Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2021 | Jul. 31, 2021 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2021 | |
Entity File Number | 1-10312 | |
Entity Registrant Name | SYNOVUS FINANCIAL CORP | |
Entity Incorporation, State or Country Code | GA | |
Entity Tax Identification Number | 58-1134883 | |
Entity Address, Address Line One | 1111 Bay Avenue, Suite 500 | |
Entity Address, City or Town | Columbus, | |
Entity Address, State or Province | GA | |
Entity Address, Postal Zip Code | 31901 | |
City Area Code | 706 | |
Local Phone Number | 641-6500 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 146,445,522 | |
Entity Central Index Key | 0000018349 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Common Stock | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Common Stock, $1.00 Par Value | |
Trading Symbol | SNV | |
Security Exchange Name | NYSE | |
Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D | |
Trading Symbol | SNV - PrD | |
Security Exchange Name | NYSE | |
Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E | |
Trading Symbol | SNV - PrE | |
Security Exchange Name | NYSE |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash and due from banks | $ 560,396 | $ 531,579 |
Interest-bearing funds with Federal Reserve Bank | 2,598,213 | 3,586,565 |
Interest earning deposits with banks | 21,513 | 20,944 |
Federal funds sold and securities purchased under resale agreements | 82,554 | 113,829 |
Total cash, cash equivalents, and restricted cash | 3,262,676 | 4,252,917 |
Investment securities available for sale, at fair value | 9,442,170 | 7,962,438 |
Loans held for sale (includes $202,216 and $216,647 measured at fair value, respectively) | 750,916 | 760,123 |
Loans, net of deferred fees and costs | 38,236,018 | 38,252,984 |
Allowance for loan losses | (516,708) | (605,736) |
Cash surrender value of bank-owned life insurance | 1,059,235 | 1,049,373 |
Premises, equipment, and software, net | 446,447 | 463,959 |
Goodwill | 452,390 | 452,390 |
Other intangible assets, net | 40,354 | 45,112 |
Other assets | 1,765,161 | 1,760,599 |
Total assets | 54,938,659 | 54,394,159 |
Deposits: | ||
Non-interest-bearing deposits | 15,345,629 | 13,477,854 |
Interest-bearing deposits | 31,826,333 | 33,213,717 |
Total deposits | 47,171,962 | 46,691,571 |
Federal funds purchased and securities sold under repurchase agreements | 194,786 | 227,922 |
Other short-term borrowings | 0 | 7,717 |
Long-term debt | 1,203,293 | 1,202,494 |
Other liabilities | 1,130,904 | 1,103,121 |
Total liabilities | 49,700,945 | 49,232,825 |
Shareholders' Equity | ||
Preferred stock - no par value; authorized 100,000,000 shares; issued 22,000,000 | 537,145 | 537,145 |
Common stock - $1.00 par value; authorized 342,857,143 shares; issued 169,107,609 and 168,132,522; outstanding 147,071,532 and 148,039,495 | 169,108 | 168,133 |
Additional paid-in capital | 3,872,949 | 3,851,208 |
Treasury stock, at cost; 22,036,077 and 20,093,027 shares | (824,197) | (731,806) |
Accumulated other comprehensive income, net | 45,726 | 158,635 |
Retained earnings | 1,436,983 | 1,178,019 |
Total shareholders' equity | 5,237,714 | 5,161,334 |
Total liabilities and shareholders' equity | $ 54,938,659 | $ 54,394,159 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Loans held-for-sale, fair value disclosure | $ 202,216 | $ 216,647 |
Preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Preferred stock, shares issued (in shares) | 22,000,000 | 22,000,000 |
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) | 169,107,609 | 168,132,522 |
Common stock, shares outstanding (in shares) | 147,071,532 | 148,039,495 |
Treasury stock, shares at cost (in shares) | 22,036,077 | 20,093,027 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Interest income: | ||||
Loans, including fees | $ 371,288 | $ 401,997 | $ 743,779 | $ 829,334 |
Investment securities available for sale | 33,298 | 44,935 | 62,755 | 96,588 |
Loans held for sale | 6,609 | 1,914 | 13,071 | 2,706 |
Federal Reserve Bank balances | 709 | 394 | 1,383 | 1,902 |
Other earning assets | 839 | 2,329 | 1,572 | 4,936 |
Total interest income | 412,743 | 451,569 | 822,560 | 935,466 |
Interest expense: | ||||
Deposits | 19,371 | 56,474 | 44,389 | 142,476 |
Federal funds purchased, securities sold under repurchase agreements, and other short-term borrowings | 34 | 1,778 | 69 | 7,710 |
Long-term debt | 11,478 | 16,751 | 22,386 | 35,454 |
Total interest expense | 30,883 | 75,003 | 66,844 | 185,640 |
Net interest income | 381,860 | 376,566 | 755,716 | 749,826 |
(Reversal of) provision for credit losses | (24,598) | 141,851 | (43,173) | 300,573 |
Net interest income after (reversal of) provision for credit losses | 406,458 | 234,715 | 798,889 | 449,253 |
Non-interest revenue: | ||||
Service charges on deposit accounts | 21,414 | 15,567 | 41,448 | 36,255 |
Fiduciary and asset management fees | 18,805 | 14,950 | 36,759 | 30,124 |
Card fees | 13,304 | 9,186 | 25,300 | 20,136 |
Brokerage revenue | 13,926 | 9,984 | 26,899 | 22,383 |
Mortgage banking income | 13,842 | 23,530 | 36,157 | 35,757 |
Capital markets income | 3,335 | 6,050 | 10,840 | 17,294 |
Income from bank-owned life insurance | 7,188 | 7,756 | 16,031 | 13,794 |
Investment securities gains (losses), net | 0 | 69,409 | (1,990) | 78,144 |
Other non-interest revenue | 15,273 | 17,052 | 26,599 | 23,454 |
Total non-interest revenue | 107,087 | 173,484 | 218,043 | 277,341 |
Non-interest expense: | ||||
Salaries and other personnel expense | 160,567 | 159,597 | 322,044 | 309,274 |
Net occupancy, equipment, and software expense | 41,825 | 41,727 | 82,959 | 83,921 |
Third-party processing and other services | 24,419 | 22,666 | 44,451 | 45,366 |
Professional fees | 7,947 | 15,305 | 17,031 | 25,980 |
FDIC insurance and other regulatory fees | 5,547 | 6,851 | 11,127 | 12,129 |
Other operating expenses | 30,226 | 37,995 | 60,053 | 83,751 |
Total non-interest expense | 270,531 | 284,141 | 537,665 | 560,421 |
Income before income taxes | 243,014 | 124,058 | 479,267 | 166,173 |
Income tax expense | 56,814 | 30,866 | 105,975 | 34,461 |
Net income | 186,200 | 93,192 | 373,292 | 131,712 |
Less: Preferred stock dividends | 8,291 | 8,291 | 16,581 | 16,581 |
Net income available to common shareholders | $ 177,909 | $ 84,901 | $ 356,711 | $ 115,131 |
Net income per common share, basic (in dollars per share) | $ 1.20 | $ 0.58 | $ 2.41 | $ 0.78 |
Net income per common share, diluted (in dollars per share) | $ 1.19 | $ 0.57 | $ 2.38 | $ 0.78 |
Weighted average common shares outstanding, basic (in shares) | 148,113 | 147,288 | 148,289 | 147,300 |
Weighted average common shares outstanding, diluted (in shares) | 149,747 | 147,733 | 149,764 | 148,067 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income, Before-tax Amount | $ 243,014 | $ 124,058 | $ 479,267 | $ 166,173 |
Net income, Tax Effect | (56,814) | (30,866) | (105,975) | (34,461) |
Net income | 186,200 | 93,192 | 373,292 | 131,712 |
Net unrealized gains (losses) on investment securities available for sale: Before-tax Amount | ||||
Net unrealized holding gains (losses) arising during the period, Before-tax Amount | 46,342 | (11,939) | (118,899) | 146,403 |
Reclassification adjustment for net losses realized in net income, Before-tax Amount | 0 | (69,409) | 1,990 | (78,144) |
Net unrealized gains (losses), Before-tax Amount | 46,342 | (81,348) | (116,909) | 68,259 |
Net unrealized gains (losses) on investment securities available for sale: Tax Effect | ||||
Net unrealized holding gains (losses) arising during the period, Tax Effect | (11,725) | 3,092 | 31,056 | (37,919) |
Reclassification adjustment for net losses realized in net income, Tax Effect | 0 | 17,977 | (515) | 20,239 |
Net unrealized gains (losses), Tax Effect | (11,725) | 21,069 | 30,541 | (17,680) |
Net unrealized gains (losses) on investment securities available for sale: Net of Tax Amount | ||||
Net unrealized holding gains (losses) arising during the period, Net of Tax Amount | 34,617 | (8,847) | (87,843) | 108,484 |
Reclassification adjustment for net losses realized in net income, Net of Tax Amount | 0 | (51,432) | 1,475 | (57,905) |
Net unrealized gains (losses), Net of Tax Amount | 34,617 | (60,279) | (86,368) | 50,579 |
Unrealized gains (losses) on derivative instruments designated as cash flow hedges, Before-tax Amount | ||||
Net unrealized gains (losses) arising during the period, Before-tax Amount | (1,923) | 8,823 | (30,980) | 117,462 |
Reclassification adjustment for realized (gains) losses included in net income, Before-tax Amount | (3,657) | (270) | (5,256) | (390) |
Net change, Before-tax Amount | (5,580) | 8,553 | (36,236) | 117,072 |
Unrealized gains (losses) on derivative instruments designated as cash flow hedges, Tax Effect | ||||
Net unrealized gains (losses) arising during the period, Income Tax | 486 | (2,285) | 8,360 | (30,423) |
Reclassification adjustment for realized (gains) losses included in net income, Income Tax | 925 | 70 | 1,335 | 101 |
Net change, Income Tax | 1,411 | (2,215) | 9,695 | (30,322) |
Unrealized gains (losses) on derivative instruments designated as cash flow hedges, Net of Tax Amount | ||||
Net unrealized gains (losses) arising during the period, Net of Tax Amount | (1,437) | 6,538 | (22,620) | 87,039 |
Reclassification adjustment for realized (gains) losses included in net income, Net of Tax Amount | (2,732) | (200) | (3,921) | (289) |
Net change, Net of Tax Amount | (4,169) | 6,338 | (26,541) | 86,750 |
Other comprehensive income (loss), Before-tax Amount | 40,762 | (72,795) | (153,145) | 185,331 |
Other comprehensive income (loss), Tax Effect | (10,314) | 18,854 | 40,236 | (48,002) |
Other comprehensive income (loss), Net of Tax | 30,448 | (53,941) | (112,909) | 137,329 |
Comprehensive income, Net of Tax Amount | $ 216,648 | $ 39,251 | $ 260,383 | $ 269,041 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Impact from Adoption | Preferred Stock | Common Stock | Additional Paid-in Capital | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Retained EarningsImpact from Adoption | |
Beginning balance at Dec. 31, 2019 | $ 4,941,690 | $ (35,721) | $ 537,145 | $ 166,801 | $ 3,819,336 | $ (715,560) | $ 65,641 | $ 1,068,327 | $ (35,721) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 131,712 | 131,712 | ||||||||
Other comprehensive income (loss) | 137,329 | 137,329 | ||||||||
Cash dividends declared on common stock | (97,210) | (97,210) | ||||||||
Cash dividends declared on preferred stock | [1] | (16,581) | (16,581) | |||||||
Repurchases of common stock including costs to repurchase | (16,246) | (16,246) | ||||||||
Restricted share unit vesting and taxes paid related to net share settlement | (7,404) | 379 | (7,783) | |||||||
Stock options exercised, net | 6,479 | 226 | 6,253 | |||||||
Share-based compensation expense | 8,920 | 8,920 | ||||||||
Ending balance at Jun. 30, 2020 | 5,052,968 | 537,145 | 167,406 | 3,826,726 | (731,806) | 202,970 | 1,050,527 | |||
Beginning balance at Mar. 31, 2020 | 5,065,205 | 537,145 | 167,360 | 3,821,357 | (731,806) | 256,911 | 1,014,238 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 93,192 | 93,192 | ||||||||
Other comprehensive income (loss) | (53,941) | (53,941) | ||||||||
Cash dividends declared on common stock | (48,612) | (48,612) | ||||||||
Cash dividends declared on preferred stock | [2] | (8,291) | (8,291) | |||||||
Restricted share unit vesting and taxes paid related to net share settlement | (147) | 34 | (181) | |||||||
Stock options exercised, net | 212 | 12 | 200 | |||||||
Share-based compensation expense | 5,350 | 5,350 | ||||||||
Ending balance at Jun. 30, 2020 | 5,052,968 | 537,145 | 167,406 | 3,826,726 | (731,806) | 202,970 | 1,050,527 | |||
Beginning balance at Dec. 31, 2020 | 5,161,334 | 537,145 | 168,133 | 3,851,208 | (731,806) | 158,635 | 1,178,019 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 373,292 | 373,292 | ||||||||
Other comprehensive income (loss) | (112,909) | (112,909) | ||||||||
Cash dividends declared on common stock | (97,744) | (97,744) | ||||||||
Cash dividends declared on preferred stock | [1] | (16,581) | (16,581) | |||||||
Repurchases of common stock including costs to repurchase | (92,507) | (92,507) | ||||||||
Restricted share unit vesting and taxes paid related to net share settlement | (6,579) | 306 | (6,885) | |||||||
Stock options exercised, net | 14,879 | 669 | 14,210 | |||||||
Warrants exercised with net settlement and common stock reissued | 0 | (113) | 116 | (3) | ||||||
Share-based compensation expense | 14,529 | 14,529 | ||||||||
Ending balance at Jun. 30, 2021 | 5,237,714 | 537,145 | 169,108 | 3,872,949 | (824,197) | 45,726 | 1,436,983 | |||
Beginning balance at Mar. 31, 2021 | 5,161,717 | 537,145 | 168,978 | 3,864,281 | (731,690) | 15,278 | 1,307,725 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 186,200 | 186,200 | ||||||||
Other comprehensive income (loss) | 30,448 | 30,448 | ||||||||
Cash dividends declared on common stock | (48,651) | (48,651) | ||||||||
Cash dividends declared on preferred stock | [2] | (8,291) | (8,291) | |||||||
Repurchases of common stock including costs to repurchase | (92,507) | (92,507) | ||||||||
Restricted share unit vesting and taxes paid related to net share settlement | (394) | 35 | (429) | |||||||
Stock options exercised, net | 2,327 | 95 | 2,232 | |||||||
Share-based compensation expense | 6,865 | 6,865 | ||||||||
Ending balance at Jun. 30, 2021 | $ 5,237,714 | $ 537,145 | $ 169,108 | $ 3,872,949 | $ (824,197) | $ 45,726 | $ 1,436,983 | |||
[1] | For the six months ended June 30, 2021 and 2020, dividends per share were $0.78 and $0.74 for Series D and Series E Preferred Stock, respectively. See accompanying notes to unaudited interim consolidated financial statements. | |||||||||
[2] | For the three months ended June 30, 2021 and 2020, dividends per share were $0.39 and $0.37 for Series D and Series E Preferred Stock, respectively. |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||||
Cash dividends on common stock (in dollars per share) | $ 0.33 | $ 0.33 | $ 0.66 | $ 0.66 |
Preferred Stock | Series D Preferred Stock | ||||
Cash dividends on preferred stock (in dollars per share) | 0.39 | 0.39 | 0.78 | 0.78 |
Preferred Stock | Series E Preferred Stock | ||||
Cash dividends on preferred stock (in dollars per share) | $ 0.37 | $ 0.37 | $ 0.74 | $ 0.74 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Operating Activities | ||
Net income | $ 373,292 | $ 131,712 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
(Reversal of) provision for credit losses | (43,173) | 300,573 |
Depreciation, amortization, and accretion, net | 84,091 | 49,921 |
Deferred income tax expense (benefit) | 25,111 | (54,741) |
Originations of loans held for sale | (2,042,076) | (1,806,895) |
Proceeds from sales and payments on loans held for sale | 2,078,089 | 1,045,342 |
Gain on sales of loans held for sale, net | (27,502) | (25,785) |
Increase in other assets | (24,873) | (1,631,678) |
(Decrease) increase in other liabilities | (1,554) | 1,175,881 |
Investment securities losses (gains), net | 1,990 | (78,144) |
Share-based compensation expense | 13,131 | 8,920 |
Other | 0 | 1,904 |
Net cash provided by (used in) operating activities | 436,526 | (882,990) |
Investing Activities | ||
Proceeds from maturities and principal collections of investment securities available for sale | 1,616,397 | 930,004 |
Proceeds from sales of investment securities available for sale | 223,977 | 2,682,861 |
Purchases of investment securities available for sale | (3,476,929) | (3,890,074) |
Proceeds from sales of loans | 86,650 | 17,969 |
Purchases of loans | (1,041,602) | 0 |
Net decrease (increase) in loans | 928,084 | (2,748,040) |
Net (purchases) redemptions of Federal Home Loan Bank stock | (1,200) | 71,272 |
Net purchases of Federal Reserve Bank stock | (954) | (454) |
Net proceeds from settlement (purchases) of bank-owned life insurance policies | 6,264 | (249,273) |
Net increase in premises, equipment and software | (12,419) | (20,186) |
Other | 4,141 | 33,514 |
Net cash used in investing activities | (1,667,591) | (3,172,407) |
Financing Activities | ||
Net increase in deposits | 480,391 | 5,788,189 |
Net (decrease) increase in federal funds purchased and securities sold under repurchase agreements | (33,135) | 59,886 |
Net decrease in other short-term borrowings | (7,717) | (1,453,560) |
Repayments and redemption of long-term debt | 0 | (1,076,759) |
Proceeds from issuance of long-term debt, net | 0 | 1,248,441 |
Dividends paid to common shareholders | (97,927) | (92,741) |
Dividends paid to preferred shareholders | (16,581) | (16,581) |
Repurchases of common stock | (92,507) | (16,246) |
Issuances, net of taxes paid, under equity compensation plans | 8,300 | (925) |
Net cash provided by financing activities | 240,824 | 4,439,704 |
(Decrease) increase in cash and cash equivalents including restricted cash | (990,241) | 384,307 |
Cash, cash equivalents, and restricted cash, at beginning of period | 4,252,917 | 1,186,918 |
Cash, cash equivalents, and restricted cash at end of period | 3,262,676 | 1,571,225 |
Supplemental Disclosures: | ||
Income taxes paid | 115,282 | 257 |
Interest paid | 78,772 | 194,687 |
Non-cash Activities | ||
Premises and equipment transferred to other assets held for sale | 3,864 | 5,837 |
Securities purchased during the period but settled after period-end | 48,795 | 0 |
Loans foreclosed and transferred to other real estate | 801 | 2,013 |
Loans transferred to other loans held for sale at fair value | 0 | 933,353 |
Dividends declared on common stock during the period but paid after period-end | 48,651 | 48,612 |
Dividends declared on preferred stock during the period but paid after period-end | $ 5,141 | $ 5,141 |
Basis of Presentation and Accou
Basis of Presentation and Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Accounting Policies | Note 1 - Basis of Presentation and Accounting Policies 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, mortgage services, premium finance, asset-based lending, structured lending, and international banking. Synovus also provides financial planning, and investment advisory services through its wholly-owned subsidiaries, Synovus Trust and Synovus Securities, as well as its GLOBALT and Creative Financial Group divisions. Synovus Bank is positioned in markets in the Southeast, with 285 branches and 386 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' 2020 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 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 ACL; estimates of fair value; income taxes; and contingent liabilities. Recently Adopted Accounting Standards ASU 2020-08, Codification Improvements to Subtopic 310-20, Receivables – Nonrefundable Fees and Other Costs . The guidance in this ASU pertains to the shortened amortization period for certain purchased callable debt securities held at a premium, which premium is amortized to the earliest call date in accordance with ASC 310-20-25-33, and clarifies that an entity should reevaluate whether a callable debt security is within the scope of paragraph 310-20-25-33 for each reporting period. The amendments in this ASU are effective for fiscal years beginning after December 15, 2020. Synovus adopted ASU 2020-08 effective January 1, 2021 with no material impact to the unaudited consolidated financial statements. ASU 2019-12 , Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. In December 2019, the FASB issued ASU 2019-12 to simplify and reduce complexities when accounting for income taxes by removing certain exceptions. Among the provisions of this guidance is the requirement that an entity reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. ASU 2019-12 is effective for public entities for fiscal years beginning after December 15, 2020. Synovus adopted ASU 2019-12 effective January 1, 2021 with no material impact to the unaudited consolidated financial statements unless there are changes in tax law that require recognition as set forth in this guidance. Recently Issued Accounting Standards Not Yet Adopted ASU 2021-01, Reference Rate Reform (Topic 848). In January 2021, the FASB issued ASU 2021-01 which provides optional expedients and exceptions in Topic 848 for derivative instruments and hedge accounting modifications resulting from the discounting transition of reference rate reform. The expedients and exceptions provided by ASU 2021-01 will not be available after December 31, 2022, other than for existing hedging relationships entered into by December 31, 2022. The ASU may be applied as of the beginning of an interim period that includes or is subsequent to March 12, 2020, until the sunset date of December 31, 2022. Synovus adopted ASU 2020-04 Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting on October 1, 2020. While Synovus has not yet finalized the election of optional expedients for |
Investment Securities Available
Investment Securities Available for Sale | 6 Months Ended |
Jun. 30, 2021 | |
Investments [Abstract] | |
Investment Securities Available for Sale | Note 2 - Investment Securities Available for Sale The amortized cost, gross unrealized gains and losses, and estimated fair values of investment securities available for sale at June 30, 2021 and December 31, 2020 are summarized below. June 30, 2021 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury securities $ 120,119 $ 355 $ (2,243) $ 118,231 U.S. Government agency securities 54,161 1,954 — 56,115 Mortgage-backed securities issued by U.S. Government agencies 981,107 2,084 (7,077) 976,114 Mortgage-backed securities issued by U.S. Government sponsored enterprises 6,670,497 75,773 (37,855) 6,708,415 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 1,103,547 9,644 (9,145) 1,104,046 Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises 450,814 12,750 (3,022) 460,542 Corporate debt securities and other debt securities 18,260 447 — 18,707 Total investment securities available for sale $ 9,398,505 $ 103,007 $ (59,342) $ 9,442,170 December 31, 2020 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury securities $ 20,257 $ — $ — $ 20,257 U.S. Government agency securities 79,638 2,682 — 82,320 Mortgage-backed securities issued by U.S. Government agencies 1,216,012 7,930 (5,925) 1,218,017 Mortgage-backed securities issued by U.S. Government sponsored enterprises 4,865,858 134,188 — 5,000,046 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 1,245,644 15,309 (10,576) 1,250,377 Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises 354,244 16,677 — 370,921 Corporate debt securities and other debt securities 20,211 457 (168) 20,500 Total investment securities available for sale $ 7,801,864 $ 177,243 $ (16,669) $ 7,962,438 At June 30, 2021 and December 31, 2020, investment securities with a carrying value of $3.73 billion and $3.84 billion, respectively, were pledged to secure certain deposits and other liabilities, as required by law or contractual agreements. Gross unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at June 30, 2021 and December 31, 2020 are presented below. June 30, 2021 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 $ 47,586 $ (2,243) $ — $ — $ 47,586 $ (2,243) Mortgage-backed securities issued by U.S. Government agencies 421,704 (5,251) 153,330 (1,826) 575,034 (7,077) Mortgage-backed securities issued by U.S. Government sponsored enterprises 3,156,297 (37,855) — — 3,156,297 (37,855) Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 524,044 (6,858) 140,934 (2,287) 664,978 (9,145) Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises 166,011 (3,022) — — 166,011 (3,022) Total $ 4,315,642 $ (55,229) $ 294,264 $ (4,113) $ 4,609,906 $ (59,342) December 31, 2020 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 $ 566,896 $ (5,925) $ — $ — $ 566,896 $ (5,925) Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 803,429 (10,576) — — 803,429 (10,576) Corporate debt securities and other debt securities 9,337 (168) — — 9,337 (168) Total $ 1,379,662 $ (16,669) $ — $ — $ 1,379,662 $ (16,669) As of June 30, 2021, Synovus had 91 investment securities in a loss position for less than twelve months and 8 investment securities in a loss position for twelve months or longer. 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. As such, no write-downs to the amortized cost basis of the portfolio were recorded at June 30, 2021. At June 30, 2021, no ACL was established for investment securities. Substantially all of the unrealized losses on the securities portfolio were the result of changes in market interest rates compared to the date the securities were acquired rather than the credit quality of the issuers or underlying loans. U.S. Treasury and agency securities and agency mortgage-backed securities are issued, guaranteed or otherwise supported by the United States government, an agency of the United States government, or a government sponsored enterprise. The amortized cost and fair value by contractual maturity of investment securities available for sale at June 30, 2021 are shown below. The expected life of MBSs or CMOs may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. For purposes of the maturity table, MBSs and CMOs, which are not due at a single maturity date, have been classified based on the final contractual maturity date. Distribution of Maturities at June 30, 2021 (in thousands) Within One 1 to 5 5 to 10 More Than Total Amortized Cost U.S. Treasury securities $ 20,260 $ — $ 99,859 $ — $ 120,119 U.S. Government agency securities 430 1,595 52,136 — 54,161 Mortgage-backed securities issued by U.S. Government agencies — 1,081 151 979,875 981,107 Mortgage-backed securities issued by U.S. Government sponsored enterprises 105 — 61,715 6,608,677 6,670,497 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — — 185 1,103,362 1,103,547 Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises — 109,272 244,651 96,891 450,814 Corporate debt securities and other debt securities — 9,504 8,756 — 18,260 Total amortized cost $ 20,795 $ 121,452 $ 467,453 $ 8,788,805 $ 9,398,505 Fair Value U.S. Treasury securities $ 20,260 $ — $ 97,971 $ — $ 118,231 U.S. Government agency securities 432 1,609 54,074 — 56,115 Mortgage-backed securities issued by U.S. Government agencies — 1,124 158 974,832 976,114 Mortgage-backed securities issued by U.S. Government sponsored enterprises 106 — 64,294 6,644,015 6,708,415 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — — 192 1,103,854 1,104,046 Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises — 113,193 246,286 101,063 460,542 Corporate debt securities and other debt securities — 9,872 8,835 — 18,707 Total fair value $ 20,798 $ 125,798 $ 471,810 $ 8,823,764 $ 9,442,170 Proceeds from sales, gross gains, and gross losses on sales of securities available for sale for the three and six months ended June 30, 2021 and 2020 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 June 30, Six Months Ended June 30, (in thousands) 2021 2020 2021 2020 Proceeds from sales of investment securities available for sale $ — $ 2,269,682 $ 223,977 $ 2,682,861 Gross realized gains on sales — 75,105 — 83,839 Gross realized losses on sales — (5,696) (1,990) (5,695) Investment securities gains (losses), net $ — $ 69,409 $ (1,990) $ 78,144 |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses | 6 Months Ended |
Jun. 30, 2021 | |
Loans and Allowance for Loan Losses [Abstract] | |
