Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2024 | Jul. 30, 2024 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2024 | |
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 | 143,972,321 | |
Entity Central Index Key | 0000018349 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
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, $1.00 Par Value | |
Trading Symbol | SNV | |
Security Exchange Name | NYSE | |
Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D | |
Trading Symbol | SNV - PrD | |
Security Exchange Name | NYSE | |
Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E | |
Trading Symbol | SNV - PrE | |
Security Exchange Name | NYSE |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
ASSETS | ||
Interest-earning deposits with banks and other cash and cash equivalents | $ 2,263,545 | $ 2,414,103 |
Federal funds sold and securities purchased under resale agreements | 31,063 | 37,323 |
Total cash, cash equivalents, and restricted cash | 2,294,608 | 2,451,426 |
Investment securities held to maturity | 2,668,068 | 0 |
Investment securities available for sale | 7,043,681 | 9,788,662 |
Loans held for sale (includes $41,823 and $47,338 measured at fair value, respectively) | 139,323 | 52,768 |
Loans, net of deferred fees and costs | 43,093,397 | 43,404,490 |
Allowance for loan losses | (485,101) | (479,385) |
Loans, net | 42,608,296 | 42,925,105 |
Cash surrender value of bank-owned life insurance | 1,125,928 | 1,112,030 |
Premises, equipment, and software, net | 375,455 | 365,851 |
Goodwill | 480,440 | 480,440 |
Other intangible assets, net | 40,114 | 45,928 |
Other assets | 2,830,430 | 2,587,324 |
Total assets | 59,606,343 | 59,809,534 |
Deposits: | ||
Non-interest-bearing deposits | 11,655,811 | 12,507,616 |
Interest-bearing deposits | 38,539,967 | 38,231,569 |
Total deposits | 50,195,778 | 50,739,185 |
Federal funds purchased and securities sold under repurchase agreements | 94,484 | 189,074 |
Other short-term borrowings | 2,536 | 3,496 |
Long-term debt | 2,283,767 | 1,932,534 |
Other liabilities | 1,953,106 | 1,801,097 |
Total liabilities | 54,529,671 | 54,665,386 |
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 342,857,142 shares; issued 171,935,817 and 171,360,188, respectively; outstanding 144,149,614 and 146,705,330, respectively | 171,936 | 171,360 |
Additional paid-in capital | 3,965,751 | 3,955,819 |
Treasury stock, at cost; 27,786,203 and $24,654,858 shares, respectively | (1,066,239) | (944,484) |
Accumulated other comprehensive income (loss), net | (1,050,374) | (1,117,073) |
Retained earnings | 2,495,387 | 2,517,226 |
Total Synovus Financial Corp. shareholders' equity | 5,053,606 | 5,119,993 |
Noncontrolling interest in subsidiary | 23,066 | 24,155 |
Total equity | 5,076,672 | 5,144,148 |
Total liabilities and equity | $ 59,606,343 | $ 59,809,534 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Loans held-for-sale, fair value disclosure | $ 41,823 | $ 47,338 |
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) | 342,857,142 | 342,857,142 |
Common stock, shares issued (in shares) | 171,935,817 | 171,360,188 |
Common stock, shares outstanding (in shares) | 144,149,614 | 146,705,330 |
Treasury stock, shares at cost (in shares) | 27,786,203 | 24,654,858 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Interest income: | ||||
Loans, including fees | $ 701,570 | $ 670,230 | $ 1,393,285 | $ 1,299,787 |
Investment securities | 78,891 | 60,421 | 150,797 | 121,475 |
Loans held for sale | 1,132 | 5,801 | 1,710 | 11,378 |
Federal Reserve Bank balances | 15,630 | 17,410 | 30,661 | 34,228 |
Other earning assets | 4,019 | 5,281 | 7,499 | 9,154 |
Total interest income | 801,242 | 759,143 | 1,583,952 | 1,476,022 |
Interest expense: | ||||
Deposits | 335,754 | 241,780 | 668,420 | 415,715 |
Long-term debt | 28,390 | 55,915 | 57,985 | 98,444 |
Other borrowings | 2,100 | 5,917 | 3,703 | 25,580 |
Total interest expense | 366,244 | 303,612 | 730,108 | 539,739 |
Net interest income | 434,998 | 455,531 | 853,844 | 936,283 |
Provision for (reversal of) credit losses | 26,404 | 38,881 | 80,384 | 71,035 |
Net interest income after provision for (reversal of) credit losses | 408,594 | 416,650 | 773,460 | 865,248 |
Non-interest revenue: | ||||
Service charges on deposit accounts | 22,907 | 23,477 | 44,720 | 46,451 |
Fiduciary and asset management fees | 19,728 | 20,027 | 38,741 | 39,723 |
Card fees | 19,418 | 17,059 | 38,904 | 32,884 |
Brokerage revenue | 20,457 | 22,451 | 43,164 | 46,655 |
Mortgage banking income | 3,944 | 4,609 | 7,362 | 8,467 |
Capital markets income | 15,077 | 9,482 | 21,704 | 24,609 |
Income from bank-owned life insurance | 8,097 | 6,878 | 15,444 | 14,140 |
Investment securities gains (losses), net | (256,660) | 0 | (256,660) | 1,030 |
Recovery of NPA | 0 | 0 | 0 | 13,126 |
Other non-interest revenue | 18,181 | 8,293 | 36,658 | 18,317 |
Total non-interest revenue | (128,851) | 112,276 | (9,963) | 245,402 |
Non-interest expense: | ||||
Salaries and other personnel expense | 179,407 | 183,001 | 367,928 | 371,926 |
Net occupancy, equipment, and software expense | 46,415 | 42,785 | 93,223 | 85,645 |
Third-party processing and other services | 21,783 | 21,659 | 42,041 | 43,493 |
Professional fees | 15,655 | 9,597 | 23,286 | 18,560 |
FDIC insurance and other regulatory fees | 6,493 | 11,162 | 30,312 | 21,429 |
Restructuring charges (reversals) | (658) | (110) | 866 | (843) |
Loss on other loans held for sale | 0 | 2,360 | 0 | 19,110 |
Other operating expense | 32,706 | 36,727 | 66,886 | 69,714 |
Total non-interest expense | 301,801 | 307,181 | 624,542 | 629,034 |
Income (loss) before income taxes | (22,058) | 221,745 | 138,955 | 481,616 |
Income tax expense (benefit) | (7,378) | 47,801 | 29,565 | 105,513 |
Net income (loss) | (14,680) | 173,944 | 109,390 | 376,103 |
Less: Net income (loss) attributable to noncontrolling interest | (652) | (166) | (1,089) | (166) |
Net income (loss) attributable to Synovus Financial Corp. | (14,028) | 174,110 | 110,479 | 376,269 |
Less: Preferred stock dividends | 9,713 | 8,291 | 19,398 | 16,581 |
Net income (loss) available to common shareholders | $ (23,741) | $ 165,819 | $ 91,081 | $ 359,688 |
Net income (loss) per common share, basic (in dollars per share) | $ (0.16) | $ 1.13 | $ 0.62 | $ 2.46 |
Net income (loss) per common share, diluted (in dollars per share) | $ (0.16) | $ 1.13 | $ 0.62 | $ 2.45 |
Weighted average common shares outstanding, basic (in shares) | 145,565 | 146,113 | 145,998 | 145,957 |
Weighted average common shares outstanding, diluted (in shares) | 145,565 | 146,550 | 146,568 | 146,644 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income, before-tax amount | $ (22,058) | $ 221,745 | $ 138,955 | $ 481,616 |
Net income, tax | 7,378 | (47,801) | (29,565) | (105,513) |
Net income (loss) | (14,680) | 173,944 | 109,390 | 376,103 |
Before-tax Amount | ||||
Net unamortized unrealized holding (losses) gains on available for sale investment securities transferred to held to maturity | (708,549) | 0 | (708,549) | 0 |
Reclassification adjustment for the change in unamortized holding (losses) gains on held to maturity investment securities | 20,638 | 0 | 20,638 | 0 |
Net change | (687,911) | 0 | (687,911) | 0 |
Income Tax | ||||
Net unamortized unrealized holding (losses) gains on available for sale investment securities transferred to held to maturity | 171,115 | 0 | 171,115 | 0 |
Reclassification adjustment for the change in unamortized holding (losses) gains on held to maturity investment securities | (4,984) | 0 | (4,984) | 0 |
Net change | 166,131 | 0 | 166,131 | 0 |
Net of Tax Amount | ||||
Net unamortized unrealized holding (losses) gains on available for sale investment securities transferred to held to maturity | (537,434) | 0 | (537,434) | 0 |
Reclassification adjustment for the change in unamortized holding (losses) gains on held to maturity investment securities | 15,654 | 0 | 15,654 | 0 |
Net change | (521,780) | 0 | (521,780) | 0 |
Before-tax Amount | ||||
Net unrealized gains (losses) arising during the period | 673,802 | (109,525) | 518,166 | 43,556 |
Reclassification adjustment for realized (gains) losses included in net income | 256,660 | 0 | 256,660 | (1,030) |
Net change | 930,462 | (109,525) | 774,826 | 42,526 |
Income Tax | ||||
Net unrealized gains (losses) arising during the period | (162,723) | 26,659 | (125,137) | (10,601) |
Reclassification adjustment for realized (gains) losses included in net income | (61,983) | 0 | (61,983) | 251 |
Net change | (224,706) | 26,659 | (187,120) | (10,350) |
Net of Tax Amount | ||||
Net unrealized gains (losses) arising during the period | 511,079 | (82,866) | 393,029 | 32,955 |
Reclassification adjustment for realized (gains) losses included in net income | 194,677 | 0 | 194,677 | (779) |
Net change | 705,756 | (82,866) | 587,706 | 32,176 |
Before-tax Amount | ||||
Net unrealized gains (losses) arising during the period | (18,274) | (73,123) | (75,330) | (63,123) |
Reclassification adjustment for realized (gains) losses included in net income | 36,527 | 42,748 | 76,350 | 82,640 |
Net change | 18,253 | (30,375) | 1,020 | 19,517 |
Income Tax | ||||
Net unrealized gains (losses) arising during the period | 4,413 | 17,798 | 18,192 | 15,364 |
Reclassification adjustment for realized (gains) losses included in net income | (8,822) | (10,405) | (18,439) | (20,115) |
Net change | (4,409) | 7,393 | (247) | (4,751) |
Net of Tax Amount | ||||
Net unrealized gains (losses) arising during the period | (13,861) | (55,325) | (57,138) | (47,759) |
Reclassification adjustment for realized (gains) losses included in net income | 27,705 | 32,343 | 57,911 | 62,525 |
Net change | 13,844 | (22,982) | 773 | 14,766 |
Total other comprehensive income (loss) | 260,804 | (139,900) | 87,935 | 62,043 |
Other comprehensive income (loss), tax | (62,984) | 34,052 | (21,236) | (15,101) |
Total other comprehensive income (loss), net of tax amount | 197,820 | (105,848) | 66,699 | 46,942 |
Comprehensive income (loss) | 183,140 | 68,096 | 176,089 | 423,045 |
Less: comprehensive income (loss) attributable to noncontrolling interest | (652) | (166) | (1,089) | (166) |
Comprehensive income (loss) attributable to Synovus Financial Corp. | $ 183,792 | $ 68,262 | $ 177,178 | $ 423,211 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Preferred Stock | Common Stock | Additional Paid-in Capital | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Retained Earnings Cumulative Effect, Period of Adoption, Adjustment | Noncontrolling Interest | |
Beginning balance at Dec. 31, 2022 | $ 4,475,801 | $ (297) | $ 537,145 | $ 170,141 | $ 3,920,346 | $ (944,484) | $ (1,442,117) | $ 2,234,770 | $ (297) | $ 0 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income (loss) | 376,103 | 376,269 | (166) | ||||||||
Other comprehensive income (loss), net of income taxes | 46,942 | 46,942 | |||||||||
Cash dividends declared on common stock | (111,038) | (111,038) | |||||||||
Cash dividends declared on preferred stock | [1] | (16,581) | (16,581) | ||||||||
Restricted share unit vesting and taxes paid related to net share settlement | (10,202) | 466 | (8,231) | (2,437) | |||||||
Stock options exercised, net | 3,724 | 201 | 3,523 | ||||||||
Share-based compensation expense | 17,910 | 17,910 | |||||||||
Acquisition of noncontrolling interest | 25,406 | 25,406 | |||||||||
Ending balance at Jun. 30, 2023 | 4,807,768 | 537,145 | 170,808 | 3,933,548 | (944,484) | (1,395,175) | 2,480,686 | 25,240 | |||
Beginning balance at Mar. 31, 2023 | 4,770,130 | 537,145 | 170,714 | 3,925,449 | (944,484) | (1,289,327) | 2,370,633 | 0 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income (loss) | 173,944 | 174,110 | (166) | ||||||||
Other comprehensive income (loss), net of income taxes | (105,848) | (105,848) | |||||||||
Cash dividends declared on common stock | (55,536) | (55,536) | |||||||||
Cash dividends declared on preferred stock | [2] | (8,291) | (8,291) | ||||||||
Restricted share unit vesting and taxes paid related to net share settlement | (99) | 83 | 48 | (230) | |||||||
Stock options exercised, net | 227 | 11 | 216 | ||||||||
Share-based compensation expense | 7,835 | 7,835 | |||||||||
Acquisition of noncontrolling interest | 25,406 | 25,406 | |||||||||
Ending balance at Jun. 30, 2023 | 4,807,768 | 537,145 | 170,808 | 3,933,548 | (944,484) | (1,395,175) | 2,480,686 | 25,240 | |||
Beginning balance at Dec. 31, 2023 | 5,144,148 | 537,145 | 171,360 | 3,955,819 | (944,484) | (1,117,073) | 2,517,226 | 24,155 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income (loss) | 109,390 | 110,479 | (1,089) | ||||||||
Other comprehensive income (loss), net of income taxes | 66,699 | 66,699 | |||||||||
Cash dividends declared on common stock | (110,420) | (110,420) | |||||||||
Cash dividends declared on preferred stock | [1] | (19,398) | (19,398) | ||||||||
Repurchases of common stock including costs to repurchase | (121,755) | (121,755) | |||||||||
Restricted share unit vesting and taxes paid related to net share settlement | (10,629) | 488 | (8,617) | (2,500) | |||||||
Stock options exercised, net | 2,127 | 88 | 2,039 | ||||||||
Share-based compensation expense | 16,510 | 16,510 | |||||||||
Ending balance at Jun. 30, 2024 | 5,076,672 | 537,145 | 171,936 | 3,965,751 | (1,066,239) | (1,050,374) | 2,495,387 | 23,066 | |||
Beginning balance at Mar. 31, 2024 | 5,041,636 | 537,145 | 171,873 | 3,957,576 | (974,499) | (1,248,194) | 2,574,017 | 23,718 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income (loss) | (14,680) | (14,028) | (652) | ||||||||
Other comprehensive income (loss), net of income taxes | 197,820 | 197,820 | |||||||||
Cash dividends declared on common stock | (54,781) | (54,781) | |||||||||
Cash dividends declared on preferred stock | [2] | (9,713) | (9,713) | ||||||||
Repurchases of common stock including costs to repurchase | (91,740) | (91,740) | |||||||||
Restricted share unit vesting and taxes paid related to net share settlement | (204) | 28 | (124) | (108) | |||||||
Stock options exercised, net | 793 | 35 | 758 | ||||||||
Share-based compensation expense | 7,541 | 7,541 | |||||||||
Ending balance at Jun. 30, 2024 | $ 5,076,672 | $ 537,145 | $ 171,936 | $ 3,965,751 | $ (1,066,239) | $ (1,050,374) | $ 2,495,387 | $ 23,066 | |||
[1] For the six months ended June 30, 2024, dividends per share were $1.14 for Series D and $0.73 for Series E Preferred Stock. For the six months ended June 30, 2023, dividends per share were $0.79 for Series D and $0.73 for Series E Preferred Stock. For the three months ended June 30, 2024, dividends per share were $0.57 for Series D and $0.37 for Series E Preferred Stock. For the three months ended June 30, 2023, dividends per share were $0.39 for Series D and $0.37 for Series E Preferred Stock. |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Cash dividends on common stock (in dollars per share) | $ 0.38 | $ 0.38 | $ 0.76 | $ 0.76 |
Series D Preferred Stock | ||||
Cash dividends on preferred stock (in dollars per share) | 0.57 | 0.39 | 1.14 | 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 - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Operating Activities | ||
Net income | $ 109,390 | $ 376,103 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Provision for (reversal of) credit losses | 80,384 | 71,035 |
Depreciation, amortization, and accretion, net | 34,210 | 41,854 |
Deferred income tax expense (benefit) | 8,958 | 19,194 |
Originations of loans held for sale | (2,628,732) | (311,902) |
Proceeds from sales and payments on loans held for sale | 2,547,048 | 603,486 |
Gain on sales of loans held for sale, net | (5,132) | (5,739) |
(Increase) decrease in other assets | (234,360) | (151,774) |
Increase (decrease) in other liabilities | 120,137 | 59,529 |
Investment securities (gains) losses, net | 256,660 | (1,030) |
Share-based compensation expense | 15,621 | 16,951 |
Net gain on sales of other real estate and other assets held for sale | (899) | (3,231) |
Other | 0 | (377) |
Net cash provided by (used in) operating activities | 303,285 | 714,099 |
Investing Activities | ||
Net cash received (paid) for business combination and divestiture | 0 | 8,009 |
Proceeds from maturities and principal collections of investment securities held to maturity | 66,100 | 0 |
Proceeds from maturities and principal collections of investment securities available for sale | 350,809 | 449,581 |
Proceeds from sales of investment securities available for sale | 1,365,923 | 82,595 |
Purchases of investment securities available for sale | (1,876,434) | (440,014) |
Net proceeds from sales of loans | 8,853 | 84,132 |
Purchases of loans | 0 | (10,623) |
Net (increase) decrease in loans | 206,787 | (1,183,701) |
Net (purchases) redemptions of Federal Home Loan Bank stock | (16,650) | 49,935 |
Net (purchases) redemptions of Federal Reserve Bank stock | (12,117) | (15,564) |
Net proceeds from settlement (purchases) of bank-owned life insurance policies | 1,564 | 3,360 |
Net increase in premises, equipment and software | (28,536) | (12,703) |
Proceeds from sales of other real estate and other assets held for sale | 24,787 | 6,976 |
Net cash provided by (used in) investing activities | 91,086 | (978,017) |
Financing Activities | ||
Net increase (decrease) in deposits | (544,612) | 1,217,129 |
Net increase (decrease) in federal funds purchased and securities sold under repurchase agreements | (94,590) | (63,204) |
Net increase (decrease) in other short-term borrowings | (960) | (601,923) |
Repayments and redemption of long-term debt | (800,000) | (3,304,600) |
Proceeds from long-term debt, net | 1,150,000 | 3,220,912 |
Dividends paid to common shareholders | (111,372) | (104,967) |
Dividends paid to preferred shareholders | (19,398) | (16,581) |
Repurchases of common stock | (121,755) | 0 |
Issuances, net of taxes paid, under equity compensation plans | (8,502) | (6,477) |
Net cash provided by (used in) financing activities | (551,189) | 340,289 |
Increase (decrease) in cash and cash equivalents including restricted cash | (156,818) | 76,371 |
Cash, cash equivalents, and restricted cash, at beginning of period | 2,451,426 | 1,977,780 |
Cash, cash equivalents, and restricted cash at end of period | 2,294,608 | 2,054,151 |
Supplemental Disclosures: | ||
Income taxes paid | 28,961 | 57,988 |
Interest paid | 730,439 | 478,101 |
Non-cash Activities | ||
Loans foreclosed and transferred to other real estate | 21,992 | 0 |
Investment securities transferred from available for sale to held to maturity | 2,715,635 | 0 |
Settlement of acquired debt | $ 0 | $ 31,109 |
Basis of Presentation and Accou
Basis of Presentation and Accounting Policies | 6 Months Ended |
Jun. 30, 2024 | |
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, capital markets, and international banking. Synovus also provides financial planning and investment advisory services through its wholly-owned subsidiaries, Synovus Trust and Synovus Securities. 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' 2023 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 significant change relate to the determination of the ACL, estimates of fair value, income taxes, and contingent liabilities. Significant Accounting Policies Update On April 1, 2024, Synovus transferred $2.72 billion in fair value of mortgage-backed securities from available for sale to held to maturity. At the time of transfer, $537.4 million of unrealized losses, net of tax, were retained in accumulated other comprehensive income and will be amortized over the remaining life of the securities. Transfer between Investment Securities Categories – When an investment security is transferred from the AFS to HTM category, the security's fair value becomes its new amortized cost, net of any allowance for credit losses and is a non-cash transaction. Unrealized gains or losses at the date of transfer of these securities continue to be reported in AOCI and are amortized into interest income on a level-yield basis over the remaining life of the security, in a manner consistent with the amortization or accretion of the original purchase premium or discount on the associated security. Investment Securities Held to Maturity – Securities that Synovus has the full intent and ability to hold until maturity are classified as HTM and are carried at amortized cost, net of any allowance for credit losses. Accrued interest is excluded from the amortized cost of HTM securities and is included within other assets on the consolidated balance sheets. HTM securities are generally placed on non-accrual status using factors similar to those described for loans as referenced in "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" of Synovus' 2023 Form 10-K. Allowance for Credit Losses on Held to Maturity Investment Securities – The Company assesses expected credit losses on HTM securities on a collective basis by major security type. All of the Company's HTM securities are either guaranteed or issued by U.S. government sponsored enterprises, are highly rated by major credit rating agencies and have a long history of no credit losses, and therefore, the zero-credit loss assumption has been applied. Any expected credit loss is provided through an allowance for credit losses on HTM securities and deducted from the amortized cost basis of the security. Synovus has elected to not measure an allowance on its accrued interest receivable as a result of the timely reversal of interest receivable deemed uncollectible. Interest accrued but not received for a security placed on non-accrual is reversed against interest income. Cash collected on non-accrual HTM securities is generally applied to reduce the securities amortized cost basis and not as interest income. Recent Accounting Pronouncements The following table provides a brief description of accounting standards adopted or issued in 2024 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 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In November 2023, the FASB issued ASU 2023-07 to improve segment reporting disclosures. The amendments in this ASU improve financial reporting by requiring disclosure of incremental segment information including significant segment expenses regularly provided to the chief operating decision maker as well as the amount and composition of other segment items on an annual and interim basis for all public entities to enable investors to develop more decision-useful financial analyses. Retrospective application is required in all prior periods unless impracticable to do so. Annual periods beginning on January 1, 2024 The Company will present the new disclosure requirements for the annual period beginning on January 1, 2024, and interim periods starting on January 1, 2025. The Company is currently evaluating the impact of the incremental segment information that will be required to be disclosed as well as the impact to the Segment Reporting footnote disclosed in the Form 10-K. Standard Description Required date of adoption Effect on Company's financial statements or other significant matters Standards Issued But Not Yet Adopted ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09 to enhance the transparency and decision usefulness of income tax disclosures. The ASU addresses investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. Retrospective application in all prior periods is permitted. January 1, 2025 The Company will adopt the new disclosures for the annual periods beginning on January 1, 2025. The Company is currently evaluating the impact of the incremental income taxes information that will be required to be disclosed as well as the impact to the Income Taxes footnote in the Form 10-K. |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2024 | |
Investments [Abstract] | |
Investment Securities | Note 2 - Investment Securities The amortized cost, gross unrealized gains and losses, and estimated fair values of investment securities at June 30, 2024 and December 31, 2023 are summarized below. June 30, 2024 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Investment securities held to maturity: Mortgage-backed securities issued by U.S. Government sponsored enterprises $ 2,668,068 $ — $ (29,997) $ 2,638,071 Total investment securities held to maturity (1) $ 2,668,068 $ — $ (29,997) $ 2,638,071 Investment securities available for sale: U.S. Treasury securities $ 1,177,006 $ 1,456 $ (4,167) $ 1,174,295 U.S. Government agency securities 29,993 — (1,150) 28,843 Mortgage-backed securities issued by U.S. Government agencies 1,518,224 1,311 (119,043) 1,400,492 Mortgage-backed securities issued by U.S. Government sponsored enterprises 2,272,694 287 (256,936) 2,016,045 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 659,706 — (111,709) 547,997 Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises 1,904,765 4,118 (41,757) 1,867,126 Corporate debt securities and other debt securities 9,059 — (176) 8,883 Total investment securities available for sale (2) $ 7,571,447 $ 7,172 $ (534,938) $ 7,043,681 December 31, 2023 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Investment securities available for sale: U.S. Treasury securities $ 588,082 $ 9,547 $ — $ 597,629 U.S. Government agency securities 29,993 — (1,053) 28,940 Mortgage-backed securities issued by U.S. Government agencies 1,021,612 2,037 (97,985) 925,664 Mortgage-backed securities issued by U.S. Government sponsored enterprises 7,523,399 1,192 (1,094,212) 6,430,379 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 692,487 — (104,892) 587,595 Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises 1,226,672 18,764 (35,653) 1,209,783 Corporate debt securities and other debt securities 9,009 — (337) 8,672 Total investment securities available for sale (2) $ 11,091,254 $ 31,540 $ (1,334,132) $ 9,788,662 (1) The amounts reported exclude accrued interest receivable on investment securities HTM of $5.9 million at June 30, 2024, which is presented as a component of other assets on the consolidated balance sheets. The amortized cost basis of investment securities HTM includes a discount of $(687.9) million at June 30, 2024 related to the unamortized portion of unrealized losses on investment securities HTM. (2) The amounts reported exclude accrued interest receivable on investment securities AFS of $27.7 million and $26.6 million at June 30, 2024 and December 31, 2023, respectively, which is presented as a component of other assets At June 30, 2024, investment securities AFS and investment securities HTM with carrying values of $2.54 billion and $2.37 billion, respectively, were pledged to secure certain deposits and other liabilities, as required by law or contractual agreements. At December 31, 2023, investment securities AFS with a carrying value of $5.19 billion were pledged to secure certain deposits and other liabilities, as required by law or contractual agreements. On April 1, 2024, Synovus transferred $2.72 billion in fair value of mortgage-backed securities issued by U.S. Government sponsored enterprises from AFS to HTM. At the time of transfer, $537.4 million of unrealized losses, net of tax, were retained in accumulated other comprehensive income and will be amortized over the remaining life of the securities. The transfer of these securities from AFS to HTM reduces our exposure to potential capital volatility associated with investment security market price fluctuations. Additionally, during the second quarter of 2024, as part of an overall strategic repositioning of the investment securities portfolio, Synovus sold at amortized cost $1.62 billion of mortgage-backed securities issued by U.S. Government sponsored enterprises from AFS, which resulted in realized net losses of $256.7 million. Synovus also purchased $1.48 billion in total principal of AFS securities including U.S. Treasury securities, mortgage-backed securities issued by U.S. Government agencies, and commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises. Gross unrealized losses on investment securities AFS 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, 2024 and December 31, 2023 are presented below. June 30, 2024 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 $ 675,205 $ (4,167) $ — $ — $ 675,205 $ (4,167) U.S. Government agency securities — — 28,844 (1,150) 28,844 (1,150) Mortgage-backed securities issued by U.S. Government agencies 441,549 (2,310) 673,891 (116,733) 1,115,440 (119,043) Mortgage-backed securities issued by U.S. Government sponsored enterprises 127,603 (3,143) 1,837,414 (253,793) 1,965,017 (256,936) Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — — 547,997 (111,709) 547,997 (111,709) Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises 703,158 (4,621) 308,126 (37,136) 1,011,284 (41,757) Corporate debt securities and other debt securities — — 8,883 (176) 8,883 (176) Total $ 1,947,515 $ (14,241) $ 3,405,155 $ (520,697) $ 5,352,670 $ (534,938) December 31, 2023 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. Government agency securities $ — $ — $ 28,940 $ (1,053) $ 28,940 $ (1,053) Mortgage-backed securities issued by U.S. Government agencies 159,402 (1,268) 565,358 (96,717) 724,760 (97,985) Mortgage-backed securities issued by U.S. Government sponsored enterprises 215,917 (1,193) 6,045,914 (1,093,019) 6,261,831 (1,094,212) Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — — 587,595 (104,892) 587,595 (104,892) Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises 34,406 (205) 276,675 (35,448) 311,081 (35,653) Corporate debt securities and other debt securities — — 8,672 (337) 8,672 (337) Total $ 409,725 $ (2,666) $ 7,513,154 $ (1,331,466) $ 7,922,879 $ (1,334,132) As of June 30, 2024, Synovus had 47 investment securities AFS in a loss position for less than 12 months and 221 investment securities AFS in a loss position for 12 months or longer. As of June 30, 2024, Synovus does not intend to sell investment securities AFS 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 AFS 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, 2024. At June 30, 2024, no ACL was established for investment securities AFS. 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. As of June 30, 2024, all investment securities HTM were rated investment grade, supported by U.S. government agencies and have no history of credit losses supporting the application of a zero-credit loss assumption and no allowance for credit losses. The amortized cost and fair value by contractual maturity of investment securities HTM and investment securities AFS at June 30, 2024 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. (in thousands) Within One 1 to 5 5 to 10 More Than Total Investment securities HTM Mortgage-backed securities issued by U.S. Government sponsored enterprises Amortized cost $ — $ — $ — $ 2,668,068 $ 2,668,068 Fair value — — — 2,638,071 2,638,071 Investment securities AFS U.S. Treasury securities Amortized cost $ 20,101 $ 725,093 $ 431,812 $ — $ 1,177,006 Fair value 20,101 723,824 430,370 — 1,174,295 U.S. Government agency securities Amortized cost — 29,993 — — 29,993 Fair value — 28,843 — — 28,843 Mortgage-backed securities issued by U.S. Government agencies Amortized cost — 55 3 1,518,166 1,518,224 Fair value — 53 3 1,400,436 1,400,492 Mortgage-backed securities issued by U.S. Government sponsored enterprises Amortized cost — — — 2,272,694 2,272,694 Fair value — — — 2,016,045 2,016,045 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises Amortized cost — 34 9,314 650,358 659,706 Fair value — 33 8,951 539,013 547,997 Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises Amortized cost — 906,290 981,249 17,226 1,904,765 Fair value — 891,131 961,318 14,677 1,867,126 Corporate debt securities and other debt securities Amortized cost — 9,059 — — 9,059 Fair value — 8,883 — — 8,883 Gross gains and gross losses on sales of investment securities AFS for the three and six months ended June 30, 2024 and 2023 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) 2024 2023 2024 2023 Gross realized gains on sales $ — $ — $ — $ 1,030 Gross realized losses on sales (256,660) — (256,660) — Investment securities gains (losses), net $ (256,660) $ — $ (256,660) $ 1,030 |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 and December 31, 2023. June 30, 2024 (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 $ 14,386,965 $ 10,292 $ 2,244 $ 12,536 $ 82,602 $ 37,505 $ 14,519,608 Owner-occupied 7,961,449 4,578 — 4,578 30,004 20,973 8,017,004 Total commercial and industrial (1) 22,348,414 14,870 2,244 17,114 112,606 58,478 22,536,612 Investment properties 11,238,010 78,115 356 78,471 10,004 1,564 11,328,049 1-4 family properties 548,220 1,267 — 1,267 2,878 182 552,547 Land and development 332,087 1,895 — 1,895 909 — 334,891 Total commercial real estate 12,118,317 81,277 356 81,633 13,791 1,746 12,215,487 Consumer mortgages 5,316,899 5,913 — 5,913 48,352 — 5,371,164 Home equity 1,787,853 10,107 33 10,140 14,947 — 1,812,940 Credit cards 175,418 1,665 1,806 3,471 — — 178,889 Other consumer loans 960,631 11,467 21 11,488 6,186 — 978,305 Total consumer 8,240,801 29,152 1,860 31,012 69,485 — 8,341,298 Loans, net of deferred fees and costs (2) $ 42,707,532 $ 125,299 $ 4,460 $ 129,759 $ 195,882 $ 60,224 $ 43,093,397 December 31, 2023 (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 $ 14,355,414 $ 12,264 $ 1,797 $ 14,061 $ 66,400 $ 23,470 $ 14,459,345 Owner-occupied 8,041,573 6,056 149 6,205 70,784 20,586 8,139,148 Total commercial and industrial (1) 22,396,987 18,320 1,946 20,266 137,184 44,056 22,598,493 Investment properties 11,322,516 740 278 1,018 12,796 26,974 11,363,304 1-4 family properties 595,359 87 — 87 2,605 451 598,502 Land and development 353,477 671 — 671 804 — 354,952 Total commercial real estate 12,271,352 1,498 278 1,776 16,205 27,425 12,316,758 Consumer mortgages 5,359,153 6,462 — 6,462 46,108 — 5,411,723 Home equity 1,785,836 10,374 716 11,090 10,473 — 1,807,399 Credit cards 190,299 1,818 2,024 3,842 — — 194,141 Other consumer loans 1,053,587 15,574 89 15,663 6,697 29 1,075,976 Total consumer 8,388,875 34,228 2,829 37,057 63,278 29 8,489,239 Loans, net of deferred fees and costs (2) $ 43,057,214 $ 54,046 $ 5,053 $ 59,099 $ 216,667 $ 71,510 $ 43,404,490 (1) Includes senior housing loans of $3.02 billion and $3.28 billion at June 30, 2024 and December 31, 2023, respectively, which are primarily classified as owner-occupied in accordance with our underwriting process. (2) The amortized cost basis of loans, net of deferred fees and costs excludes accrued interest receivable of $249.9 million and $256.3 million at June 30, 2024 and December 31, 2023, respectively, which is presented as a component of other assets Pledged Loans Loans with carrying values of $25.09 billion and $24.31 billion, respectively, were pledged as collateral for borrowings and capacity at June 30, 2024 and December 31, 2023, respectively, to the FHLB and Federal Reserve Bank. Portfolio Segment Risk Factors The risk characteristics and collateral information of each portfolio segment are as follows: Commercial and Industrial Loans - The C&I loan portfolio is comprised of general middle market and commercial banking clients across a diverse set of industries. In accordance with Synovus' lending policy, each loan undergoes a detailed underwriting process, which incorporates uniform underwriting standards and oversight in proportion to the size and complexity of the lending relationship. These loans are secured by collateral such as business equipment, inventory, and real estate. 