Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2022 | Jul. 31, 2022 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
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 | 145,369,831 | |
Entity Central Index Key | 0000018349 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Document Transition Report | false | |
Common Stock | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Common Stock, $1.00 Par Value | |
Trading Symbol | SNV | |
Security Exchange Name | NYSE | |
Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D | |
Trading Symbol | SNV - PrD | |
Security Exchange Name | NYSE | |
Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E | |
Trading Symbol | SNV - PrE | |
Security Exchange Name | NYSE |
CONSOLIDATED BALANCE SHEETS (un
CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
ASSETS | ||
Cash and due from banks | $ 583,323 | $ 432,925 |
Interest-bearing funds with Federal Reserve Bank | 1,023,030 | 2,479,006 |
Interest earning deposits with banks | 29,139 | 25,535 |
Federal funds sold and securities purchased under resale agreements | 29,568 | 72,387 |
Total cash, cash equivalents, and restricted cash | 1,665,060 | 3,009,853 |
Investment securities available for sale, at fair value | 9,889,850 | 10,918,329 |
Loans held for sale (includes $76,864 and $108,198 measured at fair value, respectively) | 917,679 | 750,642 |
Loans, net of deferred fees and costs | 41,204,780 | 39,311,958 |
Allowance for loan losses | (407,837) | (427,597) |
Loans, net | 40,796,943 | 38,884,361 |
Cash surrender value of bank-owned life insurance | 1,078,703 | 1,068,616 |
Premises, equipment, and software, net | 383,060 | 407,241 |
Goodwill | 452,390 | 452,390 |
Other intangible assets, net | 31,360 | 35,596 |
Other assets | 2,167,700 | 1,790,198 |
Total assets | 57,382,745 | 57,317,226 |
Deposits: | ||
Non-interest-bearing deposits | 16,876,710 | 16,392,653 |
Interest-bearing deposits | 32,157,990 | 33,034,623 |
Total deposits | 49,034,700 | 49,427,276 |
Federal funds purchased and securities sold under repurchase agreements | 345,242 | 264,133 |
Long-term debt | 1,804,104 | 1,204,229 |
Other liabilities | 1,614,261 | 1,124,788 |
Total liabilities | 52,798,307 | 52,020,426 |
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 170,012,527 and 169,383,758; outstanding 145,357,669 and 145,010,086 | 170,013 | 169,384 |
Additional paid-in capital | 3,908,118 | 3,894,109 |
Treasury stock, at cost; 24,654,858 and 24,373,672 shares | (944,484) | (931,497) |
Accumulated other comprehensive income (loss), net | (1,026,705) | (82,321) |
Retained earnings | 1,940,351 | 1,709,980 |
Total shareholders' equity | 4,584,438 | 5,296,800 |
Total liabilities and shareholders' equity | $ 57,382,745 | $ 57,317,226 |
CONSOLIDATED BALANCE SHEETS (_2
CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Loans held-for-sale, fair value disclosure | $ 76,864 | $ 108,198 |
Preferred stock, no par value (in dollars per share) | $ 0 | $ 0 |
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) | 170,012,527 | 169,383,758 |
Common stock, shares outstanding (in shares) | 145,357,669 | 145,010,086 |
Treasury stock, shares at cost (in shares) | 24,654,858 | 24,373,672 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Interest income: | ||||
Loans, including fees | $ 391,307 | $ 371,288 | $ 752,399 | $ 743,779 |
Investment securities available for sale | 50,312 | 33,298 | 97,562 | 62,755 |
Loans held for sale | 8,600 | 6,609 | 14,781 | 13,071 |
Federal Reserve Bank balances | 1,593 | 709 | 2,382 | 1,383 |
Other earning assets | 1,960 | 839 | 2,710 | 1,572 |
Total interest income | 453,772 | 412,743 | 869,834 | 822,560 |
Interest expense: | ||||
Deposits | 18,501 | 19,371 | 32,160 | 44,389 |
Long-term debt | 8,769 | 11,478 | 18,913 | 22,386 |
Other borrowings | 1,114 | 34 | 1,126 | 69 |
Total interest expense | 28,384 | 30,883 | 52,199 | 66,844 |
Net interest income | 425,388 | 381,860 | 817,635 | 755,716 |
Provision for (reversal of) credit losses | 12,688 | (24,598) | 24,088 | (43,173) |
Net interest income after provision for (reversal of) credit losses | 412,700 | 406,458 | 793,547 | 798,889 |
Non-interest revenue: | ||||
Service charges on deposit accounts | 23,491 | 21,414 | 46,030 | 41,448 |
Fiduciary and asset management fees | 20,100 | 18,805 | 40,377 | 36,759 |
Card fees | 16,089 | 13,304 | 30,846 | 25,300 |
Brokerage revenue | 15,243 | 13,926 | 29,898 | 26,899 |
Mortgage banking income | 3,904 | 13,842 | 9,857 | 36,157 |
Capital markets income | 7,393 | 3,335 | 12,864 | 10,840 |
Income from bank-owned life insurance | 9,165 | 7,188 | 15,722 | 16,031 |
Investment securities gains (losses), net | 0 | 0 | 0 | (1,990) |
Other non-interest revenue | 1,881 | 15,273 | 17,006 | 26,599 |
Total non-interest revenue | 97,266 | 107,087 | 202,600 | 218,043 |
Non-interest expense: | ||||
Salaries and other personnel expense | 161,063 | 160,567 | 325,747 | 322,044 |
Net occupancy, equipment, and software expense | 43,199 | 41,825 | 86,076 | 82,959 |
Third-party processing and other services | 21,952 | 24,419 | 42,947 | 44,451 |
Professional fees | 10,865 | 7,947 | 19,338 | 17,031 |
FDIC insurance and other regulatory fees | 6,894 | 5,547 | 13,144 | 11,127 |
Restructuring charges | (1,850) | 415 | (8,274) | 946 |
Other operating expense | 39,928 | 29,811 | 75,523 | 59,107 |
Total non-interest expense | 282,051 | 270,531 | 554,501 | 537,665 |
Income before income taxes | 227,915 | 243,014 | 441,646 | 479,267 |
Income tax expense | 49,863 | 56,814 | 92,558 | 105,975 |
Net income | 178,052 | 186,200 | 349,088 | 373,292 |
Less: Preferred stock dividends | 8,291 | 8,291 | 16,581 | 16,581 |
Net income available to common shareholders | $ 169,761 | $ 177,909 | $ 332,507 | $ 356,711 |
Net income per common share, basic (in dollars per share) | $ 1.17 | $ 1.20 | $ 2.29 | $ 2.41 |
Net income per common share, diluted (in dollars per share) | $ 1.16 | $ 1.19 | $ 2.27 | $ 2.38 |
Weighted average common shares outstanding, basic (in shares) | 145,328 | 148,113 | 145,301 | 148,289 |
Weighted average common shares outstanding, diluted (in shares) | 146,315 | 149,747 | 146,489 | 149,764 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income, before-tax amount | $ 227,915 | $ 243,014 | $ 441,646 | $ 479,267 |
Net income, tax | (49,863) | (56,814) | (92,558) | (105,975) |
Net income | 178,052 | 186,200 | 349,088 | 373,292 |
Before-tax Amount | ||||
Net unrealized gains (losses) arising during the period | (429,408) | 46,342 | (1,050,890) | (118,899) |
Reclassification adjustment for realized (gains) losses included in net income | 0 | 0 | 0 | 1,990 |
Net change | (429,408) | 46,342 | (1,050,890) | (116,909) |
Income Tax | ||||
Net unrealized gains (losses) arising during the period | 102,328 | (11,725) | 249,351 | 31,056 |
Reclassification adjustment for realized (gains) losses included in net income | 0 | 0 | 0 | (515) |
Net change | 102,328 | (11,725) | 249,351 | 30,541 |
Net of Tax Amount | ||||
Net unrealized gains (losses) arising during the period | (327,080) | 34,617 | (801,539) | (87,843) |
Reclassification adjustment for realized (gains) losses included in net income | 0 | 0 | 0 | 1,475 |
Net change | (327,080) | 34,617 | (801,539) | (86,368) |
Before-tax Amount | ||||
Net unrealized gains (losses) arising during the period | (48,332) | (1,923) | (184,310) | (30,980) |
Reclassification adjustment for realized (gains) losses included in net income | (978) | (3,657) | (3,167) | (5,256) |
Net change | (49,310) | (5,580) | (187,477) | (36,236) |
Income Tax | ||||
Net unrealized gains (losses) arising during the period | 11,517 | 486 | 43,878 | 8,360 |
Reclassification adjustment for realized (gains) losses included in net income | 233 | 925 | 754 | 1,335 |
Net change | 11,750 | 1,411 | 44,632 | 9,695 |
Net of Tax Amount | ||||
Net unrealized gains (losses) arising during the period | (36,815) | (1,437) | (140,432) | (22,620) |
Reclassification adjustment for realized (gains) losses included in net income | (745) | (2,732) | (2,413) | (3,921) |
Net change | (37,560) | (4,169) | (142,845) | (26,541) |
Total other comprehensive income (loss) | (478,718) | 40,762 | (1,238,367) | (153,145) |
Other comprehensive income (loss), income tax | 114,078 | (10,314) | 293,983 | 40,236 |
Total other comprehensive income (loss), net of tax | (364,640) | 30,448 | (944,384) | (112,909) |
Comprehensive income (loss) | $ (186,588) | $ 216,648 | $ (595,296) | $ 260,383 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (unaudited) - USD ($) $ in Thousands | Total | Preferred Stock | Common Stock | Additional Paid-in Capital | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Treasury Stock, Common | |
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), net of income taxes | (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 | $ (824,197) | |
Beginning balance at Mar. 31, 2021 | 5,161,717 | 537,145 | 168,978 | 3,864,281 | 15,278 | 1,307,725 | (731,690) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 186,200 | 186,200 | |||||||
Other comprehensive income (loss), net of income taxes | 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 | (824,197) | |
Beginning balance at Dec. 31, 2021 | 5,296,800 | 537,145 | 169,384 | 3,894,109 | (931,497) | (82,321) | 1,709,980 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 349,088 | 349,088 | |||||||
Other comprehensive income (loss), net of income taxes | (944,384) | (944,384) | |||||||
Cash dividends declared on common stock | (98,858) | (98,858) | |||||||
Cash dividends declared on preferred stock | [1] | (16,581) | (16,581) | ||||||
Repurchases of common stock including costs to repurchase | (12,987) | (12,987) | |||||||
Restricted share unit vesting and taxes paid related to net share settlement | (6,124) | 350 | (3,196) | (3,278) | |||||
Stock options exercised, net | 2,739 | 279 | 2,460 | ||||||
Share-based compensation expense | 14,745 | 14,745 | |||||||
Ending balance at Jun. 30, 2022 | 4,584,438 | 537,145 | 170,013 | 3,908,118 | (944,484) | (1,026,705) | 1,940,351 | (944,484) | |
Beginning balance at Mar. 31, 2022 | 4,824,635 | 537,145 | 169,912 | 3,899,269 | (662,065) | 1,821,542 | (941,168) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 178,052 | 178,052 | |||||||
Other comprehensive income (loss), net of income taxes | (364,640) | (364,640) | |||||||
Cash dividends declared on common stock | (49,416) | (49,416) | |||||||
Cash dividends declared on preferred stock | [2] | (8,291) | (8,291) | ||||||
Repurchases of common stock including costs to repurchase | (3,316) | (3,316) | |||||||
Restricted share unit vesting and taxes paid related to net share settlement | (402) | 48 | 1,086 | (1,536) | |||||
Stock options exercised, net | 972 | 53 | 919 | ||||||
Share-based compensation expense | 6,844 | 6,844 | |||||||
Ending balance at Jun. 30, 2022 | $ 4,584,438 | $ 537,145 | $ 170,013 | $ 3,908,118 | $ (944,484) | $ (1,026,705) | $ 1,940,351 | $ (944,484) | |
[1]For the six months ended June 30, 2022 and 2021, dividends per share were $0.79 and $0.73 for Series D and Series E Preferred Stock, respectively.[2]For the three months ended June 30, 2022 and 2021, 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 (unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Cash dividends on common stock (in dollars per share) | $ 0.34 | $ 0.33 | $ 0.68 | $ 0.66 |
Series D Preferred Stock | ||||
Cash dividends on preferred stock (in dollars per share) | 0.39 | 0.39 | 0.79 | 0.79 |
Series E Preferred Stock | ||||
Cash dividends on preferred stock (in dollars per share) | $ 0.37 | $ 0.37 | $ 0.73 | $ 0.73 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Operating Activities | ||
Net income | $ 349,088 | $ 373,292 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Provision for (reversal of) credit losses | 24,088 | (43,173) |
Depreciation, amortization, and accretion, net | 36,991 | 66,572 |
Deferred income tax expense (benefit) | (3,227) | 25,111 |
Originations of loans held for sale | (2,095,264) | (2,042,076) |
Proceeds from sales and payments on loans held for sale | 1,926,118 | 2,078,089 |
Gain on sales of loans held for sale, net | (7,277) | (27,502) |
(Increase) decrease in other assets | (107,698) | (7,354) |
Increase (decrease) in other liabilities | 72,987 | (1,554) |
Investment securities (gains) losses, net | 0 | 1,990 |
Share-based compensation expense | 14,511 | 13,131 |
Other | 677 | 0 |
Net cash provided by (used in) operating activities | 210,994 | 436,526 |
Investing Activities | ||
Proceeds from maturities and principal collections of investment securities available for sale | 1,226,967 | 1,616,397 |
Proceeds from sales of investment securities available for sale | 0 | 223,977 |
Purchases of investment securities available for sale | (1,269,468) | (3,476,929) |
Proceeds from sales of loans | 47,130 | 86,650 |
Purchases of loans | (361,567) | (1,041,602) |
Net (increase) decrease in loans | (1,594,366) | 928,084 |
Net (purchases) redemptions of Federal Home Loan Bank stock | (45,700) | (1,200) |
Net (purchases) redemptions of Federal Reserve Bank stock | (536) | (954) |
Net proceeds from settlement (purchases) of bank-owned life insurance policies | 3,106 | 6,264 |
Net increase in premises, equipment and software | (11,260) | (12,419) |
Other | 33,984 | 4,141 |
Net cash provided by (used in) investing activities | (1,971,710) | (1,667,591) |
Financing Activities | ||
Net increase (decrease) in deposits | (389,758) | 480,391 |
Net increase (decrease) in federal funds purchased and securities sold under repurchase agreements | 81,109 | (33,135) |
Net increase (decrease) in other short-term borrowings | 254,818 | (7,717) |
Repayments and redemption of long-term debt | (400,000) | 0 |
Proceeds from issuance of long-term debt | 1,000,000 | 0 |
Dividends paid to common shareholders | (97,293) | (97,927) |
Dividends paid to preferred shareholders | (16,581) | (16,581) |
Repurchases of common stock | (12,987) | (92,507) |
Issuances, net of taxes paid, under equity compensation plans | (3,385) | 8,300 |
Net cash provided by (used in) financing activities | 415,923 | 240,824 |
Increase (decrease) in cash and cash equivalents including restricted cash | (1,344,793) | (990,241) |
Cash, cash equivalents, and restricted cash, at beginning of period | 3,009,853 | 4,252,917 |
Cash, cash equivalents, and restricted cash at end of period | 1,665,060 | 3,262,676 |
Supplemental Disclosures: | ||
Income taxes paid | 88,090 | 115,282 |
Interest paid | 52,330 | 78,772 |
Non-cash Activities | ||
Securities purchased during the period but settled after period-end | 0 | 48,795 |
Premises and equipment transferred to other assets held for sale | 13,372 | 3,864 |
Loans foreclosed and transferred to other real estate | 0 | 801 |
Loans transferred (from) to other loans held for sale at fair value | $ (9,386) | $ 0 |
Basis of Presentation and Accou
Basis of Presentation and Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
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 consumer 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 261 branches and 367 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 (loss), 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' 2021 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 revenue and expense 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. Recent Accounting Pronouncements The following table provides a brief description of accounting standards adopted or issued in 2022 and the estimated effect on the Company’s financial statements. Standard Description Required date of adoption Effect on Company's financial statements or other significant matters Standards Adopted (or partially 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. This ASU is effective upon issuance and can be applied through December 31, 2022. The Company is in the process of evaluating and applying, as applicable, the optional expedients and exceptions in accounting for eligible contract modifications, eligible existing hedging relationships and new hedging relationships. The application of this guidance has not had and is not expected to have a material impact to the consolidated financial statements. SAB 121, Accounting for Obligations to Safeguard Crypto-Assets an Entity Holds for its Platform Users In March 2022, the SEC released SAB 121 to add interpretive guidance for entities to consider when they have obligations to safeguard crypto-assets held for clients. The new guidance requires reporting entities who allow clients to transact in crypto-assets and act as a custodian to record a liability with a corresponding asset regardless of whether they control the crypto-asset. The crypto-asset will need to be marked at fair value for each reporting period. The new guidance requires disclosures in the footnotes to address the amount of crypto-assets reported, and the safeguarding and recordkeeping of the assets. June 30, 2022, with retrospective application back to the beginning of the fiscal year. The adoption of this standard on June 30, 2022, had no impact to the consolidated financial statements. Standard Description Required date of adoption Effect on Company's financial statements or other significant matters Standards Issued But Not Yet Adopted ASU 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosure In March 2022, the FASB issued ASU 2022-02 to eliminate TDR accounting guidance while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. The ASU also provides guidance for vintage table disclosures and gross write-offs. The ASU requires an entity to disclose current-period gross write-offs by year of origination for financing receivables within the scope of Subtopic 326-20. January 1, 2023. Early adoption is permitted as of an interim period with retrospective application back to the beginning of the fiscal year. The Company is currently evaluating the potential financial statement impact from the implementation of this standard. |
Investment Securities Available
Investment Securities Available for Sale | 6 Months Ended |
Jun. 30, 2022 | |
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, 2022 and December 31, 2021 are summarized below. June 30, 2022 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury securities $ 414,744 $ — $ (28,160) $ 386,584 U.S. Government agency securities 52,866 2 (1,973) 50,895 Mortgage-backed securities issued by U.S. Government agencies 713,490 6 (81,525) 631,971 Mortgage-backed securities issued by U.S. Government sponsored enterprises 8,144,078 557 (901,994) 7,242,641 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 826,579 — (73,493) 753,086 Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises 642,436 121 (37,438) 605,119 Asset-backed securities 201,366 — — 201,366 Corporate debt securities and other debt securities 18,358 — (170) 18,188 Total investment securities available for sale $ 11,013,917 $ 686 $ (1,124,753) $ 9,889,850 December 31, 2021 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury securities $ 120,465 $ — $ (2,627) $ 117,838 U.S. Government agency securities 53,214 1,374 (387) 54,201 Mortgage-backed securities issued by U.S. Government agencies 790,329 768 (11,464) 779,633 Mortgage-backed securities issued by U.S. Government sponsored enterprises 8,063,890 50,491 (102,080) 8,012,301 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 951,691 4,658 (16,726) 939,623 Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises 479,420 8,644 (6,320) 481,744 Asset-backed securities 514,188 — — 514,188 Corporate debt securities and other debt securities 18,309 492 — 18,801 Total investment securities available for sale $ 10,991,506 $ 66,427 $ (139,604) $ 10,918,329 At June 30, 2022 and December 31, 2021, investment securities with a carrying value of $3.86 billion and $4.03 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, 2022 and December 31, 2021 are presented below. June 30, 2022 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 $ 322,983 $ (20,632) $ 42,319 $ (7,528) $ 365,302 $ (28,160) U.S. Government agency securities 50,180 (1,973) — — 50,180 (1,973) Mortgage-backed securities issued by U.S. Government agencies 305,938 (36,743) 324,431 (44,782) 630,369 (81,525) Mortgage-backed securities issued by U.S. Government sponsored enterprises 5,273,030 (605,258) 1,893,054 (296,736) 7,166,084 (901,994) Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 348,932 (26,567) 404,154 (46,926) 753,086 (73,493) Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises 418,331 (14,730) 138,644 (22,708) 556,975 (37,438) Corporate debt securities and other debt securities 18,188 (170) — — 18,188 (170) Total $ 6,737,582 $ (706,073) $ 2,802,602 $ (418,680) $ 9,540,184 $ (1,124,753) December 31, 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 $ 49,648 $ (379) $ 47,590 $ (2,248) $ 97,238 $ (2,627) U.S. Government agency securities 21,760 (387) — — 21,760 (387) Mortgage-backed securities issued by U.S. Government agencies 461,078 (5,858) 244,264 (5,606) 705,342 (11,464) Mortgage-backed securities issued by U.S. Government sponsored enterprises 5,729,476 (82,671) 643,758 (19,409) 6,373,234 (102,080) Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 187,431 (3,981) 504,238 (12,745) 691,669 (16,726) Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises 146,672 (2,951) 83,533 (3,369) 230,205 (6,320) Total $ 6,596,065 $ (96,227) $ 1,523,383 $ (43,377) $ 8,119,448 $ (139,604) As of June 30, 2022, Synovus had 304 investment securities in a loss position for less than twelve months and 79 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, 2022. At June 30, 2022, 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, 2022 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, 2022 (in thousands) Within One 1 to 5 5 to 10 More Than Total Amortized Cost U.S. Treasury securities $ 21,282 $ 343,616 $ 49,846 $ — $ 414,744 U.S. Government agency securities 456 22,420 29,990 — 52,866 Mortgage-backed securities issued by U.S. Government agencies — 727 5 712,758 713,490 Mortgage-backed securities issued by U.S. Government sponsored enterprises — — 127,499 8,016,579 8,144,078 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — 114 — 826,465 826,579 Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises — 338,951 234,679 68,806 642,436 Asset-backed securities 201,366 — — — 201,366 Corporate debt securities and other debt securities 9,501 — 8,857 — 18,358 Total amortized cost $ 232,605 $ 705,828 $ 450,876 $ 9,624,608 $ 11,013,917 Fair Value U.S. Treasury securities $ 21,282 $ 322,983 $ 42,319 $ — $ 386,584 U.S. Government agency securities 457 20,581 29,857 — 50,895 Mortgage-backed securities issued by U.S. Government agencies — 727 5 631,239 631,971 Mortgage-backed securities issued by U.S. Government sponsored enterprises — — 124,738 7,117,903 7,242,641 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — 114 — 752,972 753,086 Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises — 328,630 209,726 66,763 605,119 Asset-backed securities 201,366 — — — 201,366 Corporate debt securities and other debt securities 9,446 — 8,742 — 18,188 Total fair value $ 232,551 $ 673,035 $ 415,387 $ 8,568,877 $ 9,889,850 Gross gains and gross losses on sales of securities available for sale for the three and six months ended June 30, 2022 and 2021 are presented below. The specific identification method is used to reclassify gains and losses out of other comprehensive income (loss) at the time of sale. Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 Gross realized gains on sales $ — $ — $ — $ — Gross realized losses on sales — — — (1,990) Investment securities gains (losses), net $ — $ — $ — $ (1,990) |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses | 6 Months Ended |
Jun. 30, 2022 | |