Loans and Allowance for Loan Losses | Note 3 - Loans and Allowance for Loan Losses Aging and Non-Accrual Analysis The following tables provide a summary of current, accruing past due, and non-accrual loans by portfolio class as of June 30, 2021 and December 31, 2020. June 30, 2021 (in thousands) Current Accruing 30-89 Days Past Due Accruing 90 Days or Greater Past Due Total Accruing Past Due Non-accrual with an ALL Non-accrual without an ALL Total Commercial, financial and agricultural $ 12,002,589 $ 11,161 $ 841 $ 12,002 $ 49,197 $ 21,746 $ 12,085,534 Owner-occupied 7,048,621 1,987 836 2,823 13,155 — 7,064,599 Total commercial and industrial 19,051,210 13,148 1,677 14,825 62,352 21,746 19,150,133 Investment properties 9,205,776 7,461 2 7,463 2,367 2,407 9,218,013 1-4 family properties 632,412 1,076 381 1,457 1,982 493 636,344 Land and development 504,270 263 121 384 2,040 — 506,694 Total commercial real estate 10,342,458 8,800 504 9,304 6,389 2,900 10,361,051 Consumer mortgages 5,144,394 4,992 — 4,992 51,376 — 5,200,762 Home equity lines 1,346,562 2,711 — 2,711 8,938 — 1,358,211 Credit cards 282,361 1,524 1,623 3,147 — — 285,508 Other consumer loans 1,858,684 13,731 611 14,342 7,327 — 1,880,353 Total consumer 8,632,001 22,958 2,234 25,192 67,641 — 8,724,834 Loans, net of deferred fees and costs $ 38,025,669 $ 44,906 $ 4,415 $ 49,321 $ 136,382 $ 24,646 $ 38,236,018 December 31, 2020 (in thousands) Current Accruing 30-89 Days Past Due Accruing 90 Days or Greater Past Due Total Accruing Past Due Non-accrual with an ALL Non-accrual without an ALL Total Commercial, financial and agricultural $ 12,321,514 $ 10,256 $ 996 $ 11,252 $ 55,527 $ 21,859 $ 12,410,152 Owner-occupied 7,087,992 1,913 92 2,005 20,019 — 7,110,016 Total commercial and industrial 19,409,506 12,169 1,088 13,257 75,546 21,859 19,520,168 Investment properties 9,075,843 2,751 154 2,905 24,631 — 9,103,379 1-4 family properties 621,492 3,548 36 3,584 2,383 1,236 628,695 Land and development 591,048 422 — 422 1,899 264 593,633 Total commercial real estate 10,288,383 6,721 190 6,911 28,913 1,500 10,325,707 Consumer mortgages 5,495,415 8,851 485 9,336 8,740 — 5,513,491 Home equity lines 1,521,575 4,006 — 4,006 12,145 — 1,537,726 Credit cards 276,778 2,363 1,877 4,240 — — 281,018 Other consumer loans 1,062,899 9,122 477 9,599 2,376 — 1,074,874 Total consumer 8,356,667 24,342 2,839 27,181 23,261 — 8,407,109 Loans, net of deferred fees and costs $ 38,054,556 $ 43,232 $ 4,117 $ 47,349 $ 127,720 $ 23,359 $ 38,252,984 Interest income on non-accrual loans outstanding that would have been recorded if the loans had been current and performing in accordance with their original terms was $2.6 million and $2.8 million for the three months ended June 30, 2021 and 2020, respectively, and $6.0 million and $4.9 million for the six months ended June 30, 2021 and 2020, respectively. Of the interest income recognized during the three months ended June 30, 2021 and 2020, cash-basis interest income was $538 thousand and $484 thousand, respectively. Cash-basis interest income was $1.2 million and $1.4 million for the six months ended June 30, 2021 and 2020, respectively. Pledged Loans Loans with carrying values of $14.29 billion and $15.05 billion, respectively, were pledged as collateral for borrowings and capacity at June 30, 2021 and December 31, 2020, respectively, to the FHLB and Federal Reserve Bank. Portfolio Segment Risk Factors The risk characteristics and collateral information of each portfolio segment are as follows: Commercial and Industrial Loans - The C&I loan portfolio is comprised of general middle market and commercial banking clients across a diverse set of industries. In accordance with Synovus' lending policy, each loan undergoes a detailed underwriting process which incorporates uniform underwriting standards and oversight in proportion to the size and complexity of the lending relationship. These loans are secured by collateral such as business equipment, inventory, and real estate. Whether for real estate or non-real estate purpose, credit decisions on loans in the C&I portfolio are based on cash flow from the operations of the business as the primary source of repayment of the debt, with underlying real estate or other collateral being the secondary source of repayment . PPP loans, which are categorized as C&I loans, were $1.60 billion at June 30, 2021 and are guaranteed by the SBA. Commercial Real Estate Loans - CRE loans primarily consist of income-producing investment properties loans. Additionally, CRE loans include 1-4 family properties loans as well as land and development loans. Investment properties loans consist of construction and mortgage loans for income-producing properties and are primarily made to finance multi-family properties, hotels, office buildings, shopping centers, warehouses and other commercial development properties. 1-4 family properties loans include construction loans to homebuilders and commercial mortgage loans related to 1-4 family rental properties and are almost always secured by the underlying property being financed by such loans. These properties are primarily located in the markets served by Synovus. Land and development loans include commercial and residential development as well as land acquisition loans and are secured by land held for future development, typically in excess of one year. Properties securing these loans are substantially within markets served by Synovus, and loan terms generally include personal guarantees from the principals. Loans in this portfolio are underwritten based on the LTV of the collateral and the capacity of the guarantor(s). Consumer Loans - The consumer loan portfolio consists of a wide variety of loan products offered through Synovus' banking network including first and second residential mortgages, HELOCs, and credit card loans, as well as home improvement loans, student, personal, and auto loans from third-party lending. The majority of Synovus' consumer loans are consumer mortgages and HELOCs secured by first and second liens on residential real estate primarily located in the markets served by Synovus. The primary source of repayment for all consumer loans is generally the personal income of the borrower(s). Credit Quality Indicators The credit quality of the loan portfolio is reviewed and updated no less frequently than annually 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 categorized 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 HELOCs) 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. The following tables summarize each loan portfolio class by risk grade and origination year as of June 30, 2021 and December 31, 2020 as required under CECL. June 30, 2021 Term Loans Amortized Cost Basis by Origination Year Revolving Loans (in thousands) 2021 2020 2019 2018 2017 Prior Amortized Cost Basis Converted to Term Loans Total Commercial, financial and agricultural Pass $ 1,515,420 $ 2,149,994 $ 1,144,130 $ 755,925 $ 519,704 $ 1,118,928 $ 4,332,632 $ 44,177 $ 11,580,910 Special Mention 1,482 67,377 46,077 11,516 17,074 3,424 78,717 440 226,107 Substandard (1) 7,706 58,956 37,439 12,201 20,766 39,323 82,883 2,085 261,359 Doubtful (2) 449 512 2,776 13,132 — — 289 — 17,158 Total commercial, financial and agricultural 1,525,057 2,276,839 1,230,422 792,774 557,544 1,161,675 4,494,521 46,702 12,085,534 Owner-occupied Pass 667,812 1,293,871 1,226,446 1,041,975 829,705 1,403,658 387,603 — 6,851,070 Special Mention 680 4,294 11,397 16,291 3,326 22,395 8,180 — 66,563 Substandard (1) 721 3,546 26,400 51,240 28,277 30,440 — — 140,624 Doubtful (2) — — — 6,342 — — — — 6,342 Total owner-occupied 669,213 1,301,711 1,264,243 1,115,848 861,308 1,456,493 395,783 — 7,064,599 Total commercial and industrial 2,194,270 3,578,550 2,494,665 1,908,622 1,418,852 2,618,168 4,890,304 46,702 19,150,133 Investment properties Pass 637,057 1,342,718 2,226,278 1,507,075 872,163 1,606,709 289,261 — 8,481,261 Special Mention — 1,032 80,673 152,823 107,557 207,195 57,204 — 606,484 Substandard (1) 7,435 334 9,843 56,177 18,136 38,203 140 — 130,268 Total investment properties 644,492 1,344,084 2,316,794 1,716,075 997,856 1,852,107 346,605 — 9,218,013 1-4 family properties Pass 157,416 136,528 66,762 55,745 70,774 88,755 48,205 — 624,185 Special Mention 491 158 — 365 — 248 — — 1,262 Substandard (1) 1,745 108 437 4,723 926 2,360 598 — 10,897 Total 1-4 family properties 159,652 136,794 67,199 60,833 71,700 91,363 48,803 — 636,344 June 30, 2021 Term Loans Amortized Cost Basis by Origination Year Revolving Loans (in thousands) 2021 2020 2019 2018 2017 Prior Amortized Cost Basis Converted to Term Loans Total Land and development Pass 57,117 67,046 120,637 74,328 64,803 72,639 35,548 — 492,118 Special Mention — 834 1,948 2,369 24 997 — — 6,172 Substandard (1) — 1,233 48 3,231 881 3,011 — — 8,404 Total land and development 57,117 69,113 122,633 79,928 65,708 76,647 35,548 — 506,694 Total commercial real estate 861,261 1,549,991 2,506,626 1,856,836 1,135,264 2,020,117 430,956 — 10,361,051 Consumer mortgages Pass 624,582 1,735,940 730,083 303,577 517,050 1,227,662 965 — 5,139,859 Substandard (1) 203 148 2,114 14,037 5,757 38,421 — — 60,680 Loss (3) — — — — — 223 — — 223 Total consumer mortgages 624,785 1,736,088 732,197 317,614 522,807 1,266,306 965 — 5,200,762 Home equity lines Pass — — — — — — 1,264,828 77,373 1,342,201 Substandard (1) — — — — — — 9,708 5,376 15,084 Doubtful (2) — — — — — — — 18 18 Loss (3) — — — — — — 766 142 908 Total home equity lines — — — — — — 1,275,302 82,909 1,358,211 Credit cards Pass — — — — — — 283,887 — 283,887 Substandard (1) — — — — — — 409 — 409 Loss (4) — — — — — — 1,212 — 1,212 Total credit cards — — — — — — 285,508 — 285,508 Other consumer loans Pass 220,495 873,734 182,445 68,046 80,624 118,009 328,734 — 1,872,087 Substandard (1) 213 552 2,232 1,483 2,774 766 234 — 8,254 Loss (4) — — — — — 12 — — 12 Total other consumer loans 220,708 874,286 184,677 69,529 83,398 118,787 328,968 — 1,880,353 Total consumer 845,493 2,610,374 916,874 387,143 606,205 1,385,093 1,890,743 82,909 8,724,834 Loans, net of deferred fees and costs $ 3,901,024 $ 7,738,915 $ 5,918,165 $ 4,152,601 $ 3,160,321 $ 6,023,378 $ 7,212,003 $ 129,611 $ 38,236,018 (1) The majority of loans within Substandard risk grade are accruing loans at June 30, 2021. (2) Loans within Doubtful risk grade are on non-accrual status and generally have an ALL equal to 50% of the loan amount. (3) Loans within Loss risk grade are on non-accrual status and have an ALL 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 ALL 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. December 31, 2020 Term Loans Amortized Cost Basis by Origination Year Revolving Loans (in thousands) 2020 2019 2018 2017 2016 Prior Amortized Cost Basis Converted to Term Loans Total Commercial, financial and agricultural Pass $ 3,819,048 $ 1,333,460 $ 847,283 $ 582,612 $ 551,413 $ 633,871 $ 4,102,751 $ 49,762 $ 11,920,200 Special Mention 63,307 40,618 12,723 22,070 1,665 5,545 60,741 489 207,158 Substandard (1) 28,698 36,618 24,867 36,072 12,808 35,172 84,498 514 259,247 Doubtful (2) — 3,721 19,778 — — — 48 — 23,547 Total commercial, financial and agricultural 3,911,053 1,414,417 904,651 640,754 565,886 674,588 4,248,038 50,765 12,410,152 Owner-occupied Pass 1,321,680 1,275,435 1,131,183 982,056 555,932 1,297,070 349,566 — 6,912,922 Special Mention 6,170 9,995 10,682 14,138 1,582 13,768 — — 56,335 Substandard (1) 2,570 22,793 42,615 26,033 7,316 29,794 — — 131,121 Doubtful (2) — — 9,638 — — — — — 9,638 Total owner-occupied 1,330,420 1,308,223 1,194,118 1,022,227 564,830 1,340,632 349,566 — 7,110,016 Total commercial and industrial 5,241,473 2,722,640 2,098,769 1,662,981 1,130,716 2,015,220 4,597,604 50,765 19,520,168 Investment properties Pass 1,055,440 2,126,667 1,999,345 1,091,880 483,780 1,301,088 229,044 — 8,287,244 Special Mention 1,482 66,160 176,794 136,004 138,362 129,401 55,440 — 703,643 Substandard (1) 1,007 4,770 24,476 19,820 21,875 40,509 35 — 112,492 Total investment properties 1,057,929 2,197,597 2,200,615 1,247,704 644,017 1,470,998 284,519 — 9,103,379 1-4 family properties Pass 197,320 95,145 70,267 88,454 38,729 97,374 27,657 — 614,946 Special Mention 402 — 508 109 786 118 — — 1,923 Substandard (1) 1,527 653 4,312 1,141 554 2,299 1,340 — 11,826 Total 1-4 family properties 199,249 95,798 75,087 89,704 40,069 99,791 28,997 — 628,695 Land and development Pass 84,985 173,302 83,734 92,911 12,249 76,380 53,250 — 576,811 Special Mention 857 1,995 2,866 282 — 1,332 636 — 7,968 Substandard (1) 1,229 425 4,664 915 136 1,485 — — 8,854 Total land and development 87,071 175,722 91,264 94,108 12,385 79,197 53,886 — 593,633 Total commercial real estate 1,344,249 2,469,117 2,366,966 1,431,516 696,471 1,649,986 367,402 — 10,325,707 December 31, 2020 Term Loans Amortized Cost Basis by Origination Year Revolving Loans (in thousands) 2020 2019 2018 2017 2016 Prior Amortized Cost Basis Converted to Term Loans Total Consumer mortgages Pass 1,871,512 874,769 425,711 678,255 685,810 965,382 1,040 — 5,502,479 Substandard (1) 33 961 748 889 866 7,224 — — 10,721 Loss (3) — — — — — 291 — — 291 Total consumer mortgages 1,871,545 875,730 426,459 679,144 686,676 972,897 1,040 — 5,513,491 Home equity lines Pass — — — — — — 1,429,755 90,832 1,520,587 Substandard (1) — — — — — — 9,698 5,996 15,694 Doubtful (2) — — — — — — — 19 19 Loss (3) — — — — — — 1,283 143 1,426 Total home equity lines — — — — — — 1,440,736 96,990 1,537,726 Credit cards Pass — — — — — — 279,142 — 279,142 Substandard (1) — — — — — — 595 — 595 Loss (4) — — — — — — 1,281 — 1,281 Total credit cards — — — — — — 281,018 — 281,018 Other consumer loans Pass 252,160 190,820 89,187 100,459 80,365 61,040 297,637 — 1,071,668 Substandard (1) 19 762 262 1,195 121 585 227 — 3,171 Loss (4) — — — — — 35 — — 35 Total other consumer loans 252,179 191,582 89,449 101,654 80,486 61,660 297,864 — 1,074,874 Total consumer 2,123,724 1,067,312 515,908 780,798 767,162 1,034,557 2,020,658 96,990 8,407,109 Loans, net of deferred fees and costs $ 8,709,446 $ 6,259,069 $ 4,981,643 $ 3,875,295 $ 2,594,349 $ 4,699,763 $ 6,985,664 $ 147,755 $ 38,252,984 (1) The majority of loans within Substandard risk grade are accruing loans at December 31, 2020. (2) Loans within Doubtful risk grade are on non-accrual status and generally have an ALL equal to 50% of the loan amount. (3) Loans within Loss risk grade are on non-accrual status and have an ALL 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 ALL 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. Collateral-Dependent Loans We classify a loan as collateral-dependent when our borrower is experiencing financial difficulty, and we expect repayment to be provided substantially through the operation or sale of collateral. Our commercial loans have collateral that is comprised of real estate and business assets. Our consumer loans have collateral that is substantially comprised of residential real estate. There were no significant changes in the extent to which collateral secures our collateral-dependent loans during the three and six months ended June 30, 2021. Rollforward of Allowance for Loan Losses The following tables detail the changes in the ALL by loan segment for the three and six months ended June 30, 2021 and 2020. As Of and For the Three Months Ended June 30, 2021 (in thousands) Commercial & Industrial Commercial Real Estate Consumer Total Allowance for loan losses: Beginning balance at March 31, 2021 $ 254,777 $ 113,812 $ 194,625 $ 563,214 Charge-offs (18,729) (3,839) (8,285) (30,853) Recoveries 1,495 377 2,435 4,307 (Reversal of) provision for loan losses 17,395 (18,237) (19,118) (19,960) Ending balance at June 30, 2021 $ 254,938 $ 92,113 $ 169,657 $ 516,708 As Of and For the Three Months Ended June 30, 2020 (in thousands) Commercial & Industrial Commercial Real Estate Consumer Total Allowance for loan losses: Beginning balance at March 31, 2020 $ 216,950 $ 107,117 $ 169,385 $ 493,452 Charge-offs (23,245) (689) (6,844) (30,778) Recoveries 3,261 536 2,935 6,732 Provision for loan losses 32,949 64,562 21,731 119,242 Ending balance at June 30, 2020 $ 229,915 $ 171,526 $ 187,207 $ 588,648 As Of and For the Six Months Ended June 30, 2021 (in thousands) Commercial & Industrial Commercial Real Estate Consumer Total Allowance for loan losses: Beginning balance at December 31, 2020 $ 229,555 $ 130,742 $ 245,439 $ 605,736 Charge-offs (28,146) (14,158) (13,874) (56,178) Recoveries 4,267 1,403 3,758 9,428 (Reversal of) provision for loan losses 49,262 (25,874) (65,666) (42,278) Ending balance at June 30, 2021 $ 254,938 $ 92,113 $ 169,657 $ 516,708 As Of and For the Six Months Ended June 30, 2020 (in thousands) Commercial & Industrial Commercial Real Estate Consumer Total Allowance for loan losses: Beginning balance at December 31, 2019 $ 145,782 $ 67,430 $ 68,190 $ 281,402 Impact from adoption of ASC 326 (2,310) (651) 85,955 82,994 Beginning balance, after adoption of ASC 326, at January 1, 2020 $ 143,472 $ 66,779 $ 154,145 $ 364,396 Charge-offs (38,130) (1,706) (14,816) (54,652) Recoveries 5,002 935 4,608 10,545 Provision for loan losses 119,571 105,518 43,270 268,359 Ending balance at June 30, 2020 $ 229,915 $ 171,526 $ 187,207 $ 588,648 The ALL of $516.7 million and the reserve for unfunded commitments of $46.9 million, which is recorded in other liabilities, comprise the total ACL of $563.6 million at June 30, 2021. The ACL decreased $89.9 million from December 31, 2020, resulting in an ACL to loans coverage ratio of 1.47% at June 30, 2021. The ACL is estimated using a two-year reasonable and supportable forecast period. To the extent the lives of the loans in the portfolio extend beyond the period for which a reasonable and supportable forecast can be made, the Company reverts on a straight-line basis back to the historical rates over a one-year period. Synovus utilizes multiple economic forecast scenarios sourced from a reputable third-party provider and probability-weighted internally. The scenarios include a baseline forecast representing management's view, an upside scenario reflecting an accelerated economic recovery, and two downside scenarios with increasingly adverse economic outcomes. At June 30, 2021, economic scenario weights incorporated a 40% downside bias, consistent with March 31, 2021. The baseline outlook used in the June 30, 2021 estimate showed improving economic conditions with the unemployment rate declining to 4.5% by the end of 2021, compared to the first quarter of 2021’s ACL estimate which had the unemployment rate at 5.7% by the end of 2021. Reversal of provision for credit losses includes the reversals of provisions for loan losses and unfunded commitments. The reversal of provision for credit losses of $24.6 million and $43.2 million for the three and six months ended June 30, 2021, respectively, included net charge-offs of $26.5 million and $46.8 million, respectively. The reversal of provision for credit losses and related reduction in the ACL primarily resulted from the continued improvement in the economic forecast for pooled loans and the reduction in the individually analyzed reserve as a result of charge-offs of pre-existing reserves that were not replaced. This was partially offset by $10.6 million and $25.8 million in reserves added as a result of purchases of $434.6 million and $1.04 billion of third-party lending loans for the three and six months ended June 30, 2021, respectively. TDRs Information about Synovus' TDRs is presented in the following tables. Synovus began entering into loan modifications with borrowers in response to the COVID-19 pandemic, some of which have not been classified as TDRs, and therefore are not included in the discussion below. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" in Synovus' 2020 Form 10-K for information on Synovus' loan modifications due to COVID-19. The following tables represent, by concession type, the post-modification balance for loans modified or renewed during the three and six months ended June 30, 2021 and 2020 that were reported as accruing or non-accruing TDRs. TDRs by Concession Type Three Months Ended June 30, 2021 (in thousands, except contract data) Number of Contracts Below Market Interest Rate Other Concessions (1) Total Commercial, financial and agricultural 18 $ 1,770 $ 1,174 $ 2,944 Owner-occupied 5 1,155 — 1,155 Total commercial and industrial 23 2,925 1,174 4,099 Investment properties 1 419 — 419 1-4 family properties 2 158 — 158 Land and development 1 366 — 366 Total commercial real estate 4 943 — 943 Consumer mortgages 2 331 — 331 Home equity lines 14 900 96 996 Other consumer loans 13 187 245 432 Total consumer 29 1,418 341 1,759 Total TDRs 56 $ 5,286 $ 1,515 $ 6,801 (2) Three Months Ended June 30, 2020 (in thousands, except contract data) Number of Contracts Below Market Interest Rate Other Concessions (1) Total Commercial, financial and agricultural 40 $ 1,503 $ 2,000 $ 3,503 Owner-occupied 7 453 1,434 1,887 Total commercial and industrial 47 1,956 3,434 5,390 Investment properties 2 5,599 — 5,599 1-4 family properties 4 69 549 618 Land and development 1 91 — 91 Total commercial real estate 7 5,759 549 6,308 Consumer mortgages 10 556 1,482 2,038 Home equity lines 14 181 918 1,099 Other consumer loans 18 19 798 817 Total consumer 42 756 3,198 3,954 Total TDRs 96 $ 8,471 $ 7,181 $ 15,652 (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 the three months ending June 30, 2021 and 2020. (2) No net charge-offs were recorded during the three months ended June 30, 2021 . (3) No net charge-offs were recorded during the three months ended June 30, 2020 . Six Months Ended June 30, 2021 (in thousands, except contract data) Number of Contracts Below Market Interest Rate Other Concessions (1) Total Commercial, financial and agricultural 58 $ 5,002 $ 3,737 $ 8,739 Owner-occupied 10 2,409 399 2,808 Total commercial and industrial 68 7,411 4,136 11,547 Investment properties 6 2,402 — 2,402 1-4 family properties 7 621 39 660 Land and development 2 366 43 409 Total commercial real estate 15 3,389 82 3,471 Consumer mortgages 2 331 — 331 Home equity lines 27 1,487 258 1,745 Other consumer loans 86 316 4,864 5,180 Total consumer 115 2,134 5,122 7,256 Total TDRs 198 $ 12,934 $ 9,340 $ 22,274 (2) Six Months Ended June 30, 2020 (in thousands, except contract data) Number of Contracts Below Market Interest Rate Other Concessions (1) Total Commercial, financial and agricultural 76 $ 5,226 $ 4,011 $ 9,237 Owner-occupied 12 1,821 1,530 3,351 Total commercial and industrial 88 7,047 5,541 12,588 Investment properties 4 28,669 — 28,669 1-4 family properties 10 793 991 1,784 Land and development 2 541 — 541 Total commercial real estate 16 30,003 991 30,994 Consumer mortgages 16 1,072 2,566 3,638 Home equity lines 33 455 1,882 2,337 Other consumer loans 47 97 2,694 2,791 Total consumer 96 1,624 7,142 8,766 Total TDRs 200 $ 38,674 $ 13,674 $ 52,348 (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 the six months ending June 30, 2021 and 2020. (2) No net charge-offs were recorded during the six months ended June 30, 2021 . (3) No net charge-offs were recorded during the six months ended June 30, 2020 . For both the three and six months ended June 30, 2021 there were five defaults with a recorded investment of $172 thousand 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) compared to one default with a recorded investment of $27 thousand and four defaults with a recorded investment of $645 thousand, respectively, for the three and six months ended June 30, 2020. As of June 30, 2021 and December 31, 2020, there were no commitments to lend a material amount of additional funds to any customer whose loan was classified as a TDR. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Note 4 - Goodwill and Other Intangible Assets Goodwill allocated to each reporting unit at June 30, 2021 and December 31, 2020 is presented as follows: (in thousands) June 30, 2021 December 31, 2020 Community Banking Reporting Unit $ 256,323 $ 256,323 Wholesale Banking Reporting Unit 171,636 171,636 Consumer Mortgage Reporting Unit — — Wealth Management Reporting Unit 24,431 24,431 Total Goodwill $ 452,390 $ 452,390 The following table presents changes in the carrying amount of goodwill for the three and six months ended June 30, 2021 and 2020. Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2021 2020 2021 2020 Balance at beginning of period $ 452,390 $ 497,267 $ 452,390 $ 497,267 Changes during the period from: Other — — — — Balance at end of period $ 452,390 $ 497,267 $ 452,390 $ 497,267 Goodwill is not amortized but is evaluated for impairment on an annual basis or whenever an event occurs or circumstances change to indicate that it is more likely than not that an impairment loss has been incurred (i.e., a triggering event). Synovus performs its annual evaluation of goodwill impairment during the fourth quarter of each year. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 7 - Goodwill and Other Intangible Assets" to the consolidated financial statements of Synovus' 2020 Form 10-K for information on Synovus' quantitative assessments of goodwill impairment during 2020. The following table shows the gross carrying amount and accumulated amortization of other intangible assets as of June 30, 2021 and December 31, 2020, which primarily consist of core deposit intangible assets. The CDI is being amortized over its estimated useful life of approximately ten years utilizing an accelerated method. Aggregate other intangible assets amortization expense for the three and six months ended June 30, 2021 was $2.4 million and $4.8 million, respectively. Aggregate other intangible assets amortization expense for the three and six months ended June 30, 2020 was $2.6 million and $5.3 million, respectively. (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Value June 30, 2021 CDI $ 57,400 $ (24,003) $ 33,397 Other 12,500 (5,543) 6,957 Total other intangible assets $ 69,900 $ (29,546) $ 40,354 December 31, 2020 CDI $ 57,400 $ (19,829) $ 37,571 Other 12,500 (4,959) 7,541 Total other intangible assets $ 69,900 $ (24,788) $ 45,112 |
Shareholders' Equity and Other
