Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | Apr. 30, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | SYNOVUS FINANCIAL CORP | |
Entity Central Index Key | 0000018349 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding | 157,501,073 |
CONSOLIDATED BALANCE SHEETS (un
CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | |
ASSETS | |||
Cash and due from banks | $ 519,681 | $ 468,426 | |
Interest-bearing funds with Federal Reserve Bank | 688,470 | 641,476 | |
Interest earning deposits with banks | 24,147 | 19,841 | |
Federal funds sold and securities purchased under resale agreements | 33,627 | 13,821 | |
Total cash, cash equivalents, restricted cash, and restricted cash equivalents | [1] | 1,265,925 | 1,143,564 |
Mortgage loans held for sale, at fair value | 55,970 | 37,129 | |
Investment securities available for sale, at fair value | 6,808,191 | 3,991,632 | |
Loans | 35,634,501 | 25,946,573 | |
Allowance for loan losses | (257,036) | (250,555) | |
Loans, net | 35,377,465 | 25,696,018 | |
Cash surrender value of bank-owned life insurance | 761,098 | 554,134 | |
Premises and equipment, net | 479,965 | 434,307 | |
Goodwill | 485,000 | 57,315 | |
Other intangible assets | 74,683 | 9,875 | |
Other assets | 1,321,728 | 745,218 | |
Total assets | 46,630,025 | 32,669,192 | |
Deposits: | |||
Non-interest-bearing deposits | 9,144,315 | 7,650,967 | |
Interest-bearing deposits | 28,930,875 | 19,069,355 | |
Total deposits | 38,075,190 | 26,720,322 | |
Federal funds purchased and securities sold under repurchase agreements | 314,383 | 237,692 | |
Other short-term borrowings | 853,000 | 650,000 | |
Long-term debt | 2,106,037 | 1,657,157 | |
Other liabilities | 683,662 | 270,419 | |
Total liabilities | 42,032,272 | 29,535,590 | |
Shareholders' Equity | |||
Series D Preferred Stock – no par value. Authorized 100,000,000 shares; 8,000,000 shares issued and outstanding at March 31, 2019 and December 31, 2018 | 195,140 | 195,140 | |
Common stock - $1.00 par value. Authorized 342,857,143 shares; 165,929,349 issued at March 31, 2019 and 143,300,449 issued at December 31, 2018; 157,454,007 outstanding at March 31, 2019 and 115,865,510 outstanding at December 31, 2018 | 165,929 | 143,300 | |
Additional paid-in capital | 3,794,262 | 3,060,561 | |
Treasury stock, at cost – 8,475,342 shares at March 31, 2019 and 27,434,939 shares at December 31, 2018 | (319,898) | (1,014,746) | |
Accumulated other comprehensive loss, net | (18,342) | (94,420) | |
Retained earnings | 780,662 | 843,767 | |
Total shareholders’ equity | 4,597,753 | 3,133,602 | |
Total liabilities and shareholders' equity | $ 46,630,025 | $ 32,669,192 | |
[1] | Where applicable, changes for balances as of March 31, 2019, compared to December 31, 2018, exclude amounts acquired on the Acquisition Date. See accompanying notes to unaudited interim consolidated financial statements. |
CONSOLIDATED BALANCE SHEETS (_2
CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - $ / shares | Mar. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Preferred Stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Preferred Stock, shares issued (in shares) | 8,000,000 | 8,000,000 |
Preferred stock, shares outstanding (in shares) | 8,000,000 | 8,000,000 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 342,857,143 | 342,857,143 |
Common stock, shares issued (in shares) | 165,929,349 | 143,300,449 |
Common stock, shares outstanding (in shares) | 157,454,007 | 115,865,510 |
Treasury stock, shares at cost (in shares) | 8,475,342 | 27,434,939 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Interest income: | |||
Loans, including fees | $ 447,769 | $ 285,340 | |
Investment securities available for sale | 49,938 | 23,928 | |
Mortgage loans held for sale | 391 | 379 | |
Federal Reserve Bank balances | 3,671 | 1,750 | |
Other earning assets | 3,070 | 1,737 | |
Total interest income | 504,839 | 313,134 | |
Interest expense: | |||
Deposits | 87,684 | 26,375 | |
Federal funds purchased, securities sold under repurchase agreements, and other short-term borrowings | 3,463 | 1,601 | |
Long-term debt | 16,517 | 10,874 | |
Total interest expense | 107,664 | 38,850 | |
Net interest income | 397,175 | 274,284 | |
Provision for loan losses | 23,569 | [1] | 12,776 |
Net interest income after provision for loan losses | 373,606 | 261,508 | |
Non-interest income: | |||
Income from bank-owned life insurance | 5,290 | 4,217 | |
Swap fee income | 4,778 | 690 | |
Investment securities gains, net | 75 | 0 | |
Other non-interest income | 9,461 | 4,823 | |
Total non-interest income | 79,378 | 67,046 | |
Non-interest expense: | |||
Salaries and other personnel expense | 139,427 | 113,720 | |
Net occupancy and equipment expense | 38,394 | 31,480 | |
Third-party processing expense | 17,758 | 13,945 | |
FDIC insurance and other regulatory fees | 6,761 | 6,793 | |
Professional fees | 6,348 | 5,505 | |
Advertising expense | 5,123 | 5,092 | |
Amortization of intangibles | 3,392 | 292 | |
Merger-related expense | 49,738 | 0 | |
Other operating expenses | 25,469 | 18,352 | |
Total non-interest expense | 292,410 | 195,179 | |
Income before income taxes | 160,574 | 133,375 | |
Income tax expense | 40,388 | 30,209 | |
Net income | 120,186 | [1] | 103,166 |
Less: Preferred stock dividends | 3,150 | 2,559 | |
Net income available to common shareholders | $ 117,036 | $ 100,607 | |
Net income per common share, basic (in dollars per share) | $ 0.73 | $ 0.85 | |
Net income per common share, diluted (in dollars per share) | $ 0.72 | $ 0.84 | |
Weighted average common shares outstanding, basic (in shares) | 160,927 | 118,666 | |
Weighted average common shares outstanding, diluted (in shares) | 162,760 | 119,321 | |
Service charges on deposit accounts | |||
Non-interest income: | |||
Revenue from contract with customers | $ 20,859 | $ 19,940 | |
Fiduciary and asset management fees | |||
Non-interest income: | |||
Revenue from contract with customers | 13,578 | 13,435 | |
Card fees | |||
Non-interest income: | |||
Revenue from contract with customers | 10,877 | 10,199 | |
Brokerage revenue | |||
Non-interest income: | |||
Revenue from contract with customers | 9,406 | 8,695 | |
Mortgage banking income | |||
Non-interest income: | |||
Revenue from contract with customers | $ 5,054 | $ 5,047 | |
[1] | Where applicable, changes for balances as of March 31, 2019, compared to December 31, 2018, exclude amounts acquired on the Acquisition Date. See accompanying notes to unaudited interim consolidated financial statements. |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Statement of Comprehensive Income [Abstract] | |||
Net income, Before-tax Amount | $ 160,574 | $ 133,375 | |
Net income, Tax (Expense) Benefit | (40,388) | (30,209) | |
Net income | 120,186 | [1] | 103,166 |
Net unrealized gains (losses) on investment securities available for sale: Before-tax Amount | |||
Reclassification adjustment for net gains realized in net income, Before-tax Amount | (75) | 0 | |
Net unrealized gains (losses) arising during the period, Before-tax Amount | 102,785 | (61,445) | |
Net unrealized gains (losses), Before-tax Amount | 102,710 | (61,445) | |
Net unrealized gains on investment securities available for sale: Tax (Expense) Benefit | |||
Reclassification adjustment for net gains realized in net income, Tax (Expense) Benefit | 19 | 0 | |
Net unrealized gains (losses) arising during the period, Tax (Expense) Benefit | (26,621) | 15,914 | |
Net unrealized gains (losses), Tax (Expense) Benefit | (26,602) | 15,914 | |
Net unrealized gains on investment securities available for sale: Net of Tax Amount | |||
Reclassification adjustment for net gains realized in net income, Net of Tax Amount | (56) | 0 | |
Net unrealized gains (losses) arising during the period, Net of Tax Amount | 76,164 | (45,531) | |
Net unrealized gains (losses), Net of Tax Amount | 76,108 | (45,531) | |
Post-retirement unfunded health benefit: Before-tax Amount | |||
Reclassification adjustment for gains realized in net income, Before-tax Amount | (35) | (34) | |
Post-retirement unfunded health benefit: Tax (Expense) Benefit | |||
Reclassification adjustment for gains realized in net income, Tax (Expense) Benefit | 5 | 13 | |
Post-retirement unfunded health benefit: Net of Tax Amount | |||
Reclassification adjustment for gains realized in net income, Net of Tax Amount | (30) | (21) | |
Other comprehensive income (loss), Before-tax Amount | 102,675 | (61,479) | |
Other comprehensive income (loss), Tax (Expense) Benefit | (26,597) | 15,927 | |
Other comprehensive income (loss), Net of Tax Amount | 76,078 | (45,552) | |
Comprehensive income, Net of Tax Amount | $ 196,264 | $ 57,614 | |
[1] | Where applicable, changes for balances as of March 31, 2019, compared to December 31, 2018, exclude amounts acquired on the Acquisition Date. See accompanying notes to unaudited interim consolidated financial statements. |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (unaudited) - USD ($) $ in Thousands | Total | Series D Preferred Stock | Preferred StockSeries C Preferred Stock | Preferred StockSeries D Preferred Stock | Common Stock | Additional Paid-in Capital | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Retained EarningsSeries D Preferred Stock | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
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 | $ 0 | $ 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 (loss), net of income taxes | (45,552) | (45,552) | |||||||||
Cash dividends declared on common stock | (29,675) | (29,675) | |||||||||
Cash dividends paid on Preferred Stock | (2,559) | (2,559) | |||||||||
Repurchases of common stock | (26,733) | (26,733) | |||||||||
Restricted share unit vesting and taxes paid related to net share settlement | (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 | 0 | 143,017 | 3,039,757 | (866,407) | (107,777) | 621,925 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Adoption of ASU | 4,270 | 4,270 | |||||||||
Balance at Dec. 31, 2018 | 3,133,602 | 0 | 195,140 | 143,300 | 3,060,561 | (1,014,746) | (94,420) | 843,767 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income | 120,186 | [1] | 120,186 | ||||||||
Other comprehensive income (loss), net of income taxes | 76,078 | 76,078 | |||||||||
Issuance of common stock, net of issuance costs | 704,756 | 22,043 | 682,713 | ||||||||
Common stock reissued | 877,570 | 1,014,746 | (137,176) | ||||||||
Fair value of exchanged equity awards and warrants attributed to purchase price | 43,362 | 43,362 | |||||||||
Cash dividends declared on common stock | (47,235) | (47,235) | |||||||||
Cash dividends paid on Preferred Stock | $ (3,150) | $ (3,150) | |||||||||
Repurchases of common stock | (320,167) | (320,167) | |||||||||
Restricted share unit vesting and taxes paid related to net share settlement | (8,412) | 235 | (8,647) | ||||||||
Stock options/warrants exercised, net | 6,649 | 351 | 6,029 | 269 | |||||||
Share-based compensation expense | 10,244 | 10,244 | |||||||||
Balance at Mar. 31, 2019 | $ 4,597,753 | $ 0 | $ 195,140 | $ 165,929 | $ 3,794,262 | $ (319,898) | $ (18,342) | $ 780,662 | |||
[1] | Where applicable, changes for balances as of March 31, 2019, compared to December 31, 2018, exclude amounts acquired on the Acquisition Date. See accompanying notes to unaudited interim consolidated financial statements. |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Stockholders' Equity [Abstract] | ||
Cash dividends declared on common stock (USD per share) | $ 0.30 | $ 0.25 |
Preferred Stock | Series D Preferred Stock | ||
Cash dividends declared on preferred stock (USD per share) | $ 0.49 | $ 0.39 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | [1] | Mar. 31, 2018 | |
Operating Activities | |||
Net income | $ 120,186 | $ 103,166 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for loan losses | 23,569 | 12,776 | |
Depreciation, amortization, and accretion, net | 7,000 | 14,823 | |
Deferred income tax expense | 6,915 | 2,599 | |
Originations of mortgage loans held for sale | (120,207) | (128,618) | |
Proceeds from sales of mortgage loans held for sale | 104,552 | 130,805 | |
Gain on sales of mortgage loans held for sale, net | (3,534) | (3,445) | |
Decrease (increase) in other assets | 21,634 | (45,764) | |
Decrease in other liabilities | (27,776) | (8,466) | |
Investment securities gains, net | (75) | 0 | |
Share-based compensation expense | 10,244 | 3,955 | |
Net cash provided by operating activities | 142,508 | 81,831 | |
Investing Activities | |||
Net cash received in business combination, net of cash paid | 201,100 | 0 | |
Proceeds from maturities and principal collections of investment securities available for sale | 197,726 | 139,929 | |
Proceeds from sales of investment securities available for sale | 1,188,239 | 0 | |
Purchases of investment securities available for sale | (1,800,346) | (211,085) | |
Proceeds from sales of loans | 13,654 | 10,885 | |
Proceeds from sales of other real estate and other assets | 6,273 | 2,090 | |
Net increase in loans excluding loans acquired in business combination | (423,514) | (109,180) | |
Net (purchases) redemptions of Federal Home Loan Bank stock | (24,239) | (6,375) | |
Net redemptions (purchases) of Federal Reserve Bank stock | 1,285 | (20) | |
Purchases of bank-owned life insurance policies, net of settlements | 656 | 1,523 | |
Net increase in premises and equipment | (9,209) | (9,212) | |
Net cash used in investing activities | (648,375) | (181,445) | |
Financing Activities | |||
Net increase in deposits | 434,677 | 105,502 | |
Net increase in federal funds purchased and securities sold under repurchase agreements | 47,552 | 24,341 | |
Net change in other short-term borrowings | 203,000 | (100,000) | |
Repayments and redemption of long-term debt | 0 | (2,030,030) | |
Proceeds from issuance of long-term debt, net | 297,045 | 2,280,000 | |
Dividends paid to common shareholders | (28,966) | (17,835) | |
Dividends paid to preferred shareholders | (3,150) | (2,559) | |
Stock options and warrants exercised | 6,649 | 1,240 | |
Repurchase of common stock | (320,167) | (26,733) | |
Taxes paid related to net share settlement of equity awards | (8,412) | (8,228) | |
Net cash provided by financing activities | 628,228 | 225,698 | |
Increase in cash and cash equivalents including restricted cash | 122,361 | 126,084 | |
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period | 1,143,564 | 932,933 | |
Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period | 1,265,925 | 1,059,017 | |
Supplemental Disclosures: | |||
Income taxes paid (refunded) | 1,050 | 183 | |
Interest paid | 95,630 | 33,431 | |
Non-cash Activities | |||
Common stock issued, treasury stock reissued, equity awards/warrants exchanged to acquire FCB | 1,625,688 | 0 | |
Loans foreclosed and transferred to other real estate | 1,419 | 3,407 | |
Loans transferred to/(from) other loans held for sale at fair value | 12,237 | 5,233 | |
Subtopic 825-10 equity investment securities available for sale transferred to other assets | 0 | 3,162 | |
Dividends declared on common stock during the period but paid after period-end | $ 47,235 | $ 29,675 | |
[1] | Where applicable, changes for balances as of March 31, 2019, compared to December 31, 2018, exclude amounts acquired on the Acquisition Date. See accompanying notes to unaudited interim consolidated financial statements. |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Note 1 - Basis of Presentation General 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 markets in the Southeast, with 300 branches and 384 ATMs in Alabama, Florida, Georgia, South Carolina, and Tennessee. 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' 2018 Form 10-K . Reclassifications Prior periods' consolidated financial statements are reclassified whenever necessary to conform to the current periods' presentation. Use of Estimates in the Preparation of Financial Statements In preparing the consolidated financial statements in accordance with U.S. 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 change relate to the determination of the allowance for loan losses; estimates of fair value; income taxes; and contingent liabilities including legal matters, among others. Purchased loans Purchased loans are recorded at fair value in accordance with ASC Topic 820, Fair Value Measurement , consistent with the exit price concept on the date of acquisition. Credit risk assumptions and resulting credit discounts are included in the determination of fair value; therefore, no ALL is recorded at the acquisition date. Pursuant to an AICPA letter dated December 18, 2009, the AICPA summarized the SEC staff's view regarding the accounting in subsequent periods for discount accretion associated with loan receivables acquired in a business combination or asset purchase. Regarding the accounting for such loan receivables, in the absence of further standard setting, the AICPA understands the SEC staff would not object to an accounting policy based on contractual cash flows (ASC Topic 310-20, Nonrefundable Fees and Other Costs ) or an accounting policy based on expected cash flows (ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality ). Synovus analogizes to ASC Topic 310-30 to account for the fair value discount. Purchased loans are evaluated upon acquisition as following the ASC 310-30 approach or ASC 310-20. Loans meeting the scope exception of ASC 310-30 (e.g. loans with revolving components) are not permitted to be analogized and will be accounted for in accordance with ASC 310-20. For ASC 310-30 loans, expected cash flows at the acquisition date in excess of the fair value of loans are recorded as interest income over the life of the loans using a level yield method if the timing and amount of the future cash flows is reasonably estimable. Subsequent to the acquisition date, increases in cash flows over those expected at the acquisition date are recognized prospectively as interest income. Decreases in expected cash flows due to credit deterioration are recognized by recording an ALL. Loan removals from pools due to pay-off or charge-off are removed at their carrying amount. The difference between the carrying amount and the amount received to satisfy the loan is recorded in interest income. For ASC 310-20 loans, the difference between the fair value and UPB of the loan at the acquisition date is amortized or accreted to interest income over the contractual life of the loans using the effective interest method. In the event of prepayment, the remaining unamortized amount is recognized in interest income in the quarter of prepayment. Due to the significant difference in accounting for ASC 310-30 loans, Synovus believes inclusion of these loans in certain asset quality ratios that reflect non-performing assets in the numerator or denominator (or both) results in significant distortion to these ratios. In addition, because loan level charge-offs related to ASC 310-30 loans are not recognized in the financial statements until the cumulative amounts exceed the original loss projections on a pool basis, the net charge-off ratio is inconsistent with the net charge-off ratio for other loan portfolios. The inclusion of ASC 310-30 loans in certain asset quality ratios could result in a lack of comparability across quarters or years, and could impact comparability with other portfolios that were not impacted by ASC 310-30 accounting. Synovus believes that presenting certain loan and asset quality disclosures separately for ASC 310-20 and ASC 310-30 loans, and/or excluding ASC 310-30 loans, where appropriate and indicated within each table, provides better perspective into underlying trends related to the quality of its loan portfolio. Non-interest Income - Revenue from Contracts with Customers within the scope of ASC Topic 606 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 (included in other non-interest income on the consolidated statements of income): Insurance revenue primarily consists of commissions received on annuity and life product sales. The commissions are recognized as revenue when the customer executes an insurance policy with the insurance carrier. In some cases, Synovus receives payment of trailing commissions each year when the customer pays its annual premium. Recently Adopted Accounting Standards ASU 2016-02, Leases (ASC 842). In February 2016, the FASB issued ASU 2016-02, its new standard on lease accounting. ASU 2016-02 introduces a lessee model that brings substantially all operating leases on the balance sheet through the recognition of a ROU asset and a lease liability, and requires the disclosure of additional qualitative and quantitative information about leasing arrangements. The accounting model for financing leases from a lessee perspective, and for all leases from a lessor perspective remains largely unchanged from prior GAAP (ASC 840). Subsequent to the issuance of Topic 842, the FASB clarified the guidance through several ASUs; referred to hereinafter as “ASC 842”. Synovus adopted ASC 842 prospectively as of January 1, 2019 for existing leasing arrangements. As such, financial information was not updated and the disclosures required under the new standard are not presented for dates and periods prior to January 1, 2019. Refer to the 2018 10-K for lease disclosures surrounding prior period information reported under ASC 840, Leases. For leases that commenced prior to the effective date of ASC 842, Synovus elected the package of practical expedients not to reassess (a) whether existing contracts contain leases, (b) lease classification for existing leases, and (c) initial direct cost for any existing leases as well as the short-term lease recognition exemption for all leases that qualify. Additionally, we did not elect the practical expedient to combine lease and non-lease components for all of our leases. Adoption of the new standard resulted in the recording of ROU assets and lease liabilities of $387.3 million and $390.6 million , respectively, as of January 1, 2019. These amounts were based on the present value of the remaining rental payments for existing leases and include consideration for renewal and termination options available that we were reasonably certain of exercising. The adoption of the standard also resulted in a cumulative-effect adjustment, net of income taxes, to the beginning balance of retained earnings of $4.3 million ( $3.9 million of which consisted of deferred gains associated with sale-leaseback transactions that previously did not qualify for recognition). The ROU assets are included in other assets (other than $3.5 million of finance leases included in premises and equipment) on the consolidated balance sheet and the lease liabilities are included in other liabilities. Adoption of the standard did not materially impact our consolidated statements of income and had no impact on cash flows. Synovus determines if an arrangement is a lease at inception in accordance with ASC 842-10-15-3 and classifies leases as either operating or financing from a lessee perspective and operating or direct financing and sales-type from a lessor perspective based on criteria that are largely similar to those applied under ASC 840, Leases , but without explicit bright lines. ROU assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. The determination of future minimum lease payments includes consideration for extension or termination options when it is reasonably certain Synovus will exercise that option as well as rent escalation clauses (including market or index-based escalations) and abatements, capital improvement funding or other lease concessions. As most leases in Synovus' portfolio do not provide an implicit rate, Synovus utilizes a collateralized incremental borrowing rate, referenced to the Federal Home Loan Bank rates for borrowings of similar terms, based on the information available at lease commencement date in determining the present value of future payments. Additionally, for all real estate leases, Synovus applies a portfolio approach (based on lease term) in the application of the discount rate. Determination of the ROU asset also includes prepaid lease payments and amounts recognized relating to favorable or unfavorable lease terms from leases acquired through business combinations. For operating leases, minimum rental expense is recognized on a straight-line basis based on the fixed components of leasing arrangements. Variable lease components represent amounts that are not fixed in nature and are not tied to an index or rate, and are recognized as expense when incurred. For financing leases, rent expense is recognized as amortization expense on a straight-line basis and interest expense using the effective interest method. Additionally, leases with an initial term of 12 months or less are not recorded on the balance sheet; lease expense for these leases is recognized on a straight-line basis over the lease term. Net lease cost is recorded net of sublease income. For leases beginning in 2019 and later, lease components (e.g., base rent) are accounted for separately from non-lease components (e.g., common-area maintenance costs, real estate taxes and insurance costs). ASU 2017-04, Intangibles-Goodwill and Other, Simplifying the Test for Goodwill Impairment : In January 2017, the FASB issued ASU 2017- 04, which simplifies how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Therefore, any carrying amount which exceeds the reporting unit’s fair value (up to the amount of goodwill recorded) will be recognized as an impairment loss. The ASU is effective for annual reporting periods beginning after December 15, 2019, including interim periods within those periods. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. Synovus elected to early adopt the guidance, effective January 1, 2019 and will apply the guidance prospectively, beginning with its annual impairment test as of June 30, 2019. Based on goodwill impairment tests performed in 2018, which did not require the application of Step 2, Synovus does not expect the adoption of this ASU to have an immediate impact. Recently Issued Accounting Standards Not Yet Adopted ASU 2016-13, Financial Instruments--Credit Losses (CECL). In June 2016, the FASB issued new guidance related to credit losses. The new guidance (and all subsequent ASUs) replaces the existing incurred loss impairment guidance with an expected credit loss methodology. The new guidance will require management’s estimate of credit losses over the full remaining expected life of loans and other financial instruments. For Synovus, the standard will apply to loans, unfunded loan commitments, and debt securities available for sale. The standard is effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years with early adoption permitted on January 1, 2019. Synovus will adopt the guidance on January 1, 2020. Upon adoption, Synovus will record a cumulative-effect adjustment to retained earnings as of the beginning of the reporting period of adoption. In addition, the amendments provide for a simplified accounting model for purchased financial assets with a more-than-insignificant amount of credit deterioration since their acquisition ("PCD assets"). The initial estimate of expected credit losses on PCD assets will be recognized through the ALL with an offset to the cost basis of the related financial asset at acquisition. |
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 31, 2019 | |
Business Combinations [Abstract] | |
Acquisitions | Note 2 - Acquisitions Acquisition of FCB Financial Holdings, Inc. Effective January 1, 2019 (the "Acquisition Date"), Synovus completed its acquisition of all of the outstanding stock of FCB Financial Holdings, Inc. (FCB), a bank holding company based in Weston, Florida, for total consideration of approximately $1.6 billion . Effective January 1, 2019, FCB's wholly-owned banking subsidiary, Florida Community Bank National Association, merged into Synovus Bank. On the Acquisition Date, the preliminary estimated fair values of FCB included approximately $12.4 billion of identifiable assets, $9.3 billion in loans, and $10.9 billion in deposits. With the addition of FCB and its 51 full service banking centers, Synovus expanded its deposit base in the Southeast. The addition of FCB elevated Synovus' growth profile through a deepened presence in high-growth Florida markets. Conversion of FCB systems is scheduled to occur during the second quarter of 2019. The results of FCB's operations are included in Synovus' consolidated financial statements since the Acquisition Date. Under the terms of the Merger Agreement, each outstanding share of FCB common stock was converted into the right to receive 1.055 Synovus common shares and cash in lieu of fractional shares. Additionally, under the terms of the Merger Agreement, certain outstanding FCB non-vested equity awards with a fair value of $7.4 million on the Acquisition Date, accelerated vesting and converted automatically into the right to receive merger consideration at the merger exchange ratio of 1.055 , or an equivalent amount in cash, of which $3.5 million was allocated to purchase price and the remaining to merger-related compensation expense. In the aggregate, on the Acquisition Date, FCB stockholders received 49.5 million shares of Synovus common stock valued at approximately $1.6 billion and $601 thousand in cash. Also, under the terms of the Merger Agreement, FCB employee and non-employee director outstanding stock options and non-vested restricted share units as well as outstanding FCB warrants were converted into options, restricted share units, and warrants, respectively, to purchase and receive Synovus common stock. The converted options and restricted share units had a fair value of $41.5 million on the Acquisition Date, of which $37.3 million was allocated to purchase price and the remaining to compensation expense and the converted warrants had a fair value of $6.7 million attributed to purchase price. The estimated fair value of the converted restricted share units was based on Synovus' closing stock price on December 31, 2018 of $31.99 , and the estimated fair value of the converted stock options was determined using a Hull-White model in a binomial lattice option pricing framework. The estimated fair value of the converted warrants was determined using the Black-Scholes-Merton model. The acquisition of FCB constituted a business combination and was accounted for under the acquisition method of accounting in accordance with ASC Topic 805, Business Combinations . Accordingly, assets acquired, liabilities assumed, and consideration exchanged were recorded at their estimated fair value on the Acquisition Date. The determination of estimated fair values requires management to make certain estimates about discount rates, future expected cash flows, market conditions, and other future events that are highly subjective in nature and may require adjustments. Upon receipt of final fair value estimates during the measurement period, which must be within one year of the acquisition date, Synovus will record any adjustments to the preliminary fair value estimates in the reporting period in which the adjustments are determined. Fair value adjustments based on updated estimates could materially affect the goodwill recorded on the acquisition. Synovus may incur losses on the acquired loans that are materially different from losses Synovus originally projected. During the first quarter of 2019, Synovus recorded preliminary purchase price allocations related to FCB, which resulted in goodwill of $427.7 million , which is not-deductible for tax purposes. FCB's $19.6 million of merger-based success fees payable to third-party advisors and investment bankers were accounted for as part of the business combination and an assumed liability. Since the success fees payable by FCB were contingent upon the consummation of the merger, the expense was recognized as an "on the line" expense with no expense recognition in either the pre- or post-acquisition financials of FCB or Synovus. The following table reflects the consideration paid for FCB's net assets and the identifiable assets purchased and liabilities assumed at their estimated fair values as of January 1, 2019. These fair value measurements are based on third-party and internal valuations. (in thousands) Consideration paid: Synovus common stock issued and reissued from treasury (1) $ 1,582,743 Cash payments to FCB stockholders attributed to purchase price (2) 173 Fair value of exchanged employee and director equity awards and FCB warrants attributed to purchase price (1) 43,362 Total purchase price $ 1,626,278 Statement of Net Assets Acquired at Fair Value (Preliminary): Assets Cash and cash equivalents $ 201,689 Investment securities available for sale 2,301,001 Loans 9,287,813 Cash surrender value of bank-owned life insurance 216,848 Premises