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. 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 our preference is to obtain some level of recourse from project sponsors. 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, and personal 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 table summarizes each loan portfolio class by risk grade and origination year as of June 30, 2024 and December 31, 2023 as required under CECL. June 30, 2024 Term Loans Amortized Cost Basis by Origination Year Revolving Loans (in thousands) 2024 2023 2022 2021 2020 Prior Amortized Cost Basis Converted to Term Loans Total Commercial, financial and agricultural Pass $ 626,567 $ 1,098,785 $ 911,677 $ 1,320,817 $ 730,590 $ 1,728,030 $ 7,468,133 $ 62,057 $ 13,946,656 Special Mention 333 8,268 5,942 17,953 858 10,710 143,327 1,807 189,198 Substandard 22,334 20,633 44,640 18,700 37,393 23,669 191,115 3,737 362,221 Doubtful — — — 9,911 390 — 10,684 — 20,985 Loss — — — — — — 548 — 548 Total commercial, financial and agricultural 649,234 1,127,686 962,259 1,367,381 769,231 1,762,409 7,813,807 67,601 14,519,608 Current YTD Period: Gross charge-offs 1,479 16,013 2,861 8,447 715 2,597 32,293 — 64,405 Owner-occupied Pass 314,814 947,696 1,545,933 1,369,707 906,405 1,909,641 653,228 — 7,647,424 Special Mention 1,110 1,839 5,249 21,824 34,531 58,147 — — 122,700 Substandard 193 4,939 39,397 29,460 48,691 71,850 35,944 — 230,474 Doubtful — — — — — — 16,406 — 16,406 Total owner-occupied 316,117 954,474 1,590,579 1,420,991 989,627 2,039,638 705,578 — 8,017,004 Current YTD Period: Gross charge-offs — 76 — — 1,538 6,303 — — 7,917 Total commercial and industrial 965,351 2,082,160 2,552,838 2,788,372 1,758,858 3,802,047 8,519,385 67,601 22,536,612 Current YTD Period: Gross charge-offs $ 1,479 $ 16,089 $ 2,861 $ 8,447 $ 2,253 $ 8,900 $ 32,293 $ — $ 72,322 Investment properties Pass 233,067 697,423 3,391,129 2,691,967 933,578 2,628,003 206,596 — 10,781,763 Special Mention 4 285 71,813 137,073 44,224 70,128 — — 323,527 Substandard — 2,975 16,159 135,707 2,054 65,859 — — 222,754 Loss — — — — — 5 — — 5 Total investment properties 233,071 700,683 3,479,101 2,964,747 979,856 2,763,995 206,596 — 11,328,049 Current YTD Period: Gross charge-offs — — — — — 3,738 — — 3,738 1-4 family properties Pass 67,911 115,810 109,798 109,112 30,592 66,683 46,728 — 546,634 Special Mention — — 711 491 179 92 — — 1,473 Substandard — 749 51 944 285 2,366 45 — 4,440 Total 1-4 family properties 67,911 116,559 110,560 110,547 31,056 69,141 46,773 — 552,547 Current YTD Period: Gross charge-offs — 103 — — — 133 — — 236 June 30, 2024 Term Loans Amortized Cost Basis by Origination Year Revolving Loans (in thousands) 2024 2023 2022 2021 2020 Prior Amortized Cost Basis Converted to Term Loans Total Land and development Pass 52,343 95,588 66,267 28,699 8,969 66,360 12,802 — 331,028 Special Mention — — 483 29 — 1,165 — — 1,677 Substandard — 561 — — 195 1,430 — — 2,186 Total land and development 52,343 96,149 66,750 28,728 9,164 68,955 12,802 — 334,891 Current YTD Period: Gross charge-offs — — — — — — — — — Total commercial real estate 353,325 913,391 3,656,411 3,104,022 1,020,076 2,902,091 266,171 — 12,215,487 Current YTD Period: Gross charge-offs $ — $ 103 $ — $ — $ — $ 3,871 $ — $ — $ 3,974 Consumer mortgages Pass 246,139 739,069 725,131 993,128 1,164,849 1,438,748 592 — 5,307,656 Substandard 287 1,880 3,521 6,332 17,396 34,060 — — 63,476 Loss — — — — — 32 — — 32 Total consumer mortgages 246,426 740,949 728,652 999,460 1,182,245 1,472,840 592 — 5,371,164 Current YTD Period: Gross charge-offs — — — — 25 109 — — 134 Home equity Pass — — — — — — 1,338,972 455,684 1,794,656 Substandard — — — — — — 11,874 6,161 18,035 Loss — — — — — — 165 84 249 Total home equity — — — — — — 1,351,011 461,929 1,812,940 Current YTD Period: Gross charge-offs — — — — — — — 32 32 Credit cards Pass — — — — — — 177,086 — 177,086 Substandard — — — — — — 524 — 524 Loss — — — — — — 1,279 — 1,279 Total credit cards — — — — — — 178,889 — 178,889 Current YTD Period: Gross charge-offs — — — — — — 3,892 — 3,892 Other consumer loans Pass 75,143 98,329 146,434 176,291 94,170 111,612 268,946 — 970,925 Substandard — 680 1,301 3,382 1,274 636 68 — 7,341 Loss — — 12 — — — 27 — 39 Total other consumer loans 75,143 99,009 147,747 179,673 95,444 112,248 269,041 — 978,305 Current YTD Period: Gross charge-offs 19 1,464 2,675 4,267 1,277 1,501 1,302 — 12,505 Total consumer 321,569 839,958 876,399 1,179,133 1,277,689 1,585,088 1,799,533 461,929 8,341,298 Current YTD Period: Gross charge-offs $ 19 $ 1,464 $ 2,675 $ 4,267 $ 1,302 $ 1,610 $ 5,194 $ 32 $ 16,563 Loans, net of deferred fees and costs $ 1,640,245 $ 3,835,509 $ 7,085,648 $ 7,071,527 $ 4,056,623 $ 8,289,226 $ 10,585,089 $ 529,530 $ 43,093,397 Current YTD Period: Gross charge-offs $ 1,498 $ 17,656 $ 5,536 $ 12,714 $ 3,555 $ 14,381 $ 37,487 $ 32 $ 92,859 December 31, 2023 Term Loans Amortized Cost Basis by Origination Year Revolving Loans (in thousands) 2023 2022 2021 2020 2019 Prior Amortized Cost Basis Converted to Term Loans Total Commercial, financial and agricultural Pass $ 1,078,790 $ 1,040,742 $ 1,408,178 $ 782,069 $ 636,341 $ 1,236,433 $ 7,623,255 $ 46,908 $ 13,852,716 Special Mention 5,298 8,276 20,027 1,950 2,552 8,412 141,580 — 188,095 Substandard 36,557 14,742 35,744 37,186 88,940 21,032 182,069 1,685 417,955 Loss — — — — — 355 224 — 579 Total commercial, financial and agricultural 1,120,645 1,063,760 1,463,949 821,205 727,833 1,266,232 7,947,128 48,593 14,459,345 Current YTD Period: Gross charge-offs 9,367 3,436 8,175 19,532 1,165 2,071 30,696 203 74,645 Owner-occupied Pass 859,887 1,521,469 1,501,405 958,620 710,634 1,401,416 782,180 — 7,735,611 Special Mention 1,709 9,114 22,562 2,593 4,689 48,640 79,031 — 168,338 Substandard 4,388 24,760 13,616 59,478 17,702 87,306 27,949 — 235,199 Total owner-occupied 865,984 1,555,343 1,537,583 1,020,691 733,025 1,537,362 889,160 — 8,139,148 Current YTD Period: Gross charge-offs — — 433 6,836 1,544 2,862 — — 11,675 Total commercial and industrial 1,986,629 2,619,103 3,001,532 1,841,896 1,460,858 2,803,594 8,836,288 48,593 22,598,493 Current YTD Period: Gross charge-offs $ 9,367 $ 3,436 $ 8,608 $ 26,368 $ 2,709 $ 4,933 $ 30,696 $ 203 $ 86,320 Investment properties Pass 593,540 3,140,041 2,863,327 1,161,697 1,052,638 1,900,744 261,737 — 10,973,724 Special Mention — 1,616 169,550 — 48,429 33,903 — — 253,498 Substandard 2,083 4,070 41,278 1,455 1,622 75,850 — — 126,358 Doubtful — — — — — 9,714 — — 9,714 Loss — — — — — 10 — — 10 Total investment properties 595,623 3,145,727 3,074,155 1,163,152 1,102,689 2,020,221 261,737 — 11,363,304 Current YTD Period: Gross charge-offs (1) 546 7,685 5,668 3,801 1,893 22,647 3,109 — 45,349 1-4 family properties Pass 167,729 142,930 119,054 31,928 29,740 55,243 42,099 — 588,723 Special Mention 3,104 947 — 184 — 311 1 — 4,547 Substandard 1,721 822 643 465 324 1,212 45 — 5,232 Total 1-4 family properties 172,554 144,699 119,697 32,577 30,064 56,766 42,145 — 598,502 Current YTD Period: Gross charge-offs — — — — — 24 — — 24 Land and development Pass 105,609 84,962 35,993 16,131 18,616 59,605 888 — 321,804 Special Mention — 496 — — — 774 — — 1,270 Substandard 29,204 411 74 — 593 1,596 — — 31,878 Total land and development 134,813 85,869 36,067 16,131 19,209 61,975 888 — 354,952 Current YTD Period: Gross charge-offs — — — 77 — — — — 77 Total commercial real estate 902,990 3,376,295 3,229,919 1,211,860 1,151,962 2,138,962 304,770 — 12,316,758 Current YTD Period: Gross charge-offs $ 546 $ 7,685 $ 5,668 $ 3,878 $ 1,893 $ 22,671 $ 3,109 $ — $ 45,450 December 31, 2023 Term Loans Amortized Cost Basis by Origination Year Revolving Loans (in thousands) 2023 2022 2021 2020 2019 Prior Amortized Cost Basis Converted to Term Loans Total Consumer mortgages Pass $ 757,485 $ 784,898 $ 1,044,442 $ 1,219,397 $ 410,511 $ 1,136,541 $ 35 $ — $ 5,353,309 Substandard 564 2,810 5,517 15,913 9,478 23,662 — — 57,944 Loss — — — — — 470 — — 470 Total consumer mortgages 758,049 787,708 1,049,959 1,235,310 419,989 1,160,673 35 — 5,411,723 Current YTD Period: Gross charge-offs — 108 251 403 402 965 5 — 2,134 Home equity Pass — — — — — — 1,308,934 482,679 1,791,613 Substandard — — — — — — 10,231 5,297 15,528 Loss — — — — — — 174 84 258 Total home equity — — — — — — 1,319,339 488,060 1,807,399 Current YTD Period: Gross charge-offs — — — — — 79 819 229 1,127 Credit cards Pass — — — — — — 192,217 — 192,217 Substandard — — — — — — 702 — 702 Loss — — — — — — 1,222 — 1,222 Total credit cards — — — — — — 194,141 — 194,141 Current YTD Period: Gross charge-offs — — — — — — 7,165 — 7,165 Other consumer loans Pass 134,969 181,455 219,415 114,006 28,256 112,724 277,368 — 1,068,193 Substandard 573 963 3,811 1,182 568 494 192 — 7,783 Total other consumer loans 135,542 182,418 223,226 115,188 28,824 113,218 277,560 — 1,075,976 Current YTD Period: Gross charge-offs (1) 627 6,040 24,231 3,625 1,971 2,026 2,358 — 40,878 Total consumer 893,591 970,126 1,273,185 1,350,498 448,813 1,273,891 1,791,075 488,060 8,489,239 Current YTD Period: Gross charge-offs $ 627 $ 6,148 $ 24,482 $ 4,028 $ 2,373 $ 3,070 $ 10,347 $ 229 $ 51,304 Loans, net of deferred fees and costs $ 3,783,210 $ 6,965,524 $ 7,504,636 $ 4,404,254 $ 3,061,633 $ 6,216,447 $ 10,932,133 $ 536,653 $ 43,404,490 Current YTD Period: Gross charge-offs $ 10,540 $ 17,269 $ 38,758 $ 34,274 $ 6,975 $ 30,674 $ 44,152 $ 432 $ 183,074 (1) Includes $31.3 million in gross charge-offs related to the transfer of certain loans to held for sale that sold during 2023. 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 material changes in the extent to which collateral secures our collateral-dependent loans during the three and six months ended June 30, 2024. 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, 2024 and 2023. During the three and six months ended June 30, 2024, Synovus had no significant transfers to loans held for sale. During the three and six months ended June 30, 2023, Synovus charged-off $1.3 million and $7.9 million in previously established reserves for credit losses associated with the transfer of $3.8 million and $427.9 million, respectively, in certain third-party consumer loans to held for sale as part of our overall balance sheet management strategy. As Of and For the Three Months Ended June 30, 2024 (in thousands) Commercial & Industrial Commercial Real Estate Consumer Total Allowance for loan losses: Beginning balance at March 31, 2024 $ 213,482 $ 152,627 $ 126,552 $ 492,661 Charge-offs (34,379) (263) (7,649) (42,291) Recoveries 4,589 462 2,755 7,806 Provision for (reversal of) loan losses 37,038 (11,146) 1,033 26,925 Ending balance at June 30, 2024 $ 220,730 $ 141,680 $ 122,691 $ 485,101 As Of and For the Three Months Ended June 30, 2023 (in thousands) Commercial & Industrial Commercial Real Estate Consumer Total Allowance for loan losses: Beginning balance at March 31, 2023 $ 158,688 $ 160,392 $ 137,930 $ 457,010 Charge-offs (22,841) (5) (13,410) (36,256) Recoveries 6,402 378 3,080 9,860 Provision for (reversal of) loan losses 17,738 8,961 13,925 40,624 Ending balance at June 30, 2023 $ 159,987 $ 169,726 $ 141,525 $ 471,238 As Of and For the Six Months Ended June 30, 2024 (in thousands) Commercial & Industrial Commercial Real Estate Consumer Total Allowance for loan losses: Beginning balance at December 31, 2023 $ 218,970 $ 133,758 $ 126,657 $ 479,385 Charge-offs (72,322) (3,974) (16,563) (92,859) Recoveries 7,877 1,229 4,912 14,018 Provision for (reversal of) loan losses 66,205 10,667 7,685 84,557 Ending balance at June 30, 2024 $ 220,730 $ 141,680 $ 122,691 $ 485,101 As Of and For the Six Months Ended June 30, 2023 (in thousands) Commercial & Industrial Commercial Real Estate Consumer Total Allowance for loan losses: Beginning balance at December 31, 2022 $ 161,550 $ 143,575 $ 138,299 $ 443,424 Charge-offs (30,714) (101) (30,776) (61,591) Recoveries 9,878 662 6,105 16,645 Provision for (reversal of) loan losses 19,273 25,590 27,897 72,760 Ending balance at June 30, 2023 $ 159,987 $ 169,726 $ 141,525 $ 471,238 The ALL of $485.1 million and the reserve for unfunded commitments of $53.1 million, which is recorded in other liabilities, comprise the total ACL of $538.2 million at June 30, 2024. The ACL increased $1.5 million compared to the December 31, 2023 ACL of $536.6 million, which consisted of the ALL of $479.4 million and a reserve for unfunded commitments of $57.2 million. The ACL to loans coverage ratio of 1.25% at June 30, 2024 was 1 bp higher compared to 1.24% at December 31, 2023. The increase in the ACL from December 31, 2023 resulted primarily from credit performance that included downward migration and a qualitative adjustment, as well as net loan production. This was partially offset by improved economic inputs. 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 current 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, 2024, the unemployment rate is the input that most significantly impacts our estimate. The multi-scenario forecast used in our estimate includes a weighted average unemployment rate of 4.4% over the forecasted period at June 30, 2024, compared to 4.5% at December 31, 2023. Financial Difficulty Modifications When borrowers are experiencing financial difficulty, Synovus may make certain loan modifications as part of its loss mitigation strategies to maximize expected payment. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" of Synovus' 2023 Form 10-K for additional information regarding accounting policies for FDMs. The following tables present the amortized cost of FDM loans by loan portfolio class that were modified during the three and six months ended June 30, 2024 and 2023. Three Months Ended June 30, 2024 (in thousands) Interest Rate Reduction Term Extension Payment Delay Total Percentage of Total by Financing Class Commercial, financial and agricultural $ — $ 9,109 $ — $ 9,109 0.1 % Total commercial and industrial — 9,109 — 9,109 — Total commercial real estate — — — — — Other consumer loans 58 211 — 269 — Total consumer 58 211 — 269 — Total FDMs $ 58 $ 9,320 $ — $ 9,378 — % Six Months Ended June 30, 2024 (in thousands) Interest Rate Reduction Term Extension Payment Delay Total Percentage of Total by Financing Class Commercial, financial and agricultural $ — $ 11,638 $ — $ 11,638 0.1 % Owner-occupied — 193 — 193 — Total commercial and industrial — 11,831 — 11,831 0.1 Investment properties — 2,236 — 2,236 — Total commercial real estate — 2,236 — 2,236 — Consumer mortgages 123 — 210 333 — Other consumer loans 179 463 — 642 0.1 Total consumer 302 463 210 975 — Total FDMs $ 302 $ 14,530 $ 210 $ 15,042 — % Three Months Ended June 30, 2023 (in thousands) Interest Rate Reduction Term Extension Principal Forgiveness and Term Extensions Interest Rate Reduction and Term Extension Total Percentage of Total by Financing Class Commercial, financial and agricultural $ 1,972 $ 7,464 $ 13,401 $ 1,187 $ 24,024 0.2 % Owner-occupied — 388 — — 388 — Total commercial and industrial 1,972 7,852 13,401 1,187 24,412 0.1 Investment properties — 660 — — 660 — 1-4 family properties — 1,680 — 382 2,062 0.3 Land and development — — — — — — Total commercial real estate — 2,340 — 382 2,722 — Consumer mortgages 695 — — — 695 — Home equity — 339 — 276 615 — Credit cards — — — — — — Other consumer loans 2 314 — 256 572 — Total consumer 697 653 — 532 1,882 — Total FDMs $ 2,669 $ 10,845 $ 13,401 $ 2,101 $ 29,016 0.1 % Six Months Ended June 30, 2023 (in thousands) Interest Rate Reduction Term Extension Principal Forgiveness and Term Extensions Interest Rate Reduction and Term Extension Total Percentage of Total by Financing Class Commercial, financial and agricultural $ 1,972 $ 22,297 $ 13,401 $ 1,428 $ 39,098 0.3 % Owner-occupied — 1,828 — 41,259 43,087 0.5 Total commercial and industrial 1,972 24,125 13,401 42,687 82,185 0.4 Investment properties — 660 — — 660 — 1-4 family properties — 3,006 — 382 3,388 0.6 Land and development — — — — — — Total commercial real estate — 3,666 — 382 4,048 — Consumer mortgages 807 — — — 807 — Home equity — 426 — 290 716 — Credit cards — — — — — — Other consumer loans 2 450 — 482 934 0.1 Total consumer 809 876 — 772 2,457 — Total FDMs $ 2,781 $ 28,667 $ 13,401 $ 43,841 $ 88,690 0.2 % The following tables present the financial effect of loan modifications made to borrowers experiencing financial difficulty during the three and six months ended June 30, 2024 and 2023. Three Months Ended June 30, 2024 Six Months Ended June 30, 2024 (dollars in thousands) Weighted Average Interest Rate Reduction Weighted Average Term Extension Weighted Average Interest Rate Reduction Weighted Average Term Extension Weighted Average Payment Delay Commercial, financial and agricultural — % 20 — % 19 — Owner-occupied — — — 60 — Investment properties — — — 12 — Consumer mortgages — — 2.3 — 7 Other consumer loans 7.5 66 4.0 71 — Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 (dollars in thousands) Principal Forgiveness and Term Extensions Weighted Average Interest Rate Reduction Weighted Average Term Extension Principal Forgiveness and Term Extensions Weighted Average Interest Rate Reduction Weighted Average Term Extension Commercial, financial and agricultural $ 1,200 1.1 % 41 $ 1,200 1.2 % 28 Owner-occupied — — 17 — 1.7 9 Investment properties — — 30 — — 30 1-4 family properties — 0.3 12 — 0.3 12 Consumer mortgages — 1.9 — — 1.6 — Home equity — 0.4 250 — 0.5 262 Other consumer loans — 2.7 61 — 3.1 64 During the three and six months ended June 30, 2024, commercial, financial and agricultural loans of $3.1 million and $74.7 million, respectively, defaulted that were previously modified in the prior 12 months by receiving a term extension. During the three and six months ended June 30, 2023, there were no FDMs that subsequently defaulted. Defaults are defined as the earlier of the FDM being placed on non-accrual status or reaching 90 days past due with respect to principal and/or interest payments. As of June 30, 2024 and December 31, 2023, there were no commitments to lend a material amount of additional funds to any borrower whose loan was classified as a FDM. Synovus monitors the performance of FDMs to understand the effectiveness of its modification efforts. The following table provides a summary of current, accruing past due, and non-accrual loans on an amortized cost basis by loan portfolio class that have been modified during the 12 months prior to June 30, 2024. As of June 30, 2024 (in thousands) Current Accruing 30-89 Days Past Due Accruing 90 Days or Greater Past Due Non-accrual Total Commercial, financial and agricultural $ 40,022 $ 1,287 $ — $ 4,487 $ 45,796 Owner-occupied 31,892 317 — 260 32,469 Total commercial and industrial 71,914 1,604 — 4,747 78,265 Investment properties 2,544 — — — 2,544 1-4 family properties 33 — — — 33 Land and development 1,100 — — — 1,100 Total commercial real estate 3,677 — — — 3,677 Consumer mortgages 542 — — 1,553 2,095 Home equity — — — — — Credit cards — — — — — Other consumer loans 854 174 — 332 1,360 Total consumer 1,396 174 — 1,885 3,455 Total FDMs $ 76,987 $ 1,778 $ — $ 6,632 $ 85,397 The following table provides a summary of current, accruing past due, and non-accrual loans on an amortized cost basis by loan portfolio class that were modified on or after January 1, 2023, the date Synovus adopted ASU 2022-02, through June 30, 2023. As of June 30, 2023 (in thousands) Current Accruing 30-89 Days Past Due Accruing 90 Days or Greater Past Due Non-accrual (1) Total Commercial, financial and agricultural $ 25,697 $ — $ — $ 13,401 $ 39,098 Owner-occupied 43,087 — — — 43,087 Total commercial and industrial 68,784 — — 13,401 82,185 Investment properties 660 — — — 660 1-4 family properties 1,708 — — 1,680 3,388 Land and development — — — — — Total commercial real estate 2,368 — — 1,680 4,048 Consumer mortgages — — — 807 807 Home equity 716 — — — 716 Credit cards — — — — — Other consumer loans 386 — — 548 934 Total consumer 1,102 — — 1,355 2,457 Total FDMs $ 72,254 $ — $ — $ 16,436 $ 88,690 (1) |
Shareholders' Equity and Other
Shareholders' Equity and Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Shareholders' Equity and Other Comprehensive Income (Loss) | Note 4 - Shareholders' Equity and Other Comprehensive Income (Loss) Repurchases of Common Stock Synovus announced on January 18, 2024 that its Board of Directors authorized share repurchases of up to $300 million of common stock and $50 million of preferred stock in 2024. During the three months ended June 30, 2024, Synovus repurchased 2.3 million shares of common stock at an average price of $38.95 per share via open market transactions. During the six months ended June 30, 2024, Synovus repurchased 3.1 million shares of common stock at an average price of $38.54 per share via open market transactions. 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, 2024 and 2023. Changes in Accumulated Other Comprehensive Income (Loss) by Component (Net of Income Taxes) (in thousands) Net unamortized holding (losses) gains on AFS investment securities transferred to HTM Net unrealized gains (losses) on investment securities AFS (1) Net unrealized gains (losses) on cash flow hedges (1) Total Balance at March 31, 2024 $ — $ (1,116,309) $ (131,885) $ (1,248,194) Other comprehensive income (loss) before reclassifications (537,434) 511,079 (13,861) (40,216) Amounts reclassified from AOCI 15,654 194,677 27,705 238,036 Net current period other comprehensive income (loss) (521,780) 705,756 13,844 197,820 Balance at June 30, 2024 $ (521,780) $ (410,553) $ (118,041) $ (1,050,374) Balance at March 31, 2023 $ — $ (1,105,221) $ (184,106) $ (1,289,327) Other comprehensive income (loss) before reclassifications — (82,866) (55,325) (138,191) Amounts reclassified from AOCI — — 32,343 32,343 Net current period other comprehensive income (loss) — (82,866) (22,982) (105,848) Balance at June 30, 2023 $ — $ (1,188,087) $ (207,088) $ (1,395,175) Balance at December 31, 2023 $ — $ (998,259) $ (118,814) $ (1,117,073) Other comprehensive income (loss) before reclassifications (537,434) 393,029 (57,138) (201,543) Amounts reclassified from AOCI 15,654 194,677 57,911 268,242 Net current period other comprehensive income (loss) (521,780) 587,706 773 66,699 Balance at June 30, 2024 $ (521,780) $ (410,553) $ (118,041) $ (1,050,374) Balance at December 31, 2022 $ — $ (1,220,263) $ (221,854) $ (1,442,117) Other comprehensive income (loss) before reclassifications — 32,955 (47,759) (14,804) Amounts reclassified from AOCI — (779) 62,525 61,746 Net current period other comprehensive income (loss) — 32,176 14,766 46,942 Balance at June 30, 2023 $ — $ (1,188,087) $ (207,088) $ (1,395,175) (1) For June 30, 2024, the ending balance in net unrealized gains (losses) on investment securities available for sale and cash flow hedges includes unrealized losses of $10.2 million and $11.6 million, respectively, related to residual tax effects remaining in OCI primarily due to previously established deferred tax asset valuation allowances in 2010 and 2011 and state rate changes. For June 30, 2023, 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, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Accounting | Note 5 - Fair Value Accounting See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" of Synovus' 2023 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, 2024 December 31, 2023 (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: Collateralized mortgage obligations issued by U.S. Government sponsored enterprises $ — $ 2,956 $ — $ 2,956 $ — $ 2,910 $ — $ 2,910 Other mortgage-backed securities — — — — — 2,149 — 2,149 Asset-backed securities — 10,096 — 10,096 — 7,839 — 7,839 Total trading securities $ — $ 13,052 $ — $ 13,052 $ — $ 12,898 $ — $ 12,898 Investment securities available for sale: U.S. Treasury securities $ 1,174,295 $ — $ — $ 1,174,295 $ 597,629 $ — $ — $ 597,629 U.S. Government agency securities — 28,843 — 28,843 — 28,940 — 28,940 Mortgage-backed securities issued by U.S. Government agencies — 1,400,492 — 1,400,492 — 925,664 — 925,664 Mortgage-backed securities issued by U.S. Government sponsored enterprises — 2,016,045 — 2,016,045 — 6,430,379 — 6,430,379 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — 547,997 — 547,997 — 587,595 — 587,595 Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises — 1,867,126 — 1,867,126 — 1,209,783 — 1,209,783 Corporate debt securities and other debt securities — 8,883 — 8,883 — 8,672 — 8,672 Total investment securities available for sale $ 1,174,295 $ 5,869,386 $ — $ 7,043,681 $ 597,629 $ 9,191,033 $ — $ 9,788,662 Mortgage loans held for sale $ — $ 41,823 $ — $ 41,823 $ — $ 47,338 $ — $ 47,338 Other investments — — 14,423 14,423 — — 12,560 12,560 Mutual funds and mutual funds held in rabbi trusts 60,356 — — 60,356 53,742 — — 53,742 Derivative assets — 97,078 — 97,078 — 94,903 — 94,903 Liabilities Securities sold short $ 2,536 $ — $ — $ 2,536 $ 3,496 $ — $ — $ 3,496 Mutual funds held in rabbi trusts 45,479 — — 45,479 38,735 — — 38,735 Derivative liabilities — 280,045 — 280,045 — 259,650 — 259,650 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 instrument-specific credit risk. Mortgage Loans Held for Sale (in thousands) As of June 30, 2024 As of December 31, 2023 Fair value $ 41,823 $ 47,338 Unpaid principal balance 40,886 45,627 Fair value less aggregate unpaid principal balance $ 937 $ 1,711 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) 2024 2023 2024 2023 Mortgage loans held for sale $ 32 $ (95) $ (774) $ 208 Mortgage banking income Activity for Level 3 Assets and Liabilities See "Part II - Item 8. Financial Statements and Supplementary Data - Note 12 - Fair Value Accounting" of Synovus' 2023 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, 2024 and 2023, 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 measured at fair value on a recurring basis. Three Months Ended June 30, 2024 (in thousands) Other Investments Beginning balance at March 31, 2024 $ 13,115 Total gains (losses) realized/unrealized: Included in earnings 456 Additions 852 Ending balance at June 30, 2024 $ 14,423 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, 2024 $ 456 Three Months Ended June 30, 2023 (in thousands) Other Investments Beginning balance at March 31, 2023 $ 11,655 Total gains (losses) realized/unrealized: Included in earnings (43) Additions 158 Ending balance at June 30, 2023 $ 11,770 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, 2023 $ (43) Six Months Ended June 30, 2024 (in thousands) Other Investments Beginning balance at December 31, 2023 $ 12,560 Total gains (losses) realized/unrealized: Included in earnings 435 Additions 1,428 Ending balance at June 30, 2024 $ 14,423 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, 2024 $ 435 Six Months Ended June 30, 2023 (in thousands) Other Investments Beginning balance at December 31, 2022 $ 11,172 Total gains (losses) realized/unrealized: Included in earnings (71) Additions 669 Ending balance at June 30, 2023 $ 11,770 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, 2023 $ (71) 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, 2024 Fair Value Adjustments for the Location in Consolidated Statements of Income (in thousands) Level 1 Level 2 Level 3 Three Months Ended June 30, 2024 Six Months Ended June 30, 2024 Loans (1) $ — $ — $ 26,995 $ 22,160 $ 29,568 Provision for (reversal of) credit losses June 30, 2023 Fair Value Adjustments for the Location in Consolidated Statements of Income Level 1 Level 2 Level 3 Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 Loans (1) $ — $ — $ 30,123 $ 6,413 $ 6,462 Provision for (reversal of) credit losses Other loans held for sale — — 346,897 2,360 19,110 Loss on other loans held for sale (1) Collateral-dependent loans that were written down to fair value of collateral. Fair Value of Financial Instruments The following tables present the carrying and estimated fair values of financial instruments at June 30, 2024 and December 31, 2023. 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' 2023 Form 10-K for a description of how fair value measurements are determined. June 30, 2024 (in thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Financial assets Total cash, cash equivalents, and restricted cash $ 2,294,608 $ 2,294,608 $ 2,294,608 $ — $ — Trading securities 13,052 13,052 — 13,052 — Investment securities held to maturity 2,668,068 2,638,071 — 2,638,071 — Investment securities available for sale 7,043,681 7,043,681 1,174,295 5,869,386 — Loans held for sale 139,323 138,879 — 41,823 97,056 Other investments 14,423 14,423 — — 14,423 Mutual funds and mutual funds held in rabbi trusts 60,356 60,356 60,356 — — Loans, net (1) 42,608,296 41,112,625 — — 41,112,625 FRB and FHLB stock 213,711 213,711 — 213,711 — Derivative assets 97,078 97,078 — 97,078 — Financial liabilities Non-interest-bearing deposits $ 11,655,811 $ 11,655,811 $ — $ 11,655,811 $ — Non-time interest-bearing deposits 27,278,278 27,278,278 — 27,278,278 — Time deposits 11,261,689 11,235,622 — 11,235,622 — Total deposits (2) $ 50,195,778 $ 50,169,711 $ — $ 50,169,711 $ — Federal funds purchased and securities sold under repurchase agreements 94,484 94,484 94,484 — — Securities sold short 2,536 2,536 2,536 — — Long-term debt 2,283,767 2,302,474 — 2,302,474 — Mutual funds held in rabbi trusts 45,479 45,479 45,479 — — Derivative liabilities 280,045 280,045 — 280,045 — (1) Synovus estimates the fair value of loans based on present value of the future cash flows using the interest rate that would be charged for a similar loan to a borrower with similar risk, adjusted for a discount based on the estimated time period to complete a sale transaction with a market participant. (2) The fair value of deposits with no stated maturity, such as non-interest-bearing demand, interest bearing demand, money market, and savings accounts reflects the carrying amount which is payable on demand, as of the respective date, and may not align with other valuation methods or processes. The fair value of time deposits is based on the discounted value of contractual cash flows. The discount rate is estimated using the rates currently offered for deposits of similar remaining maturities. December 31, 2023 (in thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Financial assets Total cash, cash equivalents, and restricted cash $ 2,451,426 $ 2,451,426 $ 2,451,426 $ — $ — Trading securities 12,898 12,898 — 12,898 — Investment securities available for sale 9,788,662 9,788,662 597,629 9,191,033 — Loans held for sale 52,768 52,770 — 47,338 5,432 Other investments 12,560 12,560 — — 12,560 Mutual funds and mutual funds held in rabbi trusts 53,742 53,742 53,742 — — Loans, net (1) 42,925,105 41,298,149 — — 41,298,149 FRB and FHLB stock 184,944 184,944 — 184,944 — Derivative assets 94,903 94,903 — 94,903 — Financial liabilities Non-interest-bearing deposits $ 12,507,616 $ 12,507,616 $ — $ 12,507,616 $ — Non-time interest-bearing deposits 27,449,088 27,449,088 — 27,449,088 — Time deposits 10,782,481 10,769,002 — 10,769,002 — Total deposits (2) $ 50,739,185 $ 50,725,706 $ — $ 50,725,706 $ — Federal funds purchased and securities sold under repurchase agreements 189,074 189,074 189,074 — — Securities sold short 3,496 3,496 3,496 — — Long-term debt 1,932,534 1,939,604 — 1,939,604 — Mutual funds held in rabbi trusts 38,735 38,735 38,735 — — Derivative liabilities 259,650 259,650 — 259,650 — (1) Synovus estimates the fair value of loans based on present value of the future cash flows using the interest rate that would be charged for a similar loan to a borrower with similar risk, adjusted for a discount based on the estimated time period to complete a sale transaction with a market participant. (2) The fair value of deposits with no stated maturity, such as non-interest-bearing demand, interest bearing demand, money market, and savings accounts reflects the carrying amount which is payable on demand, as of the respective date, and may not align with other valuation methods or processes. The fair value of time deposits is based on the discounted value of contractual cash flows. The discount rate is estimated using the rates currently offered for deposits of similar remaining maturities. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 6 Months Ended |
Jun. 30, 2024 | |
Summary of Derivative Instruments [Abstract] | |