Receivables [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, 2022 and December 31, 2021. June 30, 2022 (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 $ 12,954,600 $ 14,363 $ 525 $ 14,888 $ 12,834 $ 35,767 $ 13,018,089 Owner-occupied 7,744,300 4,538 — 4,538 6,955 4,443 7,760,236 Total commercial and industrial 20,698,900 18,901 525 19,426 19,789 40,210 20,778,325 Investment properties 10,400,407 271 — 271 5,025 2,345 10,408,048 1-4 family properties 636,701 2,036 — 2,036 1,821 1,297 641,855 Land and development 451,590 — — — 1,924 — 453,514 Total commercial real estate 11,488,698 2,307 — 2,307 8,770 3,642 11,503,417 Consumer mortgages 5,092,428 9,238 — 9,238 22,857 — 5,124,523 Home equity 1,567,527 3,591 — 3,591 7,588 512 1,579,218 Credit cards 191,641 1,413 1,236 2,649 — — 194,290 Other consumer loans 2,000,402 18,459 490 18,949 5,656 — 2,025,007 Total consumer 8,851,998 32,701 1,726 34,427 36,101 512 8,923,038 Loans, net of deferred fees and costs $ 41,039,596 $ 53,909 $ 2,251 $ 56,160 $ 64,660 $ 44,364 $ 41,204,780 December 31, 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 $ 12,068,740 $ 13,378 $ 3,953 $ 17,331 $ 37,918 $ 23,869 $ 12,147,858 Owner-occupied 7,460,184 3,627 59 3,686 7,146 4,050 7,475,066 Total commercial and industrial 19,528,924 17,005 4,012 21,017 45,064 27,919 19,622,924 Investment properties 9,894,924 1,285 717 2,002 3,273 2,577 9,902,776 1-4 family properties 639,631 1,182 93 1,275 4,535 28 645,469 Land and development 463,949 845 154 999 1,918 — 466,866 Total commercial real estate 10,998,504 3,312 964 4,276 9,726 2,605 11,015,111 Consumer mortgages 5,033,537 6,257 126 6,383 29,078 — 5,068,998 Home equity 1,349,027 2,619 — 2,619 9,773 — 1,361,419 Credit cards 201,929 1,233 1,010 2,243 — — 204,172 Other consumer loans 2,011,430 20,369 658 21,027 6,877 — 2,039,334 Total consumer 8,595,923 30,478 1,794 32,272 45,728 — 8,673,923 Loans, net of deferred fees and costs $ 39,123,351 $ 50,795 $ 6,770 $ 57,565 $ 100,518 $ 30,524 $ 39,311,958 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 $2.0 million and $2.7 million for the three months ended June 30, 2022 and 2021, respectively and $5.4 million and $6.2 million for the six months ended June 30, 2022 and 2021, respectively. Of the interest income recognized during the three months ended June 30, 2022 and 2021, cash-basis interest income was $410 thousand and $575 thousand, respectively. Cash-basis interest income was $964 thousand and $1.2 million for the six months ended June 30, 2022 and 2021 respectively. Pledged Loans Loans with carrying values of $15.15 billion and $14.19 billion, respectively, were pledged as collateral for borrowings and capacity at June 30, 2022 and December 31, 2021, 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 primarily 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. 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 $86.7 million at June 30, 2022 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, home equity, and consumer credit card loans, as well as home improvement loans, student, personal, and auto loans from third-party lending ("other consumer loans"). Together, consumer mortgages and home equity comprise the majority of Synovus' consumer loans and are 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 home equity) 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, 2022 and December 31, 2021 as required under CECL. June 30, 2022 Term Loans Amortized Cost Basis by Origination Year Revolving Loans (in thousands) 2022 2021 2020 2019 2018 Prior Amortized Cost Basis Converted to Term Loans Total Commercial, financial and agricultural Pass $ 539,814 $ 2,126,772 $ 1,183,170 $ 811,870 $ 569,801 $ 1,166,642 $ 6,202,131 $ 30,553 $ 12,630,753 Special Mention 3,136 4,280 9,337 9,435 17,596 3,333 86,555 — 133,672 Substandard (1) 6,888 11,081 52,047 45,437 18,756 28,546 86,152 1,082 249,989 Doubtful (2) — — — — 3,520 — — — 3,520 Loss (3) — — — — — — 155 — 155 Total commercial, financial and agricultural 549,838 2,142,133 1,244,554 866,742 609,673 1,198,521 6,374,993 31,635 13,018,089 Owner-occupied Pass 834,063 1,730,966 1,178,269 1,007,485 720,509 1,388,397 641,261 — 7,500,950 Special Mention 137 4,545 86,210 8,841 45,656 28,168 — — 173,557 Substandard (1) 2,400 12,555 2,969 5,738 39,048 22,766 — — 85,476 Loss (3) — 253 — — — — — — 253 Total owner-occupied 836,600 1,748,319 1,267,448 1,022,064 805,213 1,439,331 641,261 — 7,760,236 Total commercial and industrial 1,386,438 3,890,452 2,512,002 1,888,806 1,414,886 2,637,852 7,016,254 31,635 20,778,325 Investment properties Pass 1,352,056 2,953,629 1,554,185 1,444,006 901,677 1,749,178 314,751 — 10,269,482 Special Mention — 6,963 — 15,295 11,559 4,409 7,997 — 46,223 Substandard (1) 358 486 631 3,695 52,785 13,118 21,270 — 92,343 Total investment properties 1,352,414 2,961,078 1,554,816 1,462,996 966,021 1,766,705 344,018 — 10,408,048 1-4 family properties Pass 174,897 203,245 56,607 38,918 33,778 75,587 46,689 — 629,721 Special Mention 2,688 1,250 970 634 — 202 — — 5,744 Substandard (1) 699 1,785 5 435 1,521 1,900 45 — 6,390 Total 1-4 family properties 178,284 206,280 57,582 39,987 35,299 77,689 46,734 — 641,855 June 30, 2022 Term Loans Amortized Cost Basis by Origination Year Revolving Loans (in thousands) 2022 2021 2020 2019 2018 Prior Amortized Cost Basis Converted to Term Loans Total Land and development Pass 66,081 133,592 30,360 55,259 21,038 84,205 22,182 — 412,717 Special Mention 29 170 775 — 31,136 290 — — 32,400 Substandard (1) 813 2,884 225 643 477 3,355 — — 8,397 Total land and development 66,923 136,646 31,360 55,902 52,651 87,850 22,182 — 453,514 Total commercial real estate 1,597,621 3,304,004 1,643,758 1,558,885 1,053,971 1,932,244 412,934 — 11,503,417 Consumer mortgages Pass 498,240 1,249,155 1,432,760 496,716 187,795 1,205,352 492 — 5,070,510 Substandard (1) 45 2,667 4,926 7,134 11,624 26,856 — — 53,252 Loss (3) — — — 4 — 757 — — 761 Total consumer mortgages 498,285 1,251,822 1,437,686 503,854 199,419 1,232,965 492 — 5,124,523 Home equity Pass — — — — — — 1,204,042 363,356 1,567,398 Substandard (1) — — — — — — 6,967 4,289 11,256 Loss (3) — — — — — — 426 138 564 Total home equity — — — — — — 1,211,435 367,783 1,579,218 Credit cards Pass — — — — — — 193,102 — 193,102 Substandard (1) — — — — — — 430 — 430 Loss (4) — — — — — — 758 — 758 Total credit cards — — — — — — 194,290 — 194,290 Other consumer loans Pass 155,843 667,787 557,705 86,030 43,321 182,373 323,060 — 2,016,119 Substandard (1) 1,942 1,515 1,724 1,326 1,110 1,094 168 — 8,879 Loss (4) — — — — — 9 — — 9 Total other consumer loans 157,785 669,302 559,429 87,356 44,431 183,476 323,228 — 2,025,007 Total consumer 656,070 1,921,124 1,997,115 591,210 243,850 1,416,441 1,729,445 367,783 8,923,038 Loans, net of deferred fees and costs $ 3,640,129 $ 9,115,580 $ 6,152,875 $ 4,038,901 $ 2,712,707 $ 5,986,537 $ 9,158,633 $ 399,418 $ 41,204,780 (1) The majority of loans within Substandard risk grade are accruing loans at June 30, 2022. (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, 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 $ 2,396,717 $ 1,332,549 $ 922,396 $ 607,918 $ 433,045 $ 903,995 $ 5,151,981 $ 42,809 $ 11,791,410 Special Mention 2,731 15,166 17,571 10,433 2,242 2,489 71,996 — 122,628 Substandard (1) 16,105 50,979 40,125 10,383 16,473 37,565 51,442 33 223,105 Doubtful (2) 469 — 1,601 8,512 — — 48 — 10,630 Loss (3) — — — — — — 85 — 85 Total commercial, financial and agricultural 2,416,022 1,398,694 981,693 637,246 451,760 944,049 5,275,552 42,842 12,147,858 Owner-occupied Pass 1,776,086 1,276,797 1,117,825 858,721 708,942 1,116,766 437,724 — 7,292,861 Special Mention 702 19,950 4,724 10,202 18,109 36,481 — — 90,168 Substandard (1) 7,312 1,294 8,386 43,276 6,169 25,329 — — 91,766 Loss (3) 271 — — — — — — — 271 Total owner-occupied 1,784,371 1,298,041 1,130,935 912,199 733,220 1,178,576 437,724 — 7,475,066 Total commercial and industrial 4,200,393 2,696,735 2,112,628 1,549,445 1,184,980 2,122,625 5,713,276 42,842 19,622,924 Investment properties Pass 2,823,978 1,463,503 1,905,534 1,019,765 738,036 1,317,634 278,697 — 9,547,147 Special Mention 6,163 — 32,290 63,900 59,194 44,532 33,659 — 239,738 Substandard (1) 1,465 326 8,550 57,127 3,564 23,505 21,354 — 115,891 Total investment properties 2,831,606 1,463,829 1,946,374 1,140,792 800,794 1,385,671 333,710 — 9,902,776 1-4 family properties Pass 295,082 82,976 51,939 43,025 49,057 57,025 55,588 — 634,692 Special Mention 192 207 641 — — 239 — — 1,279 Substandard (1) 1,999 — 566 4,222 489 2,177 45 — 9,498 Total 1-4 family properties 297,273 83,183 53,146 47,247 49,546 59,441 55,633 — 645,469 Land and development Pass 141,614 42,201 77,868 34,058 37,167 44,989 44,730 — 422,627 Special Mention — 800 1,900 31,458 — 1,179 — — 35,337 Substandard (1) 824 1,149 46 3,021 807 3,055 — — 8,902 Total land and development 142,438 44,150 79,814 68,537 37,974 49,223 44,730 — 466,866 Total commercial real estate 3,271,317 1,591,162 2,079,334 1,256,576 888,314 1,494,335 434,073 — 11,015,111 December 31, 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 Consumer mortgages Pass 1,274,999 1,556,733 572,467 216,277 392,492 1,001,771 255 — 5,014,994 Substandard (1) 1,031 3,680 5,943 12,387 5,717 25,025 — — 53,783 Loss (3) — — 5 — — 216 — — 221 Total consumer mortgages 1,276,030 1,560,413 578,415 228,664 398,209 1,027,012 255 — 5,068,998 Home equity Pass — — — — — — 1,199,556 146,635 1,346,191 Substandard (1) — — — — — — 9,058 5,372 14,430 Loss (3) — — — — — — 658 140 798 Total home equity — — — — — — 1,209,272 152,147 1,361,419 Credit cards Pass — — — — — — 203,161 — 203,161 Substandard (1) — — — — — — 348 — 348 Loss (4) — — — — — — 663 — 663 Total credit cards — — — — — — 204,172 — 204,172 Other consumer loans Pass 654,419 708,937 127,131 49,993 86,175 97,765 306,500 — 2,030,920 Substandard (1) 668 1,550 2,064 1,308 1,892 750 162 — 8,394 Loss (4) — — — — — 20 — — 20 Total other consumer loans 655,087 710,487 129,195 51,301 88,067 98,535 306,662 — 2,039,334 Total consumer 1,931,117 2,270,900 707,610 279,965 486,276 1,125,547 1,720,361 152,147 8,673,923 Loans, net of deferred fees and costs $ 9,402,827 $ 6,558,797 $ 4,899,572 $ 3,085,986 $ 2,559,570 $ 4,742,507 $ 7,867,710 $ 194,989 $ 39,311,958 (1) The majority of loans within Substandard risk grade are accruing loans at December 31, 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. 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, 2022. 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, 2022 and 2021. As Of and For the Three Months Ended June 30, 2022 (in thousands) Commercial & Industrial Commercial Real Estate Consumer Total Allowance for loan losses: Beginning balance at March 31, 2022 $ 178,722 $ 94,696 $ 141,538 $ 414,956 Charge-offs (15,512) (252) (7,934) (23,698) Recoveries 3,208 572 3,353 7,133 Provision for (reversal of) loan losses (6,410) 9,202 6,654 9,446 Ending balance at June 30, 2022 $ 160,008 $ 104,218 $ 143,611 $ 407,837 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 Provision for (reversal of) 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 Six Months Ended June 30, 2022 (in thousands) Commercial & Industrial Commercial Real Estate Consumer Total Allowance for loan losses: Beginning balance at December 31, 2021 $ 188,364 $ 97,760 $ 141,473 $ 427,597 Charge-offs (29,275) (2,708) (16,862) (48,845) Recoveries 5,571 933 7,167 13,671 Provision for (reversal of) loan losses (4,652) 8,233 11,833 15,414 Ending balance at June 30, 2022 $ 160,008 $ 104,218 $ 143,611 $ 407,837 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 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 The ALL of $407.8 million and the reserve for unfunded commitments of $50.6 million, which is recorded in other liabilities, comprise the total ACL of $458.4 million at June 30, 2022. The ACL decreased $11.1 million compared to the December 31, 2021 ACL of $469.5 million, which consisted of the ALL of $427.6 million and the reserve for unfunded commitments of $41.9 million. The ACL to loans coverage ratio of 1.11% at June 30, 2022 was 8 bps lower compared to December 31, 2021. The reduction in the ACL resulted primarily from decreased specific reserves, continued positive trends in our credit performance, and the modeled impact from improvement in the current labor market. This was partially offset by loan growth and an increase in the downside weighting of the multiple scenario model which reflects increased economic uncertainty from inflation concerns and geopolitical tensions which slowed the pace of the allowance decline for the first half of the year. 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 that are probability-weighted internally. The scenarios include a consensus baseline forecast, an upside scenario reflecting an accelerated recovery, a downside scenario that reflects adverse economic conditions, and an additional adverse scenario that assumes consistent slow growth that is less optimistic than the baseline. At June 30, 2022, economic scenario weights incorporated a 60% downside bias to the baseline scenario compared to 43% at December 31, 2021. The consensus baseline outlook used in the June 30, 2022 estimate showed stable economic conditions with an unemployment rate of 3.6% over the forecast period, compared to the December 31, 2021 baseline forecast that sloped from above 4.0% to 3.5%. The downside scenario that assumes consistent slow growth is the highest internally-weighted economic scenario and includes an unemployment rate that steadily rises to 5.2% by the end of 2023. The provision for credit losses of $12.7 million and $24.1 million for the three and six months ended June 30, 2022 included net charge-offs of $16.6 million and $35.2 million, respectively, and represented a slowing of allowance releases due primarily to the increased economic uncertainty noted above. $3.7 million and $7.5 million in reserves, respectively, were also added as a result of purchases of $180.2 million and $361.6 million of third-party lending loans for the three and six months ended June 30, 2022, 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 under the CARES Act, some of which had not been classified as TDRs. The CARES Act election period ended on January 1, 2022. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" in Synovus' 2021 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, 2022 and 2021 that were reported as accruing or non-accruing TDRs. TDRs by Concession Type Three Months Ended June 30, 2022 (in thousands, except contract data) Number of Contracts Below Market Interest Rate Other Concessions (1) Total Commercial, financial and agricultural 23 $ 8,534 $ 266 $ 8,800 Owner-occupied 7 22,430 — 22,430 Total commercial and industrial 30 30,964 266 31,230 Investment properties 2 690 — 690 1-4 family properties 4 1,984 — 1,984 Land and development 1 437 — 437 Total commercial real estate 7 3,111 — 3,111 Consumer mortgages 3 159 162 321 Home equity 14 2,490 39 2,529 Other consumer loans 4 — 91 91 Total consumer 21 2,649 292 2,941 Total TDRs 58 $ 36,724 $ 558 $ 37,282 (2) 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 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 (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, 2022 and 2021. (2) No net charge-offs were recorded during the three months ended June 30, 2022 . (3) No net charge-offs were recorded during the three months ended June 30, 2021 . Six Months Ended June 30, 2022 (in thousands, except contract data) Number of Contracts Below Market Interest Rate Other Concessions (1) Total Commercial, financial and agricultural 56 $ 26,434 $ 807 $ 27,241 Owner-occupied 20 28,534 3,857 32,391 Total commercial and industrial 76 54,968 4,664 59,632 Investment properties 5 1,279 6,610 7,889 1-4 family properties 11 3,197 — 3,197 Land and development 4 3,168 — 3,168 Total commercial real estate 20 7,644 6,610 14,254 Consumer mortgages 10 1,176 266 1,442 Home equity 25 3,419 39 3,458 Other consumer loans 6 — 139 139 Total consumer 41 4,595 444 5,039 Total TDRs 137 $ 67,207 $ 11,718 $ 78,925 (2) 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 $ 5,003 $ 3,737 $ 8,740 Owner-occupied 10 2,409 399 2,808 Total commercial and industrial 68 7,412 4,136 11,548 Investment properties 6 2,403 — 2,403 1-4 family properties 7 621 39 660 Land and development 2 366 43 409 Total commercial real estate 15 3,390 82 3,472 Consumer mortgages 2 331 — 331 Home equity 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 $ 12,936 $ 9,340 $ 22,276 (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, 2022 and 2021. (2) No net charge-offs were recorded during the six months ended June 30, 2022. (3) No net charge-offs were recorded during the six months ended June 30, 2021. For both the three and six months ended June 30, 2022, there were 3 defaults with a recorded investment of $430 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 five defaults with a recorded investment of $172 thousand for both the three and six months ended June 30, 2021. As of June 30, 2022 and December 31, 2021, there were no commitments to lend a material amount of additional funds to any client whose loan was classified as a TDR. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Note 4 - Goodwill and Other Intangible Assets During the first quarter of 2022, Synovus reorganized its internal management reporting structure to add an additional segment for Consumer Banking. The Consumer Banking segment was previously included in the Community Banking segment. In connection with the reorganization, management reallocated a portion of the Community Banking goodwill to Consumer Banking using a relative fair value approach. See "Part I - Item 1. Financial Statements and Supplementary Data - Note 10 - Segment Reporting" in this Report for additional information. Goodwill allocated to each reporting unit at June 30, 2022 and December 31, 2021 is presented as follows: (in thousands) Wholesale Banking Reporting Unit Community Banking Reporting Unit Consumer Banking Reporting Unit Mortgage Reporting Unit Wealth Management Reporting Unit Total Goodwill Balance at December 31, 2021 $ 171,636 $ 256,323 $ — $ — $ 24,431 $ 452,390 Changes during the period from: Reallocation — (114,701) 114,701 — — — Balance at June 30, 2022 $ 171,636 $ 141,622 $ 114,701 $ — $ 24,431 $ 452,390 Goodwill 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. Due to the Company’s reorganization of its reporting structure during the first quarter of 2022, as described above, the Company thereby performed a qualitative impairment assessment of the impacted reporting units and determined that performing a quantitative impairment test was not necessary. The following table shows the gross carrying amount and accumulated amortization of other intangible assets as of June 30, 2022 and December 31, 2021, 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, 2022, was $2.1 million and $4.2 million, respectively. 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. (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Value June 30, 2022 CDI $ 57,400 $ (31,831) $ 25,569 Other 12,500 (6,709) 5,791 Total other intangible assets $ 69,900 $ (38,540) $ 31,360 December 31, 2021 CDI $ 57,400 $ (28,178) $ 29,222 Other 12,500 (6,126) 6,374 Total other intangible assets $ 69,900 $ (34,304) $ 35,596 |
Shareholders' Equity and Other
Shareholders' Equity and Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2022 | |
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 20, 2022 that its Board of Directors authorized share repurchases of up to $300 million in 2022. During the three months ended June 30, 2022, Synovus repurchased under this program a total of $3.3 million, or 78 thousand shares of its common stock, at an average price of $42.71 per share, and during the six months ended June 30, 2022, Synovus repurchased a total of $13.0 million, or 281 thousand shares of its common stock, at an average price of $46.17 per share. 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, 2022 and 2021. 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) Total Balance at March 31, 2022 $ (542,439) $ (119,626) $ (662,065) Other comprehensive income (loss) before reclassifications (327,080) (36,815) (363,895) Amounts reclassified from AOCI — (745) (745) Net current period other comprehensive income (loss) (327,080) (37,560) (364,640) Balance at June 30, 2022 $ (869,519) $ (157,186) $ (1,026,705) 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, December 31, 2021 $ (67,980) $ (14,341) $ (82,321) Other comprehensive income (loss) before reclassifications (801,539) (140,432) (941,971) Amounts reclassified from AOCI — (2,413) (2,413) Net current period other comprehensive income (loss) (801,539) (142,845) (944,384) Balance at June 30, 2022 $ (869,519) $ (157,186) $ (1,026,705) 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 (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, 2022 | |
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' 2021 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, 2022 December 31, 2021 (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 $ — $ 2,795 $ — $ 2,795 $ — $ 197 $ — $ 197 Collateralized mortgage obligations issued by U.S. Government sponsored enterprises — 412 — 412 — 671 — 671 Other mortgage-backed securities — 3,231 — 3,231 — — — — State and municipal securities — 28 — 28 — 560 — 560 Asset-backed securities — 9,811 — 9,811 — 6,963 — 6,963 Total trading securities $ — $ 16,277 $ — $ 16,277 $ — $ 8,391 $ — $ 8,391 Investment securities available for sale: U.S. Treasury securities $ 386,584 $ — $ — $ 386,584 $ 117,838 $ — $ — $ 117,838 U.S. Government agency securities — 50,895 — 50,895 — 54,201 — 54,201 Mortgage-backed securities issued by U.S. Government agencies — 631,971 — 631,971 — 779,633 — 779,633 Mortgage-backed securities issued by U.S. Government sponsored enterprises — 7,242,641 — 7,242,641 — 8,012,301 — 8,012,301 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — 753,086 — 753,086 — 939,623 — 939,623 Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises — 605,119 — 605,119 — 481,744 — 481,744 Asset-backed securities — 201,366 — 201,366 — 514,188 — 514,188 Corporate debt securities and other debt securities — 18,188 — 18,188 — 18,801 — 18,801 Total investment securities available for sale $ 386,584 $ 9,503,266 $ — $ 9,889,850 $ 117,838 $ 10,800,491 $ — $ 10,918,329 Mortgage loans held for sale $ — $ 76,864 $ — $ 76,864 $ — $ 108,198 $ — $ 108,198 Other investments — — 11,083 11,083 — — 12,185 12,185 Mutual funds and mutual funds held in rabbi trusts 41,254 — — 41,254 43,657 — — 43,657 GGL/SBA loans servicing asset — — 3,155 3,155 — — 3,233 3,233 Derivative assets — 191,377 — 191,377 — 191,708 — 191,708 Liabilities Trading liability for short positions $ — $ 5,018 $ — $ 5,018 $ — $ 200 $ — $ 200 Mutual funds held in rabbi trusts 25,995 — — 25,995 27,205 — — 27,205 Derivative liabilities — 339,722 4,993 344,715 — 95,067 3,535 98,602 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, 2022 As of December 31, 2021 Fair value $ 76,864 $ 108,198 Unpaid principal balance 75,996 105,785 Fair value less aggregate unpaid principal balance $ 868 $ 2,413 Changes in Fair Value Included in Net Income Three Months Ended June 30, Six Months Ended June 30, Location in Consolidated Statements of Income (in thousands) 2022 2021 2022 2021 Mortgage loans held for sale $ 805 $ 4,094 $ (1,545) $ (538) Mortgage banking income Activity for Level 3 Assets and Liabilities Se e "Part II - Item 8. Financial Statements and Supplementary Data - Note 12 - Fair Value Accounting" of Synovus' 2021 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, 2022 and 2021 , 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, 2022 (in thousands) Other Investments GGL / SBA Visa Derivative Beginning balance $ 12,093 $ 3,451 $ (1,776) Total gains (losses) realized/unrealized: Included in earnings (7,037) (510) (3,500) Additions 6,027 — — Settlements — 214 283 Ending balance $ 11,083 $ 3,155 $ (4,993) 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, 2022 $ (7,037) $ — $ (3,500) Three Months Ended June 30, 2021 (in thousands) Investment Securities Available for Sale Other 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) $ — Six Months Ended June 30, 2022 (in thousands) Other Investments GGL / SBA Visa Derivative Beginning balance $ 12,185 $ 3,233 $ (3,535) Total gains (losses) realized/unrealized: Included in earnings (7,129) (772) (3,500) Additions 6,027 — — Settlements — 694 2,042 Ending balance $ 11,083 $ 3,155 $ (4,993) 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, 2022 $ (7,129) $ — $ (3,500) Six Months Ended June 30, 2021 (in thousands) Investment Securities Available for Sale Other 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) $ — 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, 2022 Fair Value Adjustments for the Location in Consolidated Statements of Income (in thousands) Level 1 Level 2 Level 3 Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 Loans (1) $ — $ — $ 24,360 $ 8,900 $ 9,239 Provision for credit losses Other assets held for sale — — 2,725 — 492 Other operating expense June 30, 2021 Fair Value Adjustments for the Location in Consolidated Statements of Income Level 1 Level 2 Level 3 Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 Loans (1) $ — $ — $ 29,201 $ 13,476 $ 13,504 Provision for credit losses Other real estate — — 42 2 2 Other operating expense Other assets held for sale — — 1,170 76 76 Other operating expense (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, 2022 and December 31, 2021 was $11.4 million and $11.8 million, respectively. Fair Value of Financial Instruments The following tables present the carrying and estimated fair values of financial instruments at June 30, 2022 and December 31, 2021. 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' 2021 Form 10-K for a description of how fair value measurements are determined. June 30, 2022 (in thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Financial assets Total cash, cash equivalents, and restricted cash $ 1,665,060 $ 1,665,060 $ 1,665,060 $ — $ — Trading securities 16,277 16,277 — 16,277 — Investment securities available for sale 9,889,850 9,889,850 386,584 9,503,266 — Loans held for sale 917,679 917,347 — 76,864 840,483 Other investments 11,083 11,083 — — 11,083 Mutual funds and mutual funds held in rabbi trusts 41,254 41,254 41,254 — — Loans, net 40,796,943 40,886,790 — — 40,886,790 GGL/SBA loans servicing asset 3,155 3,155 — — 3,155 FRB and FHLB stock 206,177 206,177 — 206,177 Derivative assets 191,377 191,377 — 191,377 — Financial liabilities Non-interest-bearing deposits $ 16,876,710 $ 16,876,710 $ — $ 16,876,710 $ — Non-time interest-bearing deposits 27,084,663 27,084,663 — 27,084,663 — Time deposits 5,073,327 5,052,977 — 5,052,977 — Total deposits $ 49,034,700 $ 49,014,350 $ — $ 49,014,350 $ — Federal funds purchased and securities sold under repurchase agreements 345,242 345,242 345,242 — — Trading liability for short positions 5,018 5,018 — 5,018 — Short-term borrowings 250,000 250,000 — 250,000 — Long-term debt 1,804,104 1,793,812 — 1,793,812 — Mutual funds held in rabbi trusts 25,995 25,995 25,995 — — Derivative liabilities 344,715 344,715 — 339,722 4,993 December 31, 2021 (in thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Financial assets Total cash, cash equivalents, and restricted cash $ 3,009,853 $ 3,009,853 $ 3,009,853 $ — $ — Trading securities 8,391 8,391 — 8,391 — Investment securities available for sale 10,918,329 10,918,329 117,838 10,800,491 — Loans held for sale 750,642 749,980 — 108,198 641,782 Other investments 12,185 12,185 — — 12,185 Mutual funds and mutual funds held in rabbi trusts 43,657 43,657 43,657 — — Loans, net 38,884,361 39,118,275 — — 39,118,275 GGL/SBA loans servicing asset 3,233 3,233 — — 3,233 FRB and FHLB stock 159,941 159,941 — 159,941 — Derivative assets 191,708 191,708 — 191,708 — Financial liabilities Non-interest-bearing deposits $ 16,392,653 $ 16,392,653 $ — $ 16,392,653 $ — Non-time interest-bearing deposits 28,917,148 28,917,148 — 28,917,148 — Time deposits 4,117,475 4,125,673 — 4,125,673 — Total deposits $ 49,427,276 $ 49,435,474 $ — $ 49,435,474 $ — Federal funds purchased and securities sold under repurchase agreements 264,133 264,133 264,133 — — Trading liability for short positions 200 200 — 200 — Long-term debt 1,204,229 1,243,147 — 1,243,147 — Mutual funds held in rabbi trusts 27,205 27,205 27,205 — — Derivative liabilities 98,602 98,602 — 95,067 3,535 |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 6 Months Ended |
