Document_and_Entity_Informatio
Document and Entity Information Document (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 13, 2014 | Jun. 28, 2013 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'SYNOVUS FINANCIAL CORP | ' | ' |
Entity Central Index Key | '0000018349 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 972,411,548 | ' |
Trading Symbol | 'snv | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $2,483,319,017 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $469,630 | $614,630 |
Interest bearing funds with Federal Reserve Bank | 644,528 | 1,498,390 |
Interest earning deposits with banks | 24,325 | 23,442 |
Federal funds sold and securities purchased under resale agreements | 80,975 | 113,517 |
Trading account assets, at fair value | 6,113 | 11,102 |
Mortgage loans held for sale, at fair value | 45,384 | 212,663 |
Other loans held for sale | 10,685 | 10,690 |
Investment securities available for sale, at fair value | 3,199,358 | 2,981,112 |
Loans, net of deferred fees and costs | 20,057,798 | 19,541,690 |
Allowance for loan losses | -307,560 | -373,405 |
Loans, net | 19,750,238 | 19,168,285 |
Premises and equipment, net | 468,871 | 479,546 |
Goodwill | 24,431 | 24,431 |
Other intangible assets, net | 3,415 | 5,149 |
Other real estate | 112,629 | 150,271 |
Deferred tax asset, net | 744,646 | 806,406 |
Other assets | 616,376 | 660,378 |
Total assets | 26,201,604 | 26,760,012 |
LIABILITIES AND EQUITY | ' | ' |
Non-interest bearing deposits | 5,642,751 | 5,665,527 |
Interest bearing deposits, excluding brokered deposits | 14,140,037 | 14,298,768 |
Brokered deposits | 1,094,002 | 1,092,749 |
Total deposits | 20,876,790 | 21,057,044 |
Federal funds purchased and securities sold under repurchase agreements | 148,132 | 201,243 |
Long-term debt | 2,033,141 | 1,726,455 |
Other liabilities | 194,556 | 205,839 |
Total liabilities | 23,252,619 | 23,190,581 |
Shareholders' equity: | ' | ' |
Common stock - $1.00 par value. Authorized 1,200,000,000 shares; issued 978,044,909 at December 31, 2013 and 792,272,692 at December 31, 2012; outstanding 972,351,457 at December 31, 2013 and 786,579,240 at December 31, 2012 | 978,045 | 792,273 |
Additional paid-in capital | 2,138,024 | 2,189,874 |
Treasury stock, at cost – 5,693,452 shares at December 31, 2013 and December 31, 2012 | -114,176 | -114,176 |
Accumulated other comprehensive (loss) income | -41,258 | 4,101 |
Accumulated deficit | -137,512 | -259,968 |
Total shareholders' equity | 2,948,985 | 3,569,431 |
Total liabilities and shareholders' equity | 26,201,604 | 26,760,012 |
Series A Preferred Stock [Member] | ' | ' |
Shareholders' equity: | ' | ' |
Preferred stock | 0 | 957,327 |
Series C Preferred Stock [Member] | ' | ' |
Shareholders' equity: | ' | ' |
Preferred stock | $125,862 | $0 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 |
Series A Preferred Stock [Member] | Series C Preferred Stock [Member] | |||
Preferred stock, par value (per share) | ' | ' | $0 | $0 |
Preferred stock, shares authorized | ' | ' | 100,000,000 | ' |
Preferred stock, shares issued | ' | ' | 967,870 | ' |
Preferred stock, shares outstanding | ' | ' | 967,870 | 5,200,000 |
Common stock, par value (per share) | $1 | $1 | ' | ' |
Common stock, shares authorized | 1,200,000,000 | 1,200,000,000 | ' | ' |
Common stock, shares issued | 978,044,909 | 792,272,692 | ' | ' |
Common stock, shares outstanding | 972,351,457 | 786,579,240 | ' | ' |
Treasury stock, shares at cost | 5,693,452 | 5,693,452 | ' | ' |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Interest income: | ' | ' | ' |
Loans, including fees | $866,358 | $924,639 | $1,019,036 |
Investment securities available for sale | 52,567 | 67,281 | 107,435 |
Trading account assets | 548 | 963 | 925 |
Mortgage loans held for sale | 4,441 | 6,201 | 6,195 |
Federal Reserve Bank balances | 3,222 | 3,451 | 6,660 |
Other earning assets | 1,878 | 1,605 | 1,505 |
Total interest income | 929,014 | 1,004,140 | 1,141,756 |
Interest expense: | ' | ' | ' |
Deposits | 64,392 | 95,749 | 173,885 |
Federal funds purchased and securities sold under repurchase agreements | 324 | 614 | 1,063 |
Long-term debt | 54,106 | 53,660 | 42,654 |
Total interest expense | 118,822 | 150,023 | 217,602 |
Net interest income | 810,192 | 854,117 | 924,154 |
Provision for loan losses | 69,598 | 320,369 | 418,795 |
Net interest income after provision for loan losses | 740,594 | 533,748 | 505,359 |
Non-interest income: | ' | ' | ' |
Service charges on deposit accounts | 77,789 | 78,203 | 78,770 |
Fiduciary and asset management fees | 43,450 | 42,503 | 45,809 |
Brokerage revenue | 27,538 | 26,913 | 26,006 |
Mortgage banking income | 22,482 | 32,272 | 20,316 |
Bankcard fees | 30,641 | 34,075 | 41,493 |
Investment securities gains, net | 2,945 | 39,142 | 75,007 |
Other fee income | 22,567 | 21,138 | 19,953 |
Decrease (increase) in fair value of private equity investments, net | -2,963 | 8,233 | -1,118 |
Other non-interest income | 29,122 | 31,487 | 32,638 |
Total non-interest income | 253,571 | 313,966 | 338,874 |
Non-interest expense: | ' | ' | ' |
Salaries and other personnel expense | 368,152 | 375,872 | 371,546 |
Net occupancy and equipment expense | 103,339 | 105,575 | 114,037 |
FDIC insurance and other regulatory fees | 32,758 | 45,408 | 59,063 |
Foreclosed real estate expense, net | 33,864 | 90,655 | 133,570 |
Loss (gain) on sale of other loans held for sale, net | 329 | 4,681 | -2,737 |
Professional fees | 38,776 | 41,307 | 40,585 |
Third-party services | 40,135 | 38,006 | 40,028 |
Visa indemnification charge (recovery) | 1,600 | 6,304 | 6,038 |
Restructuring charges | 11,064 | 5,412 | 30,665 |
Other operating expenses | 111,520 | 103,017 | 110,970 |
Total non-interest expense | 741,537 | 816,237 | 903,765 |
Income (loss) before income taxes | 252,628 | 31,477 | -59,532 |
Income tax expense (benefit) | 93,245 | -798,732 | 1,312 |
Net income (loss) | 159,383 | 830,209 | -60,844 |
Net (loss) income available to non-controlling interest | 0 | 0 | -220 |
Net loss attributable to controlling interest | 159,383 | 830,209 | -60,624 |
Dividends and accretion of discount on preferred stock | 40,830 | 58,703 | 58,088 |
Net loss attributable to common shareholders | $118,553 | $771,506 | ($118,712) |
Net income (loss) per common share, basic (per share) | $0.13 | $0.98 | ($0.15) |
Net income (loss) per common share, diluted (per share) | $0.13 | $0.85 | ($0.15) |
Weighted average common shares outstanding, basic | 892,462 | 786,466 | 785,272 |
Weighted average common shares outstanding, diluted | 939,580 | 910,102 | 785,272 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Statement of Comprehensive Income [Abstract] | ' | ' | ' | |||
Net income (loss), Before-tax Amount | $252,628 | $31,477 | ($59,532) | |||
Net income (loss), Tax (expense) Benefit | -93,245 | 798,732 | -1,312 | |||
Net income (loss), Net of Tax Amount | 159,383 | 830,209 | -60,844 | |||
Net change related to cash flow hedges: Before-tax Amount | ' | ' | ' | |||
Reclassification adjustment for losses (gains) realized in net income, Before-tax Amount | 447 | -1,381 | -11,316 | |||
Valuation allowance for the change in deferred taxes arising from unrealized gains/losses, Before-tax Amount | 0 | [1] | 0 | [1] | 0 | [1] |
Net change, Before-tax Amount | 447 | -1,381 | -11,316 | |||
Net change related to cash flow hedges: Tax (Expense) Benefit | ' | ' | ' | |||
Reclassification adjustment for losses (gains) realized in net income, Tax (Expense) Benefit | -173 | 532 | 4,279 | |||
Valuation allowance for the change in deferred taxes arising from unrealized gains/losses, Tax (Expense) Benefit | 0 | [1] | 0 | [1] | -4,279 | [1] |
Net change, Tax (Expense) Benefit | -173 | 532 | 0 | |||
Net change related to cash flow hedges: Net of Tax Amount | ' | ' | ' | |||
Reclassification adjustment for losses (gains) realized in net income, Net of Tax Amount | 274 | -849 | -7,037 | |||
Valuation allowance for the change in deferred taxes arising from unrealized gains/losses, Net of Tax Amount | 0 | [1] | 0 | [1] | -4,279 | [1] |
Net change, Net of Tax Amount | 274 | -849 | -11,316 | |||
Net unrealized gains/losses on investment securities available for sale: Before-tax Amount | ' | ' | ' | |||
Reclassification adjustment for gains realized in net income, Before-tax Amount | -2,945 | -39,142 | -75,007 | |||
Net unrealized (losses) gains arising during the period, Before-tax Amount | -71,929 | 12,296 | 50,258 | |||
Valuation allowance for the change in deferred taxes arising from unrealized gains/losses, Before-tax Amount | 0 | [1] | 0 | [1] | 0 | [1] |
Net unrealized losses, Before-tax Amount | -74,874 | -26,846 | -24,749 | |||
Net unrealized gains/losses on investment securities available for sale: Tax (Expense) Benefit | ' | ' | ' | |||
Reclassification adjustment for gains realized in net income, Tax (Expense) Benefit | 1,134 | 15,070 | 29,271 | |||
Net unrealized (losses) gains arising during the period, Tax (Expense) Benefit | 27,693 | -4,730 | -19,349 | |||
Valuation allowance for the change in deferred taxes arising from unrealized gains/losses, Tax (Expense) Benefit | 0 | [1] | 0 | [1] | -9,922 | [1] |
Net unrealized losses, Tax (Expense) Benefit | 28,827 | 10,340 | 0 | |||
Net unrealized gains/losses on investment securities available for sale: Net of Tax Amount | ' | ' | ' | |||
Reclassification adjustment for gains realized in net income, Net of Tax Amount | -1,811 | -24,072 | -45,736 | |||
Net unrealized (losses) gains arising during the period, Net of Tax Amount | -44,236 | 7,566 | 30,909 | |||
Valuation allowance for the change in deferred taxes arising from unrealized gains/losses, Net of Tax Amount | 0 | [1] | 0 | [1] | -9,922 | [1] |
Net unrealized losses, Net of Tax Amount | -46,047 | -16,506 | -24,749 | |||
Post-retirement unfunded health benefit: Before-tax Amount | ' | ' | ' | |||
Reclassification adjustment for gains realized in net income, Before-tax Amount | -170 | -52 | 0 | |||
Actuarial gains arising during the period, Before-tax Amount | 830 | 642 | 0 | |||
Net unrealized gains, Before-tax Amount | 660 | 590 | 0 | |||
Post-retirement unfunded health benefit: Tax (Expense) Benefit | ' | ' | ' | |||
Reclassification adjustment for gains realized in net income, Tax (Expense) Benefit | 65 | 20 | 0 | |||
Actuarial gains arising during the period, Tax (Expense) Benefit | -311 | -247 | 0 | |||
Net unrealized gains, Tax (Expense) Benefit | -246 | -227 | 0 | |||
Post-retirement unfunded health benefit: Net of Tax Amount | ' | ' | ' | |||
Reclassification adjustment for gains realized in net income, Net of Tax Amount | -105 | -32 | 0 | |||
Actuarial gains arising during the period, Net of Tax Amount | 519 | 395 | 0 | |||
Net unrealized gains, Net of Tax Amount | 414 | 363 | 0 | |||
Other comprehensive income (loss), Before-tax Amount | -73,767 | -27,637 | -36,065 | |||
Less: comprehensive loss attributable to non-controlling interest, Before-tax Amount | 0 | 0 | -220 | |||
Other comprehensive income (loss), Tax (Expense) Benefit | 28,408 | 10,645 | 0 | |||
Less: comprehensive loss attributable to non-controlling interest, Tax (Expense) Benefit | 0 | 0 | 0 | |||
Other comprehensive income (loss), Net of Tax Amount | -45,359 | -16,992 | -36,065 | |||
Less: comprehensive loss attributable to non-controlling interest, Net of Tax Amount | 0 | 0 | -220 | |||
Comprehensive income (loss), Net of Tax Amount | $114,024 | $813,217 | ($96,689) | |||
[1] | In accordance with ASC 740-20-45-11(b), the deferred tax asset valuation allowance associated with unrealized gains and losses not recognized in income is charged directly to other comprehensive income (loss). |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Equity (USD $) | Total | Series A Preferred Stock [Member] | Series C Preferred Stock [Member] | Preferred Stock [Member] | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-In Capital [Member] | Additional Paid-In Capital [Member] | Additional Paid-In Capital [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Deficit [Member] | Non-Controlling Interest [Member] |
In Thousands | Series A Preferred Stock [Member] | Series C Preferred Stock [Member] | Series A Preferred Stock [Member] | Series C Preferred Stock [Member] | |||||||||
Balance at Dec. 31, 2010 | $3,024,547 | ' | ' | $937,323 | $0 | $790,956 | $2,293,263 | ' | ' | ($114,176) | $57,158 | ($966,606) | $26,629 |
Net income (loss) | -60,844 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -60,624 | -220 |
Other comprehensive loss, net of income taxes | -36,065 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -36,065 | ' | ' |
Cash dividends declared on common stock - $0.04 per share | -31,412 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -31,412 | ' |
Cash dividends paid | -48,394 | ' | ' | ' | ' | ' | -48,394 | ' | ' | ' | ' | ' | ' |
Accretion of discount for Series A Preferred Stock | -9,694 | ' | ' | 9,694 | ' | ' | -9,694 | ' | ' | ' | ' | ' | ' |
Restricted share unit activity | ' | ' | ' | ' | ' | 19 | -19 | ' | ' | ' | ' | ' | ' |
Share-based compensation expense | 6,029 | ' | ' | ' | ' | ' | 6,029 | ' | ' | ' | ' | ' | ' |
Issuance (forfeitures) of non-vested stock, net | ' | ' | ' | ' | ' | -1 | 1 | ' | ' | ' | ' | ' | ' |
Settlement of prepaid common stock purchase contracts | 0 | ' | ' | ' | ' | 15 | -15 | ' | ' | ' | ' | ' | ' |
Change in ownership at majority-owned subsidiary | -26,409 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -26,409 |
Balance at Dec. 31, 2011 | 2,827,452 | ' | ' | 947,017 | 0 | 790,989 | 2,241,171 | ' | ' | -114,176 | 21,093 | -1,058,642 | ' |
Net income (loss) | 830,209 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 830,209 | ' |
Other comprehensive loss, net of income taxes | -16,992 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -16,992 | ' | ' |
Cash dividends declared on common stock - $0.04 per share | -31,462 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -31,462 | ' |
Cash dividends paid | -48,394 | ' | ' | ' | ' | ' | -48,394 | ' | ' | ' | ' | ' | ' |
Accretion of discount for Series A Preferred Stock | -10,310 | ' | ' | 10,310 | ' | ' | -10,310 | ' | ' | ' | ' | ' | ' |
Restricted share unit activity | ' | ' | ' | ' | ' | 1,284 | -1,211 | ' | ' | ' | ' | -73 | ' |
Share-based compensation expense | 9,333 | ' | ' | ' | ' | ' | 9,333 | ' | ' | ' | ' | ' | ' |
Share-based compensation tax benefit (deficiency) | -715 | ' | ' | ' | ' | ' | -715 | ' | ' | ' | ' | ' | ' |
Settlement of prepaid common stock purchase contracts | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at Dec. 31, 2012 | 3,569,431 | ' | ' | 957,327 | 0 | 792,273 | 2,189,874 | ' | ' | -114,176 | 4,101 | -259,968 | ' |
Net income (loss) | 159,383 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 159,383 | ' |
Other comprehensive loss, net of income taxes | -45,359 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -45,359 | ' | ' |
Cash dividends declared on common stock - $0.04 per share | -36,427 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -36,427 | ' |
Cash dividends paid | ' | -33,741 | -2,730 | ' | ' | ' | ' | -33,741 | -2,730 | ' | ' | ' | ' |
Accretion of discount for Series A Preferred Stock | -10,543 | ' | ' | 10,543 | ' | ' | ' | -10,543 | ' | ' | ' | ' | ' |
Restricted share unit activity | -3,564 | ' | ' | ' | ' | 2,616 | -5,680 | ' | ' | ' | ' | -500 | ' |
Redemption of Series A Preferred Stock | ' | -967,870 | ' | -967,870 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation expense | 7,465 | ' | ' | ' | ' | ' | 7,465 | ' | ' | ' | ' | ' | ' |
Share-based compensation tax benefit (deficiency) | 317 | ' | ' | ' | ' | ' | 317 | ' | ' | ' | ' | ' | ' |
Settlement of prepaid common stock purchase contracts | 122,848 | ' | ' | ' | ' | 122,848 | -122,848 | ' | ' | ' | ' | ' | ' |
Stock options exercised | 1,044 | ' | ' | ' | ' | 437 | 607 | ' | ' | ' | ' | ' | ' |
Issuance of common stock, net of issuance costs | 175,174 | ' | 125,862 | ' | 125,862 | 59,871 | 115,303 | ' | ' | ' | ' | ' | ' |
Balance at Dec. 31, 2013 | $2,948,985 | ' | ' | $0 | $125,862 | $978,045 | $2,138,024 | ' | ' | ($114,176) | ($41,258) | ($137,512) | $0 |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Equity (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Statement of Stockholders' Equity [Abstract] | ' | ' | ' |
Cash dividends declared on common stock, per share | $0.04 | $0.04 | $0.04 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Series C Preferred Stock [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | ||||
Operating Activities | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | $159,383,000 | $830,209,000 | ($60,844,000) | ' | ' | ' | ' |
Adjustments to reconcile net loss to net cash provided by operating activities: | ' | ' | ' | ' | ' | ' | ' |
Provision for loan losses | 69,598,000 | 320,369,000 | 418,795,000 | ' | ' | ' | ' |
Depreciation, amortization, and accretion, net | 59,310,000 | 64,401,000 | 47,626,000 | ' | ' | ' | ' |
Deferred income tax expense (benefit) | 90,415,000 | -794,678,000 | -357,000 | ' | ' | ' | ' |
Decrease in interest receivable | 6,179,000 | 11,854,000 | 15,629,000 | ' | ' | ' | ' |
Decrease in interest payable | -3,133,000 | -8,253,000 | -16,680,000 | ' | ' | ' | ' |
Decrease in trading account assets | 4,989,000 | 5,764,000 | 5,428,000 | ' | ' | ' | ' |
Originations of mortgage loans held for sale | -841,542,000 | -1,226,234,000 | -980,173,000 | ' | ' | ' | ' |
Proceeds from sales of mortgage loans held for sale | 1,000,514,000 | 1,187,880,000 | 1,055,479,000 | ' | ' | ' | ' |
Gain on sale of mortgage loans held for sale, net | -11,973,000 | -15,709,000 | -5,955,000 | ' | ' | ' | ' |
Decrease in other assets | 40,085,000 | 61,758,000 | 111,852,000 | ' | ' | ' | ' |
Increase (decrease) in accrued salaries and benefits | -6,644,000 | 5,961,000 | 2,459,000 | ' | ' | ' | ' |
Decrease in other liabilities | -3,107,000 | -35,477,000 | -7,169,000 | ' | ' | ' | ' |
Investment securities gains, net | -2,945,000 | -39,142,000 | -75,007,000 | ' | ' | ' | ' |
(Gain) loss on sale of other loans held for sale, net | 329,000 | 4,681,000 | -2,737,000 | ' | ' | ' | ' |
Losses and write-downs on other real estate, net | 25,508,000 | 73,940,000 | 113,380,000 | ' | ' | ' | ' |
(Decrease) increase in fair value of private equity investments, net | 2,963,000 | -8,233,000 | 1,118,000 | ' | ' | ' | ' |
(Loss) gain on other assets held for sale, net | -111,000 | -314,000 | 1,571,000 | ' | ' | ' | ' |
Writedowns on other assets held for sale | 3,917,000 | 2,425,000 | 7,266,000 | ' | ' | ' | ' |
Increase in accrual for Visa indemnification | 1,600,000 | 6,304,000 | 6,038,000 | ' | ' | ' | ' |
Share-based compensation | 7,465,000 | 9,399,000 | 6,029,000 | ' | ' | ' | ' |
Other, net | 1,726,000 | 15,226,000 | 1,959,000 | ' | ' | ' | ' |
Net cash provided by operating activities | 604,526,000 | 472,131,000 | 645,707,000 | ' | ' | ' | ' |
Investing Activities | ' | ' | ' | ' | ' | ' | ' |
Net cash received in acquisition | 56,328,000 | 0 | 0 | ' | ' | ' | ' |
Net (increase) decrease in interest earning deposits with banks | -883,000 | -9,852,000 | 2,856,000 | ' | ' | ' | ' |
Net decrease in federal funds sold and securities purchased under resale agreements | 32,542,000 | 45,399,000 | 1,586,000 | ' | ' | ' | ' |
Net decrease in interest bearing funds with Federal Reserve Bank | 853,862,000 | 68,616,000 | 1,536,890,000 | ' | ' | ' | ' |
Proceeds from maturities and principal collections of investment securities available for sale | 711,134,000 | 1,348,188,000 | 1,098,925,000 | ' | ' | ' | ' |
Proceeds from sales of investment securities available for sale | 407,718,000 | 1,139,558,000 | 2,002,922,000 | ' | ' | ' | ' |
Purchases of investment securities available for sale | -1,434,322,000 | -1,803,738,000 | -3,309,605,000 | ' | ' | ' | ' |
Proceeds from sale of loans | 115,529,000 | 651,074,000 | 485,159,000 | ' | ' | ' | ' |
Proceeds from sale of other real estate | 100,802,000 | 135,817,000 | 171,272,000 | ' | ' | ' | ' |
Principal repayments by borrowers on other loans held for sale | 3,997,000 | 4,469,000 | 44,995,000 | ' | ' | ' | ' |
Net decrease (increase) in loans | -848,108,000 | -743,151,000 | 234,310,000 | ' | ' | ' | ' |
Purchases of premises and equipment | -31,569,000 | -30,485,000 | -15,944,000 | ' | ' | ' | ' |
Proceeds from disposals of premises and equipment | 3,099,000 | 3,379,000 | 4,888,000 | ' | ' | ' | ' |
Proceeds from sale of other assets held for sale | 2,285,000 | 8,782,000 | 7,683,000 | ' | ' | ' | ' |
Net cash (used) provided by investing activities | -27,586,000 | 818,056,000 | 2,265,937,000 | ' | ' | ' | ' |
Financing Activities | ' | ' | ' | ' | ' | ' | ' |
Net increase (decrease) in demand and savings deposits | -114,738,000 | 322,060,000 | 426,812,000 | ' | ' | ' | ' |
Net decrease in certificates of deposit | -122,343,000 | -1,676,768,000 | -2,515,364,000 | ' | ' | ' | ' |
Net (decrease) increase in federal funds purchased and securities sold under repurchase agreements | -53,111,000 | -112,514,000 | -185,469,000 | ' | ' | ' | ' |
Principal repayments on long-term debt | -307,571,000 | -491,049,000 | -601,415,000 | ' | ' | ' | ' |
Proceeds from issuance of long-term debt | 617,500,000 | 860,000,000 | 165,000,000 | ' | ' | ' | ' |
Dividends paid to common shareholders | -36,427,000 | -31,462,000 | -31,412,000 | ' | ' | ' | ' |
Transfer of funds to dividend payment agent | 0 | -7,853,000 | 0 | ' | ' | ' | ' |
Dividends paid to preferred shareholders | ' | ' | ' | -2,730,000 | -33,741,000 | -48,394,000 | -48,394,000 |
Stock options exercised | 1,044,000 | 0 | 0 | ' | ' | ' | ' |
Proceeds from issuance of Series C Preferred Stock, net of issuance costs | 125,862,000 | 0 | 0 | ' | ' | ' | ' |
Redemption of Series A Preferred Stock | -967,870,000 | 0 | 0 | ' | ' | ' | ' |
Proceeds from issuance of common stock, net of issuance costs | 175,174,000 | 0 | 0 | ' | ' | ' | ' |
Excess tax benefit from share-based payment arrangements | 575,000 | 0 | 0 | ' | ' | ' | ' |
Restricted stock activity | -3,564,000 | 0 | 0 | ' | ' | ' | ' |
Net cash used in financing activities | -721,940,000 | -1,185,980,000 | -2,790,242,000 | ' | ' | ' | ' |
(Decrease) increase in cash and cash equivalents | -145,000,000 | 104,207,000 | 121,402,000 | ' | ' | ' | ' |
Cash and cash equivalents at beginning of year | 614,630,000 | 510,423,000 | 389,021,000 | ' | ' | ' | ' |
Cash and cash equivalents at end of year | 469,630,000 | 614,630,000 | 510,423,000 | ' | ' | ' | ' |
Supplemental Cash Flow Information | ' | ' | ' | ' | ' | ' | ' |
Income tax refunds, net | 2,577,000 | -7,734,000 | -5,113,000 | ' | ' | ' | ' |
Interest paid | 121,291,000 | 160,329,000 | 233,966,000 | ' | ' | ' | ' |
Non-cash Investing Activities (at Fair Value): | ' | ' | ' | ' | ' | ' | ' |
(Decrease) increase in unrealized gains net of unrealized losses on available for sale securities | -46,047,000 | -16,506,000 | -24,749,000 | ' | ' | ' | ' |
Net change related to cash flow hedges, net of income taxes | 274,000 | -849,000 | -11,316,000 | ' | ' | ' | ' |
