080,108,000 |
Letters of credit | ||
Loss Contingencies [Line Items] | ||
Total unfunded lending commitments and letters of credit | 175,164,000 | 153,372,000 |
Commitments to fund commercial and industrial loans | ||
Loss Contingencies [Line Items] | ||
Total unfunded lending commitments and letters of credit | 5,143,323,000 | 5,090,827,000 |
Commitments to fund commercial real estate, construction, and land development loans | ||
Loss Contingencies [Line Items] | ||
Total unfunded lending commitments and letters of credit | 1,541,810,000 | 1,567,583,000 |
Commitments under home equity lines of credit | ||
Loss Contingencies [Line Items] | ||
Total unfunded lending commitments and letters of credit | 1,156,283,000 | 1,137,714,000 |
Unused credit card lines | ||
Loss Contingencies [Line Items] | ||
Total unfunded lending commitments and letters of credit | 780,704,000 | 779,254,000 |
Other loan commitments | ||
Loss Contingencies [Line Items] | ||
Total unfunded lending commitments and letters of credit | $ 369,636,000 | $ 351,358,000 |