and equipment 44,890 Core deposit intangible 68,200 Other assets 266,607 Total Assets $ 12,387,048 Liabilities Deposits $ 10,931,185 Federal funds purchased and securities sold under repurchase agreements 29,139 Long-term debt 153,236 Other liabilities 74,895 Total Liabilities $ 11,188,455 Fair value of net identifiable assets acquired 1,198,593 Preliminary goodwill $ 427,685 (1) Based on Synovus' closing stock price of $31.99 on December 31, 2018. (2) $173 thousand of cash payment of $601 thousand attributed to purchase price with remaining allocated to compensation expense. The following is a description of the methods used to determine the fair values of significant assets acquired and liabilities assumed presented above. Investment Securities Available for Sale : Fair values for securities were based on quoted market prices from multiple third-party pricing services as well as realized proceeds upon sale of certain corporate bonds. Loans : The Income Approach was utilized in accordance with ASC Topic 820 to estimate the fair value of the loans as of the Acquisition Date. The Income Approach utilizes a discounted cash flow method, to present value the expected cash flows using a market-based discount rate. The acquired loans were grouped together based on the terms of the loans, variable or fixed interest rate, variable index rate, interest or principal only loans, payment plans and amortizing or non-amortizing loans. The discounted cash flow model utilized the contractual loan data and market-based assumptions for prepayment rates, loss rates, and servicing fee, at the loan group level, to project expected loan cash flows as of the Acquisition Date. Core Deposit Intangible (CDI): This intangible asset represents the value of the relationships with deposit customers. The fair value for the core deposit intangible asset was estimated based on a discounted cash flow methodology that gave appropriate consideration to expected customer attrition rates, net maintenance cost of the deposit base, alternative costs of funds, and the interest costs associated with the customer deposits. The CDI is being amortized over its estimated useful life of approximately ten years utilizing an accelerated method. Deposits : Certificates of deposit were valued by projecting out the expected cash flows based on the contractual terms of the certificates of deposit. These cash flows were discounted based on a market rate for a certificate of deposit with a corresponding maturity. The fair values for demand and savings deposits were assumed to approximate the carrying value as these accounts have no stated maturity and are payable on demand. Long-term Debt : Fair values for FHLB borrowings were based on market values and market rates provided by the FHLB. The following table presents consolidated financial information included in Synovus' unaudited consolidated statements of income from the Acquisition Date (January 1, 2019) through March 31, 2019 under the column "Actual from Acquisition Date." Synovus does not provide separate summary financial information of FCB from the Acquisition Date since it would be impracticable to do so as certain systems and processes were integrated during the three months ended March 31, 2019. The following table also presents unaudited pro forma information as if the acquisition occurred on January 1, 2018 under the "Pro Forma" column. The unaudited pro forma results include the estimated impact of amortizing and accreting certain estimated purchase accounting adjustments such as intangible assets as well as fair value adjustments to loans and deposits. Merger-related expenses that occurred at the effective time of the merger or subsequent to the merger are not reflected in the unaudited pro forma amounts. Cost savings are also not reflected in the unaudited pro forma amounts for the three months ended March 31, 2018. The pro forma information does not necessarily reflect the results of operations that would have occurred had Synovus merged with FCB at the beginning of 2018. (in thousands) Actual from Acquisition Date (January 1, 2019) through March 31, 2019 (1) Pro Forma for Three Months Ended March 31, 2018 Net interest income $ 397,175 $ 374,982 Non-interest income 79,378 74,269 Net income available to common shareholders 117,036 152,362 1) Actual results for the first quarter of 2019 include pre-tax merger-related expense of $49.7 million . In connection with the FCB acquisition, Synovus incurred merger-related expense totaling $49.7 million for the three months ended March 31, 2019, primarily related to employee compensation, severance, and professional services, including the payment of $21.8 million related to employment agreements of certain FCB executives. Merger-related expense for the three months ended March 31, 2019 is presented in the table below: (in thousands) Three Months Ended March 31, 2019 Employee compensation, severance, and other employee benefit costs $ 32,988 Professional services 15,200 All other expense (1) 1,550 Total merger-related expense $ 49,738 (1) Primarily relates to fees associated with lease exit accruals, asset impairments related to the integration, and contract termination charges. Acquisition of Global One On October 1, 2016, Synovus completed its acquisition of all of the outstanding stock of Global One. Under the terms of the merger agreement, the purchase price included 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. During 2018, Synovus recorded an $11.7 million increase to the earnout liability driven by increased earnings projections of Global One and issued the second annual Earnout Payment of 199 thousand shares of Synovus common stock valued at $7.4 million and $1.2 million in cash. The total fair value of the earnout liability at March 31, 2019 was $14.4 million |
Investment Securities Available
Investment Securities Available for Sale | 3 Months Ended |
Mar. 31, 2019 | |
Investments [Abstract] | |
Investment Securities Available for Sale | Note 3 - 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, 2019 and December 31, 2018 are summarized below. March 31, 2019 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury securities $ 19,584 $ — $ — $ 19,584 U.S. Government agency securities 83,982 1,299 — 85,281 Mortgage-backed securities issued by U.S. Government agencies 93,455 216 (1,734 ) 91,937 Mortgage-backed securities issued by U.S. Government sponsored enterprises 4,612,253 42,710 (30,649 ) 4,624,314 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 1,001,493 3,513 (17,236 ) 987,770 Commercial mortgage-backed securities issued by U.S. Government sponsored enterprises 336,321 5,672 (168 ) 341,825 Asset-backed securities 506,125 4,722 (542 ) 510,305 State and municipal securities 2,108 1 (3 ) 2,106 Corporate debt securities 144,442 811 (184 ) 145,069 Total investment securities available for sale $ 6,799,763 $ 58,944 $ (50,516 ) $ 6,808,191 December 31, 2018 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury securities $ 123,436 $ — $ (1,359 ) $ 122,077 U.S. Government agency securities 38,021 361 — 38,382 Mortgage-backed securities issued by U.S. Government agencies 100,060 172 (3,027 ) 97,205 Mortgage-backed securities issued by U.S. Government sponsored enterprises 2,460,498 1,981 (63,829 ) 2,398,650 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 1,215,406 2,997 (29,885 ) 1,188,518 Commercial mortgage-backed securities issued by U.S. Government sponsored enterprises 131,492 613 (2,240 ) 129,865 Corporate debt securities 17,000 150 (215 ) 16,935 Total investment securities available for sale $ 4,085,913 $ 6,274 $ (100,555 ) $ 3,991,632 At March 31, 2019 and December 31, 2018 , investment securities with a carrying value of $1.84 billion and $1.56 billion , respectively, were pledged to secure certain deposits and securities sold under repurchase agreements as required by law and contractual agreements. Synovus has evaluated investment securities that are in an unrealized loss position as of March 31, 2019 and December 31, 2018 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. For investment securities that Synovus does not expect to sell, or it is not more likely than not it will be required to sell prior to recovery of its amortized cost basis, the credit component of an OTTI would be recognized in earnings and the non-credit component would be recognized in OCI. 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, 2019 , Synovus had 17 investment securities in a loss position for less than twelve months and 109 investment securities in a loss position for twelve months or longer. Asset-backed securities and corporate bonds and other debt securities acquired as part of the FCB acquisition were generally underwritten in accordance with Synovus' credit extension standards, without relying on a bond issuer's guarantee in making the investment decision. These investments are investment grade and will continue to be monitored as part of Synovus' ongoing impairment analysis, but are expected to perform in accordance with their terms. 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, 2019 and December 31, 2018 are presented below. March 31, 2019 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 Mortgage-backed securities issued by U.S. Government agencies $ 638 $ (3 ) $ 78,141 $ (1,731 ) $ 78,779 $ (1,734 ) Mortgage-backed securities issued by U.S. Government sponsored enterprises — — 1,729,242 (30,649 ) 1,729,242 (30,649 ) Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 512 (1 ) 851,982 (17,235 ) 852,494 (17,236 ) Commercial mortgage-backed securities issued by U.S. Government sponsored enterprises — — 51,236 (168 ) 51,236 (168 ) Asset-backed securities 103,969 (542 ) — — 103,969 (542 ) State and municipal securities 1,082 (3 ) — — 1,082 (3 ) Corporate debt securities 9,344 (165 ) 1,981 (19 ) 11,325 (184 ) Total $ 115,545 $ (714 ) $ 2,712,582 $ (49,802 ) $ 2,828,127 $ (50,516 ) December 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 $ 39,031 $ (118 ) $ 63,570 $ (1,241 ) $ 102,601 $ (1,359 ) Mortgage-backed securities issued by U.S. Government agencies 2,059 (2 ) 79,736 (3,025 ) 81,795 (3,027 ) Mortgage-backed securities issued by U.S. Government sponsored enterprises 130,432 (700 ) 2,105,358 (63,129 ) 2,235,790 (63,829 ) Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — — 964,732 (29,885 ) 964,732 (29,885 ) Commercial mortgage-backed securities issued by U.S. Government sponsored enterprises 58,998 (1,298 ) 44,220 (942 ) 103,218 (2,240 ) Corporate debt securities — — 1,785 (215 ) 1,785 (215 ) Total $ 230,520 $ (2,118 ) $ 3,259,401 $ (98,437 ) $ 3,489,921 $ (100,555 ) The amortized cost and fair value by contractual maturity of investment securities available for sale at March 31, 2019 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, 2019 (in thousands) Within One 1 to 5 5 to 10 More Than Total Amortized Cost U.S. Treasury securities $ 19,584 $ — $ — $ — $ 19,584 U.S. Government agency securities 791 2,100 81,091 — 83,982 Mortgage-backed securities issued by U.S. Government agencies — — 17,976 75,479 93,455 Mortgage-backed securities issued by U.S. Government sponsored enterprises — 48,381 462,977 4,100,895 4,612,253 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — — 25,958 975,535 1,001,493 Commercial mortgage-backed securities issued by U.S. Government sponsored enterprises — 22,765 217,918 95,638 336,321 Asset-backed securities — 4,495 328,637 172,993 506,125 State and municipal securities — — 1,085 1,023 2,108 Corporate debt securities — 109,290 33,152 2,000 144,442 Total amortized cost $ 20,375 $ 187,031 $ 1,168,794 $ 5,423,563 $ 6,799,763 Fair Value U.S. Treasury securities $ 19,584 $ — $ — $ — $ 19,584 U.S. Government agency securities 800 2,124 82,357 — 85,281 Mortgage-backed securities issued by U.S. Government agencies — — 17,700 74,237 91,937 Mortgage-backed securities issued by U.S. Government sponsored enterprises — 48,194 459,948 4,116,172 4,624,314 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — — 25,495 962,275 987,770 Commercial mortgage-backed securities issued by U.S. Government sponsored enterprises — 22,878 221,506 97,441 341,825 Asset-backed securities — 4,530 332,485 173,290 510,305 State and municipal securities — — 1,082 1,024 2,106 Corporate debt securities — 109,353 33,735 1,981 145,069 Total fair value $ 20,384 $ 187,079 $ 1,174,308 $ 5,426,420 $ 6,808,191 Proceeds from sales, gross gains, and gross losses on sales of securities available for sale for the three months ended March 31, 2019 and 2018 are presented below. The specific identification method is used to reclassify gains and losses out of other comprehensive income at the time of sale. Three Months Ended March 31, (in thousands) 2019 2018 Proceeds from sales of investment securities available for sale $ 1,188,239 $ — Gross realized gains on sales 9,130 — Gross realized losses on sales (9,055 ) — Investment securities gains, net $ 75 $ — |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses | 3 Months Ended |
Mar. 31, 2019 | |
Loans and Allowance for Loan Losses [Abstract] | |
Loans and Allowance for Loan Losses | Note 4 - Loans and Allowance for Loan Losses The following is a summary of current, accruing past due, and non-accrual originated (loans originated, renewed, refinanced, modified, or otherwise underwritten by Synovus) and acquired loans from business combinations by portfolio class as of March 31, 2019 and December 31, 2018 . Current, Accruing Past Due, and Non-accrual Originated Loans March 31, 2019 (in thousands) Current Accruing 30-89 Days Past Due Accruing 90 Days or Greater Past Due Total Accruing Past Due Non-accrual Total Commercial, financial and agricultural $ 7,563,911 $ 17,395 $ 641 $ 18,036 $ 79,305 $ 7,661,252 Owner-occupied 5,356,411 7,699 329 8,028 11,239 5,375,678 Total commercial and industrial 12,920,322 25,094 970 26,064 90,544 13,036,930 Investment properties 5,712,709 7,510 — 7,510 726 5,720,945 1-4 family properties 654,046 2,031 — 2,031 1,722 657,799 Land and development 336,537 3,749 251 4,000 2,650 343,187 Total commercial real estate 6,703,292 13,290 251 13,541 5,098 6,721,931 Consumer mortgages 3,031,630 5,721 — 5,721 6,856 3,044,207 Home equity lines 1,521,292 5,333 345 5,678 13,756 1,540,726 Credit cards 248,066 2,307 2,389 4,696 — 252,762 Other consumer loans 2,002,539 16,374 531 16,905 4,249 2,023,693 Total consumer 6,803,527 29,735 3,265 33,000 24,861 6,861,388 Total loans $ 26,427,141 $ 68,119 $ 4,486 $ 72,605 $ 120,503 $ 26,620,249 (1) Current, Accruing Past Due, and Non-accrual Acquired Loans March 31, 2019 (in thousands) Current Accruing 30-89 Days Past Due (2) Accruing 90 Days or Greater Past Due (2) Total Accruing Past Due (2) Non-accrual (2) ASC 310-30 Loans Discount/Premium Total Commercial, financial and agricultural $ 702,511 $ — $ — $ — $ — $ 1,200,453 $ (16,400 ) $ 1,886,564 Owner-occupied 76,452 — — — — 1,115,983 (7,432 ) 1,185,003 Total commercial and industrial 778,963 — — — — 2,316,436 (23,832 ) 3,071,567 Investment properties 991,352 — — — — 2,228,455 (23,972 ) 3,195,835 1-4 family properties 44,363 — — — 180 63,960 (1,301 ) 107,202 Land and development 127,204 — — — — 113,053 (2,853 ) 237,404 Total commercial real estate 1,162,919 — — — 180 2,405,468 (28,126 ) 3,540,441 Consumer mortgages 127,577 — — — — 2,319,288 (100,251 ) 2,346,614 Home equity lines 68,395 75 — 75 7 5,377 (8,353 ) 65,501 Other consumer loans 358 — — — — 14,923 (1,497 ) 13,784 Total consumer 196,330 75 — 75 7 2,339,588 (110,101 ) 2,425,899 Total loans $ 2,138,212 $ 75 $ — $ 75 $ 187 $ 7,061,492 $ (162,059 ) $ 9,037,907 (3) Current, Accruing Past Due, and Non-accrual Loans December 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 Commercial, financial, and agricultural $ 7,372,301 $ 7,988 $ 114 $ 8,102 $ 69,295 $ 7,449,698 Owner-occupied 5,317,023 5,433 81 5,514 8,971 5,331,508 Total commercial and industrial 12,689,324 13,421 195 13,616 78,266 12,781,206 Investment properties 5,557,224 1,312 34 1,346 2,381 5,560,951 1-4 family properties 674,648 2,745 96 2,841 2,381 679,870 Land and development 319,978 739 — 739 2,953 323,670 Total commercial real estate 6,551,850 4,796 130 4,926 7,715 6,564,491 Consumer mortgages 2,922,136 7,150 — 7,150 4,949 2,934,235 Home equity lines 1,496,562 7,092 28 7,120 12,114 1,515,796 Credit cards 252,832 3,066 2,347 5,413 — 258,245 Other consumer loans 1,894,352 17,604 1,098 18,702 3,689 1,916,743 Total consumer 6,565,882 34,912 3,473 38,385 20,752 6,625,019 Total loans $ 25,807,056 $ 53,129 $ 3,798 $ 56,927 $ 106,733 $ 25,970,716 (4) (1) Total before net deferred fees and costs of $23.7 million . (2) For purposes of this table, non-performing and past due loans exclude acquired loans accounted for under ASC 310-30. (3) Represents $9.29 billion (at fair value) of loans acquired from FCB, net of payments since acquisition date. (4) Total before net deferred fees and costs of $24.1 million . Loans with carrying values of $11.59 billion and $8.40 billion were pledged as collateral for borrowings and capacity at March 31, 2019 and December 31, 2018 , respectively, to the FHLB and Federal Reserve Bank. 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. Synovus fully reserves for any loans rated as Loss. 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 Retail Credit Classification Policy. Additionally, in accordance with Interagency Supervisory Guidance, the risk grade classifications of consumer loans (consumer mortgages and home equity lines) 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. Originated Loan Portfolio Credit Exposure by Risk Grade March 31, 2019 (in thousands) Pass Special Substandard (1) Doubtful (2) Loss (3) Total Commercial, financial and agricultural $ 7,409,047 $ 114,592 $ 134,607 $ 3,006 $ — $ 7,661,252 Owner-occupied 5,261,553 44,074 69,626 425 — 5,375,678 Total commercial and industrial 12,670,600 158,666 204,233 3,431 — 13,036,930 Investment properties 5,674,855 21,418 24,672 — — 5,720,945 1-4 family properties 644,165 6,080 7,554 — — 657,799 Land and development 320,071 13,057 10,059 — — 343,187 Total commercial real estate 6,639,091 40,555 42,285 — — 6,721,931 Consumer mortgages 3,035,289 — 8,821 97 — 3,044,207 Home equity lines 1,524,679 — 14,279 22 1,746 1,540,726 Credit cards 250,379 — 820 — 1,563 (4) 252,762 Other consumer loans 2,019,300 — 4,393 — — 2,023,693 Total consumer 6,829,647 — 28,313 119 3,309 6,861,388 Total loans $ 26,139,338 $ 199,221 $ 274,831 $ 3,550 $ 3,309 $ 26,620,249 (5) Acquired Loan Portfolio Credit Exposure by Risk Grade March 31, 2019 (in thousands) Pass Special Mention Substandard (1) Doubtful Loss Total Commercial, financial and agricultural $ 1,851,159 $ 18,283 $ 17,122 $ — $ — $ 1,886,564 Owner-occupied 1,171,512 5,723 7,768 — — 1,185,003 Total commercial and industrial 3,022,671 24,006 24,890 — — 3,071,567 Investment properties 3,130,586 21,853 43,396 — — 3,195,835 1-4 family properties 104,555 164 2,483 — — 107,202 Land and development 237,274 130 — — — 237,404 Total commercial real estate 3,472,415 22,147 45,879 — — 3,540,441 Consumer mortgages 2,341,245 — 5,369 — — 2,346,614 Home equity lines 65,084 — 417 — — 65,501 Other consumer loans 13,784 — — — — 13,784 Total consumer 2,420,113 — 5,786 — — 2,425,899 Total loans $ 8,915,199 $ 46,153 $ 76,555 $ — $ — $ 9,037,907 (6) Loan Portfolio Credit Exposure by Risk Grade December 31, 2018 (in thousands) Pass Special Substandard (1) Doubtful (2) Loss (3) Total Commercial, financial and agricultural $ 7,190,517 $ 118,188 $ 140,218 $ 775 $ — $ 7,449,698 Owner-occupied 5,212,473 55,038 63,572 425 — 5,331,508 Total commercial and industrial 12,402,990 173,226 203,790 1,200 — 12,781,206 Investment properties 5,497,344 40,516 23,091 — — 5,560,951 1-4 family properties 663,692 6,424 9,754 — — 679,870 Land and development 297,855 12,786 13,029 — — 323,670 Total commercial real estate 6,458,891 59,726 45,874 — — 6,564,491 Consumer mortgages 2,926,712 — 7,425 98 — 2,934,235 Home equity lines 1,501,316 — 13,130 174 1,176 1,515,796 Credit cards 255,904 — 858 — 1,483 (4) 258,245 Other consumer loans 1,912,902 — 3,841 — — 1,916,743 Total consumer 6,596,834 — 25,254 272 2,659 6,625,019 Total loans $ 25,458,715 $ 232,952 $ 274,918 $ 1,472 $ 2,659 $ 25,970,716 (7) (1) Includes $214.3 million and $172.3 million of Substandard accruing loans at March 31, 2019 and December 31, 2018 , respectively. (2) The loans within this risk grade are on non-accrual status and 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 Retail Credit Classification Policy. (5) Total before net deferred fees and costs of $23.7 million . (6) Represents $9.29 billion (at fair value) of loans acquired from FCB, net of payments since acquisition date. (7) Total before net deferred fees and costs of $24.1 million . Acquired loans As discussed in "Part I - Item 1. Financial Statements and Supplementary Data - Note 2 - Acquisitions" , on January 1, 2019, Synovus acquired loans from FCB with fair values of $9.29 billion net of total discount of $169.4 million . At the Acquisition Date, the contractual required payments receivable on the purchased loans accounted for under ASC 310-20 totaled $2.45 billion , with a corresponding fair value of $2.15 billion . The estimated cash flows not expected to be collected at the Acquisition Date were $39.5 million . Information about the acquired FCB loan portfolio accounted for under ASC 310-30 as of the Acquisition Date is in the following table. (dollars in thousands) ASC 310-30 Loans Contractually required principal and interest at acquisition $ 8,377,942 Non-accretable difference (expected losses and foregone interest) (163,147 ) Cash flows expected to be collected at acquisition 8,214,795 Accretable yield (1,066,689 ) Basis in ASC 310-30 loans at acquisition $ 7,148,106 The following table is a summary of changes in the accretable difference for all loans accounted for under ASC 310-30 for the three months ended March 31, 2019 . (dollars in thousands) Three Months Ended March 31, 2019 Beginning balance $ — Additions 1,066,689 Transfers from non-accretable difference to accretable yield — Accretion (88,928 ) Changes in expected cash flows not affecting non-accretable differences (1) — Ending balance $ 977,761 (1) Includes changes in cash flows expected to be collected due to the impact of changes in actual or expected timing of liquidation events, modifications, changes in interest rates and changes in prepayment assumptions . The following tables detail the changes in the allowance for loan losses by loan segment for the three months ended March 31, 2019 and 2018. Allowance for Loan Losses and Recorded Investment in Loans As Of and For The Three Months Ended March 31, 2019 (in thousands) Commercial & Industrial Commercial Real Estate Consumer Total Allowance for loan losses: Beginning balance $ 133,123 $ 68,796 $ 48,636 $ 250,555 Charge-offs (13,039 ) (1,233 ) (6,427 ) (20,699 ) Recoveries 1,990 344 1,277 3,611 Provision for loan losses 13,565 1,102 8,902 23,569 Ending balance (1) $ 135,639 $ 69,009 $ 52,388 $ 257,036 Ending balance: individually evaluated for impairment $ 17,948 $ 1,610 $ 763 $ 20,321 Ending balance: collectively evaluated for impairment $ 117,691 $ 67,399 $ 51,625 $ 236,715 Loans: Ending balance: total loans (2) $ 16,108,497 $ 10,262,372 $ 9,287,287 $ 35,658,156 Ending balance: individually evaluated for impairment $ 135,825 $ 28,107 $ 28,347 $ 192,279 Ending balance: collectively evaluated for impairment (3) $ 13,680,451 $ 7,854,004 $ 7,018,033 $ 28,552,488 Ending balance: acquired loans accounted for under ASC 310-30 (4) $ 2,292,221 $ 2,380,261 $ 2,240,907 $ 6,913,389 As Of and For The Three Months Ended March 31, 2018 (in thousands) Commercial & Industrial Commercial Real Estate Consumer Total Allowance for loan losses: Beginning balance $ 126,803 $ 74,998 $ 47,467 $ 249,268 Charge-offs (8,015 ) (1,911 ) (4,455 ) (14,381 ) Recoveries 3,112 5,723 1,266 10,101 Provision for loan losses 12,845 (4,819 ) 4,750 12,776 Ending balance (1) $ 134,745 $ 73,991 $ 49,028 $ 257,764 Ending balance: individually evaluated for impairment $ 14,405 $ 3,740 $ 797 $ 18,942 Ending balance: collectively evaluated for impairment $ 120,340 $ 70,251 $ 48,231 $ 238,822 Loans: Ending balance: total loans (1)(5) $ 12,101,917 $ 6,835,727 $ 5,969,354 $ 24,906,998 Ending balance: individually evaluated for impairment $ 112,823 $ 49,221 $ 29,608 $ 191,652 Ending balance: collectively evaluated for impairment $ 11,989,094 $ 6,786,506 $ 5,939,746 $ 24,715,346 (1) As of and for the three months ended March 31, 2019 and 2018 , there was no allowance for loan losses for acquired loans accounted for under ASC 310-30. (2) Total before net deferred fees and costs of $23.7 million . (3) These loans are presented net of the remaining fair value discount of $14.0 million at March 31. 2019. (4) These loans are presented net of the remaining fair value discount of $148.1 million at March 31, 2019. (5) Total before net deferred fees and costs of $24.0 million . Below is a detailed summary of impaired loans (including TDRs) by class as of March 31, 2019 and December 31, 2018 and for the three months ended March 31, 2019 and 2018. At March 31, 2019 and December 31, 2018 , impaired loans of $80.1 million and $51.3 million , respectively, were on non-accrual status. Impaired Loans (including accruing TDRs) March 31, 2019 December 31, 2018 Recorded Investment Recorded Investment (in thousands) Unpaid Principal Balance Without an ALL With an ALL Related Allowance Unpaid Principal Balance Without an ALL With an ALL Related Allowance Commercial, financial and agricultural $ 98,263 $ 32,007 $ 53,145 $ 15,063 $ 65,150 $ 22,298 $ 34,222 $ 7,133 Owner-occupied 53,433 124 50,549 2,885 49,588 — 48,902 3,074 Total commercial and industrial 151,696 32,131 103,694 17,948 114,738 22,298 83,124 10,207 Investment properties 13,019 — 13,019 894 13,916 — 13,916 1,523 1-4 family properties 5,044 — 5,044 144 5,586 — 5,586 131 Land and development 12,632 265 9,779 572 16,283 265 13,431 944 Total commercial real estate 30,695 265 27,842 1,610 35,785 265 32,933 2,598 Consumer mortgages 19,751 — 19,751 280 19,506 — 19,506 343 Home equity lines 3,389 — 3,339 307 3,264 — 3,235 224 Other consumer loans 5,257 — 5,257 176 5,565 — 5,565 177 Total consumer 28,397 — 28,347 763 28,335 — 28,306 744 Total loans $ 210,788 $ 32,396 $ 159,883 $ 20,321 $ 178,858 $ 22,563 $ 144,363 $ 13,549 Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 (in thousands) Average Recorded Investment Interest Income Recognized (1) Average Recorded Investment Interest Income Recognized (1) Commercial, financial and agricultural $ 76,353 $ 554 $ 75,880 $ 399 Owner-occupied 50,038 526 37,715 370 Total commercial and industrial 126,391 1,080 113,595 769 Investment properties 13,040 142 22,769 198 1-4 family properties 5,509 131 11,715 216 Land and development 11,062 35 18,170 76 Total commercial real estate 29,611 308 52,654 490 Consumer mortgages 20,037 213 19,986 195 Home equity lines 3,302 35 6,505 45 Other consumer loans 5,463 78 5,391 72 Total consumer 28,802 326 31,882 312 Total loans $ 184,804 $ 1,714 $ 198,131 $ 1,571 (1) Of the interest income recognized during the three months ended March 31, 2019 and 2018, cash-basis interest income was $400 thousand and $141 thousand , respectively. Information about Synovus' TDRs is presented in the following tables. Modifications of loans that are accounted for within a pool under ASC Topic 310-30 are excluded as TDRs. Accordingly, such modifications do not result in the removal of those loans from the pool, even if the modification of those loans would otherwise be considered a TDR. As a result, all such acquired loans that would otherwise meet the criteria for classification as a TDR are excluded from the tables below. The following tables represent, by concession type, the post-modification balance for loans modified or renewed during the three months ended March 31, 2019 and March 31, 2018 that were reported as accruing or non-accruing TDRs. TDRs by Concession Type Three Months Ended March 31, 2019 (in thousands, except contract data) Number of Contracts Below Market Interest Rate Other Concessions (1) Total Commercial, financial and agricultural 13 $ 1,783 $ 899 $ 2,682 Owner-occupied 2 949 — 949 Total commercial and industrial 15 2,732 899 3,631 Investment properties 1 482 — 482 1-4 family properties 6 793 — 793 Total commercial real estate 7 1,275 — 1,275 Consumer mortgages 4 128 1,214 1,342 Home equity lines 1 — 105 105 Other consumer loans 18 108 1,046 1,154 Total consumer 23 236 2,365 2,601 Total TDRs 45 $ 4,243 $ 3,264 $ 7,507 (2) Three Months Ended March 31, 2018 (in thousands, except contract data) Number of Contracts Below Market Interest Rate Other Concessions (1) Total 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 Investment properties 1 — 1,959 1,959 1-4 family properties 6 963 — 963 Total commercial real estate 7 963 1,959 2,922 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 (3) (1) Other concessions generally include term extensions, interest only payments for a period of time, or principal forgiveness, but there was no principal forgiveness for each of the three months ended March 31, 2019 and 2018. (2) No net charge-offs were recorded during the three months ended March 31, 2019 upon restructuring of these loans. (3) No net charge-offs were recorded during the three months ended March 31, 2018 upon restructuring of these loans. For each of the three months ended March 31, 2019 and 2018, 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, 2019 , the allowance for loan losses allocated to accruing TDRs totaling $112.2 million was $4.7 million compared to accruing TDRs of $115.6 million with an allocated allowance for loan losses of $6.1 million at December 31, 2018 . 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. As of March 31, 2019 and December 31, 2018 , there were no |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Note 5 - Goodwill and Other Intangible Assets Changes to the carrying amount of goodwill by reporting unit for the three months ended March 31, 2019 are provided in the following table. There were no changes to the carrying amount of goodwill during the year ended December 31, 2018. (in thousands) Synovus Bank Reporting Unit Trust Services Reporting Unit Total Balance as of December 31, 2018 $ 32,884 $ 24,431 $ 57,315 Goodwill acquired during the year (preliminary allocation) 427,685 — 427,685 Balance as of March 31, 2019 $ 460,569 $ 24,431 $ 485,000 Effective January 1, 2019, Synovus acquired FCB. In connection with the acquisition, Synovus has recorded $427.7 million of goodwill based on preliminary fair value estimates of the assets acquired and liabilities assumed in the business combination as of March 31, 2019. Additionally, Synovus recorded a $68.2 million core deposit intangible asset on the Acquisition Date. See "Part I - Item 1. Financial Statements and Supplementary Data - Note 2 - Acquisitions" in this Report for additional information on the FCB acquisition. As of June 30, 2018, Synovus completed its annual goodwill impairment evaluation applying ASC 350-20-35-3A, Goodwill Subsequent Measurement - Qualitative Assessment Approach and concluded that goodwill was not impaired. No events or circumstances have occurred since that date to warrant a subsequent interim evaluation. The following table shows the gross carrying amount and accumulated amortization of other intangible assets as of March 31, 2019 and December 31, 2018 , which primarily consist of core deposit intangible assets acquired in the FCB acquisition. Core deposit intangible assets were $65.1 million at March 31, 2019 . The CDI is being amortized over its estimated useful life of approximately ten years utilizing an accelerated method. Amortization expense recognized on intangible assets for the three months ended March 31, 2019 and 2018 was $3.4 million and $292 thousand , respectively. (in thousands) March 31, 2019 December 31, 2018 Other intangible assets, gross carrying amount $ 81,128 $ 13,140 Other intangible assets, adjustment — (212 ) Other intangible assets, accumulated amortization (6,445 ) (3,053 ) Other intangible assets, net carrying amount $ 74,683 $ 9,875 |
Shareholders' Equity and Other