Net change in post-retirement unfunded health benefit, net of income taxes | 414,000 | 363,000 | 0 | ' | ' | ' | ' |
Mortgage loans held for sale transferred to loans at fair value | 14,714,000 | 1,959,000 | 7,100,000 | ' | ' | ' | ' |
Loans foreclosed and transferred to other real estate | 85,422,000 | 147,653,000 | 205,263,000 | ' | ' | ' | ' |
Loans transferred to other loans held for sale | 124,331,000 | 731,906,000 | 486,697,000 | ' | ' | ' | ' |
Other loans held for sale transferred to loans at fair value | 1,235,000 | 442,000 | 21,372,000 | ' | ' | ' | ' |
Other loans held for sale foreclosed and transferred to other real estate at fair value | 3,246,000 | 8,142,000 | 21,669,000 | ' | ' | ' | ' |
Premises and equipment transferred to other assets held for sale | 6,254,000 | 2,404,000 | 22,429,000 | ' | ' | ' | ' |
Write down to fair value for other loans held for sale | 0 | 3,222,000 | 13,437,000 | ' | ' | ' | ' |
Impairment loss on available for sale securities | 264,000 | 450,000 | 1,647,000 | ' | ' | ' | ' |
Accretion of discount for Series A Preferred Stock | -10,543,000 | -10,310,000 | -9,694,000 | ' | ' | ' | ' |
Settlement of prepaid common stock purchase contracts | 122,848,000 | 0 | 0 | ' | ' | ' | ' |
Acquisition: | ' | ' | ' | ' | ' | ' | ' |
Fair value of non-cash assets acquired | 536,000 | 0 | 0 | ' | ' | ' | ' |
Fair value of liabilities assumed | $56,864,000 | $0 | $0 | ' | ' | ' | ' |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |
Dec. 31, 2013 | ||
Significant Accounting Policies [Abstract] | ' | |
Summary of Significant Accounting Policies | ' | |
Note 1 - Summary of Significant Accounting Policies | ||
Business Operations | ||
The consolidated financial statements of Synovus include the accounts of the Parent Company and its consolidated subsidiaries. Synovus provides integrated financial services, including commercial and retail banking, financial management, insurance, and mortgage services to its customers through locally-branded divisions of its wholly-owned subsidiary bank, Synovus Bank, in offices located throughout Georgia, Alabama, South Carolina, Florida, and Tennessee. | ||
In addition to our banking operations, we also provide various other financial services to our customers through the following direct and indirect wholly-owned non-bank subsidiaries, including: Synovus Securities, Inc., headquartered in Columbus, Georgia, which specializes in professional portfolio management for fixed-income securities, investment banking, the execution of securities transactions as a broker/dealer and the provision of individual investment advice on equity and other securities; Synovus Trust Company, N.A., headquartered in Columbus, Georgia, which provides trust, asset management and financial planning services; and Synovus Mortgage Corp., headquartered in Birmingham, Alabama, which offers mortgage services. | ||
Basis of Presentation | ||
The accounting and financial reporting policies of Synovus are in accordance with U.S. GAAP and conform to the accounting and reporting guidelines prescribed by bank regulatory authorities. All significant intercompany accounts and transactions have been eliminated in consolidation. In preparing the consolidated financial statements in accordance with U.S. GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the respective consolidated balance sheets and the reported amounts of revenues and expenses for the periods presented. Actual results could differ significantly from those estimates. | ||
Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses; the valuation of other real estate; the fair value of investment securities; the fair value of private equity investments; contingent liabilities related to legal matters; and the deferred tax assets valuation allowance. In connection with the determination of the allowance for loan losses and the valuation of certain impaired loans and other real estate, management obtains independent appraisals for significant properties and properties collateralizing impaired loans. In making this determination, management also considers other factors or recent developments, such as changes in absorption rates or market conditions at the time of valuation and anticipated sales values based on management’s plans for disposition. | ||
The following is a description of the Company's significant accounting policies. | ||
Cash and Cash Equivalents | ||
Cash and cash equivalents consist of cash and due from banks. At December 31, 2013 and 2012, cash and cash equivalents included $104.9 million and $68.4 million, respectively, on deposit to meet Federal Reserve Bank requirements. At December 31, 2013 and 2012, $375 thousand and $15.5 million, respectively, of the due from banks balance was restricted as to withdrawal, including $15.0 million at December 31, 2012, on deposit pursuant to a payment network arrangement. | ||
Short-term Investments | ||
Short-term investments consist of interest bearing funds with the Federal Reserve Bank, interest earning deposits with banks, federal funds sold and securities purchased under resale agreements. Interest earning deposits with banks include $11.1 million at December 31, 2013 and $14.2 million at December 31, 2012, which is pledged as collateral in connection with certain letters of credit. Federal funds sold include $72.2 million at December 31, 2013 and $110.0 million at December 31, 2012, which are pledged to collateralize certain derivative instruments. Federal funds sold and securities purchased under resale agreements and federal funds purchased and securities sold under repurchase agreements, generally mature in one day. | ||
Trading Account Assets | ||
Trading account assets, which are primarily held on a short-term basis for the purpose of selling at a profit, consist of debt and equity securities and are reported at fair value. Fair value adjustments and fees from trading account activities are included as a component of other fee income on the consolidated statements of income. Gains and losses realized from the sale of trading account assets are determined by specific identification and are included as a component of other fee income on the trade date. Interest income on trading assets is reported as a component of interest income on the consolidated statements of income. | ||
Mortgage Loans Held for Sale and Mortgage Banking Income | ||
Mortgage Loans Held for Sale | ||
Mortgage loans held for sale are recorded at fair value. Fair value is derived from a hypothetical bulk sale model used to estimate the exit price of the loan in a loan sale. The bid pricing convention is used for loan pricing for similar assets. The valuation model is based upon forward settlements of a pool of loans of identical coupon, maturity, product, and credit attributes. The inputs to the model are continuously updated with available market and historical data. As the loans are sold in the secondary market, the valuation model produces an estimate of fair value that represents the highest and best use of the loans in Synovus' principal market. | ||
Mortgage Banking Income | ||
Mortgage banking income consists primarily of origination, ancillary fees, and gains and losses from the sale of mortgage loans. Mortgage loans are generally sold servicing released, without recourse or continuing involvement, and meet ASC 860-10-65, Transfers and Servicing of Financial Assets, criteria for sale accounting. | ||
Other Loans Held for Sale | ||
Loans are transferred to other loans held for sale at fair value when Synovus makes the determination to sell specifically identified loans. The fair value of the loans is primarily determined by analyzing the underlying collateral of the loan and the anticipated market prices of similar assets less estimated costs to sell. At the time of transfer, if the fair value is less than the carrying amount, the difference is recorded as a charge-off against the allowance for loan losses. Decreases in the fair value subsequent to the transfer, as well as gains/losses realized from sale of these loans, are recognized as gains/losses on other loans held for sale, net, as a component of non-interest expense on the consolidated statements of income. | ||
Investment Securities Available for Sale | ||
Investment securities available for sale are carried at fair value with unrealized gains and losses, net of the related tax effect, excluded from earnings and reported as a separate component of shareholders' equity within accumulated other comprehensive income (loss) until realized. | ||
Synovus performs a quarterly assessment of its investment securities available for sale to determine if the decline in fair value of a security below its amortized cost is deemed to be other-than-temporary. Factors included in the assessment include the length of time the security has been in a loss position, the extent that the fair value is below amortized cost, and the credit standing of the issuer. Other-than-temporary impairment losses are recognized on securities when: (1) the holder has an intention to sell the security; (2) it is more likely than not that the security will be required to be sold prior to recovery; or (3) the holder does not expect to recover the entire amortized cost basis of the security. Other-than-temporary impairment losses are reflected in earnings as realized losses to the extent the impairment is related to credit losses. The amount of the impairment related to other factors is recognized in other comprehensive income (loss). | ||
If Synovus intends to sell a security in an unrealized loss position, the entire unrealized loss would be reflected in income. Synovus does not intend to sell any investment securities in an unrealized loss position prior to the recovery of the unrealized loss, which may be until maturity, and Synovus has the ability to hold these securities for that period of time. Additionally, Synovus is not currently aware of any circumstances which will require it to sell any of the securities that are in an unrealized loss position. As of December 31, 2013, Synovus believes that all impairments of investment securities are temporary in nature. | ||
Premiums and discounts are amortized or accreted over the life of the related security as an adjustment to yield using the effective interest method and prepayment assumptions. Actual prepayment experience is reviewed periodically and the timing of the accretion and amortization is adjusted accordingly. Interest income on securities available for sale is recorded on the accrual basis. Dividend and interest income are recognized when earned. Realized gains and losses for securities are included in investment securities gains (losses), net, on the consolidated statements of income and are derived using the specific identification method, on a trade date basis. | ||
Loans and Interest Income on Loans | ||
Loans are reported at principal amounts outstanding less amounts charged off, net of deferred fees and expenses. Interest income and deferred fees, net of expenses on loans, are recognized on a level yield basis. | ||
Non-accrual Loans | ||
Loans on which the accrual of interest has been discontinued are designated as non-accrual loans. Accrual of interest is discontinued on loans when reasonable doubt exists as to the full collection of interest or principal, or when loans become contractually past due for 90 days or more as to either interest or principal, in accordance with the terms of the loan agreement, unless they are both well-secured and in the process of collection. When a loan is placed on non-accrual status, previously accrued and uncollected interest is generally reversed as an adjustment to interest income on loans. Interest payments received on non-accrual loans are generally applied as a reduction of principal. As payments are received on non-accruing loans, interest income can be recognized on a cash basis; however, there must be an expectation of full repayment of the remaining recorded principal balance. The remaining portion of this payment is recorded as a reduction to principal. Loans are generally returned to accruing status when they are brought fully current with respect to interest and principal and when, in the judgment of management, the loans are estimated to be fully collectible as to both principal and interest, and the borrower has sustained repayment performance under the terms of the loan agreement for a reasonable period of time (generally six months). | ||
Impaired Loans | ||
Impaired loans are loans for which it is probable that Synovus will not be able to collect all amounts due according to the contractual terms of the loan agreements and all loans modified in a troubled debt restructuring (TDR). Other than TDRs, impaired loans do not include smaller-balance homogeneous loans that are collectively evaluated for impairment, which consist of most retail loans and commercial loan relationships less than $1.0 million. Impairment is measured on a discounted cash flow method based upon the loan's contractual effective interest rate, or at the loan's observable market price, or at the fair value of the collateral, less costs to sell if the loan is collateral dependent. Interest income on non-accrual impaired loans is recognized as described above under "non-accrual loans." Impaired accruing loans generally consist of those troubled debt restructurings for which management has concluded that the collectability of the loan is not in doubt. | ||
At December 31, 2013, substantially all non-accrual impaired loans were collateral-dependent. Most of these loans are secured by real estate. For impairment measured using the estimated fair value of collateral less costs to sell, fair value is estimated using appraisals performed by a certified or licensed appraiser. Management also considers other factors or recent developments, such as selling costs and anticipated sales values, taking into account management's plans for disposition, which could result in adjustments to the fair value estimates indicated in the appraisals. The assumptions used in determining the amount of the impairment are subject to significant judgment. Use of different assumptions, for example, changes in the fair value of the collateral or management's plans for disposition could have a significant impact on the amount of impairment. | ||
Under the discounted cash flow method, impairment is recorded as a specific reserve with a charge-off for any portion of the impairment considered a confirmed loss. The reserve is reassessed each quarter and adjusted as appropriate based on changes in estimated cash flows. | ||
Where guarantors are determined to be a source of repayment, an assessment of the guarantee is required. This guarantee assessment would include, but not be limited to, factors such as type and feature of the guarantee, consideration for the guarantor's financial strength and capacity to service the loan in combination with the guarantor's other financial obligations as well as the guarantor's willingness to assist in servicing the loan. | ||
Troubled Debt Restructurings | ||
When borrowers are experiencing financial difficulties, the Company may, in order to assist the borrowers in repaying the principal and interest owed to the Company, make certain modifications to the borrower's loan. All loan modifications and renewals are evaluated for troubled debt restructuring (TDR) classification. In accordance with ASU 2011-02, A Creditor's Determination of Whether a Restructuring is a Troubled Debt Restructuring, issued in April 2011, a TDR is defined as a modification with a borrower that is experiencing financial difficulties, and the company has granted a financial concession that it would not normally make. The market interest rate concept in ASU 2011-02 states that if a borrower does not otherwise have access to funds at a market interest rates for debt with characteristics similar to those of the restructured debt, the restructuring would be considered to be at a below-market rate, which indicates that the lender may have granted a concession. Since Synovus often increases or maintains the interest rate upon renewal of a commercial loan, including renewals of loans involving borrowers experiencing financial difficulties, the market rate concept has become a significant factor in determining if a loan is classified as a TDR. All TDR's are considered to be impaired loans, and the amount of impairment, if any, is determined in accordance with ASC 310-10-35, Accounting By Creditors for Impairment of a Loan-an amendment of FASB Statements No. 5, ASC 450-20, and No. 15, ASC 310-40. | ||
Concessions provided by Synovus in a TDR are generally made in order to assist borrowers so that debt service is not interrupted and to mitigate the potential for loan losses. A number of factors are reviewed when a loan is renewed, refinanced, or modified, including cash flows, collateral values, guarantees, and loan structures. Concessions are primarily in the form of providing a below market interest rate given the borrower's credit risk to assist the borrower in managing cash flows, an extension of the maturity of the loan generally for less than one year, or a period of time generally less than one year with a reduction of required principal and/or interest payments (e.g., interest only for a period of time). These types of concessions may be made during the term of a loan or upon the maturity of a loan, as a loan renewal. Renewals of loans made to borrowers experiencing financial difficulties are evaluated for TDR designation by determining if concessions are being granted, including consideration of whether the renewed loan has an interest rate that is at market, given the credit risk related to the loan. Insignificant periods of reduction of principal and/or interest payments, or one time deferrals of three months or less, are generally not considered to be financial concessions. Further, it is generally Synovus' practice not to defer principal and/or interest for more than twelve months. | ||
These types of concessions may be made during the term of a loan or upon the maturity of a loan, in which the borrower is experiencing financial difficulty, as a loan renewal. | ||
Renewals of loans made to borrowers experiencing financial difficulties are evaluated for TDR designation by determining if concession(s) are being granted, including consideration of whether the renewed loan has an interest rate that is at market, given the credit risk related to the loan. | ||
Non-accruing TDRs may generally be returned to accrual status if there has been a period of performance, usually at least a six month sustained period of repayment performance by the borrower. Consistent with regulatory guidance, a TDR will generally no longer be reported as a TDR after a period of performance and after the loan was reported as a TDR at a year-end reporting date, and if at the time of the modification, the interest rate was at market, considering the credit risk associated with the borrower. | ||
Allowance for Loan Losses | ||
The allowance for loan losses is a significant accounting estimate that is determined through periodic and systematic detailed reviews of the Company’s loan portfolio. These reviews are performed to assess the inherent risk for probable loss within the portfolio and to ensure consistency between fluctuations in the allowance and both credit events within the portfolio and prevailing credit trends. The economic and business climate in any given industry or market is difficult to gauge and can change rapidly, and the effects of those changes can vary by borrower. Significant judgments and estimates are necessary in the determination of the allowance for loan losses. Significant judgments include, among others, loan risk ratings and classifications, the determination and measurement of impaired loans, the timing of loan charge-offs, the probability of loan defaults, the net loss exposure in the event of loan defaults, qualitative loss factors, management’s plans, if any, for disposition of certain loans, as well as other qualitative considerations. In determining an adequate allowance for loan losses, management makes numerous assumptions, estimates, and assessments, which are inherently subjective. The use of different estimates or assumptions could have a significant impact on the provision for loan losses, allowance for loan losses, non-performing loans, loan charge-offs and the Company's consolidated financial condition and results of operations. | ||
The allocated allowance is based upon quarterly analyses of impaired commercial loans to determine the amount of specific reserves (and/or loan charge-offs), if any, as well as an analysis of historical loan default experience, loan net loss experience and related qualitative factors, if appropriate, for categories of loans with similar risk attributes and further segregated by Synovus' internal loan grading system. | ||
Impaired loans are generally evaluated on a loan by loan basis with specific reserves, if any, recorded as appropriate. Specific reserves are determined based on ASC 310-10-35, which provides for measurement of a loan's impairment based on one of three methods. If the loan is collateral dependent, then the fair value of the loan's collateral, less estimated selling costs, are compared to the loan's carrying amount to determine impairment. Other methods of measuring a loan's impairment include the present value of the expected future cash flows of the loan, or if available, the observable market price of the loan. Synovus considers the pertinent facts and circumstances for each impaired loan when selecting the appropriate method to measure impairment, and quarterly evaluates each selection to ensure its continued appropriateness and evaluates the reasonableness of specific reserves, if any. | ||
For loans that are not considered impaired, the allocated allowance for loan losses is determined based upon Expected Loss ("EL") factors, which are applied to groupings of specific loan types by loan risk ratings. The EL is determined based upon a probability of default ("PD"), which is the probability that a borrower, segregated by loan type and loan risk grade, will default, and loss given default (“LGD”), which is the estimate of the amount of net loss in the event of default. The groupings of the loans into loan categories are determined based upon the nature of the loan types and the level of inherent risk associated with the various loan categories. The loan groupings are further segregated based upon the individual loan risk ratings, as described below. | ||
Allocated EL factors may also be adjusted, as necessary, by qualitative factor considerations for the applicable loan categories, including levels and trends in delinquencies and impaired loans not included in the expected loss factors and effects of any changes in underwriting standards, and other changes in lending policies, procedures and practices. | ||
Commercial Loans - Risk Ratings | ||