Derivative Instruments and Hedging Activities | Note 6 - 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. Synovus 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 enters into risk participation agreements with financial institution counterparties where we are either a participant or a lead bank so that the risk of default on the interest rate swaps is shared. Synovus either pays or receives a fee depending on the participation type. 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' 2023 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. 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 in which the hedged transactions are still expected to affect 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 (losses) during the three and six months ended June 30, 2024 and 2023 related to terminated cash flow hedges. Synovus recognized pre-tax losses of $5.3 million and $10.9 million, respectively, during the three and six months ended June 30, 2024 and pre-tax losses of $6.1 million and $11.5 million, respectively, for the three and six months ended June 30, 2023, related to the amortization of terminated cash flow hedges. Amounts related to the amortization of terminated cash flow hedges are being recognized into earnings in conjunction with the effective terms of the original swaps through the third quarter of 2026. As of June 30, 2024, Synovus expects to reclassify into earnings approximately $106 million in pre-tax loss due to the receipt or payment of interest payments on all cash flow hedges within the next 12 months. Included in this amount is approximately $19 million in pre-tax loss related to the amortization of terminated cash flow hedges. As of June 30, 2024, the maximum length of time over which Synovus is hedging its exposure to the variability in future cash flows is through the first quarter of 2028. 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 fixed-rate term 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. Derivatives not designated as hedges include those that are entered into as either economic hedges to facilitate client needs or as part of Synovus' overall risk management strategy. Economic hedges are those that do not qualify to be treated as a fair value hedge or cash flow hedge for accounting purposes but are necessary to economically manage the risk exposure associated with the assets and liabilities of Synovus. 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 seeks to minimize dealer credit risk by dealing with highly rated counterparties and by obtaining collateral for exposures above certain predetermined limits. Management closely monitors credit conditions within the 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, collateral value, 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, 2024 and December 31, 2023, Synovus had recorded the right to reclaim cash collateral of $44.6 million and $69.7 million, respectively. As of both June 30, 2024 and December 31, 2023, Synovus had recorded the obligation to return cash collateral of $5.7 million. 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. 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, 2024 December 31, 2023 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 $ 4,600,000 $ — $ 7,728 $ 5,600,000 $ — $ 7,527 Total cash flow hedges $ — $ 7,728 $ — $ 7,527 Derivatives in fair value hedging relationships: Interest rate contracts $ 2,375,585 $ — $ 6,351 $ 2,563,504 $ — $ 12,891 Total fair value hedges $ — $ 6,351 $ — $ 12,891 Total derivatives designated as hedging instruments $ — $ 14,079 $ — $ 20,418 Derivatives not designated Interest rate contracts $ 13,773,079 $ 96,270 $ 265,965 $ 11,888,152 $ 94,208 $ 238,134 Mortgage derivatives - interest rate lock commitments 54,718 780 — 40,642 695 — Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans 79,500 24 — 60,906 — 567 Risk participation agreements 797,443 — 1 732,682 — 3 Foreign exchange contracts 117,669 4 — 41,603 — 528 Visa derivative — — 286 — — 589 Total derivatives not designated as hedging instruments $ 97,078 $ 266,252 $ 94,903 $ 239,821 The following table presents the effect of hedging derivative instruments in the consolidated statements of income and the total amounts for the respective line item affected for the three and six months ended June 30, 2024 and 2023 . Three Months Ended June 30, 2024 Interest Income Interest Expense (in thousands) Loans, including fees Deposits Long-term debt Total interest income/expense amounts presented in the consolidated statements of income $ 701,570 $ 335,754 $ 28,390 Gain/(loss) on cash flow hedging relationships: (1) Interest rate contracts: Realized gains (losses) reclassified from AOCI, pre-tax, to interest income on loans $ (36,527) $ — $ — Pre-tax income (loss) recognized on cash flow hedges $ (36,527) $ — $ — Gain/(loss) on fair value hedging relationships: Amounts related to interest settlements and amortization on derivatives $ — $ (6,287) $ (3,618) Recognized on derivatives — 2,469 914 Recognized on hedged items — (2,469) (914) Pre-tax income (loss) recognized on fair value hedges $ — $ (6,287) $ (3,618) Three Months Ended June 30, 2023 Interest Income Interest Expense (in thousands) Loans, including fees Deposits Long-term debt Total interest income/expense amounts presented in the consolidated statements of income $ 670,230 $ 241,780 $ 55,915 Gain/(loss) on cash flow hedging relationships: (1) Interest rate contracts: Realized gains (losses) reclassified from AOCI, pre-tax, to interest income on loans $ (42,748) $ — $ — Pre-tax income (loss) recognized on cash flow hedges $ (42,748) $ — $ — Gain/(loss) on fair value hedging relationships: Amounts related to interest settlements and amortization on derivatives $ — $ (5,782) $ (4,510) Recognized on derivatives — (20,466) (20,823) Recognized on hedged items — 20,466 20,823 Pre-tax income (loss) recognized on fair value hedges $ — $ (5,782) $ (4,510) (1) See Note 4 - Shareholders' Equity and Other Comprehensive Income (Loss) in this Report for gain (loss) recognized on cash flow hedging relationships in AOCI. Six Months Ended June 30, 2024 Interest Income Interest Expense (in thousands) Loans, including fees Deposits Long-term debt Total interest income/expense amounts presented in the consolidated statements of income $ 1,393,285 $ 668,420 $ 57,985 Gain/(loss) on cash flow hedging relationships: (1) Interest rate contracts: Realized gains (losses) reclassified from AOCI, pre-tax, to interest income on loans $ (76,350) $ — $ — Pre-tax income (loss) recognized on cash flow hedges $ (76,350) $ — $ — Gain/(loss) on fair value hedging relationships: Amounts related to interest settlements and amortization on derivatives $ — $ (12,525) $ (7,342) Recognized on derivatives — 402 (1,004) Recognized on hedged items — (402) 1,004 Pre-tax income (loss) recognized on fair value hedges $ — $ (12,525) $ (7,342) Six Months Ended June 30, 2023 Interest Income Interest Expense (in thousands) Loans, including fees Deposits Long-term debt Total interest income/expense amounts presented in the consolidated statements of income $ 1,299,787 $ 415,715 $ 98,444 Gain/(loss) on cash flow hedging relationships: (1) Interest rate contracts: Realized gains (losses) reclassified from AOCI, pre-tax, to interest income on loans $ (82,640) $ — $ — Pre-tax income (loss) recognized on cash flow hedges $ (82,640) $ — $ — Gain/(loss) on fair value hedging relationships: Amounts related to interest settlements and amortization on derivatives $ — $ (9,153) $ (7,231) Recognized on derivatives $ — (8,296) (5,427) Recognized on hedged items — 8,296 5,427 Pre-tax income (loss) recognized on fair value hedges $ — $ (9,153) $ (7,231) (1) See Note 4 - Shareholders' Equity and Other Comprehensive Income (Loss) for gain (loss) recognized on cash flow hedging relationships in AOCI. 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 assets/(liabilities) in fair value hedging relationships. June 30, 2024 December 31, 2023 Hedged Items Currently Designated Hedged Items No Longer Designated Hedged Items Currently Designated Hedged Items No Longer Designated (in thousands) Carrying Amount of Assets/(Liabilities) Hedge Accounting Basis Adjustment Carrying Amount of Assets/(Liabilities) Hedge Accounting Basis Adjustment Interest-bearing deposits $ (1,622,618) $ 15,114 $ 464 $ (2,013,504) $ (8,711) $ 1,267 Long-term debt (749,442) 14,366 8,446 (546,872) (5,986) 9,638 The pre-tax effect of changes in fair value from derivative instruments not designated as hedging instruments in the consolidated statements of income for the three and six months ended June 30, 2024 and 2023 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 2024 2023 2024 2023 Derivatives not designated Interest rate contracts (1) Capital markets income $ 313 $ (690) $ 153 $ (672) Mortgage derivatives - interest rate lock commitments Mortgage banking income (315) (547) 85 562 Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans Mortgage banking income 129 578 591 250 Risk participation agreements Capital markets income 3 (2) 2 1 Foreign exchange contracts Capital markets income (188) 73 532 602 Visa derivative Other non-interest expense — (3,027) — (3,027) Total derivatives not designated as hedging instruments $ (58) $ (3,615) $ 1,363 $ (2,284) (1) Gain (loss) represents net fair value adjustments (including credit related adjustments) for client swaps. |
Net Income Per Common Share
Net Income Per Common Share | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Net Income Per Common Share | Note 7 - Net Income Per Common Share The following table displays a reconciliation of the information used in calculating basic and diluted net income (loss) per common share for the three and six months ended June 30, 2024 and 2023. 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) 2024 2023 2024 2023 Basic Net Income (Loss) Per Common Share: Net income (loss) available to common shareholders $ (23,741) $ 165,819 $ 91,081 $ 359,688 Weighted average common shares outstanding 145,565 146,113 145,998 145,957 Net income (loss) per common share, basic $ (0.16) $ 1.13 $ 0.62 $ 2.46 Diluted Net Income (Loss) Per Common Share: Net income (loss) available to common shareholders $ (23,741) $ 165,819 $ 91,081 $ 359,688 Weighted average common shares outstanding 145,565 146,113 145,998 145,957 Effect of dilutive outstanding equity-based awards (1) — 437 570 687 Weighted average diluted common shares 145,565 146,550 146,568 146,644 Net income (loss) per common share, diluted $ (0.16) $ 1.13 $ 0.62 $ 2.45 (1) Due to the net loss attributable to common shareholders for the three months ended June 30, 2024, there were no dilutive shares included in the diluted net loss per common share calculation; as such shares would have been anti-dilutive . Due to the net loss attributable to common shareholders for the three months ended June 30, 2024, 490 thousand of contingently issuable shares, including awards which require future service as a condition of delivery of the underlying common stock, were excluded from the computation of diluted net loss per common share because the effect would have been anti-dilutive. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 8 - 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, 2024 and December 31, 2023, the ACL for unfunded commitments was $53.1 million and $57.2 million, respectively. Additionally, an immaterial amount of unearned fees relating to letters of credit are recorded within other liabilities on the consolidated balance sheets. Synovus also invests in tax credit partnerships, 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, 2024 December 31, 2023 Letters of credit (1) $ 234,653 $ 200,269 Commitments to fund commercial and industrial loans 10,145,073 10,313,880 Commitments to fund commercial real estate, construction, and land development loans 1,861,467 2,496,656 Commitments under home equity lines of credit 2,126,553 2,135,120 Unused credit card lines 455,477 453,303 Other loan commitments 625,261 654,396 Total letters of credit and unfunded lending commitments $ 15,448,484 $ 16,253,624 Tax credits, CRA partnerships, and other investments: Carrying amount included in other assets (2) $ 570,810 $ 573,992 Permanent and short-term construction loans and letter of credit unfunded commitments (3) 110,485 205,659 Funded portion of permanent and short-term loans and letters of credit (4) 220,106 211,921 (1) Represents the contractual amount net of risk participations purchased of approximately $18.4 million and $22.8 million at June 30, 2024 and December 31, 2023, respectively. (2) Future funding commitment amounts included in carrying amount within other liabilities of $282.9 million and $293.3 million at June 30, 2024 and December 31, 2023, respectively. (3) Represents the contractual amount net of risk participations of $6.2 million and $9.7 million at June 30, 2024 and December 31, 2023, respectively. (4) Represents the contractual amount net of risk participations of $16.5 million and $4.0 million at June 30, 2024 and December 31, 2023, respectively. 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, 2024, Synovus and the sponsored entities processed and settled $29.16 billion and $57.06 billion of transactions, respectively. For the three and six months ended June 30, 2023, Synovus and the sponsored entities processed and settled $29.39 billion and $59.50 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, but are not limited to, mortgage loan and other loan put-back claims, claims and counterclaims asserted by individual borrowers related to their loans, allegations of violations of state and federal laws, and regulations relating to banking practices, 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. At least quarterly, Synovus carefully examines and considers each legal matter using then available information, 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. In the absence of a determination that a loss contingency is both probable and reasonably estimable, no accrual is made. Once established, accruals are adjusted to reflect developments related to these matters. 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, 2024 are adequate. 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. Under GAAP, an event is “reasonably possible” if “the chance of the future event or events occurring is more than remote but less than likely,” and an event is “remote” if the “chance of the future event or events occurring is slight." In many situations, Synovus may be unable to estimate reasonably possible losses due to the difficulty of predicting outcome of legal matters and the preliminary nature of the legal matters, as well as a variety of other factors and uncertainties. Those matters for which a meaningful estimate is not possible are not included within this estimated range and, therefore, this range does not represent our maximum loss exposure. 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 $10 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, in light of the significant uncertainties involved and the large or indeterminate damages sought in some of these matters, 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. Any estimate or determination relating to the future resolution of litigation, regulatory or governmental examinations, information gathering requests, inquiries, investigations, or similar matters is inherently uncertain and involves significant judgment. This is particularly true in the early stages of a legal matter, when legal issues and facts have not been well articulated, reviewed, analyzed, and vetted through discovery, preparation for trial or hearings, substantive and productive mediation or settlement discussions, or other actions. It is also particularly true with respect to class action and similar claims involving multiple defendants, matters with complex procedural requirements or substantive issues or novel legal theories, and examinations, investigations, and other actions conducted or brought by regulatory and governmental agencies, in which the normal adjudicative process is not applicable. Accordingly, we usually are unable to determine whether a favorable or unfavorable outcome is remote, reasonably likely, or probable, or to estimate the amount or range of a probable or reasonably likely loss, until relatively late in the course of a legal matter, sometimes not until a number of years have elapsed. Accordingly, our judgments and estimates relating to claims will change from time to time in light of developments, and actual outcomes will differ from our estimates. These differences may be material. |
Segment Reporting
Segment Reporting | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
Segment Reporting | Note 9 - 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. Synovus has four major reportable business segments: Wholesale Banking, Community Banking, Consumer Banking, and Financial Management Services. The management accounting policies and processes utilized in compiling segment financial information are highly subjective and, unlike 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, deposit, and capital markets services through specialty teams including middle market, CRE, senior housing, premium finance, structured lending, asset-based lending, public finance, restaurant services, community investment capital, and capital markets. 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 Community Banking 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, trust services, professional portfolio management for fixed-income securities, securities underwriting and distribution, 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. Functional activities such as treasury, technology, operations, marketing, finance, enterprise risk, legal, human resources, corporate communications, executive management, among others, are included in Treasury and Corporate Other. In addition, certain assets, liabilities, revenue, and expense not allocated or attributable to a particular business segment, such as Synovus' third-party consumer loans and loans held for sale, as well as CIB, are included in Treasury and Corporate Other. 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 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 certain financial information for each reportable business segment for the three and six months ended June 30, 2024 and 2023. 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 and relationship managers between segments; however, prior period loan and deposit balances and any related net interest income and FTP are not adjusted for transfers. Treasury and Corporate Other's non-interest revenue for the three and six months ended June 30, 2024 was impacted by the net loss of $256.7 million recognized on sales of AFS investment securities in connection with the strategic repositioning of the investment securities portfolio in the second quarter of 2024. Three Months Ended June 30, 2024 (in thousands) Wholesale Banking Community Banking Consumer Banking Financial Management Services Treasury and Corporate Other Synovus Consolidated Net interest income $ 181,574 $ 98,097 $ 135,550 $ 25,250 $ (5,473) $ 434,998 Non-interest revenue 15,945 18,151 19,307 45,839 (228,093) (128,851) Non-interest expense 34,575 37,786 51,004 38,346 140,090 301,801 Pre-provision net revenue (PPNR) $ 162,944 $ 78,462 $ 103,853 $ 32,743 $ (373,656) $ 4,346 Three Months Ended June 30, 2023 (in thousands) Wholesale Banking Community Banking Consumer Banking Financial Management Services Treasury and Corporate Other Synovus Consolidated Net interest income $ 194,334 $ 110,242 $ 158,113 $ 17,134 $ (24,292) $ 455,531 Non-interest revenue 13,752 13,500 20,983 49,085 14,956 112,276 Non-interest expense 33,955 35,464 50,861 42,401 144,500 307,181 Pre-provision net revenue (PPNR) $ 174,131 $ 88,278 $ 128,235 $ 23,818 $ (153,836) $ 260,626 Six Months Ended June 30, 2024 (in thousands) Wholesale Banking Community Banking Consumer Banking Financial Management Services Treasury and Corporate Other Synovus Consolidated Net interest income $ 365,240 $ 197,120 $ 274,176 $ 48,470 $ (31,162) $ 853,844 Non-interest revenue 27,270 34,830 37,254 92,709 (202,026) (9,963) Non-interest expense 69,885 78,779 103,128 78,029 294,721 624,542 Pre-provision net revenue (PPNR) $ 322,625 $ 153,171 $ 208,302 $ 63,150 $ (527,909) $ 219,339 Six Months Ended June 30, 2023 (in thousands) Wholesale Banking Community Banking Consumer Banking Financial Management Services Treasury and Corporate Other Synovus Consolidated Net interest income $ 393,434 $ 221,647 $ 312,744 $ 33,681 $ (25,223) $ 936,283 Non-interest revenue 29,652 39,041 41,711 102,291 32,707 245,402 Non-interest expense 68,617 68,926 99,808 86,240 305,443 629,034 Pre-provision net revenue (PPNR) $ 354,469 $ 191,762 $ 254,647 $ 49,732 $ (297,959) $ 552,651 June 30, 2024 (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 $ 25,268,888 $ 7,980,532 $ 2,764,262 $ 5,341,008 $ 1,738,707 $ 43,093,397 Total deposits $ 13,271,067 $ 10,660,747 $ 18,799,143 $ 1,307,807 $ 6,157,014 $ 50,195,778 Total full-time equivalent employees 339 556 1,508 569 1,755 4,727 December 31, 2023 (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 $ 25,506,870 $ 7,966,794 $ 2,825,411 $ 5,374,280 $ 1,731,135 $ 43,404,490 Total deposits $ 13,847,833 $ 10,198,357 $ 18,698,298 $ 1,488,090 $ 6,506,607 $ 50,739,185 Total full-time equivalent employees 334 576 1,522 604 1,762 4,798 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) | $ (14,028) | $ 174,110 | $ 110,479 | $ 376,269 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Basis of Presentation and Acc_2
Basis of Presentation and Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Reclassifications | Reclassifications |
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 significant change relate to the determination of the ACL, estimates of fair value, income taxes, and contingent liabilities. |
Investment securities | Transfer between Investment Securities Categories – When an investment security is transferred from the AFS to HTM category, the security's fair value becomes its new amortized cost, net of any allowance for credit losses and is a non-cash transaction. Unrealized gains or losses at the date of transfer of these securities continue to be reported in AOCI and are amortized into interest income on a level-yield basis over the remaining life of the security, in a manner consistent with the amortization or accretion of the original purchase premium or discount on the associated security. Investment Securities Held to Maturity – Securities that Synovus has the full intent and ability to hold until maturity are classified as HTM and are carried at amortized cost, net of any allowance for credit losses. Accrued interest is excluded from the amortized cost of HTM securities and is included within other assets on the consolidated balance sheets. HTM securities are generally placed on non-accrual status using factors similar to those described for loans as referenced in "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" of Synovus' 2023 Form 10-K. Allowance for Credit Losses on Held to Maturity Investment Securities – The Company assesses expected credit losses on HTM securities on a collective basis by major security type. All of the Company's HTM securities are either guaranteed or issued by U.S. government sponsored enterprises, are highly rated by major credit rating agencies and have a long history of no credit losses, and therefore, the zero-credit loss assumption has been applied. Any expected credit loss is provided through an allowance for credit losses on HTM securities and deducted from the amortized cost basis of the security. Synovus has elected to not measure an allowance on its accrued interest receivable as a result of the timely reversal of interest receivable deemed uncollectible. Interest accrued but not received for a security placed on non-accrual is reversed against interest income. Cash collected on non-accrual HTM securities is generally applied to reduce the securities amortized cost basis and not as interest income. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The following table provides a brief description of accounting standards adopted or issued in 2024 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 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In November 2023, the FASB issued ASU 2023-07 to improve segment reporting disclosures. The amendments in this ASU improve financial reporting by requiring disclosure of incremental segment information including significant segment expenses regularly provided to the chief operating decision maker as well as the amount and composition of other segment items on an annual and interim basis for all public entities to enable investors to develop more decision-useful financial analyses. Retrospective application is required in all prior periods unless impracticable to do so. Annual periods beginning on January 1, 2024 The Company will present the new disclosure requirements for the annual period beginning on January 1, 2024, and interim periods starting on January 1, 2025. The Company is currently evaluating the impact of the incremental segment information that will be required to be disclosed as well as the impact to the Segment Reporting footnote disclosed in the Form 10-K. Standard Description Required date of adoption Effect on Company's financial statements or other significant matters Standards Issued But Not Yet Adopted ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09 to enhance the transparency and decision usefulness of income tax disclosures. The ASU addresses investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. Retrospective application in all prior periods is permitted. January 1, 2025 The Company will adopt the new disclosures for the annual periods beginning on January 1, 2025. The Company is currently evaluating the impact of the incremental income taxes information that will be required to be disclosed as well as the impact to the Income Taxes footnote in the Form 10-K. |
Basis of Presentation and Acc_3
Basis of Presentation and Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Schedule of Accounting Standards Adopted or Issued | The following table provides a brief description of accounting standards adopted or issued in 2024 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 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In November 2023, the FASB issued ASU 2023-07 to improve segment reporting disclosures. The amendments in this ASU improve financial reporting by requiring disclosure of incremental segment information including significant segment expenses regularly provided to the chief operating decision maker as well as the amount and composition of other segment items on an annual and interim basis for all public entities to enable investors to develop more decision-useful financial analyses. Retrospective application is required in all prior periods unless impracticable to do so. Annual periods beginning on January 1, 2024 The Company will present the new disclosure requirements for the annual period beginning on January 1, 2024, and interim periods starting on January 1, 2025. The Company is currently evaluating the impact of the incremental segment information that will be required to be disclosed as well as the impact to the Segment Reporting footnote disclosed in the Form 10-K. Standard Description Required date of adoption Effect on Company's financial statements or other significant matters Standards Issued But Not Yet Adopted ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09 to enhance the transparency and decision usefulness of income tax disclosures. The ASU addresses investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. Retrospective application in all prior periods is permitted. January 1, 2025 The Company will adopt the new disclosures for the annual periods beginning on January 1, 2025. The Company is currently evaluating the impact of the incremental income taxes information that will be required to be disclosed as well as the impact to the Income Taxes footnote in the Form 10-K. |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Investments [Abstract] | |
Amortized Cost, Gross Unrealized Gains and Losses, and Estimated Fair Values of Investment Securities | The amortized cost, gross unrealized gains and losses, and estimated fair values of investment securities at June 30, 2024 and December 31, 2023 are summarized below. June 30, 2024 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Investment securities held to maturity: Mortgage-backed securities issued by U.S. Government sponsored enterprises $ 2,668,068 $ — $ (29,997) $ 2,638,071 Total investment securities held to maturity (1) $ 2,668,068 $ — $ (29,997) $ 2,638,071 Investment securities available for sale: U.S. Treasury securities $ 1,177,006 $ 1,456 $ (4,167) $ 1,174,295 U.S. Government agency securities 29,993 — (1,150) 28,843 Mortgage-backed securities issued by U.S. Government agencies 1,518,224 1,311 (119,043) 1,400,492 Mortgage-backed securities issued by U.S. Government sponsored enterprises 2,272,694 287 (256,936) 2,016,045 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 659,706 — (111,709) 547,997 Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises 1,904,765 4,118 (41,757) 1,867,126 Corporate debt securities and other debt securities 9,059 — (176) 8,883 Total investment securities available for sale (2) $ 7,571,447 $ 7,172 $ (534,938) $ 7,043,681 December 31, 2023 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Investment securities available for sale: U.S. Treasury securities $ 588,082 $ 9,547 $ — $ 597,629 U.S. Government agency securities 29,993 — (1,053) 28,940 Mortgage-backed securities issued by U.S. Government agencies 1,021,612 2,037 (97,985) 925,664 Mortgage-backed securities issued by U.S. Government sponsored enterprises 7,523,399 1,192 (1,094,212) 6,430,379 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 692,487 — (104,892) 587,595 Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises 1,226,672 18,764 (35,653) 1,209,783 Corporate debt securities and other debt securities 9,009 — (337) 8,672 Total investment securities available for sale (2) $ 11,091,254 $ 31,540 $ (1,334,132) $ 9,788,662 (1) The amounts reported exclude accrued interest receivable on investment securities HTM of $5.9 million at June 30, 2024, which is presented as a component of other assets on the consolidated balance sheets. The amortized cost basis of investment securities HTM includes a discount of $(687.9) million at June 30, 2024 related to the unamortized portion of unrealized losses on investment securities HTM. (2) other assets |
Schedule of Unrealized Losses on Investment Securities Available for Sale | Gross unrealized losses on investment securities AFS 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, 2024 and December 31, 2023 are presented below. June 30, 2024 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 $ 675,205 $ (4,167) $ — $ — $ 675,205 $ (4,167) U.S. Government agency securities — — 28,844 (1,150) 28,844 (1,150) Mortgage-backed securities issued by U.S. Government agencies 441,549 (2,310) 673,891 (116,733) 1,115,440 (119,043) Mortgage-backed securities issued by U.S. Government sponsored enterprises 127,603 (3,143) 1,837,414 (253,793) 1,965,017 (256,936) Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — — 547,997 (111,709) 547,997 (111,709) Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises 703,158 (4,621) 308,126 (37,136) 1,011,284 (41,757) Corporate debt securities and other debt securities — — 8,883 (176) 8,883 (176) Total $ 1,947,515 $ (14,241) $ 3,405,155 $ (520,697) $ 5,352,670 $ (534,938) December 31, 2023 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. Government agency securities $ — $ — $ 28,940 $ (1,053) $ 28,940 $ (1,053) Mortgage-backed securities issued by U.S. Government agencies 159,402 (1,268) 565,358 (96,717) 724,760 (97,985) Mortgage-backed securities issued by U.S. Government sponsored enterprises 215,917 (1,193) 6,045,914 (1,093,019) 6,261,831 (1,094,212) Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — — 587,595 (104,892) 587,595 (104,892) Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises 34,406 (205) 276,675 (35,448) 311,081 (35,653) Corporate debt securities and other debt securities — — 8,672 (337) 8,672 (337) Total $ 409,725 $ (2,666) $ 7,513,154 $ (1,331,466) $ 7,922,879 $ (1,334,132) |
Schedule of Amortized Cost, Fair Value by Contractual Maturity of Investment Securities | The amortized cost and fair value by contractual maturity of investment securities HTM and investment securities AFS at June 30, 2024 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. (in thousands) Within One 1 to 5 5 to 10 More Than Total Investment securities HTM Mortgage-backed securities issued by U.S. Government sponsored enterprises Amortized cost $ — $ — $ — $ 2,668,068 $ 2,668,068 Fair value — — — 2,638,071 2,638,071 Investment securities AFS U.S. Treasury securities Amortized cost $ 20,101 $ 725,093 $ 431,812 $ — $ 1,177,006 Fair value 20,101 723,824 430,370 — 1,174,295 U.S. Government agency securities Amortized cost — 29,993 — — 29,993 Fair value — 28,843 — — 28,843 Mortgage-backed securities issued by U.S. Government agencies Amortized cost — 55 3 1,518,166 1,518,224 Fair value — 53 3 1,400,436 1,400,492 Mortgage-backed securities issued by U.S. Government sponsored enterprises Amortized cost — — — 2,272,694 2,272,694 Fair value — — — 2,016,045 2,016,045 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises Amortized cost — 34 9,314 650,358 659,706 Fair value — 33 8,951 539,013 547,997 Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises Amortized cost — 906,290 981,249 17,226 1,904,765 Fair value — 891,131 961,318 14,677 1,867,126 Corporate debt securities and other debt securities Amortized cost — 9,059 — — 9,059 Fair value — 8,883 — — 8,883 |
Schedule of Sales Transactions in the Investment Securities Available-for-Sale Portfolio | Gross gains and gross losses on sales of investment securities AFS for the three and six months ended June 30, 2024 and 2023 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) 2024 2023 2024 2023 Gross realized gains on sales $ — $ — $ — $ 1,030 Gross realized losses on sales (256,660) — (256,660) — Investment securities gains (losses), net $ (256,660) $ — $ (256,660) $ 1,030 |
Loans and Allowance for Loan _2
Loans and Allowance for Loan Losses (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 and December 31, 2023. June 30, 2024 (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 $ 14,386,965 $ 10,292 $ 2,244 $ 12,536 $ 82,602 $ 37,505 $ 14,519,608 Owner-occupied 7,961,449 4,578 — 4,578 30,004 20,973 8,017,004 Total commercial and industrial (1) 22,348,414 14,870 2,244 17,114 112,606 58,478 22,536,612 Investment properties 11,238,010 78,115 356 78,471 10,004 1,564 11,328,049 1-4 family properties 548,220 1,267 — 1,267 2,878 182 552,547 Land and development 332,087 1,895 — 1,895 909 — 334,891 Total commercial real estate 12,118,317 81,277 356 81,633 13,791 1,746 12,215,487 Consumer mortgages 5,316,899 5,913 — 5,913 48,352 — 5,371,164 Home equity 1,787,853 10,107 33 10,140 14,947 — 1,812,940 Credit cards 175,418 1,665 1,806 3,471 — — 178,889 Other consumer loans 960,631 11,467 21 11,488 6,186 — 978,305 Total consumer 8,240,801 29,152 1,860 31,012 69,485 — 8,341,298 Loans, net of deferred fees and costs (2) $ 42,707,532 $ 125,299 $ 4,460 $ 129,759 $ 195,882 $ 60,224 $ 43,093,397 December 31, 2023 (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 $ 14,355,414 $ 12,264 $ 1,797 $ 14,061 $ 66,400 $ 23,470 $ 14,459,345 Owner-occupied 8,041,573 6,056 149 6,205 70,784 20,586 8,139,148 Total commercial and industrial (1) 22,396,987 18,320 1,946 20,266 137,184 44,056 22,598,493 Investment properties 11,322,516 740 278 1,018 12,796 26,974 11,363,304 1-4 family properties 595,359 87 — 87 2,605 451 598,502 Land and development 353,477 671 — 671 804 — 354,952 Total commercial real estate 12,271,352 1,498 278 1,776 16,205 27,425 12,316,758 Consumer mortgages 5,359,153 6,462 — 6,462 46,108 — 5,411,723 Home equity 1,785,836 10,374 716 11,090 10,473 — 1,807,399 Credit cards 190,299 1,818 2,024 3,842 — — 194,141 Other consumer loans 1,053,587 15,574 89 15,663 6,697 29 1,075,976 Total consumer 8,388,875 34,228 2,829 37,057 63,278 29 8,489,239 Loans, net of deferred fees and costs (2) $ 43,057,214 $ 54,046 $ 5,053 $ 59,099 $ 216,667 $ 71,510 $ 43,404,490 (1) Includes senior housing loans of $3.02 billion and $3.28 billion at June 30, 2024 and December 31, 2023, respectively, which are primarily classified as owner-occupied in accordance with our underwriting process. (2) other assets |