Shareholders' Equity and Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Shareholders' Equity and Other Comprehensive Income (Loss) | Note 6 - Shareholders' Equity and Other Comprehensive Income (Loss) Stock issued for acquisition of FCB On January 1, 2019, as part of the FCB acquisition, Synovus issued 22.0 million shares of common stock and reissued 27.4 million shares of treasury stock and incurred $417 thousand in costs related to the issuance. FCB stockholders received 1.055 shares of Synovus common stock for each outstanding share of FCB common stock. Also, under the terms of the Merger Agreement, outstanding stock options, non-vested restricted share units, and warrants were converted into options, restricted share units, and warrants, respectively, to purchase and receive Synovus common stock. The total value of the acquisition consideration paid by Synovus was approximately $1.6 billion . See "Part I - Item 1. Financial Statements and Supplementary Data - Note 2 - Acquisitions" in this Report for more information on the FCB acquisition. Repurchases of Common Stock On January 15, 2019 , Synovus announced a share repurchase program of up to $400 million . As of March 31, 2019 , Synovus had repurchased under this program a total of $320.0 million , or 8.5 million shares of its common stock, at an average price of $37.71 per share. The following tables illustrate activity within the balances in accumulated other comprehensive income (loss) by component for the three months ended March 31, 2019 and 2018 . Changes in Accumulated Other Comprehensive Income (Loss) by Component (Net of Income Taxes) (in thousands) Net unrealized losses on cash flow hedges (1) Net unrealized gains (losses) on investment securities available for sale (1) Post-retirement unfunded health benefit Total Balance as of December 31, 2018 $ (12,137 ) $ (83,179 ) $ 896 $ (94,420 ) Other comprehensive income (loss) before reclassifications — 76,164 — 76,164 Amounts reclassified from accumulated other comprehensive income (loss) — (56 ) (30 ) (86 ) Net current period other comprehensive income (loss) — 76,108 (30 ) 76,078 Balance as of March 31, 2019 $ (12,137 ) $ (7,071 ) $ 866 $ (18,342 ) Balance as of December 31, 2017 $ (12,137 ) $ (43,470 ) $ 853 $ (54,754 ) Other comprehensive income (loss) before reclassifications — (45,531 ) — (45,531 ) Amounts reclassified from accumulated other comprehensive income (loss) — — (21 ) (21 ) Net current period other comprehensive income (loss) — (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 ) (1) In accordance with ASC 740-20-45-11(b), in 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 which treats derivative instruments and available for sale securities as a single portfolio. For all periods presented, the ending balance in net unrealized gains (losses) on cash flow hedges and 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. |
Fair Value Accounting
Fair Value Accounting | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Accounting | Note 7 - Fair Value Accounting See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" to the consolidated financial statements of Synovus' 2018 Form 10-K for a description of the fair value hierarchy and 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 tables present all financial instruments measured at fair value on a recurring basis as of March 31, 2019 and December 31, 2018 . March 31, 2019 (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 $ — $ 241 $ — $ 241 Collateralized mortgage obligations issued by U.S. Government sponsored enterprises — 1,217 — 1,217 Other investments 200 82 — 282 Total trading securities $ 200 $ 1,540 $ — $ 1,740 Mortgage loans held for sale — 55,970 — 55,970 Investment securities available for sale: U.S. Treasury securities $ 19,584 $ — $ — $ 19,584 U.S. Government agency securities — 85,281 — 85,281 Mortgage-backed securities issued by U.S. Government agencies — 91,937 — 91,937 Mortgage-backed securities issued by U.S. Government sponsored enterprises — 4,624,314 — 4,624,314 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — 987,770 — 987,770 Commercial mortgage-backed securities issued by U.S. Government sponsored enterprises — 341,825 — 341,825 State and municipal securities — 2,106 — 2,106 Asset-backed securities — 510,305 — 510,305 Corporate debt securities — 143,088 1,981 145,069 Total investment securities available for sale $ 19,584 $ 6,786,626 $ 1,981 $ 6,808,191 Private equity investments — — 11,886 11,886 Mutual funds 16,147 — — 16,147 Mutual funds held in rabbi trusts 12,579 — — 12,579 GGL/SBA loans servicing asset — — 3,447 3,447 Derivative assets: Interest rate contracts $ — $ 74,114 $ — $ 74,114 Mortgage derivatives (1) — 1,637 — 1,637 Total derivative assets $ — $ 75,751 $ — $ 75,751 Liabilities Earnout liability (2) — — 14,353 14,353 Derivative liabilities: Interest rate contracts $ — $ 22,755 $ — 22,755 Mortgage derivatives (1) — 806 — 806 Visa derivative — — 1,366 1,366 Total derivative liabilities $ — $ 23,561 $ 1,366 $ 24,927 December 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 $ — $ 44 $ — $ 44 State and municipal securities — 1,064 — 1,064 Other investments 1,128 894 — 2,022 Total trading securities $ 1,128 $ 2,002 $ — $ 3,130 Mortgage loans held for sale — 37,129 — 37,129 Investment securities available for sale: U.S. Treasury securities $ 122,077 $ — $ — $ 122,077 U.S. Government agency securities — 38,382 — 38,382 Mortgage-backed securities issued by U.S. Government agencies — 97,205 — 97,205 Mortgage-backed securities issued by U.S. Government sponsored enterprises — 2,398,650 — 2,398,650 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — 1,188,518 — 1,188,518 Commercial mortgage-backed securities issued by U.S. Government sponsored enterprises — 129,865 — 129,865 Corporate debt securities — 15,150 1,785 16,935 Total investment securities available for sale $ 122,077 $ 3,867,770 $ 1,785 $ 3,991,632 Private equity investments — — 11,028 11,028 Mutual funds 3,168 — — 3,168 Mutual funds held in rabbi trusts 12,844 — — 12,844 GGL/SBA loans servicing asset — — 3,729 3,729 Derivative assets: Interest rate contracts $ — $ 18,388 $ — $ 18,388 Mortgage derivatives (1) — 944 — 944 Total derivative assets $ — $ 19,332 $ — $ 19,332 Liabilities Earnout liability (2) — — 14,353 14,353 Derivative liabilities: Interest rate contracts $ — $ 15,716 $ — $ 15,716 Mortgage derivatives (1) — 819 — 819 Visa derivative — — 1,673 1,673 Total derivative liabilities $ — $ 16,535 $ 1,673 $ 18,208 (1) 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. (2) Earnout liability consists of contingent consideration obligation related to the Global One acquisition. Fair Value Option Synovus has elected the fair value option for mortgage loans held for sale primarily to ease the operational burden required to maintain hedge accounting for these loans. Synovus is still able to achieve effective economic hedges on mortgage loans held for sale without the time and expense needed to manage a hedge accounting program. 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. An immaterial portion of these changes in fair value was attributable to changes in instrument-specific credit risk. Mortgage Loans Held for Sale (in thousands) As of March 31, 2019 As of December 31, 2018 Fair value $ 55,970 $ 37,129 Unpaid principal balance 54,333 35,848 Fair value less aggregate unpaid principal balance $ 1,637 $ 1,281 Changes in Fair Value Included in Net Income For the Three Months Ended March 31, (in thousands) 2019 2018 Mortgage loans held for sale $ 356 $ 115 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) During the three months ended March 31, 2019 and 2018, Synovus did not have any transfers in or out of Level 3 in the fair value hierarchy. For the three months ended March 31, 2019 , and 2018, total net gains/losses included in earnings attributable to the change in unrealized gains/(losses) relating to assets/liabilities still held at March 31, 2019 and 2018 were a $858 thousand gain and a $3.1 million loss, respectively. Three Months Ended March 31, 2019 (in thousands) Investment Securities Available for Sale Private Equity Investments GGL / SBA Loans Servicing Asset Earnout Visa Derivative Beginning balance, January 1, 2019 $ 1,785 $ 11,028 $ 3,729 $ (14,353 ) $ (1,673 ) Total gains (losses) realized/unrealized: Included in earnings — 858 (488 ) — — Unrealized gains (losses) included in OCI 196 — — — — Additions — — 206 — — Settlements — — — — 307 Ending balance, March 31, 2019 $ 1,981 $ 11,886 $ 3,447 $ (14,353 ) $ (1,366 ) Total net gains for the period included in earnings attributable to the change in unrealized gains/(losses) relating to assets/liabilities still held at March 31, 2019 $ — $ 858 $ — $ — $ — Three Months Ended March 31, 2018 (in thousands) Investment Securities Available for Sale Private Equity Investments GGL / SBA Earnout Visa Derivative Beginning balance, January 1, 2018 $ 1,935 $ 15,771 $ 4,101 $ (11,348 ) $ (4,330 ) Total (losses) gains realized/unrealized: Included in earnings — (3,056 ) (422 ) — — Unrealized gains (losses) included in OCI (83 ) — — — — Additions — — 292 — — Settlements — — — — 356 Ending balance, March 31, 2018 $ 1,852 $ 12,715 $ 3,971 $ (11,348 ) $ (3,974 ) 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 ) $ — $ — $ — Assets Measured at Fair Value on a Non-recurring Basis Certain assets are recorded at fair value on a non-recurring basis. Non-recurring fair value adjustments typically are a result of the application of lower of cost or fair value accounting occurring during the period recorded as a charge-off with associated provision expense or a write-down in non-interest expense. 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, 2019 December 31, 2018 (in thousands) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Impaired loans (1) $ — $ — $ 1,578 $ 1,578 $ — $ — $ 21,742 $ 21,742 Other loans held for sale — — — — — — 1,494 1,494 Other real estate — — 159 159 — — 3,827 3,827 Other assets held for sale — — 517 517 — — 1,104 1,104 (1) 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 sheets. The carrying value of ORE at March 31, 2019 and December 31, 2018 was $11.3 million and $6.2 million , respectively. The following table presents fair value adjustments recognized in earnings for the three months ended March 31, 2019 and 2018 for assets measured at fair value on a non-recurring basis still held at period-end. Three Months Ended March 31, (in thousands) 2019 2018 Impaired loans (1) $ 2,625 $ 720 Other loans held for sale — 1,512 Other real estate 18 731 Other assets held for sale 96 107 (1) Collateral-dependent impaired loans that were written down to fair value during the period. Fair Value of Financial Instruments The following tables present the carrying and fair values of financial instruments at March 31, 2019 and December 31, 2018 . The fair values represent management’s estimates based on various methodologies and assumptions. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" to the consolidated financial statements of Synovus' 2018 Form 10-K for a description of how fair value measurements are determined. March 31, 2019 (in thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Financial assets Total cash, cash equivalents, restricted cash, and restricted cash equivalents $ 1,265,925 $ 1,265,925 $ 1,265,925 $ — $ — Trading securities 1,740 1,740 200 1,540 — Mortgage loans held for sale 55,970 55,970 — 55,970 — Other loans held for sale 12 12 — — 12 Investment securities available for sale 6,808,191 6,808,191 19,584 6,786,626 1,981 Private equity investments 11,886 11,886 — — 11,886 Mutual funds 16,147 16,147 16,147 — — Mutual funds held in rabbi trusts 12,579 12,579 12,579 — — Loans, net 35,377,465 35,086,637 — — 35,086,637 GGL/SBA loans servicing asset 3,447 3,447 — — 3,447 Derivative assets 75,751 75,751 — 75,751 — Financial liabilities Non-interest-bearing deposits $ 9,144,315 $ 9,144,315 $ — $ 9,144,315 $ — Non-time interest-bearing deposits 18,345,758 18,345,758 — 18,345,758 — Time deposits 10,585,117 10,592,682 — 10,592,682 — Total deposits $ 38,075,190 $ 38,082,755 $ — $ 38,082,755 $ — Federal funds purchased and securities sold under repurchase agreements 314,383 314,383 314,383 — — Other short-term borrowings 853,000 853,000 — 853,000 — Long-term debt 2,106,037 2,119,630 — 2,119,630 — Earnout liability 14,353 14,353 — — 14,353 Derivative liabilities 24,927 24,927 — 23,561 1,366 December 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 $ 1,143,564 $ 1,143,564 $ 1,143,564 $ — $ — Trading securities 3,130 3,130 1,128 2,002 — Mortgage loans held for sale 37,129 37,129 — 37,129 — Other loans for sale 1,506 1,506 — — 1,506 Investment securities available for sale 3,991,632 3,991,632 122,077 3,867,770 1,785 Private equity investments 11,028 11,028 — — 11,028 Mutual funds 3,168 3,168 3,168 — — Mutual funds held in rabbi trusts 12,844 12,844 12,844 — — Loans, net 25,696,018 25,438,890 — — 25,438,890 GGL/SBA loans servicing asset 3,729 3,729 — — 3,729 Derivative assets 19,332 19,332 — 19,332 — Financial liabilities Non-interest-bearing deposits $ 7,650,967 $ 7,650,967 $ — $ 7,650,967 $ — Non-time interest-bearing deposits 14,065,959 14,065,959 — 14,065,959 — Time deposits 5,003,396 4,989,570 — 4,989,570 — Total deposits $ 26,720,322 $ 26,706,496 $ — $ 26,706,496 $ — Federal funds purchased and securities sold under repurchase agreements 237,692 237,692 237,692 — — Other short-term borrowings 650,000 650,000 — 650,000 — Long-term debt 1,657,157 1,649,642 — 1,649,642 — Earnout liability 14,353 14,353 — — 14,353 Derivative liabilities 18,208 18,208 — 16,535 1,673 |
Derivative Instruments
Derivative Instruments | 3 Months Ended |
Mar. 31, 2019 | |
Summary of Derivative Instruments [Abstract] | |
Derivative Instruments | Note 8 - 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. As of March 31, 2019 and December 31, 2018 , 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. 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, 2019 , collateral totaling $64.2 million was pledged to the derivative counterparties to comply with collateral requirements. For derivatives cleared through central clearing houses, the variation margin payments made are legally characterized as settlements of the derivatives. As a result, these variation margin payments are netted against the fair value of the respective derivative contracts in the balance sheet and related disclosures. At March 31, 2019 and December 31, 2018 , Synovus had a variation margin of $51.9 million and $3.1 million respectively, each reducing the derivative liability. The following table reflects the notional amount and fair value of derivative instruments included on the consolidated balance sheets including derivatives acquired from FCB. March 31, 2019 December 31, 2018 Fair Value Fair Value (in thousands) Notional Amount Derivative Assets (1) Derivative Liabilities (2) Notional Amount Derivative Assets (1) Derivative Liabilities (2) Derivatives not designated Interest rate contracts (3) $ 5,403,031 $ 74,114 $ 22,755 $ 1,840,288 18,388 $ 15,716 Mortgage derivatives - interest rate lock commitments 95,053 1,637 — 52,420 944 — Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans 93,500 — 806 65,500 — 819 Visa derivative — — 1,366 — — 1,673 Total derivatives not designated as hedging instruments $ 75,751 $ 24,927 $ 19,332 $ 18,208 (1) Derivative assets are recorded in other assets on the consolidated balance sheets. (2) Derivative liabilities are recorded in other liabilities on the consolidated balance sheets. (3) Includes interest rate contracts for customer swaps and offsetting positions, net of variation margin payments. The pre-tax effect of changes in fair value from derivative instruments not designated as hedging instruments on the consolidated statements of income for the three months ended March 31, 2019 and 2018 is presented below. Gain (Loss) Recognized in Consolidated Statements of Income Three Months Ended March 31, (in thousands) Location in Consolidated Statements of Income 2019 2018 Derivatives not designated as hedging instruments: Interest rate contracts (1) Other non-interest income $ (130 ) $ 7 Mortgage derivatives - interest rate lock commitments Mortgage banking income 693 735 Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans Mortgage banking income 13 192 Total derivatives not designated as hedging instruments $ 576 $ 934 (1) |
Net Income Per Common Share
Net Income Per Common Share | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Net Income Per Common Share | Note 9 - 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, 2019 and 2018 . Three Months Ended March 31, (in thousands, except per share data) 2019 2018 Basic Net Income Per Common Share: Net income available to common shareholders $ 117,036 $ 100,607 Weighted average common shares outstanding 160,927 118,666 Net income per common share, basic $ 0.73 $ 0.85 Diluted Net Income Per Common Share: Net income available to common shareholders $ 117,036 $ 100,607 Weighted average common shares outstanding 160,927 118,666 Effect of dilutive outstanding equity-based awards, warrants, and earnout payments 1,833 655 Weighted average diluted common shares 162,760 119,321 Net income per common share, diluted $ 0.72 $ 0.84 Basic net income per common share is computed by dividing net income available to common shareholders 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, restricted share units, and warrants 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, 2019 , there were 40 thousand of potentially dilutive shares related to stock options to purchase shares of common stock that were outstanding during 2019 , and as of March 31, 2018 , there were 2.2 million |
Share-based Compensation
Share-based Compensation | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-based Compensation | Note 10 - Share-based Compensation As a result of the FCB acquisition on January 1, 2019, Synovus assumed 3.2 million outstanding FCB stock option awards and 136 thousand outstanding FCB restricted stock unit awards. Per the Merger Agreement, each stock option and restricted share unit outstanding on the Acquisition Date was assumed and converted into a stock option or restricted stock unit award relating to shares of Synovus common stock, with the same terms and conditions as were applicable under such award prior to the acquisition. The converted options and restricted share units had a fair value of $41.5 million on the Acquisition Date, of which $4.2 million was allocated to compensation expense and the remaining to purchase price. The estimated fair value of the converted restricted share units was based on Synovus' closing stock price on December 31, 2018, and the estimated fair value of the converted stock options was determined using a Hull-White model in a binomial lattice option pricing framework. Additionally, under the terms of the Merger Agreement, certain outstanding FCB non-vested equity awards with a fair value of $7.4 million on the Acquisition Date, accelerated vesting and converted automatically into the right to receive merger consideration at the merger exchange ratio of 1.055 , or an equivalent amount in cash, of which $3.8 million was allocated to merger-related compensation expense and the remaining to purchase price. The following tables summarize the status of Synovus' stock options, restricted share units, market restricted share units, and performance share units as of March 31, 2019, and activity for the three months ended March 31, 2019. Stock Options (amounts in thousands, except per share amounts) Quantity Weighted-Average Exercise Price Per Share Outstanding at January 1, 2019 640 $ 16.93 Assumed 3,230 23.22 Exercised (361 ) 19.36 Outstanding at March 31, 2019 3,509 $ 22.47 Restricted Share Units Market Restricted Share Units Performance Share Units (amounts in thousands, except per share amounts) Quantity Weighted-Average Grant Date Fair Value Per Share Quantity Weighted-Average Grant Date Fair Value Per Share Quantity Weighted-Average Grant Date Fair Value Per Share Non-vested at January 1, 2019 526 $ 41.18 144 $ 41.91 248 $ 38.29 Granted 438 36.60 151 36.53 140 37.34 Assumed 136 31.99 — — — — Quantity change by TSR factor — — (18 ) 38.11 — — Dividend equivalents granted 3 36.60 — — 8 37.34 Vested (236 ) 37.09 (55 ) 38.11 (93 ) 26.35 Forfeited (6 ) 41.18 — — — — Non-vested at March 31, 2019 861 $ 38.50 222 $ 39.50 303 $ 41.50 Total share-based compensation expense recognized for the three months ended March 31, 2019 and 2018 is presented in the following table by its classification within total non-interest expense. Three Months Ended March 31, (in thousands) 2019 2018 Salaries and other personnel expense $ 6,312 $ 3,773 Merger-related expense 3,806 — Other operating expenses 126 182 Total share-based compensation expense included in non-interest expense $ 10,244 $ 3,955 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Leases | Note 11 - Leases Synovus’ leasing activities are primarily comprised of real estate leases used for retail branch locations and office space for core administrative and operating activities of Synovus’ banking and financial services business, and to a significantly lesser extent, certain equipment. The majority of these leases provide for fixed lease payments, including periodic escalators which are fixed at lease inception, however, a number of leases provide for variable lease payments where periodic increases in payment amounts are indexed to a consumer price index (CPI). Many leases include one or more options to renew which generally range from one to five years. Optional extension periods which are reasonably certain to be exercised in the future were included in the measurement of ROU assets and lease liabilities. Synovus’ leasing arrangements do not contain any material residual value guarantees, material restrictive covenants, or material end of lease purchase options. The following table presents the lease balances within the consolidated balance sheet as of March 31, 2019: Leases (in thousands) Classification March 31, 2019 Assets Operating Other Assets $ 378,903 Finance Premises and Equipment, net (1) 3,457 Total leased assets $ 382,360 Liabilities Operating Other Liabilities 385,734 Finance Other Liabilities 3,229 Total lease liabilities $ 388,963 (1) Finance lease assets are recorded net of accumulated amortization of $224 thousand as of March 31, 2019. For the three months ended March 31, 2019, the components of lease expense were as follows: Lease Cost (in thousands) Classification March 31, 2019 Operating lease cost, net (1) Net occupancy and equipment expense $ 8,171 Finance lease cost Amortization of leased assets Net occupancy and equipment expense 224 Interest on lease liabilities Net occupancy and equipment expense 20 Sublease income (2) Net occupancy and equipment expense (166 ) Net lease cost $ 8,249 (1) Excludes variable and short-term lease costs, which are not material. (2) Sublease income excludes rental income from owned properties of $594 thousand for the three months ended March 31, 2019 which is also included in net occupancy and equipment expenses. The following table presents the weighted average remaining lease term and weighted average discount rates related to Synovus' leases as of March 31, 2019: Lease Term and Discount Rate Weighted-average remaining lease term (years) Weighted-average discount rate (percentage) Operating leases 21.6 3.55 % Finance leases 4.4 2.45 Supplemental cash flow information related to the Company's leasing activities for the three months ended March 31, 2019 are as follows: Other Information (in thousands) Three Months Ended March 31, 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ (7,461 ) Operating cash flows from finance leases (20 ) Financing cash flows from finance leases (178 ) The following table presents the maturity of the Company’s lease liabilities as of March 31, 2019: Maturity of Lease Liabilities (in thousands) Operating Leases Finance Leases Total 2019 $ 22,242 $ 692 $ 22,934 2020 29,454 871 30,325 2021 28,000 839 28,839 2022 27,280 465 27,745 2023 25,704 180 25,884 After 2023 433,753 343 434,096 Total lease payments $ 566,433 $ 3,390 $ 569,823 Less: Imputed interest 180,699 161 180,860 Present value of lease liabilities $ 385,734 $ 3,229 $ 388,963 As of March 31, 2019, minimum lease payments related to operating leases that had not yet commenced were $20.6 million |
Leases | Note 11 - Leases Synovus’ leasing activities are primarily comprised of real estate leases used for retail branch locations and office space for core administrative and operating activities of Synovus’ banking and financial services business, and to a significantly lesser extent, certain equipment. The majority of these leases provide for fixed lease payments, including periodic escalators which are fixed at lease inception, however, a number of leases provide for variable lease payments where periodic increases in payment amounts are indexed to a consumer price index (CPI). Many leases include one or more options to renew which generally range from one to five years. Optional extension periods which are reasonably certain to be exercised in the future were included in the measurement of ROU assets and lease liabilities. Synovus’ leasing arrangements do not contain any material residual value guarantees, material restrictive covenants, or material end of lease purchase options. The following table presents the lease balances within the consolidated balance sheet as of March 31, 2019: Leases (in thousands) Classification March 31, 2019 Assets Operating Other Assets $ 378,903 Finance Premises and Equipment, net (1) 3,457 Total leased assets $ 382,360 Liabilities Operating Other Liabilities 385,734 Finance Other Liabilities 3,229 Total lease liabilities $ 388,963 (1) Finance lease assets are recorded net of accumulated amortization of $224 thousand as of March 31, 2019. For the three months ended March 31, 2019, the components of lease expense were as follows: Lease Cost (in thousands) Classification March 31, 2019 Operating lease cost, net (1) Net occupancy and equipment expense $ 8,171 Finance lease cost Amortization of leased assets Net occupancy and equipment expense 224 Interest on lease liabilities Net occupancy and equipment expense 20 Sublease income (2) Net occupancy and equipment expense (166 ) Net lease cost $ 8,249 (1) Excludes variable and short-term lease costs, which are not material. (2) Sublease income excludes rental income from owned properties of $594 thousand for the three months ended March 31, 2019 which is also included in net occupancy and equipment expenses. The following table presents the weighted average remaining lease term and weighted average discount rates related to Synovus' leases as of March 31, 2019: Lease Term and Discount Rate Weighted-average remaining lease term (years) Weighted-average discount rate (percentage) Operating leases 21.6 3.55 % Finance leases 4.4 2.45 Supplemental cash flow information related to the Company's leasing activities for the three months ended March 31, 2019 are as follows: Other Information (in thousands) Three Months Ended March 31, 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ (7,461 ) Operating cash flows from finance leases (20 ) Financing cash flows from finance leases (178 ) The following table presents the maturity of the Company’s lease liabilities as of March 31, 2019: Maturity of Lease Liabilities (in thousands) Operating Leases Finance Leases Total 2019 $ 22,242 $ 692 $ 22,934 2020 29,454 871 30,325 2021 28,000 839 28,839 2022 27,280 465 27,745 2023 25,704 180 25,884 After 2023 433,753 343 434,096 Total lease payments $ 566,433 $ 3,390 $ 569,823 Less: Imputed interest 180,699 161 180,860 Present value of lease liabilities $ 385,734 $ 3,229 $ 388,963 As of March 31, 2019, minimum lease payments related to operating leases that had not yet commenced were $20.6 million |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 12 - 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. Synovus also has commitments to fund certain low income housing investments. 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) can 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 sheets. Additionally, unearned fees relating to letters of credit are recorded within other liabilities on the consolidated balance sheets. These amounts are not material to Synovus' consolidated balance sheets. Synovus invests in certain low income housing tax credit partnerships which are engaged in the development and operation of affordable multi-family housing utilizing the LIHTC pursuant to Section 42 of the Code. Synovus typically acts as a limited partner in these investments and does not exert control over the operating or financial policies of the partnerships and as such, is not considered the primary beneficiary of the partnership. Synovus typically provides financing during the construction and development of the properties and is at risk for the amount of its equity investment plus the outstanding amount of any construction loans in excess of the fair value of the collateral for the loan but has no obligation to fund the operations or working capital of the partnerships and are not exposed to losses beyond Synovus’ investment. Synovus receives tax credits related to these investments which are subject to recapture by taxing authorities based on compliance features required to be met at the project level. (in thousands) March 31, 2019 December 31, 2018 Letters of credit* $ 212,696 $ 157,675 Commitments to fund commercial and industrial loans 5,823,618 5,527,017 Commitments to fund commercial real estate, construction, and land development loans 3,016,716 2,034,223 Commitments under home equity lines of credit 1,396,313 1,258,657 Unused credit card lines 833,990 775,003 Other loan commitments 639,049 400,983 Total unfunded lending commitments and letters of credit $ 11,922,382 $ 10,153,558 Investments in low income housing tax credit partnerships: Carrying amount included in other assets $ 81,611 $ 83,736 Amount of future funding commitments included in carrying amount 33,463 47,123 Short-term construction loans and letter of credit commitments 259 1,585 Funded portion of short-term loans and letters of credit 2,822 5,595 * Represent the contractual amount net of risk participations of approximately $39 million and $46 million at March 31, 2019 and December 31, 2018 , respectively. Merchant Services In accordance with credit and debit card association rules, Synovus sponsors MPS that process credit and debit card transactions on behalf of various merchants. In connection with these services, a liability may arise in the event of a billing dispute between the merchant and a cardholder that is ultimately resolved in the cardholder's favor. If the merchant defaults on its obligations, the cardholder, through its issuing bank, generally has until six months after the date of the transaction to present a chargeback to the merchant processor, which is primarily liable for any losses on covered transactions. However, if the merchant processor fails to meet its obligations, then Synovus, as the sponsor, could be held liable for the disputed amount. Synovus seeks to mitigate this risk through its contractual arrangements with the MPS and the merchants by withholding future settlements, retaining cash reserve accounts and/or obtaining other security. For the three months ended March 31, 2019 and 2018 , the sponsored entities processed and settled $17.71 billion and $16.72 billion of transactions, respectively. Synovus began covering and has continued to cover chargebacks related to a particular MPS during 2019 and 2018 where the MPS’s cash reserve account was unavailable to support the chargebacks. As of March 31, 2019, Synovus had advanced $23.5 million to the MPS to cover these chargebacks. While Synovus has contractual protections against loss, repayment of such amounts will depend upon the continued financial viability and/or valuation of the MPS and the favorable resolution of any resulting disputes over the funds. 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, tax matters, 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 individuals related to loans and allegations of violations of state and federal laws and regulations relating to banking practices, including putative class action matters and also claims asserted by shareholders or purported shareholders against Synovus, members of Synovus' Board of Directors, and members of Synovus' management team. 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 reserve. 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, 2019 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. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
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' 2018 Form 10-K |
Reclassifications | Prior periods' consolidated financial statements are reclassified whenever necessary to conform to the current periods' presentation. |
Use of Estimates in the Preparation of Financial Statements | In preparing the consolidated financial statements in accordance with U.S. 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 change relate to the determination of the allowance for loan losses; estimates of fair value; income taxes; and contingent liabilities including legal matters, among others. |