Shareholders' Equity and Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Shareholders' Equity and Other Comprehensive Income (Loss) | Note 5 - Shareholders' Equity and Other Comprehensive Income (Loss) Repurchases of Common Stock Synovus announced on January 26, 2021 that its Board of Directors authorized share repurchases of up to $200 million in 2021. During the three months ended June 30, 2021, Synovus repurchased under this program a total of $92.5 million, or 1.9 million shares of its common stock, at an average price of $47.51 per share. Synovus made no share repurchases during the three months ended March 31, 2021. 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 and six months ended June 30, 2021 and 2020. Changes in Accumulated Other Comprehensive Income (Loss) by Component (Net of Income Taxes) (in thousands) Net unrealized gains (losses) on investment securities available for sale (1) Net unrealized gains (losses) on cash flow hedges (1) Post-retirement unfunded health benefit Total Balance at March 31, 2021 $ (15,316) $ 30,594 $ — $ 15,278 Other comprehensive income (loss) before reclassifications 34,617 (1,437) — 33,180 Amounts reclassified from AOCI — (2,732) — (2,732) Net current period other comprehensive income (loss) 34,617 (4,169) — 30,448 Balance at June 30, 2021 $ 19,301 $ 26,425 $ — $ 45,726 Balance at March, 31, 2020 $ 194,524 $ 61,925 $ 462 $ 256,911 Other comprehensive income (loss) before reclassifications (8,847) 6,538 — (2,309) Amounts reclassified from AOCI (51,432) (200) — (51,632) Net current period other comprehensive income (loss) (60,279) 6,338 — (53,941) Balance at June 30, 2020 $ 134,245 $ 68,263 $ 462 $ 202,970 Balance, December 31, 2020 $ 105,669 $ 52,966 $ — $ 158,635 Other comprehensive income (loss) before reclassifications (87,843) (22,620) — (110,463) Amounts reclassified from AOCI 1,475 (3,921) — (2,446) Net current period other comprehensive income (loss) (86,368) (26,541) — (112,909) Balance at June 30, 2021 $ 19,301 $ 26,425 $ — $ 45,726 Balance, December 31, 2019 $ 83,666 $ (18,487) $ 462 $ 65,641 Other comprehensive income (loss) before reclassifications 108,484 87,039 — 195,523 Amounts reclassified from AOCI (57,905) (289) — (58,194) Net current period other comprehensive income (loss) 50,579 86,750 — 137,329 Balance at June 30, 2020 $ 134,245 $ 68,263 $ 462 $ 202,970 (1) For all periods presented, the ending balance in net unrealized gains (losses) on investment securities available for sale and cash flow hedges includes unrealized losses of $13.3 million and $12.1 million , respectively, related to residual tax effects remaining in OCI due to previously established deferred tax asset valuation allowances in 2010 and 2011. In accordance with ASC 740-20-45-11(b), 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 | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Accounting | Note 6 - Fair Value Accounting See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" of Synovus' 2020 Form 10-K for a description of valuation methodologies for assets and liabilities measured at fair value on a recurring and non-recurring basis. The following table presents assets and liabilities measured at estimated fair value on a recurring basis. June 30, 2021 December 31, 2020 (in thousands) Level 1 Level 2 Level 3 Total Estimated Fair Value Level 1 Level 2 Level 3 Total Estimated Fair Value Assets Trading securities: Mortgage-backed securities issued by U.S. Government agencies $ — $ — $ — $ — $ — $ 10,185 $ — $ 10,185 Collateralized mortgage obligations issued by U.S. Government sponsored enterprises — 265 — 265 — 158 — 158 Other mortgage-backed securities — 282 — 282 — 178 — 178 State and municipal securities — 1,495 — 1,495 — 176 — 176 Asset-backed securities — 2,145 — 2,145 — 183 — 183 Total trading securities $ — $ 4,187 $ — $ 4,187 $ — $ 10,880 $ — $ 10,880 Investment securities available for sale: U.S. Treasury securities $ 118,231 $ — $ — $ 118,231 $ 20,257 $ — $ — $ 20,257 U.S. Government agency securities — 56,115 — 56,115 — 82,320 — 82,320 Mortgage-backed securities issued by U.S. Government agencies — 976,114 — 976,114 — 1,218,017 — 1,218,017 Mortgage-backed securities issued by U.S. Government sponsored enterprises — 6,708,415 — 6,708,415 — 5,000,046 — 5,000,046 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — 1,104,046 — 1,104,046 — 1,250,377 — 1,250,377 Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises — 460,542 — 460,542 — 370,921 — 370,921 Corporate debt securities and other debt securities — 18,707 — 18,707 — 18,479 2,021 20,500 Total investment securities available for sale $ 118,231 $ 9,323,939 $ — $ 9,442,170 $ 20,257 $ 7,940,160 $ 2,021 $ 7,962,438 Mortgage loans held for sale $ — $ 202,216 $ — $ 202,216 $ — $ 216,647 $ — $ 216,647 Private equity investments — — 1,026 1,026 — — 1,021 1,021 Mutual funds and mutual funds held in rabbi trusts 41,710 — — 41,710 37,650 — — 37,650 GGL/SBA loans servicing asset — — 3,321 3,321 — — 3,258 3,258 Derivative assets — 279,454 — 279,454 — 401,295 — 401,295 Liabilities Trading liability for short positions — — — — — 7,717 — 7,717 Earnout liability — — 6,427 6,427 — — 5,677 5,677 Derivative liabilities — 113,708 1,473 115,181 — 155,119 2,048 157,167 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 UPB of mortgage loans held for sale and the changes in fair value of these loans. An immaterial portion of these changes in fair value was attributable to changes in instrument-specific credit risk. Mortgage Loans Held for Sale (in thousands) As of June 30, 2021 As of December 31, 2020 Fair value $ 202,216 $ 216,647 Unpaid principal balance 196,399 210,292 Fair value less aggregate unpaid principal balance $ 5,817 $ 6,355 Changes in Fair Value Included in Net Income Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2021 2020 2021 2020 Mortgage loans held for sale $ 4,094 $ 5,365 $ (538) $ 5,984 Activity for Level 3 Assets and Liabilities Se e "Part II - Item 8. Financial Statements and Supplementary Data - Note 14 - Fair Value Accounting" of Synovus' 2020 Form 10-K for a description of the valuation techniques and significant inputs for Level 3 assets and liabilities that are measured at fair value on a recurring and non-recurring basis. During the three and six months ended June 30, 2021 and 2020 , Synovus did not have any transfers in or out of Level 3 in the fair value hierarchy. The following tables provide rollforwards of Level 3 assets and liabilities measured at fair value on a recurring basis. Three Months Ended June 30, 2021 (in thousands) Investment Securities Available for Sale Private Equity Investments GGL / SBA Earnout Visa Derivative Beginning balance $ — $ 1,053 $ 3,305 $ (5,677) $ (1,768) Total gains (losses) realized/unrealized: Included in earnings — (27) (252) (750) — Additions — — 268 — — Settlements — — — — 295 Ending balance $ — $ 1,026 $ 3,321 $ (6,427) $ (1,473) Total net gains (losses) for the period included in earnings attributable to the change in unrealized gains/(losses) relating to assets/liabilities still held at June 30, 2021 $ — $ (27) $ — $ (750) $ — Three Months Ended June 30, 2020 (in thousands) Investment Securities Available for Sale Private Equity Investments GGL / SBA Earnout Visa Derivative Beginning balance $ 1,562 $ 3,255 $ 3,149 $ (11,016) $ (2,050) Total gains (losses) realized/unrealized: Included in earnings — (2,557) (291) (4,908) — Unrealized gains (losses) included in OCI 100 — — — — Additions — — 161 — — Settlements — — — — 295 Ending balance $ 1,662 $ 698 $ 3,019 $ (15,924) $ (1,755) Total net gains (losses) for the period included in earnings attributable to the change in unrealized gains/(losses) relating to assets/liabilities still held at June 30, 2020 $ — $ (2,557) $ — $ (4,908) $ — Six Months Ended June 30, 2021 (in thousands) Investment Securities Available for Sale Private Equity Investments GGL / SBA Earnout Visa Derivative Beginning balance $ 2,021 $ 1,021 $ 3,258 $ (5,677) $ (2,048) Total gains (losses) realized/unrealized: Included in earnings 5 (430) (750) — Sales (2,021) — — — — Additions — — 493 — — Settlements — — — — 575 Ending balance $ — $ 1,026 $ 3,321 $ (6,427) $ (1,473) Total net gains (losses) for the period included in earnings attributable to the change in unrealized gains/(losses) relating to assets/liabilities still held at June 30, 2021 $ — $ 5 $ — $ (750) $ — Six Months Ended June 30, 2020 (in thousands) Investment Securities Available for Sale Private Equity Investments GGL / SBA Earnout Visa Derivative Beginning balance $ 2,105 $ 3,887 $ 3,040 $ (11,016) $ (2,339) Total (losses) gains realized/unrealized: Included in earnings — (3,189) (555) (4,908) — Unrealized gains (losses) included in OCI (443) — — — — Additions — — 534 — — Settlements — — — — 584 Ending balance $ 1,662 $ 698 $ 3,019 $ (15,924) $ (1,755) Total net gains (losses) for the period included in earnings attributable to the change in unrealized gains/(losses) relating to assets/liabilities still held at June 30, 2020 $ — $ (3,189) $ — $ (4,908) $ — The following table presents assets measured at fair value on a non-recurring basis as of the dates indicated for which there was a fair value adjustment. June 30, 2021 June 30, 2020 (in thousands) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Loans (1) $ — $ — $ 29,201 $ 29,201 $ — $ — $ 21,138 $ 21,138 Other real estate — — 42 42 — — 5,902 5,902 MPS receivable — — — — — — 18,202 18,202 Other assets held for sale — — 1,170 1,170 — — 1,634 1,634 (1) Collateral-dependent loans that were written down to fair value of collateral. ORE properties are included in other assets on the consolidated balance sheets. The carrying value of ORE at June 30, 2021 and December 31, 2020 was $1.5 million and $1.8 million, respectively. The following table presents fair value adjustments recognized in earnings for the three and six months ended June 30, 2021 and 2020 for assets measured at fair value on a non-recurring basis still held at period-end. Three Months Ended June 30, Six Months Ended June 30, Location in Consolidated Statements of Income (in thousands) 2021 2020 2021 2020 Loans (1) $ 13,476 $ 14,950 $ 13,504 $ 14,950 Provision for credit losses Other real estate 2 1,228 2 1,228 Other operating expenses MPS receivable — — — 2,663 Other operating expenses Other assets held for sale 76 729 76 2,120 Other operating expenses (1) Collateral-dependent loans that were written down to fair value of collateral. Fair Value of Financial Instruments The following tables present the carrying and estimated fair values of financial instruments at June 30, 2021 and December 31, 2020. The fair values represent management’s best estimates based on a range of methodologies and assumptions. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" to the consolidated financial statements of Synovus' 2020 Form 10-K for a description of how fair value measurements are determined. June 30, 2021 (in thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Financial assets Total cash, cash equivalents, and restricted cash $ 3,262,676 $ 3,262,676 $ 3,262,676 $ — $ — Trading securities 4,187 4,187 — 4,187 — Investment securities available for sale 9,442,170 9,442,170 118,231 9,323,939 — Loans held for sale 750,916 751,632 — 202,216 549,416 Private equity investments 1,026 1,026 — — 1,026 Mutual funds and mutual funds held in rabbi trusts 41,710 41,710 41,710 — — Loans, net 37,719,310 37,743,546 — — 37,743,546 GGL/SBA loans servicing asset 3,321 3,321 — — 3,321 Derivative assets 279,454 279,454 — 279,454 — Financial liabilities Non-interest-bearing deposits $ 15,345,629 $ 15,345,629 $ — $ 15,345,629 $ — Non-time interest-bearing deposits 27,181,793 27,181,793 — 27,181,793 — Time deposits 4,644,540 4,663,354 — 4,663,354 — Total deposits $ 47,171,962 $ 47,190,776 $ — $ 47,190,776 $ — Federal funds purchased and securities sold under repurchase agreements 194,786 194,786 194,786 — — Long-term debt 1,203,293 1,261,642 — 1,261,642 — Earnout liability 6,427 6,427 — — 6,427 Derivative liabilities 115,181 115,181 — 113,708 1,473 December 31, 2020 (in thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Financial assets Total cash, cash equivalents, and restricted cash $ 4,252,917 $ 4,252,917 $ 4,252,917 $ — $ — Trading securities 10,880 10,880 — 10,880 — Investment securities available for sale 7,962,438 7,962,438 20,257 7,940,160 2,021 Loans held for sale 760,123 760,939 — 216,647 544,292 Private equity investments 1,021 1,021 — — 1,021 Mutual funds and mutual funds held in rabbi trusts 37,650 37,650 37,650 — — Loans, net 37,647,248 37,605,881 — — 37,605,881 GGL/SBA loans servicing asset 3,258 3,258 — — 3,258 Derivative assets 401,295 401,295 — 401,295 — Financial liabilities Non-interest-bearing deposits $ 13,477,854 $ 13,477,854 $ — $ 13,477,854 $ — Non-time interest-bearing deposits 27,265,521 27,265,521 — 27,265,521 — Time deposits 5,948,196 5,970,146 — 5,970,146 — Total deposits $ 46,691,571 $ 46,713,521 $ — $ 46,713,521 $ — Federal funds purchased and securities sold under repurchase agreements 227,922 227,922 227,922 — — Trading liability for short positions 7,717 7,717 — 7,717 — Long-term debt 1,202,494 1,266,825 — 1,266,825 — Earnout liability 5,677 5,677 — — 5,677 Derivative liabilities 157,167 157,167 — 155,119 2,048 |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 6 Months Ended |
Jun. 30, 2021 | |
Summary of Derivative Instruments [Abstract] | |
Derivative Instruments and Hedging Activities | Note 7 - Derivative Instruments and Hedging Activities Synovus utilizes derivative instruments to manage its exposure to various types of interest rate risk, exposures related to liquidity and credit risk, and to facilitate customer transactions. The primary types of derivative instruments utilized by Synovus consist of interest rate swaps, interest rate lock commitments made to prospective mortgage loan customers, commitments to sell fixed-rate mortgage loans, and foreign currency exchange forwards. Interest rate lock commitments represent derivative instruments since it is intended that such loans will be sold. 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. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" to the consolidated financial statements of Synovus' 2020 Form 10-K for additional information regarding accounting policies for derivatives. Hedging Derivatives Cash flow hedge relationships mitigate exposure to the variability of future cash flows or other forecasted transactions. Synovus has entered into interest rate swap contracts to manage overall cash flow changes related to interest rate risk exposure on index-based variable rate commercial loans. The contracts effectively modify Synovus' exposure to interest rate risk by utilizing receive fixed/pay index-based variable rate interest rate swaps. For cash f low hedges, if the hedged exposure is a cash flow exposure, the effective portion of the gain or loss on the derivative instrument is reported initially as a component of accumulated other comprehensive income (loss), net of the tax impact, and subsequently reclassified into earnings when the hedged transaction affects earnings with the impacts recorded in the same income statement line item used to present the earnings effect of the hedged item. When a cash flow hedge relationship is discontinued but the hedged cash flows, or forecasted transactions, are still expected to occur, gains or losses that were accumulated in OCI are amortized into earnings over the same periods which the hedged transactions would have affected earnings. If, however, it is probable the forecasted transactions will no longer occur, the remaining accumulated amounts in OCI for the impacted cash flow hedges are immediately recognized in earnings. Synovus recorded unrealized gains of $757 thousand, or $565 thousand, after tax, in OCI during the first quarter of 2021 and $9.8 million, or $7.3 million, after-tax, in OCI, during the first quarter of 2020, related to terminated cash flow hedges, which are being recognized into earnings in conjunction with the effective terms of the original swaps through the fourth quarter of 2025. Synovus recognized pre-tax income of $3.7 million and $5.3 million during the three and six months ended June 30, 2021 related to t he amortization o f terminated cash flow hedges. As of June 30, 2021, Synovus expects to reclassify into earnings approximately $41 million in pre-tax income due to the receipt or payment of interest payments on all cash flow hedges within the next twelve months. Included in this amount is approximately $10 million in pre-tax income related to the amortization of terminated cash flow hedges. As of June 30, 2021, the maximum length of time over which Synovus is hedging its exposure to the variability in future cash flows is through the first quarter of 2026. For derivative instruments that are not designated as hedging instruments, changes in the fair value of the derivatives are recognized in earnings immediately. 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 s eeks 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 risk 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 Certain derivative transactions have collateral requirements, both at the inception of the trade and as the value of each derivative position changes. As of June 30, 2021 and December 31, 2020, collateral totaling $118.2 million and $155.4 million, respectively, 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 consolidated balance sheets and related disclosures. At June 30, 2021 and December 31, 2020, Synovus had a variation margin of $114.0 million and $162.7 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. June 30, 2021 December 31, 2020 Fair Value Fair Value (in thousands) Notional Amount Derivative Assets (1) Derivative Liabilities (2) Notional Amount Derivative Assets (1) Derivative Liabilities (2) Derivatives in cash flow hedging relationships: Interest rate contracts $ 3,250,000 $ 49,153 $ 89 $ 3,000,000 $ 80,802 $ — Total derivatives designated as hedging instruments $ 49,153 $ 89 $ 80,802 $ — Derivatives not designated Interest rate contracts (3) $ 9,023,627 $ 225,813 $ 113,154 $ 8,784,141 $ 314,234 $ 153,204 Mortgage derivatives - interest rate lock commitments 198,775 4,488 — 306,138 6,259 — Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans 194,000 — 343 230,500 — 1,611 Other contracts (4) 171,321 — 122 234,884 — 304 Visa derivative — — 1,473 — — 2,048 Total derivatives not designated as hedging instruments $ 230,301 $ 115,092 $ 320,493 $ 157,167 (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. (4) Includes risk participation agreements sold. Additionally, the notional amount of risk participation agreements purchased was $6.3 million and $2.6 million at June 30, 2021 and December 31, 2020, respectively. Synovus also provides foreign currency exchange services, primarily forward contracts, with counterparties to allow commercial customers to mitigate exchange rate risk. Synovus covers its risk by entering into an offsetting foreign currency exchange forward contract. The notional amount of foreign currency exchange forwards was $19.9 million and $24.1 million at June 30, 2021 and December 31, 2020, respectively. The fair value of foreign currency exchange forwards was negligible at June 30, 2021 and December 31, 2020 due to the very short duration of these contracts. The following table presents the effect of hedging derivative instruments on the consolidated statements of income and the total amounts for the respective line item affected for the three and six months ended June 30, 2021 and 2020 . Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2021 2020 2021 2020 Total amounts presented in the consolidated statements of income in interest income on loans $ 7,605 $ 5,261 $ 15,947 $ 5,086 Gain/loss on cash flow hedging relationships: (1) Interest rate swaps: Realized gains (losses) reclassified from AOCI, pre-tax, to interest income on loans 3,657 270 5,256 390 Pre-tax income recognized on cash flow hedges $ 3,657 $ 270 $ 5,256 $ 390 (1) See "Part I - Item 1. Financial Statements and Supplementary Data - Note 5 - Shareholders' Equity and Other Comprehensive Income (Loss) in this Report for additional information. 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 and six months ended June 30, 2021 and 2020 is presented below. Gain (Loss) Recognized in Consolidated Statements of Income Three Months Ended June 30, Six Months Ended June 30, (in thousands) Location in Consolidated Statements of Income 2021 2020 2021 2020 Derivatives not designated Interest rate contracts (1) Capital markets income $ (637) $ 653 $ 310 $ 49 Other contracts (2) Capital markets income (19) 4 182 (333) Mortgage derivatives - interest rate lock commitments Mortgage banking income (53) (634) (1,772) 6,390 Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans Mortgage banking income (4,974) 3,701 1,268 (1,228) Total derivatives not designated as hedging instruments $ (5,683) $ 3,724 $ (12) $ 4,878 (1) Gain (loss) represents net fair value adjustments (including credit related adjustments) for customer swaps and offsetting positions. Additionally, losses related to termination of customer swaps of $2.5 million were recorded in other non-interest expense during the first quarter of 2020. (2) Includes risk participation agreements sold. |
Net Income Per Common Share
Net Income Per Common Share | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Net Income Per Common Share | Note 8 - Net Income Per Common Share The following table displays a reconciliation of the information used in calculating basic and diluted net income per common share for the three and six months ended June 30, 2021 and 2020. Diluted net income per common share incorporates the potential impact of contingently issuable shares, including awards which require future service as a condition of delivery of the underlying common stock. Three Months Ended June 30, Six Months Ended June 30, (in thousands, except per share data) 2021 2020 2021 2020 Basic Net Income Per Common Share: Net income available to common shareholders $ 177,909 $ 84,901 $ 356,711 $ 115,131 Weighted average common shares outstanding 148,113 147,288 148,289 147,300 Net income per common share, basic $ 1.20 $ 0.58 $ 2.41 $ 0.78 Diluted Net Income Per Common Share: Net income available to common shareholders $ 177,909 $ 84,901 $ 356,711 $ 115,131 Weighted average common shares outstanding 148,113 147,288 148,289 147,300 Effect of dilutive outstanding equity-based awards, warrants, and earnout payments 1,634 445 1,475 767 Weighted average diluted common shares 149,747 147,733 149,764 148,067 Net income per common share, diluted $ 1.19 $ 0.57 $ 2.38 $ 0.78 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 9 - 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, solar energy, new market, and CRA 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 ACL associated with unfunded commitments and letters of credit is recorded within other liabilities on the consolidated balance sheets. At June 30, 2021, the ACL for unfunded commitments was $46.9 million, compared to a reserve of $47.8 million at December 31, 2020. Additionally, an immaterial amount of unearned fees relating to letters of credit are recorded within other liabilities on the consolidated balance sheets. Synovus invests in certain LIHTC partnerships which are engaged in the development and operation of affordable multi-family housing pursuant to Section 42 of the Code. Additionally, Synovus invests in certain solar energy tax credit partnerships pursuant to Section 48 of the Code and certain new market tax credit partnerships pursuant to section 45D 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. For certain of its LIHTC investments, Synovus provides financing during the construction and development of the properties and is at risk for the funded 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 is 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 provisions required to be met at the project level. Synovus also invests in certain other CRA partnerships including SBIC programs. The SBIC is a program initiated by the SBA in 1958 to assist in the funding of small business loans. (in thousands) June 30, 2021 December 31, 2020 Letters of credit* $ 185,433 $ 190,562 Commitments to fund commercial and industrial loans 8,617,252 8,200,608 Commitments to fund commercial real estate, construction, and land development loans 3,286,077 3,290,041 Commitments under home equity lines of credit 1,681,782 1,602,831 Unused credit card lines 1,002,367 1,012,313 Other loan commitments 566,590 472,233 Total letters of credit and unfunded lending commitments $ 15,339,501 $ 14,768,588 LIHTC, solar energy tax credit, new market tax credit, and other CRA partnerships: Carrying amount included in other assets $ 350,692 $ 262,855 Amount of future funding commitments included in carrying amount 198,575 133,946 Permanent and short-term construction loans and letter of credit commitments 200,476 84,552 Funded portion of permanent and short-term loans and letters of credit 37,362 9,762 * Represent the contractual amount net of risk participations purchased of $28.5 million and $30.2 million at June 30, 2021 and December 31, 2020, respectively. Merchant Services In accordance with credit and debit card association rules, Synovus provides merchant processing services for customers with a contractual arrangement under which certain sales and processing support are provided through an outside merchant services provider with Synovus owning the merchant contract relationship. In addition, Synovus sponsors various third-party MPS businesses that process credit and debit card transactions on behalf of 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 MPS, which is primarily liable for any losses on covered transactions. However, if a sponsored MPS 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 and six months ended June 30, 2021, Synovus and the sponsored entities processed and settled $28.89 billion and $55.15 billion of transactions, respectively. For the three and six months ended June 30, 2020, Synovus and the sponsored entities processed and settled $16.40 billion and $34.75 billion of transactions, respectively. Synovus covered chargebacks related to a particular sponsored MPS during 2019 and 2018 where the MPS’s cash reserve account was unavailable to support the chargebacks. As of June 30, 2021, the remaining amount, net of reserves, included in other assets and classified in NPAs, is $15.3 million, compared to $15.6 million at December 31, 2020. While Synovus has contractual protections to mitigate against loss, repayment of the amounts owed to Synovus will depend in large part upon the continued financial viability and/or valuation of the MPS. Legal Proceedings Synovus and its subsidiaries are subject to various legal proceedings, claims and disputes that arise in the ordinary course of its business. Additionally, in the ordinary course of business, Synovus and its subsidiaries are subject to regulatory and governmental examinations, information gathering requests, inquiries and investigations. Synovus, like many other financial institutions, has been the target of legal actions and other proceedings asserting claims for damages and related relief for losses. These actions include mortgage loan and other loan put-back claims, claims and counterclaims asserted by individual borrowers related to their loans, allegations of violations of state and federal laws and regulations relating to banking practices, and allegations related to Synovus' participation in government stimulus programs, including putative class action matters. In addition to actual damages, if Synovus does not prevail in such asserted legal actions, credit-related litigation could result in additional write-downs or charge-offs of assets, 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 June 30, 2021 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 or financial condition for any particular period. |
Segment Reporting
Segment Reporting | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment Reporting | Note 10 - Segment Reporting Synovus' business segments are based on the products and services provided or the customers served and reflect the manner in which financial information is evaluated by the chief operating decision makers. Synovus has three major reportable business segments: Community Banking, Wholesale Banking, and Financial Management Services, with functional activities such as treasury, technology, operations, marketing, finance, enterprise risk, legal, human resources, corporate communications, executive management, among others, included in Treasury and Corporate Other. Business segment results are determined based upon Synovus' management reporting system, which assigns balance sheet and income statement items to each of the business segments. Certain assets, liabilities, revenues, and expenses not allocated or attributable to a particular business segment are included in Treasury and Corporate Other. Synovus's third-party lending consumer loans and loans held for sale as well as PPP loans are included in Treasury and Corporate Other. The management accounting policies and processes utilized in compiling segment financial information are highly subjective and, unl ike financial accounting, are not based on authoritative guidance similar to GAAP. As a result, reported segment results are not necessarily comparable with similar information reported by other financial institutions. The Community Banking business segment serves customers using a relationship-based approach through its branch, ATM, commercial, and private wealth network in addition to mobile, Internet, and telephone banking. This segment primarily provides individual, small business, and corporate customers with an array of comprehensive banking products and services including commercial, home equity, and other consumer loans, credit and debit cards, and deposit accounts. The Wholesale Banking business segment serves primarily larger corporate customers by providing commercial lending and deposit services through specialty teams including middle market, CRE, senior housing, national accounts, premium finance, structured lending, healthcare, asset-based lending, and community investment capital. The Financial Management Services business segment serves its customers by providing mortgage and trust services and also specializing in professional portfolio management for fixed-income securities, investment banking, the execution of securities transactions as a broker/dealer, asset management, financial planning, and family office services, as well as the provision of individual investment advice on equity and other securities. Synovus uses a centralized FTP methodology to attribute appropriate net interest income to the business segments. The intent of the FTP methodology is to transfer interest rate risk from the business segments by providing matched duration funding of assets and liabilities. The result is to centralize the financial impact, management, and reporting of interest rate risk in the Treasury and Corporate Other function where it can be centrally monitored and managed. Treasury and Corporate Other includes certain assets and/or liabilities managed within that function. Additionally, Treasury and Corporate Other also charges (credits) an internal cost of funds for assets held in (or pays for funding provided by) each business segment. The process for determining FTP is based on a number of factors and assumptions, including prevailing market interest rates, the expected lives of various assets and liabilities, and the Company's broader funding profile. The following tables present c ertain financial information for each reportable business segment for the three and six months ended June 30, 2021 and 2020. The application and development of management reporting methodologies is a dynamic process and is subject to periodic enhancements. As these enhancements are made, financial results presented by each reportable business segment may be periodically revised. Three Months Ended June 30, 2021 (in thousands) Community Banking Wholesale Banking Financial Management Services Treasury and Corporate Other Synovus Consolidated Net interest income $ 202,881 $ 136,126 $ 18,935 $ 23,918 $ 381,860 Non-interest revenue 32,212 7,000 52,345 15,530 107,087 Non-interest expense 69,120 21,290 46,773 133,348 270,531 Pre-provision net revenue $ 165,973 $ 121,836 $ 24,507 $ (93,900) $ 218,416 Three Months Ended June 30, 2020 (in thousands) Community Banking Wholesale Banking Financial Management Services Treasury and Corporate Other Synovus Consolidated Net interest income $ 219,097 $ 145,016 $ 20,069 $ (7,616) $ 376,566 Non-interest revenue 23,747 5,682 52,976 91,079 173,484 Non-interest expense 74,764 22,934 48,394 138,049 284,141 Pre-provision net revenue $ 168,080 $ 127,764 $ 24,651 $ (54,586) $ 265,909 Six Months Ended June 30, 2021 (in thousands) Community Banking Wholesale Banking Financial Management Services Treasury and Corporate Other Synovus Consolidated Net interest income $ 409,123 $ 270,200 $ 39,930 $ 36,463 $ 755,716 Non-interest revenue 61,966 14,319 110,928 30,830 218,043 Non-interest expense 137,178 42,014 94,447 264,026 537,665 Pre-provision net revenue $ 333,911 $ 242,505 $ 56,411 $ (196,733) $ 436,094 Six Months Ended June 30, 2020 (in thousands) Community Banking Wholesale Banking Financial Management Services Treasury and Corporate Other Synovus Consolidated Net interest income $ 415,601 $ 268,186 $ 37,453 $ 28,586 $ 749,826 Non-interest revenue 54,071 15,009 100,360 107,901 277,341 Non-interest expense 148,737 43,647 91,785 276,252 560,421 Pre-provision net revenue $ 320,935 $ 239,548 $ 46,028 $ (139,765) $ 466,746 June 30, 2021 (dollars in thousands) Community Banking Wholesale Banking Financial Management Services Treasury and Corporate Other Synovus Consolidated Loans, net of deferred fees and costs $ 10,730,544 $ 19,369,933 $ 5,078,318 $ 3,057,223 $ 38,236,018 Total deposits $ 31,317,490 $ 10,983,120 $ 737,202 $ 4,134,150 $ 47,171,962 Total full-time equivalent employees 2,114 288 809 1,772 4,983 December 31, 2020 (dollars in thousands) Community Banking Wholesale Banking Financial Management Services Treasury and Corporate Other Synovus Consolidated Loans, net of deferred fees and costs $ 11,171,013 $ 18,810,729 $ 5,370,790 $ 2,900,452 $ 38,252,984 Total deposits $ 29,141,242 $ 11,958,105 $ 739,200 $ 4,853,024 $ 46,691,571 Total full-time equivalent employees 2,199 285 832 1,818 5,134 |