Synovus began implementation of a Dual Risk Rating allowance for loan losses methodology (DRR methodology) for certain components of its commercial and industrial loan portfolio during the third quarter of 2013. The DRR includes sixteen probabilities of default categories and nine categories for estimating losses given an event of default. The result is an expected loss rate established for each borrower. The DRR methodology is considered to be a more refined estimate of the inherent risk of loss. Management currently expects to implement the DRR methodology for additional components of the commercial loan portfolio over the next few years. Approximately $2.6 billion, or 13%, of the total loan portfolio was rated using the DRR methodology at year-end 2013. | ||
The single and dual risk ratings are based on the borrowers' credit risk profile, considering factors such as debt service history, current and estimated prospective cash flow information, collateral supporting the credit, source of repayment as well as other variables, as appropriate. There is a 9-point scale for commercial single risk rated loans. Single risk ratings six through nine are defined consistent with the bank regulatory classifications of special mention, substandard, doubtful, and loss, respectively. | ||
Each loan is assigned a risk rating during its initial approval process. For single risk rated loans, this process begins with a loan rating recommendation from the loan officer responsible for originating the loan. For dual risk rated loans, this process begins with scoring the loan for a rating. The loan rating is subject to approvals from other members of management, regional credit and/or loan committees depending on the size of the loan and loan's credit attributes. Loan ratings are regularly reevaluated based upon annual scheduled credit reviews or on a more frequent basis if determined prudent by management. Quarterly reviews are done for special mention and substandard loans of $500,000 or more. Additionally, an independent loan review function evaluates Synovus' risk rating process on a continuous basis. | ||
Retail Loans and Small Business Loans – Risk Ratings | ||
Retail loans and small business loans are generally assigned a risk rating on a 6-point scale at the time of origination based on credit bureau scores, with a loan grade of 1 assigned as the lowest level of risk and a loan grade of 6 as the highest level of risk. At 90-119 days past due, a loan grade of 7-substandard rating is applied and at 120 days past due, the loan is generally downgraded to grade 9-loss. The credit bureau based ratings are updated at least semi-annually and the ratings based on the past due status are updated monthly. | ||
Unallocated Allowance for Loan Losses | ||
The unallocated component of the allowance for loan losses is considered necessary to provide for certain environmental and economic factors that affect the inherent risk of loss in the entire loan portfolio that are not fully captured in the allocated allowance for loan losses. On a quarterly basis, management updates its analysis and consideration of these factors and determines the impact, if any, on the allowance for loan losses and the provision for loan losses for each respective period. Unallocated qualitative factors included in the determination of the unallocated allowance for loan losses include the following: | ||
• | experience, ability and depth of lending management, loan review personnel and other relevant staff | |
• | national and local economic trends and conditions | |
• | underlying value of collateral dependent loans, which impacts trends in charge-offs and recoveries that are not included in the expected loss factors | |
• | trends in volume and terms of loans | |
• | effects of changes in credit concentrations | |
• | model uncertainty | |
• | other isolated events | |
Premises and Equipment | ||
Premises and equipment, including bank owned branch locations and leasehold improvements, are reported at cost, less accumulated depreciation and amortization, which are computed using the straight-line method over the estimated useful lives of the related assets. Leasehold improvements are depreciated over the shorter of the estimated useful life or the remainder of the lease term. Synovus reviews long-lived assets, such as premises and equipment, for impairment whenever events and circumstances indicate that the carrying amount of an asset may not be recoverable. | ||
Goodwill | ||
Goodwill represents the excess purchase price over the fair value of identifiable net assets of acquired businesses. In accordance with ASC 350, Intangibles, Goodwill and Other, goodwill is not amortized, but tested for impairment at the reporting unit (sub-segment) level on an annual basis and as events occur or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Synovus reviews goodwill for impairment annually as of June 30th of each year and at interim periods if indicators of impairment exist. | ||
Significant judgment is applied when goodwill is assessed for impairment. This judgment includes developing cash flow projections, selecting appropriate discount rates, identifying relevant market comparables, incorporating general economic and market conditions, and selecting an appropriate control premium. The selection and weighting of the various fair value techniques may result in a higher or lower fair value. Judgment is applied in determining the weightings that are most representative of fair value. | ||
Other Real Estate | ||
ORE consists of properties obtained through a foreclosure proceeding or through an in-substance foreclosure in satisfaction of loans. In accordance with the provisions of ASC 310-10-35 regarding subsequent measurement of loans for impairment and ASC 310-40-15 regarding accounting for troubled debt restructurings by a creditor, a loan is classified as an in-substance foreclosure when Synovus has taken possession of the collateral regardless of whether formal foreclosure proceedings have taken place. | ||
At foreclosure, ORE is recorded at the lower of cost or fair value less estimated selling costs, which establishes a new cost basis. Subsequent to foreclosure, ORE is evaluated quarterly and reported at fair value less estimated selling costs, not to exceed the new cost basis, determined by review of current appraisals, as well as the review of comparable sales and other estimates of fair value obtained principally from independent sources, changes in absorption rates or market conditions from the time of the latest appraisal received or previous re-evaluation performed, and anticipated sales values considering management's plans for disposition, which could result in an adjustment to lower the fair value estimates indicated in the appraisals. | ||
Synovus' objective is to dispose of ORE properties in a timely manner and to maximize net sale proceeds. Synovus has a centralized managed assets division, with the specialized skill set to facilitate this objective. While there is not a defined timeline for their sale, ORE properties are actively marketed through unaffiliated third parties, including real estate brokers and real estate auctioneers. Sales are made on an opportunistic basis, as acceptable buyers and terms are identified. In addition, Synovus has previously sold ORE properties in bulk asset sales to unaffiliated third parties, in which case the typical period of marketing the property likely did not occur. In some cases, Synovus is approached by potential buyers of ORE properties or Synovus may contact independent third parties who we believe might have an interest in an ORE property. | ||
Other Assets | ||
Other assets include accrued interest receivable and other significant balances as described below. | ||
Investments in Company-Owned Life Insurance Policies | ||
Investments in company-owned life insurance policies on certain current and former officers of Synovus are recorded at the net realizable value of the policies as a component of other assets in the consolidated balance sheets. Net realizable value is the cash surrender value of the policies less any applicable surrender charges and any policy loans. Synovus has not borrowed against the cash surrender value of these policies. The appreciation in the cash surrender value of the policies is recognized as a component of other non-interest income in the consolidated statements of income. | ||
Private Equity Investments | ||
Private equity investments are recorded at fair value on the consolidated balance sheets with realized and unrealized gains and losses included in increase/(decrease) in fair value of private equity investments, net, on the consolidated statements of income in accordance with ASC 946, Financial Services-Investment Companies. The private equity investments in which Synovus holds a limited partner interest consist of funds that invest in privately held companies. For privately held companies in the fund, the general partner estimates the fair value of the company in accordance with U.S. GAAP as clarified by ASC 820, Fair Value Measurements and Disclosures. The estimated fair value of the company is the estimated fair value as an exit price the fund would receive if it were to sell the company in the marketplace. The fair value of the fund's underlying investments is estimated through the use of valuation models, such as option pricing or a discounted cash flow model. Valuation factors, such as a company's operational performance against budget or milestones, last price paid by investors, with consideration given on whether financing is provided by insiders or unrelated new investors, public market comparables, liquidity of the market, industry and economic trends, and change of management or key personnel, are used in the determination of estimated fair value. | ||
Derivative Instruments | ||
Synovus’ risk management policies emphasize the management of interest rate risk within acceptable guidelines. Synovus’ objective in maintaining these policies is to limit volatility in net interest income arising from changes in interest rates. Risks to be managed include both fair value and cash flow risks. Utilization of derivative financial instruments provides a valuable tool to assist in the management of these risks. | ||
In accordance with ASC 815, Derivatives and Hedging, all derivative instruments are recorded on the consolidated balance sheets at their respective fair values, as components of other assets and other liabilities. | ||
The accounting for changes in fair value (i.e., unrealized gains or losses) of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and, if so, on the reason for holding it. If certain conditions are met, entities may elect to designate a derivative instrument as a hedge of exposures to changes in fair values, cash flows, or foreign currencies. If the hedged exposure is a fair value exposure, the unrealized gain or loss on the derivative instrument is recognized in earnings in the period of change, together with the offsetting unrealized loss or gain on the hedged item attributable to the risk being hedged as a component of other non-interest income on the consolidated statements of income. If the hedged exposure is a cash flow exposure, the effective portion of the gain or loss on the hedged item 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. Any amounts excluded from the assessment of hedge effectiveness, as well as the ineffective portion of the gain or loss on the derivative instrument, are reported in earnings immediately as a component of other non-interest income on the consolidated statements of income. If the derivative instrument is not designated as a hedge, the gain or loss on the derivative instrument is recognized in earnings as a component of other non-interest income on the consolidated statements of income in the period of change. At December 31, 2013 and 2012, Synovus does not have any derivative instruments which are measured for ineffectiveness using the short-cut method. | ||
With the exception of certain commitments to fund and sell fixed-rate mortgage loans and derivatives utilized to meet the financing and interest rate risk management needs of its customers, all derivatives utilized by Synovus to manage its interest rate sensitivity are designated as either a hedge of a recognized fixed-rate asset or liability (fair value hedge), or a hedge of a forecasted transaction or of the variability of future cash flows of a floating rate asset or liability (cash flow hedge). Synovus does not speculate using derivative instruments. | ||
In 2005, Synovus entered into certain forward starting swap contracts to hedge the cash flow risk of certain forecasted interest payments on a forecasted debt issuance. Upon the determination to issue debt, Synovus was potentially exposed to cash flow risk due to changes in market interest rates prior to the placement of the debt. The forward starting swaps allowed Synovus to hedge this exposure. Upon placement of the debt, these swaps were cash settled concurrent with the pricing of the debt. The effective portion of the cash flow hedge included in accumulated other comprehensive income is being amortized over the life of the debt issue as an adjustment to interest expense. | ||
Synovus also holds derivative instruments, which consist of rate lock agreements related to expected funding of fixed-rate mortgage loans to customers (interest rate lock commitments) and forward commitments to sell mortgage-backed securities and individual fixed-rate mortgage loans. Synovus’ objective in obtaining the forward commitments is to mitigate the interest rate risk associated with the interest rate lock commitments and the mortgage loans that are held for sale. Both the interest rate lock commitments and the forward commitments are reported at fair value, with adjustments recorded in current period earnings in mortgage banking income. | ||
Synovus also enters into interest rate swap agreements to facilitate the risk management strategies of certain commercial banking customers. Synovus mitigates this risk by entering into equal and offsetting interest rate swap agreements with highly rated third-party financial institutions. The interest rate swap agreements are free-standing derivatives and are recorded at fair value with any unrealized gain or loss recorded in current period earnings in other non-interest income. These instruments, and their offsetting positions, are recorded in other assets and other liabilities on the consolidated balance sheets. | ||
When using derivatives to hedge fair value and cash flow risks, Synovus exposes itself to potential credit risk from the counterparty to the hedging instrument. This credit risk is generally a small percentage of the notional amount and fluctuates as interest rates change. Synovus analyzes and approves credit risk for all potential derivative counterparties prior to execution of any derivative transaction. Synovus seeks to minimize credit risk by dealing with highly rated counterparties and by obtaining collateralization for exposures above certain predetermined limits. If significant counterparty risk is determined, Synovus adjusts the fair value of the derivative recorded asset balance to consider such risk. | ||
Non-interest Income | ||
Service Charges on Deposit Accounts | ||
Service charges on deposit accounts consist of non-sufficient funds fees, account analysis fees, and other service charges on deposits which consist primarily of monthly account fees. Non-sufficient funds fees are recognized at the time when the account overdraft occurs in accordance with regulatory guidelines. Account analysis fees consist of fees charged to certain commercial demand deposit accounts based upon account activity (and reduced by a credit which is based upon cash levels in the account). These fees, as well as monthly account fees, are recorded under the accrual method of accounting. | ||
Fiduciary and Asset Management Fees | ||
Fiduciary and asset management fees are generally determined based upon market values of assets under management as of a specified date during the period. These fees are recorded under the accrual method of accounting as the services are performed. | ||
Brokerage and Investment Banking Revenue | ||
Brokerage revenue consists primarily of commission income, which represents the spread between buy and sell transactions processed, and net fees charged to customers on a transaction basis for buy and sell transactions processed. Commission income is recorded on a trade-date basis. Brokerage revenue also includes portfolio management fees, which represent monthly fees charged on a contractual basis to customers for the management of their investment portfolios and are recorded under the accrual method of accounting. | ||
Investment banking revenue represents fees for services arising from securities offerings or placements in which Synovus acts as an agent. It also includes fees earned from providing advisory services. Revenue is recognized at the time the underwriting is completed and the revenue is reasonably determinable. | ||
Bankcard Fees | ||
Bankcard fees consist primarily of interchange fees earned, net of fees paid, on debit card and credit card transactions. Net fees are recognized into income as they are collected. | ||
Income Taxes | ||
Synovus is a domestic corporation that files a consolidated federal income tax return with its wholly-owned subsidiaries and files state income tax returns on a consolidated and a separate entity basis with the various taxing jurisdictions based on its taxable presence. Synovus accounts for income taxes in accordance with ASC 740, Income Taxes. The current income tax accrual or receivable is an estimate of the amounts owed to or due from taxing authorities in which Synovus conducts business. It also includes increases and decreases in the amount of taxes payable for uncertain tax positions reported in tax returns for the current and/or prior years. | ||
Synovus uses the asset and liability method to account for future income taxes expected to be paid or received (i.e., deferred income taxes). Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement (GAAP) carrying amounts of existing assets and liabilities and their respective tax bases, including operating losses and tax credit carryforwards. The deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in income tax rates is recognized in income in the period that includes the enactment date. | ||
A valuation allowance is required for deferred tax assets if, based on available evidence, it is more likely than not that all or some portion of the asset will not be realized. In making this assessment, all sources of taxable income available to realize the deferred tax asset are considered including taxable income in prior carryback years, future reversals of existing temporary differences, tax planning strategies, and future taxable income exclusive of reversing temporary differences and carryforwards. The predictability that future taxable income, exclusive of reversing temporary differences, will occur is the most subjective of these four sources. Changes in the valuation allowance are recorded through income tax expense. | ||
Significant estimates used in accounting for income taxes relate to the valuation allowance for deferred tax assets, estimates of the realizability of income tax credits, utilization of net operating losses, the determination of taxable income, and the determination of temporary differences between book and tax bases. | ||
Synovus accrues tax liabilities for uncertain income tax positions based on current assumptions regarding the expected outcome by weighing the facts and circumstances available at the reporting date. If related tax benefits of a transaction are not more likely than not of being sustained upon examination, Synovus will accrue a tax liability or reduce a deferred tax asset for the expected tax impact associated with the transaction. Events and circumstances may alter the estimates and assumptions used in the analysis of its income tax positions and, accordingly, Synovus' effective tax rate may fluctuate in the future. Synovus recognizes accrued interest and penalties related to unrecognized income tax benefits as a component of income tax expense. | ||
Share-based Compensation | ||
Synovus has a long-term incentive plan under which the Compensation Committee of the Board of Directors has the authority to grant share-based awards to Synovus employees. Synovus' share-based compensation costs associated with employee grants are recorded as a component of salaries and other personnel expense in the consolidated statements of income. Share-based compensation costs associated with grants made to non-employee directors of Synovus are recorded as a component of other operating expenses. Share-based compensation expense for service-based awards is recognized net of estimated forfeitures for plan participants on a straight-line basis over the vesting period. | ||
Fair Value Measurements and Disclosures | ||
Fair value estimates are made at a specific point in time, based on relevant market information and other information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale, at one time, the entire holdings of a particular financial instrument. Because no market exists for a portion of the financial instruments, fair value estimates are also based on judgments regarding estimated cash flows, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates. | ||
Synovus employs independent third-party pricing services to provide fair value estimates for Synovus' investment securities available for sale and trading account assets. Fair values for fixed income investment securities and certain derivative financial instruments are typically the prices supplied by either third-party pricing service or an unrelated counterparty, which utilize quoted market prices, broker/dealer quotations for identical or similar securities, and/or inputs that are observable in the market, either directly or indirectly, for substantially similar securities. Level 1 securities are typically exchange quoted prices. Level 2 securities are typically matrix priced by a third-party pricing service to calculate the fair value. Such fair value measurements consider observable data, such as relevant broker/dealer quotes, market spreads, cash flows, yield curves, live trading levels, trade execution data, market consensus prepayments speeds, credit information, and the respective terms and conditions for debt instruments. Level 3 instruments' value is determined using pricing models, discounted cash flow models and similar techniques, and may also include the use of market prices of assets or liabilities that are not directly comparable to the subject asset or liability. These methods of valuation may result in a significant portion of the fair value being derived from unobservable assumptions that reflect Synovus' own estimates for assumptions that market participants would use in pricing the asset or liability. | ||