Purchased Loans | Purchased loans are recorded at fair value in accordance with ASC Topic 820, Fair Value Measurement , consistent with the exit price concept on the date of acquisition. Credit risk assumptions and resulting credit discounts are included in the determination of fair value; therefore, no ALL is recorded at the acquisition date. Pursuant to an AICPA letter dated December 18, 2009, the AICPA summarized the SEC staff's view regarding the accounting in subsequent periods for discount accretion associated with loan receivables acquired in a business combination or asset purchase. Regarding the accounting for such loan receivables, in the absence of further standard setting, the AICPA understands the SEC staff would not object to an accounting policy based on contractual cash flows (ASC Topic 310-20, Nonrefundable Fees and Other Costs ) or an accounting policy based on expected cash flows (ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality ). Synovus analogizes to ASC Topic 310-30 to account for the fair value discount. Purchased loans are evaluated upon acquisition as following the ASC 310-30 approach or ASC 310-20. Loans meeting the scope exception of ASC 310-30 (e.g. loans with revolving components) are not permitted to be analogized and will be accounted for in accordance with ASC 310-20. For ASC 310-30 loans, expected cash flows at the acquisition date in excess of the fair value of loans are recorded as interest income over the life of the loans using a level yield method if the timing and amount of the future cash flows is reasonably estimable. Subsequent to the acquisition date, increases in cash flows over those expected at the acquisition date are recognized prospectively as interest income. Decreases in expected cash flows due to credit deterioration are recognized by recording an ALL. Loan removals from pools due to pay-off or charge-off are removed at their carrying amount. The difference between the carrying amount and the amount received to satisfy the loan is recorded in interest income. For ASC 310-20 loans, the difference between the fair value and UPB of the loan at the acquisition date is amortized or accreted to interest income over the contractual life of the loans using the effective interest method. In the event of prepayment, the remaining unamortized amount is recognized in interest income in the quarter of prepayment. Due to the significant difference in accounting for ASC 310-30 loans, Synovus believes inclusion of these loans in certain asset quality ratios that reflect non-performing assets in the numerator or denominator (or both) results in significant distortion to these ratios. In addition, because loan level charge-offs related to ASC 310-30 loans are not recognized in the financial statements until the cumulative amounts exceed the original loss projections on a pool basis, the net charge-off ratio is inconsistent with the net charge-off ratio for other loan portfolios. The inclusion of ASC 310-30 loans in certain asset quality ratios could result in a |
Non-interest Income - Revenue from Contracts with Customers within the scope of ASC Topic 606 | 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 (included in other non-interest income on the consolidated statements of income): |
Accounting Standards Updates | Recently Adopted Accounting Standards ASU 2016-02, Leases (ASC 842). In February 2016, the FASB issued ASU 2016-02, its new standard on lease accounting. ASU 2016-02 introduces a lessee model that brings substantially all operating leases on the balance sheet through the recognition of a ROU asset and a lease liability, and requires the disclosure of additional qualitative and quantitative information about leasing arrangements. The accounting model for financing leases from a lessee perspective, and for all leases from a lessor perspective remains largely unchanged from prior GAAP (ASC 840). Subsequent to the issuance of Topic 842, the FASB clarified the guidance through several ASUs; referred to hereinafter as “ASC 842”. Synovus adopted ASC 842 prospectively as of January 1, 2019 for existing leasing arrangements. As such, financial information was not updated and the disclosures required under the new standard are not presented for dates and periods prior to January 1, 2019. Refer to the 2018 10-K for lease disclosures surrounding prior period information reported under ASC 840, Leases. For leases that commenced prior to the effective date of ASC 842, Synovus elected the package of practical expedients not to reassess (a) whether existing contracts contain leases, (b) lease classification for existing leases, and (c) initial direct cost for any existing leases as well as the short-term lease recognition exemption for all leases that qualify. Additionally, we did not elect the practical expedient to combine lease and non-lease components for all of our leases. Adoption of the new standard resulted in the recording of ROU assets and lease liabilities of $387.3 million and $390.6 million , respectively, as of January 1, 2019. These amounts were based on the present value of the remaining rental payments for existing leases and include consideration for renewal and termination options available that we were reasonably certain of exercising. The adoption of the standard also resulted in a cumulative-effect adjustment, net of income taxes, to the beginning balance of retained earnings of $4.3 million ( $3.9 million of which consisted of deferred gains associated with sale-leaseback transactions that previously did not qualify for recognition). The ROU assets are included in other assets (other than $3.5 million of finance leases included in premises and equipment) on the consolidated balance sheet and the lease liabilities are included in other liabilities. Adoption of the standard did not materially impact our consolidated statements of income and had no impact on cash flows. Synovus determines if an arrangement is a lease at inception in accordance with ASC 842-10-15-3 and classifies leases as either operating or financing from a lessee perspective and operating or direct financing and sales-type from a lessor perspective based on criteria that are largely similar to those applied under ASC 840, Leases , but without explicit bright lines. ROU assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. The determination of future minimum lease payments includes consideration for extension or termination options when it is reasonably certain Synovus will exercise that option as well as rent escalation clauses (including market or index-based escalations) and abatements, capital improvement funding or other lease concessions. As most leases in Synovus' portfolio do not provide an implicit rate, Synovus utilizes a collateralized incremental borrowing rate, referenced to the Federal Home Loan Bank rates for borrowings of similar terms, based on the information available at lease commencement date in determining the present value of future payments. Additionally, for all real estate leases, Synovus applies a portfolio approach (based on lease term) in the application of the discount rate. Determination of the ROU asset also includes prepaid lease payments and amounts recognized relating to favorable or unfavorable lease terms from leases acquired through business combinations. For operating leases, minimum rental expense is recognized on a straight-line basis based on the fixed components of leasing arrangements. Variable lease components represent amounts that are not fixed in nature and are not tied to an index or rate, and are recognized as expense when incurred. For financing leases, rent expense is recognized as amortization expense on a straight-line basis and interest expense using the effective interest method. Additionally, leases with an initial term of 12 months or less are not recorded on the balance sheet; lease expense for these leases is recognized on a straight-line basis over the lease term. Net lease cost is recorded net of sublease income. For leases beginning in 2019 and later, lease components (e.g., base rent) are accounted for separately from non-lease components (e.g., common-area maintenance costs, real estate taxes and insurance costs). ASU 2017-04, Intangibles-Goodwill and Other, Simplifying the Test for Goodwill Impairment : In January 2017, the FASB issued ASU 2017- 04, which simplifies how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Therefore, any carrying amount which exceeds the reporting unit’s fair value (up to the amount of goodwill recorded) will be recognized as an impairment loss. The ASU is effective for annual reporting periods beginning after December 15, 2019, including interim periods within those periods. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. Synovus elected to early adopt the guidance, effective January 1, 2019 and will apply the guidance prospectively, beginning with its annual impairment test as of June 30, 2019. Based on goodwill impairment tests performed in 2018, which did not require the application of Step 2, Synovus does not expect the adoption of this ASU to have an immediate impact. Recently Issued Accounting Standards Not Yet Adopted ASU 2016-13, Financial Instruments--Credit Losses (CECL). In June 2016, the FASB issued new guidance related to credit losses. The new guidance (and all subsequent ASUs) replaces the existing incurred loss impairment guidance with an expected credit loss methodology. The new guidance will require management’s estimate of credit losses over the full remaining expected life of loans and other financial instruments. For Synovus, the standard will apply to loans, unfunded loan commitments, and debt securities available for sale. The standard is effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years with early adoption permitted on January 1, 2019. Synovus will adopt the guidance on January 1, 2020. Upon adoption, Synovus will record a cumulative-effect adjustment to retained earnings as of the beginning of the reporting period of adoption. In addition, the amendments provide for a simplified accounting model for purchased financial assets with a more-than-insignificant amount of credit deterioration since their acquisition ("PCD assets"). The initial estimate of expected credit losses on PCD assets will be recognized through the ALL with an offset to the cost basis of the related financial asset at acquisition. |
Acquisitions (Tables)
Acquisitions (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisition | The following table reflects the consideration paid for FCB's net assets and the identifiable assets purchased and liabilities assumed at their estimated fair values as of January 1, 2019. These fair value measurements are based on third-party and internal valuations. (in thousands) Consideration paid: Synovus common stock issued and reissued from treasury (1) $ 1,582,743 Cash payments to FCB stockholders attributed to purchase price (2) 173 Fair value of exchanged employee and director equity awards and FCB warrants attributed to purchase price (1) 43,362 Total purchase price $ 1,626,278 Statement of Net Assets Acquired at Fair Value (Preliminary): Assets Cash and cash equivalents $ 201,689 Investment securities available for sale 2,301,001 Loans 9,287,813 Cash surrender value of bank-owned life insurance 216,848 Premises and equipment 44,890 Core deposit intangible 68,200 Other assets 266,607 Total Assets $ 12,387,048 Liabilities Deposits $ 10,931,185 Federal funds purchased and securities sold under repurchase agreements 29,139 Long-term debt 153,236 Other liabilities 74,895 Total Liabilities $ 11,188,455 Fair value of net identifiable assets acquired 1,198,593 Preliminary goodwill $ 427,685 (1) Based on Synovus' closing stock price of $31.99 on December 31, 2018. (2) $173 thousand of cash payment of $601 thousand attributed to purchase price with remaining allocated to compensation expense. |
Business Acquisition, Pro Forma Information | The following table presents consolidated financial information included in Synovus' unaudited consolidated statements of income from the Acquisition Date (January 1, 2019) through March 31, 2019 under the column "Actual from Acquisition Date." Synovus does not provide separate summary financial information of FCB from the Acquisition Date since it would be impracticable to do so as certain systems and processes were integrated during the three months ended March 31, 2019. The following table also presents unaudited pro forma information as if the acquisition occurred on January 1, 2018 under the "Pro Forma" column. The unaudited pro forma results include the estimated impact of amortizing and accreting certain estimated purchase accounting adjustments such as intangible assets as well as fair value adjustments to loans and deposits. Merger-related expenses that occurred at the effective time of the merger or subsequent to the merger are not reflected in the unaudited pro forma amounts. Cost savings are also not reflected in the unaudited pro forma amounts for the three months ended March 31, 2018. The pro forma information does not necessarily reflect the results of operations that would have occurred had Synovus merged with FCB at the beginning of 2018. (in thousands) Actual from Acquisition Date (January 1, 2019) through March 31, 2019 (1) Pro Forma for Three Months Ended March 31, 2018 Net interest income $ 397,175 $ 374,982 Non-interest income 79,378 74,269 Net income available to common shareholders 117,036 152,362 1) Actual results for the first quarter of 2019 include pre-tax merger-related expense of $49.7 million |
Schedule of Acquisition Related Costs | In connection with the FCB acquisition, Synovus incurred merger-related expense totaling $49.7 million for the three months ended March 31, 2019, primarily related to employee compensation, severance, and professional services, including the payment of $21.8 million related to employment agreements of certain FCB executives. Merger-related expense for the three months ended March 31, 2019 is presented in the table below: (in thousands) Three Months Ended March 31, 2019 Employee compensation, severance, and other employee benefit costs $ 32,988 Professional services 15,200 All other expense (1) 1,550 Total merger-related expense $ 49,738 (1) Primarily relates to fees associated with lease exit accruals, asset impairments related to the integration, and contract termination charges. |
Investment Securities Availab_2
Investment Securities Available for Sale (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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, 2019 and December 31, 2018 are summarized below. March 31, 2019 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury securities $ 19,584 $ — $ — $ 19,584 U.S. Government agency securities 83,982 1,299 — 85,281 Mortgage-backed securities issued by U.S. Government agencies 93,455 216 (1,734 ) 91,937 Mortgage-backed securities issued by U.S. Government sponsored enterprises 4,612,253 42,710 (30,649 ) 4,624,314 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 1,001,493 3,513 (17,236 ) 987,770 Commercial mortgage-backed securities issued by U.S. Government sponsored enterprises 336,321 5,672 (168 ) 341,825 Asset-backed securities 506,125 4,722 (542 ) 510,305 State and municipal securities 2,108 1 (3 ) 2,106 Corporate debt securities 144,442 811 (184 ) 145,069 Total investment securities available for sale $ 6,799,763 $ 58,944 $ (50,516 ) $ 6,808,191 December 31, 2018 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury securities $ 123,436 $ — $ (1,359 ) $ 122,077 U.S. Government agency securities 38,021 361 — 38,382 Mortgage-backed securities issued by U.S. Government agencies 100,060 172 (3,027 ) 97,205 Mortgage-backed securities issued by U.S. Government sponsored enterprises 2,460,498 1,981 (63,829 ) 2,398,650 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 1,215,406 2,997 (29,885 ) 1,188,518 Commercial mortgage-backed securities issued by U.S. Government sponsored enterprises 131,492 613 (2,240 ) 129,865 Corporate debt securities 17,000 150 (215 ) 16,935 Total investment securities available for sale $ 4,085,913 $ 6,274 $ (100,555 ) $ 3,991,632 |
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, 2019 and December 31, 2018 are presented below. March 31, 2019 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 Mortgage-backed securities issued by U.S. Government agencies $ 638 $ (3 ) $ 78,141 $ (1,731 ) $ 78,779 $ (1,734 ) Mortgage-backed securities issued by U.S. Government sponsored enterprises — — 1,729,242 (30,649 ) 1,729,242 (30,649 ) Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 512 (1 ) 851,982 (17,235 ) 852,494 (17,236 ) Commercial mortgage-backed securities issued by U.S. Government sponsored enterprises — — 51,236 (168 ) 51,236 (168 ) Asset-backed securities 103,969 (542 ) — — 103,969 (542 ) State and municipal securities 1,082 (3 ) — — 1,082 (3 ) Corporate debt securities 9,344 (165 ) 1,981 (19 ) 11,325 (184 ) Total $ 115,545 $ (714 ) $ 2,712,582 $ (49,802 ) $ 2,828,127 $ (50,516 ) December 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 $ 39,031 $ (118 ) $ 63,570 $ (1,241 ) $ 102,601 $ (1,359 ) Mortgage-backed securities issued by U.S. Government agencies 2,059 (2 ) 79,736 (3,025 ) 81,795 (3,027 ) Mortgage-backed securities issued by U.S. Government sponsored enterprises 130,432 (700 ) 2,105,358 (63,129 ) 2,235,790 (63,829 ) Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — — 964,732 (29,885 ) 964,732 (29,885 ) Commercial mortgage-backed securities issued by U.S. Government sponsored enterprises 58,998 (1,298 ) 44,220 (942 ) 103,218 (2,240 ) Corporate debt securities — — 1,785 (215 ) 1,785 (215 ) Total $ 230,520 $ (2,118 ) $ 3,259,401 $ (98,437 ) $ 3,489,921 $ (100,555 ) |
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, 2019 (in thousands) Within One 1 to 5 5 to 10 More Than Total Amortized Cost U.S. Treasury securities $ 19,584 $ — $ — $ — $ 19,584 U.S. Government agency securities 791 2,100 81,091 — 83,982 Mortgage-backed securities issued by U.S. Government agencies — — 17,976 75,479 93,455 Mortgage-backed securities issued by U.S. Government sponsored enterprises — 48,381 462,977 4,100,895 4,612,253 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — — 25,958 975,535 1,001,493 Commercial mortgage-backed securities issued by U.S. Government sponsored enterprises — 22,765 217,918 95,638 336,321 Asset-backed securities — 4,495 328,637 172,993 506,125 State and municipal securities — — 1,085 1,023 2,108 Corporate debt securities — 109,290 33,152 2,000 144,442 Total amortized cost $ 20,375 $ 187,031 $ 1,168,794 $ 5,423,563 $ 6,799,763 Fair Value U.S. Treasury securities $ 19,584 $ — $ — $ — $ 19,584 U.S. Government agency securities 800 2,124 82,357 — 85,281 Mortgage-backed securities issued by U.S. Government agencies — — 17,700 74,237 91,937 Mortgage-backed securities issued by U.S. Government sponsored enterprises — 48,194 459,948 4,116,172 4,624,314 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — — 25,495 962,275 987,770 Commercial mortgage-backed securities issued by U.S. Government sponsored enterprises — 22,878 221,506 97,441 341,825 Asset-backed securities — 4,530 332,485 173,290 510,305 State and municipal securities — — 1,082 1,024 2,106 Corporate debt securities — 109,353 33,735 1,981 145,069 Total fair value $ 20,384 $ 187,079 $ 1,174,308 $ 5,426,420 $ 6,808,191 |
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, 2019 and 2018 are presented below. The specific identification method is used to reclassify gains and losses out of other comprehensive income at the time of sale. Three Months Ended March 31, (in thousands) 2019 2018 Proceeds from sales of investment securities available for sale $ 1,188,239 $ — Gross realized gains on sales 9,130 — Gross realized losses on sales (9,055 ) — Investment securities gains, net $ 75 $ — |
Loans and Allowance for Loan _2
Loans and Allowance for Loan Losses (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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 originated (loans originated, renewed, refinanced, modified, or otherwise underwritten by Synovus) and acquired loans from business combinations by portfolio class as of March 31, 2019 and December 31, 2018 . Current, Accruing Past Due, and Non-accrual Originated Loans March 31, 2019 (in thousands) Current Accruing 30-89 Days Past Due Accruing 90 Days or Greater Past Due Total Accruing Past Due Non-accrual Total Commercial, financial and agricultural $ 7,563,911 $ 17,395 $ 641 $ 18,036 $ 79,305 $ 7,661,252 Owner-occupied 5,356,411 7,699 329 8,028 11,239 5,375,678 Total commercial and industrial 12,920,322 25,094 970 26,064 90,544 13,036,930 Investment properties 5,712,709 7,510 — 7,510 726 5,720,945 1-4 family properties 654,046 2,031 — 2,031 1,722 657,799 Land and development 336,537 3,749 251 4,000 2,650 343,187 Total commercial real estate 6,703,292 13,290 251 13,541 5,098 6,721,931 Consumer mortgages 3,031,630 5,721 — 5,721 6,856 3,044,207 Home equity lines 1,521,292 5,333 345 5,678 13,756 1,540,726 Credit cards 248,066 2,307 2,389 4,696 — 252,762 Other consumer loans 2,002,539 16,374 531 16,905 4,249 2,023,693 Total consumer 6,803,527 29,735 3,265 33,000 24,861 6,861,388 Total loans $ 26,427,141 $ 68,119 $ 4,486 $ 72,605 $ 120,503 $ 26,620,249 (1) Current, Accruing Past Due, and Non-accrual Acquired Loans March 31, 2019 (in thousands) Current Accruing 30-89 Days Past Due (2) Accruing 90 Days or Greater Past Due (2) Total Accruing Past Due (2) Non-accrual (2) ASC 310-30 Loans Discount/Premium Total Commercial, financial and agricultural $ 702,511 $ — $ — $ — $ — $ 1,200,453 $ (16,400 ) $ 1,886,564 Owner-occupied 76,452 — — — — 1,115,983 (7,432 ) 1,185,003 Total commercial and industrial 778,963 — — — — 2,316,436 (23,832 ) 3,071,567 Investment properties 991,352 — — — — 2,228,455 (23,972 ) 3,195,835 1-4 family properties 44,363 — — — 180 63,960 (1,301 ) 107,202 Land and development 127,204 — — — — 113,053 (2,853 ) 237,404 Total commercial real estate 1,162,919 — — — 180 2,405,468 (28,126 ) 3,540,441 Consumer mortgages 127,577 — — — — 2,319,288 (100,251 ) 2,346,614 Home equity lines 68,395 75 — 75 7 5,377 (8,353 ) 65,501 Other consumer loans 358 — — — — 14,923 (1,497 ) 13,784 Total consumer 196,330 75 — 75 7 2,339,588 (110,101 ) 2,425,899 Total loans $ 2,138,212 $ 75 $ — $ 75 $ 187 $ 7,061,492 $ (162,059 ) $ 9,037,907 (3) Current, Accruing Past Due, and Non-accrual Loans December 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 Commercial, financial, and agricultural $ 7,372,301 $ 7,988 $ 114 $ 8,102 $ 69,295 $ 7,449,698 Owner-occupied 5,317,023 5,433 81 5,514 8,971 5,331,508 Total commercial and industrial 12,689,324 13,421 195 13,616 78,266 12,781,206 Investment properties 5,557,224 1,312 34 1,346 2,381 5,560,951 1-4 family properties 674,648 2,745 96 2,841 2,381 679,870 Land and development 319,978 739 — 739 2,953 323,670 Total commercial real estate 6,551,850 4,796 130 4,926 7,715 6,564,491 Consumer mortgages 2,922,136 7,150 — 7,150 4,949 2,934,235 Home equity lines 1,496,562 7,092 28 7,120 12,114 1,515,796 Credit cards 252,832 3,066 2,347 5,413 — 258,245 Other consumer loans 1,894,352 17,604 1,098 18,702 3,689 1,916,743 Total consumer 6,565,882 34,912 3,473 38,385 20,752 6,625,019 Total loans $ 25,807,056 $ 53,129 $ 3,798 $ 56,927 $ 106,733 $ 25,970,716 (4) (1) Total before net deferred fees and costs of $23.7 million . (2) For purposes of this table, non-performing and past due loans exclude acquired loans accounted for under ASC 310-30. (3) Represents $9.29 billion (at fair value) of loans acquired from FCB, net of payments since acquisition date. (4) Total before net deferred fees and costs of $24.1 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 Retail Credit Classification Policy. Additionally, in accordance with Interagency Supervisory Guidance, the risk grade classifications of consumer loans (consumer mortgages and home equity lines) 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. Originated Loan Portfolio Credit Exposure by Risk Grade March 31, 2019 (in thousands) Pass Special Substandard (1) Doubtful (2) Loss (3) Total Commercial, financial and agricultural $ 7,409,047 $ 114,592 $ 134,607 $ 3,006 $ — $ 7,661,252 Owner-occupied 5,261,553 44,074 69,626 425 — 5,375,678 Total commercial and industrial 12,670,600 158,666 204,233 3,431 — 13,036,930 Investment properties 5,674,855 21,418 24,672 — — 5,720,945 1-4 family properties 644,165 6,080 7,554 — — 657,799 Land and development 320,071 13,057 10,059 — — 343,187 Total commercial real estate 6,639,091 40,555 42,285 — — 6,721,931 Consumer mortgages 3,035,289 — 8,821 97 — 3,044,207 Home equity lines 1,524,679 — 14,279 22 1,746 1,540,726 Credit cards 250,379 — 820 — 1,563 (4) 252,762 Other consumer loans 2,019,300 — 4,393 — — 2,023,693 Total consumer 6,829,647 — 28,313 119 3,309 6,861,388 Total loans $ 26,139,338 $ 199,221 $ 274,831 $ 3,550 $ 3,309 $ 26,620,249 (5) Acquired Loan Portfolio Credit Exposure by Risk Grade March 31, 2019 (in thousands) Pass Special Mention Substandard (1) Doubtful Loss Total Commercial, financial and agricultural $ 1,851,159 $ 18,283 $ 17,122 $ — $ — $ 1,886,564 Owner-occupied 1,171,512 5,723 7,768 — — 1,185,003 Total commercial and industrial 3,022,671 24,006 24,890 — — 3,071,567 Investment properties 3,130,586 21,853 43,396 — — 3,195,835 1-4 family properties 104,555 164 2,483 — — 107,202 Land and development 237,274 130 — — — 237,404 Total commercial real estate 3,472,415 22,147 45,879 — — 3,540,441 Consumer mortgages 2,341,245 — 5,369 — — 2,346,614 Home equity lines 65,084 — 417 — — 65,501 Other consumer loans 13,784 — — — — 13,784 Total consumer 2,420,113 — 5,786 — — 2,425,899 Total loans $ 8,915,199 $ 46,153 $ 76,555 $ — $ — $ 9,037,907 (6) Loan Portfolio Credit Exposure by Risk Grade December 31, 2018 (in thousands) Pass Special Substandard (1) Doubtful (2) Loss (3) Total Commercial, financial and agricultural $ 7,190,517 $ 118,188 $ 140,218 $ 775 $ — $ 7,449,698 Owner-occupied 5,212,473 55,038 63,572 425 — 5,331,508 Total commercial and industrial 12,402,990 173,226 203,790 1,200 — 12,781,206 Investment properties 5,497,344 40,516 23,091 — — 5,560,951 1-4 family properties 663,692 6,424 9,754 — — 679,870 Land and development 297,855 12,786 13,029 — — 323,670 Total commercial real estate 6,458,891 59,726 45,874 — — 6,564,491 Consumer mortgages 2,926,712 — 7,425 98 — 2,934,235 Home equity lines 1,501,316 — 13,130 174 1,176 1,515,796 Credit cards 255,904 — 858 — 1,483 (4) 258,245 Other consumer loans 1,912,902 — 3,841 — — 1,916,743 Total consumer 6,596,834 — 25,254 272 2,659 6,625,019 Total loans $ 25,458,715 $ 232,952 $ 274,918 $ 1,472 $ 2,659 $ 25,970,716 (7) (1) Includes $214.3 million and $172.3 million of Substandard accruing loans at March 31, 2019 and December 31, 2018 , respectively. (2) The loans within this risk grade are on non-accrual status and 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 Retail Credit Classification Policy. (5) Total before net deferred fees and costs of $23.7 million . (6) Represents $9.29 billion (at fair value) of loans acquired from FCB, net of payments since acquisition date. (7) Total before net deferred fees and costs of $24.1 million |
Schedule of Acquired Portfolio Loans | Information about the acquired FCB loan portfolio accounted for under ASC 310-30 as of the Acquisition Date is in the following table. (dollars in thousands) ASC 310-30 Loans Contractually required principal and interest at acquisition $ 8,377,942 Non-accretable difference (expected losses and foregone interest) (163,147 ) Cash flows expected to be collected at acquisition 8,214,795 Accretable yield (1,066,689 ) Basis in ASC 310-30 loans at acquisition $ 7,148,106 |
Schedule Of Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Accretable Yield Movement | The following table is a summary of changes in the accretable difference for all loans accounted for under ASC 310-30 for the three months ended March 31, 2019 . (dollars in thousands) Three Months Ended March 31, 2019 Beginning balance $ — Additions 1,066,689 Transfers from non-accretable difference to accretable yield — Accretion (88,928 ) Changes in expected cash flows not affecting non-accretable differences (1) — Ending balance $ 977,761 (1) Includes changes in cash flows expected to be collected due to the impact of changes in actual or expected timing of liquidation events, modifications, changes in interest rates and changes in prepayment assumptions |
Schedule of Allowances for Loan Losses and Recorded Investment in Loans | The following tables detail the changes in the allowance for loan losses by loan segment for the three months ended March 31, 2019 and 2018. Allowance for Loan Losses and Recorded Investment in Loans As Of and For The Three Months Ended March 31, 2019 (in thousands) Commercial & Industrial Commercial Real Estate Consumer Total Allowance for loan losses: Beginning balance $ 133,123 $ 68,796 $ 48,636 $ 250,555 Charge-offs (13,039 ) (1,233 ) (6,427 ) (20,699 ) Recoveries 1,990 344 1,277 3,611 Provision for loan losses 13,565 1,102 8,902 23,569 Ending balance (1) $ 135,639 $ 69,009 $ 52,388 $ 257,036 Ending balance: individually evaluated for impairment $ 17,948 $ 1,610 $ 763 $ 20,321 Ending balance: collectively evaluated for impairment $ 117,691 $ 67,399 $ 51,625 $ 236,715 Loans: Ending balance: total loans (2) $ 16,108,497 $ 10,262,372 $ 9,287,287 $ 35,658,156 Ending balance: individually evaluated for impairment $ 135,825 $ 28,107 $ 28,347 $ 192,279 Ending balance: collectively evaluated for impairment (3) $ 13,680,451 $ 7,854,004 $ 7,018,033 $ 28,552,488 Ending balance: acquired loans accounted for under ASC 310-30 (4) $ 2,292,221 $ 2,380,261 $ 2,240,907 $ 6,913,389 As Of and For The Three Months Ended March 31, 2018 (in thousands) Commercial & Industrial Commercial Real Estate Consumer Total Allowance for loan losses: Beginning balance $ 126,803 $ 74,998 $ 47,467 $ 249,268 Charge-offs (8,015 ) (1,911 ) (4,455 ) (14,381 ) Recoveries 3,112 5,723 1,266 10,101 Provision for loan losses 12,845 (4,819 ) 4,750 12,776 Ending balance (1) $ 134,745 $ 73,991 $ 49,028 $ 257,764 Ending balance: individually evaluated for impairment $ 14,405 $ 3,740 $ 797 $ 18,942 Ending balance: collectively evaluated for impairment $ 120,340 $ 70,251 $ 48,231 $ 238,822 Loans: Ending balance: total loans (1)(5) $ 12,101,917 $ 6,835,727 $ 5,969,354 $ 24,906,998 Ending balance: individually evaluated for impairment $ 112,823 $ 49,221 $ 29,608 $ 191,652 Ending balance: collectively evaluated for impairment $ 11,989,094 $ 6,786,506 $ 5,939,746 $ 24,715,346 (1) As of and for the three months ended March 31, 2019 and 2018 , there was no allowance for loan losses for acquired loans accounted for under ASC 310-30. (2) Total before net deferred fees and costs of $23.7 million . (3) These loans are presented net of the remaining fair value discount of $14.0 million at March 31. 2019. (4) These loans are presented net of the remaining fair value discount of $148.1 million at March 31, 2019. (5) Total before net deferred fees and costs of $24.0 million . |
Schedule of Impaired Loans | Below is a detailed summary of impaired loans (including TDRs) by class as of March 31, 2019 and December 31, 2018 and for the three months ended March 31, 2019 and 2018. At March 31, 2019 and December 31, 2018 , impaired loans of $80.1 million and $51.3 million , respectively, were on non-accrual status. Impaired Loans (including accruing TDRs) March 31, 2019 December 31, 2018 Recorded Investment Recorded Investment (in thousands) Unpaid Principal Balance Without an ALL With an ALL Related Allowance Unpaid Principal Balance Without an ALL With an ALL Related Allowance Commercial, financial and agricultural $ 98,263 $ 32,007 $ 53,145 $ 15,063 $ 65,150 $ 22,298 $ 34,222 $ 7,133 Owner-occupied 53,433 124 50,549 2,885 49,588 — 48,902 3,074 Total commercial and industrial 151,696 32,131 103,694 17,948 114,738 22,298 83,124 10,207 Investment properties 13,019 — 13,019 894 13,916 — 13,916 1,523 1-4 family properties 5,044 — 5,044 144 5,586 — 5,586 131 Land and development 12,632 265 9,779 572 16,283 265 13,431 944 Total commercial real estate 30,695 265 27,842 1,610 35,785 265 32,933 2,598 Consumer mortgages 19,751 — 19,751 280 19,506 — 19,506 343 Home equity lines 3,389 — 3,339 307 3,264 — 3,235 224 Other consumer loans 5,257 — 5,257 176 5,565 — 5,565 177 Total consumer 28,397 — 28,347 763 28,335 — 28,306 744 Total loans $ 210,788 $ 32,396 $ 159,883 $ 20,321 $ 178,858 $ 22,563 $ 144,363 $ 13,549 Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 (in thousands) Average Recorded Investment Interest Income Recognized (1) Average Recorded Investment Interest Income Recognized (1) Commercial, financial and agricultural $ 76,353 $ 554 $ 75,880 $ 399 Owner-occupied 50,038 526 37,715 370 Total commercial and industrial 126,391 1,080 113,595 769 Investment properties 13,040 142 22,769 198 1-4 family properties 5,509 131 11,715 216 Land and development 11,062 35 18,170 76 Total commercial real estate 29,611 308 52,654 490 Consumer mortgages 20,037 213 19,986 195 Home equity lines 3,302 35 6,505 45 Other consumer loans 5,463 78 5,391 72 Total consumer 28,802 326 31,882 312 Total loans $ 184,804 $ 1,714 $ 198,131 $ 1,571 (1) Of the interest income recognized during the three months ended March 31, 2019 and 2018, cash-basis interest income was $400 thousand and $141 thousand |