Basis of Presentation and Acc_2
Basis of Presentation and Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
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 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 ACL; estimates of fair value; income taxes; and contingent liabilities. |
Recently Adopted Accounting Standards and Recently Issued Accounting Standards Not Yet Adopted | Recently Adopted Accounting Standards ASU 2020-08, Codification Improvements to Subtopic 310-20, Receivables – Nonrefundable Fees and Other Costs . The guidance in this ASU pertains to the shortened amortization period for certain purchased callable debt securities held at a premium, which premium is amortized to the earliest call date in accordance with ASC 310-20-25-33, and clarifies that an entity should reevaluate whether a callable debt security is within the scope of paragraph 310-20-25-33 for each reporting period. The amendments in this ASU are effective for fiscal years beginning after December 15, 2020. Synovus adopted ASU 2020-08 effective January 1, 2021 with no material impact to the unaudited consolidated financial statements. ASU 2019-12 , Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. In December 2019, the FASB issued ASU 2019-12 to simplify and reduce complexities when accounting for income taxes by removing certain exceptions. Among the provisions of this guidance is the requirement that an entity reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. ASU 2019-12 is effective for public entities for fiscal years beginning after December 15, 2020. Synovus adopted ASU 2019-12 effective January 1, 2021 with no material impact to the unaudited consolidated financial statements unless there are changes in tax law that require recognition as set forth in this guidance. Recently Issued Accounting Standards Not Yet Adopted ASU 2021-01, Reference Rate Reform (Topic 848). In January 2021, the FASB issued ASU 2021-01 which provides optional expedients and exceptions in Topic 848 for derivative instruments and hedge accounting modifications resulting from the discounting transition of reference rate reform. The expedients and exceptions provided by ASU 2021-01 will not be available after December 31, 2022, other than for existing hedging relationships entered into by December 31, 2022. The ASU may be applied as of the beginning of an interim period that includes or is subsequent to March 12, 2020, until the sunset date of December 31, 2022. Synovus adopted ASU 2020-04 Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting on October 1, 2020. While Synovus has not yet finalized the election of optional expedients for |
Investment Securities Availab_2
Investment Securities Available for Sale (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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 June 30, 2021 and December 31, 2020 are summarized below. June 30, 2021 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury securities $ 120,119 $ 355 $ (2,243) $ 118,231 U.S. Government agency securities 54,161 1,954 — 56,115 Mortgage-backed securities issued by U.S. Government agencies 981,107 2,084 (7,077) 976,114 Mortgage-backed securities issued by U.S. Government sponsored enterprises 6,670,497 75,773 (37,855) 6,708,415 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 1,103,547 9,644 (9,145) 1,104,046 Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises 450,814 12,750 (3,022) 460,542 Corporate debt securities and other debt securities 18,260 447 — 18,707 Total investment securities available for sale $ 9,398,505 $ 103,007 $ (59,342) $ 9,442,170 December 31, 2020 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury securities $ 20,257 $ — $ — $ 20,257 U.S. Government agency securities 79,638 2,682 — 82,320 Mortgage-backed securities issued by U.S. Government agencies 1,216,012 7,930 (5,925) 1,218,017 Mortgage-backed securities issued by U.S. Government sponsored enterprises 4,865,858 134,188 — 5,000,046 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 1,245,644 15,309 (10,576) 1,250,377 Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises 354,244 16,677 — 370,921 Corporate debt securities and other debt securities 20,211 457 (168) 20,500 Total investment securities available for sale $ 7,801,864 $ 177,243 $ (16,669) $ 7,962,438 |
Schedule of Gross Unrealized Losses on Investment Securities and Fair Value | 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 June 30, 2021 and December 31, 2020 are presented below. June 30, 2021 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 $ 47,586 $ (2,243) $ — $ — $ 47,586 $ (2,243) Mortgage-backed securities issued by U.S. Government agencies 421,704 (5,251) 153,330 (1,826) 575,034 (7,077) Mortgage-backed securities issued by U.S. Government sponsored enterprises 3,156,297 (37,855) — — 3,156,297 (37,855) Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 524,044 (6,858) 140,934 (2,287) 664,978 (9,145) Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises 166,011 (3,022) — — 166,011 (3,022) Total $ 4,315,642 $ (55,229) $ 294,264 $ (4,113) $ 4,609,906 $ (59,342) December 31, 2020 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 $ 566,896 $ (5,925) $ — $ — $ 566,896 $ (5,925) Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 803,429 (10,576) — — 803,429 (10,576) Corporate debt securities and other debt securities 9,337 (168) — — 9,337 (168) Total $ 1,379,662 $ (16,669) $ — $ — $ 1,379,662 $ (16,669) |
Amortized Cost and Estimated Fair Value by Contractual Maturity of Investment Securities Available-for-Sale | For purposes of the maturity table, MBSs and CMOs, which are not due at a single maturity date, have been classified based on the final contractual maturity date. Distribution of Maturities at June 30, 2021 (in thousands) Within One 1 to 5 5 to 10 More Than Total Amortized Cost U.S. Treasury securities $ 20,260 $ — $ 99,859 $ — $ 120,119 U.S. Government agency securities 430 1,595 52,136 — 54,161 Mortgage-backed securities issued by U.S. Government agencies — 1,081 151 979,875 981,107 Mortgage-backed securities issued by U.S. Government sponsored enterprises 105 — 61,715 6,608,677 6,670,497 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — — 185 1,103,362 1,103,547 Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises — 109,272 244,651 96,891 450,814 Corporate debt securities and other debt securities — 9,504 8,756 — 18,260 Total amortized cost $ 20,795 $ 121,452 $ 467,453 $ 8,788,805 $ 9,398,505 Fair Value U.S. Treasury securities $ 20,260 $ — $ 97,971 $ — $ 118,231 U.S. Government agency securities 432 1,609 54,074 — 56,115 Mortgage-backed securities issued by U.S. Government agencies — 1,124 158 974,832 976,114 Mortgage-backed securities issued by U.S. Government sponsored enterprises 106 — 64,294 6,644,015 6,708,415 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — — 192 1,103,854 1,104,046 Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises — 113,193 246,286 101,063 460,542 Corporate debt securities and other debt securities — 9,872 8,835 — 18,707 Total fair value $ 20,798 $ 125,798 $ 471,810 $ 8,823,764 $ 9,442,170 |
Schedule of Sales Activities of Available-for-Sale Securities | Proceeds from sales, gross gains, and gross losses on sales of securities available for sale for the three and six months ended June 30, 2021 and 2020 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 June 30, Six Months Ended June 30, (in thousands) 2021 2020 2021 2020 Proceeds from sales of investment securities available for sale $ — $ 2,269,682 $ 223,977 $ 2,682,861 Gross realized gains on sales — 75,105 — 83,839 Gross realized losses on sales — (5,696) (1,990) (5,695) Investment securities gains (losses), net $ — $ 69,409 $ (1,990) $ 78,144 |
Loans and Allowance for Loan _2
Loans and Allowance for Loan Losses (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Loans and Allowance for Loan Losses [Abstract] | |
Schedule of Current, Accruing Past Due, and Non-accrual Loans | The following tables provide a summary of current, accruing past due, and non-accrual loans by portfolio class as of June 30, 2021 and December 31, 2020. June 30, 2021 (in thousands) Current Accruing 30-89 Days Past Due Accruing 90 Days or Greater Past Due Total Accruing Past Due Non-accrual with an ALL Non-accrual without an ALL Total Commercial, financial and agricultural $ 12,002,589 $ 11,161 $ 841 $ 12,002 $ 49,197 $ 21,746 $ 12,085,534 Owner-occupied 7,048,621 1,987 836 2,823 13,155 — 7,064,599 Total commercial and industrial 19,051,210 13,148 1,677 14,825 62,352 21,746 19,150,133 Investment properties 9,205,776 7,461 2 7,463 2,367 2,407 9,218,013 1-4 family properties 632,412 1,076 381 1,457 1,982 493 636,344 Land and development 504,270 263 121 384 2,040 — 506,694 Total commercial real estate 10,342,458 8,800 504 9,304 6,389 2,900 10,361,051 Consumer mortgages 5,144,394 4,992 — 4,992 51,376 — 5,200,762 Home equity lines 1,346,562 2,711 — 2,711 8,938 — 1,358,211 Credit cards 282,361 1,524 1,623 3,147 — — 285,508 Other consumer loans 1,858,684 13,731 611 14,342 7,327 — 1,880,353 Total consumer 8,632,001 22,958 2,234 25,192 67,641 — 8,724,834 Loans, net of deferred fees and costs $ 38,025,669 $ 44,906 $ 4,415 $ 49,321 $ 136,382 $ 24,646 $ 38,236,018 December 31, 2020 (in thousands) Current Accruing 30-89 Days Past Due Accruing 90 Days or Greater Past Due Total Accruing Past Due Non-accrual with an ALL Non-accrual without an ALL Total Commercial, financial and agricultural $ 12,321,514 $ 10,256 $ 996 $ 11,252 $ 55,527 $ 21,859 $ 12,410,152 Owner-occupied 7,087,992 1,913 92 2,005 20,019 — 7,110,016 Total commercial and industrial 19,409,506 12,169 1,088 13,257 75,546 21,859 19,520,168 Investment properties 9,075,843 2,751 154 2,905 24,631 — 9,103,379 1-4 family properties 621,492 3,548 36 3,584 2,383 1,236 628,695 Land and development 591,048 422 — 422 1,899 264 593,633 Total commercial real estate 10,288,383 6,721 190 6,911 28,913 1,500 10,325,707 Consumer mortgages 5,495,415 8,851 485 9,336 8,740 — 5,513,491 Home equity lines 1,521,575 4,006 — 4,006 12,145 — 1,537,726 Credit cards 276,778 2,363 1,877 4,240 — — 281,018 Other consumer loans 1,062,899 9,122 477 9,599 2,376 — 1,074,874 Total consumer 8,356,667 24,342 2,839 27,181 23,261 — 8,407,109 Loans, net of deferred fees and costs $ 38,054,556 $ 43,232 $ 4,117 $ 47,349 $ 127,720 $ 23,359 $ 38,252,984 |
Loan Portfolio Credit Exposure | The following tables summarize each loan portfolio class by risk grade and origination year as of June 30, 2021 and December 31, 2020 as required under CECL. June 30, 2021 Term Loans Amortized Cost Basis by Origination Year Revolving Loans (in thousands) 2021 2020 2019 2018 2017 Prior Amortized Cost Basis Converted to Term Loans Total Commercial, financial and agricultural Pass $ 1,515,420 $ 2,149,994 $ 1,144,130 $ 755,925 $ 519,704 $ 1,118,928 $ 4,332,632 $ 44,177 $ 11,580,910 Special Mention 1,482 67,377 46,077 11,516 17,074 3,424 78,717 440 226,107 Substandard (1) 7,706 58,956 37,439 12,201 20,766 39,323 82,883 2,085 261,359 Doubtful (2) 449 512 2,776 13,132 — — 289 — 17,158 Total commercial, financial and agricultural 1,525,057 2,276,839 1,230,422 792,774 557,544 1,161,675 4,494,521 46,702 12,085,534 Owner-occupied Pass 667,812 1,293,871 1,226,446 1,041,975 829,705 1,403,658 387,603 — 6,851,070 Special Mention 680 4,294 11,397 16,291 3,326 22,395 8,180 — 66,563 Substandard (1) 721 3,546 26,400 51,240 28,277 30,440 — — 140,624 Doubtful (2) — — — 6,342 — — — — 6,342 Total owner-occupied 669,213 1,301,711 1,264,243 1,115,848 861,308 1,456,493 395,783 — 7,064,599 Total commercial and industrial 2,194,270 3,578,550 2,494,665 1,908,622 1,418,852 2,618,168 4,890,304 46,702 19,150,133 Investment properties Pass 637,057 1,342,718 2,226,278 1,507,075 872,163 1,606,709 289,261 — 8,481,261 Special Mention — 1,032 80,673 152,823 107,557 207,195 57,204 — 606,484 Substandard (1) 7,435 334 9,843 56,177 18,136 38,203 140 — 130,268 Total investment properties 644,492 1,344,084 2,316,794 1,716,075 997,856 1,852,107 346,605 — 9,218,013 1-4 family properties Pass 157,416 136,528 66,762 55,745 70,774 88,755 48,205 — 624,185 Special Mention 491 158 — 365 — 248 — — 1,262 Substandard (1) 1,745 108 437 4,723 926 2,360 598 — 10,897 Total 1-4 family properties 159,652 136,794 67,199 60,833 71,700 91,363 48,803 — 636,344 June 30, 2021 Term Loans Amortized Cost Basis by Origination Year Revolving Loans (in thousands) 2021 2020 2019 2018 2017 Prior Amortized Cost Basis Converted to Term Loans Total Land and development Pass 57,117 67,046 120,637 74,328 64,803 72,639 35,548 — 492,118 Special Mention — 834 1,948 2,369 24 997 — — 6,172 Substandard (1) — 1,233 48 3,231 881 3,011 — — 8,404 Total land and development 57,117 69,113 122,633 79,928 65,708 76,647 35,548 — 506,694 Total commercial real estate 861,261 1,549,991 2,506,626 1,856,836 1,135,264 2,020,117 430,956 — 10,361,051 Consumer mortgages Pass 624,582 1,735,940 730,083 303,577 517,050 1,227,662 965 — 5,139,859 Substandard (1) 203 148 2,114 14,037 5,757 38,421 — — 60,680 Loss (3) — — — — — 223 — — 223 Total consumer mortgages 624,785 1,736,088 732,197 317,614 522,807 1,266,306 965 — 5,200,762 Home equity lines Pass — — — — — — 1,264,828 77,373 1,342,201 Substandard (1) — — — — — — 9,708 5,376 15,084 Doubtful (2) — — — — — — — 18 18 Loss (3) — — — — — — 766 142 908 Total home equity lines — — — — — — 1,275,302 82,909 1,358,211 Credit cards Pass — — — — — — 283,887 — 283,887 Substandard (1) — — — — — — 409 — 409 Loss (4) — — — — — — 1,212 — 1,212 Total credit cards — — — — — — 285,508 — 285,508 Other consumer loans Pass 220,495 873,734 182,445 68,046 80,624 118,009 328,734 — 1,872,087 Substandard (1) 213 552 2,232 1,483 2,774 766 234 — 8,254 Loss (4) — — — — — 12 — — 12 Total other consumer loans 220,708 874,286 184,677 69,529 83,398 118,787 328,968 — 1,880,353 Total consumer 845,493 2,610,374 916,874 387,143 606,205 1,385,093 1,890,743 82,909 8,724,834 Loans, net of deferred fees and costs $ 3,901,024 $ 7,738,915 $ 5,918,165 $ 4,152,601 $ 3,160,321 $ 6,023,378 $ 7,212,003 $ 129,611 $ 38,236,018 (1) The majority of loans within Substandard risk grade are accruing loans at June 30, 2021. (2) Loans within Doubtful risk grade are on non-accrual status and generally have an ALL equal to 50% of the loan amount. (3) Loans within Loss risk grade are on non-accrual status and have an ALL 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 ALL 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. December 31, 2020 Term Loans Amortized Cost Basis by Origination Year Revolving Loans (in thousands) 2020 2019 2018 2017 2016 Prior Amortized Cost Basis Converted to Term Loans Total Commercial, financial and agricultural Pass $ 3,819,048 $ 1,333,460 $ 847,283 $ 582,612 $ 551,413 $ 633,871 $ 4,102,751 $ 49,762 $ 11,920,200 Special Mention 63,307 40,618 12,723 22,070 1,665 5,545 60,741 489 207,158 Substandard (1) 28,698 36,618 24,867 36,072 12,808 35,172 84,498 514 259,247 Doubtful (2) — 3,721 19,778 — — — 48 — 23,547 Total commercial, financial and agricultural 3,911,053 1,414,417 904,651 640,754 565,886 674,588 4,248,038 50,765 12,410,152 Owner-occupied Pass 1,321,680 1,275,435 1,131,183 982,056 555,932 1,297,070 349,566 — 6,912,922 Special Mention 6,170 9,995 10,682 14,138 1,582 13,768 — — 56,335 Substandard (1) 2,570 22,793 42,615 26,033 7,316 29,794 — — 131,121 Doubtful (2) — — 9,638 — — — — — 9,638 Total owner-occupied 1,330,420 1,308,223 1,194,118 1,022,227 564,830 1,340,632 349,566 — 7,110,016 Total commercial and industrial 5,241,473 2,722,640 2,098,769 1,662,981 1,130,716 2,015,220 4,597,604 50,765 19,520,168 Investment properties Pass 1,055,440 2,126,667 1,999,345 1,091,880 483,780 1,301,088 229,044 — 8,287,244 Special Mention 1,482 66,160 176,794 136,004 138,362 129,401 55,440 — 703,643 Substandard (1) 1,007 4,770 24,476 19,820 21,875 40,509 35 — 112,492 Total investment properties 1,057,929 2,197,597 2,200,615 1,247,704 644,017 1,470,998 284,519 — 9,103,379 1-4 family properties Pass 197,320 95,145 70,267 88,454 38,729 97,374 27,657 — 614,946 Special Mention 402 — 508 109 786 118 — — 1,923 Substandard (1) 1,527 653 4,312 1,141 554 2,299 1,340 — 11,826 Total 1-4 family properties 199,249 95,798 75,087 89,704 40,069 99,791 28,997 — 628,695 Land and development Pass 84,985 173,302 83,734 92,911 12,249 76,380 53,250 — 576,811 Special Mention 857 1,995 2,866 282 — 1,332 636 — 7,968 Substandard (1) 1,229 425 4,664 915 136 1,485 — — 8,854 Total land and development 87,071 175,722 91,264 94,108 12,385 79,197 53,886 — 593,633 Total commercial real estate 1,344,249 2,469,117 2,366,966 1,431,516 696,471 1,649,986 367,402 — 10,325,707 December 31, 2020 Term Loans Amortized Cost Basis by Origination Year Revolving Loans (in thousands) 2020 2019 2018 2017 2016 Prior Amortized Cost Basis Converted to Term Loans Total Consumer mortgages Pass 1,871,512 874,769 425,711 678,255 685,810 965,382 1,040 — 5,502,479 Substandard (1) 33 961 748 889 866 7,224 — — 10,721 Loss (3) — — — — — 291 — — 291 Total consumer mortgages 1,871,545 875,730 426,459 679,144 686,676 972,897 1,040 — 5,513,491 Home equity lines Pass — — — — — — 1,429,755 90,832 1,520,587 Substandard (1) — — — — — — 9,698 5,996 15,694 Doubtful (2) — — — — — — — 19 19 Loss (3) — — — — — — 1,283 143 1,426 Total home equity lines — — — — — — 1,440,736 96,990 1,537,726 Credit cards Pass — — — — — — 279,142 — 279,142 Substandard (1) — — — — — — 595 — 595 Loss (4) — — — — — — 1,281 — 1,281 Total credit cards — — — — — — 281,018 — 281,018 Other consumer loans Pass 252,160 190,820 89,187 100,459 80,365 61,040 297,637 — 1,071,668 Substandard (1) 19 762 262 1,195 121 585 227 — 3,171 Loss (4) — — — — — 35 — — 35 Total other consumer loans 252,179 191,582 89,449 101,654 80,486 61,660 297,864 — 1,074,874 Total consumer 2,123,724 1,067,312 515,908 780,798 767,162 1,034,557 2,020,658 96,990 8,407,109 Loans, net of deferred fees and costs $ 8,709,446 $ 6,259,069 $ 4,981,643 $ 3,875,295 $ 2,594,349 $ 4,699,763 $ 6,985,664 $ 147,755 $ 38,252,984 (1) The majority of loans within Substandard risk grade are accruing loans at December 31, 2020. (2) Loans within Doubtful risk grade are on non-accrual status and generally have an ALL equal to 50% of the loan amount. (3) Loans within Loss risk grade are on non-accrual status and have an ALL 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 ALL 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. |
Financing Receivable, Allowance for Credit Loss | Rollforward of Allowance for Loan Losses The following tables detail the changes in the ALL by loan segment for the three and six months ended June 30, 2021 and 2020. As Of and For the Three Months Ended June 30, 2021 (in thousands) Commercial & Industrial Commercial Real Estate Consumer Total Allowance for loan losses: Beginning balance at March 31, 2021 $ 254,777 $ 113,812 $ 194,625 $ 563,214 Charge-offs (18,729) (3,839) (8,285) (30,853) Recoveries 1,495 377 2,435 4,307 (Reversal of) provision for loan losses 17,395 (18,237) (19,118) (19,960) Ending balance at June 30, 2021 $ 254,938 $ 92,113 $ 169,657 $ 516,708 As Of and For the Three Months Ended June 30, 2020 (in thousands) Commercial & Industrial Commercial Real Estate Consumer Total Allowance for loan losses: Beginning balance at March 31, 2020 $ 216,950 $ 107,117 $ 169,385 $ 493,452 Charge-offs (23,245) (689) (6,844) (30,778) Recoveries 3,261 536 2,935 6,732 Provision for loan losses 32,949 64,562 21,731 119,242 Ending balance at June 30, 2020 $ 229,915 $ 171,526 $ 187,207 $ 588,648 As Of and For the Six Months Ended June 30, 2021 (in thousands) Commercial & Industrial Commercial Real Estate Consumer Total Allowance for loan losses: Beginning balance at December 31, 2020 $ 229,555 $ 130,742 $ 245,439 $ 605,736 Charge-offs (28,146) (14,158) (13,874) (56,178) Recoveries 4,267 1,403 3,758 9,428 (Reversal of) provision for loan losses 49,262 (25,874) (65,666) (42,278) Ending balance at June 30, 2021 $ 254,938 $ 92,113 $ 169,657 $ 516,708 As Of and For the Six Months Ended June 30, 2020 (in thousands) Commercial & Industrial Commercial Real Estate Consumer Total Allowance for loan losses: Beginning balance at December 31, 2019 $ 145,782 $ 67,430 $ 68,190 $ 281,402 Impact from adoption of ASC 326 (2,310) (651) 85,955 82,994 Beginning balance, after adoption of ASC 326, at January 1, 2020 $ 143,472 $ 66,779 $ 154,145 $ 364,396 Charge-offs (38,130) (1,706) (14,816) (54,652) Recoveries 5,002 935 4,608 10,545 Provision for loan losses 119,571 105,518 43,270 268,359 Ending balance at June 30, 2020 $ 229,915 $ 171,526 $ 187,207 $ 588,648 |
Troubled Debt Restructurings | Information about Synovus' TDRs is presented in the following tables. Synovus began entering into loan modifications with borrowers in response to the COVID-19 pandemic, some of which have not been classified as TDRs, and therefore are not included in the discussion below. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" in Synovus' 2020 Form 10-K for information on Synovus' loan modifications due to COVID-19. The following tables represent, by concession type, the post-modification balance for loans modified or renewed during the three and six months ended June 30, 2021 and 2020 that were reported as accruing or non-accruing TDRs. TDRs by Concession Type Three Months Ended June 30, 2021 (in thousands, except contract data) Number of Contracts Below Market Interest Rate Other Concessions (1) Total Commercial, financial and agricultural 18 $ 1,770 $ 1,174 $ 2,944 Owner-occupied 5 1,155 — 1,155 Total commercial and industrial 23 2,925 1,174 4,099 Investment properties 1 419 — 419 1-4 family properties 2 158 — 158 Land and development 1 366 — 366 Total commercial real estate 4 943 — 943 Consumer mortgages 2 331 — 331 Home equity lines 14 900 96 996 Other consumer loans 13 187 245 432 Total consumer 29 1,418 341 1,759 Total TDRs 56 $ 5,286 $ 1,515 $ 6,801 (2) Three Months Ended June 30, 2020 (in thousands, except contract data) Number of Contracts Below Market Interest Rate Other Concessions (1) Total Commercial, financial and agricultural 40 $ 1,503 $ 2,000 $ 3,503 Owner-occupied 7 453 1,434 1,887 Total commercial and industrial 47 1,956 3,434 5,390 Investment properties 2 5,599 — 5,599 1-4 family properties 4 69 549 618 Land and development 1 91 — 91 Total commercial real estate 7 5,759 549 6,308 Consumer mortgages 10 556 1,482 2,038 Home equity lines 14 181 918 1,099 Other consumer loans 18 19 798 817 Total consumer 42 756 3,198 3,954 Total TDRs 96 $ 8,471 $ 7,181 $ 15,652 (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 the three months ending June 30, 2021 and 2020. (2) No net charge-offs were recorded during the three months ended June 30, 2021 . (3) No net charge-offs were recorded during the three months ended June 30, 2020 . Six Months Ended June 30, 2021 (in thousands, except contract data) Number of Contracts Below Market Interest Rate Other Concessions (1) Total Commercial, financial and agricultural 58 $ 5,002 $ 3,737 $ 8,739 Owner-occupied 10 2,409 399 2,808 Total commercial and industrial 68 7,411 4,136 11,547 Investment properties 6 2,402 — 2,402 1-4 family properties 7 621 39 660 Land and development 2 366 43 409 Total commercial real estate 15 3,389 82 3,471 Consumer mortgages 2 331 — 331 Home equity lines 27 1,487 258 1,745 Other consumer loans 86 316 4,864 5,180 Total consumer 115 2,134 5,122 7,256 Total TDRs 198 $ 12,934 $ 9,340 $ 22,274 (2) Six Months Ended June 30, 2020 (in thousands, except contract data) Number of Contracts Below Market Interest Rate Other Concessions (1) Total Commercial, financial and agricultural 76 $ 5,226 $ 4,011 $ 9,237 Owner-occupied 12 1,821 1,530 3,351 Total commercial and industrial 88 7,047 5,541 12,588 Investment properties 4 28,669 — 28,669 1-4 family properties 10 793 991 1,784 Land and development 2 541 — 541 Total commercial real estate 16 30,003 991 30,994 Consumer mortgages 16 1,072 2,566 3,638 Home equity lines 33 455 1,882 2,337 Other consumer loans 47 97 2,694 2,791 Total consumer 96 1,624 7,142 8,766 Total TDRs 200 $ 38,674 $ 13,674 $ 52,348 (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 the six months ending June 30, 2021 and 2020. (2) No net charge-offs were recorded during the six months ended June 30, 2021 . (3) No net charge-offs were recorded during the six months ended June 30, 2020 . |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | Goodwill allocated to each reporting unit at June 30, 2021 and December 31, 2020 is presented as follows: (in thousands) June 30, 2021 December 31, 2020 Community Banking Reporting Unit $ 256,323 $ 256,323 Wholesale Banking Reporting Unit 171,636 171,636 Consumer Mortgage Reporting Unit — — Wealth Management Reporting Unit 24,431 24,431 Total Goodwill $ 452,390 $ 452,390 The following table presents changes in the carrying amount of goodwill for the three and six months ended June 30, 2021 and 2020. Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2021 2020 2021 2020 Balance at beginning of period $ 452,390 $ 497,267 $ 452,390 $ 497,267 Changes during the period from: Other — — — — Balance at end of period $ 452,390 $ 497,267 $ 452,390 $ 497,267 |
Schedule of Other Intangible Assets | The following table shows the gross carrying amount and accumulated amortization of other intangible assets as of June 30, 2021 and December 31, 2020, which primarily consist of core deposit intangible assets. The CDI is being amortized over its estimated useful life of approximately ten years utilizing an accelerated method. Aggregate other intangible assets amortization expense for the three and six months ended June 30, 2021 was $2.4 million and $4.8 million, respectively. Aggregate other intangible assets amortization expense for the three and six months ended June 30, 2020 was $2.6 million and $5.3 million, respectively. (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Value June 30, 2021 CDI $ 57,400 $ (24,003) $ 33,397 Other 12,500 (5,543) 6,957 Total other intangible assets $ 69,900 $ (29,546) $ 40,354 December 31, 2020 CDI $ 57,400 $ (19,829) $ 37,571 Other 12,500 (4,959) 7,541 Total other intangible assets $ 69,900 $ (24,788) $ 45,112 |
Shareholders' Equity and Othe_2