Jun. 30, 2022 | |
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 client transactions. The primary types of derivative instruments utilized by Synovus consist of interest rate swaps, interest rate lock commitments made to prospective mortgage loan clients, 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. Synov us also provides foreign currency exchange services, primarily forward contracts, with counterparties to allow commercial clients to mitigate exchange rate risk. Synovus covers its risk by entering into an offsetting foreign currency exchange forward contract. 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' 2021 Form 10-K for additional information regarding accounting policies for derivatives. Hedging Derivatives Cash flow hedging 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. During the three and six months ended June 30, 2022, notional amounts of $250.0 million and $1.65 billion, respectively, in either spot starting or forward starting cash flow hedges were added. For cash flow hedges, 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 no unrealized gains during the three and six months ended June 30, 2022 and $757 thousand, or $565 thousand, after tax, in OCI during the first quarter of 2021 related to terminated cash flow hedges, which are being recognized into earnings in conjunction with the effective terms of the original swaps through the second quarter of 2026. Synovus recognized pre-tax income of $1.0 million and $3.2 million during the three and six months ended June 30, 2022 and $3.7 million and $5.3 million for the three and six months ended June 30, 2021 related to the amortization of terminated cash flow hedges. As of June 30, 2022, Synovus expects to reclassify into earnings approximately $84 million in pre-tax loss 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 $2 million in pre-tax income related to the amortization of terminated cash flow hedges. As of June 30, 2022, the maximum length of time over which Synovus is hedging its exposure to the variability in future cash flows is through the third quarter of 2026. Fair value hedging relationships mitigate exposure to the change in fair value of an asset or liability. Synovus has entered into receive-fixed, pay-variable interest rate swap contracts to hedge the change in the fair value due to fluctuations in market interest rates for outstanding fixed-rate long-term debt and interest-bearing deposits. The changes in fair value of the fair value hedges are recorded through earnings with an offset against changes in the fair value of the hedged item within interest expense in the consolidated statements of income. All components of each derivative instrument’s gain/(loss) are included in the assessment of hedge effectiveness. During the second quarter of 2022, notional amounts of $819.4 million in fair value hedges were added. 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 client 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, client risk rating, and client 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 client 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, 2022 and December 31, 2021, collateral totaling $31.6 million and $64.5 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, 2022 and December 31, 2021, Synovus had a variation margin of $37.0 million and $94.6 million respectively, each reducing the derivative liability. The following table reflects the estimated fair value of derivative instruments included in other assets and other liabilities on the consolidated balance sheets along with their respective notional amounts on a gross basis. June 30, 2022 December 31, 2021 Estimated Fair Value Estimated Fair Value (in thousands) Notional Amount Derivative Assets Derivative Liabilities Notional Amount Derivative Assets Derivative Liabilities Derivatives in cash flow hedging relationships: Interest rate contracts $ 5,250,000 $ 248 $ 182,949 $ 3,600,000 $ 22,004 $ 20,395 Total cash flow hedges $ 248 $ 182,949 $ 22,004 $ 20,395 Derivatives in fair value hedging relationships: Interest rate contracts $ 819,389 $ 298 $ 4,571 $ — $ — $ — Total fair value hedges $ 298 $ 4,571 $ — $ — Total derivatives designated as hedging instruments $ 546 $ 187,520 $ 22,004 $ 20,395 Derivatives not designated Interest rate contracts (1) $ 9,250,136 $ 188,994 $ 152,201 $ 9,653,600 $ 167,560 $ 74,514 Mortgage derivatives - interest rate lock commitments 108,135 1,181 — 99,006 2,105 — Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans 126,000 233 — 105,500 — 122 Risk participation agreements 448,186 — 1 374,214 — 36 Foreign exchange contracts 22,082 423 — 22,387 39 — Visa derivative — — 4,993 — — 3,535 Total derivatives not designated as hedging instruments $ 190,831 $ 157,195 $ 169,704 $ 78,207 (1) Includes interest rate contracts for client swaps and offsetting positions, net of variation margin payments. 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, 2022 and 2021 . Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 Total interest income/(expense) amounts presented in the consolidated statements of income: Interest income on loans, including fees $ 2,986 $ 7,605 $ 11,642 $ 15,947 Interest expense on deposits 1,447 — 1,447 — Interest expense on long-term debt 584 — 584 — Gain/(loss) on cash flow hedging relationships: Interest rate contracts: Realized gains (losses) reclassified from AOCI, pre-tax, to interest income on loans 978 3,657 3,167 5,256 Pre-tax income recognized on cash flow hedges $ 978 $ 3,657 $ 3,167 $ 5,256 Gain/(loss) on fair value hedging relationships: Interest rate contracts related to interest-bearing deposits: Recognized on derivatives (2,818) — (2,818) — Recognized on hedged items 2,818 — 2,818 — Pre-tax income recognized on interest-bearing deposits fair value hedges $ — $ — $ — $ — Interest rate contracts related to long-term debt: Recognized on derivatives (1,455) — (1,455) — Recognized on hedged items 1,455 — 1,455 — Pre-tax income recognized on long-term debt fair value hedges $ — $ — $ — $ — Total pre-tax income recognized on fair value hedges $ — $ — $ — $ — The following table presents the carrying amount and associated cumulative basis adjustment related to the application of hedge accounting that is included in the carrying amount of the hedged liabilities in fair value hedging relationships. June 30, 2022 December 31, 2021 Hedged Items Currently Designated Hedged Items Currently Designated (in thousands) Carrying Amount of Assets/(Liabilities) Hedge Accounting Basis Adjustment Carrying Amount of Assets/(Liabilities) Hedge Accounting Basis Adjustment Interest-bearing deposits $ (619,390) $ 2,818 $ — $ — Long-term debt (197,760) 1,455 — — 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, 2022 and 2021 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 2022 2021 2022 2021 Derivatives not designated Interest rate contracts (1) Capital markets income $ 736 $ (637) $ 1,409 $ 310 Mortgage derivatives - interest rate lock commitments Mortgage banking income 394 (53) (924) (1,772) Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans Mortgage banking income (3,210) (4,974) 355 1,268 Risk participation agreements Capital markets income 10 (19) 35 182 Foreign exchange contracts Capital markets income 320 — 385 — Total derivatives not designated as hedging instruments $ (1,750) $ (5,683) $ 1,260 $ (12) (1) Gain (loss) represents net fair value adjustments (including credit related adjustments) for client swaps and offsetting positions. |
Net Income Per Common Share
Net Income Per Common Share | 6 Months Ended |
Jun. 30, 2022 | |
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, 2022 and 2021. 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) 2022 2021 2022 2021 Basic Net Income Per Common Share: Net income available to common shareholders $ 169,761 $ 177,909 $ 332,507 $ 356,711 Weighted average common shares outstanding 145,328 148,113 145,301 148,289 Net income per common share, basic $ 1.17 $ 1.20 $ 2.29 $ 2.41 Diluted Net Income Per Common Share: Net income available to common shareholders $ 169,761 $ 177,909 $ 332,507 $ 356,711 Weighted average common shares outstanding 145,328 148,113 145,301 148,289 Effect of dilutive outstanding equity-based awards and earnout payments 987 1,634 1,188 1,475 Weighted average diluted common shares 146,315 149,747 146,489 149,764 Net income per common share, diluted $ 1.16 $ 1.19 $ 2.27 $ 2.38 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
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 clients. 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 client 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 tax credits, CRA partnerships, and other 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, 2022, the ACL for unfunded commitments was $50.6 million, compared to a reserve of $41.9 million at December 31, 2021. 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 CRA partnerships, including SBIC programs, and other investments. The SBIC is a program initiated by the SBA in 1958 to assist in the funding of small business loans. (in thousands) June 30, 2022 December 31, 2021 Letters of credit (1) $ 202,904 $ 183,463 Commitments to fund commercial and industrial loans 9,794,706 9,595,793 Commitments to fund commercial real estate, construction, and land development loans 3,829,403 3,593,171 Commitments under home equity lines of credit 1,951,166 1,805,869 Unused credit card lines 475,843 473,582 Other loan commitments 680,366 604,353 Total letters of credit and unfunded lending commitments $ 16,934,388 $ 16,256,231 Tax credits, CRA partnerships, and other investments: Carrying amount included in other assets $ 471,264 $ 438,322 Amount of future funding commitments 255,031 250,733 Permanent and short-term construction loans and letter of credit commitments (2) 164,957 204,391 Funded portion of permanent and short-term loans and letters of credit (3) 159,721 104,315 (1) Represent the contractual amount net of risk participations purchased of $26.1 million and $26.1 million at June 30, 2022 and December 31, 2021, respectively. (2) Represent the contractual amount net of risk participations of $3.7 million and $6.0 million at June 30, 2022 and December 31, 2021. (3) Represent the contractual amount net of risk participations of $4.1 million and $3.0 million at June 30, 2022 and December 31, 2021. Merchant Services In accordance with credit and debit card association rules, Synovus provides merchant processing services for clients 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, 2022, Synovus and the sponsored entities processed and settled $31.00 billion and $59.60 billion of transactions, respectively. 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. 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, and allegations of violations of state and federal laws and regulations relating to banking practices, including putative class action matters. In addition to actual damages, if Synovus does not prevail in 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, 2022 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, 2022 | |
Segment Reporting [Abstract] | |
Segment Reporting | Note 10 - Segment Reporting Synovus' business segments are based on the products and services provided or the clients served and reflect the manner in which financial information is evaluated by the chief operating decision maker. During the first quarter of 2022, Synovus reorganized its internal management reporting structure to separate the previous Community Banking segment into Consumer Banking and Community Banking segments. Accordingly, its operating segment reporting structure was also updated. Synovus now has four major reportable business segments: Wholesale Banking, Community Banking, Consumer 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, revenue, and expense 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 Wholesale Banking business segment serves primarily larger corporate and governmental clients by providing commercial lending, capital markets, and deposit services through specialty teams including middle market, CRE, senior housing, national accounts, premium finance, structured lending, healthcare, asset-based lending, public finance, restaurant services, and community investment capital. The Community Banking business segment primarily serves small and medium-sized commercial clients as well as individual private wealth clients using a relationship-based approach. The commercial component of this segment focuses on locally owned and operated businesses. Private wealth services are delivered to the individuals operating the businesses as well as other individuals in the communities in which the Community Bank operates. A comprehensive set of banking products are offered to the client set including a full suite of lending, payments, and depository products as well as financial planning services. The Consumer Banking business segment serves individual and small business clients through its branch and ATM network, in addition to digital and telephone channels. This segment provides individuals and small businesses with an array of comprehensive banking products and services including depository accounts, credit and debit cards, payment solutions, goal-based planning, home equity and other consumer loans, and small business lending solutions. The Financial Management Services business segment serves its clients 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, 2022 and 2021. 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. Loan and deposit transfers occur from time to time between reportable business segments primarily to maintain the migration of clients between segments. Prior period loan and deposit segment balances are not adjusted for these transfers. Three Months Ended June 30, 2022 (in thousands) Wholesale Banking Community Banking Consumer Banking Financial Management Services Treasury and Corporate Other Synovus Consolidated Net interest income $ 168,988 $ 100,892 $ 103,727 $ 18,403 $ 33,378 $ 425,388 Non-interest revenue 9,285 12,468 22,095 45,195 8,223 97,266 Non-interest expense 27,026 33,083 47,534 44,333 130,075 282,051 Pre-provision net revenue $ 151,247 $ 80,277 $ 78,288 $ 19,265 $ (88,474) $ 240,603 Three Months Ended June 30, 2021 (in thousands) Wholesale Banking Community Banking Consumer Banking Financial Management Services Treasury and Corporate Other Synovus Consolidated Net interest income $ 136,126 $ 99,200 $ 103,681 $ 18,935 $ 23,918 $ 381,860 Non-interest revenue 7,000 12,472 19,740 52,345 15,530 107,087 Non-interest expense 21,290 27,543 43,908 46,773 131,017 270,531 Pre-provision net revenue $ 121,836 $ 84,129 $ 79,513 $ 24,507 $ (91,569) $ 218,416 Six Months Ended June 30, 2022 (in thousands) Wholesale Banking Community Banking Consumer Banking Financial Management Services Treasury and Corporate Other Synovus Consolidated Net interest income $ 324,984 $ 197,018 $ 201,133 $ 36,818 $ 57,682 $ 817,635 Non-interest revenue 17,683 26,051 43,739 90,359 24,768 202,600 Non-interest expense 53,674 63,503 92,249 88,472 256,603 554,501 Pre-provision net revenue $ 288,993 $ 159,566 $ 152,623 $ 38,705 $ (174,153) $ 465,734 Six Months Ended June 30, 2021 (in thousands) Wholesale Banking Community Banking Consumer Banking Financial Management Services Treasury and Corporate Other Synovus Consolidated Net interest income $ 270,200 $ 198,340 $ 210,783 $ 39,930 $ 36,463 $ 755,716 Non-interest revenue 14,319 23,092 38,874 110,928 30,830 218,043 Non-interest expense 42,014 54,463 87,464 94,447 259,277 537,665 Pre-provision net revenue $ 242,505 $ 166,969 $ 162,193 $ 56,411 $ (191,984) $ 436,094 June 30, 2022 (dollars in thousands) Wholesale Banking Community Banking Consumer Banking Financial Management Services Treasury and Corporate Other Synovus Consolidated Loans, net of deferred fees and costs $ 23,235,771 $ 8,449,876 $ 2,782,037 $ 5,061,990 $ 1,675,106 $ 41,204,780 Total deposits $ 11,514,037 $ 12,326,818 $ 19,829,216 $ 593,705 $ 4,770,924 $ 49,034,700 Total full-time equivalent employees 310 610 1,505 810 1,770 5,005 December 31, 2021 (dollars in thousands) Wholesale Banking Community Banking Consumer Banking Financial Management Services Treasury and Corporate Other Synovus Consolidated Loans, net of deferred fees and costs $ 21,496,050 $ 8,231,451 $ 2,559,892 $ 4,994,494 $ 2,030,071 $ 39,311,958 Total deposits $ 12,370,554 $ 12,557,631 $ 19,668,846 $ 826,639 $ 4,003,606 $ 49,427,276 Total full-time equivalent employees 284 607 1,532 794 1,670 4,887 |
Basis of Presentation and Acc_2
Basis of Presentation and Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Reclassifications | 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 | 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 revenue and expense 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. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The following table provides a brief description of accounting standards adopted or issued in 2022 and the estimated effect on the Company’s financial statements. Standard Description Required date of adoption Effect on Company's financial statements or other significant matters Standards Adopted (or partially 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. This ASU is effective upon issuance and can be applied through December 31, 2022. The Company is in the process of evaluating and applying, as applicable, the optional expedients and exceptions in accounting for eligible contract modifications, eligible existing hedging relationships and new hedging relationships. The application of this guidance has not had and is not expected to have a material impact to the consolidated financial statements. SAB 121, Accounting for Obligations to Safeguard Crypto-Assets an Entity Holds for its Platform Users In March 2022, the SEC released SAB 121 to add interpretive guidance for entities to consider when they have obligations to safeguard crypto-assets held for clients. The new guidance requires reporting entities who allow clients to transact in crypto-assets and act as a custodian to record a liability with a corresponding asset regardless of whether they control the crypto-asset. The crypto-asset will need to be marked at fair value for each reporting period. The new guidance requires disclosures in the footnotes to address the amount of crypto-assets reported, and the safeguarding and recordkeeping of the assets. June 30, 2022, with retrospective application back to the beginning of the fiscal year. The adoption of this standard on June 30, 2022, had no impact to the consolidated financial statements. Standard Description Required date of adoption Effect on Company's financial statements or other significant matters Standards Issued But Not Yet Adopted ASU 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosure In March 2022, the FASB issued ASU 2022-02 to eliminate TDR accounting guidance while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. The ASU also provides guidance for vintage table disclosures and gross write-offs. The ASU requires an entity to disclose current-period gross write-offs by year of origination for financing receivables within the scope of Subtopic 326-20. January 1, 2023. Early adoption is permitted as of an interim period with retrospective application back to the beginning of the fiscal year. The Company is currently evaluating the potential financial statement impact from the implementation of this standard. |
Basis of Presentation and Acc_3
Basis of Presentation and Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Schedule of Recent Accounting Pronouncements | The following table provides a brief description of accounting standards adopted or issued in 2022 and the estimated effect on the Company’s financial statements. Standard Description Required date of adoption Effect on Company's financial statements or other significant matters Standards Adopted (or partially 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. This ASU is effective upon issuance and can be applied through December 31, 2022. The Company is in the process of evaluating and applying, as applicable, the optional expedients and exceptions in accounting for eligible contract modifications, eligible existing hedging relationships and new hedging relationships. The application of this guidance has not had and is not expected to have a material impact to the consolidated financial statements. SAB 121, Accounting for Obligations to Safeguard Crypto-Assets an Entity Holds for its Platform Users In March 2022, the SEC released SAB 121 to add interpretive guidance for entities to consider when they have obligations to safeguard crypto-assets held for clients. The new guidance requires reporting entities who allow clients to transact in crypto-assets and act as a custodian to record a liability with a corresponding asset regardless of whether they control the crypto-asset. The crypto-asset will need to be marked at fair value for each reporting period. The new guidance requires disclosures in the footnotes to address the amount of crypto-assets reported, and the safeguarding and recordkeeping of the assets. June 30, 2022, with retrospective application back to the beginning of the fiscal year. The adoption of this standard on June 30, 2022, had no impact to the consolidated financial statements. Standard Description Required date of adoption Effect on Company's financial statements or other significant matters Standards Issued But Not Yet Adopted ASU 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosure In March 2022, the FASB issued ASU 2022-02 to eliminate TDR accounting guidance while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. The ASU also provides guidance for vintage table disclosures and gross write-offs. The ASU requires an entity to disclose current-period gross write-offs by year of origination for financing receivables within the scope of Subtopic 326-20. January 1, 2023. Early adoption is permitted as of an interim period with retrospective application back to the beginning of the fiscal year. The Company is currently evaluating the potential financial statement impact from the implementation of this standard. |
Investment Securities Availab_2
Investment Securities Available for Sale (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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, 2022 and December 31, 2021 are summarized below. June 30, 2022 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury securities $ 414,744 $ — $ (28,160) $ 386,584 U.S. Government agency securities 52,866 2 (1,973) 50,895 Mortgage-backed securities issued by U.S. Government agencies 713,490 6 (81,525) 631,971 Mortgage-backed securities issued by U.S. Government sponsored enterprises 8,144,078 557 (901,994) 7,242,641 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 826,579 — (73,493) 753,086 Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises 642,436 121 (37,438) 605,119 Asset-backed securities 201,366 — — 201,366 Corporate debt securities and other debt securities 18,358 — (170) 18,188 Total investment securities available for sale $ 11,013,917 $ 686 $ (1,124,753) $ 9,889,850 December 31, 2021 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury securities $ 120,465 $ — $ (2,627) $ 117,838 U.S. Government agency securities 53,214 1,374 (387) 54,201 Mortgage-backed securities issued by U.S. Government agencies 790,329 768 (11,464) 779,633 Mortgage-backed securities issued by U.S. Government sponsored enterprises 8,063,890 50,491 (102,080) 8,012,301 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 951,691 4,658 (16,726) 939,623 Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises 479,420 8,644 (6,320) 481,744 Asset-backed securities 514,188 — — 514,188 Corporate debt securities and other debt securities 18,309 492 — 18,801 Total investment securities available for sale $ 10,991,506 $ 66,427 $ (139,604) $ 10,918,329 |
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, 2022 and December 31, 2021 are presented below. June 30, 2022 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 $ 322,983 $ (20,632) $ 42,319 $ (7,528) $ 365,302 $ (28,160) U.S. Government agency securities 50,180 (1,973) — — 50,180 (1,973) Mortgage-backed securities issued by U.S. Government agencies 305,938 (36,743) 324,431 (44,782) 630,369 (81,525) Mortgage-backed securities issued by U.S. Government sponsored enterprises 5,273,030 (605,258) 1,893,054 (296,736) 7,166,084 (901,994) Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 348,932 (26,567) 404,154 (46,926) 753,086 (73,493) Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises 418,331 (14,730) 138,644 (22,708) 556,975 (37,438) Corporate debt securities and other debt securities 18,188 (170) — — 18,188 (170) Total $ 6,737,582 $ (706,073) $ 2,802,602 $ (418,680) $ 9,540,184 $ (1,124,753) December 31, 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 $ 49,648 $ (379) $ 47,590 $ (2,248) $ 97,238 $ (2,627) U.S. Government agency securities 21,760 (387) — — 21,760 (387) Mortgage-backed securities issued by U.S. Government agencies 461,078 (5,858) 244,264 (5,606) 705,342 (11,464) Mortgage-backed securities issued by U.S. Government sponsored enterprises 5,729,476 (82,671) 643,758 (19,409) 6,373,234 (102,080) Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 187,431 (3,981) 504,238 (12,745) 691,669 (16,726) Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises 146,672 (2,951) 83,533 (3,369) 230,205 (6,320) Total $ 6,596,065 $ (96,227) $ 1,523,383 $ (43,377) $ 8,119,448 $ (139,604) |