Troubled Debt Restructurings | Information about Synovus' TDRs is presented in the following tables. Modifications of loans that are accounted for within a pool under ASC Topic 310-30 are excluded as TDRs. Accordingly, such modifications do not result in the removal of those loans from the pool, even if the modification of those loans would otherwise be considered a TDR. As a result, all such acquired loans that would otherwise meet the criteria for classification as a TDR are excluded from the tables below. The following tables represent, by concession type, the post-modification balance for loans modified or renewed during the three months ended March 31, 2019 and March 31, 2018 that were reported as accruing or non-accruing TDRs. TDRs by Concession Type Three Months Ended March 31, 2019 (in thousands, except contract data) Number of Contracts Below Market Interest Rate Other Concessions (1) Total Commercial, financial and agricultural 13 $ 1,783 $ 899 $ 2,682 Owner-occupied 2 949 — 949 Total commercial and industrial 15 2,732 899 3,631 Investment properties 1 482 — 482 1-4 family properties 6 793 — 793 Total commercial real estate 7 1,275 — 1,275 Consumer mortgages 4 128 1,214 1,342 Home equity lines 1 — 105 105 Other consumer loans 18 108 1,046 1,154 Total consumer 23 236 2,365 2,601 Total TDRs 45 $ 4,243 $ 3,264 $ 7,507 (2) Three Months Ended March 31, 2018 (in thousands, except contract data) Number of Contracts Below Market Interest Rate Other Concessions (1) Total 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 Investment properties 1 — 1,959 1,959 1-4 family properties 6 963 — 963 Total commercial real estate 7 963 1,959 2,922 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 (3) (1) Other concessions generally include term extensions, interest only payments for a period of time, or principal forgiveness, but there was no principal forgiveness for each of the three months ended March 31, 2019 and 2018. (2) No net charge-offs were recorded during the three months ended March 31, 2019 upon restructuring of these loans. (3) No net charge-offs were recorded during the three months ended March 31, 2018 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | Changes to the carrying amount of goodwill by reporting unit for the three months ended March 31, 2019 are provided in the following table. There were no changes to the carrying amount of goodwill during the year ended December 31, 2018. (in thousands) Synovus Bank Reporting Unit Trust Services Reporting Unit Total Balance as of December 31, 2018 $ 32,884 $ 24,431 $ 57,315 Goodwill acquired during the year (preliminary allocation) 427,685 — 427,685 Balance as of March 31, 2019 $ 460,569 $ 24,431 $ 485,000 |
Schedule of Finite-Lived Intangible Assets | The following table shows the gross carrying amount and accumulated amortization of other intangible assets as of March 31, 2019 and December 31, 2018 , which primarily consist of core deposit intangible assets acquired in the FCB acquisition. Core deposit intangible assets were $65.1 million at March 31, 2019 . The CDI is being amortized over its estimated useful life of approximately ten years utilizing an accelerated method. Amortization expense recognized on intangible assets for the three months ended March 31, 2019 and 2018 was $3.4 million and $292 thousand , respectively. (in thousands) March 31, 2019 December 31, 2018 Other intangible assets, gross carrying amount $ 81,128 $ 13,140 Other intangible assets, adjustment — (212 ) Other intangible assets, accumulated amortization (6,445 ) (3,053 ) Other intangible assets, net carrying amount $ 74,683 $ 9,875 |
Shareholders' Equity and Othe_2
Shareholders' Equity and Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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, 2019 and 2018 . Changes in Accumulated Other Comprehensive Income (Loss) by Component (Net of Income Taxes) (in thousands) Net unrealized losses on cash flow hedges (1) Net unrealized gains (losses) on investment securities available for sale (1) Post-retirement unfunded health benefit Total Balance as of December 31, 2018 $ (12,137 ) $ (83,179 ) $ 896 $ (94,420 ) Other comprehensive income (loss) before reclassifications — 76,164 — 76,164 Amounts reclassified from accumulated other comprehensive income (loss) — (56 ) (30 ) (86 ) Net current period other comprehensive income (loss) — 76,108 (30 ) 76,078 Balance as of March 31, 2019 $ (12,137 ) $ (7,071 ) $ 866 $ (18,342 ) Balance as of December 31, 2017 $ (12,137 ) $ (43,470 ) $ 853 $ (54,754 ) Other comprehensive income (loss) before reclassifications — (45,531 ) — (45,531 ) Amounts reclassified from accumulated other comprehensive income (loss) — — (21 ) (21 ) Net current period other comprehensive income (loss) — (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 ) (1) In accordance with ASC 740-20-45-11(b), in 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 which treats derivative instruments and available for sale securities as a single portfolio. For all periods presented, the ending balance in net unrealized gains (losses) on cash flow hedges and investment securities available for sale includes unrealized losses of $12.1 million and $13.3 million |
Fair Value Accounting (Tables)
Fair Value Accounting (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments Measured at Fair Value on Recurring Basis | The following tables present all financial instruments measured at fair value on a recurring basis as of March 31, 2019 and December 31, 2018 . March 31, 2019 (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 $ — $ 241 $ — $ 241 Collateralized mortgage obligations issued by U.S. Government sponsored enterprises — 1,217 — 1,217 Other investments 200 82 — 282 Total trading securities $ 200 $ 1,540 $ — $ 1,740 Mortgage loans held for sale — 55,970 — 55,970 Investment securities available for sale: U.S. Treasury securities $ 19,584 $ — $ — $ 19,584 U.S. Government agency securities — 85,281 — 85,281 Mortgage-backed securities issued by U.S. Government agencies — 91,937 — 91,937 Mortgage-backed securities issued by U.S. Government sponsored enterprises — 4,624,314 — 4,624,314 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — 987,770 — 987,770 Commercial mortgage-backed securities issued by U.S. Government sponsored enterprises — 341,825 — 341,825 State and municipal securities — 2,106 — 2,106 Asset-backed securities — 510,305 — 510,305 Corporate debt securities — 143,088 1,981 145,069 Total investment securities available for sale $ 19,584 $ 6,786,626 $ 1,981 $ 6,808,191 Private equity investments — — 11,886 11,886 Mutual funds 16,147 — — 16,147 Mutual funds held in rabbi trusts 12,579 — — 12,579 GGL/SBA loans servicing asset — — 3,447 3,447 Derivative assets: Interest rate contracts $ — $ 74,114 $ — $ 74,114 Mortgage derivatives (1) — 1,637 — 1,637 Total derivative assets $ — $ 75,751 $ — $ 75,751 Liabilities Earnout liability (2) — — 14,353 14,353 Derivative liabilities: Interest rate contracts $ — $ 22,755 $ — 22,755 Mortgage derivatives (1) — 806 — 806 Visa derivative — — 1,366 1,366 Total derivative liabilities $ — $ 23,561 $ 1,366 $ 24,927 December 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 $ — $ 44 $ — $ 44 State and municipal securities — 1,064 — 1,064 Other investments 1,128 894 — 2,022 Total trading securities $ 1,128 $ 2,002 $ — $ 3,130 Mortgage loans held for sale — 37,129 — 37,129 Investment securities available for sale: U.S. Treasury securities $ 122,077 $ — $ — $ 122,077 U.S. Government agency securities — 38,382 — 38,382 Mortgage-backed securities issued by U.S. Government agencies — 97,205 — 97,205 Mortgage-backed securities issued by U.S. Government sponsored enterprises — 2,398,650 — 2,398,650 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — 1,188,518 — 1,188,518 Commercial mortgage-backed securities issued by U.S. Government sponsored enterprises — 129,865 — 129,865 Corporate debt securities — 15,150 1,785 16,935 Total investment securities available for sale $ 122,077 $ 3,867,770 $ 1,785 $ 3,991,632 Private equity investments — — 11,028 11,028 Mutual funds 3,168 — — 3,168 Mutual funds held in rabbi trusts 12,844 — — 12,844 GGL/SBA loans servicing asset — — 3,729 3,729 Derivative assets: Interest rate contracts $ — $ 18,388 $ — $ 18,388 Mortgage derivatives (1) — 944 — 944 Total derivative assets $ — $ 19,332 $ — $ 19,332 Liabilities Earnout liability (2) — — 14,353 14,353 Derivative liabilities: Interest rate contracts $ — $ 15,716 $ — $ 15,716 Mortgage derivatives (1) — 819 — 819 Visa derivative — — 1,673 1,673 Total derivative liabilities $ — $ 16,535 $ 1,673 $ 18,208 (1) 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. (2) |
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. An immaterial portion of these changes in fair value was attributable to changes in instrument-specific credit risk. Mortgage Loans Held for Sale (in thousands) As of March 31, 2019 As of December 31, 2018 Fair value $ 55,970 $ 37,129 Unpaid principal balance 54,333 35,848 Fair value less aggregate unpaid principal balance $ 1,637 $ 1,281 Changes in Fair Value Included in Net Income For the Three Months Ended March 31, (in thousands) 2019 2018 Mortgage loans held for sale $ 356 $ 115 |
Changes in Level 3 Fair Value Measurements | Three Months Ended March 31, 2019 (in thousands) Investment Securities Available for Sale Private Equity Investments GGL / SBA Loans Servicing Asset Earnout Visa Derivative Beginning balance, January 1, 2019 $ 1,785 $ 11,028 $ 3,729 $ (14,353 ) $ (1,673 ) Total gains (losses) realized/unrealized: Included in earnings — 858 (488 ) — — Unrealized gains (losses) included in OCI 196 — — — — Additions — — 206 — — Settlements — — — — 307 Ending balance, March 31, 2019 $ 1,981 $ 11,886 $ 3,447 $ (14,353 ) $ (1,366 ) Total net gains for the period included in earnings attributable to the change in unrealized gains/(losses) relating to assets/liabilities still held at March 31, 2019 $ — $ 858 $ — $ — $ — Three Months Ended March 31, 2018 (in thousands) Investment Securities Available for Sale Private Equity Investments GGL / SBA Earnout Visa Derivative Beginning balance, January 1, 2018 $ 1,935 $ 15,771 $ 4,101 $ (11,348 ) $ (4,330 ) Total (losses) gains realized/unrealized: Included in earnings — (3,056 ) (422 ) — — Unrealized gains (losses) included in OCI (83 ) — — — — Additions — — 292 — — Settlements — — — — 356 Ending balance, March 31, 2018 $ 1,852 $ 12,715 $ 3,971 $ (11,348 ) $ (3,974 ) 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 ) $ — $ — $ — |
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, 2019 December 31, 2018 (in thousands) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Impaired loans (1) $ — $ — $ 1,578 $ 1,578 $ — $ — $ 21,742 $ 21,742 Other loans held for sale — — — — — — 1,494 1,494 Other real estate — — 159 159 — — 3,827 3,827 Other assets held for sale — — 517 517 — — 1,104 1,104 (1) |
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, 2019 and 2018 for assets measured at fair value on a non-recurring basis still held at period-end. Three Months Ended March 31, (in thousands) 2019 2018 Impaired loans (1) $ 2,625 $ 720 Other loans held for sale — 1,512 Other real estate 18 731 Other assets held for sale 96 107 (1) 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 following tables present the carrying and fair values of financial instruments at March 31, 2019 and December 31, 2018 . The fair values represent management’s estimates based on various methodologies and assumptions. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" to the consolidated financial statements of Synovus' 2018 Form 10-K for a description of how fair value measurements are determined. March 31, 2019 (in thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Financial assets Total cash, cash equivalents, restricted cash, and restricted cash equivalents $ 1,265,925 $ 1,265,925 $ 1,265,925 $ — $ — Trading securities 1,740 1,740 200 1,540 — Mortgage loans held for sale 55,970 55,970 — 55,970 — Other loans held for sale 12 12 — — 12 Investment securities available for sale 6,808,191 6,808,191 19,584 6,786,626 1,981 Private equity investments 11,886 11,886 — — 11,886 Mutual funds 16,147 16,147 16,147 — — Mutual funds held in rabbi trusts 12,579 12,579 12,579 — — Loans, net 35,377,465 35,086,637 — — 35,086,637 GGL/SBA loans servicing asset 3,447 3,447 — — 3,447 Derivative assets 75,751 75,751 — 75,751 — Financial liabilities Non-interest-bearing deposits $ 9,144,315 $ 9,144,315 $ — $ 9,144,315 $ — Non-time interest-bearing deposits 18,345,758 18,345,758 — 18,345,758 — Time deposits 10,585,117 10,592,682 — 10,592,682 — Total deposits $ 38,075,190 $ 38,082,755 $ — $ 38,082,755 $ — Federal funds purchased and securities sold under repurchase agreements 314,383 314,383 314,383 — — Other short-term borrowings 853,000 853,000 — 853,000 — Long-term debt 2,106,037 2,119,630 — 2,119,630 — Earnout liability 14,353 14,353 — — 14,353 Derivative liabilities 24,927 24,927 — 23,561 1,366 December 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 $ 1,143,564 $ 1,143,564 $ 1,143,564 $ — $ — Trading securities 3,130 3,130 1,128 2,002 — Mortgage loans held for sale 37,129 37,129 — 37,129 — Other loans for sale 1,506 1,506 — — 1,506 Investment securities available for sale 3,991,632 3,991,632 122,077 3,867,770 1,785 Private equity investments 11,028 11,028 — — 11,028 Mutual funds 3,168 3,168 3,168 — — Mutual funds held in rabbi trusts 12,844 12,844 12,844 — — Loans, net 25,696,018 25,438,890 — — 25,438,890 GGL/SBA loans servicing asset 3,729 3,729 — — 3,729 Derivative assets 19,332 19,332 — 19,332 — Financial liabilities Non-interest-bearing deposits $ 7,650,967 $ 7,650,967 $ — $ 7,650,967 $ — Non-time interest-bearing deposits 14,065,959 14,065,959 — 14,065,959 — Time deposits 5,003,396 4,989,570 — 4,989,570 — Total deposits $ 26,720,322 $ 26,706,496 $ — $ 26,706,496 $ — Federal funds purchased and securities sold under repurchase agreements 237,692 237,692 237,692 — — Other short-term borrowings 650,000 650,000 — 650,000 — Long-term debt 1,657,157 1,649,642 — 1,649,642 — Earnout liability 14,353 14,353 — — 14,353 Derivative liabilities 18,208 18,208 — 16,535 1,673 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Summary of Derivative Instruments [Abstract] | |
Impact of Derivatives on Balance Sheet | The following table reflects the notional amount and fair value of derivative instruments included on the consolidated balance sheets including derivatives acquired from FCB. March 31, 2019 December 31, 2018 Fair Value Fair Value (in thousands) Notional Amount Derivative Assets (1) Derivative Liabilities (2) Notional Amount Derivative Assets (1) Derivative Liabilities (2) Derivatives not designated Interest rate contracts (3) $ 5,403,031 $ 74,114 $ 22,755 $ 1,840,288 18,388 $ 15,716 Mortgage derivatives - interest rate lock commitments 95,053 1,637 — 52,420 944 — Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans 93,500 — 806 65,500 — 819 Visa derivative — — 1,366 — — 1,673 Total derivatives not designated as hedging instruments $ 75,751 $ 24,927 $ 19,332 $ 18,208 (1) Derivative assets are recorded in other assets on the consolidated balance sheets. (2) Derivative liabilities are recorded in other liabilities on the consolidated balance sheets. (3) |
Effect of Fair Value Hedges on Consolidated Statements of Income | The pre-tax effect of changes in fair value from derivative instruments not designated as hedging instruments on the consolidated statements of income for the three months ended March 31, 2019 and 2018 is presented below. Gain (Loss) Recognized in Consolidated Statements of Income Three Months Ended March 31, (in thousands) Location in Consolidated Statements of Income 2019 2018 Derivatives not designated as hedging instruments: Interest rate contracts (1) Other non-interest income $ (130 ) $ 7 Mortgage derivatives - interest rate lock commitments Mortgage banking income 693 735 Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans Mortgage banking income 13 192 Total derivatives not designated as hedging instruments $ 576 $ 934 (1) |
Net Income Per Common Share (Ta
Net Income Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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, 2019 and 2018 . Three Months Ended March 31, (in thousands, except per share data) 2019 2018 Basic Net Income Per Common Share: Net income available to common shareholders $ 117,036 $ 100,607 Weighted average common shares outstanding 160,927 118,666 Net income per common share, basic $ 0.73 $ 0.85 Diluted Net Income Per Common Share: Net income available to common shareholders $ 117,036 $ 100,607 Weighted average common shares outstanding 160,927 118,666 Effect of dilutive outstanding equity-based awards, warrants, and earnout payments 1,833 655 Weighted average diluted common shares 162,760 119,321 Net income per common share, diluted $ 0.72 $ 0.84 |
Share-based Compensation (Table
Share-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-based Compensation, Stock Options, Activity | The following tables summarize the status of Synovus' stock options, restricted share units, market restricted share units, and performance share units as of March 31, 2019, and activity for the three months ended March 31, 2019. Stock Options (amounts in thousands, except per share amounts) Quantity Weighted-Average Exercise Price Per Share Outstanding at January 1, 2019 640 $ 16.93 Assumed 3,230 23.22 Exercised (361 ) 19.36 Outstanding at March 31, 2019 3,509 $ 22.47 |
Schedule of Nonvested Restricted Stock Units Activity | Restricted Share Units Market Restricted Share Units Performance Share Units (amounts in thousands, except per share amounts) Quantity Weighted-Average Grant Date Fair Value Per Share Quantity Weighted-Average Grant Date Fair Value Per Share Quantity Weighted-Average Grant Date Fair Value Per Share Non-vested at January 1, 2019 526 $ 41.18 144 $ 41.91 248 $ 38.29 Granted 438 36.60 151 36.53 140 37.34 Assumed 136 31.99 — — — — Quantity change by TSR factor — — (18 ) 38.11 — — Dividend equivalents granted 3 36.60 — — 8 37.34 Vested (236 ) 37.09 (55 ) 38.11 (93 ) 26.35 Forfeited (6 ) 41.18 — — — — Non-vested at March 31, 2019 861 $ 38.50 222 $ 39.50 303 $ 41.50 |
Share-based Compensation, Allocation of Recognized Period Costs | Total share-based compensation expense recognized for the three months ended March 31, 2019 and 2018 is presented in the following table by its classification within total non-interest expense. Three Months Ended March 31, (in thousands) 2019 2018 Salaries and other personnel expense $ 6,312 $ 3,773 Merger-related expense 3,806 — Other operating expenses 126 182 Total share-based compensation expense included in non-interest expense $ 10,244 $ 3,955 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Assets And Liabilities, Lessee | The following table presents the lease balances within the consolidated balance sheet as of March 31, 2019: Leases (in thousands) Classification March 31, 2019 Assets Operating Other Assets $ 378,903 Finance Premises and Equipment, net (1) 3,457 Total leased assets $ 382,360 Liabilities Operating Other Liabilities 385,734 Finance Other Liabilities 3,229 Total lease liabilities $ 388,963 (1) Finance lease assets are recorded net of accumulated amortization of $224 thousand |
Lease, Cost | For the three months ended March 31, 2019, the components of lease expense were as follows: Lease Cost (in thousands) Classification March 31, 2019 Operating lease cost, net (1) Net occupancy and equipment expense $ 8,171 Finance lease cost Amortization of leased assets Net occupancy and equipment expense 224 Interest on lease liabilities Net occupancy and equipment expense 20 Sublease income (2) Net occupancy and equipment expense (166 ) Net lease cost $ 8,249 (1) Excludes variable and short-term lease costs, which are not material. (2) Sublease income excludes rental income from owned properties of $594 thousand for the three months ended March 31, 2019 which is also included in net occupancy and equipment expenses. Other Information (in thousands) Three Months Ended March 31, 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ (7,461 ) Operating cash flows from finance leases (20 ) Financing cash flows from finance leases (178 ) |
Lease Term and Discount Rate, Lessee | The following table presents the weighted average remaining lease term and weighted average discount rates related to Synovus' leases as of March 31, 2019: Lease Term and Discount Rate Weighted-average remaining lease term (years) Weighted-average discount rate (percentage) Operating leases 21.6 3.55 % Finance leases 4.4 2.45 |
Lessee, Operating Lease, Liability, Maturity | The following table presents the maturity of the Company’s lease liabilities as of March 31, 2019: Maturity of Lease Liabilities (in thousands) Operating Leases Finance Leases Total 2019 $ 22,242 $ 692 $ 22,934 2020 29,454 871 30,325 2021 28,000 839 28,839 2022 27,280 465 27,745 2023 25,704 180 25,884 After 2023 433,753 343 434,096 Total lease payments $ 566,433 $ 3,390 $ 569,823 Less: Imputed interest 180,699 161 180,860 Present value of lease liabilities $ 385,734 $ 3,229 $ 388,963 |
Finance Lease, Liability, Maturity | The following table presents the maturity of the Company’s lease liabilities as of March 31, 2019: Maturity of Lease Liabilities (in thousands) Operating Leases Finance Leases Total 2019 $ 22,242 $ 692 $ 22,934 2020 29,454 871 30,325 2021 28,000 839 28,839 2022 27,280 465 27,745 2023 25,704 180 25,884 After 2023 433,753 343 434,096 Total lease payments $ 566,433 $ 3,390 $ 569,823 Less: Imputed interest 180,699 161 180,860 Present value of lease liabilities $ 385,734 $ 3,229 $ 388,963 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Loan Commitments and Letters of Credit | (in thousands) March 31, 2019 December 31, 2018 Letters of credit* $ 212,696 $ 157,675 Commitments to fund commercial and industrial loans 5,823,618 5,527,017 Commitments to fund commercial real estate, construction, and land development loans 3,016,716 2,034,223 Commitments under home equity lines of credit 1,396,313 1,258,657 Unused credit card lines 833,990 775,003 Other loan commitments 639,049 400,983 Total unfunded lending commitments and letters of credit $ 11,922,382 $ 10,153,558 Investments in low income housing tax credit partnerships: Carrying amount included in other assets $ 81,611 $ 83,736 Amount of future funding commitments included in carrying amount 33,463 47,123 Short-term construction loans and letter of credit commitments 259 1,585 Funded portion of short-term loans and letters of credit 2,822 5,595 * Represent the contractual amount net of risk participations of approximately $39 million and $46 million at March 31, 2019 and December 31, 2018 , respectively. |
Basis of Presentation (Details)
Basis of Presentation (Details) $ in Thousands | Mar. 31, 2019USD ($)ATMbranch | Jan. 01, 2019USD ($) | Dec. 31, 2018USD ($) |
Accounting Policies [Abstract] | |||
Number of branches | branch | 300 | ||
Number of ATMs | ATM | 384 | ||
Operating lease, right-of-use asset | $ 378,903 | $ 387,300 | |
Operating lease, liability | 385,734 | 390,600 | |
Basis Of Presentation [Line Items] | |||
Adjustment from adoption of ASU | $ 4,270 | ||
Assets finance | $ 3,457 | ||
Deferred gains on sale-leaseback transactions | 3,900 | ||
Premises and Equipment | |||
Basis Of Presentation [Line Items] | |||
Assets finance | 3,500 | ||
Retained Earnings | |||
Basis Of Presentation [Line Items] | |||
Adjustment from adoption of ASU | $ 4,270 | ||
Accounting Standards Update 2016-02 | Retained Earnings | |||
Basis Of Presentation [Line Items] | |||
Adjustment from adoption of ASU | $ 4,300 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) $ / shares in Units, $ in Thousands | Jan. 01, 2019USD ($)branchshares | Oct. 01, 2016 | Mar. 31, 2019USD ($)shares | Mar. 31, 2018USD ($) | Dec. 31, 2018USD ($)$ / sharesshares |
Business Acquisition [Line Items] | |||||
Closing stock price (in dollars per share) | $ / shares | $ 31.99 | ||||
Goodwill | $ 485,000 | $ 57,315 | |||
Merger-related expense | $ 49,738 | $ 0 | |||
Common stock, shares issued (in shares) | shares | 165,929,349 | 143,300,449 | |||
Common stock | $ 165,929 | $ 143,300 | |||
FCB Financial Holdings, Inc. | |||||
Business Acquisition [Line Items] | |||||
Consideration transferred | $ 1,626,278 | ||||
Identifiable assets acquired | 12,387,048 | ||||
Loans | 9,287,813 | ||||
Deposits | $ 10,931,185 | ||||
Service banking centers acquired | branch | 51 | ||||
Cash equivalents | $ 3,500 | ||||
Stock issued in acquisitions (in shares) | shares | 49,500,000 | ||||
Common stock issued in acquisition | $ 1,582,743 | ||||
Cash paid | 601 | ||||
Converted options and restricted share units, fair value | 41,500 | ||||
Share based awards allocated to purchase price | 37,300 | ||||
Warrants converted fair value | 6,700 | ||||
Goodwill | $ 427,685 | ||||
Merger-related expense | 49,738 | ||||
Estimated useful life | 10 years | ||||
FCB Financial Holdings, Inc. | Executives | |||||
Business Acquisition [Line Items] | |||||
Merger-related expense | 21,800 | ||||
FCB Financial Holdings, Inc. | FCB Financial Holdings, Inc. | |||||
Business Acquisition [Line Items] | |||||
Merger exchange ratio | 1.055 | ||||
Other equity compensation, non-vested shares outstanding (in shares) | $ 7,400 | ||||
Merger-related expense | 19,600 | ||||
Global One | |||||
Business Acquisition [Line Items] | |||||
Increase in earnout liabilities | $ 11,700 | ||||
Common stock, shares issued (in shares) | shares | 199,000 | ||||
Common stock | $ 7,400 | ||||
Earnout payments, cash | $ 1,200 | ||||
Earnout liability | $ 14,400 | ||||
Global One | Minimum | |||||
Business Acquisition [Line Items] | |||||
Period of additional annual payments | 3 years | ||||
Global One | Maximum | |||||
Business Acquisition [Line Items] | |||||
Period of additional annual payments | 5 years |
Acquisitions (Assets Acquired a
Acquisitions (Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ / shares in Units, $ in Thousands | Jan. 01, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Liabilities | |||
Goodwill | $ 485,000 | $ 57,315 | |
Closing stock price (in dollars per share) | $ 31.99 | ||
FCB Financial Holdings, Inc. | |||
Business Acquisition [Line Items] | |||
Synovus common stock issued and reissued from treasury | $ 1,582,743 | ||
Cash payments to FCB stockholders attributed to purchase price | 173 | ||
Fair value of exchanged employee and director equity awards and FCB warrants attributed to purchase price | 43,362 | ||
Total purchase price | 1,626,278 | ||
Assets | |||
Cash and cash equivalents | 201,689 | ||
Investment securities available for sale | 2,301,001 | ||
Loans | 9,287,813 | ||
Cash surrender value of bank-owned life insurance | 216,848 | ||
Premises and equipment | 44,890 | ||
Core deposit intangible | 68,200 | ||
Other assets | 266,607 | ||
Total Assets | 12,387,048 | ||
Liabilities | |||
Deposits | 10,931,185 | ||
Federal funds purchased and securities sold under repurchase agreements | 29,139 | ||
Long-term debt | 153,236 | ||
Other liabilities | 74,895 | ||
Total Liabilities | 11,188,455 | ||
Fair value of net identifiable assets acquired | 1,198,593 | ||
Goodwill | $ 427,685 |
Acquisitions (Pro Forma) (Detai
Acquisitions (Pro Forma) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Business Acquisition [Line Items] | ||
Merger-related expense | $ 49,738 | $ 0 |
FCB Financial Holdings, Inc. | ||
Business Acquisition [Line Items] | ||
Net interest income | 397,175 | 374,982 |
Non-interest income | 79,378 | 74,269 |
Net income available to common shareholders | 117,036 | $ 152,362 |
Merger-related expense | $ 49,738 |
Acquisitions (Acquisition Relat
Acquisitions (Acquisition Related Costs) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Business Acquisition [Line Items] | ||
Total merger-related expense | $ 49,738 | $ 0 |
FCB Financial Holdings, Inc. | ||
Business Acquisition [Line Items] | ||
Total merger-related expense | 49,738 | |
FCB Financial Holdings, Inc. | Employee compensation, severance, and other employee benefit costs | ||
Business Acquisition [Line Items] | ||
Total merger-related expense | 32,988 | |
FCB Financial Holdings, Inc. | Professional services | ||
Business Acquisition [Line Items] | ||
Total merger-related expense | 15,200 | |
FCB Financial Holdings, Inc. | All other expense | ||
Business Acquisition [Line Items] | ||
Total merger-related expense | $ 1,550 |
Investment Securities Availab_3
Investment Securities Available for Sale (Summary Of Available For Sale Investment Securities) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 6,799,763 | $ 4,085,913 |
Gross Unrealized Gains | 58,944 | 6,274 |
Gross Unrealized Losses | (50,516) | (100,555) |
Fair Value | 6,808,191 | 3,991,632 |
U.S. Treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 19,584 | 123,436 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | (1,359) |
Fair Value | 19,584 | 122,077 |
U.S. Government agency securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 83,982 | 38,021 |
Gross Unrealized Gains | 1,299 | 361 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 85,281 | 38,382 |
Mortgage-backed securities issued by U.S. Government agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 93,455 | 100,060 |
Gross Unrealized Gains | 216 | 172 |
Gross Unrealized Losses | (1,734) | (3,027) |
Fair Value | 91,937 | 97,205 |
Mortgage-backed securities issued by U.S. Government sponsored enterprises | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 4,612,253 | 2,460,498 |
Gross Unrealized Gains | 42,710 | 1,981 |
Gross Unrealized Losses | (30,649) | (63,829) |
Fair Value | 4,624,314 | 2,398,650 |
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,001,493 | 1,215,406 |
Gross Unrealized Gains | 3,513 | 2,997 |
Gross Unrealized Losses | (17,236) | (29,885) |
Fair Value | 987,770 | 1,188,518 |
Commercial mortgage-backed securities issued by U.S. Government sponsored enterprises | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 336,321 | 131,492 |
Gross Unrealized Gains | 5,672 | 613 |
Gross Unrealized Losses | (168) | (2,240) |
Fair Value | 341,825 | 129,865 |
Asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 506,125 | |
Gross Unrealized Gains | 4,722 | |
Gross Unrealized Losses | (542) | |
Fair Value | 510,305 | |
State and municipal securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 2,108 | |
Gross Unrealized Gains | 1 | |
Gross Unrealized Losses | (3) | |
Fair Value | 2,106 | |
Corporate debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 144,442 | 17,000 |
Gross Unrealized Gains | 811 | 150 |
Gross Unrealized Losses | (184) | (215) |
Fair Value | $ 145,069 | $ 16,935 |
Investment Securities Availab_4
Investment Securities Available for Sale (Narrative) (Details) $ in Millions | Mar. 31, 2019USD ($)securities | Dec. 31, 2018USD ($) |
Financing Receivable, Impaired [Line Items] | ||
Investment securities in a loss position for less than twelve months | 17 | |
Investment securities in a loss position for twelve months or longer | 109 | |
Collateral Pledged | ||
Financing Receivable, Impaired [Line Items] | ||
Pledged to secure deposits | $ | $ 1,840 | $ 1,560 |
Investment Securities Availab_5
Investment Securities Available for Sale (Schedule Of Unrealized Loss On Investments) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Fair Value | $ 115,545 | $ 230,520 |
Less than 12 Months, Unrealized Losses | (714) | (2,118) |
12 Months or Longer, Fair Value | 2,712,582 | 3,259,401 |
12 Months or Longer, Unrealized Losses | (49,802) | (98,437) |
Total Fair Value, Fair Value | 2,828,127 | 3,489,921 |
Total Fair Value, Unrealized Losses | (50,516) | (100,555) |
U.S. Treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Fair Value | 39,031 | |
Less than 12 Months, Unrealized Losses | (118) | |
12 Months or Longer, Fair Value | 63,570 | |
12 Months or Longer, Unrealized Losses | (1,241) | |
Total Fair Value, Fair Value | 102,601 | |
Total Fair Value, Unrealized Losses | (1,359) | |
Mortgage-backed securities issued by U.S. Government agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Fair Value | 638 | 2,059 |
Less than 12 Months, Unrealized Losses | (3) | (2) |
12 Months or Longer, Fair Value | 78,141 | 79,736 |
12 Months or Longer, Unrealized Losses | (1,731) | (3,025) |