Management uses various validation procedures to validate the prices received from pricing services and quotations received from dealers are reasonable for each relevant financial instrument, including reference to relevant broker/dealer quotes or other market quotes and a review of valuations and trade activity of comparable securities. Consideration is given to the nature of the quotes (e.g., indicative or firm) and the relationship of recently evidenced market activity to the prices provided by the third-party pricing service. Further, management also employs the services of an additional independent pricing firm as a means to verify and confirm the fair values of our primary independent pricing firms. | ||
Understanding the third-party pricing service's valuation methods, assumptions and inputs used by the firm is an important part of the process of determining that reasonable and reliable fair values are being obtained. Management evaluates quantitative and qualitative information provided by the third-party pricing services to assess whether they continue to exhibit the high level of expertise and internal controls that management relies upon. | ||
Fair value estimates are based on existing financial instruments on the consolidated balance sheet, without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. Significant assets and liabilities that are not considered financial instruments include deferred income taxes, premises and equipment, equity method investments, goodwill and other intangible assets. In addition, the income tax ramifications related to the realization of the unrealized gains and losses on available for sale investment securities and cash flow hedges can have a significant effect on fair value estimates and have not been considered in any of the estimates. | ||
Contingent Liabilities | ||
Synovus estimates its contingent liabilities with respect to outstanding legal matters based on information currently available to management, management’s estimates about the probability of outcomes of each case and the advice of legal counsel. In accordance with guidance in ASC 450-25-2, management accrues an estimated loss from a loss contingency when information available indicates that it is probable that a loss has occurred and the amount of the loss can be reasonably estimated. In addition, it must be probable that the loss will be confirmed by some future event. Significant judgment is required in making these estimates and management must make assumptions about matters that are highly uncertain. Accordingly, the actual loss may be more or less than the current estimate. | ||
In many situations, Synovus may be unable to estimate reasonably possible losses due to the preliminary nature of the legal matters, as well as a variety of other factors and uncertainties. As there are further developments, Synovus will reassess these legal matters and the related potential liabilities and will revise, when needed, its estimate of contingent liabilities. | ||
Based on Synovus’ current knowledge and advice of counsel, management feels that contingent losses have been properly accrued with respect to legal matters discussed in Note 21 - Legal Proceedings to the consolidated financial statements. Management does not believe that the liabilities arising from these legal matters will have a material adverse effect on Synovus’ financial condition, results of operations or cash flows. | ||
Recently Adopted Accounting Standards Updates | ||
Effective January 1, 2013, Synovus adopted the provisions of the following ASUs: | ||
ASU 2012-02, Testing Indefinite-Lived Intangible Assets for Impairment. This ASU relates to testing intangibles other than goodwill for impairment, and was adopted on January 1, 2013. For Synovus, the ASU primarily applies to core deposit intangibles, which have a carrying value of $2.5 million at December 31, 2013. The ASU did not have an impact on Synovus' consolidated financial statements. | ||
ASU 2011-11, Disclosures about Offsetting Assets and Liabilities and ASU 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. ASU 2011-11 requires additional disclosures about financial instruments and derivative instruments that are offset or subject to an enforceable master netting arrangement or similar agreement. ASU 2013-01 clarifies that the disclosure requirements of ASU 2011-11 do not apply to trade receivables. The ASU also clarifies that the disclosure requirements in ASU 2011-11 apply to repurchase and reverse repurchase agreements, securities borrowing and lending agreements that are either offset on the balance sheet or subject to an enforceable master netting arrangement or similar agreement, and derivatives accounted for in accordance with ASC 815, Derivatives and Hedging. Synovus does not have financial instruments that are subject to the new requirements of ASU 2011-11; therefore, the clarifying ASU did not affect Synovus' consolidated financial statements. | ||
ASU 2013-02, Reporting of Amount Reclassified Out of Accumulated Other Comprehensive Income. The FASB issued this ASU to improve the transparency of reporting reclassifications out of accumulated other comprehensive income by requiring entities to present in one place information about significant amounts reclassified and, in some cases, to provide cross-references to related footnote disclosures. ASU 2013-02 does not amend existing requirements for reporting net income or other comprehensive income in the financial statements. ASU 2013-02 requires an entity to disaggregate the total change of each component of other comprehensive income and separately present reclassification adjustments and current period other comprehensive income. The provisions of ASU 2013-02 also require that entities present either in a single footnote or parenthetically on the face of the financial statements, the effect of significant amounts reclassified from each component of accumulated other comprehensive income based on its source and the income statement line item affected by the reclassification. If a component is not required to be reclassified to net income in its entirety, entities would instead cross reference to the related footnote to the financial statements for additional information. Synovus adopted the provisions of ASU 2013-02 effective January 1, 2013. The impact to Synovus was additional disclosure in the notes to the financial statements, which included a new table that detailed the items reclassified out of accumulated other comprehensive income and into net income. See "Note 7 - Other Comprehensive Income" to the consolidated financial statements for the disclosures required by ASU 2013-02. | ||
ASU 2013-10, Derivatives and Hedging (Topic 815): Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes. This ASU permits the Fed Funds Effective Swap Rate (also referred to as the Overnight Index Swap Rate) to be used as a U.S. benchmark interest rate for hedge accounting purposes under FASB Topic 815, in addition to interest rates on direct Treasury obligations of the U.S. government and LIBOR. The amendments also remove the restriction on using different benchmark rates for similar hedges. The final guidance, issued on July 17, 2013, was effective immediately. Synovus continues to assess the impact of this ASU on its hedging strategies and will consider the provisions of this new guidance when developing new hedging strategies. With the inclusion of the Fed Funds Effective Swap rate as a benchmark interest rate, the ASU allows Synovus to develop new hedging strategies, but does not resolve ineffectiveness issues that arise in existing LIBOR hedges when the Overnight Index Swap Rate is used to discount future cash flows. | ||
Recently Issued Accounting Standards Updates | ||
In July 2013, the FASB issued ASU 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. This ASU provides guidance on financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. Income tax accounting guidance does not explicitly address how to present unrecognized tax benefits when a company also has net operating losses or tax credit carryforwards. Most companies present these unrecognized benefits as a liability (i.e., gross presentation), but some present the liability as a reduction of their net operating losses or tax credit carryforwards (i.e., net presentation). To address this diversity in practice, the FASB issued ASU 2013-11, requiring unrecognized tax benefits to be offset against a deferred tax asset for a net operating loss carryforward, similar tax loss or tax credit carryforward except when (1) a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available as of the reporting date under the governing tax law to settle taxes that would result from the disallowance of the tax position and (2) the entity does not intend to use the deferred tax asset for this purpose (provided that the tax law permits a choice). If either of these conditions exists, an entity should present an unrecognized tax benefit in the financial statements as a liability and should not net the unrecognized tax benefit with a deferred tax asset. New recurring disclosures are not required because the ASU does not affect the recognition or measurement of uncertain tax positions under ASC 740. This amendment does not affect the amounts public entities disclose in the tabular reconciliation of the total amounts of unrecognized tax benefits because the tabular reconciliation presents the gross amounts of unrecognized tax benefits. This new guidance will likely change the balance sheet presentation of certain unrecognized tax benefits and deferred tax assets but will not change the way entities assess deferred tax assets for realizability or disclose tax uncertainties. Currently, Synovus is recognizing the FIN 48 liability on a gross basis and it is not being applied to reduce the net operating losses deferred tax asset. Therefore, when the standard becomes effective, it will impact the balance sheet classifications. However, the FIN 48 balance is insignificant and only relates to income tax issues; therefore, the impact is expected to be insignificant. | ||
Reclassifications | ||
Prior years' consolidated financial statements are reclassified whenever necessary to conform to the current year's presentation. | ||
Subsequent Events | ||
Synovus has evaluated for consideration, or disclosure, all transactions, events, and circumstances, subsequent to the date of the consolidated balance sheet and through the date the accompanying audited consolidated financial statements were issued, and has reflected, or disclosed, those items deemed appropriate within the consolidated financial statements and related footnotes. |
Acquisition
Acquisition | 12 Months Ended |
Dec. 31, 2013 | |
Business Combinations [Abstract] | ' |
Acquisition | ' |
Note 2 - Acquisition | |
On May 10, 2013, Synovus Bank entered into a purchase and assumption agreement with the FDIC, as receiver of Sunrise Bank, an affiliate of Capitol Bancorp Limited, to assume $56.8 million in deposits, including all uninsured deposits. As part of this transaction, Synovus Bank also acquired $492 thousand in loans. Other assets and liabilities acquired in connection with this transaction were insignificant. Sunrise Bank operated in three locations, including Valdosta, Jeffersonville, and Atlanta, Georgia. Acquisitions are accounted for under the acquisition method of accounting in accordance with FASB ASC 805, "Business Combinations". Both the purchased assets and assumed liabilities are recorded at their respective acquisition date fair values. | |
Synovus' consolidated statement of income for the year ended December 31, 2013 includes the operating results produced by the acquired assets and assumed liabilities for the period of May 10, 2013 to December 31, 2013. The income statement impact was not significant. Due primarily to Synovus acquiring only certain assets and liabilities of Sunrise, historical results of Sunrise are not meaningful to Synovus’ results, and thus no pro forma information is presented. |
Restructuring_Charges
Restructuring Charges | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Restructuring Charges [Abstract] | ' | ||||||||||
Restructuring Charges | ' | ||||||||||
Note 3 - Restructuring Charges | |||||||||||
For the years ended December 31, 2013, 2012 and 2011 total restructuring charges consist of the following components: | |||||||||||
Years Ended December 31, | |||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||
Severance charges | $ | 8,046 | 3,826 | 17,570 | |||||||
Lease termination charges | 1,060 | — | 3,147 | ||||||||
Asset impairment charges | 2,030 | 1,956 | 6,643 | ||||||||
Gain on sale of assets held for sale, net | (135 | ) | (622 | ) | (929 | ) | |||||
Professional fees and other charges | 63 | 252 | 4,234 | ||||||||
Total restructuring charges | $ | 11,064 | 5,412 | 30,665 | |||||||
The liability for restructuring activities was $3.0 million at December 31, 2013 which consists primarily of estimated severance payments and lease termination payments. Cash payments associated with this liability are expected to occur over the next three months. |
Other_Loans_Held_for_Sale
Other Loans Held for Sale | 12 Months Ended |
Dec. 31, 2013 | |
Loans Receivable Held-for-sale, Net [Abstract] | ' |
Other Loans Held For Sale | ' |
Note 4 - Other Loans Held for Sale | |
Loans are transferred to other loans held for sale at fair value when Synovus makes the determination to sell specifically identified loans. The fair value of the loans is primarily determined by analyzing the underlying collateral of the loan and the anticipated market prices of similar assets less estimated costs to sell. At the time of transfer, if the fair value is less than the carrying amount, the difference is recorded as a charge-off against the allowance for loan losses. Decreases in the fair value subsequent to the transfer, as well as gains/losses realized from sale of these loans, are recognized as (gains) losses on other loans held for sale, net as a component of non-interest expense on the consolidated statements of income. During the years ended December 31, 2013, 2012, and 2011, Synovus transferred loans with carrying values of $165.2 million, $731.9 million, and $486.7 million, respectively. |
Investment_Securities_Availabl
Investment Securities Available for Sale | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Investments [Abstract] | ' | |||||||||||||||||||
Investment Securities Available for Sale | ' | |||||||||||||||||||
Note 5 - Investment Securities Available for Sale | ||||||||||||||||||||
The amortized cost, gross unrealized gains and losses, and estimated fair values of investment securities available for sale at December 31, 2013 and 2012 are summarized below. | ||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||
(in thousands) | Amortized Cost (1) | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||
U.S. Treasury securities | $ | 17,791 | — | — | 17,791 | |||||||||||||||
U.S. Government agency securities | 33,480 | 1,161 | — | 34,641 | ||||||||||||||||
Securities issued by U.S. Government sponsored enterprises | 112,305 | 1,440 | — | 113,745 | ||||||||||||||||
Mortgage-backed securities issued by U.S. Government agencies | 196,521 | 2,257 | (3,661 | ) | 195,117 | |||||||||||||||
Mortgage-backed securities issued by U.S. Government sponsored enterprises | 2,443,282 | 9,718 | (31,640 | ) | 2,421,360 | |||||||||||||||
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | 406,717 | 698 | (8,875 | ) | 398,540 | |||||||||||||||
State and municipal securities | 6,723 | 168 | (2 | ) | 6,889 | |||||||||||||||
Equity securities | 3,856 | 3,728 | — | 7,584 | ||||||||||||||||
Other investments | 4,074 | — | (383 | ) | 3,691 | |||||||||||||||
Total investment securities available for sale | $ | 3,224,749 | 19,170 | (44,561 | ) | 3,199,358 | ||||||||||||||
December 31, 2012 | ||||||||||||||||||||
(in thousands) | Amortized Cost (1) | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||
U.S. Treasury securities | $ | 356 | — | — | 356 | |||||||||||||||
U.S. Government agency securities | 35,791 | 2,255 | — | 38,046 | ||||||||||||||||
Securities issued by U.S. Government sponsored enterprises | 289,523 | 3,787 | — | 293,310 | ||||||||||||||||
Mortgage-backed securities issued by U.S. Government agencies | 238,381 | 7,220 | (8 | ) | 245,593 | |||||||||||||||
Mortgage-backed securities issued by U.S. Government sponsored enterprises | 1,832,076 | 37,646 | (2,229 | ) | 1,867,493 | |||||||||||||||
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | 513,637 | 2,534 | (1,682 | ) | 514,489 | |||||||||||||||
State and municipal securities | 15,218 | 582 | (2 | ) | 15,798 | |||||||||||||||
Equity securities | 3,648 | 92 | — | 3,740 | ||||||||||||||||
Other investments | 3,000 | — | (713 | ) | 2,287 | |||||||||||||||
Total investment securities available for sale | $ | 2,931,630 | 54,116 | (4,634 | ) | 2,981,112 | ||||||||||||||
(1) | Amortized cost is adjusted for other-than-temporary impairment charges in 2013 and 2012, which have been recognized in the consolidated statements of income in the applicable year, and were considered inconsequential. | |||||||||||||||||||
At December 31, 2013 and 2012, investment securities with a carrying value of $2.38 billion and $2.28 billion, respectively, were pledged to secure certain deposits, securities sold under repurchase agreements, and payment network arrangements, as required by law and contractual agreements. | ||||||||||||||||||||
Synovus has reviewed investment securities that are in an unrealized loss position as of December 31, 2013 and 2012 for OTTI and does not consider any securities in an unrealized loss position to be other-than-temporarily impaired. If Synovus intended to sell a security in an unrealized loss position, the entire unrealized loss would be reflected in income. Synovus does not intend to sell investment securities in an unrealized loss position prior to the recovery of the unrealized loss, which may be until maturity, and has the ability and intent to hold those securities for that period of time. Additionally, Synovus is not currently aware of any circumstances which will require it to sell any of the securities that are in an unrealized loss position. | ||||||||||||||||||||
Declines in the fair value of available for sale securities below their cost that are deemed to have OTTI are reflected in earnings as realized losses to the extent the impairment is related to credit losses. The amount of the impairment related to other factors is recognized in other comprehensive income. Currently, unrealized losses on debt securities are attributable to increases in interest rates on comparable securities from the date of purchase. Synovus regularly evaluates its investment securities portfolio to ensure that there are no conditions that would indicate that unrealized losses represent OTTI. These factors include the length of time the security has been in a loss position, the extent that the fair value is below amortized cost, and the credit standing of the issuer. As of December 31, 2013 there were 80 securities in a loss position for less than twelve months and 5 securities in a loss position for more than 12 months. | ||||||||||||||||||||
Gross unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2013 and December 31, 2012 are presented below. | ||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||
Less than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||
(in thousands) | Fair | Gross Unrealized | Fair | Gross Unrealized | Fair | Gross Unrealized | ||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||
U.S. Treasury securities | $ | — | — | — | — | — | — | |||||||||||||
U.S. Government agency securities | — | — | — | — | — | — | ||||||||||||||
Securities issued by U.S. Government sponsored enterprises | — | — | — | — | — | — | ||||||||||||||
Mortgage-backed securities issued by U.S. Government agencies | 121,607 | 3,363 | 2,951 | 298 | 124,558 | 3,661 | ||||||||||||||
Mortgage-backed securities issued by U.S. Government sponsored enterprises | 1,885,521 | 31,640 | — | — | 1,885,521 | 31,640 | ||||||||||||||
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | 282,898 | 8,875 | — | — | 282,898 | 8,875 | ||||||||||||||
State and municipal securities | — | — | 40 | 2 | 40 | 2 | ||||||||||||||
Equity securities | — | — | — | — | — | — | ||||||||||||||
Other investments | 1,969 | 105 | 1,722 | 278 | 3,691 | 383 | ||||||||||||||
Total | $ | 2,291,995 | 43,983 | 4,713 | 578 | 2,296,708 | 44,561 | |||||||||||||
December 31, 2012 | ||||||||||||||||||||
Less than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||
(in thousands) | Fair | Gross Unrealized | Fair | Gross Unrealized | Fair | Gross Unrealized | ||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||
U.S. Treasury securities | $ | — | — | — | — | — | — | |||||||||||||
U.S. Government agency securities | — | — | — | — | — | — | ||||||||||||||
Securities issued by U.S. Government sponsored enterprises | — | — | — | — | — | — | ||||||||||||||
Mortgage-backed securities issued by U.S. Government agencies | 3,314 | 8 | 2 | — | 3,316 | 8 | ||||||||||||||
Mortgage-backed securities issued by U.S. Government sponsored enterprises | 286,452 | 2,229 | — | — | 286,452 | 2,229 | ||||||||||||||
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | 42,036 | 325 | 168,906 | 1,357 | 210,942 | 1,682 | ||||||||||||||
State and municipal securities | — | — | 35 | 2 | 35 | 2 | ||||||||||||||
Equity securities | — | — | — | — | — | — | ||||||||||||||
Other investments | 2,287 | 713 | — | — | 2,287 | 713 | ||||||||||||||
Total | $ | 334,089 | 3,275 | 168,943 | 1,359 | 503,032 | 4,634 | |||||||||||||
The amortized cost and fair value by contractual maturity of investment securities available for sale at December 31, 2013 are shown below. The expected life of mortgage-backed securities or CMOs may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. For purposes of the maturity table, mortgage-backed securities and CMOs, which are not due at a single maturity date, have been classified based on the final contractual maturity date. | ||||||||||||||||||||
Distribution of Maturities at December 31, 2013 | ||||||||||||||||||||
(in thousands) | Within One | 1 to 5 | 5 to 10 | More Than | No Stated | Total | ||||||||||||||
Year | Years | Years | 10 Years | Maturity | ||||||||||||||||
Amortized Cost | ||||||||||||||||||||
U.S. Treasury securities | $ | 17,791 | — | — | — | — | 17,791 | |||||||||||||
U.S. Government agency securities | 114 | 9,157 | 24,209 | — | — | 33,480 | ||||||||||||||
Securities issued by U.S. Government sponsored enterprises | 30,109 | 82,196 | — | — | — | 112,305 | ||||||||||||||
Mortgage-backed securities issued by U.S. Government agencies | 40 | 1 | 729 | 195,751 | — | 196,521 | ||||||||||||||
Mortgage-backed securities issued by U.S. Government sponsored enterprises | 782 | 3,450 | 2,024,280 | 414,770 | — | 2,443,282 | ||||||||||||||