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, 2022 (in thousands) Within One 1 to 5 5 to 10 More Than Total Amortized Cost U.S. Treasury securities $ 21,282 $ 343,616 $ 49,846 $ — $ 414,744 U.S. Government agency securities 456 22,420 29,990 — 52,866 Mortgage-backed securities issued by U.S. Government agencies — 727 5 712,758 713,490 Mortgage-backed securities issued by U.S. Government sponsored enterprises — — 127,499 8,016,579 8,144,078 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — 114 — 826,465 826,579 Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises — 338,951 234,679 68,806 642,436 Asset-backed securities 201,366 — — — 201,366 Corporate debt securities and other debt securities 9,501 — 8,857 — 18,358 Total amortized cost $ 232,605 $ 705,828 $ 450,876 $ 9,624,608 $ 11,013,917 Fair Value U.S. Treasury securities $ 21,282 $ 322,983 $ 42,319 $ — $ 386,584 U.S. Government agency securities 457 20,581 29,857 — 50,895 Mortgage-backed securities issued by U.S. Government agencies — 727 5 631,239 631,971 Mortgage-backed securities issued by U.S. Government sponsored enterprises — — 124,738 7,117,903 7,242,641 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — 114 — 752,972 753,086 Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises — 328,630 209,726 66,763 605,119 Asset-backed securities 201,366 — — — 201,366 Corporate debt securities and other debt securities 9,446 — 8,742 — 18,188 Total fair value $ 232,551 $ 673,035 $ 415,387 $ 8,568,877 $ 9,889,850 |
Schedule of Sales Activities of Available-for-Sale Securities | Gross gains and gross losses on sales of securities available for sale for the three and six months ended June 30, 2022 and 2021 are presented below. The specific identification method is used to reclassify gains and losses out of other comprehensive income (loss) at the time of sale. Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 Gross realized gains on sales $ — $ — $ — $ — Gross realized losses on sales — — — (1,990) Investment securities gains (losses), net $ — $ — $ — $ (1,990) |
Loans and Allowance for Loan _2
Loans and Allowance for Loan Losses (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Receivables [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, 2022 and December 31, 2021. June 30, 2022 (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 $ 12,954,600 $ 14,363 $ 525 $ 14,888 $ 12,834 $ 35,767 $ 13,018,089 Owner-occupied 7,744,300 4,538 — 4,538 6,955 4,443 7,760,236 Total commercial and industrial 20,698,900 18,901 525 19,426 19,789 40,210 20,778,325 Investment properties 10,400,407 271 — 271 5,025 2,345 10,408,048 1-4 family properties 636,701 2,036 — 2,036 1,821 1,297 641,855 Land and development 451,590 — — — 1,924 — 453,514 Total commercial real estate 11,488,698 2,307 — 2,307 8,770 3,642 11,503,417 Consumer mortgages 5,092,428 9,238 — 9,238 22,857 — 5,124,523 Home equity 1,567,527 3,591 — 3,591 7,588 512 1,579,218 Credit cards 191,641 1,413 1,236 2,649 — — 194,290 Other consumer loans 2,000,402 18,459 490 18,949 5,656 — 2,025,007 Total consumer 8,851,998 32,701 1,726 34,427 36,101 512 8,923,038 Loans, net of deferred fees and costs $ 41,039,596 $ 53,909 $ 2,251 $ 56,160 $ 64,660 $ 44,364 $ 41,204,780 December 31, 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 $ 12,068,740 $ 13,378 $ 3,953 $ 17,331 $ 37,918 $ 23,869 $ 12,147,858 Owner-occupied 7,460,184 3,627 59 3,686 7,146 4,050 7,475,066 Total commercial and industrial 19,528,924 17,005 4,012 21,017 45,064 27,919 19,622,924 Investment properties 9,894,924 1,285 717 2,002 3,273 2,577 9,902,776 1-4 family properties 639,631 1,182 93 1,275 4,535 28 645,469 Land and development 463,949 845 154 999 1,918 — 466,866 Total commercial real estate 10,998,504 3,312 964 4,276 9,726 2,605 11,015,111 Consumer mortgages 5,033,537 6,257 126 6,383 29,078 — 5,068,998 Home equity 1,349,027 2,619 — 2,619 9,773 — 1,361,419 Credit cards 201,929 1,233 1,010 2,243 — — 204,172 Other consumer loans 2,011,430 20,369 658 21,027 6,877 — 2,039,334 Total consumer 8,595,923 30,478 1,794 32,272 45,728 — 8,673,923 Loans, net of deferred fees and costs $ 39,123,351 $ 50,795 $ 6,770 $ 57,565 $ 100,518 $ 30,524 $ 39,311,958 |
Loan Portfolio Credit Exposure | The following tables summarize each loan portfolio class by risk grade and origination year as of June 30, 2022 and December 31, 2021 as required under CECL. June 30, 2022 Term Loans Amortized Cost Basis by Origination Year Revolving Loans (in thousands) 2022 2021 2020 2019 2018 Prior Amortized Cost Basis Converted to Term Loans Total Commercial, financial and agricultural Pass $ 539,814 $ 2,126,772 $ 1,183,170 $ 811,870 $ 569,801 $ 1,166,642 $ 6,202,131 $ 30,553 $ 12,630,753 Special Mention 3,136 4,280 9,337 9,435 17,596 3,333 86,555 — 133,672 Substandard (1) 6,888 11,081 52,047 45,437 18,756 28,546 86,152 1,082 249,989 Doubtful (2) — — — — 3,520 — — — 3,520 Loss (3) — — — — — — 155 — 155 Total commercial, financial and agricultural 549,838 2,142,133 1,244,554 866,742 609,673 1,198,521 6,374,993 31,635 13,018,089 Owner-occupied Pass 834,063 1,730,966 1,178,269 1,007,485 720,509 1,388,397 641,261 — 7,500,950 Special Mention 137 4,545 86,210 8,841 45,656 28,168 — — 173,557 Substandard (1) 2,400 12,555 2,969 5,738 39,048 22,766 — — 85,476 Loss (3) — 253 — — — — — — 253 Total owner-occupied 836,600 1,748,319 1,267,448 1,022,064 805,213 1,439,331 641,261 — 7,760,236 Total commercial and industrial 1,386,438 3,890,452 2,512,002 1,888,806 1,414,886 2,637,852 7,016,254 31,635 20,778,325 Investment properties Pass 1,352,056 2,953,629 1,554,185 1,444,006 901,677 1,749,178 314,751 — 10,269,482 Special Mention — 6,963 — 15,295 11,559 4,409 7,997 — 46,223 Substandard (1) 358 486 631 3,695 52,785 13,118 21,270 — 92,343 Total investment properties 1,352,414 2,961,078 1,554,816 1,462,996 966,021 1,766,705 344,018 — 10,408,048 1-4 family properties Pass 174,897 203,245 56,607 38,918 33,778 75,587 46,689 — 629,721 Special Mention 2,688 1,250 970 634 — 202 — — 5,744 Substandard (1) 699 1,785 5 435 1,521 1,900 45 — 6,390 Total 1-4 family properties 178,284 206,280 57,582 39,987 35,299 77,689 46,734 — 641,855 June 30, 2022 Term Loans Amortized Cost Basis by Origination Year Revolving Loans (in thousands) 2022 2021 2020 2019 2018 Prior Amortized Cost Basis Converted to Term Loans Total Land and development Pass 66,081 133,592 30,360 55,259 21,038 84,205 22,182 — 412,717 Special Mention 29 170 775 — 31,136 290 — — 32,400 Substandard (1) 813 2,884 225 643 477 3,355 — — 8,397 Total land and development 66,923 136,646 31,360 55,902 52,651 87,850 22,182 — 453,514 Total commercial real estate 1,597,621 3,304,004 1,643,758 1,558,885 1,053,971 1,932,244 412,934 — 11,503,417 Consumer mortgages Pass 498,240 1,249,155 1,432,760 496,716 187,795 1,205,352 492 — 5,070,510 Substandard (1) 45 2,667 4,926 7,134 11,624 26,856 — — 53,252 Loss (3) — — — 4 — 757 — — 761 Total consumer mortgages 498,285 1,251,822 1,437,686 503,854 199,419 1,232,965 492 — 5,124,523 Home equity Pass — — — — — — 1,204,042 363,356 1,567,398 Substandard (1) — — — — — — 6,967 4,289 11,256 Loss (3) — — — — — — 426 138 564 Total home equity — — — — — — 1,211,435 367,783 1,579,218 Credit cards Pass — — — — — — 193,102 — 193,102 Substandard (1) — — — — — — 430 — 430 Loss (4) — — — — — — 758 — 758 Total credit cards — — — — — — 194,290 — 194,290 Other consumer loans Pass 155,843 667,787 557,705 86,030 43,321 182,373 323,060 — 2,016,119 Substandard (1) 1,942 1,515 1,724 1,326 1,110 1,094 168 — 8,879 Loss (4) — — — — — 9 — — 9 Total other consumer loans 157,785 669,302 559,429 87,356 44,431 183,476 323,228 — 2,025,007 Total consumer 656,070 1,921,124 1,997,115 591,210 243,850 1,416,441 1,729,445 367,783 8,923,038 Loans, net of deferred fees and costs $ 3,640,129 $ 9,115,580 $ 6,152,875 $ 4,038,901 $ 2,712,707 $ 5,986,537 $ 9,158,633 $ 399,418 $ 41,204,780 (1) The majority of loans within Substandard risk grade are accruing loans at June 30, 2022. (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, 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 $ 2,396,717 $ 1,332,549 $ 922,396 $ 607,918 $ 433,045 $ 903,995 $ 5,151,981 $ 42,809 $ 11,791,410 Special Mention 2,731 15,166 17,571 10,433 2,242 2,489 71,996 — 122,628 Substandard (1) 16,105 50,979 40,125 10,383 16,473 37,565 51,442 33 223,105 Doubtful (2) 469 — 1,601 8,512 — — 48 — 10,630 Loss (3) — — — — — — 85 — 85 Total commercial, financial and agricultural 2,416,022 1,398,694 981,693 637,246 451,760 944,049 5,275,552 42,842 12,147,858 Owner-occupied Pass 1,776,086 1,276,797 1,117,825 858,721 708,942 1,116,766 437,724 — 7,292,861 Special Mention 702 19,950 4,724 10,202 18,109 36,481 — — 90,168 Substandard (1) 7,312 1,294 8,386 43,276 6,169 25,329 — — 91,766 Loss (3) 271 — — — — — — — 271 Total owner-occupied 1,784,371 1,298,041 1,130,935 912,199 733,220 1,178,576 437,724 — 7,475,066 Total commercial and industrial 4,200,393 2,696,735 2,112,628 1,549,445 1,184,980 2,122,625 5,713,276 42,842 19,622,924 Investment properties Pass 2,823,978 1,463,503 1,905,534 1,019,765 738,036 1,317,634 278,697 — 9,547,147 Special Mention 6,163 — 32,290 63,900 59,194 44,532 33,659 — 239,738 Substandard (1) 1,465 326 8,550 57,127 3,564 23,505 21,354 — 115,891 Total investment properties 2,831,606 1,463,829 1,946,374 1,140,792 800,794 1,385,671 333,710 — 9,902,776 1-4 family properties Pass 295,082 82,976 51,939 43,025 49,057 57,025 55,588 — 634,692 Special Mention 192 207 641 — — 239 — — 1,279 Substandard (1) 1,999 — 566 4,222 489 2,177 45 — 9,498 Total 1-4 family properties 297,273 83,183 53,146 47,247 49,546 59,441 55,633 — 645,469 Land and development Pass 141,614 42,201 77,868 34,058 37,167 44,989 44,730 — 422,627 Special Mention — 800 1,900 31,458 — 1,179 — — 35,337 Substandard (1) 824 1,149 46 3,021 807 3,055 — — 8,902 Total land and development 142,438 44,150 79,814 68,537 37,974 49,223 44,730 — 466,866 Total commercial real estate 3,271,317 1,591,162 2,079,334 1,256,576 888,314 1,494,335 434,073 — 11,015,111 December 31, 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 Consumer mortgages Pass 1,274,999 1,556,733 572,467 216,277 392,492 1,001,771 255 — 5,014,994 Substandard (1) 1,031 3,680 5,943 12,387 5,717 25,025 — — 53,783 Loss (3) — — 5 — — 216 — — 221 Total consumer mortgages 1,276,030 1,560,413 578,415 228,664 398,209 1,027,012 255 — 5,068,998 Home equity Pass — — — — — — 1,199,556 146,635 1,346,191 Substandard (1) — — — — — — 9,058 5,372 14,430 Loss (3) — — — — — — 658 140 798 Total home equity — — — — — — 1,209,272 152,147 1,361,419 Credit cards Pass — — — — — — 203,161 — 203,161 Substandard (1) — — — — — — 348 — 348 Loss (4) — — — — — — 663 — 663 Total credit cards — — — — — — 204,172 — 204,172 Other consumer loans Pass 654,419 708,937 127,131 49,993 86,175 97,765 306,500 — 2,030,920 Substandard (1) 668 1,550 2,064 1,308 1,892 750 162 — 8,394 Loss (4) — — — — — 20 — — 20 Total other consumer loans 655,087 710,487 129,195 51,301 88,067 98,535 306,662 — 2,039,334 Total consumer 1,931,117 2,270,900 707,610 279,965 486,276 1,125,547 1,720,361 152,147 8,673,923 Loans, net of deferred fees and costs $ 9,402,827 $ 6,558,797 $ 4,899,572 $ 3,085,986 $ 2,559,570 $ 4,742,507 $ 7,867,710 $ 194,989 $ 39,311,958 (1) The majority of loans within Substandard risk grade are accruing loans at December 31, 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. |
Financing Receivable, Allowance for Credit Loss | The following tables detail the changes in the ALL by loan segment for the three and six months ended June 30, 2022 and 2021. As Of and For the Three Months Ended June 30, 2022 (in thousands) Commercial & Industrial Commercial Real Estate Consumer Total Allowance for loan losses: Beginning balance at March 31, 2022 $ 178,722 $ 94,696 $ 141,538 $ 414,956 Charge-offs (15,512) (252) (7,934) (23,698) Recoveries 3,208 572 3,353 7,133 Provision for (reversal of) loan losses (6,410) 9,202 6,654 9,446 Ending balance at June 30, 2022 $ 160,008 $ 104,218 $ 143,611 $ 407,837 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 Provision for (reversal of) 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 Six Months Ended June 30, 2022 (in thousands) Commercial & Industrial Commercial Real Estate Consumer Total Allowance for loan losses: Beginning balance at December 31, 2021 $ 188,364 $ 97,760 $ 141,473 $ 427,597 Charge-offs (29,275) (2,708) (16,862) (48,845) Recoveries 5,571 933 7,167 13,671 Provision for (reversal of) loan losses (4,652) 8,233 11,833 15,414 Ending balance at June 30, 2022 $ 160,008 $ 104,218 $ 143,611 $ 407,837 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 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 |
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 under the CARES Act, some of which had not been classified as TDRs. The CARES Act election period ended on January 1, 2022. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" in Synovus' 2021 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, 2022 and 2021 that were reported as accruing or non-accruing TDRs. TDRs by Concession Type Three Months Ended June 30, 2022 (in thousands, except contract data) Number of Contracts Below Market Interest Rate Other Concessions (1) Total Commercial, financial and agricultural 23 $ 8,534 $ 266 $ 8,800 Owner-occupied 7 22,430 — 22,430 Total commercial and industrial 30 30,964 266 31,230 Investment properties 2 690 — 690 1-4 family properties 4 1,984 — 1,984 Land and development 1 437 — 437 Total commercial real estate 7 3,111 — 3,111 Consumer mortgages 3 159 162 321 Home equity 14 2,490 39 2,529 Other consumer loans 4 — 91 91 Total consumer 21 2,649 292 2,941 Total TDRs 58 $ 36,724 $ 558 $ 37,282 (2) 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 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 (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, 2022 and 2021. (2) No net charge-offs were recorded during the three months ended June 30, 2022 . (3) No net charge-offs were recorded during the three months ended June 30, 2021 . Six Months Ended June 30, 2022 (in thousands, except contract data) Number of Contracts Below Market Interest Rate Other Concessions (1) Total Commercial, financial and agricultural 56 $ 26,434 $ 807 $ 27,241 Owner-occupied 20 28,534 3,857 32,391 Total commercial and industrial 76 54,968 4,664 59,632 Investment properties 5 1,279 6,610 7,889 1-4 family properties 11 3,197 — 3,197 Land and development 4 3,168 — 3,168 Total commercial real estate 20 7,644 6,610 14,254 Consumer mortgages 10 1,176 266 1,442 Home equity 25 3,419 39 3,458 Other consumer loans 6 — 139 139 Total consumer 41 4,595 444 5,039 Total TDRs 137 $ 67,207 $ 11,718 $ 78,925 (2) 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 $ 5,003 $ 3,737 $ 8,740 Owner-occupied 10 2,409 399 2,808 Total commercial and industrial 68 7,412 4,136 11,548 Investment properties 6 2,403 — 2,403 1-4 family properties 7 621 39 660 Land and development 2 366 43 409 Total commercial real estate 15 3,390 82 3,472 Consumer mortgages 2 331 — 331 Home equity 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 $ 12,936 $ 9,340 $ 22,276 (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, 2022 and 2021. (2) No net charge-offs were recorded during the six months ended June 30, 2022. (3) No net charge-offs were recorded during the six months ended June 30, 2021. |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | Goodwill allocated to each reporting unit at June 30, 2022 and December 31, 2021 is presented as follows: (in thousands) Wholesale Banking Reporting Unit Community Banking Reporting Unit Consumer Banking Reporting Unit Mortgage Reporting Unit Wealth Management Reporting Unit Total Goodwill Balance at December 31, 2021 $ 171,636 $ 256,323 $ — $ — $ 24,431 $ 452,390 Changes during the period from: Reallocation — (114,701) 114,701 — — — Balance at June 30, 2022 $ 171,636 $ 141,622 $ 114,701 $ — $ 24,431 $ 452,390 |
Schedule of Other Intangible Assets | The following table shows the gross carrying amount and accumulated amortization of other intangible assets as of June 30, 2022 and December 31, 2021, 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, 2022, was $2.1 million and $4.2 million, respectively. 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. (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Value June 30, 2022 CDI $ 57,400 $ (31,831) $ 25,569 Other 12,500 (6,709) 5,791 Total other intangible assets $ 69,900 $ (38,540) $ 31,360 December 31, 2021 CDI $ 57,400 $ (28,178) $ 29,222 Other 12,500 (6,126) 6,374 Total other intangible assets $ 69,900 $ (34,304) $ 35,596 |
Shareholders' Equity and Othe_2
Shareholders' Equity and Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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, 2022 and 2021. 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) Total Balance at March 31, 2022 $ (542,439) $ (119,626) $ (662,065) Other comprehensive income (loss) before reclassifications (327,080) (36,815) (363,895) Amounts reclassified from AOCI — (745) (745) Net current period other comprehensive income (loss) (327,080) (37,560) (364,640) Balance at June 30, 2022 $ (869,519) $ (157,186) $ (1,026,705) 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, December 31, 2021 $ (67,980) $ (14,341) $ (82,321) Other comprehensive income (loss) before reclassifications (801,539) (140,432) (941,971) Amounts reclassified from AOCI — (2,413) (2,413) Net current period other comprehensive income (loss) (801,539) (142,845) (944,384) Balance at June 30, 2022 $ (869,519) $ (157,186) $ (1,026,705) 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 (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, 2022 | |
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, 2022 December 31, 2021 (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 $ — $ 2,795 $ — $ 2,795 $ — $ 197 $ — $ 197 Collateralized mortgage obligations issued by U.S. Government sponsored enterprises — 412 — 412 — 671 — 671 Other mortgage-backed securities — 3,231 — 3,231 — — — — State and municipal securities — 28 — 28 — 560 — 560 Asset-backed securities — 9,811 — 9,811 — 6,963 — 6,963 Total trading securities $ — $ 16,277 $ — $ 16,277 $ — $ 8,391 $ — $ 8,391 Investment securities available for sale: U.S. Treasury securities $ 386,584 $ — $ — $ 386,584 $ 117,838 $ — $ — $ 117,838 U.S. Government agency securities — 50,895 — 50,895 — 54,201 — 54,201 Mortgage-backed securities issued by U.S. Government agencies — 631,971 — 631,971 — 779,633 — 779,633 Mortgage-backed securities issued by U.S. Government sponsored enterprises — 7,242,641 — 7,242,641 — 8,012,301 — 8,012,301 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — 753,086 — 753,086 — 939,623 — 939,623 Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises — 605,119 — 605,119 — 481,744 — 481,744 Asset-backed securities — 201,366 — 201,366 — 514,188 — 514,188 Corporate debt securities and other debt securities — 18,188 — 18,188 — 18,801 — 18,801 Total investment securities available for sale $ 386,584 $ 9,503,266 $ — $ 9,889,850 $ 117,838 $ 10,800,491 $ — $ 10,918,329 Mortgage loans held for sale $ — $ 76,864 $ — $ 76,864 $ — $ 108,198 $ — $ 108,198 Other investments — — 11,083 11,083 — — 12,185 12,185 Mutual funds and mutual funds held in rabbi trusts 41,254 — — 41,254 43,657 — — 43,657 GGL/SBA loans servicing asset — — 3,155 3,155 — — 3,233 3,233 Derivative assets — 191,377 — 191,377 — 191,708 — 191,708 Liabilities Trading liability for short positions $ — $ 5,018 $ — $ 5,018 $ — $ 200 $ — $ 200 Mutual funds held in rabbi trusts 25,995 — — 25,995 27,205 — — 27,205 Derivative liabilities — 339,722 4,993 344,715 — 95,067 3,535 98,602 |
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, 2022 As of December 31, 2021 Fair value $ 76,864 $ 108,198 Unpaid principal balance 75,996 105,785 Fair value less aggregate unpaid principal balance $ 868 $ 2,413 Changes in Fair Value Included in Net Income Three Months Ended June 30, Six Months Ended June 30, Location in Consolidated Statements of Income (in thousands) 2022 2021 2022 2021 Mortgage loans held for sale $ 805 $ 4,094 $ (1,545) $ (538) Mortgage banking income |
Level 3 Assets Measured at Fair Value on a Recurring Basis. | The following tables provide rollforwards of Level 3 assets and liabilities measured at fair value on a recurring basis. Three Months Ended June 30, 2022 (in thousands) Other Investments GGL / SBA Visa Derivative Beginning balance $ 12,093 $ 3,451 $ (1,776) Total gains (losses) realized/unrealized: Included in earnings (7,037) (510) (3,500) Additions 6,027 — — Settlements — 214 283 Ending balance $ 11,083 $ 3,155 $ (4,993) 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, 2022 $ (7,037) $ — $ (3,500) Three Months Ended June 30, 2021 (in thousands) Investment Securities Available for Sale Other 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) $ — Six Months Ended June 30, 2022 (in thousands) Other Investments GGL / SBA Visa Derivative Beginning balance $ 12,185 $ 3,233 $ (3,535) Total gains (losses) realized/unrealized: Included in earnings (7,129) (772) (3,500) Additions 6,027 — — Settlements — 694 2,042 Ending balance $ 11,083 $ 3,155 $ (4,993) 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, 2022 $ (7,129) $ — $ (3,500) Six Months Ended June 30, 2021 (in thousands) Investment Securities Available for Sale Other 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) $ — |
Level 3 Liabilities Measured at Fair Value on a Recurring Basis | The following tables provide rollforwards of Level 3 assets and liabilities measured at fair value on a recurring basis. Three Months Ended June 30, 2022 (in thousands) Other Investments GGL / SBA Visa Derivative Beginning balance $ 12,093 $ 3,451 $ (1,776) Total gains (losses) realized/unrealized: Included in earnings (7,037) (510) (3,500) Additions 6,027 — — Settlements — 214 283 Ending balance $ 11,083 $ 3,155 $ (4,993) 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, 2022 $ (7,037) $ — $ (3,500) Three Months Ended June 30, 2021 (in thousands) Investment Securities Available for Sale Other 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) $ — Six Months Ended June 30, 2022 (in thousands) Other Investments GGL / SBA Visa Derivative Beginning balance $ 12,185 $ 3,233 $ (3,535) Total gains (losses) realized/unrealized: Included in earnings (7,129) (772) (3,500) Additions 6,027 — — Settlements — 694 2,042 Ending balance $ 11,083 $ 3,155 $ (4,993) 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, 2022 $ (7,129) $ — $ (3,500) Six Months Ended June 30, 2021 (in thousands) Investment Securities Available for Sale Other 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) $ — |
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, 2022 Fair Value Adjustments for the Location in Consolidated Statements of Income (in thousands) Level 1 Level 2 Level 3 Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 Loans (1) $ — $ — $ 24,360 $ 8,900 $ 9,239 Provision for credit losses Other assets held for sale — — 2,725 — 492 Other operating expense June 30, 2021 Fair Value Adjustments for the Location in Consolidated Statements of Income Level 1 Level 2 Level 3 Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 Loans (1) $ — $ — $ 29,201 $ 13,476 $ 13,504 Provision for credit losses Other real estate — — 42 2 2 Other operating expense Other assets held for sale — — 1,170 76 76 Other operating expense (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, 2022 and December 31, 2021. 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' 2021 Form 10-K for a description of how fair value measurements are determined. June 30, 2022 (in thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Financial assets Total cash, cash equivalents, and restricted cash $ 1,665,060 $ 1,665,060 $ 1,665,060 $ — $ — Trading securities 16,277 16,277 — 16,277 — Investment securities available for sale 9,889,850 9,889,850 386,584 9,503,266 — Loans held for sale 917,679 917,347 — 76,864 840,483 Other investments 11,083 11,083 — — 11,083 Mutual funds and mutual funds held in rabbi trusts 41,254 41,254 41,254 — — Loans, net 40,796,943 40,886,790 — — 40,886,790 GGL/SBA loans servicing asset 3,155 3,155 — — 3,155 FRB and FHLB stock 206,177 206,177 — 206,177 Derivative assets 191,377 191,377 — 191,377 — Financial liabilities Non-interest-bearing deposits $ 16,876,710 $ 16,876,710 $ — $ 16,876,710 $ — Non-time interest-bearing deposits 27,084,663 27,084,663 — 27,084,663 — Time deposits 5,073,327 5,052,977 — 5,052,977 — Total deposits $ 49,034,700 $ 49,014,350 $ — $ 49,014,350 $ — Federal funds purchased and securities sold under repurchase agreements 345,242 345,242 345,242 — — Trading liability for short positions 5,018 5,018 — 5,018 — Short-term borrowings 250,000 250,000 — 250,000 — Long-term debt 1,804,104 1,793,812 — 1,793,812 — Mutual funds held in rabbi trusts 25,995 25,995 25,995 — — Derivative liabilities 344,715 344,715 — 339,722 4,993 December 31, 2021 (in thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Financial assets Total cash, cash equivalents, and restricted cash $ 3,009,853 $ 3,009,853 $ 3,009,853 $ — $ — Trading securities 8,391 8,391 — 8,391 — Investment securities available for sale 10,918,329 10,918,329 117,838 10,800,491 — Loans held for sale 750,642 749,980 — 108,198 641,782 Other investments 12,185 12,185 — — 12,185 Mutual funds and mutual funds held in rabbi trusts 43,657 43,657 43,657 — — Loans, net 38,884,361 39,118,275 — — 39,118,275 GGL/SBA loans servicing asset 3,233 3,233 — — 3,233 FRB and FHLB stock 159,941 159,941 — 159,941 — Derivative assets 191,708 191,708 — 191,708 — Financial liabilities Non-interest-bearing deposits $ 16,392,653 $ 16,392,653 $ — $ 16,392,653 $ — Non-time interest-bearing deposits 28,917,148 28,917,148 — 28,917,148 — Time deposits 4,117,475 4,125,673 — 4,125,673 — Total deposits $ 49,427,276 $ 49,435,474 $ — $ 49,435,474 $ — Federal funds purchased and securities sold under repurchase agreements 264,133 264,133 264,133 — — Trading liability for short positions 200 200 — 200 — Long-term debt 1,204,229 1,243,147 — 1,243,147 — Mutual funds held in rabbi trusts 27,205 27,205 27,205 — — Derivative liabilities 98,602 98,602 — 95,067 3,535 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Summary of Derivative Instruments [Abstract] | |