Total Fair Value, Fair Value | 78,779 | 81,795 |
Total Fair Value, Unrealized Losses | (1,734) | (3,027) |
Mortgage-backed securities issued by U.S. Government sponsored enterprises | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Fair Value | 0 | 130,432 |
Less than 12 Months, Unrealized Losses | 0 | (700) |
12 Months or Longer, Fair Value | 1,729,242 | 2,105,358 |
12 Months or Longer, Unrealized Losses | (30,649) | (63,129) |
Total Fair Value, Fair Value | 1,729,242 | 2,235,790 |
Total Fair Value, Unrealized Losses | (30,649) | (63,829) |
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Fair Value | 512 | 0 |
Less than 12 Months, Unrealized Losses | (1) | 0 |
12 Months or Longer, Fair Value | 851,982 | 964,732 |
12 Months or Longer, Unrealized Losses | (17,235) | (29,885) |
Total Fair Value, Fair Value | 852,494 | 964,732 |
Total Fair Value, Unrealized Losses | (17,236) | (29,885) |
Commercial mortgage-backed securities issued by U.S. Government sponsored enterprises | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Fair Value | 0 | 58,998 |
Less than 12 Months, Unrealized Losses | 0 | (1,298) |
12 Months or Longer, Fair Value | 51,236 | 44,220 |
12 Months or Longer, Unrealized Losses | (168) | (942) |
Total Fair Value, Fair Value | 51,236 | 103,218 |
Total Fair Value, Unrealized Losses | (168) | (2,240) |
Asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Fair Value | 103,969 | |
Less than 12 Months, Unrealized Losses | (542) | |
12 Months or Longer, Fair Value | 0 | |
12 Months or Longer, Unrealized Losses | 0 | |
Total Fair Value, Fair Value | 103,969 | |
Total Fair Value, Unrealized Losses | (542) | |
State and municipal securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Fair Value | 1,082 | |
Less than 12 Months, Unrealized Losses | (3) | |
12 Months or Longer, Fair Value | 0 | |
12 Months or Longer, Unrealized Losses | 0 | |
Total Fair Value, Fair Value | 1,082 | |
Total Fair Value, Unrealized Losses | (3) | |
Corporate debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Fair Value | 9,344 | 0 |
Less than 12 Months, Unrealized Losses | (165) | 0 |
12 Months or Longer, Fair Value | 1,981 | 1,785 |
12 Months or Longer, Unrealized Losses | (19) | (215) |
Total Fair Value, Fair Value | 11,325 | 1,785 |
Total Fair Value, Unrealized Losses | $ (184) | $ (215) |
Investment Securities Availab_6
Investment Securities Available for Sale (Amortized Cost And Estimated Fair Value By Contractual Maturity Of Investment Securities Available For Sale) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Amortized Cost | ||
Within One year, Amortized Cost | $ 20,375 | |
1 to 5 Years, Amortized Cost | 187,031 | |
5 to 10 Years, Amortized Cost | 1,168,794 | |
More Than 10 years, Amortized Cost | 5,423,563 | |
Amortized Cost | 6,799,763 | $ 4,085,913 |
Fair Value | ||
Within One Year, Fair Value | 20,384 | |
1 to 5 Years, Fair Value | 187,079 | |
5 to 10 Years, Fair Value | 1,174,308 | |
More Than 10 years, Fair Value | 5,426,420 | |
Total, Fair Value | 6,808,191 | 3,991,632 |
U.S. Treasury securities | ||
Amortized Cost | ||
Within One year, Amortized Cost | 19,584 | |
1 to 5 Years, Amortized Cost | 0 | |
5 to 10 Years, Amortized Cost | 0 | |
More Than 10 years, Amortized Cost | 0 | |
Amortized Cost | 19,584 | 123,436 |
Fair Value | ||
Within One Year, Fair Value | 19,584 | |
1 to 5 Years, Fair Value | 0 | |
5 to 10 Years, Fair Value | 0 | |
More Than 10 years, Fair Value | 0 | |
Total, Fair Value | 19,584 | 122,077 |
U.S. Government agency securities | ||
Amortized Cost | ||
Within One year, Amortized Cost | 791 | |
1 to 5 Years, Amortized Cost | 2,100 | |
5 to 10 Years, Amortized Cost | 81,091 | |
More Than 10 years, Amortized Cost | 0 | |
Amortized Cost | 83,982 | 38,021 |
Fair Value | ||
Within One Year, Fair Value | 800 | |
1 to 5 Years, Fair Value | 2,124 | |
5 to 10 Years, Fair Value | 82,357 | |
More Than 10 years, Fair Value | 0 | |
Total, Fair Value | 85,281 | 38,382 |
Mortgage-backed securities issued by U.S. Government agencies | ||
Amortized Cost | ||
Within One year, Amortized Cost | 0 | |
1 to 5 Years, Amortized Cost | 0 | |
5 to 10 Years, Amortized Cost | 17,976 | |
More Than 10 years, Amortized Cost | 75,479 | |
Amortized Cost | 93,455 | 100,060 |
Fair Value | ||
Within One Year, Fair Value | 0 | |
1 to 5 Years, Fair Value | 0 | |
5 to 10 Years, Fair Value | 17,700 | |
More Than 10 years, Fair Value | 74,237 | |
Total, Fair Value | 91,937 | 97,205 |
Mortgage-backed securities issued by U.S. Government sponsored enterprises | ||
Amortized Cost | ||
Within One year, Amortized Cost | 0 | |
1 to 5 Years, Amortized Cost | 48,381 | |
5 to 10 Years, Amortized Cost | 462,977 | |
More Than 10 years, Amortized Cost | 4,100,895 | |
Amortized Cost | 4,612,253 | 2,460,498 |
Fair Value | ||
Within One Year, Fair Value | 0 | |
1 to 5 Years, Fair Value | 48,194 | |
5 to 10 Years, Fair Value | 459,948 | |
More Than 10 years, Fair Value | 4,116,172 | |
Total, Fair Value | 4,624,314 | 2,398,650 |
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | ||
Amortized Cost | ||
Within One year, Amortized Cost | 0 | |
1 to 5 Years, Amortized Cost | 0 | |
5 to 10 Years, Amortized Cost | 25,958 | |
More Than 10 years, Amortized Cost | 975,535 | |
Amortized Cost | 1,001,493 | |
Fair Value | ||
Within One Year, Fair Value | 0 | |
1 to 5 Years, Fair Value | 0 | |
5 to 10 Years, Fair Value | 25,495 | |
More Than 10 years, Fair Value | 962,275 | |
Total, Fair Value | 987,770 | |
Commercial mortgage-backed securities issued by U.S. Government sponsored enterprises | ||
Amortized Cost | ||
Within One year, Amortized Cost | 0 | |
1 to 5 Years, Amortized Cost | 22,765 | |
5 to 10 Years, Amortized Cost | 217,918 | |
More Than 10 years, Amortized Cost | 95,638 | |
Amortized Cost | 336,321 | 131,492 |
Fair Value | ||
Within One Year, Fair Value | 0 | |
1 to 5 Years, Fair Value | 22,878 | |
5 to 10 Years, Fair Value | 221,506 | |
More Than 10 years, Fair Value | 97,441 | |
Total, Fair Value | 341,825 | 129,865 |
Asset-backed securities | ||
Amortized Cost | ||
Within One year, Amortized Cost | 0 | |
1 to 5 Years, Amortized Cost | 4,495 | |
5 to 10 Years, Amortized Cost | 328,637 | |
More Than 10 years, Amortized Cost | 172,993 | |
Amortized Cost | 506,125 | |
Fair Value | ||
Within One Year, Fair Value | 0 | |
1 to 5 Years, Fair Value | 4,530 | |
5 to 10 Years, Fair Value | 332,485 | |
More Than 10 years, Fair Value | 173,290 | |
Total, Fair Value | 510,305 | |
State and municipal securities | ||
Amortized Cost | ||
Within One year, Amortized Cost | 0 | |
1 to 5 Years, Amortized Cost | 0 | |
5 to 10 Years, Amortized Cost | 1,085 | |
More Than 10 years, Amortized Cost | 1,023 | |
Amortized Cost | 2,108 | |
Fair Value | ||
Within One Year, Fair Value | 0 | |
1 to 5 Years, Fair Value | 0 | |
5 to 10 Years, Fair Value | 1,082 | |
More Than 10 years, Fair Value | 1,024 | |
Total, Fair Value | 2,106 | |
Corporate debt securities | ||
Amortized Cost | ||
Within One year, Amortized Cost | 0 | |
1 to 5 Years, Amortized Cost | 109,290 | |
5 to 10 Years, Amortized Cost | 33,152 | |
More Than 10 years, Amortized Cost | 2,000 | |
Amortized Cost | 144,442 | 17,000 |
Fair Value | ||
Within One Year, Fair Value | 0 | |
1 to 5 Years, Fair Value | 109,353 | |
5 to 10 Years, Fair Value | 33,735 | |
More Than 10 years, Fair Value | 1,981 | |
Total, Fair Value | $ 145,069 | $ 16,935 |
Investment Securities Availab_7
Investment Securities Available for Sale (Summary Of Sales Transactions In The Investment Securities Available For Sale Portfolio) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Investments [Abstract] | |||
Proceeds from sales of investment securities available for sale | $ 1,188,239 | [1] | $ 0 |
Gross realized gains on sales | 9,130 | 0 | |
Gross realized losses on sales | (9,055) | 0 | |
Investment securities gains, net | $ 75 | [1] | $ 0 |
[1] | Where applicable, changes for balances as of March 31, 2019, compared to December 31, 2018, exclude amounts acquired on the Acquisition Date. See accompanying notes to unaudited interim consolidated financial statements. |
Loans and Allowance for Loan _3
Loans and Allowance for Loan Losses (Schedule Of Current, Accruing Past Due And Nonaccrual Loans) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | $ 35,634,501 | $ 25,946,573 | ||
Non-accrual | 120,503 | 106,733 | ||
Total loans | 26,620,249 | 25,970,716 | $ 24,906,998 | |
Deferred fees and costs, net | (23,700) | (24,100) | $ (24,000) | |
FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Non-accrual | 187 | |||
ASC 310-30 Loans | 7,061,492 | $ 1,066,689 | ||
Discount/Premium | (162,059) | |||
Total loans | 9,037,907 | |||
Loans | $ 9,287,813 | |||
Total commercial and industrial | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Non-accrual | 90,544 | 78,266 | ||
Total loans | 13,036,930 | 12,781,206 | ||
Total commercial and industrial | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Non-accrual | 0 | |||
ASC 310-30 Loans | 2,316,436 | |||
Discount/Premium | (23,832) | |||
Total loans | 3,071,567 | |||
Total commercial and industrial | Commercial, financial and agricultural | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Non-accrual | 79,305 | 69,295 | ||
Total loans | 7,661,252 | 7,449,698 | ||
Total commercial and industrial | Commercial, financial and agricultural | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Non-accrual | 0 | |||
ASC 310-30 Loans | 1,200,453 | |||
Discount/Premium | (16,400) | |||
Total loans | 1,886,564 | |||
Total commercial and industrial | Owner-occupied | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Non-accrual | 11,239 | 8,971 | ||
Total loans | 5,375,678 | 5,331,508 | ||
Total commercial and industrial | Owner-occupied | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Non-accrual | 0 | |||
ASC 310-30 Loans | 1,115,983 | |||
Discount/Premium | (7,432) | |||
Total loans | 1,185,003 | |||
Total commercial real estate | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Non-accrual | 5,098 | 7,715 | ||
Total loans | 6,721,931 | 6,564,491 | ||
Total commercial real estate | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Non-accrual | 180 | |||
ASC 310-30 Loans | 2,405,468 | |||
Discount/Premium | (28,126) | |||
Total loans | 3,540,441 | |||
Total commercial real estate | Investment properties | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Non-accrual | 726 | 2,381 | ||
Total loans | 5,720,945 | 5,560,951 | ||
Total commercial real estate | Investment properties | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Non-accrual | 0 | |||
ASC 310-30 Loans | 2,228,455 | |||
Discount/Premium | (23,972) | |||
Total loans | 3,195,835 | |||
Total commercial real estate | 1-4 family properties | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Non-accrual | 1,722 | 2,381 | ||
Total loans | 657,799 | 679,870 | ||
Total commercial real estate | 1-4 family properties | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Non-accrual | 180 | |||
ASC 310-30 Loans | 63,960 | |||
Discount/Premium | (1,301) | |||
Total loans | 107,202 | |||
Total commercial real estate | Land and development | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Non-accrual | 2,650 | 2,953 | ||
Total loans | 343,187 | 323,670 | ||
Total commercial real estate | Land and development | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Non-accrual | 0 | |||
ASC 310-30 Loans | 113,053 | |||
Discount/Premium | (2,853) | |||
Total loans | 237,404 | |||
Total consumer | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Non-accrual | 24,861 | 20,752 | ||
Total loans | 6,861,388 | 6,625,019 | ||
Total consumer | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Non-accrual | 7 | |||
ASC 310-30 Loans | 2,339,588 | |||
Discount/Premium | (110,101) | |||
Total loans | 2,425,899 | |||
Total consumer | Consumer mortgages | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Non-accrual | 6,856 | 4,949 | ||
Total loans | 3,044,207 | 2,934,235 | ||
Total consumer | Consumer mortgages | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Non-accrual | 0 | |||
ASC 310-30 Loans | 2,319,288 | |||
Discount/Premium | (100,251) | |||
Total loans | 2,346,614 | |||
Total consumer | Home equity lines | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Non-accrual | 13,756 | 12,114 | ||
Total loans | 1,540,726 | 1,515,796 | ||
Total consumer | Home equity lines | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Non-accrual | 7 | |||
ASC 310-30 Loans | 5,377 | |||
Discount/Premium | (8,353) | |||
Total loans | 65,501 | |||
Total consumer | Credit cards | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Non-accrual | 0 | 0 | ||
Total loans | 252,762 | 258,245 | ||
Total consumer | Other consumer loans | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Non-accrual | 4,249 | 3,689 | ||
Total loans | 2,023,693 | 1,916,743 | ||
Total consumer | Other consumer loans | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Non-accrual | 0 | |||
ASC 310-30 Loans | 14,923 | |||
Discount/Premium | (1,497) | |||
Total loans | 13,784 | |||
Current | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 26,427,141 | 25,807,056 | ||
Current | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 2,138,212 | |||
Current | Total commercial and industrial | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 12,920,322 | 12,689,324 | ||
Current | Total commercial and industrial | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 778,963 | |||
Current | Total commercial and industrial | Commercial, financial and agricultural | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 7,563,911 | 7,372,301 | ||
Current | Total commercial and industrial | Commercial, financial and agricultural | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 702,511 | |||
Current | Total commercial and industrial | Owner-occupied | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 5,356,411 | 5,317,023 | ||
Current | Total commercial and industrial | Owner-occupied | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 76,452 | |||
Current | Total commercial real estate | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 6,703,292 | 6,551,850 | ||
Current | Total commercial real estate | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 1,162,919 | |||
Current | Total commercial real estate | Investment properties | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 5,712,709 | 5,557,224 | ||
Current | Total commercial real estate | Investment properties | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 991,352 | |||
Current | Total commercial real estate | 1-4 family properties | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 654,046 | 674,648 | ||
Current | Total commercial real estate | 1-4 family properties | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 44,363 | |||
Current | Total commercial real estate | Land and development | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 336,537 | 319,978 | ||
Current | Total commercial real estate | Land and development | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 127,204 | |||
Current | Total consumer | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 6,803,527 | 6,565,882 | ||
Current | Total consumer | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 196,330 | |||
Current | Total consumer | Consumer mortgages | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 3,031,630 | 2,922,136 | ||
Current | Total consumer | Consumer mortgages | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 127,577 | |||
Current | Total consumer | Home equity lines | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 1,521,292 | 1,496,562 | ||
Current | Total consumer | Home equity lines | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 68,395 | |||
Current | Total consumer | Credit cards | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 248,066 | 252,832 | ||
Current | Total consumer | Other consumer loans | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 2,002,539 | 1,894,352 | ||
Current | Total consumer | Other consumer loans | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 358 | |||
Accruing 30-89 Days Past Due | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 68,119 | 53,129 | ||
Accruing 30-89 Days Past Due | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 75 | |||
Accruing 30-89 Days Past Due | Total commercial and industrial | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 25,094 | 13,421 | ||
Accruing 30-89 Days Past Due | Total commercial and industrial | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 0 | |||
Accruing 30-89 Days Past Due | Total commercial and industrial | Commercial, financial and agricultural | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 17,395 | 7,988 | ||
Accruing 30-89 Days Past Due | Total commercial and industrial | Commercial, financial and agricultural | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 0 | |||
Accruing 30-89 Days Past Due | Total commercial and industrial | Owner-occupied | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 7,699 | 5,433 | ||
Accruing 30-89 Days Past Due | Total commercial and industrial | Owner-occupied | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 0 | |||
Accruing 30-89 Days Past Due | Total commercial real estate | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 13,290 | 4,796 | ||
Accruing 30-89 Days Past Due | Total commercial real estate | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 0 | |||
Accruing 30-89 Days Past Due | Total commercial real estate | Investment properties | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 7,510 | 1,312 | ||
Accruing 30-89 Days Past Due | Total commercial real estate | Investment properties | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 0 | |||
Accruing 30-89 Days Past Due | Total commercial real estate | 1-4 family properties | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 2,031 | 2,745 | ||
Accruing 30-89 Days Past Due | Total commercial real estate | 1-4 family properties | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 0 | |||
Accruing 30-89 Days Past Due | Total commercial real estate | Land and development | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 3,749 | 739 | ||
Accruing 30-89 Days Past Due | Total commercial real estate | Land and development | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 0 | |||
Accruing 30-89 Days Past Due | Total consumer | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 29,735 | 34,912 | ||
Accruing 30-89 Days Past Due | Total consumer | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 75 | |||
Accruing 30-89 Days Past Due | Total consumer | Consumer mortgages | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 5,721 | 7,150 | ||
Accruing 30-89 Days Past Due | Total consumer | Consumer mortgages | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 0 | |||
Accruing 30-89 Days Past Due | Total consumer | Home equity lines | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 5,333 | 7,092 | ||
Accruing 30-89 Days Past Due | Total consumer | Home equity lines | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 75 | |||
Accruing 30-89 Days Past Due | Total consumer | Credit cards | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 2,307 | 3,066 | ||
Accruing 30-89 Days Past Due | Total consumer | Other consumer loans | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 16,374 | 17,604 | ||
Accruing 30-89 Days Past Due | Total consumer | Other consumer loans | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 0 | |||
Accruing 90 Days or Greater Past Due | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 4,486 | 3,798 | ||
Accruing 90 Days or Greater Past Due | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 0 | |||
Accruing 90 Days or Greater Past Due | Total commercial and industrial | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 970 | 195 | ||
Accruing 90 Days or Greater Past Due | Total commercial and industrial | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 0 | |||
Accruing 90 Days or Greater Past Due | Total commercial and industrial | Commercial, financial and agricultural | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 641 | 114 | ||
Accruing 90 Days or Greater Past Due | Total commercial and industrial | Commercial, financial and agricultural | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 0 | |||
Accruing 90 Days or Greater Past Due | Total commercial and industrial | Owner-occupied | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 329 | 81 | ||
Accruing 90 Days or Greater Past Due | Total commercial and industrial | Owner-occupied | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 0 | |||
Accruing 90 Days or Greater Past Due | Total commercial real estate | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 251 | 130 | ||
Accruing 90 Days or Greater Past Due | Total commercial real estate | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 0 | |||
Accruing 90 Days or Greater Past Due | Total commercial real estate | Investment properties | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 0 | 34 | ||
Accruing 90 Days or Greater Past Due | Total commercial real estate | Investment properties | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 0 | |||
Accruing 90 Days or Greater Past Due | Total commercial real estate | 1-4 family properties | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 0 | 96 | ||
Accruing 90 Days or Greater Past Due | Total commercial real estate | 1-4 family properties | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 0 | |||
Accruing 90 Days or Greater Past Due | Total commercial real estate | Land and development | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 251 | 0 | ||
Accruing 90 Days or Greater Past Due | Total commercial real estate | Land and development | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 0 | |||
Accruing 90 Days or Greater Past Due | Total consumer | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 3,265 | 3,473 | ||
Accruing 90 Days or Greater Past Due | Total consumer | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 0 | |||
Accruing 90 Days or Greater Past Due | Total consumer | Consumer mortgages | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 0 | 0 | ||
Accruing 90 Days or Greater Past Due | Total consumer | Consumer mortgages | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 0 | |||
Accruing 90 Days or Greater Past Due | Total consumer | Home equity lines | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 345 | 28 | ||
Accruing 90 Days or Greater Past Due | Total consumer | Home equity lines | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 0 | |||
Accruing 90 Days or Greater Past Due | Total consumer | Credit cards | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 2,389 | 2,347 | ||
Accruing 90 Days or Greater Past Due | Total consumer | Other consumer loans | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 531 | 1,098 | ||
Accruing 90 Days or Greater Past Due | Total consumer | Other consumer loans | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 0 | |||
Total Accruing Past Due | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 72,605 | 56,927 | ||
Total Accruing Past Due | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 75 | |||
Total Accruing Past Due | Total commercial and industrial | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 26,064 | 13,616 | ||
Total Accruing Past Due | Total commercial and industrial | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 0 | |||
Total Accruing Past Due | Total commercial and industrial | Commercial, financial and agricultural | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 18,036 | 8,102 | ||
Total Accruing Past Due | Total commercial and industrial | Commercial, financial and agricultural | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 0 | |||
Total Accruing Past Due | Total commercial and industrial | Owner-occupied | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 8,028 | 5,514 | ||
Total Accruing Past Due | Total commercial and industrial | Owner-occupied | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 0 | |||
Total Accruing Past Due | Total commercial real estate | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 13,541 | 4,926 | ||
Total Accruing Past Due | Total commercial real estate | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 0 | |||
Total Accruing Past Due | Total commercial real estate | Investment properties | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 7,510 | 1,346 | ||
Total Accruing Past Due | Total commercial real estate | Investment properties | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 0 | |||
Total Accruing Past Due | Total commercial real estate | 1-4 family properties | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 2,031 | 2,841 | ||
Total Accruing Past Due | Total commercial real estate | 1-4 family properties | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 0 | |||
Total Accruing Past Due | Total commercial real estate | Land and development | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 4,000 | 739 | ||
Total Accruing Past Due | Total commercial real estate | Land and development | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 0 | |||
Total Accruing Past Due | Total consumer | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 33,000 | 38,385 | ||
Total Accruing Past Due | Total consumer | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 75 | |||
Total Accruing Past Due | Total consumer | Consumer mortgages | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 5,721 | 7,150 | ||
Total Accruing Past Due | Total consumer | Consumer mortgages | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 0 | |||
Total Accruing Past Due | Total consumer | Home equity lines | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 5,678 | 7,120 | ||
Total Accruing Past Due | Total consumer | Home equity lines | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 75 | |||
Total Accruing Past Due | Total consumer | Credit cards | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 4,696 | 5,413 | ||
Total Accruing Past Due | Total consumer | Other consumer loans | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | 16,905 | $ 18,702 | ||
Total Accruing Past Due | Total consumer | Other consumer loans | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans and leases receivables | $ 0 |
Loans and Allowance for Loan _4
Loans and Allowance for Loan Losses (Narrative) (Details) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2019USD ($)contract | Mar. 31, 2018USD ($) | Dec. 31, 2018USD ($) | Jan. 01, 2019USD ($) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans pledged as collateral | $ 11,590,000,000 | $ 8,400,000,000 | |||
Non-accrual status | 80,100,000 | 51,300,000 | |||
Provision for loan losses | 23,569,000 | [1] | $ 12,776,000 | ||
Commitments to land additional funds to TDRs | $ 0 | 0 | |||
Troubled Debt Restructuring That Subsequently Defaults | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Number of contracts | contract | 0 | ||||
FCB Financial Holdings, Inc. | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans acquired at fair value | $ 9,290,000,000 | ||||
Loans acquired at fair value, discount | 169,400,000 | ||||
Contractual required payments | 2,450,000,000 | ||||
Contractual required payments at fair value | 2,150,000,000 | ||||
Cash flows expected not to be collected | $ 39,500,000 | ||||
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 | $ 112,200,000 | 115,600,000 | |||
Provision for loan losses | 4,700,000 | $ 6,100,000 | |||
Accruing TDRs With Modifications And Renewals Completed | Minimum | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Commercial-type impaired loans | $ 1,000,000 | ||||
[1] | Where applicable, changes for balances as of March 31, 2019, compared to December 31, 2018, exclude amounts acquired on the Acquisition Date. See accompanying notes to unaudited interim consolidated financial statements. |
Loans and Allowance for Loan _5
Loans and Allowance for Loan Losses (Loan Portfolio Credit Exposure) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | |
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | $ 26,620,249 | $ 25,970,716 | $ 24,906,998 | |
Accrual substandard loans | 214,300 | 172,300 | ||
Deferred fees and costs, net | (23,700) | (24,100) | $ (24,000) | |
FCB Financial Holdings, Inc. | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | $ 9,037,907 | |||
Loans | $ 9,287,813 | |||
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 | $ 26,139,338 | 25,458,715 | ||
Pass | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 8,915,199 | |||
Special Mention | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 199,221 | 232,952 | ||
Special Mention | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 46,153 | |||
Substandard | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 274,831 | 274,918 | ||
Substandard | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 76,555 | |||
Doubtful | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 3,550 | 1,472 | ||
Doubtful | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 0 | |||
Loss | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 3,309 | 2,659 | ||
Loss | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 0 | |||
Total commercial and industrial | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 13,036,930 | 12,781,206 | ||
Total commercial and industrial | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 3,071,567 | |||
Total commercial and industrial | Commercial, financial and agricultural | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 7,661,252 | 7,449,698 | ||
Total commercial and industrial | Commercial, financial and agricultural | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 1,886,564 | |||
Total commercial and industrial | Owner-occupied | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 5,375,678 | 5,331,508 | ||
Total commercial and industrial | Owner-occupied | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 1,185,003 | |||
Total commercial and industrial | Pass | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 12,670,600 | 12,402,990 | ||
Total commercial and industrial | Pass | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 3,022,671 | |||
Total commercial and industrial | Pass | Commercial, financial and agricultural | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 7,409,047 | 7,190,517 | ||
Total commercial and industrial | Pass | Commercial, financial and agricultural | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 1,851,159 | |||
Total commercial and industrial | Pass | Owner-occupied | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 5,261,553 | 5,212,473 | ||
Total commercial and industrial | Pass | Owner-occupied | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 1,171,512 | |||
Total commercial and industrial | Special Mention | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 158,666 | 173,226 | ||
Total commercial and industrial | Special Mention | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 24,006 | |||
Total commercial and industrial | Special Mention | Commercial, financial and agricultural | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 114,592 | 118,188 | ||
Total commercial and industrial | Special Mention | Commercial, financial and agricultural | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 18,283 | |||
Total commercial and industrial | Special Mention | Owner-occupied | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 44,074 | 55,038 | ||
Total commercial and industrial | Special Mention | Owner-occupied | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 5,723 | |||
Total commercial and industrial | Substandard | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 204,233 | 203,790 | ||
Total commercial and industrial | Substandard | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 24,890 | |||
Total commercial and industrial | Substandard | Commercial, financial and agricultural | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 134,607 | 140,218 | ||
Total commercial and industrial | Substandard | Commercial, financial and agricultural | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 17,122 | |||
Total commercial and industrial | Substandard | Owner-occupied | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 69,626 | 63,572 | ||
Total commercial and industrial | Substandard | Owner-occupied | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 7,768 | |||
Total commercial and industrial | Doubtful | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 3,431 | 1,200 | ||
Total commercial and industrial | Doubtful | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 0 | |||