Schedule of Loan Portfolio Credit Exposure | The following table summarizes each loan portfolio class by risk grade and origination year as of June 30, 2024 and December 31, 2023 as required under CECL. June 30, 2024 Term Loans Amortized Cost Basis by Origination Year Revolving Loans (in thousands) 2024 2023 2022 2021 2020 Prior Amortized Cost Basis Converted to Term Loans Total Commercial, financial and agricultural Pass $ 626,567 $ 1,098,785 $ 911,677 $ 1,320,817 $ 730,590 $ 1,728,030 $ 7,468,133 $ 62,057 $ 13,946,656 Special Mention 333 8,268 5,942 17,953 858 10,710 143,327 1,807 189,198 Substandard 22,334 20,633 44,640 18,700 37,393 23,669 191,115 3,737 362,221 Doubtful — — — 9,911 390 — 10,684 — 20,985 Loss — — — — — — 548 — 548 Total commercial, financial and agricultural 649,234 1,127,686 962,259 1,367,381 769,231 1,762,409 7,813,807 67,601 14,519,608 Current YTD Period: Gross charge-offs 1,479 16,013 2,861 8,447 715 2,597 32,293 — 64,405 Owner-occupied Pass 314,814 947,696 1,545,933 1,369,707 906,405 1,909,641 653,228 — 7,647,424 Special Mention 1,110 1,839 5,249 21,824 34,531 58,147 — — 122,700 Substandard 193 4,939 39,397 29,460 48,691 71,850 35,944 — 230,474 Doubtful — — — — — — 16,406 — 16,406 Total owner-occupied 316,117 954,474 1,590,579 1,420,991 989,627 2,039,638 705,578 — 8,017,004 Current YTD Period: Gross charge-offs — 76 — — 1,538 6,303 — — 7,917 Total commercial and industrial 965,351 2,082,160 2,552,838 2,788,372 1,758,858 3,802,047 8,519,385 67,601 22,536,612 Current YTD Period: Gross charge-offs $ 1,479 $ 16,089 $ 2,861 $ 8,447 $ 2,253 $ 8,900 $ 32,293 $ — $ 72,322 Investment properties Pass 233,067 697,423 3,391,129 2,691,967 933,578 2,628,003 206,596 — 10,781,763 Special Mention 4 285 71,813 137,073 44,224 70,128 — — 323,527 Substandard — 2,975 16,159 135,707 2,054 65,859 — — 222,754 Loss — — — — — 5 — — 5 Total investment properties 233,071 700,683 3,479,101 2,964,747 979,856 2,763,995 206,596 — 11,328,049 Current YTD Period: Gross charge-offs — — — — — 3,738 — — 3,738 1-4 family properties Pass 67,911 115,810 109,798 109,112 30,592 66,683 46,728 — 546,634 Special Mention — — 711 491 179 92 — — 1,473 Substandard — 749 51 944 285 2,366 45 — 4,440 Total 1-4 family properties 67,911 116,559 110,560 110,547 31,056 69,141 46,773 — 552,547 Current YTD Period: Gross charge-offs — 103 — — — 133 — — 236 June 30, 2024 Term Loans Amortized Cost Basis by Origination Year Revolving Loans (in thousands) 2024 2023 2022 2021 2020 Prior Amortized Cost Basis Converted to Term Loans Total Land and development Pass 52,343 95,588 66,267 28,699 8,969 66,360 12,802 — 331,028 Special Mention — — 483 29 — 1,165 — — 1,677 Substandard — 561 — — 195 1,430 — — 2,186 Total land and development 52,343 96,149 66,750 28,728 9,164 68,955 12,802 — 334,891 Current YTD Period: Gross charge-offs — — — — — — — — — Total commercial real estate 353,325 913,391 3,656,411 3,104,022 1,020,076 2,902,091 266,171 — 12,215,487 Current YTD Period: Gross charge-offs $ — $ 103 $ — $ — $ — $ 3,871 $ — $ — $ 3,974 Consumer mortgages Pass 246,139 739,069 725,131 993,128 1,164,849 1,438,748 592 — 5,307,656 Substandard 287 1,880 3,521 6,332 17,396 34,060 — — 63,476 Loss — — — — — 32 — — 32 Total consumer mortgages 246,426 740,949 728,652 999,460 1,182,245 1,472,840 592 — 5,371,164 Current YTD Period: Gross charge-offs — — — — 25 109 — — 134 Home equity Pass — — — — — — 1,338,972 455,684 1,794,656 Substandard — — — — — — 11,874 6,161 18,035 Loss — — — — — — 165 84 249 Total home equity — — — — — — 1,351,011 461,929 1,812,940 Current YTD Period: Gross charge-offs — — — — — — — 32 32 Credit cards Pass — — — — — — 177,086 — 177,086 Substandard — — — — — — 524 — 524 Loss — — — — — — 1,279 — 1,279 Total credit cards — — — — — — 178,889 — 178,889 Current YTD Period: Gross charge-offs — — — — — — 3,892 — 3,892 Other consumer loans Pass 75,143 98,329 146,434 176,291 94,170 111,612 268,946 — 970,925 Substandard — 680 1,301 3,382 1,274 636 68 — 7,341 Loss — — 12 — — — 27 — 39 Total other consumer loans 75,143 99,009 147,747 179,673 95,444 112,248 269,041 — 978,305 Current YTD Period: Gross charge-offs 19 1,464 2,675 4,267 1,277 1,501 1,302 — 12,505 Total consumer 321,569 839,958 876,399 1,179,133 1,277,689 1,585,088 1,799,533 461,929 8,341,298 Current YTD Period: Gross charge-offs $ 19 $ 1,464 $ 2,675 $ 4,267 $ 1,302 $ 1,610 $ 5,194 $ 32 $ 16,563 Loans, net of deferred fees and costs $ 1,640,245 $ 3,835,509 $ 7,085,648 $ 7,071,527 $ 4,056,623 $ 8,289,226 $ 10,585,089 $ 529,530 $ 43,093,397 Current YTD Period: Gross charge-offs $ 1,498 $ 17,656 $ 5,536 $ 12,714 $ 3,555 $ 14,381 $ 37,487 $ 32 $ 92,859 December 31, 2023 Term Loans Amortized Cost Basis by Origination Year Revolving Loans (in thousands) 2023 2022 2021 2020 2019 Prior Amortized Cost Basis Converted to Term Loans Total Commercial, financial and agricultural Pass $ 1,078,790 $ 1,040,742 $ 1,408,178 $ 782,069 $ 636,341 $ 1,236,433 $ 7,623,255 $ 46,908 $ 13,852,716 Special Mention 5,298 8,276 20,027 1,950 2,552 8,412 141,580 — 188,095 Substandard 36,557 14,742 35,744 37,186 88,940 21,032 182,069 1,685 417,955 Loss — — — — — 355 224 — 579 Total commercial, financial and agricultural 1,120,645 1,063,760 1,463,949 821,205 727,833 1,266,232 7,947,128 48,593 14,459,345 Current YTD Period: Gross charge-offs 9,367 3,436 8,175 19,532 1,165 2,071 30,696 203 74,645 Owner-occupied Pass 859,887 1,521,469 1,501,405 958,620 710,634 1,401,416 782,180 — 7,735,611 Special Mention 1,709 9,114 22,562 2,593 4,689 48,640 79,031 — 168,338 Substandard 4,388 24,760 13,616 59,478 17,702 87,306 27,949 — 235,199 Total owner-occupied 865,984 1,555,343 1,537,583 1,020,691 733,025 1,537,362 889,160 — 8,139,148 Current YTD Period: Gross charge-offs — — 433 6,836 1,544 2,862 — — 11,675 Total commercial and industrial 1,986,629 2,619,103 3,001,532 1,841,896 1,460,858 2,803,594 8,836,288 48,593 22,598,493 Current YTD Period: Gross charge-offs $ 9,367 $ 3,436 $ 8,608 $ 26,368 $ 2,709 $ 4,933 $ 30,696 $ 203 $ 86,320 Investment properties Pass 593,540 3,140,041 2,863,327 1,161,697 1,052,638 1,900,744 261,737 — 10,973,724 Special Mention — 1,616 169,550 — 48,429 33,903 — — 253,498 Substandard 2,083 4,070 41,278 1,455 1,622 75,850 — — 126,358 Doubtful — — — — — 9,714 — — 9,714 Loss — — — — — 10 — — 10 Total investment properties 595,623 3,145,727 3,074,155 1,163,152 1,102,689 2,020,221 261,737 — 11,363,304 Current YTD Period: Gross charge-offs (1) 546 7,685 5,668 3,801 1,893 22,647 3,109 — 45,349 1-4 family properties Pass 167,729 142,930 119,054 31,928 29,740 55,243 42,099 — 588,723 Special Mention 3,104 947 — 184 — 311 1 — 4,547 Substandard 1,721 822 643 465 324 1,212 45 — 5,232 Total 1-4 family properties 172,554 144,699 119,697 32,577 30,064 56,766 42,145 — 598,502 Current YTD Period: Gross charge-offs — — — — — 24 — — 24 Land and development Pass 105,609 84,962 35,993 16,131 18,616 59,605 888 — 321,804 Special Mention — 496 — — — 774 — — 1,270 Substandard 29,204 411 74 — 593 1,596 — — 31,878 Total land and development 134,813 85,869 36,067 16,131 19,209 61,975 888 — 354,952 Current YTD Period: Gross charge-offs — — — 77 — — — — 77 Total commercial real estate 902,990 3,376,295 3,229,919 1,211,860 1,151,962 2,138,962 304,770 — 12,316,758 Current YTD Period: Gross charge-offs $ 546 $ 7,685 $ 5,668 $ 3,878 $ 1,893 $ 22,671 $ 3,109 $ — $ 45,450 December 31, 2023 Term Loans Amortized Cost Basis by Origination Year Revolving Loans (in thousands) 2023 2022 2021 2020 2019 Prior Amortized Cost Basis Converted to Term Loans Total Consumer mortgages Pass $ 757,485 $ 784,898 $ 1,044,442 $ 1,219,397 $ 410,511 $ 1,136,541 $ 35 $ — $ 5,353,309 Substandard 564 2,810 5,517 15,913 9,478 23,662 — — 57,944 Loss — — — — — 470 — — 470 Total consumer mortgages 758,049 787,708 1,049,959 1,235,310 419,989 1,160,673 35 — 5,411,723 Current YTD Period: Gross charge-offs — 108 251 403 402 965 5 — 2,134 Home equity Pass — — — — — — 1,308,934 482,679 1,791,613 Substandard — — — — — — 10,231 5,297 15,528 Loss — — — — — — 174 84 258 Total home equity — — — — — — 1,319,339 488,060 1,807,399 Current YTD Period: Gross charge-offs — — — — — 79 819 229 1,127 Credit cards Pass — — — — — — 192,217 — 192,217 Substandard — — — — — — 702 — 702 Loss — — — — — — 1,222 — 1,222 Total credit cards — — — — — — 194,141 — 194,141 Current YTD Period: Gross charge-offs — — — — — — 7,165 — 7,165 Other consumer loans Pass 134,969 181,455 219,415 114,006 28,256 112,724 277,368 — 1,068,193 Substandard 573 963 3,811 1,182 568 494 192 — 7,783 Total other consumer loans 135,542 182,418 223,226 115,188 28,824 113,218 277,560 — 1,075,976 Current YTD Period: Gross charge-offs (1) 627 6,040 24,231 3,625 1,971 2,026 2,358 — 40,878 Total consumer 893,591 970,126 1,273,185 1,350,498 448,813 1,273,891 1,791,075 488,060 8,489,239 Current YTD Period: Gross charge-offs $ 627 $ 6,148 $ 24,482 $ 4,028 $ 2,373 $ 3,070 $ 10,347 $ 229 $ 51,304 Loans, net of deferred fees and costs $ 3,783,210 $ 6,965,524 $ 7,504,636 $ 4,404,254 $ 3,061,633 $ 6,216,447 $ 10,932,133 $ 536,653 $ 43,404,490 Current YTD Period: Gross charge-offs $ 10,540 $ 17,269 $ 38,758 $ 34,274 $ 6,975 $ 30,674 $ 44,152 $ 432 $ 183,074 (1) Includes $31.3 million in gross charge-offs related to the transfer of certain loans to held for sale that sold during 2023. |
Schedule of 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, 2024 and 2023. During the three and six months ended June 30, 2024, Synovus had no significant transfers to loans held for sale. During the three and six months ended June 30, 2023, Synovus charged-off $1.3 million and $7.9 million in previously established reserves for credit losses associated with the transfer of $3.8 million and $427.9 million, respectively, in certain third-party consumer loans to held for sale as part of our overall balance sheet management strategy. As Of and For the Three Months Ended June 30, 2024 (in thousands) Commercial & Industrial Commercial Real Estate Consumer Total Allowance for loan losses: Beginning balance at March 31, 2024 $ 213,482 $ 152,627 $ 126,552 $ 492,661 Charge-offs (34,379) (263) (7,649) (42,291) Recoveries 4,589 462 2,755 7,806 Provision for (reversal of) loan losses 37,038 (11,146) 1,033 26,925 Ending balance at June 30, 2024 $ 220,730 $ 141,680 $ 122,691 $ 485,101 As Of and For the Three Months Ended June 30, 2023 (in thousands) Commercial & Industrial Commercial Real Estate Consumer Total Allowance for loan losses: Beginning balance at March 31, 2023 $ 158,688 $ 160,392 $ 137,930 $ 457,010 Charge-offs (22,841) (5) (13,410) (36,256) Recoveries 6,402 378 3,080 9,860 Provision for (reversal of) loan losses 17,738 8,961 13,925 40,624 Ending balance at June 30, 2023 $ 159,987 $ 169,726 $ 141,525 $ 471,238 As Of and For the Six Months Ended June 30, 2024 (in thousands) Commercial & Industrial Commercial Real Estate Consumer Total Allowance for loan losses: Beginning balance at December 31, 2023 $ 218,970 $ 133,758 $ 126,657 $ 479,385 Charge-offs (72,322) (3,974) (16,563) (92,859) Recoveries 7,877 1,229 4,912 14,018 Provision for (reversal of) loan losses 66,205 10,667 7,685 84,557 Ending balance at June 30, 2024 $ 220,730 $ 141,680 $ 122,691 $ 485,101 As Of and For the Six Months Ended June 30, 2023 (in thousands) Commercial & Industrial Commercial Real Estate Consumer Total Allowance for loan losses: Beginning balance at December 31, 2022 $ 161,550 $ 143,575 $ 138,299 $ 443,424 Charge-offs (30,714) (101) (30,776) (61,591) Recoveries 9,878 662 6,105 16,645 Provision for (reversal of) loan losses 19,273 25,590 27,897 72,760 Ending balance at June 30, 2023 $ 159,987 $ 169,726 $ 141,525 $ 471,238 |
Schedule of Amortized Cost Basis of Loans by Loan Portfolio Class | The following tables present the amortized cost of FDM loans by loan portfolio class that were modified during the three and six months ended June 30, 2024 and 2023. Three Months Ended June 30, 2024 (in thousands) Interest Rate Reduction Term Extension Payment Delay Total Percentage of Total by Financing Class Commercial, financial and agricultural $ — $ 9,109 $ — $ 9,109 0.1 % Total commercial and industrial — 9,109 — 9,109 — Total commercial real estate — — — — — Other consumer loans 58 211 — 269 — Total consumer 58 211 — 269 — Total FDMs $ 58 $ 9,320 $ — $ 9,378 — % Six Months Ended June 30, 2024 (in thousands) Interest Rate Reduction Term Extension Payment Delay Total Percentage of Total by Financing Class Commercial, financial and agricultural $ — $ 11,638 $ — $ 11,638 0.1 % Owner-occupied — 193 — 193 — Total commercial and industrial — 11,831 — 11,831 0.1 Investment properties — 2,236 — 2,236 — Total commercial real estate — 2,236 — 2,236 — Consumer mortgages 123 — 210 333 — Other consumer loans 179 463 — 642 0.1 Total consumer 302 463 210 975 — Total FDMs $ 302 $ 14,530 $ 210 $ 15,042 — % Three Months Ended June 30, 2023 (in thousands) Interest Rate Reduction Term Extension Principal Forgiveness and Term Extensions Interest Rate Reduction and Term Extension Total Percentage of Total by Financing Class Commercial, financial and agricultural $ 1,972 $ 7,464 $ 13,401 $ 1,187 $ 24,024 0.2 % Owner-occupied — 388 — — 388 — Total commercial and industrial 1,972 7,852 13,401 1,187 24,412 0.1 Investment properties — 660 — — 660 — 1-4 family properties — 1,680 — 382 2,062 0.3 Land and development — — — — — — Total commercial real estate — 2,340 — 382 2,722 — Consumer mortgages 695 — — — 695 — Home equity — 339 — 276 615 — Credit cards — — — — — — Other consumer loans 2 314 — 256 572 — Total consumer 697 653 — 532 1,882 — Total FDMs $ 2,669 $ 10,845 $ 13,401 $ 2,101 $ 29,016 0.1 % Six Months Ended June 30, 2023 (in thousands) Interest Rate Reduction Term Extension Principal Forgiveness and Term Extensions Interest Rate Reduction and Term Extension Total Percentage of Total by Financing Class Commercial, financial and agricultural $ 1,972 $ 22,297 $ 13,401 $ 1,428 $ 39,098 0.3 % Owner-occupied — 1,828 — 41,259 43,087 0.5 Total commercial and industrial 1,972 24,125 13,401 42,687 82,185 0.4 Investment properties — 660 — — 660 — 1-4 family properties — 3,006 — 382 3,388 0.6 Land and development — — — — — — Total commercial real estate — 3,666 — 382 4,048 — Consumer mortgages 807 — — — 807 — Home equity — 426 — 290 716 — Credit cards — — — — — — Other consumer loans 2 450 — 482 934 0.1 Total consumer 809 876 — 772 2,457 — Total FDMs $ 2,781 $ 28,667 $ 13,401 $ 43,841 $ 88,690 0.2 % The following tables present the financial effect of loan modifications made to borrowers experiencing financial difficulty during the three and six months ended June 30, 2024 and 2023. Three Months Ended June 30, 2024 Six Months Ended June 30, 2024 (dollars in thousands) Weighted Average Interest Rate Reduction Weighted Average Term Extension Weighted Average Interest Rate Reduction Weighted Average Term Extension Weighted Average Payment Delay Commercial, financial and agricultural — % 20 — % 19 — Owner-occupied — — — 60 — Investment properties — — — 12 — Consumer mortgages — — 2.3 — 7 Other consumer loans 7.5 66 4.0 71 — Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 (dollars in thousands) Principal Forgiveness and Term Extensions Weighted Average Interest Rate Reduction Weighted Average Term Extension Principal Forgiveness and Term Extensions Weighted Average Interest Rate Reduction Weighted Average Term Extension Commercial, financial and agricultural $ 1,200 1.1 % 41 $ 1,200 1.2 % 28 Owner-occupied — — 17 — 1.7 9 Investment properties — — 30 — — 30 1-4 family properties — 0.3 12 — 0.3 12 Consumer mortgages — 1.9 — — 1.6 — Home equity — 0.4 250 — 0.5 262 Other consumer loans — 2.7 61 — 3.1 64 As of June 30, 2024 (in thousands) Current Accruing 30-89 Days Past Due Accruing 90 Days or Greater Past Due Non-accrual Total Commercial, financial and agricultural $ 40,022 $ 1,287 $ — $ 4,487 $ 45,796 Owner-occupied 31,892 317 — 260 32,469 Total commercial and industrial 71,914 1,604 — 4,747 78,265 Investment properties 2,544 — — — 2,544 1-4 family properties 33 — — — 33 Land and development 1,100 — — — 1,100 Total commercial real estate 3,677 — — — 3,677 Consumer mortgages 542 — — 1,553 2,095 Home equity — — — — — Credit cards — — — — — Other consumer loans 854 174 — 332 1,360 Total consumer 1,396 174 — 1,885 3,455 Total FDMs $ 76,987 $ 1,778 $ — $ 6,632 $ 85,397 The following table provides a summary of current, accruing past due, and non-accrual loans on an amortized cost basis by loan portfolio class that were modified on or after January 1, 2023, the date Synovus adopted ASU 2022-02, through June 30, 2023. As of June 30, 2023 (in thousands) Current Accruing 30-89 Days Past Due Accruing 90 Days or Greater Past Due Non-accrual (1) Total Commercial, financial and agricultural $ 25,697 $ — $ — $ 13,401 $ 39,098 Owner-occupied 43,087 — — — 43,087 Total commercial and industrial 68,784 — — 13,401 82,185 Investment properties 660 — — — 660 1-4 family properties 1,708 — — 1,680 3,388 Land and development — — — — — Total commercial real estate 2,368 — — 1,680 4,048 Consumer mortgages — — — 807 807 Home equity 716 — — — 716 Credit cards — — — — — Other consumer loans 386 — — 548 934 Total consumer 1,102 — — 1,355 2,457 Total FDMs $ 72,254 $ — $ — $ 16,436 $ 88,690 (1) |
Shareholders' Equity and Othe_2
Shareholders' Equity and Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive Income (Loss) | 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, 2024 and 2023. Changes in Accumulated Other Comprehensive Income (Loss) by Component (Net of Income Taxes) (in thousands) Net unamortized holding (losses) gains on AFS investment securities transferred to HTM Net unrealized gains (losses) on investment securities AFS (1) Net unrealized gains (losses) on cash flow hedges (1) Total Balance at March 31, 2024 $ — $ (1,116,309) $ (131,885) $ (1,248,194) Other comprehensive income (loss) before reclassifications (537,434) 511,079 (13,861) (40,216) Amounts reclassified from AOCI 15,654 194,677 27,705 238,036 Net current period other comprehensive income (loss) (521,780) 705,756 13,844 197,820 Balance at June 30, 2024 $ (521,780) $ (410,553) $ (118,041) $ (1,050,374) Balance at March 31, 2023 $ — $ (1,105,221) $ (184,106) $ (1,289,327) Other comprehensive income (loss) before reclassifications — (82,866) (55,325) (138,191) Amounts reclassified from AOCI — — 32,343 32,343 Net current period other comprehensive income (loss) — (82,866) (22,982) (105,848) Balance at June 30, 2023 $ — $ (1,188,087) $ (207,088) $ (1,395,175) Balance at December 31, 2023 $ — $ (998,259) $ (118,814) $ (1,117,073) Other comprehensive income (loss) before reclassifications (537,434) 393,029 (57,138) (201,543) Amounts reclassified from AOCI 15,654 194,677 57,911 268,242 Net current period other comprehensive income (loss) (521,780) 587,706 773 66,699 Balance at June 30, 2024 $ (521,780) $ (410,553) $ (118,041) $ (1,050,374) Balance at December 31, 2022 $ — $ (1,220,263) $ (221,854) $ (1,442,117) Other comprehensive income (loss) before reclassifications — 32,955 (47,759) (14,804) Amounts reclassified from AOCI — (779) 62,525 61,746 Net current period other comprehensive income (loss) — 32,176 14,766 46,942 Balance at June 30, 2023 $ — $ (1,188,087) $ (207,088) $ (1,395,175) (1) For June 30, 2024, the ending balance in net unrealized gains (losses) on investment securities available for sale and cash flow hedges includes unrealized losses of $10.2 million and $11.6 million, respectively, related to residual tax effects remaining in OCI primarily due to previously established deferred tax asset valuation allowances in 2010 and 2011 and state rate changes. For June 30, 2023, 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, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of 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, 2024 December 31, 2023 (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: Collateralized mortgage obligations issued by U.S. Government sponsored enterprises $ — $ 2,956 $ — $ 2,956 $ — $ 2,910 $ — $ 2,910 Other mortgage-backed securities — — — — — 2,149 — 2,149 Asset-backed securities — 10,096 — 10,096 — 7,839 — 7,839 Total trading securities $ — $ 13,052 $ — $ 13,052 $ — $ 12,898 $ — $ 12,898 Investment securities available for sale: U.S. Treasury securities $ 1,174,295 $ — $ — $ 1,174,295 $ 597,629 $ — $ — $ 597,629 U.S. Government agency securities — 28,843 — 28,843 — 28,940 — 28,940 Mortgage-backed securities issued by U.S. Government agencies — 1,400,492 — 1,400,492 — 925,664 — 925,664 Mortgage-backed securities issued by U.S. Government sponsored enterprises — 2,016,045 — 2,016,045 — 6,430,379 — 6,430,379 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — 547,997 — 547,997 — 587,595 — 587,595 Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises — 1,867,126 — 1,867,126 — 1,209,783 — 1,209,783 Corporate debt securities and other debt securities — 8,883 — 8,883 — 8,672 — 8,672 Total investment securities available for sale $ 1,174,295 $ 5,869,386 $ — $ 7,043,681 $ 597,629 $ 9,191,033 $ — $ 9,788,662 Mortgage loans held for sale $ — $ 41,823 $ — $ 41,823 $ — $ 47,338 $ — $ 47,338 Other investments — — 14,423 14,423 — — 12,560 12,560 Mutual funds and mutual funds held in rabbi trusts 60,356 — — 60,356 53,742 — — 53,742 Derivative assets — 97,078 — 97,078 — 94,903 — 94,903 Liabilities Securities sold short $ 2,536 $ — $ — $ 2,536 $ 3,496 $ — $ — $ 3,496 Mutual funds held in rabbi trusts 45,479 — — 45,479 38,735 — — 38,735 Derivative liabilities — 280,045 — 280,045 — 259,650 — 259,650 |
Schedule of 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 instrument-specific credit risk. Mortgage Loans Held for Sale (in thousands) As of June 30, 2024 As of December 31, 2023 Fair value $ 41,823 $ 47,338 Unpaid principal balance 40,886 45,627 Fair value less aggregate unpaid principal balance $ 937 $ 1,711 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) 2024 2023 2024 2023 Mortgage loans held for sale $ 32 $ (95) $ (774) $ 208 Mortgage banking income |
Schedule of Level 3 Assets Measured at Fair Value on a Recurring Basis. | The following tables provide rollforwards of Level 3 assets measured at fair value on a recurring basis. Three Months Ended June 30, 2024 (in thousands) Other Investments Beginning balance at March 31, 2024 $ 13,115 Total gains (losses) realized/unrealized: Included in earnings 456 Additions 852 Ending balance at June 30, 2024 $ 14,423 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, 2024 $ 456 Three Months Ended June 30, 2023 (in thousands) Other Investments Beginning balance at March 31, 2023 $ 11,655 Total gains (losses) realized/unrealized: Included in earnings (43) Additions 158 Ending balance at June 30, 2023 $ 11,770 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, 2023 $ (43) Six Months Ended June 30, 2024 (in thousands) Other Investments Beginning balance at December 31, 2023 $ 12,560 Total gains (losses) realized/unrealized: Included in earnings 435 Additions 1,428 Ending balance at June 30, 2024 $ 14,423 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, 2024 $ 435 Six Months Ended June 30, 2023 (in thousands) Other Investments Beginning balance at December 31, 2022 $ 11,172 Total gains (losses) realized/unrealized: Included in earnings (71) Additions 669 Ending balance at June 30, 2023 $ 11,770 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, 2023 $ (71) |
Schedule of Level 3 Liabilities Measured at Fair Value on a Recurring Basis | The following tables provide rollforwards of Level 3 assets measured at fair value on a recurring basis. Three Months Ended June 30, 2024 (in thousands) Other Investments Beginning balance at March 31, 2024 $ 13,115 Total gains (losses) realized/unrealized: Included in earnings 456 Additions 852 Ending balance at June 30, 2024 $ 14,423 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, 2024 $ 456 Three Months Ended June 30, 2023 (in thousands) Other Investments Beginning balance at March 31, 2023 $ 11,655 Total gains (losses) realized/unrealized: Included in earnings (43) Additions 158 Ending balance at June 30, 2023 $ 11,770 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, 2023 $ (43) Six Months Ended June 30, 2024 (in thousands) Other Investments Beginning balance at December 31, 2023 $ 12,560 Total gains (losses) realized/unrealized: Included in earnings 435 Additions 1,428 Ending balance at June 30, 2024 $ 14,423 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, 2024 $ 435 Six Months Ended June 30, 2023 (in thousands) Other Investments Beginning balance at December 31, 2022 $ 11,172 Total gains (losses) realized/unrealized: Included in earnings (71) Additions 669 Ending balance at June 30, 2023 $ 11,770 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, 2023 $ (71) |
Schedule of Assets and Liabilities Measured at Fair Value on Non-Recurring Basis | The following table presents assets measured at fair value on a non-recurring basis, as of the dates indicated, for which there was a fair value adjustment. June 30, 2024 Fair Value Adjustments for the Location in Consolidated Statements of Income (in thousands) Level 1 Level 2 Level 3 Three Months Ended June 30, 2024 Six Months Ended June 30, 2024 Loans (1) $ — $ — $ 26,995 $ 22,160 $ 29,568 Provision for (reversal of) credit losses June 30, 2023 Fair Value Adjustments for the Location in Consolidated Statements of Income Level 1 Level 2 Level 3 Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 Loans (1) $ — $ — $ 30,123 $ 6,413 $ 6,462 Provision for (reversal of) credit losses Other loans held for sale — — 346,897 2,360 19,110 Loss on other loans held for sale (1) Collateral-dependent loans that were written down to fair value of collateral. |
Schedule of 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, 2024 and December 31, 2023. 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' 2023 Form 10-K for a description of how fair value measurements are determined. June 30, 2024 (in thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Financial assets Total cash, cash equivalents, and restricted cash $ 2,294,608 $ 2,294,608 $ 2,294,608 $ — $ — Trading securities 13,052 13,052 — 13,052 — Investment securities held to maturity 2,668,068 2,638,071 — 2,638,071 — Investment securities available for sale 7,043,681 7,043,681 1,174,295 5,869,386 — Loans held for sale 139,323 138,879 — 41,823 97,056 Other investments 14,423 14,423 — — 14,423 Mutual funds and mutual funds held in rabbi trusts 60,356 60,356 60,356 — — Loans, net (1) 42,608,296 41,112,625 — — 41,112,625 FRB and FHLB stock 213,711 213,711 — 213,711 — Derivative assets 97,078 97,078 — 97,078 — Financial liabilities Non-interest-bearing deposits $ 11,655,811 $ 11,655,811 $ — $ 11,655,811 $ — Non-time interest-bearing deposits 27,278,278 27,278,278 — 27,278,278 — Time deposits 11,261,689 11,235,622 — 11,235,622 — Total deposits (2) $ 50,195,778 $ 50,169,711 $ — $ 50,169,711 $ — Federal funds purchased and securities sold under repurchase agreements 94,484 94,484 94,484 — — Securities sold short 2,536 2,536 2,536 — — Long-term debt 2,283,767 2,302,474 — 2,302,474 — Mutual funds held in rabbi trusts 45,479 45,479 45,479 — — Derivative liabilities 280,045 280,045 — 280,045 — (1) Synovus estimates the fair value of loans based on present value of the future cash flows using the interest rate that would be charged for a similar loan to a borrower with similar risk, adjusted for a discount based on the estimated time period to complete a sale transaction with a market participant. (2) The fair value of deposits with no stated maturity, such as non-interest-bearing demand, interest bearing demand, money market, and savings accounts reflects the carrying amount which is payable on demand, as of the respective date, and may not align with other valuation methods or processes. The fair value of time deposits is based on the discounted value of contractual cash flows. The discount rate is estimated using the rates currently offered for deposits of similar remaining maturities. December 31, 2023 (in thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Financial assets Total cash, cash equivalents, and restricted cash $ 2,451,426 $ 2,451,426 $ 2,451,426 $ — $ — Trading securities 12,898 12,898 — 12,898 — Investment securities available for sale 9,788,662 9,788,662 597,629 9,191,033 — Loans held for sale 52,768 52,770 — 47,338 5,432 Other investments 12,560 12,560 — — 12,560 Mutual funds and mutual funds held in rabbi trusts 53,742 53,742 53,742 — — Loans, net (1) 42,925,105 41,298,149 — — 41,298,149 FRB and FHLB stock 184,944 184,944 — 184,944 — Derivative assets 94,903 94,903 — 94,903 — Financial liabilities Non-interest-bearing deposits $ 12,507,616 $ 12,507,616 $ — $ 12,507,616 $ — Non-time interest-bearing deposits 27,449,088 27,449,088 — 27,449,088 — Time deposits 10,782,481 10,769,002 — 10,769,002 — Total deposits (2) $ 50,739,185 $ 50,725,706 $ — $ 50,725,706 $ — Federal funds purchased and securities sold under repurchase agreements 189,074 189,074 189,074 — — Securities sold short 3,496 3,496 3,496 — — Long-term debt 1,932,534 1,939,604 — 1,939,604 — Mutual funds held in rabbi trusts 38,735 38,735 38,735 — — Derivative liabilities 259,650 259,650 — 259,650 — (1) Synovus estimates the fair value of loans based on present value of the future cash flows using the interest rate that would be charged for a similar loan to a borrower with similar risk, adjusted for a discount based on the estimated time period to complete a sale transaction with a market participant. (2) The fair value of deposits with no stated maturity, such as non-interest-bearing demand, interest bearing demand, money market, and savings accounts reflects the carrying amount which is payable on demand, as of the respective date, and may not align with other valuation methods or processes. The fair value of time deposits is based on the discounted value of contractual cash flows. The discount rate is estimated using the rates currently offered for deposits of similar remaining maturities. |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Summary of Derivative Instruments [Abstract] | |
Schedule of 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, 2024 December 31, 2023 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 $ 4,600,000 $ — $ 7,728 $ 5,600,000 $ — $ 7,527 Total cash flow hedges $ — $ 7,728 $ — $ 7,527 Derivatives in fair value hedging relationships: Interest rate contracts $ 2,375,585 $ — $ 6,351 $ 2,563,504 $ — $ 12,891 Total fair value hedges $ — $ 6,351 $ — $ 12,891 Total derivatives designated as hedging instruments $ — $ 14,079 $ — $ 20,418 Derivatives not designated Interest rate contracts $ 13,773,079 $ 96,270 $ 265,965 $ 11,888,152 $ 94,208 $ 238,134 Mortgage derivatives - interest rate lock commitments 54,718 780 — 40,642 695 — Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans 79,500 24 — 60,906 — 567 Risk participation agreements 797,443 — 1 732,682 — 3 Foreign exchange contracts 117,669 4 — 41,603 — 528 Visa derivative — — 286 — — 589 Total derivatives not designated as hedging instruments $ 97,078 $ 266,252 $ 94,903 $ 239,821 |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location | The following table presents the effect of hedging derivative instruments in the consolidated statements of income and the total amounts for the respective line item affected for the three and six months ended June 30, 2024 and 2023 . Three Months Ended June 30, 2024 Interest Income Interest Expense (in thousands) Loans, including fees Deposits Long-term debt Total interest income/expense amounts presented in the consolidated statements of income $ 701,570 $ 335,754 $ 28,390 Gain/(loss) on cash flow hedging relationships: (1) Interest rate contracts: Realized gains (losses) reclassified from AOCI, pre-tax, to interest income on loans $ (36,527) $ — $ — Pre-tax income (loss) recognized on cash flow hedges $ (36,527) $ — $ — Gain/(loss) on fair value hedging relationships: Amounts related to interest settlements and amortization on derivatives $ — $ (6,287) $ (3,618) Recognized on derivatives — 2,469 914 Recognized on hedged items — (2,469) (914) Pre-tax income (loss) recognized on fair value hedges $ — $ (6,287) $ (3,618) Three Months Ended June 30, 2023 Interest Income Interest Expense (in thousands) Loans, including fees Deposits Long-term debt Total interest income/expense amounts presented in the consolidated statements of income $ 670,230 $ 241,780 $ 55,915 Gain/(loss) on cash flow hedging relationships: (1) Interest rate contracts: Realized gains (losses) reclassified from AOCI, pre-tax, to interest income on loans $ (42,748) $ — $ — Pre-tax income (loss) recognized on cash flow hedges $ (42,748) $ — $ — Gain/(loss) on fair value hedging relationships: Amounts related to interest settlements and amortization on derivatives $ — $ (5,782) $ (4,510) Recognized on derivatives — (20,466) (20,823) Recognized on hedged items — 20,466 20,823 Pre-tax income (loss) recognized on fair value hedges $ — $ (5,782) $ (4,510) (1) See Note 4 - Shareholders' Equity and Other Comprehensive Income (Loss) in this Report for gain (loss) recognized on cash flow hedging relationships in AOCI. Six Months Ended June 30, 2024 Interest Income Interest Expense (in thousands) Loans, including fees Deposits Long-term debt Total interest income/expense amounts presented in the consolidated statements of income $ 1,393,285 $ 668,420 $ 57,985 Gain/(loss) on cash flow hedging relationships: (1) Interest rate contracts: Realized gains (losses) reclassified from AOCI, pre-tax, to interest income on loans $ (76,350) $ — $ — Pre-tax income (loss) recognized on cash flow hedges $ (76,350) $ — $ — Gain/(loss) on fair value hedging relationships: Amounts related to interest settlements and amortization on derivatives $ — $ (12,525) $ (7,342) Recognized on derivatives — 402 (1,004) Recognized on hedged items — (402) 1,004 Pre-tax income (loss) recognized on fair value hedges $ — $ (12,525) $ (7,342) Six Months Ended June 30, 2023 Interest Income Interest Expense (in thousands) Loans, including fees Deposits Long-term debt Total interest income/expense amounts presented in the consolidated statements of income $ 1,299,787 $ 415,715 $ 98,444 Gain/(loss) on cash flow hedging relationships: (1) Interest rate contracts: Realized gains (losses) reclassified from AOCI, pre-tax, to interest income on loans $ (82,640) $ — $ — Pre-tax income (loss) recognized on cash flow hedges $ (82,640) $ — $ — Gain/(loss) on fair value hedging relationships: Amounts related to interest settlements and amortization on derivatives $ — $ (9,153) $ (7,231) Recognized on derivatives $ — (8,296) (5,427) Recognized on hedged items — 8,296 5,427 Pre-tax income (loss) recognized on fair value hedges $ — $ (9,153) $ (7,231) (1) See Note 4 - Shareholders' Equity and Other Comprehensive Income (Loss) for gain (loss) recognized on cash flow hedging relationships in AOCI. |