Impact of Derivatives on Balance Sheet | The following table reflects the estimated fair value of derivative instruments included in other assets and other liabilities on the consolidated balance sheets along with their respective notional amounts on a gross basis. June 30, 2022 December 31, 2021 Estimated Fair Value Estimated Fair Value (in thousands) Notional Amount Derivative Assets Derivative Liabilities Notional Amount Derivative Assets Derivative Liabilities Derivatives in cash flow hedging relationships: Interest rate contracts $ 5,250,000 $ 248 $ 182,949 $ 3,600,000 $ 22,004 $ 20,395 Total cash flow hedges $ 248 $ 182,949 $ 22,004 $ 20,395 Derivatives in fair value hedging relationships: Interest rate contracts $ 819,389 $ 298 $ 4,571 $ — $ — $ — Total fair value hedges $ 298 $ 4,571 $ — $ — Total derivatives designated as hedging instruments $ 546 $ 187,520 $ 22,004 $ 20,395 Derivatives not designated Interest rate contracts (1) $ 9,250,136 $ 188,994 $ 152,201 $ 9,653,600 $ 167,560 $ 74,514 Mortgage derivatives - interest rate lock commitments 108,135 1,181 — 99,006 2,105 — Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans 126,000 233 — 105,500 — 122 Risk participation agreements 448,186 — 1 374,214 — 36 Foreign exchange contracts 22,082 423 — 22,387 39 — Visa derivative — — 4,993 — — 3,535 Total derivatives not designated as hedging instruments $ 190,831 $ 157,195 $ 169,704 $ 78,207 (1) Includes interest rate contracts for client swaps and offsetting positions, net of variation margin payments. |
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, 2022 and 2021 . Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 Total interest income/(expense) amounts presented in the consolidated statements of income: Interest income on loans, including fees $ 2,986 $ 7,605 $ 11,642 $ 15,947 Interest expense on deposits 1,447 — 1,447 — Interest expense on long-term debt 584 — 584 — Gain/(loss) on cash flow hedging relationships: Interest rate contracts: Realized gains (losses) reclassified from AOCI, pre-tax, to interest income on loans 978 3,657 3,167 5,256 Pre-tax income recognized on cash flow hedges $ 978 $ 3,657 $ 3,167 $ 5,256 Gain/(loss) on fair value hedging relationships: Interest rate contracts related to interest-bearing deposits: Recognized on derivatives (2,818) — (2,818) — Recognized on hedged items 2,818 — 2,818 — Pre-tax income recognized on interest-bearing deposits fair value hedges $ — $ — $ — $ — Interest rate contracts related to long-term debt: Recognized on derivatives (1,455) — (1,455) — Recognized on hedged items 1,455 — 1,455 — Pre-tax income recognized on long-term debt fair value hedges $ — $ — $ — $ — Total pre-tax income recognized on fair value hedges $ — $ — $ — $ — |
Schedule of Carrying Amount and Associated Cumulative Basis Adjustment Related to the Application of Hedge Accounting | The following table presents the carrying amount and associated cumulative basis adjustment related to the application of hedge accounting that is included in the carrying amount of the hedged liabilities in fair value hedging relationships. June 30, 2022 December 31, 2021 Hedged Items Currently Designated Hedged Items Currently Designated (in thousands) Carrying Amount of Assets/(Liabilities) Hedge Accounting Basis Adjustment Carrying Amount of Assets/(Liabilities) Hedge Accounting Basis Adjustment Interest-bearing deposits $ (619,390) $ 2,818 $ — $ — Long-term debt (197,760) 1,455 — — |
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, 2022 and 2021 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 2022 2021 2022 2021 Derivatives not designated Interest rate contracts (1) Capital markets income $ 736 $ (637) $ 1,409 $ 310 Mortgage derivatives - interest rate lock commitments Mortgage banking income 394 (53) (924) (1,772) Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans Mortgage banking income (3,210) (4,974) 355 1,268 Risk participation agreements Capital markets income 10 (19) 35 182 Foreign exchange contracts Capital markets income 320 — 385 — Total derivatives not designated as hedging instruments $ (1,750) $ (5,683) $ 1,260 $ (12) (1) Gain (loss) represents net fair value adjustments (including credit related adjustments) for client swaps and offsetting positions. |
Net Income Per Common Share (Ta
Net Income Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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, 2022 and 2021. 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) 2022 2021 2022 2021 Basic Net Income Per Common Share: Net income available to common shareholders $ 169,761 $ 177,909 $ 332,507 $ 356,711 Weighted average common shares outstanding 145,328 148,113 145,301 148,289 Net income per common share, basic $ 1.17 $ 1.20 $ 2.29 $ 2.41 Diluted Net Income Per Common Share: Net income available to common shareholders $ 169,761 $ 177,909 $ 332,507 $ 356,711 Weighted average common shares outstanding 145,328 148,113 145,301 148,289 Effect of dilutive outstanding equity-based awards and earnout payments 987 1,634 1,188 1,475 Weighted average diluted common shares 146,315 149,747 146,489 149,764 Net income per common share, diluted $ 1.16 $ 1.19 $ 2.27 $ 2.38 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Loan Commitments and Letters of Credit | (in thousands) June 30, 2022 December 31, 2021 Letters of credit (1) $ 202,904 $ 183,463 Commitments to fund commercial and industrial loans 9,794,706 9,595,793 Commitments to fund commercial real estate, construction, and land development loans 3,829,403 3,593,171 Commitments under home equity lines of credit 1,951,166 1,805,869 Unused credit card lines 475,843 473,582 Other loan commitments 680,366 604,353 Total letters of credit and unfunded lending commitments $ 16,934,388 $ 16,256,231 Tax credits, CRA partnerships, and other investments: Carrying amount included in other assets $ 471,264 $ 438,322 Amount of future funding commitments 255,031 250,733 Permanent and short-term construction loans and letter of credit commitments (2) 164,957 204,391 Funded portion of permanent and short-term loans and letters of credit (3) 159,721 104,315 (1) Represent the contractual amount net of risk participations purchased of $26.1 million and $26.1 million at June 30, 2022 and December 31, 2021, respectively. (2) Represent the contractual amount net of risk participations of $3.7 million and $6.0 million at June 30, 2022 and December 31, 2021. (3) Represent the contractual amount net of risk participations of $4.1 million and $3.0 million at June 30, 2022 and December 31, 2021. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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, 2022 and 2021. 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. Loan and deposit transfers occur from time to time between reportable business segments primarily to maintain the migration of clients between segments. Prior period loan and deposit segment balances are not adjusted for these transfers. Three Months Ended June 30, 2022 (in thousands) Wholesale Banking Community Banking Consumer Banking Financial Management Services Treasury and Corporate Other Synovus Consolidated Net interest income $ 168,988 $ 100,892 $ 103,727 $ 18,403 $ 33,378 $ 425,388 Non-interest revenue 9,285 12,468 22,095 45,195 8,223 97,266 Non-interest expense 27,026 33,083 47,534 44,333 130,075 282,051 Pre-provision net revenue $ 151,247 $ 80,277 $ 78,288 $ 19,265 $ (88,474) $ 240,603 Three Months Ended June 30, 2021 (in thousands) Wholesale Banking Community Banking Consumer Banking Financial Management Services Treasury and Corporate Other Synovus Consolidated Net interest income $ 136,126 $ 99,200 $ 103,681 $ 18,935 $ 23,918 $ 381,860 Non-interest revenue 7,000 12,472 19,740 52,345 15,530 107,087 Non-interest expense 21,290 27,543 43,908 46,773 131,017 270,531 Pre-provision net revenue $ 121,836 $ 84,129 $ 79,513 $ 24,507 $ (91,569) $ 218,416 Six Months Ended June 30, 2022 (in thousands) Wholesale Banking Community Banking Consumer Banking Financial Management Services Treasury and Corporate Other Synovus Consolidated Net interest income $ 324,984 $ 197,018 $ 201,133 $ 36,818 $ 57,682 $ 817,635 Non-interest revenue 17,683 26,051 43,739 90,359 24,768 202,600 Non-interest expense 53,674 63,503 92,249 88,472 256,603 554,501 Pre-provision net revenue $ 288,993 $ 159,566 $ 152,623 $ 38,705 $ (174,153) $ 465,734 Six Months Ended June 30, 2021 (in thousands) Wholesale Banking Community Banking Consumer Banking Financial Management Services Treasury and Corporate Other Synovus Consolidated Net interest income $ 270,200 $ 198,340 $ 210,783 $ 39,930 $ 36,463 $ 755,716 Non-interest revenue 14,319 23,092 38,874 110,928 30,830 218,043 Non-interest expense 42,014 54,463 87,464 94,447 259,277 537,665 Pre-provision net revenue $ 242,505 $ 166,969 $ 162,193 $ 56,411 $ (191,984) $ 436,094 June 30, 2022 (dollars in thousands) Wholesale Banking Community Banking Consumer Banking Financial Management Services Treasury and Corporate Other Synovus Consolidated Loans, net of deferred fees and costs $ 23,235,771 $ 8,449,876 $ 2,782,037 $ 5,061,990 $ 1,675,106 $ 41,204,780 Total deposits $ 11,514,037 $ 12,326,818 $ 19,829,216 $ 593,705 $ 4,770,924 $ 49,034,700 Total full-time equivalent employees 310 610 1,505 810 1,770 5,005 December 31, 2021 (dollars in thousands) Wholesale Banking Community Banking Consumer Banking Financial Management Services Treasury and Corporate Other Synovus Consolidated Loans, net of deferred fees and costs $ 21,496,050 $ 8,231,451 $ 2,559,892 $ 4,994,494 $ 2,030,071 $ 39,311,958 Total deposits $ 12,370,554 $ 12,557,631 $ 19,668,846 $ 826,639 $ 4,003,606 $ 49,427,276 Total full-time equivalent employees 284 607 1,532 794 1,670 4,887 |
Basis of Presentation and Acc_4
Basis of Presentation and Accounting Policies (Details) | Jun. 30, 2022 branch aTM |
Accounting Policies [Abstract] | |
Number of branches | branch | 261 |
Number of ATMs | aTM | 367 |
Investment Securities Availab_3
Investment Securities Available for Sale (Summary of Available for Sale Investment Securities) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 11,013,917 | $ 10,991,506 |
Gross Unrealized Gains | 686 | 66,427 |
Gross Unrealized Losses | (1,124,753) | (139,604) |
Fair Value | 9,889,850 | 10,918,329 |
U.S. Treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 414,744 | 120,465 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (28,160) | (2,627) |
Fair Value | 386,584 | 117,838 |
U.S. Government agency securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 52,866 | 53,214 |
Gross Unrealized Gains | 2 | 1,374 |
Gross Unrealized Losses | (1,973) | (387) |
Fair Value | 50,895 | 54,201 |
Mortgage-backed securities issued by U.S. Government agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 713,490 | 790,329 |
Gross Unrealized Gains | 6 | 768 |
Gross Unrealized Losses | (81,525) | (11,464) |
Fair Value | 631,971 | 779,633 |
Mortgage-backed securities issued by U.S. Government sponsored enterprises | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 8,144,078 | 8,063,890 |
Gross Unrealized Gains | 557 | 50,491 |
Gross Unrealized Losses | (901,994) | (102,080) |
Fair Value | 7,242,641 | 8,012,301 |
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 826,579 | 951,691 |
Gross Unrealized Gains | 0 | 4,658 |
Gross Unrealized Losses | (73,493) | (16,726) |
Fair Value | 753,086 | 939,623 |
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 642,436 | 479,420 |
Gross Unrealized Gains | 121 | 8,644 |
Gross Unrealized Losses | (37,438) | (6,320) |
Fair Value | 605,119 | 481,744 |
Asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 201,366 | 514,188 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 201,366 | 514,188 |
Corporate debt securities and other debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 18,358 | 18,309 |
Gross Unrealized Gains | 0 | 492 |
Gross Unrealized Losses | (170) | 0 |
Fair Value | $ 18,188 | $ 18,801 |
Investment Securities Availab_4
Investment Securities Available for Sale (Narrative) (Details) | Jun. 30, 2022 USD ($) security | Dec. 31, 2021 USD ($) |
Financing Receivable, Impaired [Line Items] | ||
Investment securities in a loss position for less than twelve months | security | 304 | |
Investment securities in a loss position for twelve months or longer | security | 79 | |
Allowance for credit loss | $ | $ 0 | |
Collateral Pledged | ||
Financing Receivable, Impaired [Line Items] | ||
Pledged to secure deposits | $ | $ 3,860,000,000 | $ 4,030,000,000 |
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, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, fair value | $ 6,737,582 | $ 6,596,065 |
Less than 12 months, gross unrealized losses | (706,073) | (96,227) |
12 months or longer, fair value | 2,802,602 | 1,523,383 |
12 months or longer, gross unrealized losses | (418,680) | (43,377) |
Total, fair value | 9,540,184 | 8,119,448 |
Total, gross unrealized losses | (1,124,753) | (139,604) |
U.S. Treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, fair value | 322,983 | 49,648 |
Less than 12 months, gross unrealized losses | (20,632) | (379) |
12 months or longer, fair value | 42,319 | 47,590 |
12 months or longer, gross unrealized losses | (7,528) | (2,248) |
Total, fair value | 365,302 | 97,238 |
Total, gross unrealized losses | (28,160) | (2,627) |
U.S. Government agency securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, fair value | 50,180 | 21,760 |
Less than 12 months, gross unrealized losses | (1,973) | (387) |
12 months or longer, fair value | 0 | 0 |
12 months or longer, gross unrealized losses | 0 | 0 |
Total, fair value | 50,180 | 21,760 |
Total, gross unrealized losses | (1,973) | (387) |
Mortgage-backed securities issued by U.S. Government agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, fair value | 305,938 | 461,078 |
Less than 12 months, gross unrealized losses | (36,743) | (5,858) |
12 months or longer, fair value | 324,431 | 244,264 |
12 months or longer, gross unrealized losses | (44,782) | (5,606) |
Total, fair value | 630,369 | 705,342 |
Total, gross unrealized losses | (81,525) | (11,464) |
Mortgage-backed securities issued by U.S. Government sponsored enterprises | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, fair value | 5,273,030 | 5,729,476 |
Less than 12 months, gross unrealized losses | (605,258) | (82,671) |
12 months or longer, fair value | 1,893,054 | 643,758 |
12 months or longer, gross unrealized losses | (296,736) | (19,409) |
Total, fair value | 7,166,084 | 6,373,234 |
Total, gross unrealized losses | (901,994) | (102,080) |
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 | 348,932 | 187,431 |
Less than 12 months, gross unrealized losses | (26,567) | (3,981) |
12 months or longer, fair value | 404,154 | 504,238 |
12 months or longer, gross unrealized losses | (46,926) | (12,745) |
Total, fair value | 753,086 | 691,669 |
Total, gross unrealized losses | (73,493) | (16,726) |
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 | 418,331 | 146,672 |
Less than 12 months, gross unrealized losses | (14,730) | (2,951) |
12 months or longer, fair value | 138,644 | 83,533 |
12 months or longer, gross unrealized losses | (22,708) | (3,369) |
Total, fair value | 556,975 | 230,205 |
Total, gross unrealized losses | (37,438) | $ (6,320) |
Corporate debt securities and other debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, fair value | 18,188 | |
Less than 12 months, gross unrealized losses | (170) | |
12 months or longer, fair value | 0 | |
12 months or longer, gross unrealized losses | 0 | |
Total, fair value | 18,188 | |
Total, gross unrealized losses | $ (170) |
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, 2022 | Dec. 31, 2021 |
Amortized Cost | ||
Within one year, amortized cost | $ 232,605 | |
1 to 5 years, amortized cost | 705,828 | |
5 to 10 years, amortized cost | 450,876 | |
More than 10 years, amortized cost | 9,624,608 | |
Amortized Cost | 11,013,917 | $ 10,991,506 |
Fair Value | ||
Within one year, fair value | 232,551 | |
1 to 5 years, fair value | 673,035 | |
5 to 10 years, fair value | 415,387 | |
More than 10 years, fair value | 8,568,877 | |
Total, fair value | 9,889,850 | 10,918,329 |
U.S. Treasury securities | ||
Amortized Cost | ||
Within one year, amortized cost | 21,282 | |
1 to 5 years, amortized cost | 343,616 | |
5 to 10 years, amortized cost | 49,846 | |
More than 10 years, amortized cost | 0 | |
Amortized Cost | 414,744 | 120,465 |
Fair Value | ||
Within one year, fair value | 21,282 | |
1 to 5 years, fair value | 322,983 | |
5 to 10 years, fair value | 42,319 | |
More than 10 years, fair value | 0 | |
Total, fair value | 386,584 | 117,838 |
U.S. Government agency securities | ||
Amortized Cost | ||
Within one year, amortized cost | 456 | |
1 to 5 years, amortized cost | 22,420 | |
5 to 10 years, amortized cost | 29,990 | |
More than 10 years, amortized cost | 0 | |
Amortized Cost | 52,866 | 53,214 |
Fair Value | ||
Within one year, fair value | 457 | |
1 to 5 years, fair value | 20,581 | |
5 to 10 years, fair value | 29,857 | |
More than 10 years, fair value | 0 | |
Total, fair value | 50,895 | 54,201 |
Mortgage-backed securities issued by U.S. Government agencies | ||
Amortized Cost | ||
Within one year, amortized cost | 0 | |
1 to 5 years, amortized cost | 727 | |
5 to 10 years, amortized cost | 5 | |
More than 10 years, amortized cost | 712,758 | |
Amortized Cost | 713,490 | 790,329 |
Fair Value | ||
Within one year, fair value | 0 | |
1 to 5 years, fair value | 727 | |
5 to 10 years, fair value | 5 | |
More than 10 years, fair value | 631,239 | |
Total, fair value | 631,971 | 779,633 |
Mortgage-backed securities issued by U.S. Government sponsored enterprises | ||
Amortized Cost | ||
Within one year, amortized cost | 0 | |
1 to 5 years, amortized cost | 0 | |
5 to 10 years, amortized cost | 127,499 | |
More than 10 years, amortized cost | 8,016,579 | |
Amortized Cost | 8,144,078 | 8,063,890 |
Fair Value | ||
Within one year, fair value | 0 | |
1 to 5 years, fair value | 0 | |
5 to 10 years, fair value | 124,738 | |
More than 10 years, fair value | 7,117,903 | |
Total, fair value | 7,242,641 | 8,012,301 |
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 | 114 | |
5 to 10 years, amortized cost | 0 | |
More than 10 years, amortized cost | 826,465 | |
Amortized Cost | 826,579 | 951,691 |
Fair Value | ||
Within one year, fair value | 0 | |
1 to 5 years, fair value | 114 | |
5 to 10 years, fair value | 0 | |
More than 10 years, fair value | 752,972 | |
Total, fair value | 753,086 | 939,623 |
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 | 338,951 | |
5 to 10 years, amortized cost | 234,679 | |
More than 10 years, amortized cost | 68,806 | |
Amortized Cost | 642,436 | 479,420 |
Fair Value | ||
Within one year, fair value | 0 | |
1 to 5 years, fair value | 328,630 | |
5 to 10 years, fair value | 209,726 | |
More than 10 years, fair value | 66,763 | |
Total, fair value | 605,119 | 481,744 |
Asset-backed securities | ||
Amortized Cost | ||
Within one year, amortized cost | 201,366 | |
1 to 5 years, amortized cost | 0 | |
5 to 10 years, amortized cost | 0 | |
More than 10 years, amortized cost | 0 | |
Amortized Cost | 201,366 | 514,188 |
Fair Value | ||
Within one year, fair value | 201,366 | |
1 to 5 years, fair value | 0 | |
5 to 10 years, fair value | 0 | |
More than 10 years, fair value | 0 | |
Total, fair value | 201,366 | 514,188 |
Corporate debt securities and other debt securities | ||
Amortized Cost | ||
Within one year, amortized cost | 9,501 | |
1 to 5 years, amortized cost | 0 | |
5 to 10 years, amortized cost | 8,857 | |
More than 10 years, amortized cost | 0 | |
Amortized Cost | 18,358 | 18,309 |
Fair Value | ||
Within one year, fair value | 9,446 | |
1 to 5 years, fair value | 0 | |
5 to 10 years, fair value | 8,742 | |
More than 10 years, fair value | 0 | |
Total, fair value | $ 18,188 | $ 18,801 |
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, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Investments [Abstract] | ||||
Gross realized gains on sales | $ 0 | $ 0 | $ 0 | $ 0 |
Gross realized losses on sales | 0 | 0 | 0 | (1,990) |
Investment securities gains (losses), net | $ 0 | $ 0 | $ 0 | $ (1,990) |
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, 2022 | Dec. 31, 2021 |
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | $ 41,204,780 | $ 39,311,958 |
Non-accrual with an ALL | 64,660 | 100,518 |
Non-accrual without an ALL | 44,364 | 30,524 |
Total commercial and industrial | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 20,778,325 | 19,622,924 |
Non-accrual with an ALL | 19,789 | 45,064 |
Non-accrual without an ALL | 40,210 | 27,919 |
Total commercial and industrial | Commercial, financial and agricultural | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 13,018,089 | 12,147,858 |
Non-accrual with an ALL | 12,834 | 37,918 |
Non-accrual without an ALL | 35,767 | 23,869 |
Total commercial and industrial | Owner-occupied | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 7,760,236 | 7,475,066 |
Non-accrual with an ALL | 6,955 | 7,146 |
Non-accrual without an ALL | 4,443 | 4,050 |
Total commercial real estate | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 11,503,417 | 11,015,111 |
Non-accrual with an ALL | 8,770 | 9,726 |
Non-accrual without an ALL | 3,642 | 2,605 |
Total commercial real estate | Investment properties | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 10,408,048 | 9,902,776 |
Non-accrual with an ALL | 5,025 | 3,273 |
Non-accrual without an ALL | 2,345 | 2,577 |
Total commercial real estate | 1-4 family properties | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 641,855 | 645,469 |
Non-accrual with an ALL | 1,821 | 4,535 |
Non-accrual without an ALL | 1,297 | 28 |
Total commercial real estate | Land and development | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 453,514 | 466,866 |
Non-accrual with an ALL | 1,924 | 1,918 |
Non-accrual without an ALL | 0 | 0 |
Total consumer | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 8,923,038 | 8,673,923 |
Non-accrual with an ALL | 36,101 | 45,728 |
Non-accrual without an ALL | 512 | 0 |
Total consumer | Consumer mortgages | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 5,124,523 | 5,068,998 |
Non-accrual with an ALL | 22,857 | 29,078 |
Non-accrual without an ALL | 0 | 0 |
Total consumer | Home equity | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 1,579,218 | 1,361,419 |
Non-accrual with an ALL | 7,588 | 9,773 |
Non-accrual without an ALL | 512 | 0 |
Total consumer | Credit cards | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 194,290 | 204,172 |
Non-accrual with an ALL | 0 | 0 |
Non-accrual without an ALL | 0 | 0 |
Total consumer | Other consumer loans | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 2,025,007 | 2,039,334 |
Non-accrual with an ALL | 5,656 | 6,877 |
Non-accrual without an ALL | 0 | 0 |
Current | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 41,039,596 | 39,123,351 |
Current | Total commercial and industrial | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 20,698,900 | 19,528,924 |
Current | Total commercial and industrial | Commercial, financial and agricultural | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 12,954,600 | 12,068,740 |
Current | Total commercial and industrial | Owner-occupied | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 7,744,300 | 7,460,184 |
Current | Total commercial real estate | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 11,488,698 | 10,998,504 |
Current | Total commercial real estate | Investment properties | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 10,400,407 | 9,894,924 |
Current | Total commercial real estate | 1-4 family properties | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 636,701 | 639,631 |
Current | Total commercial real estate | Land and development | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 451,590 | 463,949 |
Current | Total consumer | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 8,851,998 | 8,595,923 |
Current | Total consumer | Consumer mortgages | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 5,092,428 | 5,033,537 |
Current | Total consumer | Home equity | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 1,567,527 | 1,349,027 |
Current | Total consumer | Credit cards | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 191,641 | 201,929 |
Current | Total consumer | Other consumer loans | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 2,000,402 | 2,011,430 |
Accruing 30-89 Days Past Due | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 53,909 | 50,795 |
Accruing 30-89 Days Past Due | Total commercial and industrial | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 18,901 | 17,005 |
Accruing 30-89 Days Past Due | Total commercial and industrial | Commercial, financial and agricultural | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 14,363 | 13,378 |