Total commercial and industrial | Doubtful | Commercial, financial and agricultural | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 3,006 | 775 | ||
Total commercial and industrial | Doubtful | Commercial, financial and agricultural | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 0 | |||
Total commercial and industrial | Doubtful | Owner-occupied | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 425 | 425 | ||
Total commercial and industrial | Doubtful | Owner-occupied | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 0 | |||
Total commercial and industrial | Loss | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 0 | 0 | ||
Total commercial and industrial | Loss | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 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 | Commercial, financial and agricultural | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 0 | |||
Total commercial and industrial | Loss | Owner-occupied | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 0 | 0 | ||
Total commercial and industrial | Loss | Owner-occupied | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 0 | |||
Total commercial real estate | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 6,721,931 | 6,564,491 | ||
Total commercial real estate | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 3,540,441 | |||
Total commercial real estate | Investment properties | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 5,720,945 | 5,560,951 | ||
Total commercial real estate | Investment properties | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 3,195,835 | |||
Total commercial real estate | 1-4 family properties | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 657,799 | 679,870 | ||
Total commercial real estate | 1-4 family properties | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 107,202 | |||
Total commercial real estate | Land and development | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 343,187 | 323,670 | ||
Total commercial real estate | Land and development | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 237,404 | |||
Total commercial real estate | Pass | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 6,639,091 | 6,458,891 | ||
Total commercial real estate | Pass | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 3,472,415 | |||
Total commercial real estate | Pass | Investment properties | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 5,674,855 | 5,497,344 | ||
Total commercial real estate | Pass | Investment properties | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 3,130,586 | |||
Total commercial real estate | Pass | 1-4 family properties | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 644,165 | 663,692 | ||
Total commercial real estate | Pass | 1-4 family properties | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 104,555 | |||
Total commercial real estate | Pass | Land and development | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 320,071 | 297,855 | ||
Total commercial real estate | Pass | Land and development | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 237,274 | |||
Total commercial real estate | Special Mention | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 40,555 | 59,726 | ||
Total commercial real estate | Special Mention | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 22,147 | |||
Total commercial real estate | Special Mention | Investment properties | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 21,418 | 40,516 | ||
Total commercial real estate | Special Mention | Investment properties | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 21,853 | |||
Total commercial real estate | Special Mention | 1-4 family properties | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 6,080 | 6,424 | ||
Total commercial real estate | Special Mention | 1-4 family properties | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 164 | |||
Total commercial real estate | Special Mention | Land and development | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 13,057 | 12,786 | ||
Total commercial real estate | Special Mention | Land and development | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 130 | |||
Total commercial real estate | Substandard | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 42,285 | 45,874 | ||
Total commercial real estate | Substandard | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 45,879 | |||
Total commercial real estate | Substandard | Investment properties | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 24,672 | 23,091 | ||
Total commercial real estate | Substandard | Investment properties | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 43,396 | |||
Total commercial real estate | Substandard | 1-4 family properties | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 7,554 | 9,754 | ||
Total commercial real estate | Substandard | 1-4 family properties | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 2,483 | |||
Total commercial real estate | Substandard | Land and development | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 10,059 | 13,029 | ||
Total commercial real estate | Substandard | Land and development | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 0 | |||
Total commercial real estate | Doubtful | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 0 | 0 | ||
Total commercial real estate | Doubtful | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 0 | |||
Total commercial real estate | Doubtful | Investment properties | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 0 | 0 | ||
Total commercial real estate | Doubtful | Investment properties | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 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 | 1-4 family properties | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 0 | |||
Total commercial real estate | Doubtful | Land and development | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 0 | 0 | ||
Total commercial real estate | Doubtful | Land and development | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 0 | |||
Total commercial real estate | Loss | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 0 | 0 | ||
Total commercial real estate | Loss | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 0 | |||
Total commercial real estate | Loss | Investment properties | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 0 | 0 | ||
Total commercial real estate | Loss | Investment properties | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 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 | 1-4 family properties | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 0 | |||
Total commercial real estate | Loss | Land and development | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 0 | 0 | ||
Total commercial real estate | Loss | Land and development | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 0 | |||
Total consumer | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 6,861,388 | 6,625,019 | ||
Total consumer | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 2,425,899 | |||
Total consumer | Consumer mortgages | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 3,044,207 | 2,934,235 | ||
Total consumer | Consumer mortgages | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 2,346,614 | |||
Total consumer | Home equity lines | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 1,540,726 | 1,515,796 | ||
Total consumer | Home equity lines | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 65,501 | |||
Total consumer | Credit cards | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 252,762 | 258,245 | ||
Total consumer | Other consumer loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 2,023,693 | 1,916,743 | ||
Total consumer | Other consumer loans | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 13,784 | |||
Total consumer | Pass | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 6,829,647 | 6,596,834 | ||
Total consumer | Pass | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 2,420,113 | |||
Total consumer | Pass | Consumer mortgages | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 3,035,289 | 2,926,712 | ||
Total consumer | Pass | Consumer mortgages | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 2,341,245 | |||
Total consumer | Pass | Home equity lines | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 1,524,679 | 1,501,316 | ||
Total consumer | Pass | Home equity lines | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 65,084 | |||
Total consumer | Pass | Credit cards | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 250,379 | 255,904 | ||
Total consumer | Pass | Other consumer loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 2,019,300 | 1,912,902 | ||
Total consumer | Pass | Other consumer loans | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 13,784 | |||
Total consumer | Special Mention | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 0 | 0 | ||
Total consumer | Special Mention | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 0 | |||
Total consumer | Special Mention | Consumer mortgages | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 0 | 0 | ||
Total consumer | Special Mention | Consumer mortgages | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 0 | |||
Total consumer | Special Mention | Home equity lines | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 0 | 0 | ||
Total consumer | Special Mention | Home equity lines | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 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 | Special Mention | Other consumer loans | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 0 | |||
Total consumer | Substandard | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 28,313 | 25,254 | ||
Total consumer | Substandard | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 5,786 | |||
Total consumer | Substandard | Consumer mortgages | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 8,821 | 7,425 | ||
Total consumer | Substandard | Consumer mortgages | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 5,369 | |||
Total consumer | Substandard | Home equity lines | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 14,279 | 13,130 | ||
Total consumer | Substandard | Home equity lines | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 417 | |||
Total consumer | Substandard | Credit cards | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 820 | 858 | ||
Total consumer | Substandard | Other consumer loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 4,393 | 3,841 | ||
Total consumer | Substandard | Other consumer loans | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 0 | |||
Total consumer | Doubtful | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 119 | 272 | ||
Total consumer | Doubtful | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 0 | |||
Total consumer | Doubtful | Consumer mortgages | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 97 | 98 | ||
Total consumer | Doubtful | Consumer mortgages | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 0 | |||
Total consumer | Doubtful | Home equity lines | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 22 | 174 | ||
Total consumer | Doubtful | Home equity lines | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 0 | |||
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 | 0 | 0 | ||
Total consumer | Doubtful | Other consumer loans | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 0 | |||
Total consumer | Loss | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 3,309 | 2,659 | ||
Total consumer | Loss | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 0 | |||
Total consumer | Loss | Consumer mortgages | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 0 | 0 | ||
Total consumer | Loss | Consumer mortgages | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 0 | |||
Total consumer | Loss | Home equity lines | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 1,746 | 1,176 | ||
Total consumer | Loss | Home equity lines | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 0 | |||
Total consumer | Loss | Credit cards | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 1,563 | 1,483 | ||
Total consumer | Loss | Other consumer loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 0 | $ 0 | ||
Total consumer | Loss | Other consumer loans | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | $ 0 |
Loans and Allowance for Loan _6
Loans and Allowance for Loan Losses (Acuired Loan Portfolio) (Details) - FCB Financial Holdings, Inc. - USD ($) $ in Thousands | Mar. 31, 2019 | Jan. 01, 2019 |
Business Acquisition [Line Items] | ||
Contractually required principal and interest at acquisition | $ 8,377,942 | |
Non-accretable difference (expected losses and foregone interest) | (163,147) | |
Cash flows expected to be collected at acquisition | 8,214,795 | |
Accretable yield | $ (7,061,492) | (1,066,689) |
Basis in ASC 310-30 loans at acquisition | $ 7,148,106 |
Loans and Allowance for Loan _7
Loans and Allowance for Loan Losses (Changes in Accretable Difference) (Details) - FCB Financial Holdings, Inc. | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |
Beginning balance | $ 0 |
Additions | 1,066,689,000 |
Transfers from non-accretable difference to accretable yield | 0 |
Accretion | (88,928,000) |
Changes in expected cash flows not affecting non-accretable differences | 0 |
Ending balance | $ 977,761,000 |
Loans and Allowance for Loan _8
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, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | ||
Allowance for loan losses: | ||||
Beginning balance, allowance | $ 250,555,000 | $ 249,268,000 | $ 249,268,000 | |
Charge-offs | (20,699,000) | (14,381,000) | ||
Recoveries | 3,611,000 | 10,101,000 | ||
Provision for loan losses | 23,569,000 | [1] | 12,776,000 | |
Ending balance, allowance | 257,036,000 | 257,764,000 | 250,555,000 | |
Ending balance: individually evaluated for impairment, allowance | 20,321,000 | 18,942,000 | ||
Ending balance: collectively evaluated for impairment, allowance | 236,715,000 | 238,822,000 | ||
Ending balance: total loans | 35,658,156,000 | |||
Total loans | 26,620,249,000 | 24,906,998,000 | 25,970,716,000 | |
Ending balance: individually evaluated for impairment, loans | 192,279,000 | 191,652,000 | ||
Ending balance: collectively evaluated for impairment, loans | 28,552,488,000 | 24,715,346,000 | ||
Ending balance: acquired loans accounted for under ASC 310-30 | 6,913,389,000 | |||
Allowance for purchased credit-impaired loans | 0 | 0 | ||
Deferred fees and costs, net | (23,700,000) | (24,000,000) | (24,100,000) | |
Acquired collectively evaluated for impairment loan discount | 14,000,000 | |||
Acquired loans under 310-30 loan discount | 148,100,000 | |||
Purchased credit-impaired loans | 0 | |||
Commercial & Industrial | ||||
Allowance for loan losses: | ||||
Beginning balance, allowance | 133,123,000 | 126,803,000 | 126,803,000 | |
Charge-offs | (13,039,000) | (8,015,000) | ||
Recoveries | 1,990,000 | 3,112,000 | ||
Provision for loan losses | 13,565,000 | 12,845,000 | ||
Ending balance, allowance | 135,639,000 | 134,745,000 | 133,123,000 | |
Ending balance: individually evaluated for impairment, allowance | 17,948,000 | 14,405,000 | ||
Ending balance: collectively evaluated for impairment, allowance | 117,691,000 | 120,340,000 | ||
Ending balance: total loans | 16,108,497,000 | |||
Total loans | 12,101,917,000 | |||
Ending balance: individually evaluated for impairment, loans | 135,825,000 | 112,823,000 | ||
Ending balance: collectively evaluated for impairment, loans | 13,680,451,000 | 11,989,094,000 | ||
Ending balance: acquired loans accounted for under ASC 310-30 | 2,292,221,000 | |||
Commercial Real Estate | ||||
Allowance for loan losses: | ||||
Beginning balance, allowance | 68,796,000 | 74,998,000 | 74,998,000 | |
Charge-offs | (1,233,000) | (1,911,000) | ||
Recoveries | 344,000 | 5,723,000 | ||
Provision for loan losses | 1,102,000 | (4,819,000) | ||
Ending balance, allowance | 69,009,000 | 73,991,000 | 68,796,000 | |
Ending balance: individually evaluated for impairment, allowance | 1,610,000 | 3,740,000 | ||
Ending balance: collectively evaluated for impairment, allowance | 67,399,000 | 70,251,000 | ||
Ending balance: total loans | 10,262,372,000 | |||
Total loans | 6,835,727,000 | |||
Ending balance: individually evaluated for impairment, loans | 28,107,000 | 49,221,000 | ||
Ending balance: collectively evaluated for impairment, loans | 7,854,004,000 | 6,786,506,000 | ||
Ending balance: acquired loans accounted for under ASC 310-30 | 2,380,261,000 | |||
Consumer | ||||
Allowance for loan losses: | ||||
Beginning balance, allowance | 48,636,000 | 47,467,000 | 47,467,000 | |
Charge-offs | (6,427,000) | (4,455,000) | ||
Recoveries | 1,277,000 | 1,266,000 | ||
Provision for loan losses | 8,902,000 | 4,750,000 | ||
Ending balance, allowance | 52,388,000 | 49,028,000 | $ 48,636,000 | |
Ending balance: individually evaluated for impairment, allowance | 763,000 | 797,000 | ||
Ending balance: collectively evaluated for impairment, allowance | 51,625,000 | 48,231,000 | ||
Ending balance: total loans | 9,287,287,000 | |||
Total loans | 5,969,354,000 | |||
Ending balance: individually evaluated for impairment, loans | 28,347,000 | 29,608,000 | ||
Ending balance: collectively evaluated for impairment, loans | 7,018,033,000 | $ 5,939,746,000 | ||
Ending balance: acquired loans accounted for under ASC 310-30 | $ 2,240,907,000 | |||
[1] | Where applicable, changes for balances as of March 31, 2019, compared to December 31, 2018, exclude amounts acquired on the Acquisition Date. See accompanying notes to unaudited interim consolidated financial statements. |
Loans and Allowance for Loan _9
Loans and Allowance for Loan Losses (Schedule Of Impaired Loans) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | $ 210,788,000 | $ 178,858,000 | |
Recorded Investment, Without an ALL | 32,396,000 | 22,563,000 | |
Recorded Investment, With an ALL | 159,883,000 | 144,363,000 | |
Related Allowance | 20,321,000 | 13,549,000 | |
Average Recorded Investment | 184,804,000 | $ 198,131,000 | |
Interest Income Recognized | 1,714,000 | 1,571,000 | 0 |
Interest income, cash basis method | 400,000 | 141,000 | |
Total commercial and industrial | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | 151,696,000 | 114,738,000 | |
Recorded Investment, Without an ALL | 32,131,000 | 22,298,000 | |
Recorded Investment, With an ALL | 103,694,000 | 83,124,000 | |
Related Allowance | 17,948,000 | 10,207,000 | |
Average Recorded Investment | 126,391,000 | 113,595,000 | |
Interest Income Recognized | 1,080,000 | 769,000 | |
Total commercial and industrial | Commercial, financial and agricultural | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | 98,263,000 | 65,150,000 | |
Recorded Investment, Without an ALL | 32,007,000 | 22,298,000 | |
Recorded Investment, With an ALL | 53,145,000 | 34,222,000 | |
Related Allowance | 15,063,000 | 7,133,000 | |
Average Recorded Investment | 76,353,000 | 75,880,000 | |
Interest Income Recognized | 554,000 | 399,000 | |
Total commercial and industrial | Owner-occupied | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | 53,433,000 | 49,588,000 | |
Recorded Investment, Without an ALL | 124,000 | 0 | |
Recorded Investment, With an ALL | 50,549,000 | 48,902,000 | |
Related Allowance | 2,885,000 | 3,074,000 | |
Average Recorded Investment | 50,038,000 | 37,715,000 | |
Interest Income Recognized | 526,000 | 370,000 | |
Total commercial real estate | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | 30,695,000 | 35,785,000 | |
Recorded Investment, Without an ALL | 265,000 | 265,000 | |
Recorded Investment, With an ALL | 27,842,000 | 32,933,000 | |
Related Allowance | 1,610,000 | 2,598,000 | |
Average Recorded Investment | 29,611,000 | 52,654,000 | |
Interest Income Recognized | 308,000 | 490,000 | |
Total commercial real estate | Investment properties | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | 13,019,000 | 13,916,000 | |
Recorded Investment, Without an ALL | 0 | 0 | |
Recorded Investment, With an ALL | 13,019,000 | 13,916,000 | |
Related Allowance | 894,000 | 1,523,000 | |
Average Recorded Investment | 13,040,000 | 22,769,000 | |
Interest Income Recognized | 142,000 | 198,000 | |
Total commercial real estate | 1-4 family properties | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | 5,044,000 | 5,586,000 | |
Recorded Investment, Without an ALL | 0 | 0 | |
Recorded Investment, With an ALL | 5,044,000 | 5,586,000 | |
Related Allowance | 144,000 | 131,000 | |
Average Recorded Investment | 5,509,000 | 11,715,000 | |
Interest Income Recognized | 131,000 | 216,000 | |
Total commercial real estate | Land and development | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | 12,632,000 | 16,283,000 | |
Recorded Investment, Without an ALL | 265,000 | 265,000 | |
Recorded Investment, With an ALL | 9,779,000 | 13,431,000 | |
Related Allowance | 572,000 | 944,000 | |
Average Recorded Investment | 11,062,000 | 18,170,000 | |
Interest Income Recognized | 35,000 | 76,000 | |
Total consumer | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | 28,397,000 | 28,335,000 | |
Recorded Investment, Without an ALL | 0 | 0 | |
Recorded Investment, With an ALL | 28,347,000 | 28,306,000 | |
Related Allowance | 763,000 | 744,000 | |
Average Recorded Investment | 28,802,000 | 31,882,000 | |
Interest Income Recognized | 326,000 | 312,000 | |
Total consumer | Consumer mortgages | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | 19,751,000 | 19,506,000 | |
Recorded Investment, Without an ALL | 0 | 0 | |
Recorded Investment, With an ALL | 19,751,000 | 19,506,000 | |
Related Allowance | 280,000 | 343,000 | |
Average Recorded Investment | 20,037,000 | 19,986,000 | |
Interest Income Recognized | 213,000 | 195,000 | |
Total consumer | Home equity lines | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | 3,389,000 | 3,264,000 | |
Recorded Investment, Without an ALL | 0 | 0 | |
Recorded Investment, With an ALL | 3,339,000 | 3,235,000 | |
Related Allowance | 307,000 | 224,000 | |
Average Recorded Investment | 3,302,000 | 6,505,000 | |
Interest Income Recognized | 35,000 | 45,000 | |
Total consumer | Other consumer loans | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | 5,257,000 | 5,565,000 | |
Recorded Investment, Without an ALL | 0 | 0 | |
Recorded Investment, With an ALL | 5,257,000 | 5,565,000 | |
Related Allowance | 176,000 | $ 177,000 | |
Average Recorded Investment | 5,463,000 | 5,391,000 | |
Interest Income Recognized | $ 78,000 | $ 72,000 |
Loans and Allowance for Loan_10
Loans and Allowance for Loan Losses (Troubled Debt Restructurings) (Details) | 3 Months Ended | |
Mar. 31, 2019USD ($)Contract | Mar. 31, 2018USD ($)Contract | |
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 45 | 39 |
Recorded Investment | $ 7,507,000 | $ 9,487,000 |
Net charge-offs | $ 0 | $ 0 |
Total commercial and industrial | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 15 | 11 |
Recorded Investment | $ 3,631,000 | $ 3,787,000 |
Total commercial and industrial | Commercial, financial and agricultural | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 13 | 9 |
Recorded Investment | $ 2,682,000 | $ 989,000 |
Total commercial and industrial | Owner-occupied | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 2 | 2 |
Recorded Investment | $ 949,000 | $ 2,798,000 |
Total commercial real estate | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 7 | 7 |
Recorded Investment | $ 1,275,000 | $ 2,922,000 |
Total commercial real estate | Investment properties | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 1 | 1 |
Recorded Investment | $ 482,000 | $ 1,959,000 |
Total commercial real estate | 1-4 family properties | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 6 | 6 |
Recorded Investment | $ 793,000 | $ 963,000 |
Total consumer | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 23 | 21 |
Recorded Investment | $ 2,601,000 | $ 2,778,000 |
Total consumer | Consumer mortgages | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 4 | 7 |
Recorded Investment | $ 1,342,000 | $ 1,733,000 |
Total consumer | Home equity lines | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 1 | |
Recorded Investment | $ 105,000 | |
Total consumer | Other consumer loans | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 18 | 14 |
Recorded Investment | $ 1,154,000 | $ 1,045,000 |
Below Market Interest Rate | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment | 4,243,000 | 5,938,000 |
Below Market Interest Rate | Total commercial and industrial | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment | 2,732,000 | 2,705,000 |
Below Market Interest Rate | Total commercial and industrial | Commercial, financial and agricultural | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment | 1,783,000 | 0 |
Below Market Interest Rate | Total commercial and industrial | Owner-occupied | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment | 949,000 | 2,705,000 |
Below Market Interest Rate | Total commercial real estate | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment | 1,275,000 | 963,000 |
Below Market Interest Rate | Total commercial real estate | Investment properties | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment | 482,000 | 0 |
Below Market Interest Rate | Total commercial real estate | 1-4 family properties | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment | 793,000 | 963,000 |
Below Market Interest Rate | Total consumer | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment | 236,000 | 2,270,000 |
Below Market Interest Rate | Total consumer | Consumer mortgages | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment | 128,000 | 1,733,000 |
Below Market Interest Rate | Total consumer | Home equity lines | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment | 0 | |
Below Market Interest Rate | Total consumer | Other consumer loans | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment | 108,000 | 537,000 |
Other Concessions(1) | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment | 3,264,000 | 3,549,000 |
Other Concessions(1) | Total commercial and industrial | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment | 899,000 | 1,082,000 |
Other Concessions(1) | Total commercial and industrial | Commercial, financial and agricultural | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment | 899,000 | 989,000 |
Other Concessions(1) | Total commercial and industrial | Owner-occupied | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment | 0 | 93,000 |
Other Concessions(1) | Total commercial real estate | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment | 0 | 1,959,000 |
Other Concessions(1) | Total commercial real estate | Investment properties | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment | 0 | 1,959,000 |
Other Concessions(1) | Total commercial real estate | 1-4 family properties | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment | 0 | 0 |
Other Concessions(1) | Total consumer | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment | 2,365,000 | 508,000 |
Other Concessions(1) | Total consumer | Consumer mortgages | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment | 1,214,000 | 0 |
Other Concessions(1) | Total consumer | Home equity lines | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment | 105,000 | |
Other Concessions(1) | Total consumer | Other consumer loans | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment | $ 1,046,000 | $ 508,000 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Goodwill) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Goodwill [Roll Forward] | |
Balance as of December 31, 2018 | $ 57,315 |
Goodwill acquired during the year (preliminary allocation) | 427,685 |
Balance as of March 31, 2019 | 485,000 |
Synovus Bank Reporting Unit | |
Goodwill [Roll Forward] | |
Balance as of December 31, 2018 | 32,884 |
Goodwill acquired during the year (preliminary allocation) | 427,685 |
Balance as of March 31, 2019 | 460,569 |
Trust Services Reporting Unit | |
Goodwill [Roll Forward] | |
Balance as of December 31, 2018 | 24,431 |
Goodwill acquired during the year (preliminary allocation) | 0 |
Balance as of March 31, 2019 | $ 24,431 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Jan. 01, 2019 | Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization of intangibles | $ 3,392 | $ 292 | ||
Business Acquisition [Line Items] | ||||
Goodwill | 485,000 | $ 57,315 | ||
FCB Financial Holdings, Inc. | ||||
Business Acquisition [Line Items] | ||||
Goodwill | $ 427,685 | |||
Core deposits | $ 65,100 | $ 68,200 | ||
FCB Financial Holdings, Inc. | Core Deposits | ||||
Business Acquisition [Line Items] | ||||
Useful life | 10 years |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets (Intangible Assets) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Other intangible assets, gross carrying amount | $ 81,128 | $ 13,140 |
Other intangible assets, adjustment | 0 | (212) |
Other intangible assets, accumulated amortization | (6,445) | (3,053) |
Other intangible assets, net carrying amount | $ 74,683 | $ 9,875 |
Shareholders' Equity and Othe_3
Shareholders' Equity and Other Comprehensive Income (Loss) (Narrative) (Details) $ / shares in Units, shares in Millions | Jan. 01, 2019USD ($)shares | Mar. 31, 2019USD ($)$ / sharesshares | Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | Jan. 15, 2019USD ($) |
Class of Stock [Line Items] | |||||
Authorized amount | $ 400,000,000 | ||||
Value repurchased | $ 320,167,000 | $ 26,733,000 | |||
Common Stock | |||||
Class of Stock [Line Items] | |||||
Value repurchased | $ 320,000,000 | ||||
Treasury Stock | |||||
Class of Stock [Line Items] | |||||
Value repurchased | $ 320,167,000 | $ 26,733,000 | |||
Shares repurchased (in shares) | shares | 8.5 | ||||
Shares repurchased, average cost per share (in dollars per share) | $ / shares | $ 37.71 | ||||
FCB Financial Holdings, Inc. | |||||
Class of Stock [Line Items] | |||||
Stock issued in acquisitions (in shares) | shares | 49.5 | ||||
Treasury stock reissued (in shares) | shares | 27.4 | ||||
Payments of stock issuance costs | $ 417,000 | ||||
Consideration transferred | $ 1,626,278,000 | ||||
FCB Financial Holdings, Inc. | FCB Financial Holdings, Inc. | |||||
Class of Stock [Line Items] | |||||
Merger exchange ratio | 1.055 | ||||
FCB Financial Holdings, Inc. | Common Stock | |||||
Class of Stock [Line Items] | |||||
Stock issued in acquisitions (in shares) | shares | 22 |
Shareholders' Equity and Othe_4
Shareholders' Equity and 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, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Roll Forward] | |||
Balance | $ 3,133,602 | $ 2,961,566 | |
Other comprehensive income (loss), Net of Tax Amount | 76,078 | (45,552) | |
Balance | 4,597,753 | 2,956,495 | |
Accumulated other comprehensive income (loss) | (18,342) | $ (94,420) | |
Total | |||
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Roll Forward] | |||
Balance | (94,420) | (54,754) | |
Other comprehensive income (loss) before reclassifications | 76,164 | (45,531) | |
Amounts reclassified from accumulated other comprehensive income (loss) | (86) | (21) | |
Other comprehensive income (loss), Net of Tax Amount | 76,078 | (45,552) | |
Reclassification from adoption of ASU 2018-02 | (7,588) | ||
Cumulative-effect adjustment from adoption of ASU 2016-01 | 117 | ||
Balance | (18,342) | (107,777) | |
Net unrealized losses on cash flow hedges | |||
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Roll Forward] | |||
Balance | (12,137) | (12,137) | |
Other comprehensive income (loss) before reclassifications | 0 | 0 | |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 | |
Other comprehensive income (loss), Net of Tax Amount | 0 | 0 | |
Reclassification from adoption of ASU 2018-02 | 0 | ||
Cumulative-effect adjustment from adoption of ASU 2016-01 | 0 | ||
Balance | (12,137) | (12,137) | |
Net unrealized losses on cash flow hedges | Valuation Allowance of Deferred Tax Assets | |||
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Roll Forward] | |||
Accumulated other comprehensive income (loss) | (12,100) | ||
Net unrealized gains (losses) on investment securities available for sale | |||
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Roll Forward] | |||
Balance | (83,179) | (43,470) | |
Other comprehensive income (loss) before reclassifications | 76,164 | (45,531) | |
Amounts reclassified from accumulated other comprehensive income (loss) | (56) | 0 | |
Other comprehensive income (loss), Net of Tax Amount | 76,108 | (45,531) | |
Reclassification from adoption of ASU 2018-02 | (7,763) | ||
Cumulative-effect adjustment from adoption of ASU 2016-01 | 117 | ||
Balance | (7,071) | (96,647) | |