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 assets/(liabilities) in fair value hedging relationships. June 30, 2024 December 31, 2023 Hedged Items Currently Designated Hedged Items No Longer Designated Hedged Items Currently Designated Hedged Items No Longer Designated (in thousands) Carrying Amount of Assets/(Liabilities) Hedge Accounting Basis Adjustment Carrying Amount of Assets/(Liabilities) Hedge Accounting Basis Adjustment Interest-bearing deposits $ (1,622,618) $ 15,114 $ 464 $ (2,013,504) $ (8,711) $ 1,267 Long-term debt (749,442) 14,366 8,446 (546,872) (5,986) 9,638 |
Schedule of Effect of Fair Value Hedges on the Consolidated Statements of Income | The pre-tax effect of changes in fair value from derivative instruments not designated as hedging instruments in the consolidated statements of income for the three and six months ended June 30, 2024 and 2023 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 2024 2023 2024 2023 Derivatives not designated Interest rate contracts (1) Capital markets income $ 313 $ (690) $ 153 $ (672) Mortgage derivatives - interest rate lock commitments Mortgage banking income (315) (547) 85 562 Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans Mortgage banking income 129 578 591 250 Risk participation agreements Capital markets income 3 (2) 2 1 Foreign exchange contracts Capital markets income (188) 73 532 602 Visa derivative Other non-interest expense — (3,027) — (3,027) Total derivatives not designated as hedging instruments $ (58) $ (3,615) $ 1,363 $ (2,284) (1) Gain (loss) represents net fair value adjustments (including credit related adjustments) for client swaps. |
Net Income Per Common Share (Ta
Net Income Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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 (loss) per common share for the three and six months ended June 30, 2024 and 2023. 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) 2024 2023 2024 2023 Basic Net Income (Loss) Per Common Share: Net income (loss) available to common shareholders $ (23,741) $ 165,819 $ 91,081 $ 359,688 Weighted average common shares outstanding 145,565 146,113 145,998 145,957 Net income (loss) per common share, basic $ (0.16) $ 1.13 $ 0.62 $ 2.46 Diluted Net Income (Loss) Per Common Share: Net income (loss) available to common shareholders $ (23,741) $ 165,819 $ 91,081 $ 359,688 Weighted average common shares outstanding 145,565 146,113 145,998 145,957 Effect of dilutive outstanding equity-based awards (1) — 437 570 687 Weighted average diluted common shares 145,565 146,550 146,568 146,644 Net income (loss) per common share, diluted $ (0.16) $ 1.13 $ 0.62 $ 2.45 (1) Due to the net loss attributable to common shareholders for the three months ended June 30, 2024, there were no dilutive shares included in the diluted net loss per common share calculation; as such shares would have been anti-dilutive |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Loan Commitments and Letters of Credit | Synovus also invests in tax credit partnerships, 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, 2024 December 31, 2023 Letters of credit (1) $ 234,653 $ 200,269 Commitments to fund commercial and industrial loans 10,145,073 10,313,880 Commitments to fund commercial real estate, construction, and land development loans 1,861,467 2,496,656 Commitments under home equity lines of credit 2,126,553 2,135,120 Unused credit card lines 455,477 453,303 Other loan commitments 625,261 654,396 Total letters of credit and unfunded lending commitments $ 15,448,484 $ 16,253,624 Tax credits, CRA partnerships, and other investments: Carrying amount included in other assets (2) $ 570,810 $ 573,992 Permanent and short-term construction loans and letter of credit unfunded commitments (3) 110,485 205,659 Funded portion of permanent and short-term loans and letters of credit (4) 220,106 211,921 (1) Represents the contractual amount net of risk participations purchased of approximately $18.4 million and $22.8 million at June 30, 2024 and December 31, 2023, respectively. (2) Future funding commitment amounts included in carrying amount within other liabilities of $282.9 million and $293.3 million at June 30, 2024 and December 31, 2023, respectively. (3) Represents the contractual amount net of risk participations of $6.2 million and $9.7 million at June 30, 2024 and December 31, 2023, respectively. (4) Represents the contractual amount net of risk participations of $16.5 million and $4.0 million at June 30, 2024 and December 31, 2023, respectively. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following tables present certain financial information for each reportable business segment for the three and six months ended June 30, 2024 and 2023. 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 and relationship managers between segments; however, prior period loan and deposit balances and any related net interest income and FTP are not adjusted for transfers. Treasury and Corporate Other's non-interest revenue for the three and six months ended June 30, 2024 was impacted by the net loss of $256.7 million recognized on sales of AFS investment securities in connection with the strategic repositioning of the investment securities portfolio in the second quarter of 2024. Three Months Ended June 30, 2024 (in thousands) Wholesale Banking Community Banking Consumer Banking Financial Management Services Treasury and Corporate Other Synovus Consolidated Net interest income $ 181,574 $ 98,097 $ 135,550 $ 25,250 $ (5,473) $ 434,998 Non-interest revenue 15,945 18,151 19,307 45,839 (228,093) (128,851) Non-interest expense 34,575 37,786 51,004 38,346 140,090 301,801 Pre-provision net revenue (PPNR) $ 162,944 $ 78,462 $ 103,853 $ 32,743 $ (373,656) $ 4,346 Three Months Ended June 30, 2023 (in thousands) Wholesale Banking Community Banking Consumer Banking Financial Management Services Treasury and Corporate Other Synovus Consolidated Net interest income $ 194,334 $ 110,242 $ 158,113 $ 17,134 $ (24,292) $ 455,531 Non-interest revenue 13,752 13,500 20,983 49,085 14,956 112,276 Non-interest expense 33,955 35,464 50,861 42,401 144,500 307,181 Pre-provision net revenue (PPNR) $ 174,131 $ 88,278 $ 128,235 $ 23,818 $ (153,836) $ 260,626 Six Months Ended June 30, 2024 (in thousands) Wholesale Banking Community Banking Consumer Banking Financial Management Services Treasury and Corporate Other Synovus Consolidated Net interest income $ 365,240 $ 197,120 $ 274,176 $ 48,470 $ (31,162) $ 853,844 Non-interest revenue 27,270 34,830 37,254 92,709 (202,026) (9,963) Non-interest expense 69,885 78,779 103,128 78,029 294,721 624,542 Pre-provision net revenue (PPNR) $ 322,625 $ 153,171 $ 208,302 $ 63,150 $ (527,909) $ 219,339 Six Months Ended June 30, 2023 (in thousands) Wholesale Banking Community Banking Consumer Banking Financial Management Services Treasury and Corporate Other Synovus Consolidated Net interest income $ 393,434 $ 221,647 $ 312,744 $ 33,681 $ (25,223) $ 936,283 Non-interest revenue 29,652 39,041 41,711 102,291 32,707 245,402 Non-interest expense 68,617 68,926 99,808 86,240 305,443 629,034 Pre-provision net revenue (PPNR) $ 354,469 $ 191,762 $ 254,647 $ 49,732 $ (297,959) $ 552,651 June 30, 2024 (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 $ 25,268,888 $ 7,980,532 $ 2,764,262 $ 5,341,008 $ 1,738,707 $ 43,093,397 Total deposits $ 13,271,067 $ 10,660,747 $ 18,799,143 $ 1,307,807 $ 6,157,014 $ 50,195,778 Total full-time equivalent employees 339 556 1,508 569 1,755 4,727 December 31, 2023 (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 $ 25,506,870 $ 7,966,794 $ 2,825,411 $ 5,374,280 $ 1,731,135 $ 43,404,490 Total deposits $ 13,847,833 $ 10,198,357 $ 18,698,298 $ 1,488,090 $ 6,506,607 $ 50,739,185 Total full-time equivalent employees 334 576 1,522 604 1,762 4,798 |
Basis of Presentation and Acc_4
Basis of Presentation and Accounting Policies (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Apr. 01, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Accounting Policies [Abstract] | |||||
Debt securities, available-for-sale transferred to held-to-maturity | $ 2,720,000 | ||||
Net unamortized unrealized holding (losses) gains on available for sale investment securities transferred to held to maturity | $ 537,400 | $ (537,434) | $ 0 | $ (537,434) | $ 0 |
Investment Securities - Amortiz
Investment Securities - Amortized Cost, Gross Unrealized Gains and Losses, and Estimated Fair Values of Investment Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Investment securities held to maturity: | ||
Amortized Cost | $ 2,668,068 | $ 0 |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (29,997) | |
Fair Value | 2,638,071 | |
Investment securities available for sale: | ||
Amortized Cost | 7,571,447 | 11,091,254 |
Gross Unrealized Gains | 7,172 | 31,540 |
Gross Unrealized Losses | (534,938) | (1,334,132) |
Fair Value | 7,043,681 | 9,788,662 |
Accrued interest receivable on investment securities held to maturity | 5,900 | |
Discount included in amortized cost of investment securities HTM | (687,900) | |
Accrued interest receivable on investment securities available for sale | $ 27,700 | $ 26,600 |
Debt securities, available-for-sale, accrued interest, after allowance for credit loss, noncurrent, statement of financial position [extensible enumeration] | Other assets | Other assets |
U.S. Treasury securities | ||
Investment securities available for sale: | ||
Amortized Cost | $ 1,177,006 | $ 588,082 |
Gross Unrealized Gains | 1,456 | 9,547 |
Gross Unrealized Losses | (4,167) | 0 |
Fair Value | 1,174,295 | 597,629 |
U.S. Government agency securities | ||
Investment securities available for sale: | ||
Amortized Cost | 29,993 | 29,993 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (1,150) | (1,053) |
Fair Value | 28,843 | 28,940 |
Mortgage-backed securities issued by U.S. Government agencies | ||
Investment securities available for sale: | ||
Amortized Cost | 1,518,224 | 1,021,612 |
Gross Unrealized Gains | 1,311 | 2,037 |
Gross Unrealized Losses | (119,043) | (97,985) |
Fair Value | 1,400,492 | 925,664 |
Mortgage-backed securities issued by U.S. Government sponsored enterprises | ||
Investment securities held to maturity: | ||
Amortized Cost | 2,668,068 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (29,997) | |
Fair Value | 2,638,071 | |
Investment securities available for sale: | ||
Amortized Cost | 2,272,694 | 7,523,399 |
Gross Unrealized Gains | 287 | 1,192 |
Gross Unrealized Losses | (256,936) | (1,094,212) |
Fair Value | 2,016,045 | 6,430,379 |
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | ||
Investment securities available for sale: | ||
Amortized Cost | 659,706 | 692,487 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (111,709) | (104,892) |
Fair Value | 547,997 | 587,595 |
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | ||
Investment securities available for sale: | ||
Amortized Cost | 1,904,765 | 1,226,672 |
Gross Unrealized Gains | 4,118 | 18,764 |
Gross Unrealized Losses | (41,757) | (35,653) |
Fair Value | 1,867,126 | 1,209,783 |
Corporate debt securities and other debt securities | ||
Investment securities available for sale: | ||
Amortized Cost | 9,059 | 9,009 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (176) | (337) |
Fair Value | $ 8,883 | $ 8,672 |
Investment Securities - Narrati
Investment Securities - Narrative (Details) | 3 Months Ended | 6 Months Ended | ||||
Apr. 01, 2024 USD ($) | Jun. 30, 2024 USD ($) security | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) security | Jun. 30, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Financing Receivable, Impaired [Line Items] | ||||||
Debt securities, available-for-sale transferred to held-to-maturity | $ 2,720,000,000 | |||||
Net unamortized unrealized holding (losses) gains on available for sale investment securities transferred to held to maturity | $ 537,400,000 | $ (537,434,000) | $ 0 | $ (537,434,000) | $ 0 | |
Proceeds from sales of investment securities available for sale | 1,365,923,000 | 82,595,000 | ||||
Debt securities, available-for-sale, realized loss | 256,660,000 | $ 0 | 256,660,000 | 0 | ||
Payments to acquire investment securities available for sale | $ 1,480,000,000 | $ 1,876,434,000 | $ 440,014,000 | |||
Investment securities in a loss position for less than twelve months | security | 47 | 47 | ||||
Investment securities in a loss position for twelve months or longer | security | 221 | 221 | ||||
AFS allowance for credit loss | $ 0 | $ 0 | ||||
Held-to-maturity, allowance for credit loss, measurement input | 0 | 0 | ||||
Mortgage-backed securities issued by U.S. Government sponsored enterprises | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Debt securities, AFS, sold at amortized cost | 1,620,000,000 | |||||
Debt securities, available-for-sale, realized loss | 256,700,000 | |||||
Collateral Pledged | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
AFS pledged to secure deposits | 2,540,000,000 | 2,540,000,000 | $ 5,190,000,000 | |||
HTM pledged to secure deposits | $ 2,370,000,000 | $ 2,370,000,000 |
Investment Securities - Schedul
Investment Securities - Schedule Of Unrealized Loss On Investments Securities Available for Sale (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, fair value | $ 1,947,515 | $ 409,725 |
Less than 12 months, gross unrealized losses | (14,241) | (2,666) |
12 months or longer, fair value | 3,405,155 | 7,513,154 |
12 months or longer, gross unrealized losses | (520,697) | (1,331,466) |
Total, fair value | 5,352,670 | 7,922,879 |
Total, gross unrealized losses | (534,938) | (1,334,132) |
U.S. Treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, fair value | 675,205 | |
Less than 12 months, gross unrealized losses | (4,167) | |
12 months or longer, fair value | 0 | |
12 months or longer, gross unrealized losses | 0 | |
Total, fair value | 675,205 | |
Total, gross unrealized losses | (4,167) | |
U.S. Government agency securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, fair value | 0 | 0 |
Less than 12 months, gross unrealized losses | 0 | 0 |
12 months or longer, fair value | 28,844 | 28,940 |
12 months or longer, gross unrealized losses | (1,150) | (1,053) |
Total, fair value | 28,844 | 28,940 |
Total, gross unrealized losses | (1,150) | (1,053) |
Mortgage-backed securities issued by U.S. Government agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, fair value | 441,549 | 159,402 |
Less than 12 months, gross unrealized losses | (2,310) | (1,268) |
12 months or longer, fair value | 673,891 | 565,358 |
12 months or longer, gross unrealized losses | (116,733) | (96,717) |
Total, fair value | 1,115,440 | 724,760 |
Total, gross unrealized losses | (119,043) | (97,985) |
Mortgage-backed securities issued by U.S. Government sponsored enterprises | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, fair value | 127,603 | 215,917 |
Less than 12 months, gross unrealized losses | (3,143) | (1,193) |
12 months or longer, fair value | 1,837,414 | 6,045,914 |
12 months or longer, gross unrealized losses | (253,793) | (1,093,019) |
Total, fair value | 1,965,017 | 6,261,831 |
Total, gross unrealized losses | (256,936) | (1,094,212) |
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 | 0 | 0 |
Less than 12 months, gross unrealized losses | 0 | 0 |
12 months or longer, fair value | 547,997 | 587,595 |
12 months or longer, gross unrealized losses | (111,709) | (104,892) |
Total, fair value | 547,997 | 587,595 |
Total, gross unrealized losses | (111,709) | (104,892) |
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 | 703,158 | 34,406 |
Less than 12 months, gross unrealized losses | (4,621) | (205) |
12 months or longer, fair value | 308,126 | 276,675 |
12 months or longer, gross unrealized losses | (37,136) | (35,448) |
Total, fair value | 1,011,284 | 311,081 |
Total, gross unrealized losses | (41,757) | (35,653) |
Corporate debt securities and other debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, fair value | 0 | 0 |
Less than 12 months, gross unrealized losses | 0 | 0 |
12 months or longer, fair value | 8,883 | 8,672 |
12 months or longer, gross unrealized losses | (176) | (337) |
Total, fair value | 8,883 | 8,672 |
Total, gross unrealized losses | $ (176) | $ (337) |
Investment Securities - Sched_2
Investment Securities - Schedule of Amortized Cost, Fair Value by Contractual Maturity of Investment Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Investment securities HTM, Fair value | ||
Amortized Cost | $ 2,638,071 | |
Investment securities AFS, Amortized cost | ||
Amortized Cost | 7,571,447 | $ 11,091,254 |
Investment securities AFS, Fair value | ||
Fair Value | 7,043,681 | 9,788,662 |
Mortgage-backed securities issued by U.S. Government sponsored enterprises | ||
Investment securities HTM, Amortized cost | ||
Within One Year | 0 | |
1 to 5 Years | 0 | |
5 to 10 Years | 0 | |
More Than 10 Years | 2,668,068 | |
Amortized cost | 2,668,068 | |
Investment securities HTM, Fair value | ||
Within One Year | 0 | |
1 to 5 Years | 0 | |
5 to 10 Years | 0 | |
More Than 10 Years | 2,638,071 | |
Amortized Cost | 2,638,071 | |
Investment securities AFS, Amortized cost | ||
Within One Year | 0 | |
1 to 5 Years | 0 | |
5 to 10 Years | 0 | |
More Than 10 Years | 2,272,694 | |
Amortized Cost | 2,272,694 | 7,523,399 |
Investment securities AFS, Fair value | ||
Within One Year | 0 | |
1 to 5 Years | 0 | |
5 to 10 Years | 0 | |
More Than 10 Years | 2,016,045 | |
Fair Value | 2,016,045 | 6,430,379 |
U.S. Treasury securities | ||
Investment securities AFS, Amortized cost | ||
Within One Year | 20,101 | |
1 to 5 Years | 725,093 | |
5 to 10 Years | 431,812 | |
More Than 10 Years | 0 | |
Amortized Cost | 1,177,006 | 588,082 |
Investment securities AFS, Fair value | ||
Within One Year | 20,101 | |
1 to 5 Years | 723,824 | |
5 to 10 Years | 430,370 | |
More Than 10 Years | 0 | |
Fair Value | 1,174,295 | 597,629 |
U.S. Government agency securities | ||
Investment securities AFS, Amortized cost | ||
Within One Year | 0 | |
1 to 5 Years | 29,993 | |
5 to 10 Years | 0 | |
More Than 10 Years | 0 | |
Amortized Cost | 29,993 | 29,993 |
Investment securities AFS, Fair value | ||
Within One Year | 0 | |
1 to 5 Years | 28,843 | |
5 to 10 Years | 0 | |
More Than 10 Years | 0 | |
Fair Value | 28,843 | 28,940 |
Mortgage-backed securities issued by U.S. Government agencies | ||
Investment securities AFS, Amortized cost | ||
Within One Year | 0 | |
1 to 5 Years | 55 | |
5 to 10 Years | 3 | |
More Than 10 Years | 1,518,166 | |
Amortized Cost | 1,518,224 | 1,021,612 |
Investment securities AFS, Fair value | ||
Within One Year | 0 | |
1 to 5 Years | 53 | |
5 to 10 Years | 3 | |
More Than 10 Years | 1,400,436 | |
Fair Value | 1,400,492 | 925,664 |
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | ||
Investment securities AFS, Amortized cost | ||
Within One Year | 0 | |
1 to 5 Years | 34 | |
5 to 10 Years | 9,314 | |
More Than 10 Years | 650,358 | |
Amortized Cost | 659,706 | 692,487 |
Investment securities AFS, Fair value | ||
Within One Year | 0 | |
1 to 5 Years | 33 | |
5 to 10 Years | 8,951 | |
More Than 10 Years | 539,013 | |
Fair Value | 547,997 | 587,595 |
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | ||
Investment securities AFS, Amortized cost | ||
Within One Year | 0 | |
1 to 5 Years | 906,290 | |
5 to 10 Years | 981,249 | |
More Than 10 Years | 17,226 | |
Amortized Cost | 1,904,765 | 1,226,672 |
Investment securities AFS, Fair value | ||
Within One Year | 0 | |
1 to 5 Years | 891,131 | |
5 to 10 Years | 961,318 | |
More Than 10 Years | 14,677 | |
Fair Value | 1,867,126 | 1,209,783 |
Corporate debt securities and other debt securities | ||
Investment securities AFS, Amortized cost | ||
Within One Year | 0 | |
1 to 5 Years | 9,059 | |
5 to 10 Years | 0 | |
More Than 10 Years | 0 | |
Amortized Cost | 9,059 | 9,009 |
Investment securities AFS, Fair value | ||
Within One Year | 0 | |
1 to 5 Years | 8,883 | |
5 to 10 Years | 0 | |
More Than 10 Years | 0 | |
Fair Value | $ 8,883 | $ 8,672 |
Investment Securities - Summary
Investment Securities - Summary Of Sales Transactions In The Investment Securities Available For Sale Portfolio (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Investments [Abstract] | ||||
Gross realized gains on sales | $ 0 | $ 0 | $ 0 | $ 1,030 |
Gross realized losses on sales | (256,660) | 0 | (256,660) | 0 |
Investment securities gains (losses), net | $ (256,660) | $ 0 | $ (256,660) | $ 1,030 |
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, 2024 | Dec. 31, 2023 |
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | $ 43,093,397 | $ 43,404,490 |
Non-accrual with an ALL | 195,882 | 216,667 |
Non-accrual without an ALL | 60,224 | 71,510 |
Accrued interest receivable | $ 249,900 | $ 256,300 |
Financing receivable, accrued interest, after allowance for credit loss, statement of financial position [extensible enumeration] | Other assets | Other assets |
Total commercial and industrial | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | $ 22,536,612 | $ 22,598,493 |
Non-accrual with an ALL | 112,606 | 137,184 |
Non-accrual without an ALL | 58,478 | 44,056 |
Total commercial and industrial | Commercial, financial and agricultural | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 14,519,608 | 14,459,345 |
Non-accrual with an ALL | 82,602 | 66,400 |
Non-accrual without an ALL | 37,505 | 23,470 |
Total commercial and industrial | Owner-occupied | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 8,017,004 | 8,139,148 |
Non-accrual with an ALL | 30,004 | 70,784 |
Non-accrual without an ALL | 20,973 | 20,586 |
Total commercial and industrial | Senior Housing Loans | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 3,020,000 | 3,280,000 |
Total commercial real estate | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 12,215,487 | 12,316,758 |
Non-accrual with an ALL | 13,791 | 16,205 |
Non-accrual without an ALL | 1,746 | 27,425 |
Total commercial real estate | Investment properties | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 11,328,049 | 11,363,304 |
Non-accrual with an ALL | 10,004 | 12,796 |
Non-accrual without an ALL | 1,564 | 26,974 |
Total commercial real estate | 1-4 family properties | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 552,547 | 598,502 |
Non-accrual with an ALL | 2,878 | 2,605 |
Non-accrual without an ALL | 182 | 451 |
Total commercial real estate | Land and development | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 334,891 | 354,952 |
Non-accrual with an ALL | 909 | 804 |
Non-accrual without an ALL | 0 | 0 |
Total consumer | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 8,341,298 | 8,489,239 |
Non-accrual with an ALL | 69,485 | 63,278 |
Non-accrual without an ALL | 0 | 29 |
Total consumer | Consumer mortgages | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 5,371,164 | 5,411,723 |
Non-accrual with an ALL | 48,352 | 46,108 |
Non-accrual without an ALL | 0 | 0 |
Total consumer | Home equity | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 1,812,940 | 1,807,399 |
Non-accrual with an ALL | 14,947 | 10,473 |
Non-accrual without an ALL | 0 | 0 |
Total consumer | Credit cards | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 178,889 | 194,141 |
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 | 978,305 | 1,075,976 |
Non-accrual with an ALL | 6,186 | 6,697 |
Non-accrual without an ALL | 0 | 29 |
Current | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 42,707,532 | 43,057,214 |
Current | Total commercial and industrial | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 22,348,414 | 22,396,987 |
Current | Total commercial and industrial | Commercial, financial and agricultural | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 14,386,965 | 14,355,414 |
Current | Total commercial and industrial | Owner-occupied | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 7,961,449 | 8,041,573 |
Current | Total commercial real estate | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 12,118,317 | 12,271,352 |
Current | Total commercial real estate | Investment properties | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 11,238,010 | 11,322,516 |
Current | Total commercial real estate | 1-4 family properties | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 548,220 | 595,359 |
Current | Total commercial real estate | Land and development | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 332,087 | 353,477 |
Current | Total consumer | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 8,240,801 | 8,388,875 |
Current | Total consumer | Consumer mortgages | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 5,316,899 | 5,359,153 |
Current | Total consumer | Home equity | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 1,787,853 | 1,785,836 |
Current | Total consumer | Credit cards | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 175,418 | 190,299 |
Current | Total consumer | Other consumer loans | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 960,631 | 1,053,587 |
Accruing 30-89 Days Past Due | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 125,299 | 54,046 |
Accruing 30-89 Days Past Due | Total commercial and industrial | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 14,870 | 18,320 |
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 | 10,292 | 12,264 |
Accruing 30-89 Days Past Due | Total commercial and industrial | Owner-occupied | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 4,578 | 6,056 |
Accruing 30-89 Days Past Due | Total commercial real estate | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 81,277 | 1,498 |
Accruing 30-89 Days Past Due | Total commercial real estate | Investment properties | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 78,115 | 740 |
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 | 1,267 | 87 |
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 | 1,895 | 671 |
Accruing 30-89 Days Past Due | Total consumer | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 29,152 | 34,228 |
Accruing 30-89 Days Past Due | Total consumer | Consumer mortgages | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 5,913 | 6,462 |
Accruing 30-89 Days Past Due | Total consumer | Home equity | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 10,107 | 10,374 |
Accruing 30-89 Days Past Due | Total consumer | Credit cards | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 1,665 | 1,818 |
Accruing 30-89 Days Past Due | Total consumer | Other consumer loans | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 11,467 | 15,574 |
Accruing 90 Days or Greater Past Due | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 4,460 | 5,053 |
Accruing 90 Days or Greater Past Due | Total commercial and industrial | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 2,244 | 1,946 |
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 | 2,244 | 1,797 |
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 | 149 |
Accruing 90 Days or Greater Past Due | Total commercial real estate | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 356 | 278 |
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 | 356 | 278 |
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 | 0 |
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 | 0 |
Accruing 90 Days or Greater Past Due | Total consumer | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 1,860 | 2,829 |
Accruing 90 Days or Greater Past Due | Total consumer | Consumer mortgages | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 0 | 0 |
Accruing 90 Days or Greater Past Due | Total consumer | Home equity | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 33 | 716 |
Accruing 90 Days or Greater Past Due | Total consumer | Credit cards | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 1,806 | 2,024 |
Accruing 90 Days or Greater Past Due | Total consumer | Other consumer loans | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 21 | 89 |
Total Accruing Past Due | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 129,759 | 59,099 |
Total Accruing Past Due | Total commercial and industrial | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 17,114 | 20,266 |
Total Accruing Past Due | Total commercial and industrial | Commercial, financial and agricultural | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 12,536 | 14,061 |
Total Accruing Past Due | Total commercial and industrial | Owner-occupied | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 4,578 | 6,205 |
Total Accruing Past Due | Total commercial real estate | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 81,633 | 1,776 |
Total Accruing Past Due | Total commercial real estate | Investment properties | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 78,471 | 1,018 |
Total Accruing Past Due | Total commercial real estate | 1-4 family properties | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 1,267 | 87 |
Total Accruing Past Due | Total commercial real estate | Land and development | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 1,895 | 671 |
Total Accruing Past Due | Total consumer | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 31,012 | 37,057 |
Total Accruing Past Due | Total consumer | Consumer mortgages | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 5,913 | 6,462 |
Total Accruing Past Due | Total consumer | Home equity | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 10,140 | 11,090 |
Total Accruing Past Due | Total consumer | Credit cards | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | 3,471 | 3,842 |
Total Accruing Past Due | Total consumer | Other consumer loans | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans, net of deferred fees and costs | $ 11,488 | $ 15,663 |
Loans and Allowance for Loan _4
Loans and Allowance for Loan Losses - Narrative (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Dec. 31, 2023 USD ($) | Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Loans | $ 43,093,397,000 | $ 43,093,397,000 | $ 43,404,490,000 | |||||
Land held for future development, period | 1 year | |||||||
Financing receivable, allowance for credit loss | 485,101,000 | $ 471,238,000 | $ 485,101,000 | $ 471,238,000 | 479,385,000 | $ 492,661,000 | $ 457,010,000 | $ 443,424,000 |
Reserve for unfunded commitments | 53,100,000 | 53,100,000 | 57,200,000 | |||||
All financing receivable, allowance for credit loss | 538,200,000 | $ 538,200,000 | $ 536,600,000 | |||||
Increase (decrease) in allowance for credit loss | $ 1,500,000 | |||||||
ACL to loans ratio (as percent) | 1.25% | 1.25% | 1.24% | |||||
Increase in ACL to loans ratio | 0.0001 | |||||||
Allowance for credit loss, reasonable and supportable forecast period (in year) | 2 years | |||||||
Allowance for credit loss, straight-line basis historical period (in year) | 1 year | |||||||
Allowance for credit loss, measurement input, estimated peak weighted average unemployment rate | 4.40% | 4.40% | 4.50% | |||||
Financing receivable, modified, subsequent default | $ 3,100,000 | 0 | $ 74,700,000 | 0 | ||||
Commitments to land additional funds to TDRs | 0 | 0 | $ 0 | |||||
Total consumer | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Charge-off of previously established reserves for credit losses associated with the transfer to held for sale | 1,300,000 | 7,900,000 | 31,300,000 | |||||
Reclassification to held-for-sale | 3,800,000 | 427,900,000 | ||||||
Financing receivable, allowance for credit loss | 122,691,000 | $ 141,525,000 | $ 122,691,000 | $ 141,525,000 | 126,657,000 | $ 126,552,000 | $ 137,930,000 | $ 138,299,000 |
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 | |||||||
Asset Pledged as Collateral | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Loans | $ 25,090,000,000 | $ 25,090,000,000 | $ 24,310,000,000 |
Loans and Allowance for Loan _5
Loans and Allowance for Loan Losses - Loan Portfolio Credit Exposure (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term loans amortized cost basis by origination, current fiscal year | $ 1,640,245 | $ 1,640,245 | $ 3,783,210 | ||
Term loans amortized cost basis by origination, before current fiscal year | 3,835,509 | 3,835,509 | 6,965,524 | ||
Term loans amortized cost basis by origination, two years before current fiscal year | 7,085,648 | 7,085,648 | 7,504,636 | ||
Term loans amortized cost basis by origination, three years before current fiscal year | 7,071,527 | 7,071,527 | 4,404,254 | ||
Term loans amortized cost basis by origination, four years before current fiscal year | 4,056,623 | 4,056,623 | 3,061,633 | ||
Term loans amortized cost basis by origination, prior | 8,289,226 | 8,289,226 | 6,216,447 | ||
Amortized Cost Basis | 10,585,089 | 10,585,089 | 10,932,133 | ||
Converted to Term Loans | 529,530 | 529,530 | 536,653 | ||
Total loans | 43,093,397 | 43,093,397 | 43,404,490 | ||
Gross charge-offs | |||||
Year One | 1,498 | 10,540 | |||
Year Two | 17,656 | 17,269 | |||
Year Three | 5,536 | 38,758 | |||
Year Four | 12,714 | 34,274 | |||
Year Five | 3,555 | 6,975 | |||
Prior | 14,381 | 30,674 | |||
Amortized Cost Basis | 37,487 | 44,152 | |||
Converted to Term Loans | 32 | 432 | |||
Total | 42,291 | $ 36,256 | 92,859 | $ 61,591 | 183,074 |
Total consumer | |||||
Gross charge-offs | |||||
Total | 7,649 | 13,410 | 16,563 | 30,776 | |
Charge-off of previously established reserves for credit losses associated with the transfer to held for sale | $ 1,300 | $ 7,900 | 31,300 | ||
Total commercial and industrial | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term loans amortized cost basis by origination, current fiscal year | 965,351 | 965,351 | 1,986,629 | ||
Term loans amortized cost basis by origination, before current fiscal year | 2,082,160 | 2,082,160 | 2,619,103 | ||
Term loans amortized cost basis by origination, two years before current fiscal year | 2,552,838 | 2,552,838 | 3,001,532 | ||
Term loans amortized cost basis by origination, three years before current fiscal year | 2,788,372 | 2,788,372 | 1,841,896 | ||
Term loans amortized cost basis by origination, four years before current fiscal year | 1,758,858 | 1,758,858 | 1,460,858 | ||
Term loans amortized cost basis by origination, prior | 3,802,047 | 3,802,047 | 2,803,594 | ||
Amortized Cost Basis | 8,519,385 | 8,519,385 | 8,836,288 | ||
Converted to Term Loans | 67,601 | 67,601 | 48,593 | ||
Total loans | 22,536,612 | 22,536,612 | 22,598,493 | ||
Gross charge-offs | |||||
Year One | 1,479 | 9,367 | |||
Year Two | 16,089 | 3,436 | |||
Year Three | 2,861 | 8,608 | |||
Year Four | 8,447 | 26,368 | |||
Year Five | 2,253 | 2,709 | |||
Prior | 8,900 | 4,933 | |||
Amortized Cost Basis | 32,293 | 30,696 | |||
Converted to Term Loans | 0 | 203 | |||