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | — | — | 84 | 406,633 | — | 406,717 | ||||||||||||||
State and municipal securities | 1,054 | 2,828 | — | 2,841 | — | 6,723 | ||||||||||||||
Equity securities | — | — | — | — | 3,856 | 3,856 | ||||||||||||||
Other investments | — | — | — | 2,000 | 2,074 | 4,074 | ||||||||||||||
Total amortized cost | $ | 49,890 | 97,632 | 2,049,302 | 1,021,995 | 5,930 | 3,224,749 | |||||||||||||
Fair Value | ||||||||||||||||||||
U.S. Treasury securities | $ | 17,791 | — | — | — | — | 17,791 | |||||||||||||
U.S. Government agency securities | 114 | 9,501 | 25,026 | — | — | 34,641 | ||||||||||||||
Securities issued by U.S. Government sponsored enterprises | 30,642 | 83,103 | — | — | — | 113,745 | ||||||||||||||
Mortgage-backed securities issued by U.S. Government agencies | 41 | 1 | 753 | 194,322 | — | 195,117 | ||||||||||||||
Mortgage-backed securities issued by U.S. Government sponsored enterprises | 829 | 3,684 | 2,000,297 | 416,550 | — | 2,421,360 | ||||||||||||||
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | — | — | 84 | 398,456 | — | 398,540 | ||||||||||||||
State and municipal securities | 1,066 | 2,886 | — | 2,937 | — | 6,889 | ||||||||||||||
Equity securities | — | — | — | — | 7,584 | 7,584 | ||||||||||||||
Other investments | — | — | — | 1,722 | 1,969 | 3,691 | ||||||||||||||
Total fair value | $ | 50,483 | 99,175 | 2,026,160 | 1,013,987 | 9,553 | 3,199,358 | |||||||||||||
Proceeds from sales, gross gains, and gross losses on sales of securities available for sale for the years ended December 31, 2013, 2012 and 2011 are presented below. Other-than-temporary impairment charges of $264 thousand, $450 thousand, and $1.6 million respectively, are included in gross realized losses for the years ended December 31, 2013, 2012 and 2011. The specific identification method is used to reclassify gains and losses out of other comprehensive income at the time of sale. | ||||||||||||||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||||||||||||||
Proceeds from sales of investment securities available for sale | $ | 407,718 | 1,139,558 | 2,002,922 | ||||||||||||||||
Gross realized gains | $ | 3,822 | $ | 39,592 | $ | 76,654 | ||||||||||||||
Gross realized losses | (877 | ) | (450 | ) | (1,647 | ) | ||||||||||||||
Investment securities gains, net | $ | 2,945 | 39,142 | 75,007 | ||||||||||||||||
Loans_And_Allowance_For_Loan_L
Loans And Allowance For Loan Losses | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Allowance for Loan and Lease Losses, Adjustments, Net [Abstract] | ' | ||||||||||||||||||||
Loans And Allowance For Loan Losses | ' | ||||||||||||||||||||
Note 6 - Loans and Allowance for Loan Losses | |||||||||||||||||||||
Loans outstanding, by classification, at December 31, 2013 and 2012 are summarized below. | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
(in thousands) | 2013 | 2012 | |||||||||||||||||||
Investment properties | $ | 4,566,679 | 4,416,481 | ||||||||||||||||||
1-4 family properties | 1,163,253 | 1,286,042 | |||||||||||||||||||
Land acquisition | 707,820 | 795,341 | |||||||||||||||||||
Total commercial real estate | 6,437,752 | 6,497,864 | |||||||||||||||||||
Commercial, financial and agricultural | 5,498,739 | 5,291,078 | |||||||||||||||||||
Owner-occupied | 3,814,720 | 3,762,024 | |||||||||||||||||||
Small business | 687,216 | 516,349 | |||||||||||||||||||
Total commercial and industrial | 10,000,675 | 9,569,451 | |||||||||||||||||||
Home equity lines | 1,587,541 | 1,542,397 | |||||||||||||||||||
Consumer mortgages | 1,519,068 | 1,411,561 | |||||||||||||||||||
Credit cards | 256,846 | 263,561 | |||||||||||||||||||
Other retail loans | 284,778 | 277,229 | |||||||||||||||||||
Total retail | 3,648,233 | 3,494,748 | |||||||||||||||||||
Total loans | 20,086,660 | 19,562,063 | |||||||||||||||||||
Deferred fees and costs, net | (28,862 | ) | (20,373 | ) | |||||||||||||||||
Total loans, net of deferred fees and costs | $ | 20,057,798 | 19,541,690 | ||||||||||||||||||
A substantial portion of the loan portfolio is secured by real estate in markets located throughout Georgia, Alabama, Tennessee, South Carolina, and Florida. Accordingly, the ultimate collectability of a substantial portion of the loan portfolio is susceptible to changes in market conditions in these areas. | |||||||||||||||||||||
As previously announced, in January 2014, Synovus Bank completed a transaction in which certain assets, including selected loans, associated with the Memphis, Tennessee, operations of Trust One Bank, a division of Synovus Bank, were sold to IBERIABANK ("IBERIABANK"). Total loans, net of deferred fees and costs of $88.2 million were sold and are included in the table above. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 26 - Subsequent Events" of this Report for further information. | |||||||||||||||||||||
The following is a summary of current, accruing past due, and non-accrual loans by class as of December 31, 2013 and 2012. | |||||||||||||||||||||
Current, Accruing Past Due, and Non-accrual Loans | |||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||
( in thousands) | Current | Accruing 30-89 Days Past Due | Accruing 90 Days or Greater Past Due | Total Accruing Past Due | Non-accrual | Total | |||||||||||||||
Investment properties | $ | 4,496,633 | 3,552 | 40 | 3,592 | 66,454 | 4,566,679 | ||||||||||||||
1-4 family properties | 1,122,640 | 6,267 | 527 | 6,794 | 33,819 | 1,163,253 | |||||||||||||||
Land acquisition | 552,325 | 1,100 | 300 | 1,400 | 154,095 | 707,820 | |||||||||||||||
Total commercial real estate | 6,171,598 | 10,919 | 867 | 11,786 | 254,368 | 6,437,752 | |||||||||||||||
Commercial, financial and agricultural | 5,422,139 | 16,251 | 721 | 16,972 | 59,628 | 5,498,739 | |||||||||||||||
Owner-occupied | 3,768,333 | 9,341 | 66 | 9,407 | 36,980 | 3,814,720 | |||||||||||||||
Small business | 676,947 | 4,506 | 155 | 4,661 | 5,608 | 687,216 | |||||||||||||||
Total commercial and industrial | 9,867,419 | 30,098 | 942 | 31,040 | 102,216 | 10,000,675 | |||||||||||||||
Home equity lines | 1,564,578 | 4,919 | 136 | 5,055 | 17,908 | 1,587,541 | |||||||||||||||
Consumer mortgages | 1,460,219 | 18,068 | 1,011 | 19,079 | 39,770 | 1,519,068 | |||||||||||||||
Credit cards | 253,422 | 1,917 | 1,507 | 3,424 | — | 256,846 | |||||||||||||||
Other retail loans | 280,524 | 2,190 | 26 | 2,216 | 2,038 | 284,778 | |||||||||||||||
Total retail | 3,558,743 | 27,094 | 2,680 | 29,774 | 59,716 | 3,648,233 | |||||||||||||||
Total loans | $ | 19,597,760 | 68,111 | 4,489 | 72,600 | 416,300 | 20,086,660 | (1) | |||||||||||||
December 31, 2012 | |||||||||||||||||||||
( in thousands) | Current | Accruing 30-89 Days Past Due | Accruing 90 Days or Greater Past Due | Total Accruing Past Due | Non-accrual | Total | |||||||||||||||
Investment properties | $ | 4,318,379 | 5,436 | 798 | 6,234 | 91,868 | 4,416,481 | ||||||||||||||
1-4 family properties | 1,200,370 | 13,053 | 41 | 13,094 | 72,578 | 1,286,042 | |||||||||||||||
Land acquisition | 600,146 | 3,422 | 298 | 3,720 | 191,475 | 795,341 | |||||||||||||||
Total commercial real estate | 6,118,895 | 21,911 | 1,137 | 23,048 | 355,921 | 6,497,864 | |||||||||||||||
Commercial, financial and agricultural | 5,194,916 | 15,742 | 845 | 16,587 | 79,575 | 5,291,078 | |||||||||||||||
Owner-occupied | 3,700,793 | 17,784 | 61 | 17,845 | 43,386 | 3,762,024 | |||||||||||||||
Small business | 505,526 | 4,935 | 338 | 5,273 | 5,550 | 516,349 | |||||||||||||||
Total commercial and industrial | 9,401,235 | 38,461 | 1,244 | 39,705 | 128,511 | 9,569,451 | |||||||||||||||
Home equity lines | 1,515,396 | 9,555 | 705 | 10,260 | 16,741 | 1,542,397 | |||||||||||||||
Consumer mortgages | 1,348,506 | 22,502 | 1,288 | 23,790 | 39,265 | 1,411,561 | |||||||||||||||
Credit cards | 258,698 | 2,450 | 2,413 | 4,863 | — | 263,561 | |||||||||||||||
Other retail loans | 271,175 | 3,135 | 24 | 3,159 | 2,895 | 277,229 | |||||||||||||||
Total retail | 3,393,775 | 37,642 | 4,430 | 42,072 | 58,901 | 3,494,748 | |||||||||||||||
Total loans | $ | 18,913,905 | 98,014 | 6,811 | 104,825 | 543,333 | 19,562,063 | (2) | |||||||||||||
(1) Total before net deferred fees and costs of $28.9 million. | |||||||||||||||||||||
(2) Total before net deferred fees and costs of $20.4 million. | |||||||||||||||||||||
Non-accrual loans as of December 31, 2013 and 2012 were $416.3 million and $543.3 million, respectively. Interest income on non-accrual loans outstanding at December 31, 2013 and 2012 that would have been recorded if the loans had been current and performed in accordance with their original terms was $27.7 million and $30.2 million, respectively. Interest income recorded on these loans for the years ended December 31, 2013 and 2012 was $5.8 million and $7.7 million, respectively. | |||||||||||||||||||||
The credit quality of the loan portfolio is summarized no less frequently than quarterly using the standard asset classification system utilized by the federal banking agencies. These classifications are divided into three groups – Not Classified (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, of any underlying collateral in a timely manner. | |||||||||||||||||||||
Special Mention - loans which have potential weaknesses that deserve management's close attention. These loans are not adversely classified and do not expose an institution to sufficient risk to warrant an adverse classification. | |||||||||||||||||||||
Substandard - loans which are inadequately protected by the current net worth and paying capacity of the obligor or by the collateral pledged, if any. Loans with this classification are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. | |||||||||||||||||||||
Doubtful - loans which have all the weaknesses inherent in loans classified as substandard with the added characteristic that the weaknesses make collection or liquidation in full highly questionable and improbable on the basis of currently known facts, conditions, and values. | |||||||||||||||||||||
Loss - loans which are considered by management to be uncollectible and of such little value that its continuance on the institution's books as an asset, without establishment of a specific valuation allowance or charge-off is not warranted. | |||||||||||||||||||||
In the following tables, retail loans and small business loans are classified as Pass except when they reach 90 days past due or are downgraded to substandard, and upon reaching 120 days past due, they are downgraded to loss and charged off, in accordance with the FFIEC Uniform Retail Credit Classification and Account Management Policy. The risk grade classifications of retail loans secured by junior liens on 1-4 family residential properties also consider available information on the payment status of the associated senior lien with other financial institutions. | |||||||||||||||||||||
Loan Portfolio Credit Exposure by Risk Grade | |||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||
(in thousands) | Pass | Special | Substandard(1) | Doubtful(2) | Loss | Total | |||||||||||||||
Mention | |||||||||||||||||||||
Investment properties | $ | 4,150,790 | 249,890 | 164,275 | 1,724 | — | 4,566,679 | ||||||||||||||
1-4 family properties | 898,409 | 126,715 | 129,775 | 8,062 | 292 | (2) (3) | 1,163,253 | ||||||||||||||
Land acquisition | 424,444 | 94,316 | 186,513 | 2,547 | — | 707,820 | |||||||||||||||
Total commercial real | 5,473,643 | 470,921 | 480,563 | 12,333 | 292 | (2) (3) | 6,437,752 | ||||||||||||||
estate | |||||||||||||||||||||
Commercial, financial and agricultural | 5,062,333 | 224,620 | 201,410 | 10,286 | 90 | (2) (3) | 5,498,739 | ||||||||||||||
Owner-occupied | 3,495,407 | 155,097 | 162,406 | 1,810 | — | 3,814,720 | |||||||||||||||
Small business | 674,200 | — | 12,219 | — | 797 | (2) (4) | 687,216 | ||||||||||||||
Total commercial and | 9,231,940 | 379,717 | 376,035 | 12,096 | 887 | 10,000,675 | |||||||||||||||
industrial | |||||||||||||||||||||
Home equity lines | 1,559,272 | — | 24,931 | — | 3,338 | (2) (4) | 1,587,541 | ||||||||||||||
Consumer mortgages | 1,475,928 | — | 40,935 | — | 2,205 | (2) (4) | 1,519,068 | ||||||||||||||
Credit cards | 255,339 | — | 541 | — | 966 | (4) | 256,846 | ||||||||||||||
Other retail loans | 281,179 | — | 3,400 | — | 199 | (2) (4) | 284,778 | ||||||||||||||
Total retail | 3,571,718 | — | 69,807 | — | 6,708 | 3,648,233 | |||||||||||||||
Total loans | $ | 18,277,301 | 850,638 | 926,405 | 24,429 | 7,887 | 20,086,660 | (5) | |||||||||||||
December 31, 2012 | |||||||||||||||||||||
(in thousands) | Pass | Special | Substandard(1) | Doubtful(2) | Loss | Total | |||||||||||||||
Mention | |||||||||||||||||||||
Investment properties | $ | 3,699,465 | 463,532 | 253,484 | — | — | 4,416,481 | ||||||||||||||
1-4 family properties | 910,149 | 197,149 | 176,672 | 1,953 | 119 | (2) (3) | 1,286,042 | ||||||||||||||
Land acquisition | 417,935 | 143,684 | 227,761 | 5,961 | — | 795,341 | |||||||||||||||
Total commercial real | 5,027,549 | 804,365 | 657,917 | 7,914 | 119 | (2) (3) | 6,497,864 | ||||||||||||||
estate | |||||||||||||||||||||
Commercial, financial and agricultural | 4,719,417 | 311,475 | 249,122 | 10,964 | 100 | 5,291,078 | |||||||||||||||
Owner-occupied | 3,301,220 | 261,116 | 198,833 | 855 | — | 3,762,024 | |||||||||||||||
Small business | 504,491 | — | 10,563 | — | 1,295 | (2) (4) | 516,349 | ||||||||||||||
Total commercial and | 8,525,128 | 572,591 | 458,518 | 11,819 | 1,395 | 9,569,451 | |||||||||||||||
industrial | |||||||||||||||||||||
Home equity lines | 1,511,729 | — | 29,094 | — | 1,574 | (2)(4) | 1,542,397 | ||||||||||||||
Consumer mortgages | 1,371,659 | — | 39,321 | — | 581 | (2)(4) | 1,411,561 | ||||||||||||||
Credit cards | 260,194 | — | 1,776 | — | 1,591 | (4) | 263,561 | ||||||||||||||
Other retail loans | 272,917 | — | 4,093 | — | 219 | (2)(4) | 277,229 | ||||||||||||||
Total retail | 3,416,499 | — | 74,284 | — | 3,965 | 3,494,748 | |||||||||||||||
Total loans | $ | 16,969,176 | 1,376,956 | 1,190,719 | 19,733 | 5,479 | 19,562,063 | (6) | |||||||||||||
(1) | Includes $384.0 million and $518.1 million of non-accrual substandard loans at December 31, 2013 and December 31, 2012, respectively. | ||||||||||||||||||||
(2) The loans within these risk grades are on non-accrual status. | |||||||||||||||||||||
(3) Amount was fully reserved and charged-off in the subsequent quarter. | |||||||||||||||||||||
(4) Represent amounts that were 120 days past due. These credits are downgraded to the loss category with an allowance for loan losses equal to the full loan amount and are charged off in the subsequent quarter. | |||||||||||||||||||||
(5) Total before net deferred fees and costs of $28.9 million. | |||||||||||||||||||||
(6) Total before net deferred fees and costs of $20.4 million. | |||||||||||||||||||||
The following table details the change in the allowance for loan losses by loan segment for the years ended December 31, 2013, 2012 and 2011. | |||||||||||||||||||||
Allowance for Loan Losses and Recorded Investment in Loans | |||||||||||||||||||||
As Of and For The Year Ended December 31, 2013 | |||||||||||||||||||||
(in thousands) | Commercial Real Estate | Commercial & Industrial | Retail | Unallocated | Total | ||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||
Beginning balance | $ | 167,926 | 138,495 | 38,984 | 28,000 | 373,405 | |||||||||||||||
Charge-offs | (86,990 | ) | (58,977 | ) | (33,986 | ) | — | (179,953 | ) | ||||||||||||
Recoveries | 17,068 | 19,918 | 7,524 | — | 44,510 | ||||||||||||||||
Provision for loan losses | 29,008 | 16,633 | 28,957 | (5,000 | ) | 69,598 | |||||||||||||||
Ending balance | $ | 127,012 | 116,069 | 41,479 | 23,000 | 307,560 | |||||||||||||||
Ending balance: individually evaluated for impairment | 46,737 | 20,068 | 1,192 | — | 67,997 | ||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 80,275 | 96,001 | 40,287 | 23,000 | 239,563 | |||||||||||||||
Loans | |||||||||||||||||||||
Ending balance: total loans (1) | $ | 6,437,752 | 10,000,675 | 3,648,233 | — | 20,086,660 | |||||||||||||||
Ending balance: individually evaluated for impairment | 537,736 | 243,856 | 54,962 | — | 836,554 | ||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 5,900,016 | 9,756,819 | 3,593,271 | — | 19,250,106 | |||||||||||||||
As Of and For The Year Ended December 31, 2012 | |||||||||||||||||||||
(in thousands) | Commercial Real Estate | Commercial & Industrial | Retail | Unallocated | Total | ||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||
Beginning balance | $ | 249,094 | 187,409 | 51,993 | 47,998 | 536,494 | |||||||||||||||
Charge-offs | (316,699 | ) | (184,811 | ) | (55,265 | ) | — | (556,775 | ) | ||||||||||||
Recoveries | 36,576 | 27,745 | 8,996 | — | 73,317 | ||||||||||||||||
Provision for loan losses | 198,955 | 108,152 | 33,260 | (19,998 | ) | 320,369 | |||||||||||||||
Ending balance | $ | 167,926 | 138,495 | 38,984 | 28,000 | 373,405 | |||||||||||||||
Ending balance: individually evaluated for impairment | 58,948 | 24,678 | 1,149 | — | 84,775 | ||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 108,978 | $ | 113,817 | $ | 37,835 | $ | 28,000 | 288,630 | ||||||||||||
Loans | |||||||||||||||||||||
Ending balance: total loans(2) | $ | 6,497,864 | 9,569,451 | 3,494,748 | — | 19,562,063 | |||||||||||||||
Ending balance: individually evaluated for impairment | 685,078 | 313,876 | 63,566 | — | 1,062,520 | ||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 5,812,786 | 9,255,575 | 3,431,182 | — | 18,499,543 | |||||||||||||||
As Of and For The Year Ended December 31, 2011 | |||||||||||||||||||||
(in thousands) | Commercial Real Estate | Commercial & Industrial | Retail | Unallocated | Total | ||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||
Beginning balance | $ | 353,923 | 223,981 | 41,555 | 84,088 | 703,547 | |||||||||||||||
Charge-offs | (384,297 | ) | (179,717 | ) | (75,700 | ) | — | (639,714 | ) | ||||||||||||
Recoveries | 25,604 | 19,768 | 8,494 | — | 53,866 | ||||||||||||||||
Provision for loan losses | 253,864 | 123,377 | 77,644 | (36,090 | ) | 418,795 | |||||||||||||||
Ending balance | $ | 249,094 | 187,409 | 51,993 | 47,998 | 536,494 | |||||||||||||||
Ending balance: individually evaluated for impairment | 64,447 | 42,600 | 2,437 | — | 109,484 | ||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 184,647 | 144,809 | 49,556 | 47,998 | 427,010 | |||||||||||||||
Loans | |||||||||||||||||||||
Ending balance: total loans(3) | $ | 7,282,420 | 9,229,805 | 3,579,574 | — | 20,091,799 | |||||||||||||||
Ending balance: individually evaluated for impairment | 870,157 | 384,455 | 52,960 | — | 1,307,572 | ||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 6,412,263 | 8,845,350 | 3,526,614 | — | 18,784,227 | |||||||||||||||
(1) Total before net deferred fees and costs of $28.9 million. | |||||||||||||||||||||
(2) Total before net deferred fees and costs of $20.4 million. | |||||||||||||||||||||
(3) Total before net deferred fees and costs of $12.0 million. | |||||||||||||||||||||
Below is a detailed summary of impaired loans (including accruing TDRs) by class as of December 31, 2013 and 2012. | |||||||||||||||||||||
Impaired Loans (including accruing TDRs) | December 31, 2013 | ||||||||||||||||||||
(in thousands) | Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Recognized | ||||||||||||||||
With no related allowance recorded | |||||||||||||||||||||
Investment properties | $ | 14,218 | 15,820 | — | 18,046 | — | |||||||||||||||
1-4 family properties | 9,679 | 29,741 | — | 23,879 | — | ||||||||||||||||
Land acquisition | 30,595 | 78,470 | — | 41,007 | — | ||||||||||||||||
Total commercial real estate | 54,492 | 124,031 | — | 82,932 | — | ||||||||||||||||
Commercial, financial and agricultural | 13,490 | 22,312 | — | 15,355 | — | ||||||||||||||||
Owner-occupied | 24,839 | 32,626 | — | 22,556 | — | ||||||||||||||||
Small business | — | — | — | — | — | ||||||||||||||||
Total commercial and industrial | 38,329 | 54,938 | — | 37,911 | — | ||||||||||||||||
Home equity lines | — | — | — | 33 | — | ||||||||||||||||
Consumer mortgages | 1,180 | 2,840 | — | 1,487 | — | ||||||||||||||||
Credit cards | — | — | — | — | — | ||||||||||||||||
Other retail loans | — | — | — | 4 | — | ||||||||||||||||
Total retail | 1,180 | 2,840 | — | 1,524 | — | ||||||||||||||||
Total | 94,001 | 181,809 | — | 122,367 | — | ||||||||||||||||
With allowance recorded | |||||||||||||||||||||
Investment properties | 185,152 | 192,859 | 8,822 | 226,308 | 5,043 | ||||||||||||||||
1-4 family properties | 115,063 | 117,410 | 11,126 | 115,614 | 3,464 | ||||||||||||||||
Land acquisition | 183,029 | 202,048 | 26,789 | 191,807 | 2,931 | ||||||||||||||||
Total commercial real estate | 483,244 | 512,317 | 46,737 | 533,729 | 11,438 | ||||||||||||||||
Commercial, financial and agricultural | 112,291 | 117,049 | 15,364 | 126,242 | 3,534 | ||||||||||||||||
Owner-occupied | 87,567 | 93,435 | 4,368 | 106,865 | 3,609 | ||||||||||||||||
Small business | 5,669 | 5,669 | 336 | 4,132 | 162 | ||||||||||||||||
Total commercial and industrial | 205,527 | 216,153 | 20,068 | 237,239 | 7,305 | ||||||||||||||||
Home equity lines | 2,750 | 2,750 | 116 | 4,668 | 176 | ||||||||||||||||
Consumer mortgages | 44,019 | 44,019 | 967 | 48,674 | 1,910 | ||||||||||||||||
Credit card | — | — | — | — | — | ||||||||||||||||
Other retail loans | 7,013 | 7,013 | 109 | 5,555 | 285 | ||||||||||||||||
Total retail | 53,782 | 53,782 | 1,192 | 58,897 | 2,371 | ||||||||||||||||
Total | 742,553 | 782,252 | 67,997 | 829,865 | 21,114 | ||||||||||||||||
Total | |||||||||||||||||||||
Investment properties | 199,370 | 208,679 | 8,822 | 244,354 | 5,043 | ||||||||||||||||
1-4 family properties | 124,742 | 147,151 | 11,126 | 139,493 | 3,464 | ||||||||||||||||
Land acquisition | 213,624 | 280,518 | 26,789 | 232,814 | 2,931 | ||||||||||||||||
Total commercial real estate | 537,736 | 636,348 | 46,737 | 616,661 | 11,438 | ||||||||||||||||
Commercial, financial and agricultural | 125,781 | 139,361 | 15,364 | 141,597 | 3,534 | ||||||||||||||||
Owner-occupied | 112,406 | 126,061 | 4,368 | 129,421 | 3,609 | ||||||||||||||||
Small business | 5,669 | 5,669 | 336 | 4,132 | 162 | ||||||||||||||||
Total commercial and industrial | 243,856 | 271,091 | 20,068 | 275,150 | 7,305 | ||||||||||||||||
Home equity lines | 2,750 | 2,750 | 116 | 4,701 | 176 | ||||||||||||||||
Consumer mortgages | 45,199 | 46,859 | 967 | 50,161 | 1,910 | ||||||||||||||||
Credit cards | — | — | — | — | — | ||||||||||||||||
Other retail loans | 7,013 | 7,013 | 109 | 5,559 | 285 | ||||||||||||||||
Total retail | 54,962 | 56,622 | 1,192 | 60,421 | 2,371 | ||||||||||||||||
Total impaired loans | $ | 836,554 | 964,061 | 67,997 | 952,232 | 21,114 | |||||||||||||||
December 31, 2012 | |||||||||||||||||||||
(in thousands) | Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Recognized | ||||||||||||||||
With no related allowance recorded | |||||||||||||||||||||
Investment properties | $ | 10,939 | 14,130 | — | 42,947 | — | |||||||||||||||
1-4 family properties | 40,793 | 117,869 | — | 97,434 | — | ||||||||||||||||
Land acquisition | 59,697 | 125,023 | — | 158,015 | — | ||||||||||||||||