Net unrealized gains (losses) on investment securities available for sale | Valuation Allowance of Deferred Tax Assets | |||
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Roll Forward] | |||
Accumulated other comprehensive income (loss) | (13,300) | ||
Post-retirement unfunded health benefit | |||
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Roll Forward] | |||
Balance | 896 | 853 | |
Other comprehensive income (loss) before reclassifications | 0 | 0 | |
Amounts reclassified from accumulated other comprehensive income (loss) | (30) | (21) | |
Other comprehensive income (loss), Net of Tax Amount | (30) | (21) | |
Reclassification from adoption of ASU 2018-02 | 175 | ||
Cumulative-effect adjustment from adoption of ASU 2016-01 | 0 | ||
Balance | $ 866 | $ 1,007 |
Fair Value Accounting (Financia
Fair Value Accounting (Financial Instruments Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available for sale | $ 6,808,191 | $ 3,991,632 |
Mortgage-backed securities issued by U.S. Government agencies | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available for sale | 91,937 | 97,205 |
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 | 987,770 | 1,188,518 |
U.S. Treasury securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available for sale | 19,584 | 122,077 |
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 | 4,624,314 | 2,398,650 |
Commercial 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 | 341,825 | 129,865 |
State and municipal securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available for sale | 2,106 | |
Asset-backed securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available for sale | 510,305 | |
Corporate debt securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available for sale | 145,069 | 16,935 |
Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 200 | 1,128 |
Investment securities available for sale | 19,584 | 122,077 |
Private equity investments | 0 | 0 |
Mutual funds held in rabbi trusts | 12,579 | 12,844 |
GGL/SBA loans servicing asset | 0 | 0 |
Derivative assets | 0 | 0 |
Earnout liability | 0 | 0 |
Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 1,540 | 2,002 |
Investment securities available for sale | 6,786,626 | 3,867,770 |
Private equity investments | 0 | 0 |
Mutual funds held in rabbi trusts | 0 | 0 |
GGL/SBA loans servicing asset | 0 | 0 |
Derivative assets | 75,751 | 19,332 |
Earnout liability | 0 | 0 |
Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 0 | 0 |
Investment securities available for sale | 1,981 | 1,785 |
Private equity investments | 11,886 | 11,028 |
Mutual funds held in rabbi trusts | 0 | 0 |
GGL/SBA loans servicing asset | 3,447 | 3,729 |
Derivative assets | 0 | 0 |
Earnout liability | 14,353 | 14,353 |
Fair Value, Measurements, Recurring Basis | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 1,740 | 3,130 |
Mortgage loans held for sale | 55,970 | 37,129 |
Investment securities available for sale | 6,808,191 | 3,991,632 |
Private equity investments | 11,886 | 11,028 |
Mutual funds held in rabbi trusts | 12,579 | 12,844 |
GGL/SBA loans servicing asset | 3,447 | 3,729 |
Derivative assets | 75,751 | 19,332 |
Earnout liability | 14,353 | 14,353 |
Derivative liabilities | 24,927 | 18,208 |
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 | 241 | |
Investment securities available for sale | 91,937 | 97,205 |
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 | 1,217 | |
Investment securities available for sale | 987,770 | 1,188,518 |
Fair Value, Measurements, Recurring Basis | Other investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 282 | 2,022 |
Fair Value, Measurements, Recurring Basis | U.S. Treasury securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available for sale | 19,584 | 122,077 |
Fair Value, Measurements, Recurring Basis | U.S. Government agency securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 44 | |
Investment securities available for sale | 85,281 | 38,382 |
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 | 4,624,314 | 2,398,650 |
Fair Value, Measurements, Recurring Basis | Commercial 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 | 341,825 | 129,865 |
Fair Value, Measurements, Recurring Basis | State and municipal securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 1,064 | |
Investment securities available for sale | 2,106 | |
Fair Value, Measurements, Recurring Basis | Asset-backed securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available for sale | 510,305 | |
Fair Value, Measurements, Recurring Basis | Corporate debt securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available for sale | 145,069 | 16,935 |
Fair Value, Measurements, Recurring Basis | Mutual funds | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mutual funds | 16,147 | 3,168 |
Fair Value, Measurements, Recurring Basis | Interest rate contracts | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 74,114 | 18,388 |
Derivative liabilities | 22,755 | 15,716 |
Fair Value, Measurements, Recurring Basis | Mortgage derivatives | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 1,637 | 944 |
Derivative liabilities | 806 | 819 |
Fair Value, Measurements, Recurring Basis | Visa derivative | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities | 1,366 | 1,673 |
Fair Value, Measurements, Recurring Basis | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 200 | 1,128 |
Mortgage loans held for sale | 0 | 0 |
Investment securities available for sale | 19,584 | 122,077 |
Private equity investments | 0 | 0 |
Mutual funds held in rabbi trusts | 12,579 | 12,844 |
GGL/SBA loans servicing asset | 0 | 0 |
Derivative assets | 0 | 0 |
Earnout liability | 0 | 0 |
Derivative liabilities | 0 | 0 |
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 | 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 | |
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] | ||
Trading securities | 200 | 1,128 |
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 | 19,584 | 122,077 |
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 | 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 | Commercial 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 | State and municipal 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 | Asset-backed securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available for sale | 0 | |
Fair Value, Measurements, Recurring Basis | Level 1 | Corporate debt securities | ||
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] | ||
Mutual funds | 16,147 | 3,168 |
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 |
Derivative liabilities | 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 | 1,540 | 2,002 |
Mortgage loans held for sale | 55,970 | 37,129 |
Investment securities available for sale | 6,786,626 | 3,867,770 |
Private equity investments | 0 | 0 |
Mutual funds held in rabbi trusts | 0 | 0 |
GGL/SBA loans servicing asset | 0 | 0 |
Derivative assets | 75,751 | 19,332 |
Earnout liability | 0 | 0 |
Derivative liabilities | 23,561 | 16,535 |
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 | 241 | |
Investment securities available for sale | 91,937 | 97,205 |
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 | 1,217 | |
Investment securities available for sale | 987,770 | 1,188,518 |
Fair Value, Measurements, Recurring Basis | Level 2 | Other investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 82 | 894 |
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 | U.S. Government agency securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 44 | |
Investment securities available for sale | 85,281 | 38,382 |
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 | 4,624,314 | 2,398,650 |
Fair Value, Measurements, Recurring Basis | Level 2 | Commercial 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 | 341,825 | 129,865 |
Fair Value, Measurements, Recurring Basis | Level 2 | State and municipal securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 1,064 | |
Investment securities available for sale | 2,106 | |
Fair Value, Measurements, Recurring Basis | Level 2 | Asset-backed securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available for sale | 510,305 | |
Fair Value, Measurements, Recurring Basis | Level 2 | Corporate debt securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available for sale | 143,088 | 15,150 |
Fair Value, Measurements, Recurring Basis | Level 2 | Mutual funds | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mutual funds | 0 | 0 |
Fair Value, Measurements, Recurring Basis | Level 2 | Interest rate contracts | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 74,114 | 18,388 |
Derivative liabilities | 22,755 | 15,716 |
Fair Value, Measurements, Recurring Basis | Level 2 | Mortgage derivatives | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 1,637 | 944 |
Derivative liabilities | 806 | 819 |
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 | 1,981 | 1,785 |
Private equity investments | 11,886 | 11,028 |
Mutual funds held in rabbi trusts | 0 | 0 |
GGL/SBA loans servicing asset | 3,447 | 3,729 |
Derivative assets | 0 | 0 |
Earnout liability | 14,353 | 14,353 |
Derivative liabilities | 1,366 | 1,673 |
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 | 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 | |
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] | ||
Trading securities | 0 | 0 |
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 | 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 | 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 | Commercial 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 | State and municipal 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 3 | Asset-backed securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available for sale | 0 | |
Fair Value, Measurements, Recurring Basis | Level 3 | Corporate debt securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available for sale | 1,981 | 1,785 |
Fair Value, Measurements, Recurring Basis | Level 3 | Mutual funds | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mutual funds | 0 | 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 |
Derivative liabilities | 0 | 0 |
Fair Value, Measurements, Recurring Basis | Level 3 | Visa derivative | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities | $ 1,366 | $ 1,673 |
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, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |||
Fair value | $ 55,970 | $ 37,129 | |
Unpaid principal balance | 54,333 | 35,848 | |
Fair value less aggregate unpaid principal balance | 1,637 | $ 1,281 | |
Mortgage loans held for sale | $ 356 | $ 115 |
Fair Value Accounting (Change_2
Fair Value Accounting (Changes In Level 3 Fair Value Measurements) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Losses included in earnings attributable to the change in unrealized losses relating to assets/liabilities | $ 858 | $ (3,100) | |
GGL / SBA Loans Servicing Asset | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning balance | 3,729 | 4,101 | $ 4,101 |
Included in earnings | (488) | (422) | |
Unrealized gains (losses) included in OCI | 0 | 0 | |
Additions | 206 | 292 | |
Settlements | 0 | 0 | |
Ending balance | 3,447 | 3,971 | 3,729 |
Total net losses for the period included in earnings attributable to the change in unrealized losses relating to assets/liabilities still held | 0 | 0 | |
Earnout Liability | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning balance | (14,353) | (11,348) | (11,348) |
Included in earnings | 0 | 0 | |
Unrealized gains (losses) included in OCI | 0 | 0 | |
Additions | 0 | 0 | |
Settlements | 0 | 0 | |
Ending balance | (14,353) | (11,348) | (14,353) |
Total net losses for the period included in earnings attributable to the change in unrealized losses relating to assets/liabilities still held | 0 | 0 | |
Visa Derivative | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning balance | (1,673) | (4,330) | (4,330) |
Included in earnings | 0 | 0 | |
Unrealized gains (losses) included in OCI | 0 | 0 | |
Additions | 0 | 0 | |
Settlements | 307 | 356 | |
Ending balance | (1,366) | (3,974) | (1,673) |
Total net losses for the period included in earnings attributable to the change in unrealized losses relating to assets/liabilities still held | 0 | 0 | |
Investment Securities Available for Sale | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning balance | 1,785 | 1,935 | 1,935 |
Included in earnings | 0 | 0 | |
Unrealized gains (losses) included in OCI | 196 | (83) | |
Additions | 0 | 0 | |
Settlements | 0 | 0 | |
Ending balance | 1,981 | 1,852 | 1,785 |
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 | 11,028 | 15,771 | 15,771 |
Included in earnings | 858 | (3,056) | |
Unrealized gains (losses) included in OCI | 0 | 0 | |
Additions | 0 | 0 | |
Settlements | 0 | 0 | |
Ending balance | 11,886 | 12,715 | $ 11,028 |
Total net losses for the period included in earnings attributable to the change in unrealized losses relating to assets/liabilities still held | $ 858 | $ (3,056) |
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, 2019 | Dec. 31, 2018 |
Other assets held for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate | $ 11,300 | $ 6,200 |
Fair Value, Measurements, Nonrecurring Basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 1,578 | 21,742 |
Other loans held for sale | 0 | 1,494 |
Other real estate | 159 | 3,827 |
Other assets held for sale | 517 | 1,104 |
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 | 1,578 | 21,742 |
Other loans held for sale | 0 | 1,494 |
Other real estate | 159 | 3,827 |
Other assets held for sale | $ 517 | $ 1,104 |
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, 2019 | Mar. 31, 2018 | |
Impaired loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value adjustment | $ 2,625 | $ 720 |
Other loans held for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value adjustment | 0 | 1,512 |
Other real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value adjustment | 18 | 731 |
Other assets held for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value adjustment | $ 96 | $ 107 |
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, 2019 | Dec. 31, 2018 |
Financial assets | ||
Mortgage loans held for sale | $ 55,970 | $ 37,129 |
Investment securities available for sale | 6,808,191 | 3,991,632 |
Loans, net | 35,377,465 | 25,696,018 |
Financial liabilities | ||
Non-interest-bearing deposits | 9,144,315 | 7,650,967 |
Total deposits | 38,075,190 | 26,720,322 |
Federal funds purchased and securities sold under repurchase agreements | 314,383 | 237,692 |
Other short-term borrowings | 853,000 | 650,000 |
Long-term debt | 2,106,037 | 1,657,157 |
Level 1 | ||
Financial assets | ||
Total cash, cash equivalents, restricted cash, and restricted cash equivalents | 1,265,925 | 1,143,564 |
Trading account assets | 200 | 1,128 |
Mortgage loans held for sale | 0 | 0 |
Other loans held for sale | 0 | 0 |
Investment securities available for sale | 19,584 | 122,077 |
Private equity investments | 0 | 0 |
Mutual funds | 16,147 | 3,168 |
Mutual funds held in rabbi trusts | 12,579 | 12,844 |
Loans, net | 0 | 0 |
GGL/SBA loans servicing asset | 0 | 0 |
Derivative assets | 0 | 0 |
Financial liabilities | ||
Non-interest-bearing deposits | 0 | 0 |
Non-time interest-bearing deposits | 0 | 0 |
Time deposits | 0 | 0 |
Total deposits | 0 | 0 |
Federal funds purchased and securities sold under repurchase agreements | 314,383 | 237,692 |
Other short-term borrowings | 0 | 0 |
Long-term debt | 0 | 0 |
Earnout liability | 0 | 0 |
Derivative liabilities | 0 | 0 |
Level 2 | ||
Financial assets | ||
Total cash, cash equivalents, restricted cash, and restricted cash equivalents | 0 | 0 |
Trading account assets | 1,540 | 2,002 |
Mortgage loans held for sale | 55,970 | 37,129 |
Other loans held for sale | 0 | 0 |
Investment securities available for sale | 6,786,626 | 3,867,770 |
Private equity investments | 0 | 0 |
Mutual funds | 0 | 0 |
Mutual funds held in rabbi trusts | 0 | 0 |
Loans, net | 0 | 0 |
GGL/SBA loans servicing asset | 0 | 0 |
Derivative assets | 75,751 | 19,332 |
Financial liabilities | ||
Non-interest-bearing deposits | 9,144,315 | 7,650,967 |
Non-time interest-bearing deposits | 18,345,758 | 14,065,959 |
Time deposits | 10,592,682 | 4,989,570 |
Total deposits | 38,082,755 | 26,706,496 |
Federal funds purchased and securities sold under repurchase agreements | 0 | 0 |
Other short-term borrowings | 853,000 | 650,000 |
Long-term debt | 2,119,630 | 1,649,642 |
Earnout liability | 0 | 0 |
Derivative liabilities | 23,561 | 16,535 |
Level 3 | ||
Financial assets | ||
Total cash, cash equivalents, restricted cash, and restricted cash equivalents | 0 | 0 |
Trading account assets | 0 | 0 |
Mortgage loans held for sale | 0 | 0 |
Other loans held for sale | 12 | 1,506 |
Investment securities available for sale | 1,981 | 1,785 |
Private equity investments | 11,886 | 11,028 |
Mutual funds | 0 | 0 |
Mutual funds held in rabbi trusts | 0 | 0 |
Loans, net | 35,086,637 | 25,438,890 |
GGL/SBA loans servicing asset | 3,447 | 3,729 |
Derivative assets | 0 | 0 |
Financial liabilities | ||
Non-interest-bearing deposits | 0 | 0 |
Non-time interest-bearing deposits | 0 | 0 |
Time deposits | 0 | 0 |
Total deposits | 0 | 0 |
Federal funds purchased and securities sold under repurchase agreements | 0 | 0 |
Other short-term borrowings | 0 | 0 |
Long-term debt | 0 | 0 |
Earnout liability | 14,353 | 14,353 |
Derivative liabilities | 1,366 | 1,673 |
Carrying Value | ||
Financial assets | ||
Total cash, cash equivalents, restricted cash, and restricted cash equivalents | 1,265,925 | 1,143,564 |
Trading account assets | 1,740 | 3,130 |
Mortgage loans held for sale | 55,970 | 37,129 |
Other loans held for sale | 12 | 1,506 |
Investment securities available for sale | 6,808,191 | 3,991,632 |
Private equity investments | 11,886 | 11,028 |
Mutual funds | 16,147 | 3,168 |
Mutual funds held in rabbi trusts | 12,579 | 12,844 |
Loans, net | 35,377,465 | 25,696,018 |
GGL/SBA loans servicing asset | 3,447 | 3,729 |
Derivative assets | 75,751 | 19,332 |
Financial liabilities | ||
Non-interest-bearing deposits | 9,144,315 | 7,650,967 |
Non-time interest-bearing deposits | 18,345,758 | 14,065,959 |
Time deposits | 10,585,117 | 5,003,396 |
Total deposits | 38,075,190 | 26,720,322 |
Federal funds purchased and securities sold under repurchase agreements | 314,383 | 237,692 |
Other short-term borrowings | 853,000 | 650,000 |
Long-term debt | 2,106,037 | 1,657,157 |
Earnout liability | 14,353 | 14,353 |
Derivative liabilities | 24,927 | 18,208 |
Fair Value | ||
Financial assets | ||
Total cash, cash equivalents, restricted cash, and restricted cash equivalents | 1,265,925 | 1,143,564 |
Trading account assets | 1,740 | 3,130 |
Mortgage loans held for sale | 55,970 | 37,129 |
Other loans held for sale | 12 | 1,506 |
Investment securities available for sale | 6,808,191 | 3,991,632 |
Private equity investments | 11,886 | 11,028 |
Mutual funds | 16,147 | 3,168 |
Mutual funds held in rabbi trusts | 12,579 | 12,844 |
Loans, net | 35,086,637 | 25,438,890 |
GGL/SBA loans servicing asset | 3,447 | 3,729 |
Derivative assets | 75,751 | 19,332 |
Financial liabilities | ||
Non-interest-bearing deposits | 9,144,315 | 7,650,967 |
Non-time interest-bearing deposits | 18,345,758 | 14,065,959 |
Time deposits | 10,592,682 | 4,989,570 |
Total deposits | 38,082,755 | 26,706,496 |
Federal funds purchased and securities sold under repurchase agreements | 314,383 | 237,692 |
Other short-term borrowings | 853,000 | 650,000 |
Long-term debt | 2,119,630 | 1,649,642 |
Earnout liability | 14,353 | 14,353 |
Derivative liabilities | $ 24,927 | $ 18,208 |
Derivative Instruments (Narrati
Derivative Instruments (Narrative) (Details) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | ||
Collateral requirements | $ 64,200,000 | |
Variation margin, amount reducing derivative asset | 51,900,000 | $ 3,100,000 |
Cash Flow Hedges | ||
Derivative [Line Items] | ||
Derivative instruments | 0 | 0 |
Fair Value Hedges | ||
Derivative [Line Items] | ||
Derivative instruments | $ 0 | $ 0 |
Derivative Instruments (Impact
Derivative Instruments (Impact Of Derivatives On Balance Sheet) (Details) - Derivatives not designated as hedging instruments - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | ||
Fair value of derivative assets | $ 75,751,000 | $ 19,332,000 |
Fair value of derivative liabilities | 24,927,000 | 18,208,000 |
Interest rate contracts | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 5,403,031,000 | 1,840,288,000 |
Fair value of derivative assets | 74,114,000 | 18,388,000 |
Fair value of derivative liabilities | 22,755,000 | 15,716,000 |
Mortgage derivatives | Interest rate lock commitments | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 95,053,000 | 52,420,000 |
Fair value of derivative assets | 1,637,000 | 944,000 |
Fair value of derivative liabilities | 0 | 0 |
Mortgage derivatives | Frward commitments to sell fixed-rate mortgage loans | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 93,500,000 | 65,500,000 |
Fair value of derivative assets | 0 | 0 |
Fair value of derivative liabilities | 806,000 | 819,000 |
Visa derivative | ||
Derivative [Line Items] | ||
Fair value of derivative assets | 0 | 0 |
Fair value of derivative liabilities | $ 1,366,000 | $ 1,673,000 |
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, 2019 | Mar. 31, 2018 | |
Derivative [Line Items] | ||
Gain (Loss) Recognized in Consolidated Statements of Income | $ 576 | $ 934 |
Interest rate contracts | Other non-interest income | ||
Derivative [Line Items] | ||
Gain (Loss) Recognized in Consolidated Statements of Income | (130) | 7 |
Mortgage derivatives | Interest rate lock commitments | Mortgage banking income | ||
Derivative [Line Items] | ||
Gain (Loss) Recognized in Consolidated Statements of Income | 693 | 735 |
Mortgage derivatives | Frward commitments to sell fixed-rate mortgage loans | Mortgage banking income | ||
Derivative [Line Items] | ||
Gain (Loss) Recognized in Consolidated Statements of Income | $ 13 | $ 192 |
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, 2019 | Mar. 31, 2018 | |
Basic Net Income Per Common Share: | ||
Net income available to common shareholders | $ 117,036 | $ 100,607 |
Weighted average common shares outstanding (in shares) | 160,927 | 118,666 |
Net income per common share, basic (in dollars per share) | $ 0.73 | $ 0.85 |
Diluted Net Income Per Common Share: | ||
Net income available to common shareholders | $ 117,036 | $ 100,607 |
Weighted average common shares outstanding (in shares) | 160,927 | 118,666 |
Effect of dilutive outstanding equity-based awards, warrants, and earnout payments | 1,833 | 655 |
Weighted average number of diluted common shares (in shares) | 162,760 | 119,321 |
Net income per common share, diluted (in dollars per share) | $ 0.72 | $ 0.84 |
Net Income Per Common Share (Na
Net Income Per Common Share (Narrative) (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Earnings Per Share [Abstract] | ||
Potentially dilutive shares (in shares) | 40 | 2,200 |
Share-based Compensation (Narra
Share-based Compensation (Narrative) (Details) shares in Thousands, $ in Thousands | Jan. 01, 2019USD ($)shares | Mar. 31, 2019USD ($)shares | Mar. 31, 2018USD ($) |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Assumed (in options) | shares | 3,230 | ||
Exercised (in options) | shares | 361 | ||
Merger-related expense | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | $ 3,806 | $ 0 | |
FCB Financial Holdings, Inc. | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Assumed (in options) | shares | 3,200 | ||
Exercised (in options) | shares | 136 | ||
Converted options and restricted share units, fair value | $ 41,500 | ||
FCB Financial Holdings, Inc. | Merger-related expense | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | 3,800 | ||
FCB Financial Holdings, Inc. | FCB Financial Holdings, Inc. | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Other equity compensation, non-vested shares outstanding (in shares) | $ 7,400 | ||
Merger exchange ratio | 1.055 | ||
FCB Financial Holdings, Inc. | Compensation Expense and Remaining to Purchase Price | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Converted options and restricted share units, fair value | $ 4,200 |
Share-based Compensation (Stock
Share-based Compensation (Stock Options) (Details) shares in Thousands | 3 Months Ended |
Mar. 31, 2019$ / sharesshares | |
Quantity | |
Outstanding at January 1, 2019 (in options) | shares | 640 |
Assumed (in options) | shares | 3,230 |
Exercised (in options) | shares | (361) |
Outstanding at March 31, 2019 (in options) | shares | 3,509 |
Weighted-Average Exercise Price Per Share | |
Outstanding at January 1, 2019 (in dollars per share) | $ / shares | $ 16.93 |
Assumed (in dollars per share) | $ / shares | 23.22 |
Exercised (in dollars per share) | $ / shares | 19.36 |
Outstanding at March 31, 2019 (in dollars per share) | $ / shares | $ 22.47 |
Share-based Compensation (Share
Share-based Compensation (Share Units) (Details) shares in Thousands | 3 Months Ended |
Mar. 31, 2019$ / sharesshares | |
Restricted Share Units | |
Quantity | |
Non-vested at January 1, 2019 (in shares) | shares | 526 |
Granted (in shares) | shares | 438 |
Assumed (in shares) | shares | 136 |
Quantity change by TSR factor (in shares) | shares | 0 |
Dividend equivalents granted (in shares) | shares | 3 |
Vested (in shares) | shares | (236) |
Forfeited (in shares) | shares | (6) |
Non-vested at March 31, 2019 (in shares) | shares | 861 |
Weighted-Average Grant Date Fair Value Per Share | |
Non-vested at January 1, 2019 (in dollars per share) | $ / shares | $ 41.18 |
Granted (in dollars per share) | $ / shares | 36.60 |
Assumed (in dollars per share) | $ / shares | 31.99 |
Quantity change by TSR factor (in dollars per share) | $ / shares | 0 |
Dividend equivalents granted (in dollars per share) | $ / shares | 36.60 |
Vested (in dollars per share) | $ / shares | 37.09 |
Forfeited (in dollars per share) | $ / shares | 41.18 |
Non-vested at March 31, 2019 (in dollars per share) | $ / shares | $ 38.50 |
Market Restricted Share Units | |
Quantity | |
Non-vested at January 1, 2019 (in shares) | shares | 144 |
Granted (in shares) | shares | 151 |
Assumed (in shares) | shares | 0 |
Quantity change by TSR factor (in shares) | shares | (18) |
Dividend equivalents granted (in shares) | shares | 0 |
Vested (in shares) | shares | (55) |
Forfeited (in shares) | shares | 0 |
Non-vested at March 31, 2019 (in shares) | shares | 222 |
Weighted-Average Grant Date Fair Value Per Share | |
Non-vested at January 1, 2019 (in dollars per share) | $ / shares | $ 41.91 |
Granted (in dollars per share) | $ / shares | 36.53 |
Assumed (in dollars per share) | $ / shares | 0 |
Quantity change by TSR factor (in dollars per share) | $ / shares | 38.11 |
Dividend equivalents granted (in dollars per share) | $ / shares | 0 |
Vested (in dollars per share) | $ / shares | 38.11 |
Forfeited (in dollars per share) | $ / shares | 0 |
Non-vested at March 31, 2019 (in dollars per share) | $ / shares | $ 39.50 |
Performance Share Units | |
Quantity | |
Non-vested at January 1, 2019 (in shares) | shares | 248 |
Granted (in shares) | shares | 140 |
Assumed (in shares) | shares | 0 |
Quantity change by TSR factor (in shares) | shares | 0 |
Dividend equivalents granted (in shares) | shares | 8 |
Vested (in shares) | shares | (93) |
Forfeited (in shares) | shares | 0 |
Non-vested at March 31, 2019 (in shares) | shares | 303 |
Weighted-Average Grant Date Fair Value Per Share | |
Non-vested at January 1, 2019 (in dollars per share) | $ / shares | $ 38.29 |
Granted (in dollars per share) | $ / shares | 37.34 |
Assumed (in dollars per share) | $ / shares | 0 |
Quantity change by TSR factor (in dollars per share) | $ / shares | 0 |
Dividend equivalents granted (in dollars per share) | $ / shares | 37.34 |
Vested (in dollars per share) | $ / shares | 26.35 |
Forfeited (in dollars per share) | $ / shares | 0 |
Non-vested at March 31, 2019 (in dollars per share) | $ / shares | $ 41.50 |
Share-based Compensation (Expen
Share-based Compensation (Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Salaries and other personnel expense | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Share-based compensation expense | $ 6,312 | $ 3,773 |
Merger-related expense | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Share-based compensation expense | 3,806 | 0 |
Other operating expenses | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Share-based compensation expense | 126 | 182 |
Non-interest expense | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Share-based compensation expense | $ 10,244 | $ 3,955 |
Leases (Details)
Leases (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019USD ($)renewal_option | Jan. 01, 2019USD ($) | |
Assets and Liabilities, Lessee [Abstract] | ||
Assets operating | $ 378,903 | $ 387,300 |
Assets finance | 3,457 | |
Total leased assets | 382,360 | |
Liabilities operating | 385,734 | 390,600 |
Present value of lease liabilities | 3,229 | |
Total lease liabilities | 388,963 | |
Finance lease asset, accumulated amortization | 224 | |
Lease, Cost [Abstract] | ||
Operating lease cost, net | 8,171 | |
Finance lease cost | ||
Amortization of leased assets | 224 | |
Interest on lease liabilities | 20 | |
Sublease income | (166) | |
Net lease cost | 8,249 | |
Rental income | $ 594 | |
Weighted-average remaining lease term (years), Operating leases | 21 years 7 months 6 days | |
Weighted-average discount rate (percentage), Operating leases | 3.55% | |
Weighted-average remaining lease term (years), Finance leases | 4 years 4 months 24 days | |
Weighted-average discount rate (percentage), Finance leases | 2.45% | |
Operating cash flows from operating leases | $ (7,461) | |
Operating cash flows from finance leases | (20) | |
Financing cash flows from finance leases | (178) | |
Maturity of Lease Liabilities, Operating Leases | ||
2019 | 22,242 | |
2020 | 29,454 | |
2021 | 28,000 | |
2022 | 27,280 | |
2023 | 25,704 | |
After 2023 | 433,753 | |
Total lease payments | 566,433 | |
Less: Imputed interest | 180,699 | |
Present value of lease liabilities | 385,734 | $ 390,600 |
Maturity of Lease Liabilities, Finance Leases | ||
2019 | 692 | |
2020 | 871 | |
2021 | 839 | |
2022 | 465 | |
2023 | 180 | |
After 2023 | 343 | |
Total lease payments | 3,390 | |
Less: Imputed interest | 161 | |
Present value of lease liabilities | 3,229 | |
Maturity of Lease Liabilities, Total | ||
2019 | 22,934 | |
2020 | 30,325 | |
2021 | 28,839 | |
2022 | 27,745 | |
2023 | 25,884 | |
After 2023 | 434,096 | |
Total lease payments | 569,823 | |
Less: Imputed interest | 180,860 | |
Present value of lease liabilities | 388,963 | |
Minimum lease payments related to operating leases that had not yet commenced | $ 20,600 | |
Minimum | ||
Lessee, Lease, Description [Line Items] | ||
Term of contract | 1 year | |
Number of renewal options | renewal_option | 1 | |
Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Term of contract | 5 years |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Loss Contingencies [Line Items] | |||
Carrying amount included in other assets | $ 81,611,000 | $ 83,736,000 | |
Amount of future funding commitments included in carrying amount | 33,463,000 | 47,123,000 | |
Short-term construction loans and letter of credit commitments | 259,000 | 1,585,000 | |
Funded portion of short-term loans and letters of credit | 2,822,000 | 5,595,000 | |
Contractual amount net of risk participations | 39,000,000 | 46,000,000 | |
Guarantor obligations, advanced payment to merchant | 23,500,000 | ||
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 | 11,922,382,000 | 10,153,558,000 | |
Maximum potential exposure for sponsored transactions | 17,710,000,000 | $ 16,720,000,000 | |
Letters of credit | |||
Loss Contingencies [Line Items] | |||
Total unfunded lending commitments and letters of credit | 212,696,000 | 157,675,000 | |
Commitments to fund commercial and industrial loans | |||
Loss Contingencies [Line Items] | |||
Total unfunded lending commitments and letters of credit | 5,823,618,000 | 5,527,017,000 | |
Commitments to fund commercial real estate, construction, and land development loans | |||
Loss Contingencies [Line Items] | |||
Total unfunded lending commitments and letters of credit | 3,016,716,000 | 2,034,223,000 | |
Commitments under home equity lines of credit | |||
Loss Contingencies [Line Items] | |||
Total unfunded lending commitments and letters of credit | 1,396,313,000 | 1,258,657,000 | |
Unused credit card lines | |||
Loss Contingencies [Line Items] | |||
Total unfunded lending commitments and letters of credit | 833,990,000 | 775,003,000 | |
Other loan commitments | |||
Loss Contingencies [Line Items] | |||
Total unfunded lending commitments and letters of credit | $ 639,049,000 | $ 400,983,000 |