Total | 72,322 | 86,320 | |||
Total commercial and industrial | Commercial, financial and agricultural | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term loans amortized cost basis by origination, current fiscal year | 649,234 | 649,234 | 1,120,645 | ||
Term loans amortized cost basis by origination, before current fiscal year | 1,127,686 | 1,127,686 | 1,063,760 | ||
Term loans amortized cost basis by origination, two years before current fiscal year | 962,259 | 962,259 | 1,463,949 | ||
Term loans amortized cost basis by origination, three years before current fiscal year | 1,367,381 | 1,367,381 | 821,205 | ||
Term loans amortized cost basis by origination, four years before current fiscal year | 769,231 | 769,231 | 727,833 | ||
Term loans amortized cost basis by origination, prior | 1,762,409 | 1,762,409 | 1,266,232 | ||
Amortized Cost Basis | 7,813,807 | 7,813,807 | 7,947,128 | ||
Converted to Term Loans | 67,601 | 67,601 | 48,593 | ||
Total loans | 14,519,608 | 14,519,608 | 14,459,345 | ||
Gross charge-offs | |||||
Year One | 1,479 | 9,367 | |||
Year Two | 16,013 | 3,436 | |||
Year Three | 2,861 | 8,175 | |||
Year Four | 8,447 | 19,532 | |||
Year Five | 715 | 1,165 | |||
Prior | 2,597 | 2,071 | |||
Amortized Cost Basis | 32,293 | 30,696 | |||
Converted to Term Loans | 0 | 203 | |||
Total | 64,405 | 74,645 | |||
Total commercial and industrial | Owner-occupied | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term loans amortized cost basis by origination, current fiscal year | 316,117 | 316,117 | 865,984 | ||
Term loans amortized cost basis by origination, before current fiscal year | 954,474 | 954,474 | 1,555,343 | ||
Term loans amortized cost basis by origination, two years before current fiscal year | 1,590,579 | 1,590,579 | 1,537,583 | ||
Term loans amortized cost basis by origination, three years before current fiscal year | 1,420,991 | 1,420,991 | 1,020,691 | ||
Term loans amortized cost basis by origination, four years before current fiscal year | 989,627 | 989,627 | 733,025 | ||
Term loans amortized cost basis by origination, prior | 2,039,638 | 2,039,638 | 1,537,362 | ||
Amortized Cost Basis | 705,578 | 705,578 | 889,160 | ||
Converted to Term Loans | 0 | 0 | 0 | ||
Total loans | 8,017,004 | 8,017,004 | 8,139,148 | ||
Gross charge-offs | |||||
Year One | 0 | 0 | |||
Year Two | 76 | 0 | |||
Year Three | 0 | 433 | |||
Year Four | 0 | 6,836 | |||
Year Five | 1,538 | 1,544 | |||
Prior | 6,303 | 2,862 | |||
Amortized Cost Basis | 0 | 0 | |||
Converted to Term Loans | 0 | 0 | |||
Total | 7,917 | 11,675 | |||
Total commercial real estate | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term loans amortized cost basis by origination, current fiscal year | 353,325 | 353,325 | 902,990 | ||
Term loans amortized cost basis by origination, before current fiscal year | 913,391 | 913,391 | 3,376,295 | ||
Term loans amortized cost basis by origination, two years before current fiscal year | 3,656,411 | 3,656,411 | 3,229,919 | ||
Term loans amortized cost basis by origination, three years before current fiscal year | 3,104,022 | 3,104,022 | 1,211,860 | ||
Term loans amortized cost basis by origination, four years before current fiscal year | 1,020,076 | 1,020,076 | 1,151,962 | ||
Term loans amortized cost basis by origination, prior | 2,902,091 | 2,902,091 | 2,138,962 | ||
Amortized Cost Basis | 266,171 | 266,171 | 304,770 | ||
Converted to Term Loans | 0 | 0 | 0 | ||
Total loans | 12,215,487 | 12,215,487 | 12,316,758 | ||
Gross charge-offs | |||||
Year One | 0 | 546 | |||
Year Two | 103 | 7,685 | |||
Year Three | 0 | 5,668 | |||
Year Four | 0 | 3,878 | |||
Year Five | 0 | 1,893 | |||
Prior | 3,871 | 22,671 | |||
Amortized Cost Basis | 0 | 3,109 | |||
Converted to Term Loans | 0 | 0 | |||
Total | 3,974 | 45,450 | |||
Total commercial real estate | Investment properties | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term loans amortized cost basis by origination, current fiscal year | 233,071 | 233,071 | 595,623 | ||
Term loans amortized cost basis by origination, before current fiscal year | 700,683 | 700,683 | 3,145,727 | ||
Term loans amortized cost basis by origination, two years before current fiscal year | 3,479,101 | 3,479,101 | 3,074,155 | ||
Term loans amortized cost basis by origination, three years before current fiscal year | 2,964,747 | 2,964,747 | 1,163,152 | ||
Term loans amortized cost basis by origination, four years before current fiscal year | 979,856 | 979,856 | 1,102,689 | ||
Term loans amortized cost basis by origination, prior | 2,763,995 | 2,763,995 | 2,020,221 | ||
Amortized Cost Basis | 206,596 | 206,596 | 261,737 | ||
Converted to Term Loans | 0 | 0 | 0 | ||
Total loans | 11,328,049 | 11,328,049 | 11,363,304 | ||
Gross charge-offs | |||||
Year One | 0 | 546 | |||
Year Two | 0 | 7,685 | |||
Year Three | 0 | 5,668 | |||
Year Four | 0 | 3,801 | |||
Year Five | 0 | 1,893 | |||
Prior | 3,738 | 22,647 | |||
Amortized Cost Basis | 0 | 3,109 | |||
Converted to Term Loans | 0 | 0 | |||
Total | 3,738 | 45,349 | |||
Total commercial real estate | 1-4 family properties | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term loans amortized cost basis by origination, current fiscal year | 67,911 | 67,911 | 172,554 | ||
Term loans amortized cost basis by origination, before current fiscal year | 116,559 | 116,559 | 144,699 | ||
Term loans amortized cost basis by origination, two years before current fiscal year | 110,560 | 110,560 | 119,697 | ||
Term loans amortized cost basis by origination, three years before current fiscal year | 110,547 | 110,547 | 32,577 | ||
Term loans amortized cost basis by origination, four years before current fiscal year | 31,056 | 31,056 | 30,064 | ||
Term loans amortized cost basis by origination, prior | 69,141 | 69,141 | 56,766 | ||
Amortized Cost Basis | 46,773 | 46,773 | 42,145 | ||
Converted to Term Loans | 0 | 0 | 0 | ||
Total loans | 552,547 | 552,547 | 598,502 | ||
Gross charge-offs | |||||
Year One | 0 | 0 | |||
Year Two | 103 | 0 | |||
Year Three | 0 | 0 | |||
Year Four | 0 | 0 | |||
Year Five | 0 | 0 | |||
Prior | 133 | 24 | |||
Amortized Cost Basis | 0 | 0 | |||
Converted to Term Loans | 0 | 0 | |||
Total | 236 | 24 | |||
Total commercial real estate | Land and development | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term loans amortized cost basis by origination, current fiscal year | 52,343 | 52,343 | 134,813 | ||
Term loans amortized cost basis by origination, before current fiscal year | 96,149 | 96,149 | 85,869 | ||
Term loans amortized cost basis by origination, two years before current fiscal year | 66,750 | 66,750 | 36,067 | ||
Term loans amortized cost basis by origination, three years before current fiscal year | 28,728 | 28,728 | 16,131 | ||
Term loans amortized cost basis by origination, four years before current fiscal year | 9,164 | 9,164 | 19,209 | ||
Term loans amortized cost basis by origination, prior | 68,955 | 68,955 | 61,975 | ||
Amortized Cost Basis | 12,802 | 12,802 | 888 | ||
Converted to Term Loans | 0 | 0 | 0 | ||
Total loans | 334,891 | 334,891 | 354,952 | ||
Gross charge-offs | |||||
Year One | 0 | 0 | |||
Year Two | 0 | 0 | |||
Year Three | 0 | 0 | |||
Year Four | 0 | 77 | |||
Year Five | 0 | 0 | |||
Prior | 0 | 0 | |||
Amortized Cost Basis | 0 | 0 | |||
Converted to Term Loans | 0 | 0 | |||
Total | 0 | 77 | |||
Total consumer | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term loans amortized cost basis by origination, current fiscal year | 321,569 | 321,569 | 893,591 | ||
Term loans amortized cost basis by origination, before current fiscal year | 839,958 | 839,958 | 970,126 | ||
Term loans amortized cost basis by origination, two years before current fiscal year | 876,399 | 876,399 | 1,273,185 | ||
Term loans amortized cost basis by origination, three years before current fiscal year | 1,179,133 | 1,179,133 | 1,350,498 | ||
Term loans amortized cost basis by origination, four years before current fiscal year | 1,277,689 | 1,277,689 | 448,813 | ||
Term loans amortized cost basis by origination, prior | 1,585,088 | 1,585,088 | 1,273,891 | ||
Amortized Cost Basis | 1,799,533 | 1,799,533 | 1,791,075 | ||
Converted to Term Loans | 461,929 | 461,929 | 488,060 | ||
Total loans | 8,341,298 | 8,341,298 | 8,489,239 | ||
Gross charge-offs | |||||
Year One | 19 | 627 | |||
Year Two | 1,464 | 6,148 | |||
Year Three | 2,675 | 24,482 | |||
Year Four | 4,267 | 4,028 | |||
Year Five | 1,302 | 2,373 | |||
Prior | 1,610 | 3,070 | |||
Amortized Cost Basis | 5,194 | 10,347 | |||
Converted to Term Loans | 32 | 229 | |||
Total | 16,563 | 51,304 | |||
Total consumer | Consumer mortgages | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term loans amortized cost basis by origination, current fiscal year | 246,426 | 246,426 | 758,049 | ||
Term loans amortized cost basis by origination, before current fiscal year | 740,949 | 740,949 | 787,708 | ||
Term loans amortized cost basis by origination, two years before current fiscal year | 728,652 | 728,652 | 1,049,959 | ||
Term loans amortized cost basis by origination, three years before current fiscal year | 999,460 | 999,460 | 1,235,310 | ||
Term loans amortized cost basis by origination, four years before current fiscal year | 1,182,245 | 1,182,245 | 419,989 | ||
Term loans amortized cost basis by origination, prior | 1,472,840 | 1,472,840 | 1,160,673 | ||
Amortized Cost Basis | 592 | 592 | 35 | ||
Converted to Term Loans | 0 | 0 | 0 | ||
Total loans | 5,371,164 | 5,371,164 | 5,411,723 | ||
Gross charge-offs | |||||
Year One | 0 | 0 | |||
Year Two | 0 | 108 | |||
Year Three | 0 | 251 | |||
Year Four | 0 | 403 | |||
Year Five | 25 | 402 | |||
Prior | 109 | 965 | |||
Amortized Cost Basis | 0 | 5 | |||
Converted to Term Loans | 0 | 0 | |||
Total | 134 | 2,134 | |||
Total consumer | Home equity | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term loans amortized cost basis by origination, current fiscal year | 0 | 0 | 0 | ||
Term loans amortized cost basis by origination, before current fiscal year | 0 | 0 | 0 | ||
Term loans amortized cost basis by origination, two years before current fiscal year | 0 | 0 | 0 | ||
Term loans amortized cost basis by origination, three years before current fiscal year | 0 | 0 | 0 | ||
Term loans amortized cost basis by origination, four years before current fiscal year | 0 | 0 | 0 | ||
Term loans amortized cost basis by origination, prior | 0 | 0 | 0 | ||
Amortized Cost Basis | 1,351,011 | 1,351,011 | 1,319,339 | ||
Converted to Term Loans | 461,929 | 461,929 | 488,060 | ||
Total loans | 1,812,940 | 1,812,940 | 1,807,399 | ||
Gross charge-offs | |||||
Year One | 0 | 0 | |||
Year Two | 0 | 0 | |||
Year Three | 0 | 0 | |||
Year Four | 0 | 0 | |||
Year Five | 0 | 0 | |||
Prior | 0 | 79 | |||
Amortized Cost Basis | 0 | 819 | |||
Converted to Term Loans | 32 | 229 | |||
Total | 32 | 1,127 | |||
Total consumer | Credit cards | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term loans amortized cost basis by origination, current fiscal year | 0 | 0 | 0 | ||
Term loans amortized cost basis by origination, before current fiscal year | 0 | 0 | 0 | ||
Term loans amortized cost basis by origination, two years before current fiscal year | 0 | 0 | 0 | ||
Term loans amortized cost basis by origination, three years before current fiscal year | 0 | 0 | 0 | ||
Term loans amortized cost basis by origination, four years before current fiscal year | 0 | 0 | 0 | ||
Term loans amortized cost basis by origination, prior | 0 | 0 | 0 | ||
Amortized Cost Basis | 178,889 | 178,889 | 194,141 | ||
Converted to Term Loans | 0 | 0 | 0 | ||
Total loans | 178,889 | 178,889 | 194,141 | ||
Gross charge-offs | |||||
Year One | 0 | 0 | |||
Year Two | 0 | 0 | |||
Year Three | 0 | 0 | |||
Year Four | 0 | 0 | |||
Year Five | 0 | 0 | |||
Prior | 0 | 0 | |||
Amortized Cost Basis | 3,892 | 7,165 | |||
Converted to Term Loans | 0 | 0 | |||
Total | 3,892 | 7,165 | |||
Total consumer | Other consumer loans | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term loans amortized cost basis by origination, current fiscal year | 75,143 | 75,143 | 135,542 | ||
Term loans amortized cost basis by origination, before current fiscal year | 99,009 | 99,009 | 182,418 | ||
Term loans amortized cost basis by origination, two years before current fiscal year | 147,747 | 147,747 | 223,226 | ||
Term loans amortized cost basis by origination, three years before current fiscal year | 179,673 | 179,673 | 115,188 | ||
Term loans amortized cost basis by origination, four years before current fiscal year | 95,444 | 95,444 | 28,824 | ||
Term loans amortized cost basis by origination, prior | 112,248 | 112,248 | 113,218 | ||
Amortized Cost Basis | 269,041 | 269,041 | 277,560 | ||
Converted to Term Loans | 0 | 0 | 0 | ||
Total loans | 978,305 | 978,305 | 1,075,976 | ||
Gross charge-offs | |||||
Year One | 19 | 627 | |||
Year Two | 1,464 | 6,040 | |||
Year Three | 2,675 | 24,231 | |||
Year Four | 4,267 | 3,625 | |||
Year Five | 1,277 | 1,971 | |||
Prior | 1,501 | 2,026 | |||
Amortized Cost Basis | 1,302 | 2,358 | |||
Converted to Term Loans | 0 | 0 | |||
Total | 12,505 | 40,878 | |||
Pass | Total commercial and industrial | Commercial, financial and agricultural | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term loans amortized cost basis by origination, current fiscal year | 626,567 | 626,567 | 1,078,790 | ||
Term loans amortized cost basis by origination, before current fiscal year | 1,098,785 | 1,098,785 | 1,040,742 | ||
Term loans amortized cost basis by origination, two years before current fiscal year | 911,677 | 911,677 | 1,408,178 | ||
Term loans amortized cost basis by origination, three years before current fiscal year | 1,320,817 | 1,320,817 | 782,069 | ||
Term loans amortized cost basis by origination, four years before current fiscal year | 730,590 | 730,590 | 636,341 | ||
Term loans amortized cost basis by origination, prior | 1,728,030 | 1,728,030 | 1,236,433 | ||
Amortized Cost Basis | 7,468,133 | 7,468,133 | 7,623,255 | ||
Converted to Term Loans | 62,057 | 62,057 | 46,908 | ||
Total loans | 13,946,656 | 13,946,656 | 13,852,716 | ||
Pass | Total commercial and industrial | Owner-occupied | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term loans amortized cost basis by origination, current fiscal year | 314,814 | 314,814 | 859,887 | ||
Term loans amortized cost basis by origination, before current fiscal year | 947,696 | 947,696 | 1,521,469 | ||
Term loans amortized cost basis by origination, two years before current fiscal year | 1,545,933 | 1,545,933 | 1,501,405 | ||
Term loans amortized cost basis by origination, three years before current fiscal year | 1,369,707 | 1,369,707 | 958,620 | ||
Term loans amortized cost basis by origination, four years before current fiscal year | 906,405 | 906,405 | 710,634 | ||
Term loans amortized cost basis by origination, prior | 1,909,641 | 1,909,641 | 1,401,416 | ||
Amortized Cost Basis | 653,228 | 653,228 | 782,180 | ||
Converted to Term Loans | 0 | 0 | 0 | ||
Total loans | 7,647,424 | 7,647,424 | 7,735,611 | ||
Pass | Total commercial real estate | Investment properties | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term loans amortized cost basis by origination, current fiscal year | 233,067 | 233,067 | 593,540 | ||
Term loans amortized cost basis by origination, before current fiscal year | 697,423 | 697,423 | 3,140,041 | ||
Term loans amortized cost basis by origination, two years before current fiscal year | 3,391,129 | 3,391,129 | 2,863,327 | ||
Term loans amortized cost basis by origination, three years before current fiscal year | 2,691,967 | 2,691,967 | 1,161,697 | ||
Term loans amortized cost basis by origination, four years before current fiscal year | 933,578 | 933,578 | 1,052,638 | ||
Term loans amortized cost basis by origination, prior | 2,628,003 | 2,628,003 | 1,900,744 | ||
Amortized Cost Basis | 206,596 | 206,596 | 261,737 | ||
Converted to Term Loans | 0 | 0 | 0 | ||
Total loans | 10,781,763 | 10,781,763 | 10,973,724 | ||
Pass | Total commercial real estate | 1-4 family properties | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term loans amortized cost basis by origination, current fiscal year | 67,911 | 67,911 | 167,729 | ||
Term loans amortized cost basis by origination, before current fiscal year | 115,810 | 115,810 | 142,930 | ||
Term loans amortized cost basis by origination, two years before current fiscal year | 109,798 | 109,798 | 119,054 | ||
Term loans amortized cost basis by origination, three years before current fiscal year | 109,112 | 109,112 | 31,928 | ||
Term loans amortized cost basis by origination, four years before current fiscal year | 30,592 | 30,592 | 29,740 | ||
Term loans amortized cost basis by origination, prior | 66,683 | 66,683 | 55,243 | ||
Amortized Cost Basis | 46,728 | 46,728 | 42,099 | ||
Converted to Term Loans | 0 | 0 | 0 | ||
Total loans | 546,634 | 546,634 | 588,723 | ||
Pass | Total commercial real estate | Land and development | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term loans amortized cost basis by origination, current fiscal year | 52,343 | 52,343 | 105,609 | ||
Term loans amortized cost basis by origination, before current fiscal year | 95,588 | 95,588 | 84,962 | ||
Term loans amortized cost basis by origination, two years before current fiscal year | 66,267 | 66,267 | 35,993 | ||
Term loans amortized cost basis by origination, three years before current fiscal year | 28,699 | 28,699 | 16,131 | ||
Term loans amortized cost basis by origination, four years before current fiscal year | 8,969 | 8,969 | 18,616 | ||
Term loans amortized cost basis by origination, prior | 66,360 | 66,360 | 59,605 | ||
Amortized Cost Basis | 12,802 | 12,802 | 888 | ||
Converted to Term Loans | 0 | 0 | 0 | ||
Total loans | 331,028 | 331,028 | 321,804 | ||
Pass | Total consumer | Consumer mortgages | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term loans amortized cost basis by origination, current fiscal year | 246,139 | 246,139 | 757,485 | ||
Term loans amortized cost basis by origination, before current fiscal year | 739,069 | 739,069 | 784,898 | ||
Term loans amortized cost basis by origination, two years before current fiscal year | 725,131 | 725,131 | 1,044,442 | ||
Term loans amortized cost basis by origination, three years before current fiscal year | 993,128 | 993,128 | 1,219,397 | ||
Term loans amortized cost basis by origination, four years before current fiscal year | 1,164,849 | 1,164,849 | 410,511 | ||
Term loans amortized cost basis by origination, prior | 1,438,748 | 1,438,748 | 1,136,541 | ||
Amortized Cost Basis | 592 | 592 | 35 | ||
Converted to Term Loans | 0 | 0 | 0 | ||
Total loans | 5,307,656 | 5,307,656 | 5,353,309 | ||
Pass | Total consumer | Home equity | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term loans amortized cost basis by origination, current fiscal year | 0 | 0 | 0 | ||
Term loans amortized cost basis by origination, before current fiscal year | 0 | 0 | 0 | ||
Term loans amortized cost basis by origination, two years before current fiscal year | 0 | 0 | 0 | ||
Term loans amortized cost basis by origination, three years before current fiscal year | 0 | 0 | 0 | ||
Term loans amortized cost basis by origination, four years before current fiscal year | 0 | 0 | 0 | ||
Term loans amortized cost basis by origination, prior | 0 | 0 | 0 | ||
Amortized Cost Basis | 1,338,972 | 1,338,972 | 1,308,934 | ||
Converted to Term Loans | 455,684 | 455,684 | 482,679 | ||
Total loans | 1,794,656 | 1,794,656 | 1,791,613 | ||
Pass | Total consumer | Credit cards | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term loans amortized cost basis by origination, current fiscal year | 0 | 0 | 0 | ||
Term loans amortized cost basis by origination, before current fiscal year | 0 | 0 | 0 | ||
Term loans amortized cost basis by origination, two years before current fiscal year | 0 | 0 | 0 | ||
Term loans amortized cost basis by origination, three years before current fiscal year | 0 | 0 | 0 | ||
Term loans amortized cost basis by origination, four years before current fiscal year | 0 | 0 | 0 | ||
Term loans amortized cost basis by origination, prior | 0 | 0 | 0 | ||
Amortized Cost Basis | 177,086 | 177,086 | 192,217 | ||
Converted to Term Loans | 0 | 0 | 0 | ||
Total loans | 177,086 | 177,086 | 192,217 | ||
Pass | Total consumer | Other consumer loans | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term loans amortized cost basis by origination, current fiscal year | 75,143 | 75,143 | 134,969 | ||
Term loans amortized cost basis by origination, before current fiscal year | 98,329 | 98,329 | 181,455 | ||
Term loans amortized cost basis by origination, two years before current fiscal year | 146,434 | 146,434 | 219,415 | ||
Term loans amortized cost basis by origination, three years before current fiscal year | 176,291 | 176,291 | 114,006 | ||
Term loans amortized cost basis by origination, four years before current fiscal year | 94,170 | 94,170 | 28,256 | ||
Term loans amortized cost basis by origination, prior | 111,612 | 111,612 | 112,724 | ||
Amortized Cost Basis | 268,946 | 268,946 | 277,368 | ||
Converted to Term Loans | 0 | 0 | 0 | ||
Total loans | 970,925 | 970,925 | 1,068,193 | ||
Special Mention | Total commercial and industrial | Commercial, financial and agricultural | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term loans amortized cost basis by origination, current fiscal year | 333 | 333 | 5,298 | ||
Term loans amortized cost basis by origination, before current fiscal year | 8,268 | 8,268 | 8,276 | ||
Term loans amortized cost basis by origination, two years before current fiscal year | 5,942 | 5,942 | 20,027 | ||
Term loans amortized cost basis by origination, three years before current fiscal year | 17,953 | 17,953 | 1,950 | ||
Term loans amortized cost basis by origination, four years before current fiscal year | 858 | 858 | 2,552 | ||
Term loans amortized cost basis by origination, prior | 10,710 | 10,710 | 8,412 | ||
Amortized Cost Basis | 143,327 | 143,327 | 141,580 | ||
Converted to Term Loans | 1,807 | 1,807 | 0 | ||
Total loans | 189,198 | 189,198 | 188,095 | ||
Special Mention | Total commercial and industrial | Owner-occupied | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term loans amortized cost basis by origination, current fiscal year | 1,110 | 1,110 | 1,709 | ||
Term loans amortized cost basis by origination, before current fiscal year | 1,839 | 1,839 | 9,114 | ||
Term loans amortized cost basis by origination, two years before current fiscal year | 5,249 | 5,249 | 22,562 | ||
Term loans amortized cost basis by origination, three years before current fiscal year | 21,824 | 21,824 | 2,593 | ||
Term loans amortized cost basis by origination, four years before current fiscal year | 34,531 | 34,531 | 4,689 | ||
Term loans amortized cost basis by origination, prior | 58,147 | 58,147 | 48,640 | ||
Amortized Cost Basis | 0 | 0 | 79,031 | ||
Converted to Term Loans | 0 | 0 | 0 | ||
Total loans | 122,700 | 122,700 | 168,338 | ||
Special Mention | Total commercial real estate | Investment properties | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term loans amortized cost basis by origination, current fiscal year | 4 | 4 | 0 | ||
Term loans amortized cost basis by origination, before current fiscal year | 285 | 285 | 1,616 | ||
Term loans amortized cost basis by origination, two years before current fiscal year | 71,813 | 71,813 | 169,550 | ||
Term loans amortized cost basis by origination, three years before current fiscal year | 137,073 | 137,073 | 0 | ||
Term loans amortized cost basis by origination, four years before current fiscal year | 44,224 | 44,224 | 48,429 | ||
Term loans amortized cost basis by origination, prior | 70,128 | 70,128 | 33,903 | ||
Amortized Cost Basis | 0 | 0 | 0 | ||
Converted to Term Loans | 0 | 0 | 0 | ||
Total loans | 323,527 | 323,527 | 253,498 | ||
Special Mention | Total commercial real estate | 1-4 family properties | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term loans amortized cost basis by origination, current fiscal year | 0 | 0 | 3,104 | ||
Term loans amortized cost basis by origination, before current fiscal year | 0 | 0 | 947 | ||
Term loans amortized cost basis by origination, two years before current fiscal year | 711 | 711 | 0 | ||
Term loans amortized cost basis by origination, three years before current fiscal year | 491 | 491 | 184 | ||
Term loans amortized cost basis by origination, four years before current fiscal year | 179 | 179 | 0 | ||
Term loans amortized cost basis by origination, prior | 92 | 92 | 311 | ||
Amortized Cost Basis | 0 | 0 | 1 | ||
Converted to Term Loans | 0 | 0 | 0 | ||
Total loans | 1,473 | 1,473 | 4,547 | ||
Special Mention | Total commercial real estate | Land and development | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term loans amortized cost basis by origination, current fiscal year | 0 | 0 | 0 | ||
Term loans amortized cost basis by origination, before current fiscal year | 0 | 0 | 496 | ||
Term loans amortized cost basis by origination, two years before current fiscal year | 483 | 483 | 0 | ||
Term loans amortized cost basis by origination, three years before current fiscal year | 29 | 29 | 0 | ||
Term loans amortized cost basis by origination, four years before current fiscal year | 0 | 0 | 0 | ||
Term loans amortized cost basis by origination, prior | 1,165 | 1,165 | 774 | ||
Amortized Cost Basis | 0 | 0 | 0 | ||
Converted to Term Loans | 0 | 0 | 0 | ||
Total loans | 1,677 | 1,677 | 1,270 | ||
Substandard | Total commercial and industrial | Commercial, financial and agricultural | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term loans amortized cost basis by origination, current fiscal year | 22,334 | 22,334 | 36,557 | ||
Term loans amortized cost basis by origination, before current fiscal year | 20,633 | 20,633 | 14,742 | ||
Term loans amortized cost basis by origination, two years before current fiscal year | 44,640 | 44,640 | 35,744 | ||
Term loans amortized cost basis by origination, three years before current fiscal year | 18,700 | 18,700 | 37,186 | ||
Term loans amortized cost basis by origination, four years before current fiscal year | 37,393 | 37,393 | 88,940 | ||
Term loans amortized cost basis by origination, prior | 23,669 | 23,669 | 21,032 | ||
Amortized Cost Basis | 191,115 | 191,115 | 182,069 | ||
Converted to Term Loans | 3,737 | 3,737 | 1,685 | ||
Total loans | 362,221 | 362,221 | 417,955 | ||
Substandard | Total commercial and industrial | Owner-occupied | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term loans amortized cost basis by origination, current fiscal year | 193 | 193 | 4,388 | ||
Term loans amortized cost basis by origination, before current fiscal year | 4,939 | 4,939 | 24,760 | ||
Term loans amortized cost basis by origination, two years before current fiscal year | 39,397 | 39,397 | 13,616 | ||
Term loans amortized cost basis by origination, three years before current fiscal year | 29,460 | 29,460 | 59,478 | ||
Term loans amortized cost basis by origination, four years before current fiscal year | 48,691 | 48,691 | 17,702 | ||
Term loans amortized cost basis by origination, prior | 71,850 | 71,850 | 87,306 | ||
Amortized Cost Basis | 35,944 | 35,944 | 27,949 | ||
Converted to Term Loans | 0 | 0 | 0 | ||
Total loans | 230,474 | 230,474 | 235,199 | ||
Substandard | Total commercial real estate | Investment properties | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term loans amortized cost basis by origination, current fiscal year | 0 | 0 | 2,083 | ||
Term loans amortized cost basis by origination, before current fiscal year | 2,975 | 2,975 | 4,070 | ||
Term loans amortized cost basis by origination, two years before current fiscal year | 16,159 | 16,159 | 41,278 | ||
Term loans amortized cost basis by origination, three years before current fiscal year | 135,707 | 135,707 | 1,455 | ||
Term loans amortized cost basis by origination, four years before current fiscal year | 2,054 | 2,054 | 1,622 | ||
Term loans amortized cost basis by origination, prior | 65,859 | 65,859 | 75,850 | ||
Amortized Cost Basis | 0 | 0 | 0 | ||
Converted to Term Loans | 0 | 0 | 0 | ||
Total loans | 222,754 | 222,754 | 126,358 | ||
Substandard | Total commercial real estate | 1-4 family properties | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term loans amortized cost basis by origination, current fiscal year | 0 | 0 | 1,721 | ||
Term loans amortized cost basis by origination, before current fiscal year | 749 | 749 | 822 | ||
Term loans amortized cost basis by origination, two years before current fiscal year | 51 | 51 | 643 | ||
Term loans amortized cost basis by origination, three years before current fiscal year | 944 | 944 | 465 | ||
Term loans amortized cost basis by origination, four years before current fiscal year | 285 | 285 | 324 | ||
Term loans amortized cost basis by origination, prior | 2,366 | 2,366 | 1,212 | ||
Amortized Cost Basis | 45 | 45 | 45 | ||
Converted to Term Loans | 0 | 0 | 0 | ||
Total loans | 4,440 | 4,440 | 5,232 | ||
Substandard | Total commercial real estate | Land and development | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term loans amortized cost basis by origination, current fiscal year | 0 | 0 | 29,204 | ||
Term loans amortized cost basis by origination, before current fiscal year | 561 | 561 | 411 | ||
Term loans amortized cost basis by origination, two years before current fiscal year | 0 | 0 | 74 | ||
Term loans amortized cost basis by origination, three years before current fiscal year | 0 | 0 | 0 | ||
Term loans amortized cost basis by origination, four years before current fiscal year | 195 | 195 | 593 | ||
Term loans amortized cost basis by origination, prior | 1,430 | 1,430 | 1,596 | ||
Amortized Cost Basis | 0 | 0 | 0 | ||
Converted to Term Loans | 0 | 0 | 0 | ||
Total loans | 2,186 | 2,186 | 31,878 | ||
Substandard | Total consumer | Consumer mortgages | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term loans amortized cost basis by origination, current fiscal year | 287 | 287 | 564 | ||
Term loans amortized cost basis by origination, before current fiscal year | 1,880 | 1,880 | 2,810 | ||
Term loans amortized cost basis by origination, two years before current fiscal year | 3,521 | 3,521 | 5,517 | ||
Term loans amortized cost basis by origination, three years before current fiscal year | 6,332 | 6,332 | 15,913 | ||
Term loans amortized cost basis by origination, four years before current fiscal year | 17,396 | 17,396 | 9,478 | ||
Term loans amortized cost basis by origination, prior | 34,060 | 34,060 | 23,662 | ||
Amortized Cost Basis | 0 | 0 | 0 | ||
Converted to Term Loans | 0 | 0 | 0 | ||
Total loans | 63,476 | 63,476 | 57,944 | ||
Substandard | Total consumer | Home equity | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term loans amortized cost basis by origination, current fiscal year | 0 | 0 | 0 | ||
Term loans amortized cost basis by origination, before current fiscal year | 0 | 0 | 0 | ||
Term loans amortized cost basis by origination, two years before current fiscal year | 0 | 0 | 0 | ||
Term loans amortized cost basis by origination, three years before current fiscal year | 0 | 0 | 0 | ||
Term loans amortized cost basis by origination, four years before current fiscal year | 0 | 0 | 0 | ||
Term loans amortized cost basis by origination, prior | 0 | 0 | 0 | ||
Amortized Cost Basis | 11,874 | 11,874 | 10,231 | ||
Converted to Term Loans | 6,161 | 6,161 | 5,297 | ||
Total loans | 18,035 | 18,035 | 15,528 | ||
Substandard | Total consumer | Credit cards | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term loans amortized cost basis by origination, current fiscal year | 0 | 0 | 0 | ||
Term loans amortized cost basis by origination, before current fiscal year | 0 | 0 | 0 | ||
Term loans amortized cost basis by origination, two years before current fiscal year | 0 | 0 | 0 | ||
Term loans amortized cost basis by origination, three years before current fiscal year | 0 | 0 | 0 | ||
Term loans amortized cost basis by origination, four years before current fiscal year | 0 | 0 | 0 | ||
Term loans amortized cost basis by origination, prior | 0 | 0 | 0 | ||
Amortized Cost Basis | 524 | 524 | 702 | ||
Converted to Term Loans | 0 | 0 | 0 | ||
Total loans | 524 | 524 | 702 | ||
Substandard | Total consumer | Other consumer loans | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term loans amortized cost basis by origination, current fiscal year | 0 | 0 | 573 | ||
Term loans amortized cost basis by origination, before current fiscal year | 680 | 680 | 963 | ||
Term loans amortized cost basis by origination, two years before current fiscal year | 1,301 | 1,301 | 3,811 | ||
Term loans amortized cost basis by origination, three years before current fiscal year | 3,382 | 3,382 | 1,182 | ||
Term loans amortized cost basis by origination, four years before current fiscal year | 1,274 | 1,274 | 568 | ||
Term loans amortized cost basis by origination, prior | 636 | 636 | 494 | ||
Amortized Cost Basis | 68 | 68 | 192 | ||
Converted to Term Loans | 0 | 0 | 0 | ||
Total loans | 7,341 | 7,341 | 7,783 | ||
Doubtful | Total commercial and industrial | Commercial, financial and agricultural | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term loans amortized cost basis by origination, current fiscal year | 0 | 0 | |||
Term loans amortized cost basis by origination, before current fiscal year | 0 | 0 | |||
Term loans amortized cost basis by origination, two years before current fiscal year | 0 | 0 | |||
Term loans amortized cost basis by origination, three years before current fiscal year | 9,911 | 9,911 | |||
Term loans amortized cost basis by origination, four years before current fiscal year | 390 | 390 | |||
Term loans amortized cost basis by origination, prior | 0 | 0 | |||
Amortized Cost Basis | 10,684 | 10,684 | |||
Converted to Term Loans | 0 | 0 | |||
Total loans | 20,985 | 20,985 | |||
Doubtful | Total commercial and industrial | Owner-occupied | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term loans amortized cost basis by origination, current fiscal year | 0 | 0 | |||
Term loans amortized cost basis by origination, before current fiscal year | 0 | 0 | |||
Term loans amortized cost basis by origination, two years before current fiscal year | 0 | 0 | |||
Term loans amortized cost basis by origination, three years before current fiscal year | 0 | 0 | |||
Term loans amortized cost basis by origination, four years before current fiscal year | 0 | 0 | |||
Term loans amortized cost basis by origination, prior | 0 | 0 | |||
Amortized Cost Basis | 16,406 | 16,406 | |||
Converted to Term Loans | 0 | 0 | |||
Total loans | 16,406 | 16,406 | |||
Doubtful | Total commercial real estate | Investment properties | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term loans amortized cost basis by origination, current fiscal year | 0 | ||||