Shareholders' Equity and Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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 and six months ended June 30, 2021 and 2020. Changes in Accumulated Other Comprehensive Income (Loss) by Component (Net of Income Taxes) (in thousands) Net unrealized gains (losses) on investment securities available for sale (1) Net unrealized gains (losses) on cash flow hedges (1) Post-retirement unfunded health benefit Total Balance at March 31, 2021 $ (15,316) $ 30,594 $ — $ 15,278 Other comprehensive income (loss) before reclassifications 34,617 (1,437) — 33,180 Amounts reclassified from AOCI — (2,732) — (2,732) Net current period other comprehensive income (loss) 34,617 (4,169) — 30,448 Balance at June 30, 2021 $ 19,301 $ 26,425 $ — $ 45,726 Balance at March, 31, 2020 $ 194,524 $ 61,925 $ 462 $ 256,911 Other comprehensive income (loss) before reclassifications (8,847) 6,538 — (2,309) Amounts reclassified from AOCI (51,432) (200) — (51,632) Net current period other comprehensive income (loss) (60,279) 6,338 — (53,941) Balance at June 30, 2020 $ 134,245 $ 68,263 $ 462 $ 202,970 Balance, December 31, 2020 $ 105,669 $ 52,966 $ — $ 158,635 Other comprehensive income (loss) before reclassifications (87,843) (22,620) — (110,463) Amounts reclassified from AOCI 1,475 (3,921) — (2,446) Net current period other comprehensive income (loss) (86,368) (26,541) — (112,909) Balance at June 30, 2021 $ 19,301 $ 26,425 $ — $ 45,726 Balance, December 31, 2019 $ 83,666 $ (18,487) $ 462 $ 65,641 Other comprehensive income (loss) before reclassifications 108,484 87,039 — 195,523 Amounts reclassified from AOCI (57,905) (289) — (58,194) Net current period other comprehensive income (loss) 50,579 86,750 — 137,329 Balance at June 30, 2020 $ 134,245 $ 68,263 $ 462 $ 202,970 (1) For all periods presented, the ending balance in net unrealized gains (losses) on investment securities available for sale and cash flow hedges includes unrealized losses of $13.3 million and $12.1 million , respectively, related to residual tax effects remaining in OCI due to previously established deferred tax asset valuation allowances in 2010 and 2011. In accordance with ASC 740-20-45-11(b), under the portfolio approach, these unrealized losses are realized at the time the entire portfolio is sold or disposed. |
Fair Value Accounting (Tables)
Fair Value Accounting (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments Measured at Fair Value on Recurring Basis | The following table presents assets and liabilities measured at estimated fair value on a recurring basis. June 30, 2021 December 31, 2020 (in thousands) Level 1 Level 2 Level 3 Total Estimated Fair Value Level 1 Level 2 Level 3 Total Estimated Fair Value Assets Trading securities: Mortgage-backed securities issued by U.S. Government agencies $ — $ — $ — $ — $ — $ 10,185 $ — $ 10,185 Collateralized mortgage obligations issued by U.S. Government sponsored enterprises — 265 — 265 — 158 — 158 Other mortgage-backed securities — 282 — 282 — 178 — 178 State and municipal securities — 1,495 — 1,495 — 176 — 176 Asset-backed securities — 2,145 — 2,145 — 183 — 183 Total trading securities $ — $ 4,187 $ — $ 4,187 $ — $ 10,880 $ — $ 10,880 Investment securities available for sale: U.S. Treasury securities $ 118,231 $ — $ — $ 118,231 $ 20,257 $ — $ — $ 20,257 U.S. Government agency securities — 56,115 — 56,115 — 82,320 — 82,320 Mortgage-backed securities issued by U.S. Government agencies — 976,114 — 976,114 — 1,218,017 — 1,218,017 Mortgage-backed securities issued by U.S. Government sponsored enterprises — 6,708,415 — 6,708,415 — 5,000,046 — 5,000,046 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — 1,104,046 — 1,104,046 — 1,250,377 — 1,250,377 Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises — 460,542 — 460,542 — 370,921 — 370,921 Corporate debt securities and other debt securities — 18,707 — 18,707 — 18,479 2,021 20,500 Total investment securities available for sale $ 118,231 $ 9,323,939 $ — $ 9,442,170 $ 20,257 $ 7,940,160 $ 2,021 $ 7,962,438 Mortgage loans held for sale $ — $ 202,216 $ — $ 202,216 $ — $ 216,647 $ — $ 216,647 Private equity investments — — 1,026 1,026 — — 1,021 1,021 Mutual funds and mutual funds held in rabbi trusts 41,710 — — 41,710 37,650 — — 37,650 GGL/SBA loans servicing asset — — 3,321 3,321 — — 3,258 3,258 Derivative assets — 279,454 — 279,454 — 401,295 — 401,295 Liabilities Trading liability for short positions — — — — — 7,717 — 7,717 Earnout liability — — 6,427 6,427 — — 5,677 5,677 Derivative liabilities — 113,708 1,473 115,181 — 155,119 2,048 157,167 |
Schedule of Mortgage Loans Held for Sale and Changes in Fair Value Included in Consolidated Statements of Income | The following table summarizes the difference between the fair value and the UPB of mortgage loans held for sale and the changes in fair value of these loans. An immaterial portion of these changes in fair value was attributable to changes in instrument-specific credit risk. Mortgage Loans Held for Sale (in thousands) As of June 30, 2021 As of December 31, 2020 Fair value $ 202,216 $ 216,647 Unpaid principal balance 196,399 210,292 Fair value less aggregate unpaid principal balance $ 5,817 $ 6,355 Changes in Fair Value Included in Net Income Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2021 2020 2021 2020 Mortgage loans held for sale $ 4,094 $ 5,365 $ (538) $ 5,984 |
Changes in Level 3 Fair Value Measurements | Three Months Ended June 30, 2021 (in thousands) Investment Securities Available for Sale Private Equity Investments GGL / SBA Earnout Visa Derivative Beginning balance $ — $ 1,053 $ 3,305 $ (5,677) $ (1,768) Total gains (losses) realized/unrealized: Included in earnings — (27) (252) (750) — Additions — — 268 — — Settlements — — — — 295 Ending balance $ — $ 1,026 $ 3,321 $ (6,427) $ (1,473) Total net gains (losses) for the period included in earnings attributable to the change in unrealized gains/(losses) relating to assets/liabilities still held at June 30, 2021 $ — $ (27) $ — $ (750) $ — Three Months Ended June 30, 2020 (in thousands) Investment Securities Available for Sale Private Equity Investments GGL / SBA Earnout Visa Derivative Beginning balance $ 1,562 $ 3,255 $ 3,149 $ (11,016) $ (2,050) Total gains (losses) realized/unrealized: Included in earnings — (2,557) (291) (4,908) — Unrealized gains (losses) included in OCI 100 — — — — Additions — — 161 — — Settlements — — — — 295 Ending balance $ 1,662 $ 698 $ 3,019 $ (15,924) $ (1,755) Total net gains (losses) for the period included in earnings attributable to the change in unrealized gains/(losses) relating to assets/liabilities still held at June 30, 2020 $ — $ (2,557) $ — $ (4,908) $ — Six Months Ended June 30, 2021 (in thousands) Investment Securities Available for Sale Private Equity Investments GGL / SBA Earnout Visa Derivative Beginning balance $ 2,021 $ 1,021 $ 3,258 $ (5,677) $ (2,048) Total gains (losses) realized/unrealized: Included in earnings 5 (430) (750) — Sales (2,021) — — — — Additions — — 493 — — Settlements — — — — 575 Ending balance $ — $ 1,026 $ 3,321 $ (6,427) $ (1,473) Total net gains (losses) for the period included in earnings attributable to the change in unrealized gains/(losses) relating to assets/liabilities still held at June 30, 2021 $ — $ 5 $ — $ (750) $ — Six Months Ended June 30, 2020 (in thousands) Investment Securities Available for Sale Private Equity Investments GGL / SBA Earnout Visa Derivative Beginning balance $ 2,105 $ 3,887 $ 3,040 $ (11,016) $ (2,339) Total (losses) gains realized/unrealized: Included in earnings — (3,189) (555) (4,908) — Unrealized gains (losses) included in OCI (443) — — — — Additions — — 534 — — Settlements — — — — 584 Ending balance $ 1,662 $ 698 $ 3,019 $ (15,924) $ (1,755) Total net gains (losses) for the period included in earnings attributable to the change in unrealized gains/(losses) relating to assets/liabilities still held at June 30, 2020 $ — $ (3,189) $ — $ (4,908) $ — |
Assets Measured at Fair Value on Non-Recurring Basis | The following table presents assets measured at fair value on a non-recurring basis as of the dates indicated for which there was a fair value adjustment. June 30, 2021 June 30, 2020 (in thousands) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Loans (1) $ — $ — $ 29,201 $ 29,201 $ — $ — $ 21,138 $ 21,138 Other real estate — — 42 42 — — 5,902 5,902 MPS receivable — — — — — — 18,202 18,202 Other assets held for sale — — 1,170 1,170 — — 1,634 1,634 (1) Collateral-dependent loans that were written down to fair value of collateral. |
Fair Value Adjustments Recognized in Earnings for Assets Measured at Fair Value on a Non-recurring Basis | The following table presents fair value adjustments recognized in earnings for the three and six months ended June 30, 2021 and 2020 for assets measured at fair value on a non-recurring basis still held at period-end. Three Months Ended June 30, Six Months Ended June 30, Location in Consolidated Statements of Income (in thousands) 2021 2020 2021 2020 Loans (1) $ 13,476 $ 14,950 $ 13,504 $ 14,950 Provision for credit losses Other real estate 2 1,228 2 1,228 Other operating expenses MPS receivable — — — 2,663 Other operating expenses Other assets held for sale 76 729 76 2,120 Other operating expenses (1) Collateral-dependent loans that were written down to fair value of collateral. |
Carrying and Estimated Fair Values of Financial Instruments Carried on Balance Sheet | The following tables present the carrying and estimated fair values of financial instruments at June 30, 2021 and December 31, 2020. The fair values represent management’s best estimates based on a range of methodologies and assumptions. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" to the consolidated financial statements of Synovus' 2020 Form 10-K for a description of how fair value measurements are determined. June 30, 2021 (in thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Financial assets Total cash, cash equivalents, and restricted cash $ 3,262,676 $ 3,262,676 $ 3,262,676 $ — $ — Trading securities 4,187 4,187 — 4,187 — Investment securities available for sale 9,442,170 9,442,170 118,231 9,323,939 — Loans held for sale 750,916 751,632 — 202,216 549,416 Private equity investments 1,026 1,026 — — 1,026 Mutual funds and mutual funds held in rabbi trusts 41,710 41,710 41,710 — — Loans, net 37,719,310 37,743,546 — — 37,743,546 GGL/SBA loans servicing asset 3,321 3,321 — — 3,321 Derivative assets 279,454 279,454 — 279,454 — Financial liabilities Non-interest-bearing deposits $ 15,345,629 $ 15,345,629 $ — $ 15,345,629 $ — Non-time interest-bearing deposits 27,181,793 27,181,793 — 27,181,793 — Time deposits 4,644,540 4,663,354 — 4,663,354 — Total deposits $ 47,171,962 $ 47,190,776 $ — $ 47,190,776 $ — Federal funds purchased and securities sold under repurchase agreements 194,786 194,786 194,786 — — Long-term debt 1,203,293 1,261,642 — 1,261,642 — Earnout liability 6,427 6,427 — — 6,427 Derivative liabilities 115,181 115,181 — 113,708 1,473 December 31, 2020 (in thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Financial assets Total cash, cash equivalents, and restricted cash $ 4,252,917 $ 4,252,917 $ 4,252,917 $ — $ — Trading securities 10,880 10,880 — 10,880 — Investment securities available for sale 7,962,438 7,962,438 20,257 7,940,160 2,021 Loans held for sale 760,123 760,939 — 216,647 544,292 Private equity investments 1,021 1,021 — — 1,021 Mutual funds and mutual funds held in rabbi trusts 37,650 37,650 37,650 — — Loans, net 37,647,248 37,605,881 — — 37,605,881 GGL/SBA loans servicing asset 3,258 3,258 — — 3,258 Derivative assets 401,295 401,295 — 401,295 — Financial liabilities Non-interest-bearing deposits $ 13,477,854 $ 13,477,854 $ — $ 13,477,854 $ — Non-time interest-bearing deposits 27,265,521 27,265,521 — 27,265,521 — Time deposits 5,948,196 5,970,146 — 5,970,146 — Total deposits $ 46,691,571 $ 46,713,521 $ — $ 46,713,521 $ — Federal funds purchased and securities sold under repurchase agreements 227,922 227,922 227,922 — — Trading liability for short positions 7,717 7,717 — 7,717 — Long-term debt 1,202,494 1,266,825 — 1,266,825 — Earnout liability 5,677 5,677 — — 5,677 Derivative liabilities 157,167 157,167 — 155,119 2,048 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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. June 30, 2021 December 31, 2020 Fair Value Fair Value (in thousands) Notional Amount Derivative Assets (1) Derivative Liabilities (2) Notional Amount Derivative Assets (1) Derivative Liabilities (2) Derivatives in cash flow hedging relationships: Interest rate contracts $ 3,250,000 $ 49,153 $ 89 $ 3,000,000 $ 80,802 $ — Total derivatives designated as hedging instruments $ 49,153 $ 89 $ 80,802 $ — Derivatives not designated Interest rate contracts (3) $ 9,023,627 $ 225,813 $ 113,154 $ 8,784,141 $ 314,234 $ 153,204 Mortgage derivatives - interest rate lock commitments 198,775 4,488 — 306,138 6,259 — Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans 194,000 — 343 230,500 — 1,611 Other contracts (4) 171,321 — 122 234,884 — 304 Visa derivative — — 1,473 — — 2,048 Total derivatives not designated as hedging instruments $ 230,301 $ 115,092 $ 320,493 $ 157,167 (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. (4) Includes risk participation agreements sold. Additionally, the notional amount of risk participation agreements purchased was $6.3 million and $2.6 million at June 30, 2021 and December 31, 2020, respectively. |
Schedule of Derivative Instruments, Effect on Hedging | The following table presents the effect of hedging derivative instruments on the consolidated statements of income and the total amounts for the respective line item affected for the three and six months ended June 30, 2021 and 2020 . Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2021 2020 2021 2020 Total amounts presented in the consolidated statements of income in interest income on loans $ 7,605 $ 5,261 $ 15,947 $ 5,086 Gain/loss on cash flow hedging relationships: (1) Interest rate swaps: Realized gains (losses) reclassified from AOCI, pre-tax, to interest income on loans 3,657 270 5,256 390 Pre-tax income recognized on cash flow hedges $ 3,657 $ 270 $ 5,256 $ 390 (1) See "Part I - Item 1. Financial Statements and Supplementary Data - Note 5 - Shareholders' Equity and Other Comprehensive Income (Loss) in this Report for additional information. |
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 and six months ended June 30, 2021 and 2020 is presented below. Gain (Loss) Recognized in Consolidated Statements of Income Three Months Ended June 30, Six Months Ended June 30, (in thousands) Location in Consolidated Statements of Income 2021 2020 2021 2020 Derivatives not designated Interest rate contracts (1) Capital markets income $ (637) $ 653 $ 310 $ 49 Other contracts (2) Capital markets income (19) 4 182 (333) Mortgage derivatives - interest rate lock commitments Mortgage banking income (53) (634) (1,772) 6,390 Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans Mortgage banking income (4,974) 3,701 1,268 (1,228) Total derivatives not designated as hedging instruments $ (5,683) $ 3,724 $ (12) $ 4,878 (1) Gain (loss) represents net fair value adjustments (including credit related adjustments) for customer swaps and offsetting positions. Additionally, losses related to termination of customer swaps of $2.5 million were recorded in other non-interest expense during the first quarter of 2020. (2) Includes risk participation agreements sold. |
Net Income Per Common Share (Ta
Net Income Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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 net income per common share for the three and six months ended June 30, 2021 and 2020. Diluted net income per common share incorporates the potential impact of contingently issuable shares, including awards which require future service as a condition of delivery of the underlying common stock. Three Months Ended June 30, Six Months Ended June 30, (in thousands, except per share data) 2021 2020 2021 2020 Basic Net Income Per Common Share: Net income available to common shareholders $ 177,909 $ 84,901 $ 356,711 $ 115,131 Weighted average common shares outstanding 148,113 147,288 148,289 147,300 Net income per common share, basic $ 1.20 $ 0.58 $ 2.41 $ 0.78 Diluted Net Income Per Common Share: Net income available to common shareholders $ 177,909 $ 84,901 $ 356,711 $ 115,131 Weighted average common shares outstanding 148,113 147,288 148,289 147,300 Effect of dilutive outstanding equity-based awards, warrants, and earnout payments 1,634 445 1,475 767 Weighted average diluted common shares 149,747 147,733 149,764 148,067 Net income per common share, diluted $ 1.19 $ 0.57 $ 2.38 $ 0.78 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Loan Commitments and Letters of Credit | (in thousands) June 30, 2021 December 31, 2020 Letters of credit* $ 185,433 $ 190,562 Commitments to fund commercial and industrial loans 8,617,252 8,200,608 Commitments to fund commercial real estate, construction, and land development loans 3,286,077 3,290,041 Commitments under home equity lines of credit 1,681,782 1,602,831 Unused credit card lines 1,002,367 1,012,313 Other loan commitments 566,590 472,233 Total letters of credit and unfunded lending commitments $ 15,339,501 $ 14,768,588 LIHTC, solar energy tax credit, new market tax credit, and other CRA partnerships: Carrying amount included in other assets $ 350,692 $ 262,855 Amount of future funding commitments included in carrying amount 198,575 133,946 Permanent and short-term construction loans and letter of credit commitments 200,476 84,552 Funded portion of permanent and short-term loans and letters of credit 37,362 9,762 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting | The following tables present c ertain financial information for each reportable business segment for the three and six months ended June 30, 2021 and 2020. The application and development of management reporting methodologies is a dynamic process and is subject to periodic enhancements. As these enhancements are made, financial results presented by each reportable business segment may be periodically revised. Three Months Ended June 30, 2021 (in thousands) Community Banking Wholesale Banking Financial Management Services Treasury and Corporate Other Synovus Consolidated Net interest income $ 202,881 $ 136,126 $ 18,935 $ 23,918 $ 381,860 Non-interest revenue 32,212 7,000 52,345 15,530 107,087 Non-interest expense 69,120 21,290 46,773 133,348 270,531 Pre-provision net revenue $ 165,973 $ 121,836 $ 24,507 $ (93,900) $ 218,416 Three Months Ended June 30, 2020 (in thousands) Community Banking Wholesale Banking Financial Management Services Treasury and Corporate Other Synovus Consolidated Net interest income $ 219,097 $ 145,016 $ 20,069 $ (7,616) $ 376,566 Non-interest revenue 23,747 5,682 52,976 91,079 173,484 Non-interest expense 74,764 22,934 48,394 138,049 284,141 Pre-provision net revenue $ 168,080 $ 127,764 $ 24,651 $ (54,586) $ 265,909 Six Months Ended June 30, 2021 (in thousands) Community Banking Wholesale Banking Financial Management Services Treasury and Corporate Other Synovus Consolidated Net interest income $ 409,123 $ 270,200 $ 39,930 $ 36,463 $ 755,716 Non-interest revenue 61,966 14,319 110,928 30,830 218,043 Non-interest expense 137,178 42,014 94,447 264,026 537,665 Pre-provision net revenue $ 333,911 $ 242,505 $ 56,411 $ (196,733) $ 436,094 Six Months Ended June 30, 2020 (in thousands) Community Banking Wholesale Banking Financial Management Services Treasury and Corporate Other Synovus Consolidated Net interest income $ 415,601 $ 268,186 $ 37,453 $ 28,586 $ 749,826 Non-interest revenue 54,071 15,009 100,360 107,901 277,341 Non-interest expense 148,737 43,647 91,785 276,252 560,421 Pre-provision net revenue $ 320,935 $ 239,548 $ 46,028 $ (139,765) $ 466,746 June 30, 2021 (dollars in thousands) Community Banking Wholesale Banking Financial Management Services Treasury and Corporate Other Synovus Consolidated Loans, net of deferred fees and costs $ 10,730,544 $ 19,369,933 $ 5,078,318 $ 3,057,223 $ 38,236,018 Total deposits $ 31,317,490 $ 10,983,120 $ 737,202 $ 4,134,150 $ 47,171,962 Total full-time equivalent employees 2,114 288 809 1,772 4,983 December 31, 2020 (dollars in thousands) Community Banking Wholesale Banking Financial Management Services Treasury and Corporate Other Synovus Consolidated Loans, net of deferred fees and costs $ 11,171,013 $ 18,810,729 $ 5,370,790 $ 2,900,452 $ 38,252,984 Total deposits $ 29,141,242 $ 11,958,105 $ 739,200 $ 4,853,024 $ 46,691,571 Total full-time equivalent employees 2,199 285 832 1,818 5,134 |
Basis of Presentation and Acc_3
Basis of Presentation and Accounting Policies (Narrative) (Details) | Jun. 30, 2021branchaTM |
Accounting Policies [Abstract] | |
Number of branches | branch | 285 |
Number of ATMs | aTM | 386 |
Investment Securities Availab_3
Investment Securities Available for Sale (Summary of Available for Sale Investment Securities) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 9,398,505 | $ 7,801,864 |
Gross Unrealized Gains | 103,007 | 177,243 |
Gross Unrealized Losses | (59,342) | (16,669) |
Fair Value | 9,442,170 | 7,962,438 |
U.S. Treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 120,119 | 20,257 |
Gross Unrealized Gains | 355 | 0 |
Gross Unrealized Losses | (2,243) | 0 |
Fair Value | 118,231 | 20,257 |
U.S. Government agency securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 54,161 | 79,638 |
Gross Unrealized Gains | 1,954 | 2,682 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 56,115 | 82,320 |
Mortgage-backed securities issued by U.S. Government agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 981,107 | 1,216,012 |
Gross Unrealized Gains | 2,084 | 7,930 |
Gross Unrealized Losses | (7,077) | (5,925) |
Fair Value | 976,114 | 1,218,017 |
Mortgage-backed securities issued by U.S. Government sponsored enterprises | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 6,670,497 | 4,865,858 |
Gross Unrealized Gains | 75,773 | 134,188 |
Gross Unrealized Losses | (37,855) | 0 |
Fair Value | 6,708,415 | 5,000,046 |
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,103,547 | 1,245,644 |
Gross Unrealized Gains | 9,644 | 15,309 |
Gross Unrealized Losses | (9,145) | (10,576) |
Fair Value | 1,104,046 | 1,250,377 |
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 450,814 | 354,244 |
Gross Unrealized Gains | 12,750 | 16,677 |
Gross Unrealized Losses | (3,022) | 0 |
Fair Value | 460,542 | 370,921 |
Corporate debt securities and other debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 18,260 | 20,211 |
Gross Unrealized Gains | 447 | 457 |
Gross Unrealized Losses | 0 | (168) |
Fair Value | $ 18,707 | $ 20,500 |
Investment Securities Availab_4
Investment Securities Available for Sale (Narrative) (Details) | Jun. 30, 2021USD ($)security | Dec. 31, 2020USD ($) |
Financing Receivable, Impaired [Line Items] | ||
Investment securities in a loss position for less than twelve months | security | 91 | |
Investment securities in a loss position for twelve months or longer | security | 8 | |
Allowance for credit loss | $ | $ 0 | |
Collateral Pledged | ||
Financing Receivable, Impaired [Line Items] | ||
Pledged to secure deposits | $ | $ 3,730,000,000 | $ 3,840,000,000 |
Investment Securities Availab_5
Investment Securities Available for Sale (Schedule of Gross Unrealized Losses on Investment Securities and Fair Value) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Fair Value | $ 4,315,642 | $ 1,379,662 |
Less than 12 Months, Gross Unrealized Losses | (55,229) | (16,669) |
12 Months or Longer, Fair Value | 294,264 | 0 |
12 Months or Longer, Gross Unrealized Losses | (4,113) | 0 |
Total, Fair Value | 4,609,906 | 1,379,662 |
Total, Gross Unrealized Losses | (59,342) | (16,669) |
U.S. Treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Fair Value | 47,586 | |
Less than 12 Months, Gross Unrealized Losses | (2,243) | |
12 Months or Longer, Fair Value | 0 | |
12 Months or Longer, Gross Unrealized Losses | 0 | |
Total, Fair Value | 47,586 | |
Total, Gross Unrealized Losses | (2,243) | |
Mortgage-backed securities issued by U.S. Government agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Fair Value | 421,704 | 566,896 |
Less than 12 Months, Gross Unrealized Losses | (5,251) | (5,925) |
12 Months or Longer, Fair Value | 153,330 | 0 |
12 Months or Longer, Gross Unrealized Losses | (1,826) | 0 |
Total, Fair Value | 575,034 | 566,896 |
Total, Gross Unrealized Losses | (7,077) | (5,925) |
Mortgage-backed securities issued by U.S. Government sponsored enterprises | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Fair Value | 3,156,297 | |
Less than 12 Months, Gross Unrealized Losses | (37,855) | |
12 Months or Longer, Fair Value | 0 | |
12 Months or Longer, Gross Unrealized Losses | 0 | |
Total, Fair Value | 3,156,297 | |
Total, Gross Unrealized Losses | (37,855) | |
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 | 524,044 | 803,429 |
Less than 12 Months, Gross Unrealized Losses | (6,858) | (10,576) |
12 Months or Longer, Fair Value | 140,934 | 0 |
12 Months or Longer, Gross Unrealized Losses | (2,287) | 0 |
Total, Fair Value | 664,978 | 803,429 |
Total, Gross Unrealized Losses | (9,145) | (10,576) |
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Fair Value | 166,011 | |
Less than 12 Months, Gross Unrealized Losses | (3,022) | |
12 Months or Longer, Fair Value | 0 | |
12 Months or Longer, Gross Unrealized Losses | 0 | |
Total, Fair Value | 166,011 | |
Total, Gross Unrealized Losses | $ (3,022) | |
Corporate debt securities and other debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Fair Value | 9,337 | |
Less than 12 Months, Gross Unrealized Losses | (168) | |
12 Months or Longer, Fair Value | 0 | |
12 Months or Longer, Gross Unrealized Losses | 0 | |
Total, Fair Value | 9,337 | |
Total, Gross Unrealized Losses | $ (168) |
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 | Jun. 30, 2021 | Dec. 31, 2020 |
Amortized Cost | ||
Within One year, Amortized Cost | $ 20,795 | |
1 to 5 Years, Amortized Cost | 121,452 | |
5 to 10 Years, Amortized Cost | 467,453 | |
More Than 10 years, Amortized Cost | 8,788,805 | |
Amortized Cost | 9,398,505 | $ 7,801,864 |
Fair Value | ||
Within One Year, Fair Value | 20,798 | |
1 to 5 Years, Fair Value | 125,798 | |
5 to 10 Years, Fair Value | 471,810 | |
More Than 10 years, Fair Value | 8,823,764 | |
Total, Fair Value | 9,442,170 | 7,962,438 |
U.S. Treasury securities | ||
Amortized Cost | ||
Within One year, Amortized Cost | 20,260 | |
1 to 5 Years, Amortized Cost | 0 | |
5 to 10 Years, Amortized Cost | 99,859 | |
More Than 10 years, Amortized Cost | 0 | |
Amortized Cost | 120,119 | 20,257 |
Fair Value | ||
Within One Year, Fair Value | 20,260 | |
1 to 5 Years, Fair Value | 0 | |
5 to 10 Years, Fair Value | 97,971 | |
More Than 10 years, Fair Value | 0 | |
Total, Fair Value | 118,231 | 20,257 |
U.S. Government agency securities | ||
Amortized Cost | ||
Within One year, Amortized Cost | 430 | |
1 to 5 Years, Amortized Cost | 1,595 | |
5 to 10 Years, Amortized Cost | 52,136 | |
More Than 10 years, Amortized Cost | 0 | |
Amortized Cost | 54,161 | 79,638 |
Fair Value | ||
Within One Year, Fair Value | 432 | |
1 to 5 Years, Fair Value | 1,609 | |
5 to 10 Years, Fair Value | 54,074 | |
More Than 10 years, Fair Value | 0 | |
Total, Fair Value | 56,115 | 82,320 |
Mortgage-backed securities issued by U.S. Government agencies | ||
Amortized Cost | ||
Within One year, Amortized Cost | 0 | |
1 to 5 Years, Amortized Cost | 1,081 | |
5 to 10 Years, Amortized Cost | 151 | |
More Than 10 years, Amortized Cost | 979,875 | |
Amortized Cost | 981,107 | 1,216,012 |
Fair Value | ||
Within One Year, Fair Value | 0 | |
1 to 5 Years, Fair Value | 1,124 | |
5 to 10 Years, Fair Value | 158 | |
More Than 10 years, Fair Value | 974,832 | |
Total, Fair Value | 976,114 | 1,218,017 |
Mortgage-backed securities issued by U.S. Government sponsored enterprises | ||
Amortized Cost | ||
Within One year, Amortized Cost | 105 | |
1 to 5 Years, Amortized Cost | 0 | |
5 to 10 Years, Amortized Cost | 61,715 | |
More Than 10 years, Amortized Cost | 6,608,677 | |
Amortized Cost | 6,670,497 | 4,865,858 |
Fair Value | ||
Within One Year, Fair Value | 106 | |
1 to 5 Years, Fair Value | 0 | |
5 to 10 Years, Fair Value | 64,294 | |
More Than 10 years, Fair Value | 6,644,015 | |
Total, Fair Value | 6,708,415 | 5,000,046 |
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 | 185 | |
More Than 10 years, Amortized Cost | 1,103,362 | |
Amortized Cost | 1,103,547 | 1,245,644 |
Fair Value | ||
Within One Year, Fair Value | 0 | |
1 to 5 Years, Fair Value | 0 | |
5 to 10 Years, Fair Value | 192 | |
More Than 10 years, Fair Value | 1,103,854 | |
Total, Fair Value | 1,104,046 | 1,250,377 |
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | ||
Amortized Cost | ||
Within One year, Amortized Cost | 0 | |
1 to 5 Years, Amortized Cost | 109,272 | |