Total commercial real estate | 111,429 | 257,022 | — | 298,396 | — | ||||||||||||||||
Commercial, financial and agricultural | 18,618 | 34,753 | — | 40,947 | — | ||||||||||||||||
Owner-occupied | 12,563 | 16,680 | — | 27,763 | — | ||||||||||||||||
Small business | — | — | — | — | — | ||||||||||||||||
Total commercial and industrial | 31,181 | 51,433 | — | 68,710 | — | ||||||||||||||||
Home equity lines | 51 | 51 | — | 2,811 | — | ||||||||||||||||
Consumer mortgages | 1,247 | 2,263 | — | 3,706 | — | ||||||||||||||||
Credit cards | — | — | — | — | — | ||||||||||||||||
Other retail loans | 7 | 15 | — | 127 | — | ||||||||||||||||
Total retail | 1,305 | 2,329 | — | 6,644 | — | ||||||||||||||||
Total | 143,915 | 310,784 | — | 373,750 | — | ||||||||||||||||
With allowance recorded | |||||||||||||||||||||
Investment properties | 253,851 | 254,339 | 20,209 | 230,848 | 6,144 | ||||||||||||||||
1-4 family properties | 114,207 | 117,505 | 11,414 | 141,529 | 4,347 | ||||||||||||||||
Land acquisition | 205,591 | 205,601 | 27,325 | 97,173 | 2,018 | ||||||||||||||||
Total commercial real estate | 573,649 | 577,445 | 58,948 | 469,550 | 12,509 | ||||||||||||||||
Commercial, financial and agricultural | 161,711 | 163,472 | 17,186 | 164,905 | 3,974 | ||||||||||||||||
Owner-occupied | 117,651 | 126,106 | 7,308 | 134,960 | 4,602 | ||||||||||||||||
Small business | 3,333 | 3,333 | 184 | 1,950 | 76 | ||||||||||||||||
Total commercial and industrial | 282,695 | 292,911 | 24,678 | 301,815 | 8,652 | ||||||||||||||||
Home equity lines | 8,696 | 8,696 | 195 | 7,071 | 237 | ||||||||||||||||
Consumer mortgages | 50,261 | 50,261 | 880 | 38,912 | 1,300 | ||||||||||||||||
Credit cards | — | — | — | — | — | ||||||||||||||||
Other retail loans | 3,304 | 3,304 | 74 | 2,543 | 167 | ||||||||||||||||
Total retail | 62,261 | 62,261 | 1,149 | 48,526 | 1,704 | ||||||||||||||||
Total | 918,605 | 932,617 | 84,775 | 819,891 | 22,865 | ||||||||||||||||
Total | |||||||||||||||||||||
Investment properties | 264,790 | 268,469 | 20,209 | 273,795 | 6,144 | ||||||||||||||||
1-4 family properties | 155,000 | 235,374 | 11,414 | 238,963 | 4,347 | ||||||||||||||||
Land acquisition | 265,288 | 330,624 | 27,325 | 255,188 | 2,018 | ||||||||||||||||
Total commercial real estate | 685,078 | 834,467 | 58,948 | 767,946 | 12,509 | ||||||||||||||||
Commercial, financial and agricultural | 180,329 | 198,225 | 17,186 | 205,852 | 3,974 | ||||||||||||||||
Owner-occupied | 130,214 | 142,786 | 7,308 | 162,723 | 4,602 | ||||||||||||||||
Small business | 3,333 | 3,333 | 184 | 1,950 | 76 | ||||||||||||||||
Total commercial and industrial | 313,876 | 344,344 | 24,678 | 370,525 | 8,652 | ||||||||||||||||
Home equity lines | 8,747 | 8,747 | 195 | 9,882 | 237 | ||||||||||||||||
Consumer mortgages | 51,508 | 52,524 | 880 | 42,618 | 1,300 | ||||||||||||||||
Credit cards | — | — | — | — | — | ||||||||||||||||
Other retail loans | 3,311 | 3,319 | 74 | 2,670 | 167 | ||||||||||||||||
Total retail | 63,566 | 64,590 | 1,149 | 55,170 | 1,704 | ||||||||||||||||
Total impaired loans | $ | 1,062,520 | 1,243,401 | 84,775 | 1,193,641 | 22,865 | |||||||||||||||
The average recorded investment in impaired loans was $1.21 billion for the year ended December 31, 2011. Excluding accruing TDRs, there was no interest income recognized for the investment in impaired loans for the years ended December 31, 2013 , 2012, and 2011. Interest income recognized for accruing TDRs was $18.4 million for the year ended December 31, 2011. At December 31, 2013, 2012, and 2011, all impaired loans, other than $556.4 million, $673.4 million, and $668.5 million, respectively, of accruing TDRs, were on nonaccrual status. | |||||||||||||||||||||
Concessions provided in a TDR are primarily in the form of providing a below market interest rate given the borrower's credit risk, a period of time generally less than one year with a reduction of required principal and/or interest payments (e.g., interest only for a period of time), or extension of the maturity of the loan generally for less than one year. Insignificant periods of reduction of principal and/or interest payments, or one time deferrals of three months or less, are generally not considered to be financial concessions. | |||||||||||||||||||||
The following tables represent the post-modification balance, shown by type of concession, for loans modified or renewed during the years ended December 31, 2013 and 2012 that were reported as accruing or non-accruing TDRs. | |||||||||||||||||||||
TDRs by Concession Type | |||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||
(in thousands, except contract data) | Number of Contracts | Principal Forgiveness | Below Market Interest Rate | Term Extensions and/or Other Concessions | Total | ||||||||||||||||
Investment properties | 47 | $ | 19,993 | 121,263 | 4,372 | 145,628 | |||||||||||||||
1-4 family properties | 131 | 424 | 37,180 | 9,583 | 47,187 | ||||||||||||||||
Land acquisition | 28 | 74 | 113,726 | 10,175 | 123,975 | ||||||||||||||||
Total commercial real estate | 206 | 20,491 | 272,169 | 24,130 | 316,790 | ||||||||||||||||
Commercial, financial and agricultural | 78 | 2,283 | 22,399 | 19,529 | 44,211 | ||||||||||||||||
Owner-occupied | 40 | — | 28,988 | 22,801 | 51,789 | ||||||||||||||||
Small business | 52 | — | 1,553 | 3,497 | 5,050 | ||||||||||||||||
Total commercial and industrial | 170 | 2,283 | 52,940 | 45,827 | 101,050 | ||||||||||||||||
Home equity lines | 1 | — | — | 80 | 80 | ||||||||||||||||
Consumer mortgages | 141 | — | 11,513 | 4,196 | 15,709 | ||||||||||||||||
Credit cards | — | — | — | — | — | ||||||||||||||||
Other retail loans | 65 | — | 1,118 | 1,598 | 2,716 | ||||||||||||||||
Total retail | 207 | — | 12,631 | 5,874 | 18,505 | ||||||||||||||||
Total loans | 583 | $ | 22,774 | 337,740 | 75,831 | 436,345 | (1) | ||||||||||||||
(1) As a result of these loans being reported as TDRs, there were net charge-offs of approximately $4 million recorded during 2013. | |||||||||||||||||||||
TDRs by Concession Type | |||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||
(in thousands, except contract data) | Number of Contracts | Principal Forgiveness | Below Market Interest Rate | Term Extensions and/or Other Concessions | Total | ||||||||||||||||
Investment properties | 74 | $ | 77 | 93,732 | 47,184 | 140,993 | |||||||||||||||
1-4 family properties | 130 | 404 | 60,735 | 15,061 | 76,200 | ||||||||||||||||
Land acquisition | 78 | — | 62,585 | 21,394 | 83,979 | ||||||||||||||||
Total commercial real estate | 282 | 481 | 217,052 | 83,639 | 301,172 | ||||||||||||||||
Commercial, financial and agricultural | 116 | 35,058 | 45,712 | 26,810 | 107,580 | ||||||||||||||||
Owner-occupied | 70 | — | 38,285 | 9,655 | 47,940 | ||||||||||||||||
Small business | 40 | — | 1,055 | 3,470 | 4,525 | ||||||||||||||||
Total commercial and industrial | 226 | 35,058 | 85,052 | 39,935 | 160,045 | ||||||||||||||||
Home equity lines | 22 | — | 985 | 2,330 | 3,315 | ||||||||||||||||
Consumer mortgages | 326 | — | 10,202 | 21,794 | 31,996 | ||||||||||||||||
Credit cards | — | — | — | — | — | ||||||||||||||||
Other retail loans | 87 | — | 1,359 | 3,957 | 5,316 | ||||||||||||||||
Total retail | 435 | — | 12,546 | 28,081 | 40,627 | ||||||||||||||||
Total loans | 943 | $ | 35,539 | 314,650 | 151,655 | 501,844 | (1) | ||||||||||||||
(1) As a result of these loans being reported as TDRs, there were net charge-offs of approximately $16 million recorded during 2012. | |||||||||||||||||||||
The following table presents TDRs that defaulted in the years indicated and which were modified or renewed in a TDR within 12 months of the default date: | |||||||||||||||||||||
Troubled Debt Restructurings Entered Into That Subsequently Defaulted(1) During | |||||||||||||||||||||
Year Ended December 31, 2013 | Year Ended December 31, 2012(2) | ||||||||||||||||||||
(in thousands, except contract data) | Number of | Recorded | Number of | Recorded | |||||||||||||||||
Contracts | Investment | Contracts | Investment | ||||||||||||||||||
Investment properties | 3 | $ | 4,722 | 8 | $ | 7,418 | |||||||||||||||
1-4 family properties | 10 | 12,576 | 12 | 8,098 | |||||||||||||||||
Land acquisition | 1 | 125 | 10 | 9,925 | |||||||||||||||||
Total commercial real estate | 14 | 17,423 | 30 | 25,441 | |||||||||||||||||
Commercial, financial and agricultural | 4 | 776 | 6 | 2,973 | |||||||||||||||||
Owner-occupied | 2 | 924 | 7 | 4,968 | |||||||||||||||||
Small business | 2 | 24 | 3 | 322 | |||||||||||||||||
Total commercial and industrial | 8 | 1,724 | 16 | 8,263 | |||||||||||||||||
Home equity lines | 1 | 98 | — | — | |||||||||||||||||
Consumer mortgages | 18 | 1,496 | 9 | 2,788 | |||||||||||||||||
Credit cards | — | — | — | — | |||||||||||||||||
Other retail loans | 1 | 195 | 2 | 53 | |||||||||||||||||
Total retail | 20 | 1,789 | 11 | 2,841 | |||||||||||||||||
Total loans | 42 | $ | 20,936 | 57 | $ | 36,545 | |||||||||||||||
(1) Defaulted is defined as the earlier of the troubled debt restructuring being placed on non-accrual status or reaching 90 days past due with respect to principal and/or interest payments. | |||||||||||||||||||||
(2) Amounts related to loans modified or renewed into TDRs within 12 months of the default date that subsequently defaulted during the year ended December 31, 2012 were previously disclosed as 80 contracts with recorded investment totaling $68.9 million. These amounts were revised in the table above due to a re-evaluation of the defaulted status of certain loans during this period. | |||||||||||||||||||||
If at the time that a loan was designated as a TDR the loan was not already impaired, the measurement of impairment resulting from the TDR designation changes from a general pool-level reserve to a specific loan measurement of impairment in accordance with ASC 310-10-35, Accounting By Creditors for Impairment of a Loan—an amendment of FASB Statements No. 5, ASC 450-20, and No. 15, ASC 310-40. Generally, the change in the allowance for loan losses resulting from such a TDR is not significant. At December 31, 2013, the allowance for loan losses allocated to accruing TDRs totaling $556.4 million was $27.7 million compared to accruing TDR's of $673.4 million with a related allowance for loan losses $41.4 million at December 31, 2012. Nonaccrual non-homogeneous loans (commercial-type impaired loan relationships greater than $1 million) that are designated as TDRs are individually measured for the amount of impairment, if any, both before and after the TDR designation. | |||||||||||||||||||||
In the ordinary course of business, Synovus Bank has made loans to certain Synovus and Synovus Bank executive officers and directors (including their associates and affiliates). Management believes that such loans are made substantially on the same terms, including interest rate and collateral, as those prevailing at the time for comparable transactions with unaffiliated customers. | |||||||||||||||||||||
The following is a summary of such loans and the activity in these loans for the year ended December 31, 2013. | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Balance at December 31, 2012 | $ | 80,518 | |||||||||||||||||||
New loans | 361,179 | ||||||||||||||||||||
Repayments | (330,409 | ) | |||||||||||||||||||
Loans charged-off | — | ||||||||||||||||||||
Balance at December 31, 2013 | $ | 111,288 | |||||||||||||||||||
At December 31, 2013, there were no loans to executive officers and directors that were classified as nonaccrual, greater than 90 days past due and still accruing, or potential problem loans. |
Goodwill_And_Other_Intangible_
Goodwill And Other Intangible Assets | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Goodwill and Other Intangible Assets | ' | ||||||||||||
Note 8 - Goodwill and Other Intangible Assets | |||||||||||||
Synovus assesses goodwill for impairment at the reporting unit level on an annual basis and between annual assessments if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Synovus performs its annual goodwill impairment testing as of June 30th of each year. At June 30, 2013, Synovus completed its annual goodwill impairment evaluation, and as a result of this evaluation, concluded that goodwill was not impaired. At June 30, 2013, the carrying value of goodwill was $24.4 million, consisting of goodwill associated with two financial management services reporting units; $19.9 million of the goodwill was attributable to the investment advisory services reporting unit. The remaining goodwill of $4.5 million was attributable to the trust services reporting unit. | |||||||||||||
For the annual goodwill impairment test, a third- party valuation was obtained on the investment advisory services reporting unit, which accounts for approximately 82% of the recorded goodwill. The fair value of this reporting unit was determined by equally weighting the income approach (50%) and market approach (50%), plus a tax amortization benefit component, to assess goodwill for potential impairment at June 30, 2013. The income approach utilized a discounted cash flow method, which is based on the expected future cash flows of the reporting unit. The market approach measures values based on what other market participants have paid for assets that can be considered reasonably similar to those being valued. The first step (Step 1) of impairment testing requires a comparison of each reporting unit's fair value to the carrying amount to identify potential impairment. The result of the Step 1 process indicated that goodwill at the investment advisory services reporting unit was not impaired, as the fair value of the reporting unit exceeded the respective estimated carrying value; therefore, no further testing was required. The estimated fair value of this reporting unit using a weighted approach (income and market approach evenly weighted), plus a tax amortization component, was $28.7 million, which exceeded the carrying value of $22.9 million by $5.8 million, or 25%. The key assumptions that drove the fair value of this reporting unit under the income approach included projected revenue growth, projected EBITDA margin, projected growth in assets under management and assets under supervision, and the discount rate. The market approach determined the fair value of this reporting unit using comparisons of the reporting unit to publicly-traded companies with similar operations. Under this method, valuation multiples were: (1) derived from operating data of the selected guideline companies; (2) evaluated and adjusted based on the strengths and weaknesses of the reporting unit relative to the selected guideline companies; and (3) applied to the operating data of the reporting unit to arrive at an indication of value. | |||||||||||||
Effective July 10, 2013, the investment advisory services reporting unit was consolidated into the trust services reporting unit as part of Synovus’ efforts to continue to improve operating efficiency. The consolidation was based on results from a comprehensive business review, which identified significant benefits from consolidating the two reporting units. This review identified opportunities to maximize revenue growth and earnings potential, reduce expenses, and create operational synergies between the two business units. As a result of this consolidation, goodwill of $19.9 million was transferred from the investment advisory services reporting unit to the trust services reporting unit. The consolidation was not considered a triggering event as defined by ASC 350; therefore, management was not required to complete an interim goodwill impairment test at the new consolidated reporting unit level. | |||||||||||||
The following table shows the changes in the carrying amount of goodwill for the years ended December 31, 2013 and 2012: | |||||||||||||
(in thousands) | |||||||||||||
Balance as of January 1, 2012 | |||||||||||||
Goodwill | $ | 519,138 | |||||||||||
Accumulated impairment losses | 494,707 | ||||||||||||
Additional impairment losses during the year | — | ||||||||||||
Ending Balance December 31, 2012 | 24,431 | ||||||||||||
Balance as of January 1, 2013 | |||||||||||||
Goodwill | 519,138 | ||||||||||||
Accumulated impairment losses | 494,707 | ||||||||||||
Additional impairment losses during the year | — | ||||||||||||
Ending Balance December 31, 2013 | $ | 24,431 | |||||||||||
Other intangible assets as of December 31, 2013 and 2012 are presented in the following table: | |||||||||||||
2013 | |||||||||||||
(in thousands) | Gross Carrying Amount | Accumulated | Impairment | Net | |||||||||
Amortization | |||||||||||||
Other intangible assets: | |||||||||||||
Purchased trust revenues | $ | 4,210 | -3,532 | — | 678 | ||||||||
Acquired customer contracts | 5,270 | (5,267 | ) | — | 3 | ||||||||
Core deposit premiums | 46,331 | (43,856 | ) | — | 2,475 | ||||||||
Other | 640 | (381 | ) | — | 259 | ||||||||
Total carrying value | $ | 56,451 | -53,036 | — | 3,415 | ||||||||
2012 | |||||||||||||
(in thousands) | Gross Carrying Amount | Accumulated | Impairment | Net | |||||||||
Amortization | |||||||||||||
Other intangible assets: | |||||||||||||
Purchased trust revenues | $ | 4,210 | -3,251 | — | 959 | ||||||||
Acquired customer contracts | 5,270 | (5,262 | ) | — | 8 | ||||||||
Core deposit premiums | 46,331 | (42,457 | ) | — | 3,874 | ||||||||
Other | 640 | (332 | ) | — | 308 | ||||||||
Total carrying value | $ | 56,451 | -51,302 | — | 5,149 | ||||||||
Aggregate other intangible assets amortization expense for the years ended December 31, 2013, 2012, and 2011 was $1.7 million, $3.4 million, and $3.9 million, respectively. Aggregate estimated amortization expense over the next five years is: $1.2 million in 2014, $1.0 million in 2015, $466 thousand in 2016, $212 thousand in 2017, and $186 thousand in 2018. |
Other_Comprehensive_Income_Los
Other Comprehensive Income (Loss) Other Comprehensive Income (Loss) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Other Comprehensive Income (Loss) | ' | ||||||||||||
Note 7 - Other Comprehensive Income (Loss) | |||||||||||||
The following table illustrates activity within the balances in accumulated other comprehensive income (loss) by component, and is shown for the years ended December 31, 2013, 2012, and 2011. | |||||||||||||
Changes in Accumulated Other Comprehensive Income (Loss) by Component (Net of Income Taxes) | |||||||||||||
(in thousands) | Net unrealized gains (losses) on cash flow hedges | Net unrealized gains (losses) on investment securities available for sale | Post-retirement unfunded health benefit | Total | |||||||||
Balance at December 31, 2010 | $ | (1,208 | ) | 58,366 | — | 57,158 | |||||||
Other comprehensive income (loss) before reclassifications | (4,279 | ) | 20,987 | — | 16,708 | ||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (7,037 | ) | (45,736 | ) | — | (52,773 | ) | ||||||
Net current period other comprehensive income (loss) | (11,316 | ) | (24,749 | ) | — | (36,065 | ) | ||||||
Balance at December 31, 2011 | $ | (12,524 | ) | 33,617 | — | 21,093 | |||||||
Other comprehensive income (loss) before reclassifications | — | 7,566 | 395 | 7,961 | |||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (849 | ) | (24,072 | ) | (32 | ) | (24,953 | ) | |||||
Net current period other comprehensive income (loss) | (849 | ) | (16,506 | ) | 363 | (16,992 | ) | ||||||
Balance at December 31, 2012 | $ | (13,373 | ) | 17,111 | 363 | 4,101 | |||||||
Other comprehensive income (loss) before reclassifications | — | (44,236 | ) | 519 | (43,717 | ) | |||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 274 | (1,811 | ) | (105 | ) | (1,642 | ) | ||||||
Net current period other comprehensive income (loss) | 274 | (46,047 | ) | 414 | (45,359 | ) | |||||||
Balance at December 31, 2013 | $ | (13,099 | ) | (28,936 | ) | 777 | (41,258 | ) | |||||
In accordance with ASC 740-20-45-11(b), a deferred tax asset valuation allowance associated with unrealized gains and losses not recognized in income is charged directly to other comprehensive income (loss). Thus, during the years 2010 and 2011, Synovus recorded a deferred tax asset valuation allowance associated with unrealized gains and losses not recognized in income directly to other comprehensive income (loss) by applying the portfolio approach for allocation of the valuation allowance. Synovus has consistently applied the portfolio approach which treats derivative instruments, equity securities, and debt securities as a single portfolio. As of December 31, 2013, the ending balance in net unrealized gains (losses) on cash flow hedges and net unrealized gains (losses) on investment securities available for sale includes unrealized losses of $12.1 million and $13.3 million, respectively, related to the residual tax effects remaining in OCI due to the previously established deferred tax asset valuation allowance. Under the portfolio approach, these unrealized losses are realized at the time the entire portfolio is sold or disposed. | |||||||||||||
The following table illustrates activity within the reclassifications out of accumulated other comprehensive income (loss), for the year ended December 31, 2013. | |||||||||||||
Reclassifications out of Accumulated Other Comprehensive Income (Loss) | |||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||
Details about accumulated other comprehensive income (loss) components | Amount reclassified from accumulated other comprehensive income (loss) | Affected line item in the statement where net income is presented | |||||||||||
Net unrealized gains (losses) on cash flow hedges: | |||||||||||||
Amortization of deferred losses | $ | (447 | ) | Interest expense | |||||||||
173 | Income tax (expense) benefit | ||||||||||||
$ | (274 | ) | Reclassifications, net of income taxes | ||||||||||
Net unrealized gains (losses) on investment securities available for sale: | |||||||||||||
Realized gain on sale of securities | $ | 2,945 | Investment securities gains, net | ||||||||||
(1,134 | ) | Income tax (expense) benefit | |||||||||||
$ | 1,811 | Reclassifications, net of income taxes | |||||||||||
Post-retirement unfunded health benefit: | |||||||||||||
Amortization of actuarial gains | $ | 170 | Salaries and other personnel expense | ||||||||||
(65 | ) | Income tax (expense) benefit | |||||||||||
$ | 105 | Reclassifications, net of income taxes | |||||||||||
Other_Real_Estate
Other Real Estate | 12 Months Ended |
Dec. 31, 2013 | |
Other Real Estate, Foreclosed Assets, and Repossessed Assets [Abstract] | ' |
Other Real Estate | ' |
Note 9 - Other Real Estate | |
ORE consists of properties obtained through a foreclosure proceeding or through an in-substance foreclosure in satisfaction of loans. In accordance with provisions of ASC 310-10-35 regarding subsequent measurement of loans for impairment and ASC 310-40-15 regarding accounting for troubled debt restructurings by a creditor, a loan is classified as an in-substance foreclosure when Synovus has taken possession of the collateral regardless of whether formal foreclosure proceedings have taken place. | |