Term loans amortized cost basis by origination, before current fiscal year | 0 | ||||
Term loans amortized cost basis by origination, two years before current fiscal year | 0 | ||||
Term loans amortized cost basis by origination, three years before current fiscal year | 0 | ||||
Term loans amortized cost basis by origination, four years before current fiscal year | 0 | ||||
Term loans amortized cost basis by origination, prior | 9,714 | ||||
Amortized Cost Basis | 0 | ||||
Converted to Term Loans | 0 | ||||
Total loans | 9,714 | ||||
Loss | Total commercial and industrial | Commercial, financial and agricultural | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term loans amortized cost basis by origination, current fiscal year | 0 | 0 | 0 | ||
Term loans amortized cost basis by origination, before current fiscal year | 0 | 0 | 0 | ||
Term loans amortized cost basis by origination, two years before current fiscal year | 0 | 0 | 0 | ||
Term loans amortized cost basis by origination, three years before current fiscal year | 0 | 0 | 0 | ||
Term loans amortized cost basis by origination, four years before current fiscal year | 0 | 0 | 0 | ||
Term loans amortized cost basis by origination, prior | 0 | 0 | 355 | ||
Amortized Cost Basis | 548 | 548 | 224 | ||
Converted to Term Loans | 0 | 0 | 0 | ||
Total loans | 548 | 548 | 579 | ||
Loss | Total commercial real estate | Investment properties | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term loans amortized cost basis by origination, current fiscal year | 0 | 0 | 0 | ||
Term loans amortized cost basis by origination, before current fiscal year | 0 | 0 | 0 | ||
Term loans amortized cost basis by origination, two years before current fiscal year | 0 | 0 | 0 | ||
Term loans amortized cost basis by origination, three years before current fiscal year | 0 | 0 | 0 | ||
Term loans amortized cost basis by origination, four years before current fiscal year | 0 | 0 | 0 | ||
Term loans amortized cost basis by origination, prior | 5 | 5 | 10 | ||
Amortized Cost Basis | 0 | 0 | 0 | ||
Converted to Term Loans | 0 | 0 | 0 | ||
Total loans | 5 | 5 | 10 | ||
Loss | Total consumer | Consumer mortgages | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term loans amortized cost basis by origination, current fiscal year | 0 | 0 | 0 | ||
Term loans amortized cost basis by origination, before current fiscal year | 0 | 0 | 0 | ||
Term loans amortized cost basis by origination, two years before current fiscal year | 0 | 0 | 0 | ||
Term loans amortized cost basis by origination, three years before current fiscal year | 0 | 0 | 0 | ||
Term loans amortized cost basis by origination, four years before current fiscal year | 0 | 0 | 0 | ||
Term loans amortized cost basis by origination, prior | 32 | 32 | 470 | ||
Amortized Cost Basis | 0 | 0 | 0 | ||
Converted to Term Loans | 0 | 0 | 0 | ||
Total loans | 32 | 32 | 470 | ||
Loss | Total consumer | Home equity | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term loans amortized cost basis by origination, current fiscal year | 0 | 0 | 0 | ||
Term loans amortized cost basis by origination, before current fiscal year | 0 | 0 | 0 | ||
Term loans amortized cost basis by origination, two years before current fiscal year | 0 | 0 | 0 | ||
Term loans amortized cost basis by origination, three years before current fiscal year | 0 | 0 | 0 | ||
Term loans amortized cost basis by origination, four years before current fiscal year | 0 | 0 | 0 | ||
Term loans amortized cost basis by origination, prior | 0 | 0 | 0 | ||
Amortized Cost Basis | 165 | 165 | 174 | ||
Converted to Term Loans | 84 | 84 | 84 | ||
Total loans | 249 | 249 | 258 | ||
Loss | Total consumer | Credit cards | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term loans amortized cost basis by origination, current fiscal year | 0 | 0 | 0 | ||
Term loans amortized cost basis by origination, before current fiscal year | 0 | 0 | 0 | ||
Term loans amortized cost basis by origination, two years before current fiscal year | 0 | 0 | 0 | ||
Term loans amortized cost basis by origination, three years before current fiscal year | 0 | 0 | 0 | ||
Term loans amortized cost basis by origination, four years before current fiscal year | 0 | 0 | 0 | ||
Term loans amortized cost basis by origination, prior | 0 | 0 | 0 | ||
Amortized Cost Basis | 1,279 | 1,279 | 1,222 | ||
Converted to Term Loans | 0 | 0 | 0 | ||
Total loans | 1,279 | 1,279 | $ 1,222 | ||
Loss | Total consumer | Other consumer loans | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term loans amortized cost basis by origination, current fiscal year | 0 | 0 | |||
Term loans amortized cost basis by origination, before current fiscal year | 0 | 0 | |||
Term loans amortized cost basis by origination, two years before current fiscal year | 12 | 12 | |||
Term loans amortized cost basis by origination, three years before current fiscal year | 0 | 0 | |||
Term loans amortized cost basis by origination, four years before current fiscal year | 0 | 0 | |||
Term loans amortized cost basis by origination, prior | 0 | 0 | |||
Amortized Cost Basis | 27 | 27 | |||
Converted to Term Loans | 0 | 0 | |||
Total loans | $ 39 | $ 39 |
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 | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Allowance for loan losses: | |||||
Beginning balance | $ 492,661 | $ 457,010 | $ 479,385 | $ 443,424 | $ 443,424 |
Charge-offs | (42,291) | (36,256) | (92,859) | (61,591) | (183,074) |
Recoveries | 7,806 | 9,860 | 14,018 | 16,645 | |
Provision for (reversal of) loan losses | 26,925 | 40,624 | 84,557 | 72,760 | |
Ending balance | 485,101 | 471,238 | 485,101 | 471,238 | 479,385 |
Commercial & Industrial | |||||
Allowance for loan losses: | |||||
Beginning balance | 213,482 | 158,688 | 218,970 | 161,550 | 161,550 |
Charge-offs | (34,379) | (22,841) | (72,322) | (30,714) | |
Recoveries | 4,589 | 6,402 | 7,877 | 9,878 | |
Provision for (reversal of) loan losses | 37,038 | 17,738 | 66,205 | 19,273 | |
Ending balance | 220,730 | 159,987 | 220,730 | 159,987 | 218,970 |
Commercial Real Estate | |||||
Allowance for loan losses: | |||||
Beginning balance | 152,627 | 160,392 | 133,758 | 143,575 | 143,575 |
Charge-offs | (263) | (5) | (3,974) | (101) | |
Recoveries | 462 | 378 | 1,229 | 662 | |
Provision for (reversal of) loan losses | (11,146) | 8,961 | 10,667 | 25,590 | |
Ending balance | 141,680 | 169,726 | 141,680 | 169,726 | 133,758 |
Total consumer | |||||
Allowance for loan losses: | |||||
Beginning balance | 126,552 | 137,930 | 126,657 | 138,299 | 138,299 |
Charge-offs | (7,649) | (13,410) | (16,563) | (30,776) | |
Recoveries | 2,755 | 3,080 | 4,912 | 6,105 | |
Provision for (reversal of) loan losses | 1,033 | 13,925 | 7,685 | 27,897 | |
Ending balance | $ 122,691 | $ 141,525 | $ 122,691 | $ 141,525 | $ 126,657 |
Loans and Allowance for Loan _7
Loans and Allowance for Loan Losses - Amortized Cost of Loans by Loan Portfolio Class (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Financing Receivable, Modified [Line Items] | ||||
Amortized cost of loans, modified | $ 9,378 | $ 29,016 | $ 15,042 | $ 88,690 |
Percentage of Total by Financing Class | 0% | 0.10% | 0% | 0.20% |
Interest Rate Reduction | ||||
Financing Receivable, Modified [Line Items] | ||||
Amortized cost of loans, modified | $ 58 | $ 2,669 | $ 302 | $ 2,781 |
Term Extension | ||||
Financing Receivable, Modified [Line Items] | ||||
Amortized cost of loans, modified | 9,320 | 10,845 | 14,530 | 28,667 |
Payment Delay | ||||
Financing Receivable, Modified [Line Items] | ||||
Amortized cost of loans, modified | 0 | 210 | ||
Principal Forgiveness and Term Extensions | ||||
Financing Receivable, Modified [Line Items] | ||||
Amortized cost of loans, modified | 13,401 | 13,401 | ||
Interest Rate Reduction and Term Extension | ||||
Financing Receivable, Modified [Line Items] | ||||
Amortized cost of loans, modified | 2,101 | 43,841 | ||
Total commercial and industrial | ||||
Financing Receivable, Modified [Line Items] | ||||
Amortized cost of loans, modified | $ 9,109 | $ 24,412 | $ 11,831 | $ 82,185 |
Percentage of Total by Financing Class | 0% | 0.10% | 0.10% | 0.40% |
Total commercial and industrial | Interest Rate Reduction | ||||
Financing Receivable, Modified [Line Items] | ||||
Amortized cost of loans, modified | $ 0 | $ 1,972 | $ 0 | $ 1,972 |
Total commercial and industrial | Term Extension | ||||
Financing Receivable, Modified [Line Items] | ||||
Amortized cost of loans, modified | 9,109 | 7,852 | 11,831 | 24,125 |
Total commercial and industrial | Payment Delay | ||||
Financing Receivable, Modified [Line Items] | ||||
Amortized cost of loans, modified | 0 | 0 | ||
Total commercial and industrial | Principal Forgiveness and Term Extensions | ||||
Financing Receivable, Modified [Line Items] | ||||
Amortized cost of loans, modified | 13,401 | 13,401 | ||
Total commercial and industrial | Interest Rate Reduction and Term Extension | ||||
Financing Receivable, Modified [Line Items] | ||||
Amortized cost of loans, modified | 1,187 | 42,687 | ||
Total commercial and industrial | Commercial, financial and agricultural | ||||
Financing Receivable, Modified [Line Items] | ||||
Amortized cost of loans, modified | $ 9,109 | $ 24,024 | $ 11,638 | $ 39,098 |
Percentage of Total by Financing Class | 0.10% | 0.20% | 0.10% | 0.30% |
Total commercial and industrial | Commercial, financial and agricultural | Interest Rate Reduction | ||||
Financing Receivable, Modified [Line Items] | ||||
Amortized cost of loans, modified | $ 0 | $ 1,972 | $ 0 | $ 1,972 |
Total commercial and industrial | Commercial, financial and agricultural | Term Extension | ||||
Financing Receivable, Modified [Line Items] | ||||
Amortized cost of loans, modified | 9,109 | 7,464 | 11,638 | 22,297 |
Total commercial and industrial | Commercial, financial and agricultural | Payment Delay | ||||
Financing Receivable, Modified [Line Items] | ||||
Amortized cost of loans, modified | 0 | 0 | ||
Total commercial and industrial | Commercial, financial and agricultural | Principal Forgiveness and Term Extensions | ||||
Financing Receivable, Modified [Line Items] | ||||
Amortized cost of loans, modified | 13,401 | 13,401 | ||
Total commercial and industrial | Commercial, financial and agricultural | Interest Rate Reduction and Term Extension | ||||
Financing Receivable, Modified [Line Items] | ||||
Amortized cost of loans, modified | 1,187 | 1,428 | ||
Total commercial and industrial | Owner-occupied | ||||
Financing Receivable, Modified [Line Items] | ||||
Amortized cost of loans, modified | $ 388 | $ 193 | $ 43,087 | |
Percentage of Total by Financing Class | 0% | 0% | 0.50% | |
Total commercial and industrial | Owner-occupied | Interest Rate Reduction | ||||
Financing Receivable, Modified [Line Items] | ||||
Amortized cost of loans, modified | $ 0 | $ 0 | $ 0 | |
Total commercial and industrial | Owner-occupied | Term Extension | ||||
Financing Receivable, Modified [Line Items] | ||||
Amortized cost of loans, modified | 388 | 193 | 1,828 | |
Total commercial and industrial | Owner-occupied | Payment Delay | ||||
Financing Receivable, Modified [Line Items] | ||||
Amortized cost of loans, modified | 0 | |||
Total commercial and industrial | Owner-occupied | Principal Forgiveness and Term Extensions | ||||
Financing Receivable, Modified [Line Items] | ||||
Amortized cost of loans, modified | 0 | 0 | ||
Total commercial and industrial | Owner-occupied | Interest Rate Reduction and Term Extension | ||||
Financing Receivable, Modified [Line Items] | ||||
Amortized cost of loans, modified | 0 | 41,259 | ||
Total commercial real estate | ||||
Financing Receivable, Modified [Line Items] | ||||
Amortized cost of loans, modified | $ 0 | $ 2,722 | $ 2,236 | $ 4,048 |
Percentage of Total by Financing Class | 0% | 0% | 0% | 0% |
Total commercial real estate | Interest Rate Reduction | ||||
Financing Receivable, Modified [Line Items] | ||||
Amortized cost of loans, modified | $ 0 | $ 0 | $ 0 | $ 0 |
Total commercial real estate | Term Extension | ||||
Financing Receivable, Modified [Line Items] | ||||
Amortized cost of loans, modified | 0 | 2,340 | 2,236 | 3,666 |
Total commercial real estate | Payment Delay | ||||
Financing Receivable, Modified [Line Items] | ||||
Amortized cost of loans, modified | 0 | 0 | ||
Total commercial real estate | Principal Forgiveness and Term Extensions | ||||
Financing Receivable, Modified [Line Items] | ||||
Amortized cost of loans, modified | 0 | 0 | ||
Total commercial real estate | Interest Rate Reduction and Term Extension | ||||
Financing Receivable, Modified [Line Items] | ||||
Amortized cost of loans, modified | 382 | 382 | ||
Total commercial real estate | Investment properties | ||||
Financing Receivable, Modified [Line Items] | ||||
Amortized cost of loans, modified | $ 660 | $ 2,236 | $ 660 | |
Percentage of Total by Financing Class | 0% | 0% | 0% | |
Total commercial real estate | Investment properties | Interest Rate Reduction | ||||
Financing Receivable, Modified [Line Items] | ||||
Amortized cost of loans, modified | $ 0 | $ 0 | $ 0 | |
Total commercial real estate | Investment properties | Term Extension | ||||
Financing Receivable, Modified [Line Items] | ||||
Amortized cost of loans, modified | 660 | 2,236 | 660 | |
Total commercial real estate | Investment properties | Payment Delay | ||||
Financing Receivable, Modified [Line Items] | ||||
Amortized cost of loans, modified | 0 | |||
Total commercial real estate | Investment properties | Principal Forgiveness and Term Extensions | ||||
Financing Receivable, Modified [Line Items] | ||||
Amortized cost of loans, modified | 0 | 0 | ||
Total commercial real estate | Investment properties | Interest Rate Reduction and Term Extension | ||||
Financing Receivable, Modified [Line Items] | ||||
Amortized cost of loans, modified | 0 | 0 | ||
Total commercial real estate | 1-4 family properties | ||||
Financing Receivable, Modified [Line Items] | ||||
Amortized cost of loans, modified | $ 2,062 | $ 3,388 | ||
Percentage of Total by Financing Class | 0.30% | 0.60% | ||
Total commercial real estate | 1-4 family properties | Interest Rate Reduction | ||||
Financing Receivable, Modified [Line Items] | ||||
Amortized cost of loans, modified | $ 0 | $ 0 | ||
Total commercial real estate | 1-4 family properties | Term Extension | ||||
Financing Receivable, Modified [Line Items] | ||||
Amortized cost of loans, modified | 1,680 | 3,006 | ||
Total commercial real estate | 1-4 family properties | Principal Forgiveness and Term Extensions | ||||
Financing Receivable, Modified [Line Items] | ||||
Amortized cost of loans, modified | 0 | 0 | ||
Total commercial real estate | 1-4 family properties | Interest Rate Reduction and Term Extension | ||||
Financing Receivable, Modified [Line Items] | ||||
Amortized cost of loans, modified | 382 | 382 | ||
Total commercial real estate | Land and development | ||||
Financing Receivable, Modified [Line Items] | ||||
Amortized cost of loans, modified | $ 0 | $ 0 | ||
Percentage of Total by Financing Class | 0% | 0% | ||
Total commercial real estate | Land and development | Interest Rate Reduction | ||||
Financing Receivable, Modified [Line Items] | ||||
Amortized cost of loans, modified | $ 0 | $ 0 | ||
Total commercial real estate | Land and development | Term Extension | ||||
Financing Receivable, Modified [Line Items] | ||||
Amortized cost of loans, modified | 0 | 0 | ||
Total commercial real estate | Land and development | Principal Forgiveness and Term Extensions | ||||
Financing Receivable, Modified [Line Items] | ||||
Amortized cost of loans, modified | 0 | 0 | ||
Total commercial real estate | Land and development | Interest Rate Reduction and Term Extension | ||||
Financing Receivable, Modified [Line Items] | ||||
Amortized cost of loans, modified | 0 | 0 | ||
Total consumer | ||||
Financing Receivable, Modified [Line Items] | ||||
Amortized cost of loans, modified | $ 269 | $ 1,882 | $ 975 | $ 2,457 |
Percentage of Total by Financing Class | 0% | 0% | 0% | 0% |
Total consumer | Interest Rate Reduction | ||||
Financing Receivable, Modified [Line Items] | ||||
Amortized cost of loans, modified | $ 58 | $ 697 | $ 302 | $ 809 |
Total consumer | Term Extension | ||||
Financing Receivable, Modified [Line Items] | ||||
Amortized cost of loans, modified | 211 | 653 | 463 | 876 |
Total consumer | Payment Delay | ||||
Financing Receivable, Modified [Line Items] | ||||
Amortized cost of loans, modified | 0 | 210 | ||
Total consumer | Principal Forgiveness and Term Extensions | ||||
Financing Receivable, Modified [Line Items] | ||||
Amortized cost of loans, modified | 0 | 0 | ||
Total consumer | Interest Rate Reduction and Term Extension | ||||
Financing Receivable, Modified [Line Items] | ||||
Amortized cost of loans, modified | 532 | 772 | ||
Total consumer | Consumer mortgages | ||||
Financing Receivable, Modified [Line Items] | ||||
Amortized cost of loans, modified | $ 695 | $ 333 | $ 807 | |
Percentage of Total by Financing Class | 0% | 0% | 0% | |
Total consumer | Consumer mortgages | Interest Rate Reduction | ||||
Financing Receivable, Modified [Line Items] | ||||
Amortized cost of loans, modified | $ 695 | $ 123 | $ 807 | |
Total consumer | Consumer mortgages | Term Extension | ||||
Financing Receivable, Modified [Line Items] | ||||
Amortized cost of loans, modified | 0 | 0 | 0 | |
Total consumer | Consumer mortgages | Payment Delay | ||||
Financing Receivable, Modified [Line Items] | ||||
Amortized cost of loans, modified | 210 | |||
Total consumer | Consumer mortgages | Principal Forgiveness and Term Extensions | ||||
Financing Receivable, Modified [Line Items] | ||||
Amortized cost of loans, modified | 0 | 0 | ||
Total consumer | Consumer mortgages | Interest Rate Reduction and Term Extension | ||||
Financing Receivable, Modified [Line Items] | ||||
Amortized cost of loans, modified | 0 | 0 | ||
Total consumer | Home equity | ||||
Financing Receivable, Modified [Line Items] | ||||
Amortized cost of loans, modified | $ 615 | $ 716 | ||
Percentage of Total by Financing Class | 0% | 0% | ||
Total consumer | Home equity | Interest Rate Reduction | ||||
Financing Receivable, Modified [Line Items] | ||||
Amortized cost of loans, modified | $ 0 | $ 0 | ||
Total consumer | Home equity | Term Extension | ||||
Financing Receivable, Modified [Line Items] | ||||
Amortized cost of loans, modified | 339 | 426 | ||
Total consumer | Home equity | Principal Forgiveness and Term Extensions | ||||
Financing Receivable, Modified [Line Items] | ||||
Amortized cost of loans, modified | 0 | 0 | ||
Total consumer | Home equity | Interest Rate Reduction and Term Extension | ||||
Financing Receivable, Modified [Line Items] | ||||
Amortized cost of loans, modified | 276 | 290 | ||
Total consumer | Credit cards | ||||
Financing Receivable, Modified [Line Items] | ||||
Amortized cost of loans, modified | $ 0 | $ 0 | ||
Percentage of Total by Financing Class | 0% | 0% | ||
Total consumer | Credit cards | Interest Rate Reduction | ||||
Financing Receivable, Modified [Line Items] | ||||
Amortized cost of loans, modified | $ 0 | $ 0 | ||
Total consumer | Credit cards | Term Extension | ||||
Financing Receivable, Modified [Line Items] | ||||
Amortized cost of loans, modified | 0 | 0 | ||
Total consumer | Credit cards | Principal Forgiveness and Term Extensions | ||||
Financing Receivable, Modified [Line Items] | ||||
Amortized cost of loans, modified | 0 | 0 | ||
Total consumer | Credit cards | Interest Rate Reduction and Term Extension | ||||
Financing Receivable, Modified [Line Items] | ||||
Amortized cost of loans, modified | 0 | 0 | ||
Total consumer | Other consumer loans | ||||
Financing Receivable, Modified [Line Items] | ||||
Amortized cost of loans, modified | $ 269 | $ 572 | $ 642 | $ 934 |
Percentage of Total by Financing Class | 0% | 0% | 0.10% | 0.10% |
Total consumer | Other consumer loans | Interest Rate Reduction | ||||
Financing Receivable, Modified [Line Items] | ||||
Amortized cost of loans, modified | $ 58 | $ 2 | $ 179 | $ 2 |
Total consumer | Other consumer loans | Term Extension | ||||
Financing Receivable, Modified [Line Items] | ||||
Amortized cost of loans, modified | 211 | 314 | 463 | 450 |
Total consumer | Other consumer loans | Payment Delay | ||||
Financing Receivable, Modified [Line Items] | ||||
Amortized cost of loans, modified | $ 0 | $ 0 | ||
Total consumer | Other consumer loans | Principal Forgiveness and Term Extensions | ||||
Financing Receivable, Modified [Line Items] | ||||
Amortized cost of loans, modified | 0 | 0 | ||
Total consumer | Other consumer loans | Interest Rate Reduction and Term Extension | ||||
Financing Receivable, Modified [Line Items] | ||||
Amortized cost of loans, modified | $ 256 | $ 482 |
Loans and Allowance for Loan _8
Loans and Allowance for Loan Losses - Financial Effect of Loan Modifications Made To Borrowers Experiencing Financial Difficulty (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Total commercial and industrial | Commercial, financial and agricultural | ||||
Financing Receivable, Modified [Line Items] | ||||
Weighted Average Interest Rate Reduction | 0% | 1.10% | 0% | 1.20% |
Weighted Average Term Extension (in months) | 20 months | 41 months | 19 months | 28 months |
Total commercial and industrial | Commercial, financial and agricultural | Principal Forgiveness and Term Extensions | ||||
Financing Receivable, Modified [Line Items] | ||||
Principal Forgiveness and Term Extensions | $ 1,200 | $ 1,200 | ||
Total commercial and industrial | Owner-occupied | ||||
Financing Receivable, Modified [Line Items] | ||||
Weighted Average Interest Rate Reduction | 0% | 0% | 0% | 1.70% |
Weighted Average Term Extension (in months) | 17 months | 60 months | 9 months | |
Total commercial and industrial | Owner-occupied | Principal Forgiveness and Term Extensions | ||||
Financing Receivable, Modified [Line Items] | ||||
Principal Forgiveness and Term Extensions | $ 0 | $ 0 | ||
Total commercial real estate | Investment properties | ||||
Financing Receivable, Modified [Line Items] | ||||
Weighted Average Interest Rate Reduction | 0% | 0% | 0% | 0% |
Weighted Average Term Extension (in months) | 30 months | 12 months | 30 months | |
Total commercial real estate | Investment properties | Principal Forgiveness and Term Extensions | ||||
Financing Receivable, Modified [Line Items] | ||||
Principal Forgiveness and Term Extensions | $ 0 | $ 0 | ||
Total commercial real estate | 1-4 family properties | ||||
Financing Receivable, Modified [Line Items] | ||||
Weighted Average Interest Rate Reduction | 0.30% | 0.30% | ||
Weighted Average Term Extension (in months) | 12 months | 12 months | ||
Total commercial real estate | 1-4 family properties | Principal Forgiveness and Term Extensions | ||||
Financing Receivable, Modified [Line Items] | ||||
Principal Forgiveness and Term Extensions | $ 0 | $ 0 | ||
Total consumer | Mortgage Reporting Unit | ||||
Financing Receivable, Modified [Line Items] | ||||
Weighted Average Interest Rate Reduction | 0% | 1.90% | 2.30% | 1.60% |
Weighted Average Payment Delay (in months) | 7 years | |||
Total consumer | Mortgage Reporting Unit | Principal Forgiveness and Term Extensions | ||||
Financing Receivable, Modified [Line Items] | ||||
Principal Forgiveness and Term Extensions | $ 0 | $ 0 | ||
Total consumer | Home equity | ||||
Financing Receivable, Modified [Line Items] | ||||
Weighted Average Interest Rate Reduction | 0.40% | 0.50% | ||
Weighted Average Term Extension (in months) | 250 months | 262 months | ||
Total consumer | Home equity | Principal Forgiveness and Term Extensions | ||||
Financing Receivable, Modified [Line Items] | ||||
Principal Forgiveness and Term Extensions | $ 0 | $ 0 | ||
Total consumer | Other consumer loans | ||||
Financing Receivable, Modified [Line Items] | ||||
Weighted Average Interest Rate Reduction | 7.50% | 2.70% | 4% | 3.10% |
Weighted Average Term Extension (in months) | 66 months | 61 months | 71 months | 64 months |
Total consumer | Other consumer loans | Principal Forgiveness and Term Extensions | ||||
Financing Receivable, Modified [Line Items] | ||||
Principal Forgiveness and Term Extensions | $ 0 | $ 0 |
Loans and Allowance for Loan _9
Loans and Allowance for Loan Losses - Aging Analysis (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Jun. 30, 2023 |
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis of loans, aging analysis | $ 85,397 | $ 88,690 |
Current | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis of loans, aging analysis | 76,987 | 72,254 |
Accruing 30-89 Days Past Due | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis of loans, aging analysis | 1,778 | 0 |
Accruing 90 Days or Greater Past Due | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis of loans, aging analysis | 0 | 0 |
Non-accrual | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis of loans, aging analysis | 6,632 | 16,436 |
Total commercial and industrial | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis of loans, aging analysis | 78,265 | 82,185 |
Total commercial and industrial | Current | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis of loans, aging analysis | 71,914 | 68,784 |
Total commercial and industrial | Accruing 30-89 Days Past Due | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis of loans, aging analysis | 1,604 | 0 |
Total commercial and industrial | Accruing 90 Days or Greater Past Due | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis of loans, aging analysis | 0 | 0 |
Total commercial and industrial | Non-accrual | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis of loans, aging analysis | 4,747 | 13,401 |
Total commercial and industrial | Commercial, financial and agricultural | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis of loans, aging analysis | 45,796 | 39,098 |
Total commercial and industrial | Commercial, financial and agricultural | Current | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis of loans, aging analysis | 40,022 | 25,697 |
Total commercial and industrial | Commercial, financial and agricultural | Accruing 30-89 Days Past Due | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis of loans, aging analysis | 1,287 | 0 |
Total commercial and industrial | Commercial, financial and agricultural | Accruing 90 Days or Greater Past Due | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis of loans, aging analysis | 0 | 0 |
Total commercial and industrial | Commercial, financial and agricultural | Non-accrual | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis of loans, aging analysis | 4,487 | 13,401 |
Total commercial and industrial | Owner-occupied | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis of loans, aging analysis | 32,469 | 43,087 |
Total commercial and industrial | Owner-occupied | Current | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis of loans, aging analysis | 31,892 | 43,087 |
Total commercial and industrial | Owner-occupied | Accruing 30-89 Days Past Due | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis of loans, aging analysis | 317 | 0 |
Total commercial and industrial | Owner-occupied | Accruing 90 Days or Greater Past Due | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis of loans, aging analysis | 0 | 0 |
Total commercial and industrial | Owner-occupied | Non-accrual | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis of loans, aging analysis | 260 | 0 |
Total commercial real estate | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis of loans, aging analysis | 3,677 | 4,048 |
Total commercial real estate | Current | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis of loans, aging analysis | 3,677 | 2,368 |
Total commercial real estate | Accruing 30-89 Days Past Due | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis of loans, aging analysis | 0 | 0 |
Total commercial real estate | Accruing 90 Days or Greater Past Due | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis of loans, aging analysis | 0 | 0 |
Total commercial real estate | Non-accrual | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis of loans, aging analysis | 0 | 1,680 |
Total commercial real estate | Investment properties | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis of loans, aging analysis | 2,544 | 660 |
Total commercial real estate | Investment properties | Current | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis of loans, aging analysis | 2,544 | 660 |
Total commercial real estate | Investment properties | Accruing 30-89 Days Past Due | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis of loans, aging analysis | 0 | 0 |
Total commercial real estate | Investment properties | Accruing 90 Days or Greater Past Due | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis of loans, aging analysis | 0 | 0 |
Total commercial real estate | Investment properties | Non-accrual | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis of loans, aging analysis | 0 | 0 |
Total commercial real estate | 1-4 family properties | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis of loans, aging analysis | 33 | 3,388 |
Total commercial real estate | 1-4 family properties | Current | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis of loans, aging analysis | 33 | 1,708 |
Total commercial real estate | 1-4 family properties | Accruing 30-89 Days Past Due | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis of loans, aging analysis | 0 | 0 |
Total commercial real estate | 1-4 family properties | Accruing 90 Days or Greater Past Due | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis of loans, aging analysis | 0 | 0 |
Total commercial real estate | 1-4 family properties | Non-accrual | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis of loans, aging analysis | 0 | 1,680 |
Total commercial real estate | Land and development | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis of loans, aging analysis | 1,100 | 0 |
Total commercial real estate | Land and development | Current | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis of loans, aging analysis | 1,100 | 0 |
Total commercial real estate | Land and development | Accruing 30-89 Days Past Due | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis of loans, aging analysis | 0 | 0 |
Total commercial real estate | Land and development | Accruing 90 Days or Greater Past Due | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis of loans, aging analysis | 0 | 0 |
Total commercial real estate | Land and development | Non-accrual | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis of loans, aging analysis | 0 | 0 |
Total consumer | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis of loans, aging analysis | 3,455 | 2,457 |
Total consumer | Current | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis of loans, aging analysis | 1,396 | 1,102 |
Total consumer | Accruing 30-89 Days Past Due | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis of loans, aging analysis | 174 | 0 |
Total consumer | Accruing 90 Days or Greater Past Due | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis of loans, aging analysis | 0 | 0 |
Total consumer | Non-accrual | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis of loans, aging analysis | 1,885 | 1,355 |
Total consumer | Consumer mortgages | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis of loans, aging analysis | 2,095 | 807 |
Total consumer | Consumer mortgages | Current | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis of loans, aging analysis | 542 | 0 |
Total consumer | Consumer mortgages | Accruing 30-89 Days Past Due | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis of loans, aging analysis | 0 | 0 |
Total consumer | Consumer mortgages | Accruing 90 Days or Greater Past Due | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis of loans, aging analysis | 0 | 0 |
Total consumer | Consumer mortgages | Non-accrual | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis of loans, aging analysis | 1,553 | 807 |
Total consumer | Home equity | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis of loans, aging analysis | 0 | 716 |
Total consumer | Home equity | Current | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis of loans, aging analysis | 0 | 716 |
Total consumer | Home equity | Accruing 30-89 Days Past Due | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis of loans, aging analysis | 0 | 0 |
Total consumer | Home equity | Accruing 90 Days or Greater Past Due | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis of loans, aging analysis | 0 | 0 |
Total consumer | Home equity | Non-accrual | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis of loans, aging analysis | 0 | 0 |
Total consumer | Credit cards | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis of loans, aging analysis | 0 | 0 |
Total consumer | Credit cards | Current | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis of loans, aging analysis | 0 | 0 |
Total consumer | Credit cards | Accruing 30-89 Days Past Due | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis of loans, aging analysis | 0 | 0 |
Total consumer | Credit cards | Accruing 90 Days or Greater Past Due | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis of loans, aging analysis | 0 | 0 |
Total consumer | Credit cards | Non-accrual | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis of loans, aging analysis | 0 | 0 |
Total consumer | Other consumer loans | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis of loans, aging analysis | 1,360 | 934 |
Total consumer | Other consumer loans | Current | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis of loans, aging analysis | 854 | 386 |
Total consumer | Other consumer loans | Accruing 30-89 Days Past Due | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis of loans, aging analysis | 174 | 0 |
Total consumer | Other consumer loans | Accruing 90 Days or Greater Past Due | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis of loans, aging analysis | 0 | 0 |
Total consumer | Other consumer loans | Non-accrual | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis of loans, aging analysis | $ 332 | $ 548 |
Shareholders' Equity and Othe_3
Shareholders' Equity and Other Comprehensive Income (Loss) - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2024 | Jan. 18, 2024 | |
Common Stock | |||
Class of Stock [Line Items] | |||
Authorized amount | $ 300 | ||
Repurchase of common stock (in shares) | 2.3 | 3.1 | |
Shares repurchased, average cost per share (in dollars per share) | $ 38.95 | $ 38.54 | |
Preferred Stock | |||
Class of Stock [Line Items] | |||
Authorized amount | $ 50 |
Shareholders' Equity and Othe_4
Shareholders' Equity and Other Comprehensive Income (Loss) - OCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Roll Forward] | |||||