5 to 10 Years, Amortized Cost | 244,651 | |
More Than 10 years, Amortized Cost | 96,891 | |
Amortized Cost | 450,814 | 354,244 |
Fair Value | ||
Within One Year, Fair Value | 0 | |
1 to 5 Years, Fair Value | 113,193 | |
5 to 10 Years, Fair Value | 246,286 | |
More Than 10 years, Fair Value | 101,063 | |
Total, Fair Value | 460,542 | 370,921 |
Corporate debt securities and other debt securities | ||
Amortized Cost | ||
Within One year, Amortized Cost | 0 | |
1 to 5 Years, Amortized Cost | 9,504 | |
5 to 10 Years, Amortized Cost | 8,756 | |
More Than 10 years, Amortized Cost | 0 | |
Amortized Cost | 18,260 | 20,211 |
Fair Value | ||
Within One Year, Fair Value | 0 | |
1 to 5 Years, Fair Value | 9,872 | |
5 to 10 Years, Fair Value | 8,835 | |
More Than 10 years, Fair Value | 0 | |
Total, Fair Value | $ 18,707 | $ 20,500 |
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 | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Investments [Abstract] | ||||
Proceeds from sales of investment securities available for sale | $ 0 | $ 2,269,682 | $ 223,977 | $ 2,682,861 |
Gross realized gains on sales | 0 | 75,105 | 0 | 83,839 |
Gross realized losses on sales | 0 | (5,696) | (1,990) | (5,695) |
Investment securities gains (losses), net | $ 0 | $ 69,409 | $ (1,990) | $ 78,144 |
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 | Jun. 30, 2021 | Dec. 31, 2020 |
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loans, net of deferred fees and costs | $ 38,236,018 | $ 38,252,984 |
Non-accrual | 136,382 | 127,720 |
Non-accrual, without an allowance | 24,646 | 23,359 |
Total commercial and industrial | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loans, net of deferred fees and costs | 19,150,133 | 19,520,168 |
Non-accrual | 62,352 | 75,546 |
Non-accrual, without an allowance | 21,746 | 21,859 |
Total commercial and industrial | Commercial, financial and agricultural | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loans, net of deferred fees and costs | 12,085,534 | 12,410,152 |
Non-accrual | 49,197 | 55,527 |
Non-accrual, without an allowance | 21,746 | 21,859 |
Total commercial and industrial | Owner-occupied | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loans, net of deferred fees and costs | 7,064,599 | 7,110,016 |
Non-accrual | 13,155 | 20,019 |
Non-accrual, without an allowance | 0 | 0 |
Total commercial real estate | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loans, net of deferred fees and costs | 10,361,051 | 10,325,707 |
Non-accrual | 6,389 | 28,913 |
Non-accrual, without an allowance | 2,900 | 1,500 |
Total commercial real estate | Investment properties | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loans, net of deferred fees and costs | 9,218,013 | 9,103,379 |
Non-accrual | 2,367 | 24,631 |
Non-accrual, without an allowance | 2,407 | 0 |
Total commercial real estate | 1-4 family properties | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loans, net of deferred fees and costs | 636,344 | 628,695 |
Non-accrual | 1,982 | 2,383 |
Non-accrual, without an allowance | 493 | 1,236 |
Total commercial real estate | Land and development | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loans, net of deferred fees and costs | 506,694 | 593,633 |
Non-accrual | 2,040 | 1,899 |
Non-accrual, without an allowance | 0 | 264 |
Total consumer | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loans, net of deferred fees and costs | 8,724,834 | 8,407,109 |
Non-accrual | 67,641 | 23,261 |
Non-accrual, without an allowance | 0 | 0 |
Total consumer | Consumer mortgages | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loans, net of deferred fees and costs | 5,200,762 | 5,513,491 |
Non-accrual | 51,376 | 8,740 |
Non-accrual, without an allowance | 0 | 0 |
Total consumer | Home equity lines | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loans, net of deferred fees and costs | 1,358,211 | 1,537,726 |
Non-accrual | 8,938 | 12,145 |
Non-accrual, without an allowance | 0 | 0 |
Total consumer | Credit cards | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loans, net of deferred fees and costs | 285,508 | 281,018 |
Non-accrual | 0 | 0 |
Non-accrual, without an allowance | 0 | 0 |
Total consumer | Other consumer loans | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loans, net of deferred fees and costs | 1,880,353 | 1,074,874 |
Non-accrual | 7,327 | 2,376 |
Non-accrual, without an allowance | 0 | 0 |
Current | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loans, net of deferred fees and costs | 38,025,669 | 38,054,556 |
Current | Total commercial and industrial | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loans, net of deferred fees and costs | 19,051,210 | 19,409,506 |
Current | Total commercial and industrial | Commercial, financial and agricultural | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loans, net of deferred fees and costs | 12,002,589 | 12,321,514 |
Current | Total commercial and industrial | Owner-occupied | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loans, net of deferred fees and costs | 7,048,621 | 7,087,992 |
Current | Total commercial real estate | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loans, net of deferred fees and costs | 10,342,458 | 10,288,383 |
Current | Total commercial real estate | Investment properties | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loans, net of deferred fees and costs | 9,205,776 | 9,075,843 |
Current | Total commercial real estate | 1-4 family properties | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loans, net of deferred fees and costs | 632,412 | 621,492 |
Current | Total commercial real estate | Land and development | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loans, net of deferred fees and costs | 504,270 | 591,048 |
Current | Total consumer | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loans, net of deferred fees and costs | 8,632,001 | 8,356,667 |
Current | Total consumer | Consumer mortgages | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loans, net of deferred fees and costs | 5,144,394 | 5,495,415 |
Current | Total consumer | Home equity lines | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loans, net of deferred fees and costs | 1,346,562 | 1,521,575 |
Current | Total consumer | Credit cards | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loans, net of deferred fees and costs | 282,361 | 276,778 |
Current | Total consumer | Other consumer loans | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loans, net of deferred fees and costs | 1,858,684 | 1,062,899 |
Accruing 30 to 89 Days Past Due | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loans, net of deferred fees and costs | 44,906 | 43,232 |
Accruing 30 to 89 Days Past Due | Total commercial and industrial | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loans, net of deferred fees and costs | 13,148 | 12,169 |
Accruing 30 to 89 Days Past Due | Total commercial and industrial | Commercial, financial and agricultural | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loans, net of deferred fees and costs | 11,161 | 10,256 |
Accruing 30 to 89 Days Past Due | Total commercial and industrial | Owner-occupied | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loans, net of deferred fees and costs | 1,987 | 1,913 |
Accruing 30 to 89 Days Past Due | Total commercial real estate | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loans, net of deferred fees and costs | 8,800 | 6,721 |
Accruing 30 to 89 Days Past Due | Total commercial real estate | Investment properties | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loans, net of deferred fees and costs | 7,461 | 2,751 |
Accruing 30 to 89 Days Past Due | Total commercial real estate | 1-4 family properties | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loans, net of deferred fees and costs | 1,076 | 3,548 |
Accruing 30 to 89 Days Past Due | Total commercial real estate | Land and development | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loans, net of deferred fees and costs | 263 | 422 |
Accruing 30 to 89 Days Past Due | Total consumer | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loans, net of deferred fees and costs | 22,958 | 24,342 |
Accruing 30 to 89 Days Past Due | Total consumer | Consumer mortgages | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loans, net of deferred fees and costs | 4,992 | 8,851 |
Accruing 30 to 89 Days Past Due | Total consumer | Home equity lines | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loans, net of deferred fees and costs | 2,711 | 4,006 |
Accruing 30 to 89 Days Past Due | Total consumer | Credit cards | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loans, net of deferred fees and costs | 1,524 | 2,363 |
Accruing 30 to 89 Days Past Due | Total consumer | Other consumer loans | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loans, net of deferred fees and costs | 13,731 | 9,122 |
Accruing 90 to 149 Days Past Due | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loans, net of deferred fees and costs | 4,415 | 4,117 |
Accruing 90 to 149 Days Past Due | Total commercial and industrial | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loans, net of deferred fees and costs | 1,677 | 1,088 |
Accruing 90 to 149 Days Past Due | Total commercial and industrial | Commercial, financial and agricultural | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loans, net of deferred fees and costs | 841 | 996 |
Accruing 90 to 149 Days Past Due | Total commercial and industrial | Owner-occupied | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loans, net of deferred fees and costs | 836 | 92 |
Accruing 90 to 149 Days Past Due | Total commercial real estate | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loans, net of deferred fees and costs | 504 | 190 |
Accruing 90 to 149 Days Past Due | Total commercial real estate | Investment properties | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loans, net of deferred fees and costs | 2 | 154 |
Accruing 90 to 149 Days Past Due | Total commercial real estate | 1-4 family properties | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loans, net of deferred fees and costs | 381 | 36 |
Accruing 90 to 149 Days Past Due | Total commercial real estate | Land and development | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loans, net of deferred fees and costs | 121 | 0 |
Accruing 90 to 149 Days Past Due | Total consumer | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loans, net of deferred fees and costs | 2,234 | 2,839 |
Accruing 90 to 149 Days Past Due | Total consumer | Consumer mortgages | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loans, net of deferred fees and costs | 0 | 485 |
Accruing 90 to 149 Days Past Due | Total consumer | Home equity lines | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loans, net of deferred fees and costs | 0 | 0 |
Accruing 90 to 149 Days Past Due | Total consumer | Credit cards | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loans, net of deferred fees and costs | 1,623 | 1,877 |
Accruing 90 to 149 Days Past Due | Total consumer | Other consumer loans | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loans, net of deferred fees and costs | 611 | 477 |
Total Accruing Past Due | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loans, net of deferred fees and costs | 49,321 | 47,349 |
Total Accruing Past Due | Total commercial and industrial | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loans, net of deferred fees and costs | 14,825 | 13,257 |
Total Accruing Past Due | Total commercial and industrial | Commercial, financial and agricultural | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loans, net of deferred fees and costs | 12,002 | 11,252 |
Total Accruing Past Due | Total commercial and industrial | Owner-occupied | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loans, net of deferred fees and costs | 2,823 | 2,005 |
Total Accruing Past Due | Total commercial real estate | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loans, net of deferred fees and costs | 9,304 | 6,911 |
Total Accruing Past Due | Total commercial real estate | Investment properties | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loans, net of deferred fees and costs | 7,463 | 2,905 |
Total Accruing Past Due | Total commercial real estate | 1-4 family properties | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loans, net of deferred fees and costs | 1,457 | 3,584 |
Total Accruing Past Due | Total commercial real estate | Land and development | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loans, net of deferred fees and costs | 384 | 422 |
Total Accruing Past Due | Total consumer | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loans, net of deferred fees and costs | 25,192 | 27,181 |
Total Accruing Past Due | Total consumer | Consumer mortgages | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loans, net of deferred fees and costs | 4,992 | 9,336 |
Total Accruing Past Due | Total consumer | Home equity lines | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loans, net of deferred fees and costs | 2,711 | 4,006 |
Total Accruing Past Due | Total consumer | Credit cards | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loans, net of deferred fees and costs | 3,147 | 4,240 |
Total Accruing Past Due | Total consumer | Other consumer loans | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loans, net of deferred fees and costs | $ 14,342 | $ 9,599 |
Loans and Allowance for Loan _4
Loans and Allowance for Loan Losses (Narrative) (Details) | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2021USD ($)contract | Jun. 30, 2020USD ($)contract | Jun. 30, 2021USD ($)contract | Jun. 30, 2020USD ($)contract | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Loans and leases receivable, impaired, interest lost on nonaccrual loans | $ 2,600,000 | $ 2,800,000 | $ 6,000,000 | $ 4,900,000 | ||||
Interest income, cash basis method | 538,000 | 484,000 | 1,200,000 | 1,400,000 | ||||
Loans pledged as collateral | 14,290,000,000 | 14,290,000,000 | $ 15,050,000,000 | |||||
Total loans | 38,236,018,000 | 38,236,018,000 | 38,252,984,000 | |||||
Allowance for loan losses | 516,708,000 | 588,648,000 | 516,708,000 | 588,648,000 | $ 563,214,000 | 605,736,000 | $ 493,452,000 | $ 281,402,000 |
Reserve for unfunded commitments | 46,900,000 | 46,900,000 | ||||||
All financing receivable, allowance for credit loss | $ 563,600,000 | 563,600,000 | ||||||
Allowance for credit loss, decrease | $ (89,900,000) | |||||||
ACL to loans ratio | 1.47% | 1.47% | ||||||
Allowance for credit loss, reasonable and supportable forecast period | 2 years | |||||||
Allowance for credit loss, straight-line basis historical period | 1 year | |||||||
Downside bias | 40.00% | 40.00% | ||||||
Estimated unemployment rate | 4.50% | 4.50% | 5.70% | |||||
(Reversal of) provision for credit losses | $ (24,598,000) | 141,851,000 | $ (43,173,000) | 300,573,000 | ||||
Net chargeoff amount | 26,500,000 | 46,800,000 | ||||||
Financing receivable, allowance for credit loss, period increase (decrease) from increase in size of loan profile | 10,600,000 | 25,800,000 | ||||||
Financing receivable, purchase | 434,600,000 | 1,040,000,000 | ||||||
Recorded investment | 6,801,000 | $ 15,652,000 | 22,274,000 | $ 52,348,000 | ||||
Commitments to land additional funds to TDRs | $ 0 | $ 0 | 0 | |||||
Troubled Debt Restructuring That Subsequently Defaults | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Number of contracts | contract | 5 | 1 | 5 | 4 | ||||
Recorded investment | $ 172,000 | $ 27,000 | $ 172,000 | $ 645,000 | ||||
Total commercial and industrial | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Total loans | 19,150,133,000 | 19,150,133,000 | $ 19,520,168,000 | |||||
Recorded investment | 4,099,000 | $ 5,390,000 | 11,547,000 | $ 12,588,000 | ||||
Total commercial and industrial | Small Business Administration (SBA), CARES Act, Paycheck Protection Program | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Total loans | $ 1,600,000,000 | $ 1,600,000,000 | ||||||
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 loan charge off (in days) | 120 days |
Loans and Allowance for Loan _5
Loans and Allowance for Loan Losses (Loan Portfolio Credit Exposure) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | $ 3,901,024 | $ 8,709,446 |
2020 | 7,738,915 | 6,259,069 |
2019 | 5,918,165 | 4,981,643 |
2018 | 4,152,601 | 3,875,295 |
2017 | 3,160,321 | 2,594,349 |
Prior | 6,023,378 | 4,699,763 |
Total loans | 38,236,018 | 38,252,984 |
Total commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 2,194,270 | 5,241,473 |
2020 | 3,578,550 | 2,722,640 |
2019 | 2,494,665 | 2,098,769 |
2018 | 1,908,622 | 1,662,981 |
2017 | 1,418,852 | 1,130,716 |
Prior | 2,618,168 | 2,015,220 |
Total loans | 19,150,133 | 19,520,168 |
Total commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 861,261 | 1,344,249 |
2020 | 1,549,991 | 2,469,117 |
2019 | 2,506,626 | 2,366,966 |
2018 | 1,856,836 | 1,431,516 |
2017 | 1,135,264 | 696,471 |
Prior | 2,020,117 | 1,649,986 |
Total loans | 10,361,051 | 10,325,707 |
Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 845,493 | 2,123,724 |
2020 | 2,610,374 | 1,067,312 |
2019 | 916,874 | 515,908 |
2018 | 387,143 | 780,798 |
2017 | 606,205 | 767,162 |
Prior | 1,385,093 | 1,034,557 |
Total loans | $ 8,724,834 | 8,407,109 |
Maximum | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Percent of loan amount | 50.00% | |
Commercial, financial and agricultural | Total commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | $ 1,525,057 | 3,911,053 |
2020 | 2,276,839 | 1,414,417 |
2019 | 1,230,422 | 904,651 |
2018 | 792,774 | 640,754 |
2017 | 557,544 | 565,886 |
Prior | 1,161,675 | 674,588 |
Total loans | 12,085,534 | 12,410,152 |
Owner-occupied | Total commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 669,213 | 1,330,420 |
2020 | 1,301,711 | 1,308,223 |
2019 | 1,264,243 | 1,194,118 |
2018 | 1,115,848 | 1,022,227 |
2017 | 861,308 | 564,830 |
Prior | 1,456,493 | 1,340,632 |
Total loans | 7,064,599 | 7,110,016 |
Investment properties | Total commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 644,492 | 1,057,929 |
2020 | 1,344,084 | 2,197,597 |
2019 | 2,316,794 | 2,200,615 |
2018 | 1,716,075 | 1,247,704 |
2017 | 997,856 | 644,017 |
Prior | 1,852,107 | 1,470,998 |
Total loans | 9,218,013 | 9,103,379 |
1-4 family properties | Total commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 159,652 | 199,249 |
2020 | 136,794 | 95,798 |
2019 | 67,199 | 75,087 |
2018 | 60,833 | 89,704 |
2017 | 71,700 | 40,069 |
Prior | 91,363 | 99,791 |
Total loans | 636,344 | 628,695 |
Land and development | Total commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 57,117 | 87,071 |
2020 | 69,113 | 175,722 |
2019 | 122,633 | 91,264 |
2018 | 79,928 | 94,108 |
2017 | 65,708 | 12,385 |
Prior | 76,647 | 79,197 |
Total loans | 506,694 | 593,633 |
Consumer mortgages | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 624,785 | 1,871,545 |
2020 | 1,736,088 | 875,730 |
2019 | 732,197 | 426,459 |
2018 | 317,614 | 679,144 |
2017 | 522,807 | 686,676 |
Prior | 1,266,306 | 972,897 |
Total loans | 5,200,762 | 5,513,491 |
Home equity lines | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Total loans | 1,358,211 | 1,537,726 |
Credit cards | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Total loans | 285,508 | 281,018 |
Other consumer loans | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 220,708 | 252,179 |
2020 | 874,286 | 191,582 |
2019 | 184,677 | 89,449 |
2018 | 69,529 | 101,654 |
2017 | 83,398 | 80,486 |
Prior | 118,787 | 61,660 |
Total loans | 1,880,353 | 1,074,874 |
Pass | Commercial, financial and agricultural | Total commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 1,515,420 | 3,819,048 |
2020 | 2,149,994 | 1,333,460 |
2019 | 1,144,130 | 847,283 |
2018 | 755,925 | 582,612 |
2017 | 519,704 | 551,413 |
Prior | 1,118,928 | 633,871 |
Total loans | 11,580,910 | 11,920,200 |
Pass | Owner-occupied | Total commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 667,812 | 1,321,680 |
2020 | 1,293,871 | 1,275,435 |
2019 | 1,226,446 | 1,131,183 |
2018 | 1,041,975 | 982,056 |
2017 | 829,705 | 555,932 |
Prior | 1,403,658 | 1,297,070 |
Total loans | 6,851,070 | 6,912,922 |
Pass | Investment properties | Total commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 637,057 | 1,055,440 |
2020 | 1,342,718 | 2,126,667 |
2019 | 2,226,278 | 1,999,345 |
2018 | 1,507,075 | 1,091,880 |
2017 | 872,163 | 483,780 |
Prior | 1,606,709 | 1,301,088 |
Total loans | 8,481,261 | 8,287,244 |
Pass | 1-4 family properties | Total commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 157,416 | 197,320 |
2020 | 136,528 | 95,145 |
2019 | 66,762 | 70,267 |
2018 | 55,745 | 88,454 |
2017 | 70,774 | 38,729 |
Prior | 88,755 | 97,374 |
Total loans | 624,185 | 614,946 |
Pass | Land and development | Total commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 57,117 | 84,985 |
2020 | 67,046 | 173,302 |
2019 | 120,637 | 83,734 |
2018 | 74,328 | 92,911 |
2017 | 64,803 | 12,249 |
Prior | 72,639 | 76,380 |
Total loans | 492,118 | 576,811 |
Pass | Consumer mortgages | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 624,582 | 1,871,512 |
2020 | 1,735,940 | 874,769 |
2019 | 730,083 | 425,711 |
2018 | 303,577 | 678,255 |
2017 | 517,050 | 685,810 |
Prior | 1,227,662 | 965,382 |
Total loans | 5,139,859 | 5,502,479 |
Pass | Home equity lines | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Total loans | 1,342,201 | 1,520,587 |
Pass | Credit cards | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Total loans | 283,887 | 279,142 |
Pass | Other consumer loans | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 220,495 | 252,160 |
2020 | 873,734 | 190,820 |
2019 | 182,445 | 89,187 |
2018 | 68,046 | 100,459 |
2017 | 80,624 | 80,365 |
Prior | 118,009 | 61,040 |
Total loans | 1,872,087 | 1,071,668 |
Special Mention | Commercial, financial and agricultural | Total commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 1,482 | 63,307 |
2020 | 67,377 | 40,618 |
2019 | 46,077 | 12,723 |
2018 | 11,516 | 22,070 |
2017 | 17,074 | 1,665 |
Prior | 3,424 | 5,545 |
Total loans | 226,107 | 207,158 |
Special Mention | Owner-occupied | Total commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 680 | 6,170 |
2020 | 4,294 | 9,995 |
2019 | 11,397 | 10,682 |
2018 | 16,291 | 14,138 |
2017 | 3,326 | 1,582 |
Prior | 22,395 | 13,768 |
Total loans | 66,563 | 56,335 |
Special Mention | Investment properties | Total commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 1,482 |
2020 | 1,032 | 66,160 |
2019 | 80,673 | 176,794 |
2018 | 152,823 | 136,004 |
2017 | 107,557 | 138,362 |
Prior | 207,195 | 129,401 |
Total loans | 606,484 | 703,643 |
Special Mention | 1-4 family properties | Total commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 491 | 402 |
2020 | 158 | 0 |
2019 | 0 | 508 |
2018 | 365 | 109 |
2017 | 0 | 786 |
Prior | 248 | 118 |
Total loans | 1,262 | 1,923 |
Special Mention | Land and development | Total commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 857 |
2020 | 834 | 1,995 |
2019 | 1,948 | 2,866 |
2018 | 2,369 | 282 |
2017 | 24 | 0 |
Prior | 997 | 1,332 |
Total loans | 6,172 | 7,968 |
Substandard | Commercial, financial and agricultural | Total commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 7,706 | 28,698 |
2020 | 58,956 | 36,618 |
2019 | 37,439 | 24,867 |
2018 | 12,201 | 36,072 |
2017 | 20,766 | 12,808 |
Prior | 39,323 | 35,172 |
Total loans | 261,359 | 259,247 |
Substandard | Owner-occupied | Total commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 721 | 2,570 |
2020 | 3,546 | 22,793 |
2019 | 26,400 | 42,615 |
2018 | 51,240 | 26,033 |
2017 | 28,277 | 7,316 |
Prior | 30,440 | 29,794 |
Total loans | 140,624 | 131,121 |
Substandard | Investment properties | Total commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 7,435 | 1,007 |
2020 | 334 | 4,770 |
2019 | 9,843 | 24,476 |
2018 | 56,177 | 19,820 |
2017 | 18,136 | 21,875 |
Prior | 38,203 | 40,509 |
Total loans | 130,268 | 112,492 |
Substandard | 1-4 family properties | Total commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 1,745 | 1,527 |
2020 | 108 | 653 |
2019 | 437 | 4,312 |
2018 | 4,723 | 1,141 |
2017 | 926 | 554 |
Prior | 2,360 | 2,299 |
Total loans | 10,897 | 11,826 |
Substandard | Land and development | Total commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 1,229 |
2020 | 1,233 | 425 |
2019 | 48 | 4,664 |
2018 | 3,231 | 915 |
2017 | 881 | 136 |
Prior | 3,011 | 1,485 |
Total loans | 8,404 | 8,854 |
Substandard | Consumer mortgages | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 203 | 33 |
2020 | 148 | 961 |
2019 | 2,114 | 748 |
2018 | 14,037 | 889 |
2017 | 5,757 | 866 |
Prior | 38,421 | 7,224 |
Total loans | 60,680 | 10,721 |
Substandard | Home equity lines | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Total loans | 15,084 | 15,694 |
Substandard | Credit cards | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Total loans | 409 | 595 |
Substandard | Other consumer loans | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 213 | 19 |
2020 | 552 | 762 |
2019 | 2,232 | 262 |
2018 | 1,483 | 1,195 |
2017 | 2,774 | 121 |
Prior | 766 | 585 |
Total loans | 8,254 | 3,171 |
Doubtful | Commercial, financial and agricultural | Total commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 449 | 0 |
2020 | 512 | 3,721 |
2019 | 2,776 | 19,778 |
2018 | 13,132 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Total loans | 17,158 | 23,547 |
Doubtful | Owner-occupied | Total commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 9,638 |
2018 | 6,342 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Total loans | 6,342 | 9,638 |
Doubtful | Home equity lines | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Total loans | 18 | 19 |
Loss and Charged Off | Consumer mortgages | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 223 | 291 |
Total loans | 223 | 291 |
Loss and Charged Off | Home equity lines | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Total loans | 908 | 1,426 |
Loss and Charged Off | Credit cards | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Total loans | 1,212 | 1,281 |
Loss and Charged Off | Other consumer loans | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 12 | 35 |
Total loans | 12 | 35 |
Revolving Loans Amortized Cost Basis | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 7,212,003 | 6,985,664 |
Revolving Loans Amortized Cost Basis | Total commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 4,890,304 | 4,597,604 |
Revolving Loans Amortized Cost Basis | Total commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 430,956 | 367,402 |
Revolving Loans Amortized Cost Basis | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 1,890,743 | 2,020,658 |
Revolving Loans Amortized Cost Basis | Commercial, financial and agricultural | Total commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 4,494,521 | 4,248,038 |
Revolving Loans Amortized Cost Basis | Owner-occupied | Total commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 395,783 | 349,566 |
Revolving Loans Amortized Cost Basis | Investment properties | Total commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 346,605 | 284,519 |
Revolving Loans Amortized Cost Basis | 1-4 family properties | Total commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 48,803 | 28,997 |
Revolving Loans Amortized Cost Basis | Land and development | Total commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 35,548 | 53,886 |
Revolving Loans Amortized Cost Basis | Consumer mortgages | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 965 | 1,040 |
Revolving Loans Amortized Cost Basis | Home equity lines | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 1,275,302 | 1,440,736 |
Revolving Loans Amortized Cost Basis | Credit cards | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 285,508 | 281,018 |
Revolving Loans Amortized Cost Basis | Other consumer loans | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 328,968 | 297,864 |
Revolving Loans Amortized Cost Basis | Pass | Commercial, financial and agricultural | Total commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 4,332,632 | 4,102,751 |
Revolving Loans Amortized Cost Basis | Pass | Owner-occupied | Total commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 387,603 | 349,566 |
Revolving Loans Amortized Cost Basis | Pass | Investment properties | Total commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 289,261 | 229,044 |
Revolving Loans Amortized Cost Basis | Pass | 1-4 family properties | Total commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 48,205 | 27,657 |