At foreclosure, ORE is recorded at the lower of cost or fair value less the estimated cost to sell, which establishes a new cost basis. Subsequent to foreclosure, ORE is evaluated quarterly and reported at fair value less estimated costs to sell, not to exceed the new cost basis, determined on the basis of current appraisals, comparable sales, and other estimates of fair value obtained principally from independent sources, adjusted for estimated selling costs. Management also considers other factors or recent developments, such as changes in absorption rates or market conditions from the time of valuation and anticipated sales values considering management’s plans for disposition, which could result in adjustment to lower the collateral value estimates indicated in the appraisals. At the time of foreclosure or initial possession of collateral, any excess of the loan balance over the fair value of the real estate held as collateral, less costs to sell, is recorded as a charge against the allowance for loan losses. Revenue and expenses from ORE operations as well as gains or losses on sales are recorded as foreclosed real estate expense, net, a component of non-interest expense on the consolidated statements of income. Subsequent declines in fair value are recorded on a property-by-property basis through use of a valuation allowance within other real estate on the consolidated balances sheets and valuation adjustment account in foreclosed real estate expense, net, a component of non-interest expense on the consolidated statements of income. | |
The carrying value of ORE was $112.6 million and $150.3 million at December 31, 2013 and 2012, respectively. During the years ended December 31, 2013, 2012 and 2011, $88.7 million, $155.8 million, and $226.9 million, respectively, of loans and other loans held for sale were foreclosed and transferred to other real estate at fair value. During the years ended December 31, 2013, 2012, and 2011, Synovus recognized foreclosed real estate expense, net, of $33.9 million, $90.7 million, and $133.6 million, respectively. These expenses included write-downs for declines in fair value of ORE subsequent to the date of foreclosure and net realized losses resulting from sales transactions totaling $25.5 million, $73.9 million, and $113.4 million for the years ended December 31, 2013, 2012, and 2011, respectively. |
Other_Assets
Other Assets | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Other Assets [Abstract] | ' | |||||||
Other Assets | ' | |||||||
Note 10 - Other Assets | ||||||||
Significant balances included in other assets at December 31, 2013 and 2012 are presented below. | ||||||||
(in thousands) | 2013 | 2012 | ||||||
Cash surrender value of bank-owned life insurance | $ | 278,863 | 271,036 | |||||
Accrued interest receivable | 63,959 | 70,138 | ||||||
Accounts receivable | 34,347 | 21,371 | ||||||
FHLB and FRB Stock | 77,487 | 66,168 | ||||||
Private equity investments | 29,361 | 31,876 | ||||||
Prepaid FDIC deposit insurance assessments | — | 34,401 | ||||||
Other prepaid expenses | 28,990 | 28,576 | ||||||
Derivative asset positions | 40,004 | 64,662 | ||||||
Other properties held for sale | 9,451 | 9,871 | ||||||
Miscellaneous other assets | 53,914 | 62,279 | ||||||
Total other assets | $ | 616,376 | 660,378 | |||||
Synovus’ investment in company-owned life insurance programs was approximately $278.9 million and $271.0 million at December 31, 2013 and December 31, 2012, respectively, which included approximately $31.2 million and $30.9 million of separate account life insurance policies covered by stable value agreements. At December 31, 2013, the fair value of the investments underlying the separate account policies was within the coverage provided by the stable value agreements. | ||||||||
Synovus held stock in the FHLB of Atlanta totaling $76.9 million and $65.6 million at December 31, 2013 and December 31, 2012, respectively. Synovus also held stock in the Federal Reserve Bank totaling $546 thousand and $535 thousand at December 31, 2013 and December 31, 2012, respectively. Shares in the FHLB and Federal Reserve Bank are accounted for at amortized cost, which approximates fair value. In order to become a member of the Federal Reserve System, regulations require that Synovus hold a certain amount of Federal Reserve Bank capital stock. Additionally, investment in FHLB stock is required for membership in the FHLB system and in relation to the level of FHLB outstanding borrowings. |
Deposits
Deposits | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Interest-bearing Deposit Liabilities [Abstract] | ' | |||||||
Deposits | ' | |||||||
Note 11 - Deposits | ||||||||
A summary of interest bearing deposits at December 31, 2013 and 2012 is presented below. | ||||||||
(in thousands) | 2013 | 2012 | ||||||
Interest bearing demand deposits | $ | 3,969,634 | 4,016,209 | |||||
Money market accounts, excluding brokered deposits | 6,069,548 | 6,136,538 | ||||||
Savings accounts | 602,655 | 562,717 | ||||||
Time deposits, excluding brokered deposits | 3,498,200 | 3,583,304 | ||||||
Brokered deposits | 1,094,002 | 1,092,749 | ||||||
Total interest bearing deposits | $ | 15,234,039 | 15,391,517 | |||||
The aggregate amount of time deposits of $100,000 or more was $2.91 billion at December 31, 2013 and $2.86 billion at December 31, 2012. | ||||||||
The following table presents contractual maturities of all time deposits at December 31, 2013. | ||||||||
(in thousands) | ||||||||
Maturing within one year | $ | 3,234,724 | ||||||
Between 1 — 2 years | 625,630 | |||||||
2 — 3 years | 254,344 | |||||||
3 — 4 years | 155,221 | |||||||
4 — 5 years | 89,319 | |||||||
Thereafter | 19,807 | |||||||
$ | 4,379,045 | |||||||
On January 17, 2014, Synovus Bank completed a transaction in which substantially all of the deposits associated with the Memphis, Tennessee operations of Trust One Bank, a division of Synovus Bank, were sold to IBERIABANK. Synovus sold $191.4 million in deposits. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 26 - Subsequent Events" of this Report for further information. |
Longterm_Debt_and_Shortterm_Bo
Long-term Debt and Short-term Borrowings | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||
Long-term Debt and Short-term Borrowings | ' | ||||||||||
Note 12 - Long-term Debt and Short-term Borrowings | |||||||||||
Long-term debt at December 31, 2013 and 2012 is presented in the following table. | |||||||||||
(in thousands) | 2013 | 2012 | |||||||||
Parent Company: | |||||||||||
5.125% subordinated notes, due June 15, 2017, with semi-annual interest payments and principal to be paid at maturity | $ | 450,000 | 450,000 | ||||||||
7.875% senior notes, due February 15, 2019, $300 million par value with semi-annual interest payments and principal to be paid at maturity (1) | 294,606 | 293,554 | |||||||||
4.875% subordinated notes, due February 15, 2013, with semi-annual interest payments and principal to be paid at maturity | — | 60,612 | |||||||||
13.00% junior subordinated amortizing notes with quarterly interest and principal payments through May 15, 2013 | — | 13,566 | |||||||||
LIBOR + 1.80% debentures, due April 19, 2035 with quarterly interest payments and principal to be paid at maturity (rate of 2.04% and 2.11% at December 31, 2013 and 2012, respectively) | 10,000 | 10,000 | |||||||||
Hedge-related basis adjustment(2) | 10,701 | 13,935 | |||||||||
Total long-term debt — Parent Company | 765,307 | 841,667 | |||||||||
Synovus Bank: | |||||||||||
FHLB advances with interest and principal payments due at various maturity dates through 2018 and interest rates ranging from 0.28% to 4.66% at December 31, 2013 (weighted average interest rate of 0.64% and 0.71% at December 31, 2013 and 2012, respectively) | 1,265,354 | 880,701 | |||||||||
Other notes payable and capital leases with interest and principal payments due at various maturity dates through 2031 (weighted average interest rate of 2.49% and 3.89% at December 31, 2013 and 2012, respectively) | 2,480 | 4,087 | |||||||||
Total long-term debt — Synovus Bank | 1,267,834 | 884,788 | |||||||||
Total long-term debt | $ | 2,033,141 | 1,726,455 | ||||||||
(1) | Balance is net of capitalized debt issuance costs and discount | ||||||||||
(2) Unamortized balance of terminated interest rate swaps reflected in debt for financial reporting purposes. | |||||||||||
The provisions of the indentures governing Synovus’ long-term debt contain certain restrictions within specified limits on mergers, sales of all or substantially all of Synovus' assets and limitations on sales and issuances of voting stock of subsidiaries and Synovus’ ability to pay dividends on its capital stock if there is an event of default under the applicable indenture. As of December 31, 2013 and 2012, Synovus and its subsidiaries were in compliance with the covenants in these agreements. | |||||||||||
On February 13, 2012, Synovus issued $300 million aggregate principal amount of the 2019 Senior Notes in a public offering for aggregate proceeds of $292.6 million, net of discount and debt issuance costs. Concurrent with this offering, Synovus announced a Tender Offer for any and all of its 2013 Notes, with a then total principal amount outstanding of $206.8 million. An aggregate principal amount of $146.1 million of the 2013 notes, representing 71% of the outstanding principal amount, were tendered in the Tender Offer. Synovus paid total consideration of $146.1 million for these notes, which was funded from a portion of the net proceeds of the 2019 Senior Notes. On February 15, 2013, Synovus paid the remaining balance on its 2013 Notes of $60.6 million. | |||||||||||
The FHLB advances are secured by certain loans receivable with a recorded balance of approximately $3.4 billion at December 31, 2013 and $3.8 billion at December 31, 2012. | |||||||||||
Contractual annual principal payments on long-term debt for the next five years and thereafter are shown on the following table. | |||||||||||
Parent | Synovus Bank | Total | |||||||||
(in thousands) | Company | ||||||||||
2014 | $ | — | 50,156 | 50,156 | |||||||
2015 | — | 640,157 | 640,157 | ||||||||
2016 | — | 425,161 | 425,161 | ||||||||
2017 | 450,000 | 150,171 | 600,171 | ||||||||
2018 | — | 110 | 110 | ||||||||
Thereafter | 310,000 | 1,460 | 311,460 | ||||||||
Total | $ | 760,000 | $ | 1,267,215 | 2,027,215 | ||||||
The following table sets forth certain information regarding federal funds purchased and other securities sold under repurchase agreements. | |||||||||||
(dollars in thousands) | 2013 | 2012 | 2011 | ||||||||
Total balance at December 31, | $ | 148,132 | 201,243 | 313,757 | |||||||
Weighted average interest rate at December 31, | 0.13 | % | 0.16 | 0.24 | |||||||
Maximum month end balance during the year | $ | 244,048 | 398,853 | 452,903 | |||||||
Average amount outstanding during the year | 208,267 | 320,338 | 389,582 | ||||||||
Weighted average interest rate during the year | 0.16 | % | 0.19 | 0.27 | |||||||
Equity
Equity | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||
Equity | ' | |||||||||||
Note 13 - Shareholders' Equity | ||||||||||||
The following table shows the change in Preferred and Common Stock issued and Common Stock held as treasury shares for the three years ended December 31, 2013. | ||||||||||||
Series A Preferred Stock Issued | Series C Preferred Stock Issued | Common | Treasury | |||||||||
Stock | Stock | |||||||||||
(shares in thousands) | Issued | Held | ||||||||||
Balance at December 31, 2010 | 968 | — | 790,956 | 5,693 | ||||||||
Issuance (forfeitures) of non-vested stock, net | — | — | (1 | ) | — | |||||||
Restricted share unit activity | — | — | 19 | — | ||||||||
Settlement of prepaid common stock purchase contracts | — | — | 15 | — | ||||||||
Balance at December 31, 2011 | 968 | — | 790,989 | 5,693 | ||||||||
Restricted share unit activity | — | — | 1,284 | — | ||||||||
Balance at December 31, 2012 | 968 | — | 792,273 | 5,693 | ||||||||
Settlement of prepaid Common Stock purchase contracts | — | — | 122,848 | — | ||||||||
Issuance of Common Stock | — | — | 59,871 | — | ||||||||
Restricted share unit activity | — | — | 2,616 | — | ||||||||
Stock options exercised | — | — | 437 | — | ||||||||
Issuance of Series C Preferred Stock | — | 5,200 | — | — | ||||||||
Redemption of Series A Preferred Stock | (968 | ) | — | — | — | |||||||
Balance at December 31, 2013 | — | 5,200 | 978,045 | 5,693 | ||||||||
Series A Preferred Stock | ||||||||||||
On July 26, 2013, Synovus redeemed all 967,870 shares of its Series A Preferred Stock issued to the U.S. Treasury under the CPP established under TARP. Over two-thirds of the $967.9 million TARP redemption was funded by internally available funds. The balance of the redemption was funded by net proceeds from the equity offerings completed in July 2013, as described below. | ||||||||||||
Series C Preferred Stock | ||||||||||||
On July 25, 2013, Synovus completed a public offering of $130 million of Series C Preferred Stock. The offering generated net proceeds of $125.9 million. From the date of issuance to, but excluding, August 1, 2018, the rate for declared dividends is 7.875% per annum. From and including August 1, 2018, the dividend rate will change to a floating rate equal to the three-month LIBOR plus a spread of 6.39% per annum. | ||||||||||||
Common Stock | ||||||||||||
On July 24, 2013, Synovus completed a public offering of 59,870,550 shares of its Common Stock at $3.09 per share. The offering generated net proceeds of $175.2 million. | ||||||||||||
On May 15, 2013, all outstanding prepaid common stock purchase contracts from Synovus' May 4, 2010 public offering of 13,800,000 tMEDS automatically settled which resulted in the issuance of 122,848,209 shares of common stock. Upon settlement, an amount equal to $1.00 per common share issued was reclassified from additional paid-in capital to Common Stock. |
Regulatory_Capital
Regulatory Capital | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Regulatory Capital Disclosure [Abstract] | ' | ||||||||||||||||||
Regulatory Capital | ' | ||||||||||||||||||
Note 14 - Regulatory Capital | |||||||||||||||||||
Synovus is subject to regulatory capital requirements administered by the federal and state banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, Synovus must meet specific capital levels that involve quantitative measures of both on- and off-balance sheet items as calculated under regulatory capital guidelines. Capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. | |||||||||||||||||||
As a financial holding company, Synovus and its subsidiary bank, Synovus Bank, are required to maintain capital levels required for a well-capitalized institution as defined by federal banking regulations. The capital measures used by the federal banking regulators include the total risk-based capital ratio, Tier 1 risk-based capital ratio, and the leverage ratio. Synovus Bank is a state-chartered bank under the regulations of the GA DBF. Under applicable regulations, Synovus Bank is well-capitalized if it has a total risk-based capital ratio of 10% or greater, a Tier 1 capital ratio of 6% or greater, a leverage ratio of 5% or greater, and is not subject to any written agreement, order, capital directive, or prompt corrective action directive from a federal and/or state banking regulatory agency to meet and maintain a specific capital level for any capital measure. However, even if Synovus Bank satisfies all applicable quantitative criteria to be considered well-capitalized, the regulations also establish procedures for “downgrading” an institution to a lower capital category based on supervisory factors other than capital. Management believes that, as of December 31, 2013, Synovus and Synovus Bank meet all capital requirements to which they are subject. | |||||||||||||||||||
During 2013, the Federal Reserve released final United States Basel III regulatory capital rules implementing the global regulatory capital reforms of Basel III and certain changes required by the Dodd-Frank Wall Street Reform and Consumer Protection Act. The FDIC and OCC also approved the final rule during 2013. The rule applies to all banking organizations that are currently subject to regulatory capital requirements as well as certain savings and loan holding companies. The rule strengthens the definition of regulatory capital, increases risk-based capital requirements, and makes selected changes to the calculation of risk-weighted assets. The rule becomes effective January 1, 2015, for Synovus and most banking organizations, subject to a transition period for several aspects of the rule, including the new minimum capital ratio requirements, the capital conservation buffer, and the regulatory capital adjustments and deductions. | |||||||||||||||||||
Management currently believes, based on current internal capital analyses and earnings projections, that Synovus' capital position is adequate to meet current regulatory minimum capital requirements. | |||||||||||||||||||
The following table summarizes regulatory capital information at December 31, 2013 and 2012 on a consolidated basis and for Synovus’ significant subsidiary, defined as any direct subsidiary with assets or net income levels exceeding 10% of the consolidated totals. | |||||||||||||||||||
Actual | For Capital Adequacy Purposes | To Be Well Capitalized Under Prompt Corrective Action Provisions (1) | |||||||||||||||||
(dollars in thousands) | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Synovus Financial Corp. | |||||||||||||||||||
Tier 1 capital | $ | 2,351,493 | 2,832,244 | 1,030,420 | 1,029,860 | n/a | n/a | ||||||||||||
Total risk-based capital | 2,900,865 | 3,460,998 | 1,785,287 | 1,711,035 | n/a | n/a | |||||||||||||
Tier 1 risk-based capital ratio | 10.54 | % | 13.24 | 4 | 4 | n/a | n/a | ||||||||||||
Total risk-based capital ratio | 13 | 16.18 | 8 | 8 | n/a | n/a | |||||||||||||
Leverage ratio | 9.13 | 11 | 4 | 4 | n/a | n/a | |||||||||||||
Synovus Bank | |||||||||||||||||||
Tier 1 capital | $ | 2,806,197 | 3,173,530 | 1,026,057 | 1,023,060 | 1,335,572 | 1,279,277 | ||||||||||||
Total risk-based capital | 3,084,756 | 3,441,364 | 1,780,763 | 1,705,703 | 2,225,954 | 2,132,129 | |||||||||||||
Tier 1 risk-based capital ratio | 12.61 | % | 14.88 | 4 | 4 | 6 | 6 | ||||||||||||
Total risk-based capital ratio | 13.86 | 16.14 | 8 | 8 | 10 | 10 | |||||||||||||
Leverage ratio | 10.94 | 12.41 | 4 | 4 | 5 | 5 | |||||||||||||
(1) The prompt corrective action provisions are applicable at the bank level only. |
Net_Income_Loss_Per_Common_Sha
Net Income (Loss) Per Common Share | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Earnings Per Share [Abstract] | ' | |||||||||
Net Income (Loss) Per Common Share | ' | |||||||||
Note 15 - Net Income (Loss) 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 years ended December 31, 2013, 2012, and 2011. | ||||||||||
Year Ended December 31, | ||||||||||
(in thousands, except per share data) | 2013 | 2012 | 2011 | |||||||
Net income (loss) | $ | 159,383 | 830,209 | (60,844 | ) | |||||
Net loss attributable to non-controlling interest | — | — | (220 | ) | ||||||
Net income (loss) available to controlling interest | 159,383 | 830,209 | (60,624 | ) | ||||||
Dividends and accretion of discount on preferred stock | 40,830 | 58,703 | 58,088 | |||||||
Net income (loss) available to common shareholders | $ | 118,553 | 771,506 | (118,712 | ) | |||||
Weighted average common shares outstanding, basic | $ | 892,462 | 786,466 | 785,272 | ||||||
Potentially dilutive shares from assumed exercise of securities or other contracts to purchase common stock* | 47,118 | 123,636 | — | |||||||
Weighted average common shares outstanding, diluted | 939,580 | 910,102 | 785,272 | |||||||
Net income (loss) per common share, basic: | ||||||||||
Net income (loss) available to common shareholders | $ | 0.13 | 0.98 | (0.15 | ) | |||||
Net income (loss) per common share, diluted: | ||||||||||
Net income (loss) available to common shareholders | $ | 0.13 | 0.85 | (0.15 | ) | |||||
* Due to the net loss attributable to common shareholders for the year ended December 31, 2011, there were no potentially dilutive shares included in the diluted net loss per common share calculations, as such shares and adjustments would have been anti-dilutive. | ||||||||||
Basic net income (loss) per common share is computed by dividing net income (loss) by the average common shares outstanding for the period. Diluted net income per common share reflects the dilution that could occur if securities or other contracts to issue common stock were exercised or converted. The dilutive effect of outstanding options and restricted shares is reflected in diluted net income per common share, unless the impact is anti-dilutive, by application of the treasury stock method. | ||||||||||
For the years ended December 31, 2013 and 2012, there were 26.9 million and 33.3 million potentially dilutive shares, respectively, related to Common Stock options and Warrants to purchase shares of Common Stock that were outstanding during 2013 and 2012, respectively, but were not included in the computation of diluted net income per common share because the effect would have been anti-dilutive. Due to the net loss attributable to common shareholders for the year ended December 31, 2011, there were 161.3 million of Common Stock equivalents not included in the computation of net loss per common share because the effect would have been anti-dilutive. |
Fair_Value_Accounting
Fair Value Accounting | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Accounting | ' | |||||||||||||||
Note 16 - Fair Value Accounting | ||||||||||||||||
Synovus carries various assets and liabilities at fair value based on the fair value accounting guidance under ASC 820 and ASC 825. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an “exit price”) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. | ||||||||||||||||
Synovus has implemented controls and processes for the determination of the fair value of financial instruments. The ultimate responsibility for the determination of fair value rests with Synovus. Synovus has established a process that has been designed to ensure there is an independent review and validation of fair values by a function independent of those entering into the transaction. This includes specific controls to ensure consistent pricing policies and procedures that incorporate verification for both market and derivative transactions. For all financial instruments where fair values are determined by reference to externally quoted prices or observable pricing inputs to models, independent price determination or validation is utilized. Where the market for a financial instrument is not active, fair value is determined using a valuation technique or pricing model. These valuation techniques and models involve a degree of estimation, the extent of which depends on each instrument's complexity and the availability of market-based data. | ||||||||||||||||