Beginning balance | $ 5,119,993 | ||||
Other comprehensive income (loss) before reclassifications | $ (40,216) | $ (138,191) | (201,543) | $ (14,804) | |
Amounts reclassified from AOCI | 238,036 | 32,343 | 268,242 | 61,746 | |
Other comprehensive income (loss), net of income taxes | 197,820 | (105,848) | 66,699 | 46,942 | |
Ending balance | 5,053,606 | 5,053,606 | |||
Accumulated other comprehensive income (loss), net | (1,050,374) | (1,050,374) | $ (1,117,073) | ||
Total | |||||
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Roll Forward] | |||||
Beginning balance | (1,248,194) | (1,289,327) | (1,117,073) | (1,442,117) | |
Other comprehensive income (loss), net of income taxes | 197,820 | (105,848) | 66,699 | 46,942 | |
Ending balance | (1,050,374) | (1,395,175) | (1,050,374) | (1,395,175) | |
Net unamortized holding (losses) gains on AFS investment securities transferred to HTM | |||||
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Roll Forward] | |||||
Beginning balance | 0 | 0 | 0 | 0 | |
Other comprehensive income (loss) before reclassifications | (537,434) | 0 | (537,434) | 0 | |
Amounts reclassified from AOCI | 15,654 | 0 | 15,654 | 0 | |
Other comprehensive income (loss), net of income taxes | (521,780) | 0 | (521,780) | 0 | |
Ending balance | (521,780) | 0 | (521,780) | 0 | |
Net unrealized gains (losses) on investment securities AFS | |||||
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Roll Forward] | |||||
Beginning balance | (1,116,309) | (1,105,221) | (998,259) | (1,220,263) | |
Other comprehensive income (loss) before reclassifications | 511,079 | (82,866) | 393,029 | 32,955 | |
Amounts reclassified from AOCI | 194,677 | 0 | 194,677 | (779) | |
Other comprehensive income (loss), net of income taxes | 705,756 | (82,866) | 587,706 | 32,176 | |
Ending balance | (410,553) | (1,188,087) | (410,553) | (1,188,087) | |
Accumulated other comprehensive income (loss), net | (10,200) | (13,300) | (10,200) | (13,300) | |
Net unrealized gains (losses) on cash flow hedges | |||||
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Roll Forward] | |||||
Beginning balance | (131,885) | (184,106) | (118,814) | (221,854) | |
Other comprehensive income (loss) before reclassifications | (13,861) | (55,325) | (57,138) | (47,759) | |
Amounts reclassified from AOCI | 27,705 | 32,343 | 57,911 | 62,525 | |
Other comprehensive income (loss), net of income taxes | 13,844 | (22,982) | 773 | 14,766 | |
Ending balance | (118,041) | (207,088) | (118,041) | (207,088) | |
Accumulated other comprehensive income (loss), net | $ (11,600) | $ (12,100) | $ (11,600) | $ (12,100) |
Fair Value Accounting - Financi
Fair Value Accounting - Financial Instruments Measured At Fair Value On A Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Assets | ||
Investment securities available for sale | $ 7,043,681 | $ 9,788,662 |
Mortgage loans held for sale | 41,823 | 47,338 |
Collateralized mortgage obligations issued by U.S. Government sponsored enterprises | ||
Assets | ||
Investment securities available for sale | 547,997 | 587,595 |
U.S. Treasury securities | ||
Assets | ||
Investment securities available for sale | 1,174,295 | 597,629 |
Mortgage-backed securities issued by U.S. Government agencies | ||
Assets | ||
Investment securities available for sale | 1,400,492 | 925,664 |
Mortgage-backed securities issued by U.S. Government sponsored enterprises | ||
Assets | ||
Investment securities available for sale | 2,016,045 | 6,430,379 |
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | ||
Assets | ||
Investment securities available for sale | 1,867,126 | 1,209,783 |
Corporate debt securities and other debt securities | ||
Assets | ||
Investment securities available for sale | 8,883 | 8,672 |
Level 1 | ||
Assets | ||
Trading securities | 0 | 0 |
Investment securities available for sale | 1,174,295 | 597,629 |
Other investments | 0 | 0 |
Mutual funds and mutual funds held in rabbi trusts | 60,356 | 53,742 |
Derivative assets | 0 | 0 |
Liabilities | ||
Securities sold short | 2,536 | 3,496 |
Mutual funds held in rabbi trusts | 45,479 | 38,735 |
Derivative liabilities | 0 | 0 |
Level 2 | ||
Assets | ||
Trading securities | 13,052 | 12,898 |
Investment securities available for sale | 5,869,386 | 9,191,033 |
Other investments | 0 | 0 |
Mutual funds and mutual funds held in rabbi trusts | 0 | 0 |
Derivative assets | 97,078 | 94,903 |
Liabilities | ||
Securities sold short | 0 | 0 |
Mutual funds held in rabbi trusts | 0 | 0 |
Derivative liabilities | 280,045 | 259,650 |
Level 3 | ||
Assets | ||
Trading securities | 0 | 0 |
Investment securities available for sale | 0 | 0 |
Other investments | 14,423 | 12,560 |
Mutual funds and mutual funds held in rabbi trusts | 0 | 0 |
Derivative assets | 0 | 0 |
Liabilities | ||
Securities sold short | 0 | 0 |
Mutual funds held in rabbi trusts | 0 | 0 |
Derivative liabilities | 0 | 0 |
Fair Value, Measurements, Recurring Basis | ||
Assets | ||
Trading securities | 13,052 | 12,898 |
Investment securities available for sale | 7,043,681 | 9,788,662 |
Mortgage loans held for sale | 41,823 | 47,338 |
Other investments | 14,423 | 12,560 |
Mutual funds and mutual funds held in rabbi trusts | 60,356 | 53,742 |
Derivative assets | 97,078 | 94,903 |
Liabilities | ||
Securities sold short | 2,536 | 3,496 |
Mutual funds held in rabbi trusts | 45,479 | 38,735 |
Derivative liabilities | 280,045 | 259,650 |
Fair Value, Measurements, Recurring Basis | Collateralized mortgage obligations issued by U.S. Government sponsored enterprises | ||
Assets | ||
Trading securities | 2,956 | 2,910 |
Investment securities available for sale | 547,997 | 587,595 |
Fair Value, Measurements, Recurring Basis | Other mortgage-backed securities | ||
Assets | ||
Trading securities | 0 | 2,149 |
Fair Value, Measurements, Recurring Basis | Asset-backed securities | ||
Assets | ||
Trading securities | 10,096 | 7,839 |
Fair Value, Measurements, Recurring Basis | U.S. Treasury securities | ||
Assets | ||
Investment securities available for sale | 1,174,295 | 597,629 |
Fair Value, Measurements, Recurring Basis | U.S. Government agency securities | ||
Assets | ||
Investment securities available for sale | 28,843 | 28,940 |
Fair Value, Measurements, Recurring Basis | Mortgage-backed securities issued by U.S. Government agencies | ||
Assets | ||
Investment securities available for sale | 1,400,492 | 925,664 |
Fair Value, Measurements, Recurring Basis | Mortgage-backed securities issued by U.S. Government sponsored enterprises | ||
Assets | ||
Investment securities available for sale | 2,016,045 | 6,430,379 |
Fair Value, Measurements, Recurring Basis | Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | ||
Assets | ||
Investment securities available for sale | 1,867,126 | 1,209,783 |
Fair Value, Measurements, Recurring Basis | Corporate debt securities and other debt securities | ||
Assets | ||
Investment securities available for sale | 8,883 | 8,672 |
Fair Value, Measurements, Recurring Basis | Level 1 | ||
Assets | ||
Trading securities | 0 | 0 |
Investment securities available for sale | 1,174,295 | 597,629 |
Mortgage loans held for sale | 0 | 0 |
Other investments | 0 | 0 |
Mutual funds and mutual funds held in rabbi trusts | 60,356 | 53,742 |
Derivative assets | 0 | 0 |
Liabilities | ||
Securities sold short | 2,536 | 3,496 |
Mutual funds held in rabbi trusts | 45,479 | 38,735 |
Derivative liabilities | 0 | 0 |
Fair Value, Measurements, Recurring Basis | Level 1 | Collateralized mortgage obligations issued by U.S. Government 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 | Asset-backed securities | ||
Assets | ||
Trading securities | 0 | 0 |
Fair Value, Measurements, Recurring Basis | Level 1 | U.S. Treasury securities | ||
Assets | ||
Investment securities available for sale | 1,174,295 | 597,629 |
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 agencies | ||
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 | 13,052 | 12,898 |
Investment securities available for sale | 5,869,386 | 9,191,033 |
Mortgage loans held for sale | 41,823 | 47,338 |
Other investments | 0 | 0 |
Mutual funds and mutual funds held in rabbi trusts | 0 | 0 |
Derivative assets | 97,078 | 94,903 |
Liabilities | ||
Securities sold short | 0 | 0 |
Mutual funds held in rabbi trusts | 0 | 0 |
Derivative liabilities | 280,045 | 259,650 |
Fair Value, Measurements, Recurring Basis | Level 2 | Collateralized mortgage obligations issued by U.S. Government sponsored enterprises | ||
Assets | ||
Trading securities | 2,956 | 2,910 |
Investment securities available for sale | 547,997 | 587,595 |
Fair Value, Measurements, Recurring Basis | Level 2 | Other mortgage-backed securities | ||
Assets | ||
Trading securities | 0 | 2,149 |
Fair Value, Measurements, Recurring Basis | Level 2 | Asset-backed securities | ||
Assets | ||
Trading securities | 10,096 | 7,839 |
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 | 28,843 | 28,940 |
Fair Value, Measurements, Recurring Basis | Level 2 | Mortgage-backed securities issued by U.S. Government agencies | ||
Assets | ||
Investment securities available for sale | 1,400,492 | 925,664 |
Fair Value, Measurements, Recurring Basis | Level 2 | Mortgage-backed securities issued by U.S. Government sponsored enterprises | ||
Assets | ||
Investment securities available for sale | 2,016,045 | 6,430,379 |
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 | 1,867,126 | 1,209,783 |
Fair Value, Measurements, Recurring Basis | Level 2 | Corporate debt securities and other debt securities | ||
Assets | ||
Investment securities available for sale | 8,883 | 8,672 |
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 | 14,423 | 12,560 |
Mutual funds and mutual funds held in rabbi trusts | 0 | 0 |
Derivative assets | 0 | 0 |
Liabilities | ||
Securities sold short | 0 | 0 |
Mutual funds held in rabbi trusts | 0 | 0 |
Derivative liabilities | 0 | 0 |
Fair Value, Measurements, Recurring Basis | Level 3 | Collateralized mortgage obligations issued by U.S. Government 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 | Asset-backed securities | ||
Assets | ||
Trading securities | 0 | 0 |
Fair Value, Measurements, Recurring Basis | Level 3 | U.S. Treasury securities | ||
Assets | ||
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring Basis | Level 3 | U.S. Government agency securities | ||
Assets | ||
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring Basis | Level 3 | Mortgage-backed securities issued by U.S. Government agencies | ||
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 - Changes
Fair Value Accounting - Changes in Fair Value Included in Consolidated Statements of Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |||||
Fair value | $ 41,823 | $ 41,823 | $ 47,338 | ||
Unpaid principal balance | 40,886 | 40,886 | 45,627 | ||
Fair value less aggregate unpaid principal balance | 937 | 937 | $ 1,711 | ||
Mortgage loans held for sale | $ 32 | $ (95) | $ (774) | $ 208 |
Fair Value Accounting - Roll-fo
Fair Value Accounting - Roll-forward of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Other Investments - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | $ 13,115 | $ 11,655 | $ 12,560 | $ 11,172 |
Included in earnings | 456 | (43) | 435 | (71) |
Additions | 852 | 158 | 1,428 | 669 |
Ending balance | 14,423 | 11,770 | 14,423 | 11,770 |
Total net gains (losses) for the period included in earnings attributable to the change in unrealized gain/(losses) relating to assets/liabilities still held | $ 456 | $ (43) | $ 435 | $ (71) |
Fair Value Accounting - Assets
Fair Value Accounting - Assets And Liabilities Measured At Fair Value On A Non-Recurring Basis (Details) - Fair Value, Measurements, Nonrecurring Basis - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Provision for (reversal of) credit losses | Loans | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets, fair value adjustment | $ 22,160 | $ 6,413 | $ 29,568 | $ 6,462 |
Loss on other loans held for sale | Loans | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets, fair value adjustment | 2,360 | 19,110 | ||
Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans | 0 | 0 | 0 | 0 |
Other loans held for sale | 0 | 0 | ||
Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans | 0 | 0 | 0 | 0 |
Other loans held for sale | 0 | 0 | ||
Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans | $ 26,995 | 30,123 | $ 26,995 | 30,123 |
Other loans held for sale | $ 346,897 | $ 346,897 |
Fair Value Accounting - Carryin
Fair Value Accounting - Carrying And Estimated Fair Values Of Financial Instruments Carried On Balance Sheet (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Financial assets | ||
Investment securities held to maturity | $ 2,668,068 | $ 0 |
Investment securities available for sale | 7,043,681 | 9,788,662 |
Loans held for sale | 139,323 | 52,768 |
Financial liabilities | ||
Non-interest-bearing deposits | 11,655,811 | 12,507,616 |
Total deposits | 50,195,778 | 50,739,185 |
Federal funds purchased and securities sold under repurchase agreements | 94,484 | 189,074 |
Long-term debt | 2,283,767 | 1,932,534 |
Level 1 | ||
Financial assets | ||
Total cash, cash equivalents, and restricted cash | 2,294,608 | 2,451,426 |
Trading securities | 0 | 0 |
Investment securities held to maturity | 0 | |
Investment securities available for sale | 1,174,295 | 597,629 |
Loans held for sale | 0 | 0 |
Other investments | 0 | 0 |
Mutual funds and mutual funds held in rabbi trusts | 60,356 | 53,742 |
Loans, net | 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 | 94,484 | 189,074 |
Securities sold short | 2,536 | 3,496 |
Long-term debt | 0 | 0 |
Mutual funds held in rabbi trusts | 45,479 | 38,735 |
Derivative liabilities | 0 | 0 |
Level 2 | ||
Financial assets | ||
Total cash, cash equivalents, and restricted cash | 0 | 0 |
Trading securities | 13,052 | 12,898 |
Investment securities held to maturity | 2,638,071 | |
Investment securities available for sale | 5,869,386 | 9,191,033 |
Loans held for sale | 41,823 | 47,338 |
Other investments | 0 | 0 |
Mutual funds and mutual funds held in rabbi trusts | 0 | 0 |
Loans, net | 0 | 0 |
FRB and FHLB stock | 213,711 | 184,944 |
Derivative assets | 97,078 | 94,903 |
Financial liabilities | ||
Non-interest-bearing deposits | 11,655,811 | 12,507,616 |
Non-time interest-bearing deposits | 27,278,278 | 27,449,088 |
Time deposits | 11,235,622 | 10,769,002 |
Total deposits | 50,169,711 | 50,725,706 |
Federal funds purchased and securities sold under repurchase agreements | 0 | 0 |
Securities sold short | 0 | 0 |
Long-term debt | 2,302,474 | 1,939,604 |
Mutual funds held in rabbi trusts | 0 | 0 |
Derivative liabilities | 280,045 | 259,650 |
Level 3 | ||
Financial assets | ||
Total cash, cash equivalents, and restricted cash | 0 | 0 |
Trading securities | 0 | 0 |
Investment securities held to maturity | 0 | |
Investment securities available for sale | 0 | 0 |
Loans held for sale | 97,056 | 5,432 |
Other investments | 14,423 | 12,560 |
Mutual funds and mutual funds held in rabbi trusts | 0 | 0 |
Loans, net | 41,112,625 | 41,298,149 |
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 | 0 | 0 |
Securities sold short | 0 | 0 |
Long-term debt | 0 | 0 |
Mutual funds held in rabbi trusts | 0 | 0 |
Derivative liabilities | 0 | 0 |
Carrying Value | ||
Financial assets | ||
Total cash, cash equivalents, and restricted cash | 2,294,608 | 2,451,426 |
Trading securities | 13,052 | 12,898 |
Investment securities held to maturity | 2,668,068 | |
Investment securities available for sale | 7,043,681 | 9,788,662 |
Loans held for sale | 52,768 | |
Other investments | 14,423 | 12,560 |
Mutual funds and mutual funds held in rabbi trusts | 60,356 | 53,742 |
Loans, net | 42,608,296 | 42,925,105 |
FRB and FHLB stock | 213,711 | 184,944 |
Derivative assets | 97,078 | 94,903 |
Financial liabilities | ||
Non-interest-bearing deposits | 11,655,811 | 12,507,616 |
Non-time interest-bearing deposits | 27,278,278 | 27,449,088 |
Time deposits | 11,261,689 | 10,782,481 |
Total deposits | 50,195,778 | 50,739,185 |
Federal funds purchased and securities sold under repurchase agreements | 94,484 | 189,074 |
Securities sold short | 2,536 | 3,496 |
Long-term debt | 2,283,767 | 1,932,534 |
Mutual funds held in rabbi trusts | 45,479 | 38,735 |
Derivative liabilities | 280,045 | 259,650 |
Fair Value | ||
Financial assets | ||
Total cash, cash equivalents, and restricted cash | 2,294,608 | 2,451,426 |
Trading securities | 13,052 | 12,898 |
Investment securities held to maturity | 2,638,071 | |
Investment securities available for sale | 7,043,681 | 9,788,662 |
Loans held for sale | 138,879 | 52,770 |
Other investments | 14,423 | 12,560 |
Mutual funds and mutual funds held in rabbi trusts | 60,356 | 53,742 |
Loans, net | 41,112,625 | 41,298,149 |
FRB and FHLB stock | 213,711 | 184,944 |
Derivative assets | 97,078 | 94,903 |
Financial liabilities | ||
Non-interest-bearing deposits | 11,655,811 | 12,507,616 |
Non-time interest-bearing deposits | 27,278,278 | 27,449,088 |
Time deposits | 11,235,622 | 10,769,002 |
Total deposits | 50,169,711 | 50,725,706 |
Federal funds purchased and securities sold under repurchase agreements | 94,484 | 189,074 |
Securities sold short | 2,536 | 3,496 |
Long-term debt | 2,302,474 | 1,939,604 |
Mutual funds held in rabbi trusts | 45,479 | 38,735 |
Derivative liabilities | $ 280,045 | $ 259,650 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Derivative [Line Items] | |||||
Unrealized gains, before tax | $ (18,274,000) | $ (73,123,000) | $ (75,330,000) | $ (63,123,000) | |
Unrealized gain, after tax | (13,861,000) | (55,325,000) | (57,138,000) | (47,759,000) | |
Pre-tax income (loss) | (5,300,000) | (6,100,000) | (10,900,000) | (11,500,000) | |
Cash flow hedge loss to be reclassified | 106,000,000 | ||||
Cash flow hedge termination loss | 19,000,000 | ||||
Reclaim cash collateral | 44,600,000 | 44,600,000 | $ 69,700,000 | ||
Obligation to return cash collateral | 5,700,000 | 5,700,000 | $ 5,700,000 | ||
Cash Flow Hedges | |||||
Derivative [Line Items] | |||||
Unrealized gains, before tax | $ 0 | $ 0 | |||
Unrealized gain, after tax | $ 0 | $ 0 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Impact Of Derivatives On Balance Sheet (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Designated as hedging instrument | ||
Derivative [Line Items] | ||
Estimated fair value of derivative assets | $ 0 | $ 0 |
Estimated fair value of derivative liabilities | 14,079 | 20,418 |
Not Designated As Hedging Instruments | ||
Derivative [Line Items] | ||
Estimated fair value of derivative assets | 97,078 | 94,903 |
Estimated fair value of derivative liabilities | 266,252 | 239,821 |
Not Designated As Hedging Instruments | Interest rate contracts | ||
Derivative [Line Items] | ||
Notional Amount | 13,773,079 | 11,888,152 |
Estimated fair value of derivative assets | 96,270 | 94,208 |
Estimated fair value of derivative liabilities | 265,965 | 238,134 |
Not Designated As Hedging Instruments | Mortgage derivatives | Mortgage derivatives - interest rate lock commitments | ||
Derivative [Line Items] | ||
Notional Amount | 54,718 | 40,642 |
Estimated fair value of derivative assets | 780 | 695 |
Estimated fair value of derivative liabilities | 0 | 0 |
Not Designated As Hedging Instruments | Mortgage derivatives | Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans | ||
Derivative [Line Items] | ||
Notional Amount | 79,500 | 60,906 |
Estimated fair value of derivative assets | 24 | 0 |
Estimated fair value of derivative liabilities | 0 | 567 |
Not Designated As Hedging Instruments | Risk participation agreements | ||
Derivative [Line Items] | ||
Notional Amount | 797,443 | 732,682 |
Estimated fair value of derivative assets | 0 | 0 |
Estimated fair value of derivative liabilities | 1 | 3 |
Not Designated As Hedging Instruments | Foreign exchange contracts | ||
Derivative [Line Items] | ||
Notional Amount | 117,669 | 41,603 |
Estimated fair value of derivative assets | 4 | 0 |
Estimated fair value of derivative liabilities | 0 | 528 |
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 | 286 | 589 |
Cash Flow Hedges | ||
Derivative [Line Items] | ||
Estimated fair value of derivative assets | 0 | 0 |
Estimated fair value of derivative liabilities | 7,728 | 7,527 |
Cash Flow Hedges | Interest rate contracts | ||
Derivative [Line Items] | ||
Notional Amount | 4,600,000 | 5,600,000 |
Estimated fair value of derivative assets | 0 | 0 |
Estimated fair value of derivative liabilities | 7,728 | 7,527 |
Fair Value Hedges | ||
Derivative [Line Items] | ||
Estimated fair value of derivative assets | 0 | 0 |
Estimated fair value of derivative liabilities | 6,351 | 12,891 |
Fair Value Hedges | Interest rate contracts | ||
Derivative [Line Items] | ||
Notional Amount | 2,375,585 | 2,563,504 |
Estimated fair value of derivative assets | 0 | 0 |
Estimated fair value of derivative liabilities | $ 6,351 | $ 12,891 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities - Effect Of Fair Value Hedges On Consolidated Statements Of Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Derivative [Line Items] | ||||
Loans, including fees | $ 701,570 | $ 670,230 | $ 1,393,285 | $ 1,299,787 |
Deposits | 335,754 | 241,780 | 668,420 | 415,715 |
Long-term debt | 28,390 | 55,915 | 57,985 | 98,444 |
Loans, including fees | Cash Flow Hedges | ||||
Derivative [Line Items] | ||||
Pre-tax income (loss) recognized on cash flow hedges | (36,527) | (42,748) | (76,350) | (82,640) |
Loans, including fees | Fair Value Hedges | ||||
Derivative [Line Items] | ||||
Pre-tax income (loss) recognized on cash flow hedges | 0 | 0 | 0 | 0 |
Amounts related to interest settlements and amortization on derivatives | 0 | 0 | 0 | 0 |
Recognized on derivatives | 0 | 0 | 0 | 0 |
Recognized on hedged items | 0 | 0 | 0 | 0 |
Loans, including fees | Interest Rate Contract | Cash Flow Hedges | ||||
Derivative [Line Items] | ||||
Realized gains (losses) reclassified from AOCI, pre-tax, to interest income on loans | (36,527) | (42,748) | (76,350) | (82,640) |
Deposits | Cash Flow Hedges | ||||
Derivative [Line Items] | ||||
Pre-tax income (loss) recognized on cash flow hedges | 0 | 0 | 0 | 0 |
Deposits | Fair Value Hedges | ||||
Derivative [Line Items] | ||||
Pre-tax income (loss) recognized on cash flow hedges | (6,287) | (5,782) | (12,525) | (9,153) |
Amounts related to interest settlements and amortization on derivatives | (6,287) | (5,782) | (12,525) | (9,153) |
Recognized on derivatives | 2,469 | (20,466) | 402 | (8,296) |
Recognized on hedged items | (2,469) | 20,466 | (402) | 8,296 |
Deposits | Interest Rate Contract | Cash Flow Hedges | ||||
Derivative [Line Items] | ||||
Realized gains (losses) reclassified from AOCI, pre-tax, to interest income on loans | 0 | 0 | 0 | 0 |
Long-term debt | Cash Flow Hedges | ||||
Derivative [Line Items] | ||||
Pre-tax income (loss) recognized on cash flow hedges | 0 | 0 | 0 | 0 |
Long-term debt | Fair Value Hedges | ||||
Derivative [Line Items] | ||||
Pre-tax income (loss) recognized on cash flow hedges | (3,618) | (4,510) | (7,342) | (7,231) |
Amounts related to interest settlements and amortization on derivatives | (3,618) | (4,510) | (7,342) | (7,231) |
Recognized on derivatives | 914 | (20,823) | (1,004) | (5,427) |
Recognized on hedged items | (914) | 20,823 | 1,004 | 5,427 |
Long-term debt | Interest Rate Contract | Cash Flow Hedges | ||||
Derivative [Line Items] | ||||
Realized gains (losses) reclassified from AOCI, pre-tax, to interest income on loans | $ 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) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Fair Value Hedges | Interest-bearing deposits | |||||
Derivative [Line Items] | |||||
Hedge Accounting Basis Adjustment | $ (2,469) | $ 20,466 | $ (402) | $ 8,296 | |
Fair Value Hedges | Long-term debt | |||||
Derivative [Line Items] | |||||
Hedge Accounting Basis Adjustment | (914) | $ 20,823 | 1,004 | $ 5,427 | |
Interest Rate Contract | Interest-bearing deposits | Derivatives not designated as hedging instruments | |||||
Derivative [Line Items] | |||||
Hedge Accounting Basis Adjustment | 464 | $ 1,267 | |||
Interest Rate Contract | Long-term debt | Derivatives not designated as hedging instruments | |||||
Derivative [Line Items] | |||||
Hedge Accounting Basis Adjustment | 8,446 | 9,638 | |||
Interest Rate Contract | Fair Value Hedges | Interest-bearing deposits | Designated as hedging instruments | |||||
Derivative [Line Items] | |||||
Carrying Amount of Assets/(Liabilities) | (1,622,618) | (1,622,618) | (2,013,504) | ||
Hedge Accounting Basis Adjustment | 15,114 | (8,711) | |||
Interest Rate Contract | Fair Value Hedges | Long-term debt | Designated as hedging instruments | |||||
Derivative [Line Items] | |||||
Carrying Amount of Assets/(Liabilities) | $ (749,442) | (749,442) | (546,872) | ||
Hedge Accounting Basis Adjustment | $ 14,366 | $ (5,986) |
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, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Derivative [Line Items] | ||||
Gain (Loss) Recognized in Consolidated Statements of Income | $ (58) | $ (3,615) | $ 1,363 | $ (2,284) |
Interest rate contracts | ||||
Derivative [Line Items] | ||||
Gain (Loss) Recognized in Consolidated Statements of Income | 313 | (690) | 153 | (672) |
Mortgage derivatives | Mortgage derivatives - interest rate lock commitments | ||||
Derivative [Line Items] | ||||
Gain (Loss) Recognized in Consolidated Statements of Income | (315) | (547) | 85 | 562 |
Mortgage derivatives | Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans | ||||
Derivative [Line Items] | ||||
Gain (Loss) Recognized in Consolidated Statements of Income | 129 | 578 | 591 | 250 |
Risk participation agreements | ||||
Derivative [Line Items] | ||||
Gain (Loss) Recognized in Consolidated Statements of Income | 3 | (2) | 2 | 1 |
Foreign exchange contracts | ||||
Derivative [Line Items] | ||||
Gain (Loss) Recognized in Consolidated Statements of Income | (188) | 73 | 532 | 602 |
Visa derivative | ||||
Derivative [Line Items] | ||||
Gain (Loss) Recognized in Consolidated Statements of Income | $ 0 | $ (3,027) | $ 0 | $ (3,027) |
Net Income Per Common Share - S
Net Income Per Common Share - Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Basic Net Income (Loss) Per Common Share: | ||||
Net income (loss) available to common shareholders | $ (23,741) | $ 165,819 | $ 91,081 | $ 359,688 |
Weighted average common shares outstanding (in shares) | 145,565,000 | 146,113,000 | 145,998,000 | 145,957,000 |
Net income (loss) per common share, basic (in dollars per share) | $ (0.16) | $ 1.13 | $ 0.62 | $ 2.46 |
Diluted Net Income (Loss) Per Common Share: | ||||
Net income (loss) available to common shareholders | $ (23,741) | $ 165,819 | $ 91,081 | $ 359,688 |
Weighted average common shares outstanding, basic (in shares) | 145,565,000 | 146,113,000 | 145,998,000 | 145,957,000 |
Effect of dilutive outstanding equity-based awards (in shares) | 0 | 437,000 | 570,000 | 687,000 |
Weighted average diluted common shares (in shares) | 145,565,000 | 146,550,000 | 146,568,000 | 146,644,000 |
Net income (loss) per common share, diluted (in dollars per share) | $ (0.16) | $ 1.13 | $ 0.62 | $ 2.45 |
Net Income Per Common Share - N
Net Income Per Common Share - Narrative (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Earnings Per Share [Abstract] | ||||
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 490 | 273 | 21 | 273 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Loss Contingencies [Line Items] | |||||
Reserve for unfunded commitments | $ 53,100,000 | $ 53,100,000 | $ 57,200,000 | ||
Minimum | |||||
Loss Contingencies [Line Items] | |||||
Total letters of credit and unfunded lending commitments | 0 | 0 | |||
Maximum | |||||
Loss Contingencies [Line Items] | |||||
Total letters of credit and unfunded lending commitments | 10,000,000 | 10,000,000 | |||
Total letters of credit and unfunded lending commitments | |||||
Loss Contingencies [Line Items] | |||||
Guarantor obligations, monetary amount | 29,160,000,000 | $ 29,390,000,000 | 57,060,000,000 | $ 59,500,000,000 | |
Total letters of credit and unfunded lending commitments | $ 15,448,484,000 | $ 15,448,484,000 | $ 16,253,624,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Small Business Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Loss Contingencies [Line Items] | ||
Carry amount included in other assets | $ 570,810 | $ 573,992 |
Permanent and short-term construction loans and letter of credit commitments | 110,485 | 205,659 |
Funded portion of permanent and short-term loans and letters of credit | 220,106 | 211,921 |
Future funding commitment amount | 282,900 | 293,300 |
Letters of credit | ||
Loss Contingencies [Line Items] | ||
Total letters of credit and unfunded lending commitments | 234,653 | 200,269 |
Contractual amount net of risk participations | 18,400 | 22,800 |
Commitments to fund commercial and industrial loans | ||
Loss Contingencies [Line Items] | ||
Total letters of credit and unfunded lending commitments | 10,145,073 | 10,313,880 |
Commitments to fund commercial real estate, construction, and land development loans | ||
Loss Contingencies [Line Items] | ||
Total letters of credit and unfunded lending commitments | 1,861,467 | 2,496,656 |
Commitments under home equity lines of credit | ||
Loss Contingencies [Line Items] | ||
Total letters of credit and unfunded lending commitments | 2,126,553 | 2,135,120 |
Unused credit card lines | ||
Loss Contingencies [Line Items] | ||
Total letters of credit and unfunded lending commitments | 455,477 | 453,303 |
Other loan commitments | ||
Loss Contingencies [Line Items] | ||
Total letters of credit and unfunded lending commitments | 625,261 | 654,396 |
Total letters of credit and unfunded lending commitments | ||
Loss Contingencies [Line Items] | ||
Total letters of credit and unfunded lending commitments | 15,448,484 | 16,253,624 |
Permanent and short-term construction loans and letter of credit commitments | ||
Loss Contingencies [Line Items] | ||
Contractual amount net of risk participations | 6,200 | 9,700 |
Funded portion of permanent and short-term loans and letters of credit | ||
Loss Contingencies [Line Items] | ||
Contractual amount net of risk participations | $ 16,500 | $ 4,000 |
Segment Reporting - Narrative (
Segment Reporting - Narrative (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) segment | Jun. 30, 2023 USD ($) | |
Segment Reporting [Abstract] | ||||
Number of reportable segments | segment | 4 | |||
Investment securities gains (losses), net | $ | $ (256,660) | $ 0 | $ (256,660) | $ 1,030 |
Segment Reporting (Details)
Segment Reporting (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 USD ($) employee | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) employee | Jun. 30, 2023 USD ($) | Dec. 31, 2023 USD ($) employee | |
Income Statement Related Disclosures [Abstract] | |||||
Net interest income | $ 434,998 | $ 455,531 | $ 853,844 | $ 936,283 | |
Non-interest revenue | (128,851) | 112,276 | (9,963) | 245,402 | |
Non-interest expense | 301,801 | 307,181 | 624,542 | 629,034 | |
Pre-provision net revenue (PPNR) | 4,346 | 260,626 | 219,339 | 552,651 | |
Balance Sheet Related Disclosures [Abstract] | |||||
Loans, net of deferred fees and costs | 43,093,397 | 43,093,397 | $ 43,404,490 | ||
Total deposits | $ 50,195,778 | $ 50,195,778 | $ 50,739,185 | ||
Total full-time equivalent employees | employee | 4,727 | 4,727 | 4,798 | ||
Operating Segments | Wholesale Banking | |||||
Income Statement Related Disclosures [Abstract] | |||||
Net interest income | $ 181,574 | 194,334 | $ 365,240 | 393,434 | |
Non-interest revenue | 15,945 | 13,752 | 27,270 | 29,652 | |
Non-interest expense | 34,575 | 33,955 | 69,885 | 68,617 | |
Pre-provision net revenue (PPNR) | 162,944 | 174,131 | 322,625 | 354,469 | |
Balance Sheet Related Disclosures [Abstract] | |||||
Loans, net of deferred fees and costs | 25,268,888 | 25,268,888 | $ 25,506,870 | ||
Total deposits | $ 13,271,067 | $ 13,271,067 | $ 13,847,833 | ||
Total full-time equivalent employees | employee | 339 | 339 | 334 | ||
Operating Segments | Community Banking | |||||
Income Statement Related Disclosures [Abstract] | |||||
Net interest income | $ 98,097 | 110,242 | $ 197,120 | 221,647 | |
Non-interest revenue | 18,151 | 13,500 | 34,830 | 39,041 | |
Non-interest expense | 37,786 | 35,464 | 78,779 | 68,926 | |
Pre-provision net revenue (PPNR) | 78,462 | 88,278 | 153,171 | 191,762 | |
Balance Sheet Related Disclosures [Abstract] | |||||
Loans, net of deferred fees and costs | 7,980,532 | 7,980,532 | $ 7,966,794 | ||
Total deposits | $ 10,660,747 | $ 10,660,747 | $ 10,198,357 | ||
Total full-time equivalent employees | employee | 556 | 556 | 576 | ||
Operating Segments | Consumer Banking | |||||
Income Statement Related Disclosures [Abstract] | |||||
Net interest income | $ 135,550 | 158,113 | $ 274,176 | 312,744 | |
Non-interest revenue | 19,307 | 20,983 | 37,254 | 41,711 | |
Non-interest expense | 51,004 | 50,861 | 103,128 | 99,808 | |
Pre-provision net revenue (PPNR) | 103,853 | 128,235 | 208,302 | 254,647 | |
Balance Sheet Related Disclosures [Abstract] | |||||
Loans, net of deferred fees and costs | 2,764,262 | 2,764,262 | $ 2,825,411 | ||
Total deposits | $ 18,799,143 | $ 18,799,143 | $ 18,698,298 | ||
Total full-time equivalent employees | employee | 1,508 | 1,508 | 1,522 | ||
Operating Segments | Financial Management Services | |||||
Income Statement Related Disclosures [Abstract] | |||||
Net interest income | $ 25,250 | 17,134 | $ 48,470 | 33,681 | |
Non-interest revenue | 45,839 | 49,085 | 92,709 | 102,291 | |
Non-interest expense | 38,346 | 42,401 | 78,029 | 86,240 | |
Pre-provision net revenue (PPNR) | 32,743 | 23,818 | 63,150 | 49,732 | |
Balance Sheet Related Disclosures [Abstract] | |||||
Loans, net of deferred fees and costs | 5,341,008 | 5,341,008 | $ 5,374,280 | ||
Total deposits | $ 1,307,807 | $ 1,307,807 | $ 1,488,090 | ||
Total full-time equivalent employees | employee | 569 | 569 | 604 | ||
Treasury and Corporate Other | |||||
Income Statement Related Disclosures [Abstract] | |||||
Net interest income | $ (5,473) | (24,292) | $ (31,162) | (25,223) | |
Non-interest revenue | (228,093) | 14,956 | (202,026) | 32,707 | |
Non-interest expense | 140,090 | 144,500 | 294,721 | 305,443 | |
Pre-provision net revenue (PPNR) | (373,656) | $ (153,836) | (527,909) | $ (297,959) | |
Balance Sheet Related Disclosures [Abstract] | |||||
Loans, net of deferred fees and costs | 1,738,707 | 1,738,707 | $ 1,731,135 | ||
Total deposits | $ 6,157,014 | $ 6,157,014 | $ 6,506,607 | ||
Total full-time equivalent employees | employee | 1,755 | 1,755 | 1,762 |
Uncategorized Items - syn-20240
Label | Element | Value |
Accounting Standards Update [Extensible Enumeration] | us-gaap_AccountingStandardsUpdateExtensibleList | Accounting Standards Update 2023-02 [Member] |