Revolving Loans Amortized Cost Basis | Pass | Land and development | Total commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 35,548 | 53,250 |
Revolving Loans Amortized Cost Basis | Pass | Consumer mortgages | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 965 | 1,040 |
Revolving Loans Amortized Cost Basis | Pass | Home equity lines | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 1,264,828 | 1,429,755 |
Revolving Loans Amortized Cost Basis | Pass | Credit cards | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 283,887 | 279,142 |
Revolving Loans Amortized Cost Basis | Pass | Other consumer loans | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 328,734 | 297,637 |
Revolving Loans Amortized Cost Basis | Special Mention | Commercial, financial and agricultural | Total commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 78,717 | 60,741 |
Revolving Loans Amortized Cost Basis | Special Mention | Owner-occupied | Total commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 8,180 | 0 |
Revolving Loans Amortized Cost Basis | Special Mention | Investment properties | Total commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 57,204 | 55,440 |
Revolving Loans Amortized Cost Basis | Special Mention | 1-4 family properties | Total commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Revolving Loans Amortized Cost Basis | Special Mention | Land and development | Total commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 636 |
Revolving Loans Amortized Cost Basis | Substandard | Commercial, financial and agricultural | Total commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 82,883 | 84,498 |
Revolving Loans Amortized Cost Basis | Substandard | Owner-occupied | Total commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Revolving Loans Amortized Cost Basis | Substandard | Investment properties | Total commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 140 | 35 |
Revolving Loans Amortized Cost Basis | Substandard | 1-4 family properties | Total commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 598 | 1,340 |
Revolving Loans Amortized Cost Basis | Substandard | Land and development | Total commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Revolving Loans Amortized Cost Basis | Substandard | Consumer mortgages | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Revolving Loans Amortized Cost Basis | Substandard | Home equity lines | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 9,708 | 9,698 |
Revolving Loans Amortized Cost Basis | Substandard | Credit cards | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 409 | 595 |
Revolving Loans Amortized Cost Basis | Substandard | Other consumer loans | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 234 | 227 |
Revolving Loans Amortized Cost Basis | Doubtful | Commercial, financial and agricultural | Total commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 289 | 48 |
Revolving Loans Amortized Cost Basis | Doubtful | Owner-occupied | Total commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Revolving Loans Amortized Cost Basis | Doubtful | Home equity lines | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Revolving Loans Amortized Cost Basis | Loss and Charged Off | Consumer mortgages | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Revolving Loans Amortized Cost Basis | Loss and Charged Off | Home equity lines | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 766 | 1,283 |
Revolving Loans Amortized Cost Basis | Loss and Charged Off | Credit cards | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 1,212 | 1,281 |
Revolving Loans Amortized Cost Basis | Loss and Charged Off | Other consumer loans | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Revolving Loans Converted to Term Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 129,611 | 147,755 |
Revolving Loans Converted to Term Loans | Total commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 46,702 | 50,765 |
Revolving Loans Converted to Term Loans | Total commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Revolving Loans Converted to Term Loans | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 82,909 | 96,990 |
Revolving Loans Converted to Term Loans | Commercial, financial and agricultural | Total commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 46,702 | 50,765 |
Revolving Loans Converted to Term Loans | Owner-occupied | Total commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Revolving Loans Converted to Term Loans | Investment properties | Total commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 1-4 family properties | Total commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Revolving Loans Converted to Term Loans | Land and development | Total commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Revolving Loans Converted to Term Loans | Consumer mortgages | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Revolving Loans Converted to Term Loans | Home equity lines | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 82,909 | 96,990 |
Revolving Loans Converted to Term Loans | Credit cards | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Revolving Loans Converted to Term Loans | Other consumer loans | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Revolving Loans Converted to Term Loans | Pass | Commercial, financial and agricultural | Total commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 44,177 | 49,762 |
Revolving Loans Converted to Term Loans | Pass | Owner-occupied | Total commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Revolving Loans Converted to Term Loans | Pass | Investment properties | Total commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Revolving Loans Converted to Term Loans | Pass | 1-4 family properties | Total commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Revolving Loans Converted to Term Loans | Pass | Land and development | Total commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Revolving Loans Converted to Term Loans | Pass | Consumer mortgages | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Revolving Loans Converted to Term Loans | Pass | Home equity lines | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 77,373 | 90,832 |
Revolving Loans Converted to Term Loans | Pass | Credit cards | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Revolving Loans Converted to Term Loans | Pass | Other consumer loans | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Revolving Loans Converted to Term Loans | Special Mention | Commercial, financial and agricultural | Total commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 440 | 489 |
Revolving Loans Converted to Term Loans | Special Mention | Owner-occupied | Total commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Revolving Loans Converted to Term Loans | Special Mention | Investment properties | Total commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Revolving Loans Converted to Term Loans | Special Mention | 1-4 family properties | Total commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Revolving Loans Converted to Term Loans | Special Mention | Land and development | Total commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Revolving Loans Converted to Term Loans | Substandard | Commercial, financial and agricultural | Total commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 2,085 | 514 |
Revolving Loans Converted to Term Loans | Substandard | Owner-occupied | Total commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Revolving Loans Converted to Term Loans | Substandard | Investment properties | Total commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Revolving Loans Converted to Term Loans | Substandard | 1-4 family properties | Total commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Revolving Loans Converted to Term Loans | Substandard | Land and development | Total commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Revolving Loans Converted to Term Loans | Substandard | Consumer mortgages | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Revolving Loans Converted to Term Loans | Substandard | Home equity lines | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 5,376 | 5,996 |
Revolving Loans Converted to Term Loans | Substandard | Credit cards | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Revolving Loans Converted to Term Loans | Substandard | Other consumer loans | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Revolving Loans Converted to Term Loans | Doubtful | Commercial, financial and agricultural | Total commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Revolving Loans Converted to Term Loans | Doubtful | Owner-occupied | Total commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Revolving Loans Converted to Term Loans | Doubtful | Home equity lines | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 18 | 19 |
Revolving Loans Converted to Term Loans | Loss and Charged Off | Consumer mortgages | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Revolving Loans Converted to Term Loans | Loss and Charged Off | Home equity lines | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 142 | 143 |
Revolving Loans Converted to Term Loans | Loss and Charged Off | Credit cards | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Revolving Loans Converted to Term Loans | Loss and Charged Off | Other consumer loans | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | $ 0 | $ 0 |
Loans and Allowance for Loan _6
Loans and Allowance for Loan Losses (Schedule of Allowances for Loan Losses and Recorded Investment in Loans) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Allowance for loan losses: | ||||
Beginning balance at March 31, 2021 | $ 563,214 | $ 493,452 | $ 605,736 | $ 281,402 |
Charge-offs | (30,853) | (30,778) | (56,178) | (54,652) |
Recoveries | 4,307 | 6,732 | 9,428 | 10,545 |
(Reversal of) provision for loan losses | (19,960) | 119,242 | (42,278) | 268,359 |
Ending balance at June 30, 2021 | 516,708 | 588,648 | 516,708 | 588,648 |
Impact from Adoption | ||||
Allowance for loan losses: | ||||
Beginning balance at March 31, 2021 | 82,994 | |||
Adjusted balance | ||||
Allowance for loan losses: | ||||
Beginning balance at March 31, 2021 | 364,396 | |||
Commercial & Industrial | ||||
Allowance for loan losses: | ||||
Beginning balance at March 31, 2021 | 254,777 | 216,950 | 229,555 | 145,782 |
Charge-offs | (18,729) | (23,245) | (28,146) | (38,130) |
Recoveries | 1,495 | 3,261 | 4,267 | 5,002 |
(Reversal of) provision for loan losses | 17,395 | 32,949 | 49,262 | 119,571 |
Ending balance at June 30, 2021 | 254,938 | 229,915 | 254,938 | 229,915 |
Commercial & Industrial | Impact from Adoption | ||||
Allowance for loan losses: | ||||
Beginning balance at March 31, 2021 | (2,310) | |||
Commercial & Industrial | Adjusted balance | ||||
Allowance for loan losses: | ||||
Beginning balance at March 31, 2021 | 143,472 | |||
Commercial Real Estate | ||||
Allowance for loan losses: | ||||
Beginning balance at March 31, 2021 | 113,812 | 107,117 | 130,742 | 67,430 |
Charge-offs | (3,839) | (689) | (14,158) | (1,706) |
Recoveries | 377 | 536 | 1,403 | 935 |
(Reversal of) provision for loan losses | (18,237) | 64,562 | (25,874) | 105,518 |
Ending balance at June 30, 2021 | 92,113 | 171,526 | 92,113 | 171,526 |
Commercial Real Estate | Impact from Adoption | ||||
Allowance for loan losses: | ||||
Beginning balance at March 31, 2021 | (651) | |||
Commercial Real Estate | Adjusted balance | ||||
Allowance for loan losses: | ||||
Beginning balance at March 31, 2021 | 66,779 | |||
Consumer | ||||
Allowance for loan losses: | ||||
Beginning balance at March 31, 2021 | 194,625 | 169,385 | 245,439 | 68,190 |
Charge-offs | (8,285) | (6,844) | (13,874) | (14,816) |
Recoveries | 2,435 | 2,935 | 3,758 | 4,608 |
(Reversal of) provision for loan losses | (19,118) | 21,731 | (65,666) | 43,270 |
Ending balance at June 30, 2021 | $ 169,657 | $ 187,207 | $ 169,657 | 187,207 |
Consumer | Impact from Adoption | ||||
Allowance for loan losses: | ||||
Beginning balance at March 31, 2021 | 85,955 | |||
Consumer | Adjusted balance | ||||
Allowance for loan losses: | ||||
Beginning balance at March 31, 2021 | $ 154,145 |
Loans and Allowance for Loan _7
Loans and Allowance for Loan Losses (Troubled Debt Restructurings) (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021USD ($)Contract | Jun. 30, 2020USD ($)Contract | Jun. 30, 2021USD ($)Contract | Jun. 30, 2020USD ($)Contract | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | Contract | 56 | 96 | 198 | 200 |
Recorded investment | $ 6,801,000 | $ 15,652,000 | $ 22,274,000 | $ 52,348,000 |
Net charge-offs | $ 0 | $ 0 | $ 0 | $ 0 |
Total commercial and industrial | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | Contract | 23 | 47 | 68 | 88 |
Recorded investment | $ 4,099,000 | $ 5,390,000 | $ 11,547,000 | $ 12,588,000 |
Total commercial and industrial | Commercial, financial and agricultural | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | Contract | 18 | 40 | 58 | 76 |
Recorded investment | $ 2,944,000 | $ 3,503,000 | $ 8,739,000 | $ 9,237,000 |
Total commercial and industrial | Owner-occupied | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | Contract | 5 | 7 | 10 | 12 |
Recorded investment | $ 1,155,000 | $ 1,887,000 | $ 2,808,000 | $ 3,351,000 |
Total commercial real estate | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | Contract | 4 | 7 | 15 | 16 |
Recorded investment | $ 943,000 | $ 6,308,000 | $ 3,471,000 | $ 30,994,000 |
Total commercial real estate | Investment properties | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | Contract | 1 | 2 | 6 | 4 |
Recorded investment | $ 419,000 | $ 5,599,000 | $ 2,402,000 | $ 28,669,000 |
Total commercial real estate | 1-4 family properties | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | Contract | 2 | 4 | 7 | 10 |
Recorded investment | $ 158,000 | $ 618,000 | $ 660,000 | $ 1,784,000 |
Total commercial real estate | Land and development | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | Contract | 1 | 1 | 2 | 2 |
Recorded investment | $ 366,000 | $ 91,000 | $ 409,000 | $ 541,000 |
Total consumer | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | Contract | 29 | 42 | 115 | 96 |
Recorded investment | $ 1,759,000 | $ 3,954,000 | $ 7,256,000 | $ 8,766,000 |
Total consumer | Consumer mortgages | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | Contract | 2 | 10 | 2 | 16 |
Recorded investment | $ 331,000 | $ 2,038,000 | $ 331,000 | $ 3,638,000 |
Total consumer | Home equity lines | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | Contract | 14 | 14 | 27 | 33 |
Recorded investment | $ 996,000 | $ 1,099,000 | $ 1,745,000 | $ 2,337,000 |
Total consumer | Other consumer loans | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | Contract | 13 | 18 | 86 | 47 |
Recorded investment | $ 432,000 | $ 817,000 | $ 5,180,000 | $ 2,791,000 |
Below Market Interest Rate | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment | 5,286,000 | 8,471,000 | 12,934,000 | 38,674,000 |
Below Market Interest Rate | Total commercial and industrial | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment | 2,925,000 | 1,956,000 | 7,411,000 | 7,047,000 |
Below Market Interest Rate | Total commercial and industrial | Commercial, financial and agricultural | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment | 1,770,000 | 1,503,000 | 5,002,000 | 5,226,000 |
Below Market Interest Rate | Total commercial and industrial | Owner-occupied | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment | 1,155,000 | 453,000 | 2,409,000 | 1,821,000 |
Below Market Interest Rate | Total commercial real estate | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment | 943,000 | 5,759,000 | 3,389,000 | 30,003,000 |
Below Market Interest Rate | Total commercial real estate | Investment properties | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment | 419,000 | 5,599,000 | 2,402,000 | 28,669,000 |
Below Market Interest Rate | Total commercial real estate | 1-4 family properties | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment | 158,000 | 69,000 | 621,000 | 793,000 |
Below Market Interest Rate | Total commercial real estate | Land and development | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment | 366,000 | 91,000 | 366,000 | 541,000 |
Below Market Interest Rate | Total consumer | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment | 1,418,000 | 756,000 | 2,134,000 | 1,624,000 |
Below Market Interest Rate | Total consumer | Consumer mortgages | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment | 331,000 | 556,000 | 331,000 | 1,072,000 |
Below Market Interest Rate | Total consumer | Home equity lines | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment | 900,000 | 181,000 | 1,487,000 | 455,000 |
Below Market Interest Rate | Total consumer | Other consumer loans | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment | 187,000 | 19,000 | 316,000 | 97,000 |
Other Concessions | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment | 1,515,000 | 7,181,000 | 9,340,000 | 13,674,000 |
Other Concessions | Total commercial and industrial | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment | 1,174,000 | 3,434,000 | 4,136,000 | 5,541,000 |
Other Concessions | Total commercial and industrial | Commercial, financial and agricultural | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment | 1,174,000 | 2,000,000 | 3,737,000 | 4,011,000 |
Other Concessions | Total commercial and industrial | Owner-occupied | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment | 0 | 1,434,000 | 399,000 | 1,530,000 |
Other Concessions | Total commercial real estate | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment | 0 | 549,000 | 82,000 | 991,000 |
Other Concessions | Total commercial real estate | Investment properties | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment | 0 | 0 | 0 | 0 |
Other Concessions | Total commercial real estate | 1-4 family properties | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment | 0 | 549,000 | 39,000 | 991,000 |
Other Concessions | Total commercial real estate | Land and development | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment | 0 | 0 | 43,000 | 0 |
Other Concessions | Total consumer | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment | 341,000 | 3,198,000 | 5,122,000 | 7,142,000 |
Other Concessions | Total consumer | Consumer mortgages | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment | 0 | 1,482,000 | 0 | 2,566,000 |
Other Concessions | Total consumer | Home equity lines | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment | 96,000 | 918,000 | 258,000 | 1,882,000 |
Other Concessions | Total consumer | Other consumer loans | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment | 245,000 | 798,000 | 4,864,000 | 2,694,000 |
Principal Forgiveness | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment | $ 0 | $ 0 | $ 0 | $ 0 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Schedule of Goodwill) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Goodwill [Line Items] | ||||||
Goodwill | $ 452,390 | $ 452,390 | $ 452,390 | $ 497,267 | $ 497,267 | $ 497,267 |
Community Banking Reporting Unit | ||||||
Goodwill [Line Items] | ||||||
Goodwill | 256,323 | 256,323 | ||||
Wholesale Banking Reporting Unit | ||||||
Goodwill [Line Items] | ||||||
Goodwill | 171,636 | 171,636 | ||||
Consumer Mortgage Reporting Unit | ||||||
Goodwill [Line Items] | ||||||
Goodwill | 0 | 0 | ||||
Wealth Management Reporting Unit | ||||||
Goodwill [Line Items] | ||||||
Goodwill | $ 24,431 | $ 24,431 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Goodwill) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Goodwill [Roll Forward] | ||||
Balance at beginning of period | $ 452,390 | $ 497,267 | $ 452,390 | $ 497,267 |
Changes during the period from: other | 0 | 0 | 0 | 0 |
Balance at end of period | $ 452,390 | $ 497,267 | $ 452,390 | $ 497,267 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Business Acquisition [Line Items] | ||||
Amortization expense | $ 2.4 | $ 2.6 | $ 4.8 | $ 5.3 |
CDI | ||||
Business Acquisition [Line Items] | ||||
Useful life | 10 years |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets (Other Intangible Assets) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 69,900 | $ 69,900 |
Accumulated Amortization | (29,546) | (24,788) |
Net Carrying Value | 40,354 | 45,112 |
CDI | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 57,400 | 57,400 |
Accumulated Amortization | (24,003) | (19,829) |
Net Carrying Value | 33,397 | 37,571 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 12,500 | 12,500 |
Accumulated Amortization | (5,543) | (4,959) |
Net Carrying Value | $ 6,957 | $ 7,541 |
Shareholders' Equity and Othe_3
Shareholders' Equity and Other Comprehensive Income (Loss) (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | ||
Jun. 30, 2021 | Mar. 31, 2021 | Jan. 26, 2021 | |
Class of Stock [Line Items] | |||
Authorized amount | $ 200 | ||
Common Stock | |||
Class of Stock [Line Items] | |||
Share repurchased | $ 92.5 | ||
Shares repurchased (in shares) | 1,900,000 | 0 | |
Average price of shares repurchased (in dollars per share) | $ 47.51 |
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 | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Roll Forward] | |||||
Beginning balance | $ 5,161,717 | $ 5,065,205 | $ 5,161,334 | $ 4,941,690 | |
Other comprehensive income (loss), Net of Tax Amount | 30,448 | (53,941) | (112,909) | 137,329 | |
Ending balance | 5,237,714 | 5,052,968 | 5,237,714 | 5,052,968 | |
Accumulated other comprehensive income (loss) | (45,726) | (45,726) | $ (158,635) | ||
Total | |||||
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Roll Forward] | |||||
Beginning balance | 15,278 | 256,911 | 158,635 | 65,641 | |
Other comprehensive income (loss) before reclassifications | 33,180 | (2,309) | (110,463) | 195,523 | |
Amounts reclassified from AOCI | (2,732) | (51,632) | (2,446) | (58,194) | |
Other comprehensive income (loss), Net of Tax Amount | 30,448 | (53,941) | (112,909) | 137,329 | |
Ending balance | 45,726 | 202,970 | 45,726 | 202,970 | |
Net unrealized gains (losses) on investment securities available for sale | |||||
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Roll Forward] | |||||
Beginning balance | (15,316) | 194,524 | 105,669 | 83,666 | |
Other comprehensive income (loss) before reclassifications | 34,617 | (8,847) | (87,843) | 108,484 | |
Amounts reclassified from AOCI | 0 | (51,432) | 1,475 | (57,905) | |
Other comprehensive income (loss), Net of Tax Amount | 34,617 | (60,279) | (86,368) | 50,579 | |
Ending balance | 19,301 | 134,245 | 19,301 | 134,245 | |
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 | 13,300 | |||
Net unrealized gains (losses) on cash flow hedges | |||||
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Roll Forward] | |||||
Beginning balance | 30,594 | 61,925 | 52,966 | (18,487) | |
Other comprehensive income (loss) before reclassifications | (1,437) | 6,538 | (22,620) | 87,039 | |
Amounts reclassified from AOCI | (2,732) | (200) | (3,921) | (289) | |
Other comprehensive income (loss), Net of Tax Amount | (4,169) | 6,338 | (26,541) | 86,750 | |
Ending balance | 26,425 | 68,263 | 26,425 | 68,263 | |
Post-retirement unfunded health benefit | |||||
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Roll Forward] | |||||
Beginning balance | 0 | 462 | 0 | 462 | |
Other comprehensive income (loss) before reclassifications | 0 | 0 | 0 | 0 | |
Amounts reclassified from AOCI | 0 | 0 | 0 | 0 | |
Other comprehensive income (loss), Net of Tax Amount | 0 | 0 | 0 | 0 | |
Ending balance | 0 | $ 462 | 0 | $ 462 | |
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 | $ 12,100 |
Fair Value Accounting (Financia
Fair Value Accounting (Financial Instruments Measured at Fair Value on Recurring Basis) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Investment securities available for sale | $ 9,442,170 | $ 7,962,438 |
Mortgage loans held for sale | 202,216 | 216,647 |
Mortgage-backed securities issued by U.S. Government agencies | ||
Assets | ||
Investment securities available for sale | 976,114 | 1,218,017 |
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | ||
Assets | ||
Investment securities available for sale | 1,104,046 | 1,250,377 |
U.S. Treasury securities | ||
Assets | ||
Investment securities available for sale | 118,231 | 20,257 |
Mortgage-backed securities issued by U.S. Government sponsored enterprises | ||
Assets | ||
Investment securities available for sale | 6,708,415 | 5,000,046 |
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | ||
Assets | ||
Investment securities available for sale | 460,542 | 370,921 |
Corporate debt securities and other debt securities | ||
Assets | ||
Investment securities available for sale | 18,707 | 20,500 |
Level 1 | ||
Assets | ||
Trading securities | 0 | 0 |
Investment securities available for sale | 118,231 | 20,257 |
Private equity investments | 0 | 0 |
Mutual funds and mutual funds held in rabbi trusts | 41,710 | 37,650 |
GGL/SBA loans servicing asset | 0 | 0 |
Derivative assets | 0 | 0 |
Liabilities | ||
Trading liability for short positions | 0 | |
Earnout liability | 0 | 0 |
Derivative liabilities | 0 | 0 |
Level 2 | ||
Assets | ||
Trading securities | 4,187 | 10,880 |
Investment securities available for sale | 9,323,939 | 7,940,160 |
Private equity investments | 0 | 0 |
Mutual funds and mutual funds held in rabbi trusts | 0 | 0 |
GGL/SBA loans servicing asset | 0 | 0 |
Derivative assets | 279,454 | 401,295 |
Liabilities | ||
Trading liability for short positions | 7,717 | |
Earnout liability | 0 | 0 |
Derivative liabilities | 113,708 | 155,119 |
Level 3 | ||
Assets | ||
Trading securities | 0 | 0 |
Investment securities available for sale | 0 | 2,021 |
Private equity investments | 1,026 | 1,021 |
Mutual funds and mutual funds held in rabbi trusts | 0 | 0 |
GGL/SBA loans servicing asset | 3,321 | 3,258 |
Derivative assets | 0 | 0 |
Liabilities | ||
Trading liability for short positions | 0 | |
Earnout liability | 6,427 | 5,677 |
Derivative liabilities | 1,473 | 2,048 |
Fair Value, Measurements, Recurring Basis | ||
Assets | ||
Trading securities | 4,187 | 10,880 |
Investment securities available for sale | 9,442,170 | 7,962,438 |
Mortgage loans held for sale | 202,216 | 216,647 |
Private equity investments | 1,026 | 1,021 |
Mutual funds and mutual funds held in rabbi trusts | 41,710 | 37,650 |
GGL/SBA loans servicing asset | 3,321 | 3,258 |
Derivative assets | 279,454 | 401,295 |
Liabilities | ||
Trading liability for short positions | 0 | 7,717 |
Earnout liability | 6,427 | 5,677 |
Derivative liabilities | 115,181 | 157,167 |
Fair Value, Measurements, Recurring Basis | Mortgage-backed securities issued by U.S. Government agencies | ||
Assets | ||
Trading securities | 0 | 10,185 |
Investment securities available for sale | 976,114 | 1,218,017 |
Fair Value, Measurements, Recurring Basis | Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | ||
Assets | ||
Trading securities | 265 | 158 |
Investment securities available for sale | 1,104,046 | 1,250,377 |
Fair Value, Measurements, Recurring Basis | Other mortgage-backed securities | ||
Assets | ||
Trading securities | 282 | 178 |
Fair Value, Measurements, Recurring Basis | State and municipal securities | ||
Assets | ||
Trading securities | 1,495 | 176 |
Fair Value, Measurements, Recurring Basis | Asset-backed securities | ||
Assets | ||
Trading securities | 2,145 | 183 |
Fair Value, Measurements, Recurring Basis | U.S. Treasury securities | ||
Assets | ||
Investment securities available for sale | 118,231 | 20,257 |
Fair Value, Measurements, Recurring Basis | U.S. Government agency securities | ||
Assets | ||
Investment securities available for sale | 56,115 | 82,320 |
Fair Value, Measurements, Recurring Basis | Mortgage-backed securities issued by U.S. Government sponsored enterprises | ||
Assets | ||
Investment securities available for sale | 6,708,415 | 5,000,046 |
Fair Value, Measurements, Recurring Basis | Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | ||
Assets | ||
Investment securities available for sale | 460,542 | 370,921 |
Fair Value, Measurements, Recurring Basis | Corporate debt securities and other debt securities | ||
Assets | ||
Investment securities available for sale | 18,707 | 20,500 |
Fair Value, Measurements, Recurring Basis | Level 1 | ||
Assets | ||
Trading securities | 0 | 0 |
Investment securities available for sale | 118,231 | 20,257 |
Mortgage loans held for sale | 0 | 0 |
Private equity investments | 0 | 0 |