Accruing 30-89 Days Past Due | Total commercial and industrial | Owner-occupied | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 4,538 | 3,627 |
Accruing 30-89 Days Past Due | Total commercial real estate | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 2,307 | 3,312 |
Accruing 30-89 Days Past Due | Total commercial real estate | Investment properties | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 271 | 1,285 |
Accruing 30-89 Days Past Due | Total commercial real estate | 1-4 family properties | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 2,036 | 1,182 |
Accruing 30-89 Days Past Due | Total commercial real estate | Land and development | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 0 | 845 |
Accruing 30-89 Days Past Due | Total consumer | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 32,701 | 30,478 |
Accruing 30-89 Days Past Due | Total consumer | Consumer mortgages | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 9,238 | 6,257 |
Accruing 30-89 Days Past Due | Total consumer | Home equity | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 3,591 | 2,619 |
Accruing 30-89 Days Past Due | Total consumer | Credit cards | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 1,413 | 1,233 |
Accruing 30-89 Days Past Due | Total consumer | Other consumer loans | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 18,459 | 20,369 |
Accruing 90 Days or Greater Past Due | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 2,251 | 6,770 |
Accruing 90 Days or Greater Past Due | Total commercial and industrial | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 525 | 4,012 |
Accruing 90 Days or Greater Past Due | Total commercial and industrial | Commercial, financial and agricultural | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 525 | 3,953 |
Accruing 90 Days or Greater Past Due | Total commercial and industrial | Owner-occupied | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 0 | 59 |
Accruing 90 Days or Greater Past Due | Total commercial real estate | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 0 | 964 |
Accruing 90 Days or Greater Past Due | Total commercial real estate | Investment properties | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 0 | 717 |
Accruing 90 Days or Greater Past Due | Total commercial real estate | 1-4 family properties | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 0 | 93 |
Accruing 90 Days or Greater Past Due | Total commercial real estate | Land and development | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 0 | 154 |
Accruing 90 Days or Greater Past Due | Total consumer | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 1,726 | 1,794 |
Accruing 90 Days or Greater Past Due | Total consumer | Consumer mortgages | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 0 | 126 |
Accruing 90 Days or Greater Past Due | Total consumer | Home equity | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 0 | 0 |
Accruing 90 Days or Greater Past Due | Total consumer | Credit cards | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 1,236 | 1,010 |
Accruing 90 Days or Greater Past Due | Total consumer | Other consumer loans | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 490 | 658 |
Total Accruing Past Due | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 56,160 | 57,565 |
Total Accruing Past Due | Total commercial and industrial | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 19,426 | 21,017 |
Total Accruing Past Due | Total commercial and industrial | Commercial, financial and agricultural | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 14,888 | 17,331 |
Total Accruing Past Due | Total commercial and industrial | Owner-occupied | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 4,538 | 3,686 |
Total Accruing Past Due | Total commercial real estate | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 2,307 | 4,276 |
Total Accruing Past Due | Total commercial real estate | Investment properties | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 271 | 2,002 |
Total Accruing Past Due | Total commercial real estate | 1-4 family properties | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 2,036 | 1,275 |
Total Accruing Past Due | Total commercial real estate | Land and development | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 0 | 999 |
Total Accruing Past Due | Total consumer | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 34,427 | 32,272 |
Total Accruing Past Due | Total consumer | Consumer mortgages | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 9,238 | 6,383 |
Total Accruing Past Due | Total consumer | Home equity | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 3,591 | 2,619 |
Total Accruing Past Due | Total consumer | Credit cards | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 2,649 | 2,243 |
Total Accruing Past Due | Total consumer | Other consumer loans | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | $ 18,949 | $ 21,027 |
Loans and Allowance for Loan _4
Loans and Allowance for Loan Losses (Narrative) (Details) | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2022 USD ($) contract | Jun. 30, 2021 USD ($) contract | Jun. 30, 2022 USD ($) contract | Jun. 30, 2021 USD ($) contract | Mar. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Mar. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Loans and leases receivable, impaired, interest lost on nonaccrual loans | $ 2,000,000 | $ 2,700,000 | $ 5,400,000 | $ 6,200,000 | ||||
Interest income, cash basis method | 410,000 | 575,000 | 964,000 | 1,200,000 | ||||
Total loans | 41,204,780,000 | 41,204,780,000 | $ 39,311,958,000 | |||||
Allowance for loan losses | 407,837,000 | 516,708,000 | 407,837,000 | 516,708,000 | $ 414,956,000 | 427,597,000 | $ 563,214,000 | $ 605,736,000 |
Reserve for unfunded commitments | 50,600,000 | 50,600,000 | 41,900,000 | |||||
All financing receivable, allowance for credit loss | $ 458,400,000 | 458,400,000 | $ 469,500,000 | |||||
Allowance for credit loss, decrease | $ (11,100,000) | |||||||
ACL to loans ratio | 1.11% | 1.11% | ||||||
Decrease in ACL to loans ratio | 0.0008 | |||||||
Allowance for credit loss, reasonable and supportable forecast period | 2 years | |||||||
Allowance for credit loss, straight-line basis historical period | 1 year | |||||||
Downside bias | 60% | 60% | 43% | |||||
Provision for (reversal of) credit losses | $ 12,688,000 | (24,598,000) | $ 24,088,000 | (43,173,000) | ||||
Net chargeoff amount | 16,600,000 | 35,200,000 | ||||||
Financing receivable, allowance for credit loss, period increase (decrease) from increase in size of loan profile | 3,700,000 | 7,500,000 | ||||||
Financing receivable, purchase | 180,200,000 | 361,600,000 | ||||||
Recorded investment | 37,282,000 | $ 6,801,000 | 78,925,000 | $ 22,276,000 | ||||
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 | 3 | 5 | 3 | 5 | ||||
Recorded investment | $ 430,000 | $ 172,000 | $ 430,000 | $ 172,000 | ||||
Baseline | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Projected unemployment rate | 3.60% | 3.60% | 4% | |||||
Baseline | Minimum | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Projected unemployment rate | 3.50% | |||||||
Downside | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Projected unemployment rate | 5.20% | 5.20% | ||||||
Substandard | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Retail loan substandard period (in days) | 90 days | |||||||
Loss | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Retail loan charge off (in days) | 120 days | |||||||
Total commercial and industrial | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Total loans | $ 20,778,325,000 | $ 20,778,325,000 | $ 19,622,924,000 | |||||
Recorded investment | 31,230,000 | $ 4,099,000 | 59,632,000 | $ 11,548,000 | ||||
Total commercial and industrial | Small Business Administration (SBA), CARES Act, Paycheck Protection Program | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Total loans | 86,700,000 | 86,700,000 | ||||||
Asset Pledged as Collateral | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Total loans | $ 15,150,000,000 | $ 15,150,000,000 | $ 14,190,000,000 |
Loans and Allowance for Loan _5
Loans and Allowance for Loan Losses (Loan Portfolio Credit Exposure) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | $ 3,640,129 | $ 9,402,827 |
2021 | 9,115,580 | 6,558,797 |
2020 | 6,152,875 | 4,899,572 |
2019 | 4,038,901 | 3,085,986 |
2018 | 2,712,707 | 2,559,570 |
Prior | 5,986,537 | 4,742,507 |
Total loans | $ 41,204,780 | $ 39,311,958 |
Number of days past due | 120 days | 120 days |
Number of days past due for charge-off | 181 days | 181 days |
Maximum | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Percent of loan amount | 50% | 50% |
Revolving Loans Amortized Cost Basis | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | $ 9,158,633 | $ 7,867,710 |
Revolving Loans Converted to Term Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 399,418 | 194,989 |
Total commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 1,386,438 | 4,200,393 |
2021 | 3,890,452 | 2,696,735 |
2020 | 2,512,002 | 2,112,628 |
2019 | 1,888,806 | 1,549,445 |
2018 | 1,414,886 | 1,184,980 |
Prior | 2,637,852 | 2,122,625 |
Total loans | 20,778,325 | 19,622,924 |
Total commercial and industrial | Revolving Loans Amortized Cost Basis | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 7,016,254 | 5,713,276 |
Total commercial and industrial | Revolving Loans Converted to Term Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 31,635 | 42,842 |
Total commercial and industrial | Commercial, financial and agricultural | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 549,838 | 2,416,022 |
2021 | 2,142,133 | 1,398,694 |
2020 | 1,244,554 | 981,693 |
2019 | 866,742 | 637,246 |
2018 | 609,673 | 451,760 |
Prior | 1,198,521 | 944,049 |
Total loans | 13,018,089 | 12,147,858 |
Total commercial and industrial | Commercial, financial and agricultural | Revolving Loans Amortized Cost Basis | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 6,374,993 | 5,275,552 |
Total commercial and industrial | Commercial, financial and agricultural | Revolving Loans Converted to Term Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 31,635 | 42,842 |
Total commercial and industrial | Commercial, financial and agricultural | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 539,814 | 2,396,717 |
2021 | 2,126,772 | 1,332,549 |
2020 | 1,183,170 | 922,396 |
2019 | 811,870 | 607,918 |
2018 | 569,801 | 433,045 |
Prior | 1,166,642 | 903,995 |
Total loans | 12,630,753 | 11,791,410 |
Total commercial and industrial | Commercial, financial and agricultural | Pass | Revolving Loans Amortized Cost Basis | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 6,202,131 | 5,151,981 |
Total commercial and industrial | Commercial, financial and agricultural | Pass | Revolving Loans Converted to Term Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 30,553 | 42,809 |
Total commercial and industrial | Commercial, financial and agricultural | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 3,136 | 2,731 |
2021 | 4,280 | 15,166 |
2020 | 9,337 | 17,571 |
2019 | 9,435 | 10,433 |
2018 | 17,596 | 2,242 |
Prior | 3,333 | 2,489 |
Total loans | 133,672 | 122,628 |
Total commercial and industrial | Commercial, financial and agricultural | Special Mention | Revolving Loans Amortized Cost Basis | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 86,555 | 71,996 |
Total commercial and industrial | Commercial, financial and agricultural | Special Mention | Revolving Loans Converted to Term Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Total commercial and industrial | Commercial, financial and agricultural | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 6,888 | 16,105 |
2021 | 11,081 | 50,979 |
2020 | 52,047 | 40,125 |
2019 | 45,437 | 10,383 |
2018 | 18,756 | 16,473 |
Prior | 28,546 | 37,565 |
Total loans | 249,989 | 223,105 |
Total commercial and industrial | Commercial, financial and agricultural | Substandard | Revolving Loans Amortized Cost Basis | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 86,152 | 51,442 |
Total commercial and industrial | Commercial, financial and agricultural | Substandard | Revolving Loans Converted to Term Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 1,082 | 33 |
Total commercial and industrial | Commercial, financial and agricultural | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 469 |
2021 | 0 | 0 |
2020 | 0 | 1,601 |
2019 | 0 | 8,512 |
2018 | 3,520 | 0 |
Prior | 0 | 0 |
Total loans | 3,520 | 10,630 |
Total commercial and industrial | Commercial, financial and agricultural | Doubtful | Revolving Loans Amortized Cost Basis | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 48 |
Total commercial and industrial | Commercial, financial and agricultural | Doubtful | Revolving Loans Converted to Term Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Total commercial and industrial | Commercial, financial and agricultural | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 0 | 0 |
Total loans | 155 | 85 |
Total commercial and industrial | Commercial, financial and agricultural | Loss | Revolving Loans Amortized Cost Basis | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 155 | 85 |
Total commercial and industrial | Commercial, financial and agricultural | Loss | Revolving Loans Converted to Term Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Total commercial and industrial | Owner-occupied | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 836,600 | 1,784,371 |
2021 | 1,748,319 | 1,298,041 |
2020 | 1,267,448 | 1,130,935 |
2019 | 1,022,064 | 912,199 |
2018 | 805,213 | 733,220 |
Prior | 1,439,331 | 1,178,576 |
Total loans | 7,760,236 | 7,475,066 |
Total commercial and industrial | Owner-occupied | Revolving Loans Amortized Cost Basis | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 641,261 | 437,724 |
Total commercial and industrial | Owner-occupied | Revolving Loans Converted to Term Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Total commercial and industrial | Owner-occupied | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 834,063 | 1,776,086 |
2021 | 1,730,966 | 1,276,797 |
2020 | 1,178,269 | 1,117,825 |
2019 | 1,007,485 | 858,721 |
2018 | 720,509 | 708,942 |
Prior | 1,388,397 | 1,116,766 |
Total loans | 7,500,950 | 7,292,861 |
Total commercial and industrial | Owner-occupied | Pass | Revolving Loans Amortized Cost Basis | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 641,261 | 437,724 |
Total commercial and industrial | Owner-occupied | Pass | Revolving Loans Converted to Term Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Total commercial and industrial | Owner-occupied | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 137 | 702 |
2021 | 4,545 | 19,950 |
2020 | 86,210 | 4,724 |
2019 | 8,841 | 10,202 |
2018 | 45,656 | 18,109 |
Prior | 28,168 | 36,481 |
Total loans | 173,557 | 90,168 |
Total commercial and industrial | Owner-occupied | Special Mention | Revolving Loans Amortized Cost Basis | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Total commercial and industrial | Owner-occupied | Special Mention | Revolving Loans Converted to Term Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Total commercial and industrial | Owner-occupied | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 2,400 | 7,312 |
2021 | 12,555 | 1,294 |
2020 | 2,969 | 8,386 |
2019 | 5,738 | 43,276 |
2018 | 39,048 | 6,169 |
Prior | 22,766 | 25,329 |
Total loans | 85,476 | 91,766 |
Total commercial and industrial | Owner-occupied | Substandard | Revolving Loans Amortized Cost Basis | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Total commercial and industrial | Owner-occupied | Substandard | Revolving Loans Converted to Term Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Total commercial and industrial | Owner-occupied | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 271 |
2021 | 253 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 0 | 0 |
Total loans | 253 | 271 |
Total commercial and industrial | Owner-occupied | Loss | Revolving Loans Amortized Cost Basis | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Total commercial and industrial | Owner-occupied | Loss | Revolving Loans Converted to Term Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Total commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 1,597,621 | 3,271,317 |
2021 | 3,304,004 | 1,591,162 |
2020 | 1,643,758 | 2,079,334 |
2019 | 1,558,885 | 1,256,576 |
2018 | 1,053,971 | 888,314 |
Prior | 1,932,244 | 1,494,335 |
Total loans | 11,503,417 | 11,015,111 |
Total commercial real estate | Revolving Loans Amortized Cost Basis | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 412,934 | 434,073 |
Total commercial real estate | Revolving Loans Converted to Term Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Total commercial real estate | Investment properties | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 1,352,414 | 2,831,606 |
2021 | 2,961,078 | 1,463,829 |
2020 | 1,554,816 | 1,946,374 |
2019 | 1,462,996 | 1,140,792 |
2018 | 966,021 | 800,794 |
Prior | 1,766,705 | 1,385,671 |
Total loans | 10,408,048 | 9,902,776 |
Total commercial real estate | Investment properties | Revolving Loans Amortized Cost Basis | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 344,018 | 333,710 |
Total commercial real estate | Investment properties | Revolving Loans Converted to Term Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Total commercial real estate | Investment properties | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 1,352,056 | 2,823,978 |
2021 | 2,953,629 | 1,463,503 |
2020 | 1,554,185 | 1,905,534 |
2019 | 1,444,006 | 1,019,765 |
2018 | 901,677 | 738,036 |
Prior | 1,749,178 | 1,317,634 |
Total loans | 10,269,482 | 9,547,147 |
Total commercial real estate | Investment properties | Pass | Revolving Loans Amortized Cost Basis | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 314,751 | 278,697 |
Total commercial real estate | Investment properties | Pass | Revolving Loans Converted to Term Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Total commercial real estate | Investment properties | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 6,163 |
2021 | 6,963 | 0 |
2020 | 0 | 32,290 |
2019 | 15,295 | 63,900 |
2018 | 11,559 | 59,194 |
Prior | 4,409 | 44,532 |
Total loans | 46,223 | 239,738 |
Total commercial real estate | Investment properties | Special Mention | Revolving Loans Amortized Cost Basis | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 7,997 | 33,659 |
Total commercial real estate | Investment properties | Special Mention | Revolving Loans Converted to Term Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Total commercial real estate | Investment properties | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 358 | 1,465 |
2021 | 486 | 326 |
2020 | 631 | 8,550 |
2019 | 3,695 | 57,127 |
2018 | 52,785 | 3,564 |
Prior | 13,118 | 23,505 |
Total loans | 92,343 | 115,891 |
Total commercial real estate | Investment properties | Substandard | Revolving Loans Amortized Cost Basis | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 21,270 | 21,354 |
Total commercial real estate | Investment properties | Substandard | Revolving Loans Converted to Term Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Total commercial real estate | 1-4 family properties | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 178,284 | 297,273 |
2021 | 206,280 | 83,183 |
2020 | 57,582 | 53,146 |
2019 | 39,987 | 47,247 |
2018 | 35,299 | 49,546 |
Prior | 77,689 | 59,441 |
Total loans | 641,855 | 645,469 |
Total commercial real estate | 1-4 family properties | Revolving Loans Amortized Cost Basis | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 46,734 | 55,633 |
Total commercial real estate | 1-4 family properties | Revolving Loans Converted to Term Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Total commercial real estate | 1-4 family properties | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 174,897 | 295,082 |
2021 | 203,245 | 82,976 |
2020 | 56,607 | 51,939 |
2019 | 38,918 | 43,025 |
2018 | 33,778 | 49,057 |
Prior | 75,587 | 57,025 |
Total loans | 629,721 | 634,692 |
Total commercial real estate | 1-4 family properties | Pass | Revolving Loans Amortized Cost Basis | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 46,689 | 55,588 |
Total commercial real estate | 1-4 family properties | Pass | Revolving Loans Converted to Term Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Total commercial real estate | 1-4 family properties | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 2,688 | 192 |
2021 | 1,250 | 207 |
2020 | 970 | 641 |
2019 | 634 | 0 |
2018 | 0 | 0 |
Prior | 202 | 239 |
Total loans | 5,744 | 1,279 |
Total commercial real estate | 1-4 family properties | Special Mention | Revolving Loans Amortized Cost Basis | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Total commercial real estate | 1-4 family properties | Special Mention | Revolving Loans Converted to Term Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Total commercial real estate | 1-4 family properties | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 699 | 1,999 |
2021 | 1,785 | 0 |
2020 | 5 | 566 |
2019 | 435 | 4,222 |
2018 | 1,521 | 489 |
Prior | 1,900 | 2,177 |
Total loans | 6,390 | 9,498 |
Total commercial real estate | 1-4 family properties | Substandard | Revolving Loans Amortized Cost Basis | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 45 | 45 |
Total commercial real estate | 1-4 family properties | Substandard | Revolving Loans Converted to Term Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Total commercial real estate | Land and development | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 66,923 | 142,438 |
2021 | 136,646 | 44,150 |
2020 | 31,360 | 79,814 |
2019 | 55,902 | 68,537 |
2018 | 52,651 | 37,974 |
Prior | 87,850 | 49,223 |
Total loans | 453,514 | 466,866 |
Total commercial real estate | Land and development | Revolving Loans Amortized Cost Basis | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 22,182 | 44,730 |
Total commercial real estate | Land and development | Revolving Loans Converted to Term Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Total commercial real estate | Land and development | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 66,081 | 141,614 |
2021 | 133,592 | 42,201 |
2020 | 30,360 | 77,868 |
2019 | 55,259 | 34,058 |
2018 | 21,038 | 37,167 |
Prior | 84,205 | 44,989 |
Total loans | 412,717 | 422,627 |
Total commercial real estate | Land and development | Pass | Revolving Loans Amortized Cost Basis | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 22,182 | 44,730 |
Total commercial real estate | Land and development | Pass | Revolving Loans Converted to Term Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Total commercial real estate | Land and development | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 29 | 0 |
2021 | 170 | 800 |
2020 | 775 | 1,900 |
2019 | 0 | 31,458 |
2018 | 31,136 | 0 |
Prior | 290 | 1,179 |
Total loans | 32,400 | 35,337 |
Total commercial real estate | Land and development | Special Mention | Revolving Loans Amortized Cost Basis | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Total commercial real estate | Land and development | Special Mention | Revolving Loans Converted to Term Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Total commercial real estate | Land and development | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 813 | 824 |
2021 | 2,884 | 1,149 |
2020 | 225 | 46 |
2019 | 643 | 3,021 |
2018 | 477 | 807 |
Prior | 3,355 | 3,055 |
Total loans | 8,397 | 8,902 |
Total commercial real estate | Land and development | Substandard | Revolving Loans Amortized Cost Basis | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Total commercial real estate | Land and development | Substandard | Revolving Loans Converted to Term Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Total consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 656,070 | 1,931,117 |
2021 | 1,921,124 | 2,270,900 |
2020 | 1,997,115 | 707,610 |
2019 | 591,210 | 279,965 |
2018 | 243,850 | 486,276 |
Prior | 1,416,441 | 1,125,547 |
Total loans | 8,923,038 | 8,673,923 |
Total consumer | Revolving Loans Amortized Cost Basis | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 1,729,445 | 1,720,361 |
Total consumer | Revolving Loans Converted to Term Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 367,783 | 152,147 |
Total consumer | Consumer mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 498,285 | 1,276,030 |
2021 | 1,251,822 | 1,560,413 |
2020 | 1,437,686 | 578,415 |
2019 | 503,854 | 228,664 |
2018 | 199,419 | 398,209 |
Prior | 1,232,965 | 1,027,012 |
Total loans | 5,124,523 | 5,068,998 |
Total consumer | Consumer mortgages | Revolving Loans Amortized Cost Basis | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 492 | 255 |
Total consumer | Consumer mortgages | Revolving Loans Converted to Term Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Total consumer | Consumer mortgages | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 498,240 | 1,274,999 |
2021 | 1,249,155 | 1,556,733 |
2020 | 1,432,760 | 572,467 |
2019 | 496,716 | 216,277 |
2018 | 187,795 | 392,492 |
Prior | 1,205,352 | 1,001,771 |
Total loans | 5,070,510 | 5,014,994 |
Total consumer | Consumer mortgages | Pass | Revolving Loans Amortized Cost Basis | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 492 | 255 |
Total consumer | Consumer mortgages | Pass | Revolving Loans Converted to Term Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Total consumer | Consumer mortgages | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 45 | 1,031 |