Mutual funds and mutual funds held in rabbi trusts | 41,710 | 37,650 |
GGL/SBA loans servicing asset | 0 | 0 |
Derivative assets | 0 | 0 |
Liabilities | ||
Trading liability for short positions | 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 | ||
Assets | ||
Trading securities | 0 | 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 | ||
Assets | ||
Trading securities | 0 | 0 |
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring Basis | Level 1 | Other mortgage-backed securities | ||
Assets | ||
Trading securities | 0 | 0 |
Fair Value, Measurements, Recurring Basis | Level 1 | State and municipal securities | ||
Assets | ||
Trading securities | 0 | 0 |
Fair Value, Measurements, Recurring Basis | Level 1 | Asset-backed securities | ||
Assets | ||
Trading securities | 0 | 0 |
Fair Value, Measurements, Recurring Basis | Level 1 | U.S. Treasury securities | ||
Assets | ||
Investment securities available for sale | 118,231 | 20,257 |
Fair Value, Measurements, Recurring Basis | Level 1 | U.S. Government agency securities | ||
Assets | ||
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring Basis | Level 1 | Mortgage-backed securities issued by U.S. Government sponsored enterprises | ||
Assets | ||
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring Basis | Level 1 | Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | ||
Assets | ||
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring Basis | Level 1 | Corporate debt securities and other debt securities | ||
Assets | ||
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring Basis | Level 2 | ||
Assets | ||
Trading securities | 4,187 | 10,880 |
Investment securities available for sale | 9,323,939 | 7,940,160 |
Mortgage loans held for sale | 216,647 | |
Private equity investments | 0 | 0 |
Mutual funds and mutual funds held in rabbi trusts | 0 | 0 |
GGL/SBA loans servicing asset | 0 | 0 |
Derivative assets | 279,454 | 401,295 |
Liabilities | ||
Trading liability for short positions | 0 | 7,717 |
Earnout liability | 0 | 0 |
Derivative liabilities | 113,708 | 155,119 |
Fair Value, Measurements, Recurring Basis | Level 2 | Mortgage-backed securities issued by U.S. Government agencies | ||
Assets | ||
Trading securities | 0 | 10,185 |
Investment securities available for sale | 976,114 | 1,218,017 |
Fair Value, Measurements, Recurring Basis | Level 2 | Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | ||
Assets | ||
Trading securities | 265 | 158 |
Investment securities available for sale | 1,104,046 | 1,250,377 |
Fair Value, Measurements, Recurring Basis | Level 2 | Other mortgage-backed securities | ||
Assets | ||
Trading securities | 282 | 178 |
Fair Value, Measurements, Recurring Basis | Level 2 | State and municipal securities | ||
Assets | ||
Trading securities | 1,495 | 176 |
Fair Value, Measurements, Recurring Basis | Level 2 | Asset-backed securities | ||
Assets | ||
Trading securities | 2,145 | 183 |
Fair Value, Measurements, Recurring Basis | Level 2 | U.S. Treasury securities | ||
Assets | ||
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring Basis | Level 2 | U.S. Government agency securities | ||
Assets | ||
Investment securities available for sale | 56,115 | 82,320 |
Fair Value, Measurements, Recurring Basis | Level 2 | Mortgage-backed securities issued by U.S. Government sponsored enterprises | ||
Assets | ||
Investment securities available for sale | 6,708,415 | 5,000,046 |
Fair Value, Measurements, Recurring Basis | Level 2 | Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | ||
Assets | ||
Investment securities available for sale | 460,542 | 370,921 |
Fair Value, Measurements, Recurring Basis | Level 2 | Corporate debt securities and other debt securities | ||
Assets | ||
Investment securities available for sale | 18,707 | 18,479 |
Fair Value, Measurements, Recurring Basis | Level 3 | ||
Assets | ||
Trading securities | 0 | 0 |
Investment securities available for sale | 0 | 2,021 |
Mortgage loans held for sale | 0 | 0 |
Private equity investments | 1,026 | 1,021 |
Mutual funds and mutual funds held in rabbi trusts | 0 | 0 |
GGL/SBA loans servicing asset | 3,321 | 3,258 |
Derivative assets | 0 | 0 |
Liabilities | ||
Trading liability for short positions | 0 | 0 |
Earnout liability | 6,427 | 5,677 |
Derivative liabilities | 1,473 | 2,048 |
Fair Value, Measurements, Recurring Basis | Level 3 | Mortgage-backed securities issued by U.S. Government agencies | ||
Assets | ||
Trading securities | 0 | 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 | ||
Assets | ||
Trading securities | 0 | 0 |
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring Basis | Level 3 | Other mortgage-backed securities | ||
Assets | ||
Trading securities | 0 | 0 |
Fair Value, Measurements, Recurring Basis | Level 3 | State and municipal securities | ||
Assets | ||
Trading securities | 0 | 0 |
Fair Value, Measurements, Recurring Basis | Level 3 | Asset-backed securities | ||
Assets | ||
Trading securities | 0 | 0 |
Fair Value, Measurements, Recurring Basis | Level 3 | U.S. Treasury securities | ||
Assets | ||
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring Basis | Level 3 | U.S. Government agency securities | ||
Assets | ||
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring Basis | Level 3 | Mortgage-backed securities issued by U.S. Government sponsored enterprises | ||
Assets | ||
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring Basis | Level 3 | Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | ||
Assets | ||
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring Basis | Level 3 | Corporate debt securities and other debt securities | ||
Assets | ||
Investment securities available for sale | $ 0 | $ 2,021 |
Fair Value Accounting (Mortgage
Fair Value Accounting (Mortgage Loans Held for Sale and Changes in Fair Value Included in Consolidated Statements of Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |||||
Mortgage loans held for sale | $ 202,216 | $ 202,216 | $ 216,647 | ||
Unpaid principal balance | 196,399 | 196,399 | 210,292 | ||
Fair value less aggregate unpaid principal balance | 5,817 | 5,817 | $ 6,355 | ||
Mortgage loans held for sale | $ 4,094 | $ 5,365 | $ (538) | $ 5,984 |
Fair Value Accounting (Changes
Fair Value Accounting (Changes in Level 3 Fair Value Measurements) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
GGL / SBA Loans Servicing Asset | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | $ 3,305 | $ 3,149 | $ 3,258 | $ 3,040 |
Included in earnings | (252) | (291) | (430) | (555) |
Sales | 0 | |||
Unrealized gains (losses) included in OCI | 0 | 0 | ||
Additions | 268 | 161 | 493 | 534 |
Settlements | 0 | 0 | 0 | 0 |
Ending balance | 3,321 | 3,019 | 3,321 | 3,019 |
Total net gains (losses) for the period included in earnings attributable to the change in unrealized losses relating to assets/liabilities still held | 0 | 0 | 0 | 0 |
Earnout Liability | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | (5,677) | (11,016) | (5,677) | (11,016) |
Included in earnings | (750) | (4,908) | (750) | (4,908) |
Sales | 0 | |||
Unrealized gains (losses) included in OCI | 0 | 0 | ||
Additions | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Ending balance | (6,427) | (15,924) | (6,427) | (15,924) |
Total net gains (losses) for the period included in earnings attributable to the change in unrealized losses relating to assets/liabilities still held | (750) | (4,908) | (750) | (4,908) |
Visa Derivative | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | (1,768) | (2,050) | (2,048) | (2,339) |
Included in earnings | 0 | 0 | 0 | 0 |
Sales | 0 | |||
Unrealized gains (losses) included in OCI | 0 | 0 | ||
Additions | 0 | 0 | 0 | 0 |
Settlements | 295 | 295 | 575 | 584 |
Ending balance | (1,473) | (1,755) | (1,473) | (1,755) |
Total net gains (losses) for the period included in earnings attributable to the change in unrealized losses relating to assets/liabilities still held | 0 | 0 | 0 | 0 |
Investment Securities Available for Sale | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 0 | 1,562 | 2,021 | 2,105 |
Included in earnings | 0 | 0 | 0 | |
Sales | (2,021) | |||
Unrealized gains (losses) included in OCI | 100 | (443) | ||
Additions | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Ending balance | 0 | 1,662 | 0 | 1,662 |
Total net gains (losses) for the period included in earnings attributable to the change in unrealized losses relating to assets/liabilities still held | 0 | 0 | 0 | 0 |
Private Equity Investments | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 1,053 | 3,255 | 1,021 | 3,887 |
Included in earnings | (27) | (2,557) | 5 | (3,189) |
Sales | 0 | |||
Unrealized gains (losses) included in OCI | 0 | 0 | ||
Additions | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Ending balance | 1,026 | 698 | 1,026 | 698 |
Total net gains (losses) for the period included in earnings attributable to the change in unrealized losses relating to assets/liabilities still held | $ (27) | $ (2,557) | $ 5 | $ (3,189) |
Fair Value Accounting (Assets M
Fair Value Accounting (Assets Measured at Fair Value on Non-Recurring Basis) (Details) - Fair Value, Measurements, Nonrecurring Basis - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | $ 29,201 | $ 21,138 |
Other real estate | 42 | 5,902 |
Other real estate | 0 | 18,202 |
Other assets held for sale | 1,170 | 1,634 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 0 | 0 |
Other real estate | 0 | 0 |
Other real estate | 0 | 0 |
Other assets held for sale | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 0 | 0 |
Other real estate | 0 | 0 |
Other real estate | 0 | 0 |
Other assets held for sale | 0 | 0 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 29,201 | 21,138 |
Other real estate | 42 | 5,902 |
Other real estate | 0 | 18,202 |
Other assets held for sale | $ 1,170 | $ 1,634 |
Fair Value Accounting (Narrativ
Fair Value Accounting (Narrative) (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value Disclosures [Abstract] | ||
Other real estate | $ 1.5 | $ 1.8 |
Fair Value Accounting (Fair Val
Fair Value Accounting (Fair Value Adjustments Recognized in Earnings for Assets Measured at Fair Value on a Non-recurring Basis) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |||||
Other real estate | $ 1,500 | $ 1,500 | $ 1,800 | ||
Fair Value, Measurements, Nonrecurring Basis | Loans | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value adjustment | 13,476 | $ 14,950 | 13,504 | $ 14,950 | |
Fair Value, Measurements, Nonrecurring Basis | Other real estate | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value adjustment | 2 | 1,228 | 2 | 1,228 | |
Fair Value, Measurements, Nonrecurring Basis | MPS receivable | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value adjustment | 0 | 0 | 0 | 2,663 | |
Fair Value, Measurements, Nonrecurring Basis | Other assets held for sale | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value adjustment | $ 76 | $ 729 | $ 76 | $ 2,120 |
Fair Value Accounting (Carrying
Fair Value Accounting (Carrying and Estimated Fair Values of Financial Instruments Carried on Balance Sheet) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Financial assets | ||
Investment securities available for sale | $ 9,442,170 | $ 7,962,438 |
Loans held for sale | 750,916 | 760,123 |
Financial liabilities | ||
Non-interest-bearing deposits | 15,345,629 | 13,477,854 |
Total deposits | 47,171,962 | 46,691,571 |
Federal funds purchased and securities sold under repurchase agreements | 194,786 | 227,922 |
Long-term debt | 1,203,293 | 1,202,494 |
Level 1 | ||
Financial assets | ||
Total cash, cash equivalents, and restricted cash | 3,262,676 | 4,252,917 |
Trading securities | 0 | 0 |
Investment securities available for sale | 118,231 | 20,257 |
Loans held for sale | 0 | 0 |
Private equity investments | 0 | 0 |
Mutual funds and mutual funds held in rabbi trusts | 41,710 | 37,650 |
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 | 194,786 | 227,922 |
Trading liability for short positions | 0 | |
Long-term debt | 0 | 0 |
Earnout liability | 0 | 0 |
Derivative liabilities | 0 | 0 |
Level 2 | ||
Financial assets | ||
Total cash, cash equivalents, and restricted cash | 0 | 0 |
Trading securities | 4,187 | 10,880 |
Investment securities available for sale | 9,323,939 | 7,940,160 |
Loans held for sale | 202,216 | 216,647 |
Private equity investments | 0 | 0 |
Mutual funds and mutual funds held in rabbi trusts | 0 | 0 |
Loans, net | 0 | 0 |
GGL/SBA loans servicing asset | 0 | 0 |
Derivative assets | 279,454 | 401,295 |
Financial liabilities | ||
Non-interest-bearing deposits | 15,345,629 | 13,477,854 |
Non-time interest-bearing deposits | 27,181,793 | 27,265,521 |
Time deposits | 4,663,354 | 5,970,146 |
Total deposits | 47,190,776 | 46,713,521 |
Federal funds purchased and securities sold under repurchase agreements | 0 | 0 |
Trading liability for short positions | 7,717 | |
Long-term debt | 1,261,642 | 1,266,825 |
Earnout liability | 0 | 0 |
Derivative liabilities | 113,708 | 155,119 |
Level 3 | ||
Financial assets | ||
Total cash, cash equivalents, and restricted cash | 0 | 0 |
Trading securities | 0 | 0 |
Investment securities available for sale | 0 | 2,021 |
Loans held for sale | 549,416 | 544,292 |
Private equity investments | 1,026 | 1,021 |
Mutual funds and mutual funds held in rabbi trusts | 0 | 0 |
Loans, net | 37,743,546 | 37,605,881 |
GGL/SBA loans servicing asset | 3,321 | 3,258 |
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 |
Trading liability for short positions | 0 | |
Long-term debt | 0 | 0 |
Earnout liability | 6,427 | 5,677 |
Derivative liabilities | 1,473 | 2,048 |
Carrying Value | ||
Financial assets | ||
Total cash, cash equivalents, and restricted cash | 3,262,676 | 4,252,917 |
Trading securities | 4,187 | 10,880 |
Investment securities available for sale | 9,442,170 | 7,962,438 |
Loans held for sale | 750,916 | 760,123 |
Private equity investments | 1,026 | 1,021 |
Mutual funds and mutual funds held in rabbi trusts | 41,710 | 37,650 |
Loans, net | 37,719,310 | 37,647,248 |
GGL/SBA loans servicing asset | 3,321 | 3,258 |
Derivative assets | 279,454 | 401,295 |
Financial liabilities | ||
Non-interest-bearing deposits | 15,345,629 | 13,477,854 |
Non-time interest-bearing deposits | 27,181,793 | 27,265,521 |
Time deposits | 4,644,540 | 5,948,196 |
Total deposits | 47,171,962 | 46,691,571 |
Federal funds purchased and securities sold under repurchase agreements | 194,786 | 227,922 |
Trading liability for short positions | 7,717 | |
Long-term debt | 1,203,293 | 1,202,494 |
Earnout liability | 6,427 | 5,677 |
Derivative liabilities | 115,181 | 157,167 |
Fair Value | ||
Financial assets | ||
Total cash, cash equivalents, and restricted cash | 3,262,676 | 4,252,917 |
Trading securities | 4,187 | 10,880 |
Investment securities available for sale | 9,442,170 | 7,962,438 |
Loans held for sale | 751,632 | 760,939 |
Private equity investments | 1,026 | 1,021 |
Mutual funds and mutual funds held in rabbi trusts | 41,710 | 37,650 |
Loans, net | 37,743,546 | 37,605,881 |
GGL/SBA loans servicing asset | 3,321 | 3,258 |
Derivative assets | 279,454 | 401,295 |
Financial liabilities | ||
Non-interest-bearing deposits | 15,345,629 | 13,477,854 |
Non-time interest-bearing deposits | 27,181,793 | 27,265,521 |
Time deposits | 4,663,354 | 5,970,146 |
Total deposits | 47,190,776 | 46,713,521 |
Federal funds purchased and securities sold under repurchase agreements | 194,786 | 227,922 |
Trading liability for short positions | 7,717 | |
Long-term debt | 1,261,642 | 1,266,825 |
Earnout liability | 6,427 | 5,677 |
Derivative liabilities | $ 115,181 | $ 157,167 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Derivative [Line Items] | |||||||
Unrealized gains, before tax | $ (1,923) | $ 8,823 | $ (30,980) | $ 117,462 | |||
Unrealized gain, after tax | (1,437) | $ 6,538 | (22,620) | $ 87,039 | |||
Income recognized | 3,700 | 5,300 | |||||
Cash flow hedge gain (loss) to be reclassified | 41,000 | ||||||
Cash flow hedge termination gain | 10,000 | ||||||
Collateral requirements | 118,200 | 118,200 | $ 155,400 | ||||
Variation margin, amount reducing derivative asset | 114,000 | 114,000 | 162,700 | ||||
Foreign Currency Exchange Forwards | |||||||
Derivative [Line Items] | |||||||
Notional amount | $ 19,900 | $ 19,900 | $ 24,100 | ||||
Cash Flow Hedges | |||||||
Derivative [Line Items] | |||||||
Unrealized gains, before tax | $ 757 | $ 9,800 | |||||
Unrealized gain, after tax | $ 565 | $ 7,300 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities (Impact of Derivatives on Balance Sheet) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Derivatives not designated as hedging instruments | ||
Derivative [Line Items] | ||
Fair value of derivative assets | $ 230,301 | $ 320,493 |
Fair value of derivative liabilities | 115,092 | 157,167 |
Derivatives not designated as hedging instruments | Interest rate contracts | ||
Derivative [Line Items] | ||
Notional Amount | 9,023,627 | 8,784,141 |
Fair value of derivative assets | 225,813 | 314,234 |
Fair value of derivative liabilities | 113,154 | 153,204 |
Derivatives not designated as hedging instruments | Mortgage derivatives | Mortgage derivatives - interest rate lock commitments | ||
Derivative [Line Items] | ||
Notional Amount | 198,775 | 306,138 |
Fair value of derivative assets | 4,488 | 6,259 |
Fair value of derivative liabilities | 0 | 0 |
Derivatives not designated as hedging instruments | Mortgage derivatives | Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans | ||
Derivative [Line Items] | ||
Notional Amount | 194,000 | 230,500 |
Fair value of derivative assets | 0 | 0 |
Fair value of derivative liabilities | 343 | 1,611 |
Derivatives not designated as hedging instruments | Other contracts | ||
Derivative [Line Items] | ||
Notional Amount | 171,321 | 234,884 |
Fair value of derivative assets | 0 | 0 |
Fair value of derivative liabilities | 122 | 304 |
Derivatives not designated as hedging instruments | Visa derivative | ||
Derivative [Line Items] | ||
Notional Amount | 0 | 0 |
Fair value of derivative assets | 0 | 0 |
Fair value of derivative liabilities | 1,473 | 2,048 |
Derivatives not designated as hedging instruments | Risk derivative | ||
Derivative [Line Items] | ||
Notional Amount | 6,300 | 2,600 |
Cash flow hedges | ||
Derivative [Line Items] | ||
Fair value of derivative assets | 49,153 | 80,802 |
Fair value of derivative liabilities | 89 | 0 |
Cash flow hedges | Interest rate contracts | ||
Derivative [Line Items] | ||
Notional Amount | 3,250,000 | 3,000,000 |
Fair value of derivative assets | 49,153 | 80,802 |
Fair value of derivative liabilities | $ 89 | $ 0 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities (Effect of Cash Flow Hedges on Consolidated Statements of Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Derivative [Line Items] | ||||
Total amounts presented in the consolidated statements of income in interest income on loans | $ 7,605 | $ 5,261 | $ 15,947 | $ 5,086 |
Interest rate contracts | Cash Flow Hedges | ||||
Derivative [Line Items] | ||||
Realized gains (losses) reclassified from AOCI, pre-tax, to interest income on loans | 3,657 | 270 | 5,256 | 390 |
Pre-tax income recognized on cash flow hedges | $ 3,657 | $ 270 | $ 5,256 | $ 390 |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities (Effect of Fair Value Hedges on Consolidated Statements of Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Swap | |||||
Derivative [Line Items] | |||||
Gain (Loss) Recognized in Consolidated Statements of Income | $ 2,500 | ||||
Derivatives not designated as hedging instruments | |||||
Derivative [Line Items] | |||||
Gain (Loss) Recognized in Consolidated Statements of Income | $ (5,683) | $ 3,724 | $ (12) | $ 4,878 | |
Derivatives not designated as hedging instruments | Interest rate contracts | Capital markets income | |||||
Derivative [Line Items] | |||||
Gain (Loss) Recognized in Consolidated Statements of Income | (637) | 653 | 310 | 49 | |
Derivatives not designated as hedging instruments | Other contracts | Capital markets income | |||||
Derivative [Line Items] | |||||
Gain (Loss) Recognized in Consolidated Statements of Income | (19) | 4 | 182 | (333) | |
Derivatives not designated as hedging instruments | Mortgage derivatives | Mortgage derivatives - interest rate lock commitments | Mortgage banking income | |||||
Derivative [Line Items] | |||||
Gain (Loss) Recognized in Consolidated Statements of Income | (53) | (634) | (1,772) | 6,390 | |
Derivatives not designated as hedging instruments | Mortgage derivatives | Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans | Mortgage banking income | |||||
Derivative [Line Items] | |||||
Gain (Loss) Recognized in Consolidated Statements of Income | $ (4,974) | $ 3,701 | $ 1,268 | $ (1,228) |
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 | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Basic Net Income Per Common Share: | ||||
Net income available to common shareholders | $ 177,909 | $ 84,901 | $ 356,711 | $ 115,131 |
Weighted average common shares outstanding (in shares) | 148,113 | 147,288 | 148,289 | 147,300 |
Net income per common share, basic (in dollars per share) | $ 1.20 | $ 0.58 | $ 2.41 | $ 0.78 |
Diluted Net Income Per Common Share: | ||||
Net income available to common shareholders | $ 177,909 | $ 84,901 | $ 356,711 | $ 115,131 |
Weighted average common shares outstanding (in shares) | 148,113 | 147,288 | 148,289 | 147,300 |
Effect of dilutive outstanding equity-based awards, warrants, and earnout payments (in shares) | 1,634 | 445 | 1,475 | 767 |
Weighted average number of diluted common shares (in shares) | 149,747 | 147,733 | 149,764 | 148,067 |
Net income per common share, diluted (in dollars per share) | $ 1.19 | $ 0.57 | $ 2.38 | $ 0.78 |
Net Income Per Common Share (Na
Net Income Per Common Share (Narrative) (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Earnings Per Share [Abstract] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 0 | 1,300,000 | 21,000 | 639,000 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | |
Loss Contingencies [Line Items] | ||||||||
Allowance for loan losses | $ 516,708,000 | $ 588,648,000 | $ 516,708,000 | $ 588,648,000 | $ 563,214,000 | $ 605,736,000 | $ 493,452,000 | $ 281,402,000 |
Carrying amount included in other assets | 350,692,000 | 350,692,000 | 262,855,000 | |||||
Amount of future funding commitments included in carrying amount | 198,575,000 | 198,575,000 | 133,946,000 | |||||
Permanent and short-term construction loans and letter of credit commitments | 200,476,000 | 200,476,000 | 84,552,000 | |||||
Funded portion of permanent and short-term loans and letters of credit | 37,362,000 | 37,362,000 | 9,762,000 | |||||
Contractual amount net of risk participations | 28,500,000 | 28,500,000 | 30,200,000 | |||||
Minimum | ||||||||
Loss Contingencies [Line Items] | ||||||||
Total letters of credit and unfunded lending commitments | 0 | 0 | ||||||
Maximum | ||||||||
Loss Contingencies [Line Items] | ||||||||
Total letters of credit and unfunded lending commitments | 5,000,000 | 5,000,000 | ||||||
Other assets held for sale | ||||||||
Loss Contingencies [Line Items] | ||||||||
Guarantor obligations, advanced payment from merchant | 15,300,000 | 15,300,000 | 15,600,000 | |||||
Guarantee obligations | ||||||||
Loss Contingencies [Line Items] | ||||||||
Total letters of credit and unfunded lending commitments | 15,339,501,000 | 15,339,501,000 | 14,768,588,000 | |||||
Maximum potential exposure for sponsored transactions | 28,890,000,000 | $ 16,400,000,000 | 55,150,000,000 | $ 34,750,000,000 | ||||
Letters of credit* | ||||||||
Loss Contingencies [Line Items] | ||||||||
Total letters of credit and unfunded lending commitments | 185,433,000 | 185,433,000 | 190,562,000 | |||||
Commitments to fund commercial and industrial loans | ||||||||
Loss Contingencies [Line Items] | ||||||||
Total letters of credit and unfunded lending commitments | 8,617,252,000 | 8,617,252,000 | 8,200,608,000 | |||||
Commitments to fund commercial real estate, construction, and land development loans | ||||||||
Loss Contingencies [Line Items] | ||||||||
Total letters of credit and unfunded lending commitments | 3,286,077,000 | 3,286,077,000 | 3,290,041,000 | |||||
Commitments under home equity lines of credit | ||||||||
Loss Contingencies [Line Items] | ||||||||
Total letters of credit and unfunded lending commitments | 1,681,782,000 | 1,681,782,000 | 1,602,831,000 | |||||
Unused credit card lines | ||||||||
Loss Contingencies [Line Items] | ||||||||
Total letters of credit and unfunded lending commitments | 1,002,367,000 | 1,002,367,000 | 1,012,313,000 | |||||
Other loan commitments | ||||||||
Loss Contingencies [Line Items] | ||||||||
Total letters of credit and unfunded lending commitments | 566,590,000 | 566,590,000 | 472,233,000 | |||||
Unfunded Loan Commitment | ||||||||
Loss Contingencies [Line Items] | ||||||||
Allowance for loan losses | $ 46,900,000 | $ 46,900,000 | $ 47,800,000 |
Segment Reporting (Details)
Segment Reporting (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021USD ($)employee | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)employeesegment | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($)employee | |
Segment Reporting [Abstract] | |||||
Number of reportable segments | segment | 3 | ||||
Income Statement Related Disclosures [Abstract] | |||||
Net interest income | $ 381,860 | $ 376,566 | $ 755,716 | $ 749,826 | |
Non-interest revenue | 107,087 | 173,484 | 218,043 | 277,341 | |
Non-interest expense | 270,531 | 284,141 | 537,665 | 560,421 | |
Pre-provision net revenue | 218,416 | 265,909 | 436,094 | 466,746 | |
Balance Sheet Related Disclosures [Abstract] | |||||
Loans, net of deferred fees and costs | 38,236,018 | 38,236,018 | $ 38,252,984 | ||
Total deposits | $ 47,171,962 | $ 47,171,962 | $ 46,691,571 | ||
Total full-time equivalent employees | employee | 4,983 | 4,983 | 5,134 | ||
Operating Segments | Community Banking | |||||
Income Statement Related Disclosures [Abstract] | |||||
Net interest income | $ 202,881 | 219,097 | $ 409,123 | 415,601 | |
Non-interest revenue | 32,212 | 23,747 | 61,966 | 54,071 | |
Non-interest expense | 69,120 | 74,764 | 137,178 | 148,737 | |
Pre-provision net revenue | 165,973 | 168,080 | 333,911 | 320,935 | |
Balance Sheet Related Disclosures [Abstract] | |||||
Loans, net of deferred fees and costs | 10,730,544 | 10,730,544 | $ 11,171,013 | ||
Total deposits | $ 31,317,490 | $ 31,317,490 | $ 29,141,242 | ||
Total full-time equivalent employees | employee | 2,114 | 2,114 | 2,199 | ||
Operating Segments | Wholesale Banking | |||||
Income Statement Related Disclosures [Abstract] | |||||
Net interest income | $ 136,126 | 145,016 | $ 270,200 | 268,186 | |
Non-interest revenue | 7,000 | 5,682 | 14,319 | 15,009 | |
Non-interest expense | 21,290 | 22,934 | 42,014 | 43,647 | |
Pre-provision net revenue | 121,836 | 127,764 | 242,505 | 239,548 | |
Balance Sheet Related Disclosures [Abstract] | |||||
Loans, net of deferred fees and costs | 19,369,933 | 19,369,933 | $ 18,810,729 | ||
Total deposits | $ 10,983,120 | $ 10,983,120 | $ 11,958,105 | ||
Total full-time equivalent employees | employee | 288 | 288 | 285 | ||
Operating Segments | Financial Management Services | |||||
Income Statement Related Disclosures [Abstract] | |||||
Net interest income | $ 18,935 | 20,069 | $ 39,930 | 37,453 | |
Non-interest revenue | 52,345 | 52,976 | 110,928 | 100,360 | |
Non-interest expense | 46,773 | 48,394 | 94,447 | 91,785 | |
Pre-provision net revenue | 24,507 | 24,651 | 56,411 | 46,028 | |
Balance Sheet Related Disclosures [Abstract] | |||||
Loans, net of deferred fees and costs | 5,078,318 | 5,078,318 | $ 5,370,790 | ||
Total deposits | $ 737,202 | $ 737,202 | $ 739,200 | ||
Total full-time equivalent employees | employee | 809 | 809 | 832 | ||
Treasury and Corporate Other | |||||
Income Statement Related Disclosures [Abstract] | |||||
Net interest income | $ 23,918 | (7,616) | $ 36,463 | 28,586 | |
Non-interest revenue | 15,530 | 91,079 | 30,830 | 107,901 | |
Non-interest expense | 133,348 | 138,049 | 264,026 | 276,252 | |
Pre-provision net revenue | (93,900) | $ (54,586) | (196,733) | $ (139,765) | |
Balance Sheet Related Disclosures [Abstract] | |||||
Loans, net of deferred fees and costs | 3,057,223 | 3,057,223 | $ 2,900,452 | ||
Total deposits | $ 4,134,150 | $ 4,134,150 | $ 4,853,024 | ||
Total full-time equivalent employees | employee | 1,772 | 1,772 | 1,818 |
Uncategorized Items - syn-20210
Label | Element | Value |
Accounting Standards Update [Extensible Enumeration] | us-gaap_AccountingStandardsUpdateExtensibleList | Accounting Standards Update 2016-13 [Member] |