2021 | 2,667 | 3,680 |
2020 | 4,926 | 5,943 |
2019 | 7,134 | 12,387 |
2018 | 11,624 | 5,717 |
Prior | 26,856 | 25,025 |
Total loans | 53,252 | 53,783 |
Total consumer | Consumer mortgages | Substandard | Revolving Loans Amortized Cost Basis | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Total consumer | Consumer mortgages | Substandard | Revolving Loans Converted to Term Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Total consumer | Consumer mortgages | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 5 |
2019 | 4 | 0 |
2018 | 0 | 0 |
Prior | 757 | 216 |
Total loans | 761 | 221 |
Total consumer | Consumer mortgages | Loss | Revolving Loans Amortized Cost Basis | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Total consumer | Consumer mortgages | Loss | Revolving Loans Converted to Term Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Total consumer | Home equity | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 0 | 0 |
Total loans | 1,579,218 | 1,361,419 |
Total consumer | Home equity | Revolving Loans Amortized Cost Basis | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 1,211,435 | 1,209,272 |
Total consumer | Home equity | Revolving Loans Converted to Term Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 367,783 | 152,147 |
Total consumer | Home equity | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 0 | 0 |
Total loans | 1,567,398 | 1,346,191 |
Total consumer | Home equity | Pass | Revolving Loans Amortized Cost Basis | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 1,204,042 | 1,199,556 |
Total consumer | Home equity | Pass | Revolving Loans Converted to Term Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 363,356 | 146,635 |
Total consumer | Home equity | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 0 | 0 |
Total loans | 11,256 | 14,430 |
Total consumer | Home equity | Substandard | Revolving Loans Amortized Cost Basis | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 6,967 | 9,058 |
Total consumer | Home equity | Substandard | Revolving Loans Converted to Term Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 4,289 | 5,372 |
Total consumer | Home equity | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 0 | 0 |
Total loans | 564 | 798 |
Total consumer | Home equity | Loss | Revolving Loans Amortized Cost Basis | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 426 | 658 |
Total consumer | Home equity | Loss | Revolving Loans Converted to Term Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 138 | 140 |
Total consumer | Credit cards | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 0 | 0 |
Total loans | 194,290 | 204,172 |
Total consumer | Credit cards | Revolving Loans Amortized Cost Basis | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 194,290 | 204,172 |
Total consumer | Credit cards | Revolving Loans Converted to Term Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Total consumer | Credit cards | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 0 | 0 |
Total loans | 193,102 | 203,161 |
Total consumer | Credit cards | Pass | Revolving Loans Amortized Cost Basis | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 193,102 | 203,161 |
Total consumer | Credit cards | Pass | Revolving Loans Converted to Term Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Total consumer | Credit cards | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 0 | 0 |
Total loans | 430 | 348 |
Total consumer | Credit cards | Substandard | Revolving Loans Amortized Cost Basis | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 430 | 348 |
Total consumer | Credit cards | Substandard | Revolving Loans Converted to Term Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Total consumer | Credit cards | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 0 | 0 |
Total loans | 758 | 663 |
Total consumer | Credit cards | Loss | Revolving Loans Amortized Cost Basis | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 758 | 663 |
Total consumer | Credit cards | Loss | Revolving Loans Converted to Term Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Total consumer | Other consumer loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 157,785 | 655,087 |
2021 | 669,302 | 710,487 |
2020 | 559,429 | 129,195 |
2019 | 87,356 | 51,301 |
2018 | 44,431 | 88,067 |
Prior | 183,476 | 98,535 |
Total loans | 2,025,007 | 2,039,334 |
Total consumer | Other consumer loans | Revolving Loans Amortized Cost Basis | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 323,228 | 306,662 |
Total consumer | Other consumer loans | Revolving Loans Converted to Term Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Total consumer | Other consumer loans | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 155,843 | 654,419 |
2021 | 667,787 | 708,937 |
2020 | 557,705 | 127,131 |
2019 | 86,030 | 49,993 |
2018 | 43,321 | 86,175 |
Prior | 182,373 | 97,765 |
Total loans | 2,016,119 | 2,030,920 |
Total consumer | Other consumer loans | Pass | Revolving Loans Amortized Cost Basis | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 323,060 | 306,500 |
Total consumer | Other consumer loans | Pass | Revolving Loans Converted to Term Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Total consumer | Other consumer loans | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 1,942 | 668 |
2021 | 1,515 | 1,550 |
2020 | 1,724 | 2,064 |
2019 | 1,326 | 1,308 |
2018 | 1,110 | 1,892 |
Prior | 1,094 | 750 |
Total loans | 8,879 | 8,394 |
Total consumer | Other consumer loans | Substandard | Revolving Loans Amortized Cost Basis | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 168 | 162 |
Total consumer | Other consumer loans | Substandard | Revolving Loans Converted to Term Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Total consumer | Other consumer loans | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 9 | 20 |
Total loans | 9 | 20 |
Total consumer | Other consumer loans | Loss | Revolving Loans Amortized Cost Basis | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Total consumer | Other consumer loans | Loss | Revolving Loans Converted to Term Loans | ||
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, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Allowance for loan losses: | ||||
Beginning balance | $ 414,956 | $ 563,214 | $ 427,597 | $ 605,736 |
Charge-offs | (23,698) | (30,853) | (48,845) | (56,178) |
Recoveries | 7,133 | 4,307 | 13,671 | 9,428 |
Provision for (reversal of) loan losses | 9,446 | (19,960) | 15,414 | (42,278) |
Ending balance | 407,837 | 516,708 | 407,837 | 516,708 |
Commercial & Industrial | ||||
Allowance for loan losses: | ||||
Beginning balance | 178,722 | 254,777 | 188,364 | 229,555 |
Charge-offs | (15,512) | (18,729) | (29,275) | (28,146) |
Recoveries | 3,208 | 1,495 | 5,571 | 4,267 |
Provision for (reversal of) loan losses | (6,410) | 17,395 | (4,652) | 49,262 |
Ending balance | 160,008 | 254,938 | 160,008 | 254,938 |
Commercial Real Estate | ||||
Allowance for loan losses: | ||||
Beginning balance | 94,696 | 113,812 | 97,760 | 130,742 |
Charge-offs | (252) | (3,839) | (2,708) | (14,158) |
Recoveries | 572 | 377 | 933 | 1,403 |
Provision for (reversal of) loan losses | 9,202 | (18,237) | 8,233 | (25,874) |
Ending balance | 104,218 | 92,113 | 104,218 | 92,113 |
Consumer | ||||
Allowance for loan losses: | ||||
Beginning balance | 141,538 | 194,625 | 141,473 | 245,439 |
Charge-offs | (7,934) | (8,285) | (16,862) | (13,874) |
Recoveries | 3,353 | 2,435 | 7,167 | 3,758 |
Provision for (reversal of) loan losses | 6,654 | (19,118) | 11,833 | (65,666) |
Ending balance | $ 143,611 | $ 169,657 | $ 143,611 | $ 169,657 |
Loans and Allowance for Loan _7
Loans and Allowance for Loan Losses (Troubled Debt Restructurings) (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 USD ($) contract | Jun. 30, 2021 USD ($) contract | Jun. 30, 2022 USD ($) contract | Jun. 30, 2021 USD ($) contract | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 58 | 56 | 137 | 198 |
Recorded investment | $ 37,282,000 | $ 6,801,000 | $ 78,925,000 | $ 22,276,000 |
Net charge-offs | $ 0 | $ 0 | $ 0 | $ 0 |
Total commercial and industrial | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 30 | 23 | 76 | 68 |
Recorded investment | $ 31,230,000 | $ 4,099,000 | $ 59,632,000 | $ 11,548,000 |
Total commercial and industrial | Commercial, financial and agricultural | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 23 | 18 | 56 | 58 |
Recorded investment | $ 8,800,000 | $ 2,944,000 | $ 27,241,000 | $ 8,740,000 |
Total commercial and industrial | Owner-occupied | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 7 | 5 | 20 | 10 |
Recorded investment | $ 22,430,000 | $ 1,155,000 | $ 32,391,000 | $ 2,808,000 |
Total commercial real estate | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 7 | 4 | 20 | 15 |
Recorded investment | $ 3,111,000 | $ 943,000 | $ 14,254,000 | $ 3,472,000 |
Total commercial real estate | Investment properties | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 2 | 1 | 5 | 6 |
Recorded investment | $ 690,000 | $ 419,000 | $ 7,889,000 | $ 2,403,000 |
Total commercial real estate | 1-4 family properties | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 4 | 2 | 11 | 7 |
Recorded investment | $ 1,984,000 | $ 158,000 | $ 3,197,000 | $ 660,000 |
Total commercial real estate | Land and development | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 1 | 1 | 4 | 2 |
Recorded investment | $ 437,000 | $ 366,000 | $ 3,168,000 | $ 409,000 |
Total consumer | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 21 | 29 | 41 | 115 |
Recorded investment | $ 2,941,000 | $ 1,759,000 | $ 5,039,000 | $ 7,256,000 |
Total consumer | Consumer mortgages | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 3 | 2 | 10 | 2 |
Recorded investment | $ 321,000 | $ 331,000 | $ 1,442,000 | $ 331,000 |
Total consumer | Home equity | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 14 | 14 | 25 | 27 |
Recorded investment | $ 2,529,000 | $ 996,000 | $ 3,458,000 | $ 1,745,000 |
Total consumer | Other consumer loans | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 4 | 13 | 6 | 86 |
Recorded investment | $ 91,000 | $ 432,000 | $ 139,000 | $ 5,180,000 |
Below Market Interest Rate | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment | 36,724,000 | 5,286,000 | 67,207,000 | 12,936,000 |
Below Market Interest Rate | Total commercial and industrial | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment | 30,964,000 | 2,925,000 | 54,968,000 | 7,412,000 |
Below Market Interest Rate | Total commercial and industrial | Commercial, financial and agricultural | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment | 8,534,000 | 1,770,000 | 26,434,000 | 5,003,000 |
Below Market Interest Rate | Total commercial and industrial | Owner-occupied | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment | 22,430,000 | 1,155,000 | 28,534,000 | 2,409,000 |
Below Market Interest Rate | Total commercial real estate | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment | 3,111,000 | 943,000 | 7,644,000 | 3,390,000 |
Below Market Interest Rate | Total commercial real estate | Investment properties | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment | 690,000 | 419,000 | 1,279,000 | 2,403,000 |
Below Market Interest Rate | Total commercial real estate | 1-4 family properties | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment | 1,984,000 | 158,000 | 3,197,000 | 621,000 |
Below Market Interest Rate | Total commercial real estate | Land and development | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment | 437,000 | 366,000 | 3,168,000 | 366,000 |
Below Market Interest Rate | Total consumer | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment | 2,649,000 | 1,418,000 | 4,595,000 | 2,134,000 |
Below Market Interest Rate | Total consumer | Consumer mortgages | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment | 159,000 | 331,000 | 1,176,000 | 331,000 |
Below Market Interest Rate | Total consumer | Home equity | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment | 2,490,000 | 900,000 | 3,419,000 | 1,487,000 |
Below Market Interest Rate | Total consumer | Other consumer loans | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment | 0 | 187,000 | 0 | 316,000 |
Other Concessions | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment | 558,000 | 1,515,000 | 11,718,000 | 9,340,000 |
Other Concessions | Total commercial and industrial | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment | 266,000 | 1,174,000 | 4,664,000 | 4,136,000 |
Other Concessions | Total commercial and industrial | Commercial, financial and agricultural | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment | 266,000 | 1,174,000 | 807,000 | 3,737,000 |
Other Concessions | Total commercial and industrial | Owner-occupied | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment | 0 | 0 | 3,857,000 | 399,000 |
Other Concessions | Total commercial real estate | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment | 0 | 0 | 6,610,000 | 82,000 |
Other Concessions | Total commercial real estate | Investment properties | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment | 0 | 0 | 6,610,000 | 0 |
Other Concessions | Total commercial real estate | 1-4 family properties | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment | 0 | 0 | 0 | 39,000 |
Other Concessions | Total commercial real estate | Land and development | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment | 0 | 0 | 0 | 43,000 |
Other Concessions | Total consumer | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment | 292,000 | 341,000 | 444,000 | 5,122,000 |
Other Concessions | Total consumer | Consumer mortgages | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment | 162,000 | 0 | 266,000 | 0 |
Other Concessions | Total consumer | Home equity | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment | 39,000 | 96,000 | 39,000 | 258,000 |
Other Concessions | Total consumer | Other consumer loans | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment | 91,000 | 245,000 | 139,000 | 4,864,000 |
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) $ in Thousands | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | $ 452,390 |
Reallocation | 0 |
Goodwill, ending balance | 452,390 |
Wholesale Banking Reporting Unit | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 171,636 |
Reallocation | 0 |
Goodwill, ending balance | 171,636 |
Community Banking Reporting Unit | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 256,323 |
Reallocation | (114,701) |
Goodwill, ending balance | 141,622 |
Consumer Banking Reporting Unit | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 0 |
Reallocation | 114,701 |
Goodwill, ending balance | 114,701 |
Mortgage Reporting Unit | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 0 |
Reallocation | 0 |
Goodwill, ending balance | 0 |
Wealth Management Reporting Unit | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 24,431 |
Reallocation | 0 |
Goodwill, ending balance | $ 24,431 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Business Acquisition [Line Items] | ||||
Amortization expense | $ 2.1 | $ 2.4 | $ 4.2 | $ 4.8 |
CDI | ||||
Business Acquisition [Line Items] | ||||
Useful life | 10 years |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets (Other Intangible Assets) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 69,900 | $ 69,900 |
Accumulated Amortization | (38,540) | (34,304) |
Net Carrying Value | 31,360 | 35,596 |
CDI | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 57,400 | 57,400 |
Accumulated Amortization | (31,831) | (28,178) |
Net Carrying Value | 25,569 | 29,222 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 12,500 | 12,500 |
Accumulated Amortization | (6,709) | (6,126) |
Net Carrying Value | $ 5,791 | $ 6,374 |
Shareholders' Equity and Othe_3
Shareholders' Equity and Other Comprehensive Income (Loss) (Narrative) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2022 | Jan. 20, 2022 | |
Class of Stock [Line Items] | |||
Authorized amount | $ 300 | ||
Common Stock | |||
Class of Stock [Line Items] | |||
Share repurchased | $ 3.3 | $ 13 | |
Shares repurchased (in shares) | 78 | 281 | |
Average price of shares repurchased (in dollars per share) | $ 42.71 | $ 46.17 |
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, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Roll Forward] | |||||
Beginning balance | $ 4,824,635 | $ 5,161,717 | $ 5,296,800 | $ 5,161,334 | |
Total other comprehensive income (loss), net of tax | (364,640) | 30,448 | (944,384) | (112,909) | |
Ending balance | 4,584,438 | 5,237,714 | 4,584,438 | 5,237,714 | |
Accumulated other comprehensive loss | 1,026,705 | 1,026,705 | $ 82,321 | ||
Total | |||||
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Roll Forward] | |||||
Beginning balance | (662,065) | 15,278 | (82,321) | 158,635 | |
Other comprehensive income (loss) before reclassifications | (363,895) | 33,180 | (941,971) | (110,463) | |
Amounts reclassified from AOCI | (745) | (2,732) | (2,413) | (2,446) | |
Total other comprehensive income (loss), net of tax | (364,640) | 30,448 | (944,384) | (112,909) | |
Ending balance | (1,026,705) | 45,726 | (1,026,705) | 45,726 | |
Net unrealized gains (losses) on investment securities available for sale | |||||
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Roll Forward] | |||||
Beginning balance | (542,439) | (15,316) | (67,980) | 105,669 | |
Other comprehensive income (loss) before reclassifications | (327,080) | 34,617 | (801,539) | (87,843) | |
Amounts reclassified from AOCI | 0 | 0 | 0 | 1,475 | |
Total other comprehensive income (loss), net of tax | (327,080) | 34,617 | (801,539) | (86,368) | |
Ending balance | (869,519) | 19,301 | (869,519) | 19,301 | |
Accumulated other comprehensive 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 | (119,626) | 30,594 | (14,341) | 52,966 | |
Other comprehensive income (loss) before reclassifications | (36,815) | (1,437) | (140,432) | (22,620) | |
Amounts reclassified from AOCI | (745) | (2,732) | (2,413) | (3,921) | |
Total other comprehensive income (loss), net of tax | (37,560) | (4,169) | (142,845) | (26,541) | |
Ending balance | (157,186) | $ 26,425 | (157,186) | $ 26,425 | |
Net unrealized losses on cash flow hedges | |||||
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Roll Forward] | |||||
Accumulated other comprehensive 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, 2022 | Dec. 31, 2021 |
Assets | ||
Investment securities available for sale | $ 9,889,850 | $ 10,918,329 |
Mortgage loans held for sale | 76,864 | 108,198 |
Mortgage-backed securities issued by U.S. Government agencies | ||
Assets | ||
Investment securities available for sale | 631,971 | 779,633 |
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | ||
Assets | ||
Investment securities available for sale | 753,086 | 939,623 |
Asset-backed securities | ||
Assets | ||
Investment securities available for sale | 201,366 | 514,188 |
U.S. Treasury securities | ||
Assets | ||
Investment securities available for sale | 386,584 | 117,838 |
Mortgage-backed securities issued by U.S. Government sponsored enterprises | ||
Assets | ||
Investment securities available for sale | 7,242,641 | 8,012,301 |
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | ||
Assets | ||
Investment securities available for sale | 605,119 | 481,744 |
Corporate debt securities and other debt securities | ||
Assets | ||
Investment securities available for sale | 18,188 | 18,801 |
Level 1 | ||
Assets | ||
Trading securities | 0 | 0 |
Investment securities available for sale | 386,584 | 117,838 |
Other investments | 0 | 0 |
Mutual funds and mutual funds held in rabbi trusts | 41,254 | 43,657 |
GGL/SBA loans servicing asset | 0 | 0 |
Derivative assets | 0 | 0 |
Liabilities | ||
Trading liability for short positions | 0 | 0 |
Mutual funds held in rabbi trusts | 25,995 | 27,205 |
Derivative liabilities | 0 | 0 |
Level 2 | ||
Assets | ||
Trading securities | 16,277 | 8,391 |
Investment securities available for sale | 9,503,266 | 10,800,491 |
Other investments | 0 | 0 |
Mutual funds and mutual funds held in rabbi trusts | 0 | 0 |
GGL/SBA loans servicing asset | 0 | 0 |
Derivative assets | 191,377 | 191,708 |
Liabilities | ||
Trading liability for short positions | 5,018 | 200 |
Mutual funds held in rabbi trusts | 0 | 0 |
Derivative liabilities | 339,722 | 95,067 |
Level 3 | ||
Assets | ||
Trading securities | 0 | 0 |
Investment securities available for sale | 0 | 0 |
Other investments | 11,083 | 12,185 |
Mutual funds and mutual funds held in rabbi trusts | 0 | 0 |
GGL/SBA loans servicing asset | 3,155 | 3,233 |
Derivative assets | 0 | 0 |
Liabilities | ||
Trading liability for short positions | 0 | 0 |
Mutual funds held in rabbi trusts | 0 | 0 |
Derivative liabilities | 4,993 | 3,535 |
Fair Value, Measurements, Recurring Basis | ||
Assets | ||
Trading securities | 16,277 | 8,391 |
Investment securities available for sale | 9,889,850 | 10,918,329 |
Mortgage loans held for sale | 76,864 | 108,198 |
Other investments | 11,083 | 12,185 |
Mutual funds and mutual funds held in rabbi trusts | 41,254 | 43,657 |
GGL/SBA loans servicing asset | 3,155 | 3,233 |
Derivative assets | 191,377 | 191,708 |
Liabilities | ||
Trading liability for short positions | 5,018 | 200 |
Mutual funds held in rabbi trusts | 25,995 | 27,205 |
Derivative liabilities | 344,715 | 98,602 |
Fair Value, Measurements, Recurring Basis | Mortgage-backed securities issued by U.S. Government agencies | ||
Assets | ||
Trading securities | 2,795 | 197 |
Investment securities available for sale | 631,971 | 779,633 |
Fair Value, Measurements, Recurring Basis | Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | ||
Assets | ||
Trading securities | 412 | 671 |
Investment securities available for sale | 753,086 | 939,623 |
Fair Value, Measurements, Recurring Basis | Other mortgage-backed securities | ||
Assets | ||
Trading securities | 3,231 | 0 |
Fair Value, Measurements, Recurring Basis | State and municipal securities | ||
Assets | ||
Trading securities | 28 | 560 |
Fair Value, Measurements, Recurring Basis | Asset-backed securities | ||
Assets | ||
Trading securities | 9,811 | 6,963 |
Investment securities available for sale | 201,366 | 514,188 |
Fair Value, Measurements, Recurring Basis | U.S. Treasury securities | ||
Assets | ||
Investment securities available for sale | 386,584 | 117,838 |
Fair Value, Measurements, Recurring Basis | U.S. Government agency securities | ||
Assets | ||
Investment securities available for sale | 50,895 | 54,201 |
Fair Value, Measurements, Recurring Basis | Mortgage-backed securities issued by U.S. Government sponsored enterprises | ||
Assets | ||
Investment securities available for sale | 7,242,641 | 8,012,301 |
Fair Value, Measurements, Recurring Basis | Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | ||
Assets | ||
Investment securities available for sale | 605,119 | 481,744 |
Fair Value, Measurements, Recurring Basis | Corporate debt securities and other debt securities | ||
Assets | ||
Investment securities available for sale | 18,188 | 18,801 |
Fair Value, Measurements, Recurring Basis | Level 1 | ||
Assets | ||
Trading securities | 0 | 0 |
Investment securities available for sale | 386,584 | 117,838 |
Mortgage loans held for sale | 0 | 0 |
Other investments | 0 | 0 |
Mutual funds and mutual funds held in rabbi trusts | 41,254 | 43,657 |
GGL/SBA loans servicing asset | 0 | 0 |
Derivative assets | 0 | 0 |
Liabilities | ||
Trading liability for short positions | 0 | 0 |
Mutual funds held in rabbi trusts | 25,995 | 27,205 |
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 |
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring Basis | Level 1 | U.S. Treasury securities | ||
Assets | ||
Investment securities available for sale | 386,584 | 117,838 |
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 | 16,277 | 8,391 |
Investment securities available for sale | 9,503,266 | 10,800,491 |
Mortgage loans held for sale | 76,864 | 108,198 |
Other investments | 0 | 0 |
Mutual funds and mutual funds held in rabbi trusts | 0 | 0 |
GGL/SBA loans servicing asset | 0 | 0 |
Derivative assets | 191,377 | 191,708 |
Liabilities | ||
Trading liability for short positions | 5,018 | 200 |
Mutual funds held in rabbi trusts | 0 | 0 |
Derivative liabilities | 339,722 | 95,067 |
Fair Value, Measurements, Recurring Basis | Level 2 | Mortgage-backed securities issued by U.S. Government agencies | ||
Assets | ||
Trading securities | 2,795 | 197 |
Investment securities available for sale | 631,971 | 779,633 |
Fair Value, Measurements, Recurring Basis | Level 2 | Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | ||
Assets | ||
Trading securities | 412 | 671 |
Investment securities available for sale | 753,086 | 939,623 |
Fair Value, Measurements, Recurring Basis | Level 2 | Other mortgage-backed securities | ||
Assets | ||
Trading securities | 3,231 | 0 |
Fair Value, Measurements, Recurring Basis | Level 2 | State and municipal securities | ||
Assets | ||
Trading securities | 28 | 560 |
Fair Value, Measurements, Recurring Basis | Level 2 | Asset-backed securities | ||
Assets | ||
Trading securities | 9,811 | 6,963 |
Investment securities available for sale | 201,366 | 514,188 |
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 | 50,895 | 54,201 |
Fair Value, Measurements, Recurring Basis | Level 2 | Mortgage-backed securities issued by U.S. Government sponsored enterprises | ||
Assets | ||
Investment securities available for sale | 7,242,641 | 8,012,301 |
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 | 605,119 | 481,744 |
Fair Value, Measurements, Recurring Basis | Level 2 | Corporate debt securities and other debt securities | ||
Assets | ||
Investment securities available for sale | 18,188 | 18,801 |
Fair Value, Measurements, Recurring Basis | Level 3 | ||
Assets | ||
Trading securities | 0 | 0 |
Investment securities available for sale | 0 | 0 |
Mortgage loans held for sale | 0 | 0 |
Other investments | 11,083 | 12,185 |
Mutual funds and mutual funds held in rabbi trusts | 0 | 0 |
GGL/SBA loans servicing asset | 3,155 | 3,233 |
Derivative assets | 0 | 0 |
Liabilities | ||
Trading liability for short positions | 0 | 0 |
Mutual funds held in rabbi trusts | 0 | 0 |
Derivative liabilities | 4,993 | 3,535 |
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 |
Investment securities available for sale | 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 | $ 0 |
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, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |||||
Fair value | $ 76,864 | $ 76,864 | $ 108,198 | ||
Unpaid principal balance | 75,996 | 75,996 | 105,785 | ||
Fair value less aggregate unpaid principal balance | 868 | 868 | $ 2,413 | ||
Mortgage loans held for sale | $ 805 | $ 4,094 | $ (1,545) | $ (538) |
Fair Value Accounting (Level 3
Fair Value Accounting (Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Earnout Liability | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | $ (5,677) | $ (5,677) | ||
Included in earnings | (750) | (750) | ||
Sales | 0 | |||
Additions | 0 | 0 | ||
Settlements | 0 | 0 | ||
Ending balance | (6,427) | (6,427) | ||
Total net gains (losses) for the period included in earnings attributable to the change in unrealized gain/(losses) relating to assets/liabilities still held | (750) | (750) | ||
Visa Derivative | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | $ (1,776) | (1,768) | $ (3,535) | (2,048) |
Included in earnings | (3,500) | 0 | (3,500) | 0 |
Sales | 0 | |||
Additions | 0 | 0 | 0 | 0 |
Settlements | 283 | 295 | 2,042 | 575 |
Ending balance | (4,993) | (1,473) | (4,993) | (1,473) |
Total net gains (losses) for the period included in earnings attributable to the change in unrealized gain/(losses) relating to assets/liabilities still held | (3,500) | 0 | (3,500) | 0 |
Investment Securities Available for Sale | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 0 | 2,021 | ||
Included in earnings | 0 | 0 | ||
Sales | (2,021) | |||
Additions | 0 | 0 | ||
Settlements | 0 | 0 | ||
Ending balance | 0 | 0 | ||
Total net gains (losses) for the period included in earnings attributable to the change in unrealized gain/(losses) relating to assets/liabilities still held | 0 | 0 | ||
Other Investments | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 12,093 | 1,053 | 12,185 | 1,021 |
Included in earnings | (7,037) | (27) | (7,129) | 5 |
Sales | 0 | |||
Additions | 6,027 | 0 | 6,027 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Ending balance | 11,083 | 1,026 | 11,083 | 1,026 |
Total net gains (losses) for the period included in earnings attributable to the change in unrealized gain/(losses) relating to assets/liabilities still held | (7,037) | (27) | (7,129) | 5 |
GGL / SBA Loans Servicing Asset | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 3,451 | 3,305 | 3,233 | 3,258 |
Included in earnings | (510) | (252) | (772) | (430) |
Sales | 0 | |||
Additions | 0 | 268 | 0 | 493 |
Settlements | 214 | 0 | 694 | 0 |
Ending balance | 3,155 | 3,321 | 3,155 | 3,321 |
Total net gains (losses) for the period included in earnings attributable to the change in unrealized gain/(losses) relating to assets/liabilities still held | $ 0 | $ 0 | $ 0 | $ 0 |
Fair Value Accounting (Assets M
Fair Value Accounting (Assets Measured at Fair Value on Non-Recurring Basis) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Other real estate | $ 11,400 | $ 11,400 | $ 11,800 | ||
Fair Value, Measurements, Nonrecurring Basis | Provision for credit losses | Loans | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value adjustment | 8,900 | $ 13,476 | 9,239 | $ 13,504 | |
Fair Value, Measurements, Nonrecurring Basis | Other operating expense | Other real estate | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value adjustment | 2 | 2 | |||
Fair Value, Measurements, Nonrecurring Basis | Other operating expense | Other assets held for sale | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value adjustment | 0 | 76 | 492 | 76 | |
Fair Value, Measurements, Nonrecurring Basis | Level 1 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Loans | 0 | 0 | 0 | 0 | |
Other real estate | 0 | 0 | |||
Other assets held for sale | 0 | 0 | 0 | 0 | |
Fair Value, Measurements, Nonrecurring Basis | Level 2 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Loans | 0 | 0 | 0 | 0 | |
Other real estate | 0 | 0 | |||
Other assets held for sale | 0 | 0 | 0 | 0 | |
Fair Value, Measurements, Nonrecurring Basis | Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Loans | 24,360 | 29,201 | 24,360 | 29,201 | |
Other real estate | 42 | 42 | |||
Other assets held for sale | $ 2,725 | $ 1,170 | $ 2,725 | $ 1,170 |
Fair Value Accounting (Narrativ
Fair Value Accounting (Narrative) (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value Disclosures [Abstract] | ||
Other real estate | $ 11.4 | $ 11.8 |
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, 2022 | Dec. 31, 2021 |
Financial assets | ||
Investment securities available for sale | $ 9,889,850 | $ 10,918,329 |
Loans held for sale | 917,679 | 750,642 |
Loans, net | 40,796,943 | 38,884,361 |
Financial liabilities | ||
Non-interest-bearing deposits | 16,876,710 | 16,392,653 |
Total deposits | 49,034,700 | 49,427,276 |
Federal funds purchased and securities sold under repurchase agreements | 345,242 | 264,133 |
Long-term debt | 1,804,104 | 1,204,229 |
Level 1 | ||
Financial assets | ||
Total cash, cash equivalents, and restricted cash | 1,665,060 | 3,009,853 |
Trading securities | 0 | 0 |
Investment securities available for sale | 386,584 | 117,838 |
Loans held for sale | 0 | 0 |
Other investments | 0 | 0 |
Mutual funds and mutual funds held in rabbi trusts | 41,254 | 43,657 |
Loans, net | 0 | 0 |
GGL/SBA loans servicing asset | 0 | 0 |
FRB and FHLB stock | 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 | 345,242 | 264,133 |
Trading liability for short positions | 0 | 0 |
Short-term borrowings | 0 | |
Long-term debt | 0 | 0 |
Mutual funds held in rabbi trusts | 25,995 | 27,205 |
Derivative liabilities | 0 | 0 |
Level 2 | ||
Financial assets | ||
Total cash, cash equivalents, and restricted cash | 0 | 0 |
Trading securities | 16,277 | 8,391 |
Investment securities available for sale | 9,503,266 | 10,800,491 |
Loans held for sale | 76,864 | 108,198 |
Other 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 |
FRB and FHLB stock | 206,177 | 159,941 |
Derivative assets | 191,377 | 191,708 |
Financial liabilities | ||
Non-interest-bearing deposits | 16,876,710 | 16,392,653 |
Non-time interest-bearing deposits | 27,084,663 | 28,917,148 |
Time deposits | 5,052,977 | 4,125,673 |
Total deposits | 49,014,350 | 49,435,474 |
Federal funds purchased and securities sold under repurchase agreements | 0 | 0 |
Trading liability for short positions | 5,018 | 200 |
Short-term borrowings | 250,000 | |
Long-term debt | 1,793,812 | 1,243,147 |
Mutual funds held in rabbi trusts | 0 | 0 |
Derivative liabilities | 339,722 | 95,067 |
Level 3 | ||
Financial assets | ||
Total cash, cash equivalents, and restricted cash | 0 | 0 |
Trading securities | 0 | 0 |
Investment securities available for sale | 0 | 0 |
Loans held for sale | 840,483 | 641,782 |
Other investments | 11,083 | 12,185 |
Mutual funds and mutual funds held in rabbi trusts | 0 | 0 |
Loans, net | 40,886,790 | 39,118,275 |
GGL/SBA loans servicing asset | 3,155 | 3,233 |
FRB and FHLB stock | 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 | 0 | 0 |
Trading liability for short positions | 0 | 0 |
Short-term borrowings | 0 | |
Long-term debt | 0 | 0 |
Mutual funds held in rabbi trusts | 0 | 0 |
Derivative liabilities | 4,993 | 3,535 |
Carrying Value | ||
Financial assets | ||
Total cash, cash equivalents, and restricted cash | 1,665,060 | 3,009,853 |
Trading securities | 16,277 | 8,391 |
Investment securities available for sale | 9,889,850 | 10,918,329 |
Loans held for sale | 750,642 | |
Other investments | 11,083 | 12,185 |
Mutual funds and mutual funds held in rabbi trusts | 41,254 | 43,657 |
Loans, net | 40,796,943 | 38,884,361 |
GGL/SBA loans servicing asset | 3,155 | 3,233 |
FRB and FHLB stock | 206,177 | 159,941 |
Derivative assets | 191,377 | 191,708 |
Financial liabilities | ||
Non-interest-bearing deposits | 16,876,710 | 16,392,653 |
Non-time interest-bearing deposits | 27,084,663 | 28,917,148 |
Time deposits | 5,073,327 | 4,117,475 |
Total deposits | 49,034,700 | 49,427,276 |
Federal funds purchased and securities sold under repurchase agreements | 345,242 | 264,133 |
Trading liability for short positions | 5,018 | 200 |
Short-term borrowings | 250,000 | |
Long-term debt | 1,804,104 | 1,204,229 |
Mutual funds held in rabbi trusts | 25,995 | 27,205 |
Derivative liabilities | 344,715 | 98,602 |
Fair Value | ||
Financial assets | ||
Total cash, cash equivalents, and restricted cash | 1,665,060 | 3,009,853 |
Trading securities | 16,277 | 8,391 |
Investment securities available for sale | 9,889,850 | 10,918,329 |
Loans held for sale | 917,347 | 749,980 |
Other investments | 11,083 | 12,185 |
Mutual funds and mutual funds held in rabbi trusts | 41,254 | 43,657 |
Loans, net | 40,886,790 | 39,118,275 |
GGL/SBA loans servicing asset | 3,155 | 3,233 |
FRB and FHLB stock | 206,177 | 159,941 |
Derivative assets | 191,377 | 191,708 |
Financial liabilities | ||
Non-interest-bearing deposits | 16,876,710 | 16,392,653 |
Non-time interest-bearing deposits | 27,084,663 | 28,917,148 |
Time deposits | 5,052,977 | 4,125,673 |
Total deposits | 49,014,350 | 49,435,474 |
Federal funds purchased and securities sold under repurchase agreements | 345,242 | 264,133 |
Trading liability for short positions | 5,018 | 200 |
Short-term borrowings | 250,000 | |
Long-term debt | 1,793,812 | 1,243,147 |
Mutual funds held in rabbi trusts | 25,995 | 27,205 |
Derivative liabilities | $ 344,715 | $ 98,602 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Derivative [Line Items] | ||||||
Net unrealized gains (losses) arising during the period | $ (48,332,000) | $ (1,923,000) | $ (184,310,000) | $ (30,980,000) | ||
Unrealized gain, after tax | (36,815,000) | (1,437,000) | (140,432,000) | (22,620,000) | ||
Income recognized | 1,000,000 | $ 3,700,000 | 3,200,000 | $ 5,300,000 | ||
Cash flow hedge gain (loss) to be reclassified | 84,000,000 | |||||
Cash flow hedge termination gain | 2,000,000 | |||||
Collateral requirements | 31,600,000 | 31,600,000 | $ 64,500,000 | |||
Variation margin, amount reducing derivative asset | 37,000,000 | 37,000,000 | $ 94,600,000 | |||
Cash Flow Hedges | ||||||
Derivative [Line Items] | ||||||
Net unrealized gains (losses) arising during the period | 0 | $ 757,000 | 0 | |||
Unrealized gain, after tax | $ 565,000 | |||||
Cash Flow Hedges | Forward-Starting Cash Flow Hedges Added In Q2 QTD 2022 | ||||||
Derivative [Line Items] | ||||||
Increase in derivative, notional amount | $ 250,000,000 | |||||
Cash Flow Hedges | Forward-Starting Cash Flow Hedges Added In Q2 YTD 2022 | ||||||
Derivative [Line Items] | ||||||
Increase in derivative, notional amount | $ 1,650,000,000 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities (Impact of Derivatives on Balance Sheet) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Designated as hedging instruments | ||
Derivative [Line Items] | ||
Estimated fair value of derivative assets | $ 546 | $ 22,004 |
Estimated fair value of derivative liabilities | 187,520 | 20,395 |
Derivatives not designated as hedging instruments | ||
Derivative [Line Items] | ||
Estimated fair value of derivative assets | 190,831 | 169,704 |
Estimated fair value of derivative liabilities | 157,195 | 78,207 |
Derivatives not designated as hedging instruments | Interest rate contracts | ||
Derivative [Line Items] | ||
Notional Amount | 9,250,136 | 9,653,600 |
Estimated fair value of derivative assets | 188,994 | 167,560 |
Estimated fair value of derivative liabilities | 152,201 | 74,514 |
Derivatives not designated as hedging instruments | Mortgage derivatives | Mortgage derivatives - interest rate lock commitments | ||
Derivative [Line Items] | ||
Notional Amount | 108,135 | 99,006 |
Estimated fair value of derivative assets | 1,181 | 2,105 |
Estimated 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 | 126,000 | 105,500 |
Estimated fair value of derivative assets | 233 | 0 |
Estimated fair value of derivative liabilities | 0 | 122 |
Derivatives not designated as hedging instruments | Risk participation agreements | ||
Derivative [Line Items] | ||
Notional Amount | 448,186 | 374,214 |
Estimated fair value of derivative assets | 0 | 0 |
Estimated fair value of derivative liabilities | 1 | 36 |
Derivatives not designated as hedging instruments | Foreign exchange contracts | ||
Derivative [Line Items] | ||
Notional Amount | 22,082 | 22,387 |
Estimated fair value of derivative assets | 423 | 39 |
Estimated fair value of derivative liabilities | 0 | 0 |
Derivatives not designated as hedging instruments | Visa Derivative | ||
Derivative [Line Items] | ||
Notional Amount | 0 | 0 |
Estimated fair value of derivative assets | 0 | 0 |
Estimated fair value of derivative liabilities | 4,993 | 3,535 |
Cash flow hedges | ||
Derivative [Line Items] | ||
Estimated fair value of derivative assets | 248 | 22,004 |
Estimated fair value of derivative liabilities | 182,949 | 20,395 |
Cash flow hedges | Interest rate contracts | ||
Derivative [Line Items] | ||
Notional Amount | 5,250,000 | 3,600,000 |
Estimated fair value of derivative assets | 248 | 22,004 |
Estimated fair value of derivative liabilities | 182,949 | 20,395 |
Fair value hedges | ||
Derivative [Line Items] | ||
Estimated fair value of derivative assets | 298 | 0 |
Estimated fair value of derivative liabilities | 4,571 | 0 |
Fair value hedges | Interest rate contracts | ||
Derivative [Line Items] | ||
Notional Amount | 819,389 | 0 |
Estimated fair value of derivative assets | 298 | 0 |
Estimated fair value of derivative liabilities | $ 4,571 | $ 0 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities (Schedule of Derivative Instruments, Effect on Hedging) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Derivative [Line Items] | |||||
Interest income on loans, including fees | $ 2,986 | $ 7,605 | $ 11,642 | $ 15,947 | |
Interest expense on deposits | 1,447 | 0 | 1,447 | 0 | |
Interest expense on long-term debt | 584 | 0 | 584 | 0 | |
Fair Value Hedges | |||||
Derivative [Line Items] | |||||
Total pre-tax income recognized on fair value hedges | 0 | 0 | 0 | 0 | |
Interest rate contracts | Cash Flow Hedges | |||||
Derivative [Line Items] | |||||
Realized gains (losses) reclassified from AOCI, pre-tax, to interest income on loans | 978 | 3,657 | 3,167 | 5,256 | |
Pre-tax income recognized on cash flow hedges | 978 | 3,657 | 3,167 | 5,256 | |
Interest rate contracts | Fair Value Hedges | Interest-bearing deposits | |||||
Derivative [Line Items] | |||||
Recognized on derivatives | (2,818) | 0 | (2,818) | 0 | |
Recognized on hedged items | 2,818 | 0 | 2,818 | 0 | $ 0 |
Total pre-tax income recognized on fair value hedges | 0 | 0 | 0 | 0 | |
Interest rate contracts | Fair Value Hedges | Long-term debt | |||||
Derivative [Line Items] | |||||
Recognized on derivatives | (1,455) | 0 | (1,455) | 0 | |
Recognized on hedged items | 1,455 | 0 | 1,455 | 0 | $ 0 |
Total pre-tax income recognized on fair value hedges | $ 0 | $ 0 | $ 0 | $ 0 |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities (Schedule of the Carrying Amount and Associated Cumulative Basis Adjustment Related to the Application of Hedge Accounting) (Details) - Interest rate contracts - Fair Value Hedges - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Interest-bearing deposits | |||||
Derivative [Line Items] | |||||
Carrying Amount of Assets/(Liabilities) | $ 619,390 | $ 619,390 | $ 0 | ||
Hedge Accounting Basis Adjustment | 2,818 | $ 0 | 2,818 | $ 0 | 0 |
Long-term debt | |||||
Derivative [Line Items] | |||||
Carrying Amount of Assets/(Liabilities) | 197,760 | 197,760 | 0 | ||
Hedge Accounting Basis Adjustment | $ 1,455 | $ 0 | $ 1,455 | $ 0 | $ 0 |
Derivative Instruments and He_7
Derivative Instruments and Hedging Activities (Effect of Fair Value Hedges on Consolidated Statements of Income) (Details) - Derivatives not designated as hedging instruments - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Derivative [Line Items] | ||||
Gain (Loss) Recognized in Consolidated Statements of Income | $ (1,750) | $ (5,683) | $ 1,260 | $ (12) |
Interest rate contracts | Capital markets income | ||||
Derivative [Line Items] | ||||
Gain (Loss) Recognized in Consolidated Statements of Income | 736 | (637) | 1,409 | 310 |
Mortgage derivatives | Mortgage derivatives - interest rate lock commitments | Mortgage banking income | ||||
Derivative [Line Items] | ||||
Gain (Loss) Recognized in Consolidated Statements of Income | 394 | (53) | (924) | (1,772) |
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 | (3,210) | (4,974) | 355 | 1,268 |
Risk participation agreements | Capital markets income | ||||
Derivative [Line Items] | ||||
Gain (Loss) Recognized in Consolidated Statements of Income | 10 | (19) | 35 | 182 |
Foreign exchange contracts | Capital markets income | ||||
Derivative [Line Items] | ||||
Gain (Loss) Recognized in Consolidated Statements of Income | $ 320 | $ 0 | $ 385 | $ 0 |
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, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Basic Net Income Per Common Share: | ||||
Net income available to common shareholders | $ 169,761 | $ 177,909 | $ 332,507 | $ 356,711 |
Weighted average common shares outstanding (in shares) | 145,328 | 148,113 | 145,301 | 148,289 |
Net income per common share, basic (in dollars per share) | $ 1.17 | $ 1.20 | $ 2.29 | $ 2.41 |
Diluted Net Income Per Common Share: | ||||
Net income available to common shareholders | $ 169,761 | $ 177,909 | $ 332,507 | $ 356,711 |
Weighted average common shares outstanding (in shares) | 145,328 | 148,113 | 145,301 | 148,289 |
Effect of dilutive outstanding equity-based awards, warrants, and earnout payments (in shares) | 987 | 1,634 | 1,188 | 1,475 |
Weighted average number of diluted common shares (in shares) | 146,315 | 149,747 | 146,489 | 149,764 |
Net income per common share, diluted (in dollars per share) | $ 1.16 | $ 1.19 | $ 2.27 | $ 2.38 |
Net Income Per Common Share (Na
Net Income Per Common Share (Narrative) (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Earnings Per Share [Abstract] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 21,000 | 0 | 11,000 | 21,000 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | |
Loss Contingencies [Line Items] | ||||||||
Allowance for loan losses | $ 407,837,000 | $ 516,708,000 | $ 407,837,000 | $ 516,708,000 | $ 414,956,000 | $ 427,597,000 | $ 563,214,000 | $ 605,736,000 |
Carrying amount included in other assets | 471,264,000 | 471,264,000 | 438,322,000 | |||||
Amount of future funding commitments | 255,031,000 | 255,031,000 | 250,733,000 | |||||
Permanent and short-term construction loans and letter of credit commitments | 164,957,000 | 164,957,000 | 204,391,000 | |||||
Funded portion of permanent and short-term loans and letters of credit | 159,721,000 | 159,721,000 | 104,315,000 | |||||
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 | ||||||
Guarantee obligations | ||||||||
Loss Contingencies [Line Items] | ||||||||
Total letters of credit and unfunded lending commitments | 16,934,388,000 | 16,934,388,000 | 16,256,231,000 | |||||
Maximum potential exposure for sponsored transactions | 31,000,000,000 | $ 28,890,000,000 | 59,600,000,000 | $ 55,150,000,000 | ||||
Letters of credit | ||||||||
Loss Contingencies [Line Items] | ||||||||
Total letters of credit and unfunded lending commitments | 202,904,000 | 202,904,000 | 183,463,000 | |||||
Contractual amount net of risk participations | 26,100,000 | 26,100,000 | 26,100,000 | |||||
Commitments to fund commercial and industrial loans | ||||||||
Loss Contingencies [Line Items] | ||||||||
Total letters of credit and unfunded lending commitments | 9,794,706,000 | 9,794,706,000 | 9,595,793,000 | |||||
Commitments to fund commercial real estate, construction, and land development loans | ||||||||
Loss Contingencies [Line Items] | ||||||||
Total letters of credit and unfunded lending commitments | 3,829,403,000 | 3,829,403,000 | 3,593,171,000 | |||||
Commitments under home equity lines of credit | ||||||||
Loss Contingencies [Line Items] | ||||||||
Total letters of credit and unfunded lending commitments | 1,951,166,000 | 1,951,166,000 | 1,805,869,000 | |||||
Unused credit card lines | ||||||||
Loss Contingencies [Line Items] | ||||||||
Total letters of credit and unfunded lending commitments | 475,843,000 | 475,843,000 | 473,582,000 | |||||
Other loan commitments | ||||||||
Loss Contingencies [Line Items] | ||||||||
Total letters of credit and unfunded lending commitments | 680,366,000 | 680,366,000 | 604,353,000 | |||||
Permanent and short-term construction loans and letter of credit commitments | ||||||||
Loss Contingencies [Line Items] | ||||||||
Contractual amount net of risk participations | 3,700,000 | 3,700,000 | 6,000,000 | |||||
Funded portion of permanent and short-term loans and letters of credit | ||||||||
Loss Contingencies [Line Items] | ||||||||
Contractual amount net of risk participations | 4,100,000 | 4,100,000 | 3,000,000 | |||||
Unfunded Loan Commitment | ||||||||
Loss Contingencies [Line Items] | ||||||||
Allowance for loan losses | $ 50,600,000 | $ 50,600,000 | $ 41,900,000 |
Segment Reporting (Details)
Segment Reporting (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 USD ($) employee | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) employee segment | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) employee | |
Segment Reporting [Abstract] | |||||
Number of reportable segments | segment | 4 | ||||
Income Statement Related Disclosures [Abstract] | |||||
Net interest income | $ 425,388 | $ 381,860 | $ 817,635 | $ 755,716 | |
Non-interest revenue | 97,266 | 107,087 | 202,600 | 218,043 | |
Non-interest expense | 282,051 | 270,531 | 554,501 | 537,665 | |
Pre-provision net revenue | 240,603 | 218,416 | 465,734 | 436,094 | |
Balance Sheet Related Disclosures [Abstract] | |||||
Loans, net of deferred fees and costs | 41,204,780 | 41,204,780 | $ 39,311,958 | ||
Total deposits | $ 49,034,700 | $ 49,034,700 | $ 49,427,276 | ||
Total full-time equivalent employees | employee | 5,005 | 5,005 | 4,887 | ||
Operating Segments | Wholesale Banking | |||||
Income Statement Related Disclosures [Abstract] | |||||
Net interest income | $ 168,988 | 136,126 | $ 324,984 | 270,200 | |
Non-interest revenue | 9,285 | 7,000 | 17,683 | 14,319 | |
Non-interest expense | 27,026 | 21,290 | 53,674 | 42,014 | |
Pre-provision net revenue | 151,247 | 121,836 | 288,993 | 242,505 | |
Balance Sheet Related Disclosures [Abstract] | |||||
Loans, net of deferred fees and costs | 23,235,771 | 23,235,771 | $ 21,496,050 | ||
Total deposits | $ 11,514,037 | $ 11,514,037 | $ 12,370,554 | ||
Total full-time equivalent employees | employee | 310 | 310 | 284 | ||
Operating Segments | Community Banking | |||||
Income Statement Related Disclosures [Abstract] | |||||
Net interest income | $ 100,892 | 99,200 | $ 197,018 | 198,340 | |
Non-interest revenue | 12,468 | 12,472 | 26,051 | 23,092 | |
Non-interest expense | 33,083 | 27,543 | 63,503 | 54,463 | |
Pre-provision net revenue | 80,277 | 84,129 | 159,566 | 166,969 | |
Balance Sheet Related Disclosures [Abstract] | |||||
Loans, net of deferred fees and costs | 8,449,876 | 8,449,876 | $ 8,231,451 | ||
Total deposits | $ 12,326,818 | $ 12,326,818 | $ 12,557,631 | ||
Total full-time equivalent employees | employee | 610 | 610 | 607 | ||
Operating Segments | Consumer Banking | |||||
Income Statement Related Disclosures [Abstract] | |||||
Net interest income | $ 103,727 | 103,681 | $ 201,133 | 210,783 | |
Non-interest revenue | 22,095 | 19,740 | 43,739 | 38,874 | |
Non-interest expense | 47,534 | 43,908 | 92,249 | 87,464 | |
Pre-provision net revenue | 78,288 | 79,513 | 152,623 | 162,193 | |
Balance Sheet Related Disclosures [Abstract] | |||||
Loans, net of deferred fees and costs | 2,782,037 | 2,782,037 | $ 2,559,892 | ||
Total deposits | $ 19,829,216 | $ 19,829,216 | $ 19,668,846 | ||
Total full-time equivalent employees | employee | 1,505 | 1,505 | 1,532 | ||
Operating Segments | Financial Management Services | |||||
Income Statement Related Disclosures [Abstract] | |||||
Net interest income | $ 18,403 | 18,935 | $ 36,818 | 39,930 | |
Non-interest revenue | 45,195 | 52,345 | 90,359 | 110,928 | |
Non-interest expense | 44,333 | 46,773 | 88,472 | 94,447 | |
Pre-provision net revenue | 19,265 | 24,507 | 38,705 | 56,411 | |
Balance Sheet Related Disclosures [Abstract] | |||||
Loans, net of deferred fees and costs | 5,061,990 | 5,061,990 | $ 4,994,494 | ||
Total deposits | $ 593,705 | $ 593,705 | $ 826,639 | ||
Total full-time equivalent employees | employee | 810 | 810 | 794 | ||
Treasury and Corporate Other | |||||
Income Statement Related Disclosures [Abstract] | |||||
Net interest income | $ 33,378 | 23,918 | $ 57,682 | 36,463 | |
Non-interest revenue | 8,223 | 15,530 | 24,768 | 30,830 | |
Non-interest expense | 130,075 | 131,017 | 256,603 | 259,277 | |
Pre-provision net revenue | (88,474) | $ (91,569) | (174,153) | $ (191,984) | |
Balance Sheet Related Disclosures [Abstract] | |||||
Loans, net of deferred fees and costs | 1,675,106 | 1,675,106 | $ 2,030,071 | ||
Total deposits | $ 4,770,924 | $ 4,770,924 | $ 4,003,606 | ||
Total full-time equivalent employees | employee | 1,770 | 1,770 | 1,670 |