The most frequently applied pricing model and valuation technique utilized by Synovus is the discounted cash flow model. Discounted cash flows determine the value by estimating the expected future cash flows from assets or liabilities discounted to their present value. Synovus may also use a relative value model to determine the fair value of a financial instrument based on the market prices of similar assets or liabilities or an option pricing model such as binomial pricing that includes probability-based techniques. Assumptions and inputs used in valuation techniques and models include benchmark interest rates, credit spreads and other inputs used in estimating discount rates, bond and equity prices, price volatilities and correlations, prepayment rates, probability of default, and loss severity upon default. | ||||||||||||||||
Synovus refines and modifies its valuation techniques as markets develop and as pricing for individual financial instruments become more or less readily available. While Synovus believes its valuation techniques are appropriate and consistent with other market participants, the use of different methodologies or assumptions could result in different estimates of fair value at the balance sheet date. In order to determine the fair value, where appropriate, management applies valuation adjustments to the pricing information. These adjustments reflect management's assessment of factors that market participants would consider in setting a price, to the extent that these factors have not already been included in the pricing information. Furthermore, on an ongoing basis, management assesses the appropriateness of any model used. To the extent that the price provided by internal models does not represent the fair value of the financial instrument, management makes adjustments to the model valuation to calibrate it to other available pricing sources. Where unobservable inputs are used, management may determine a range of possible valuations based upon differing stress scenarios to determine the sensitivity associated with the valuation. As a final step, management considers the need for further adjustments to the modeled price to reflect how market participants would price the financial instrument. | ||||||||||||||||
Fair Value Hierarchy | ||||||||||||||||
Synovus determines the fair value of its financial instruments based on the fair value hierarchy established under ASC 820-10, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the financial instrument's fair value measurement in its entirety. There are three levels of inputs that may be used to measure fair value. The three levels of inputs of the valuation hierarchy are defined below: | ||||||||||||||||
Level 1 | Quoted prices (unadjusted) in active markets for identical assets and liabilities for the instrument or security to be valued. Level 1 assets include marketable equity securities as well as U.S. Treasury securities that are highly liquid and are actively traded in over-the-counter markets. | |||||||||||||||
Level 2 | Observable inputs other than Level 1 quoted prices, such as quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active or model-based valuation techniques for which all significant assumptions are derived principally from or corroborated by observable market data. Level 2 assets and liabilities include debt securities with quoted prices that are traded less frequently than exchange-traded instruments and derivative contracts whose value is determined by using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data. U.S. Government sponsored agency securities, mortgage-backed securities issued by U.S. Government sponsored enterprises and agencies, obligations of states and municipalities, collateralized mortgage obligations issued by U.S. Government sponsored enterprises, and mortgage loans held-for-sale are generally included in this category. Certain private equity investments that invest in publicly traded companies are also considered Level 2 assets. | |||||||||||||||
Level 3 | Unobservable inputs that are supported by little, if any, market activity for the asset or liability. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow models and similar techniques, and may also include the use of market prices of assets or liabilities that are not directly comparable to the subject asset or liability. These methods of valuation may result in a significant portion of the fair value being derived from unobservable assumptions that reflect Synovus' own estimates for assumptions that market participants would use in pricing the asset or liability. This category primarily includes collateral-dependent impaired loans, other real estate, certain equity investments, and certain private equity investments. | |||||||||||||||
Fair Value Option | ||||||||||||||||
Synovus has elected the fair value option for mortgage loans held for sale primarily to ease the operational burdens 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 operational time and expense needed to manage a hedge accounting program. | ||||||||||||||||
Valuation Methodology by Product | ||||||||||||||||
Following is a description of the valuation methodologies used for the major categories of financial assets and liabilities measured at fair value. | ||||||||||||||||
Trading Account Assets and Investment Securities Available for Sale | ||||||||||||||||
The fair values of trading securities and investment securities available for sale are primarily based on actively traded markets where prices are based on either quoted market prices or observed transactions. Management employs independent third-party pricing services to provide fair value estimates for Synovus' investment securities available for sale and trading securities. Fair values for fixed income investment securities are typically determined based upon quoted market prices, broker/dealer quotations for identical or similar securities, and/or inputs that are observable in the market, either directly or indirectly, for substantially similar securities. Level 1 securities are typically exchange quoted prices and include financial instruments such as U.S. Treasury securities, equity securities, and mutual fund investments. Level 2 securities are typically matrix priced by the third-party pricing service to calculate the fair value. Such fair value measurements consider observable data such as relevant broker/dealer quotes, market spreads, cash flows, yield curves, live trading levels, trade execution data, market consensus prepayments speeds, credit information, and the respective terms and conditions for debt instruments. The types of securities classified as Level 2 within the valuation hierarchy primarily consist of collateralized mortgage obligations, mortgage-backed securities, debt securities of U.S. Government-sponsored enterprises and agencies, corporate debt, and state and municipal securities. | ||||||||||||||||
When there is limited activity or less transparency around inputs to valuation, Synovus develops valuations based on assumptions that are not readily observable in the marketplace; these securities are classified as Level 3 within the valuation hierarchy. The majority of the balance of Level 3 investment securities available for sale consists primarily of trust preferred securities issued by financial institutions. Synovus also carries non-marketable common equity securities within this category. Synovus accounts for the non-marketable common equity securities in accordance with ASC 325-20, which requires these investments to be carried at cost. To determine the fair value of the trust preferred securities, management uses a measurement technique to reflect one that utilizes credit spreads and/or credit indices available from a third-party pricing service. In addition, for each trust preferred security, management projects non-credit adjusted cash flows, and discounts those cash flows to net present value incorporating a relevant credit spread in the discount rate. Other inputs to calculating fair value include potential discounts for lack of marketability. | ||||||||||||||||
Management uses various validation procedures to confirm the prices received from pricing services and quotations received from dealers are reasonable. Such validation procedures include reference to relevant broker/dealer quotes or other market quotes and a review of valuations and trade activity of comparable securities. Consideration is given to the nature of the quotes (e.g., indicative or firm) and the relationship of recently evidenced market activity to the prices provided by the third-party pricing service. Further, management also employs the services of an additional independent pricing firm as a means to verify and confirm the fair values of the primary independent pricing firms. | ||||||||||||||||
Mortgage Loans Held for Sale | ||||||||||||||||
Synovus elected to apply the fair value option for mortgage loans originated with the intent to sell to investors. When quoted market prices are not available, fair value is derived from a hypothetical bulk sale model used to estimate the exit price of the loans in a loan sale. The bid pricing convention is used for loan pricing for similar assets. The valuation model is based upon forward settlements of a pool of loans of identical coupon, maturity, product, and credit attributes. The inputs to the model are continuously updated with available market and historical data. As the loans are sold in the secondary market and predominantly used as collateral for securitizations, the valuation model represents the highest and best use of the loans in Synovus’ principal market. Mortgage loans held for sale are classified within Level 2 of the valuation hierarchy. | ||||||||||||||||
Private Equity Investments | ||||||||||||||||
Private equity investments consist primarily of equity method investments in venture capital funds, which are primarily classified as Level 3 within the valuation hierarchy. The valuation of these investments requires significant management judgment due to the absence of quoted market prices, inherent lack of liquidity, and the long-term nature of such assets. Based on these factors, the ultimate realizable value of these investments could differ significantly from the value reflected in the accompanying audited consolidated financial statements. For ownership in publicly traded companies held in the funds, valuation is based on the closing market price at the balance sheet date, and the valuation of marketable securities that have market restrictions is discounted until the securities can be freely traded. The private equity investments in which Synovus holds a limited partner interest consist of funds that invest in privately held companies. For privately held companies in the funds, the general partner estimates the fair value of the company in accordance with GAAP, as clarified by ASC 820, and guidance specific to investment companies. The estimated fair value of the company is the estimated fair value as an exit price the fund would receive if it were to sell the company in the marketplace. The fair value of the fund's underlying investments is estimated through the use of valuation models such as option pricing or a discounted cash flow model. Valuation factors, such as a company's operational performance against budget or milestones, last price paid by investors, with consideration given on whether financing is provided by insiders or unrelated new investors, public market comparables, liquidity of the market, industry and economic trends, and change of management or key personnel, are used in the determination of fair value. | ||||||||||||||||
Also, Synovus holds an interest in an investment fund that invests in publicly traded financial services companies. Although the fund holds investments in publicly traded entities, the fair value of this investment is classified as Level 2 in the valuation hierarchy because there is no actively traded market for the fund itself, and the value of the investment is based on the aggregate fair value of the publicly traded companies that are held in the fund for investment. | ||||||||||||||||
Investments Held in Rabbi Trusts | ||||||||||||||||
The investments held in Rabbi Trusts primarily include mutual funds that invest in equity and fixed income securities. Shares of mutual funds are valued based on quoted market prices, and are therefore, classified within Level 1 of the fair value hierarchy. | ||||||||||||||||
Salary Stock Units | ||||||||||||||||
Salary stock units represent fully vested stock awards that have been granted to certain key employees of Synovus. The salary stock units are classified as liabilities and are settled in cash, as determined by the closing Common Stock price on the date of settlement and the number of salary stock units being settled. Accordingly, salary stock units are classified as Level 1 within the fair value hierarchy. | ||||||||||||||||
Derivative Assets and Liabilities | ||||||||||||||||
As part of its overall interest rate risk management activities, Synovus utilizes derivative instruments to manage its exposure to various types of interest rate risk. With the exception of one derivative contract discussed herein, Synovus' derivative financial instruments are all Level 2 financial instruments. The majority of derivatives entered into by Synovus are executed over-the-counter and consist of interest rate swaps. The fair values of these derivative instruments are determined based on an internally developed model that uses readily observable market data, as quoted market prices are not available for these instruments. The valuation models and inputs depend on the type of derivative and the nature of the underlying instrument, and include interest rates, prices and indices to generate continuous yield or pricing curves, volatility factors, and customer credit related adjustments. The principal techniques used to model the value of these instruments are an income approach, discounted cash flows, Black-Scholes or binomial pricing models. The sale of TBA mortgage-backed securities for current month delivery or in the future and the purchase of option contracts of similar duration are derivatives utilized by Synovus’ mortgage banking subsidiary, and are valued by obtaining prices directly from dealers in the form of quotes for identical securities or options using a bid pricing convention with a spread between bid and offer quotations. Interest rate swaps, floors, caps and collars, and TBA mortgage-backed securities are classified as Level 2 within the valuation hierarchy. | ||||||||||||||||
Synovus' mortgage banking subsidiary enters into interest rate lock commitments related to expected funding of residential mortgage loans at specified times in the future. Interest rate lock commitments that relate to the origination of mortgage loans that will be held-for-sale are considered derivative instruments under applicable accounting guidance. As such, Synovus records its interest rate lock commitments and forward loan sales commitments at fair value, determined as the amount that would be required to settle each of these derivative financial instruments at the balance sheet date. In the normal course of business, the mortgage subsidiary enters into contractual interest rate lock commitments to extend credit, if approved, at a fixed interest rate and with fixed expiration dates. The commitments become effective when the borrowers "lock-in" a specified interest rate within the time frames established by the mortgage banking subsidiary. Market risk arises if interest rates move adversely between the time of the interest rate lock by the borrower and the sale date of the loan to an investor. To mitigate the effect of the interest rate risk inherent in providing interest rate lock commitments to borrowers, the mortgage banking subsidiary enters into best efforts forward sales contracts with third-party investors. The forward sales contracts lock in a price for the sale of loans similar to the specific interest rate lock commitments. Both the interest rate lock commitments to the borrowers and the forward sales contracts to the investors that extend through to the date the loan may close are derivatives, and accordingly, are marked to fair value through earnings. In estimating the fair value of an interest rate lock commitment, Synovus assigns a probability to the interest rate lock commitment based on an expectation that it will be exercised and the loan will be funded. The fair value of the interest rate lock commitment is derived from the fair value of related mortgage loans, which is based on observable market data and includes the expected net future cash flows related to servicing of the loans. The fair value of the interest rate lock commitment is also derived from inputs that include guarantee fees negotiated with the agencies and private investors, buy-up and buy-down values provided by the agencies and private investors, and interest rate spreads for the difference between retail and wholesale mortgage rates. Management also applies fall-out ratio assumptions for those interest rate lock commitments for which we do not close a mortgage loan. The fall-out ratio assumptions are based on the mortgage subsidiary's historical experience, conversion ratios for similar loan commitments, and market conditions. While fall-out tendencies are not exact predictions of which loans will or will not close, historical performance review of loan-level data provides the basis for determining the appropriate hedge ratios. In addition, on a periodic basis, the mortgage banking subsidiary performs analysis of actual rate lock fall-out experience to determine the sensitivity of the mortgage pipeline to interest rate changes from the date of the commitment through loan origination, and then period end, using applicable published mortgage-backed investment security prices. The expected fall-out ratios (or conversely the "pull-through" percentages) are applied to the determined fair value of the unclosed mortgage pipeline in accordance with GAAP. Changes to the fair value of interest rate lock commitments are recognized based on interest rate changes, changes in the probability that the commitment will be exercised, and the passage of time. The fair value of the forward sales contracts to investors considers the market price movement of the same type of security between the trade date and the balance sheet date. These instruments are classified as Level 2 within the valuation hierarchy. | ||||||||||||||||
In November 2009, Synovus sold certain Visa Class B shares to another Visa USA member financial institution. The sales price was based on the Visa stock conversion ratio in effect at the time for conversion of Visa Class B shares to Visa Class A unrestricted shares at a future date. In conjunction with the sale, Synovus entered into a derivative contract with the purchaser (the Visa derivative), which provides for settlements between the parties based upon a change in the ratio for conversion of Visa Class B shares to Visa Class A shares. The fair value of the Visa derivative is determined based on management's estimate of the timing and amount of the Covered Litigation settlement and the resulting payments due to the counterparty under the terms of the contract. Since this estimation process requires application of judgment in developing significant unobservable inputs used to determine the fair value of the Visa derivative, this derivative has been classified as Level 3 within the valuation hierarchy. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 19 - Visa Shares and Related Agreements" of this Report for additional discussion on the Visa derivative and related litigation. | ||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||||||||||||||||
The following table presents all financial instruments measured at fair value on a recurring basis as of December 31, 2013 and 2012, according to the valuation hierarchy included in ASC 820-10. For equity and debt securities, class was determined based on the nature and risks of the investments. Transfers between levels for the years ended December 31, 2013 and 2012 were inconsequential. | ||||||||||||||||
December 31, 2013 | ||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Total Assets and Liabilities at Fair Value | ||||||||||||
Assets | ||||||||||||||||
Trading securities: | ||||||||||||||||
Collateralized mortgage obligations issued by | $ | — | 2,465 | — | 2,465 | |||||||||||
U.S. Government sponsored enterprises | ||||||||||||||||
State and municipal securities | — | 429 | — | 429 | ||||||||||||
All other residential mortgage-backed | — | 968 | — | 968 | ||||||||||||
securities | ||||||||||||||||
Other investments | — | 2,251 | — | 2,251 | ||||||||||||
Total trading securities | — | 6,113 | — | 6,113 | ||||||||||||
Mortgage loans held for sale | — | 45,384 | — | 45,384 | ||||||||||||
Investment securities available for sale: | ||||||||||||||||
U.S. Treasury securities | 17,791 | — | — | 17,791 | ||||||||||||
U.S. Government agency securities | — | 34,641 | — | 34,641 | ||||||||||||
Securities issued by U.S. Government sponsored enterprises | — | 113,745 | — | 113,745 | ||||||||||||
Mortgage-backed securities issued by U.S. Government agencies | — | 195,117 | — | 195,117 | ||||||||||||
Mortgage-backed securities issued by U.S. Government sponsored enterprises | — | 2,421,360 | — | 2,421,360 | ||||||||||||
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | — | 398,540 | — | 398,540 | ||||||||||||
State and municipal securities | — | 6,889 | — | 6,889 | ||||||||||||
Equity securities | 6,956 | — | 628 | 7,584 | ||||||||||||
Other investments(1) | 1,969 | — | 1,722 | 3,691 | ||||||||||||
Total investment securities available for sale | 26,716 | 3,170,292 | 2,350 | 3,199,358 | ||||||||||||
Private equity investments | — | 1,615 | 27,745 | 29,360 | ||||||||||||
Mutual funds held in Rabbi Trusts | 11,246 | — | — | 11,246 | ||||||||||||
Derivative assets: | ||||||||||||||||
Interest rate contracts | — | 38,482 | — | 38,482 | ||||||||||||
Mortgage derivatives(2) | — | 1,522 | — | 1,522 | ||||||||||||
Total derivative assets | — | 40,004 | — | 40,004 | ||||||||||||
Liabilities | ||||||||||||||||
Trading account liabilities | — | 1,763 | — | 1,763 | ||||||||||||
Salary stock units | 1,764 | — | — | 1,764 | ||||||||||||
Derivative liabilities: | ||||||||||||||||
Interest rate contracts | — | 39,436 | — | 39,436 | ||||||||||||
Visa Derivative | — | — | 2,706 | 2,706 | ||||||||||||
Total derivative liabilities | $ | — | 39,436 | 2,706 | 42,142 | |||||||||||
December 31, 2012 | ||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Total Assets and Liabilities at Fair Value | ||||||||||||
Assets | ||||||||||||||||
Trading securities: | ||||||||||||||||
Mortgage-backed securities issued by U.S. Government agencies | $ | — | 2,171 | — | 2,171 | |||||||||||
Collateralized mortgage obligations issued by U.S. Government sponsored enterprises | — | 4,875 | — | 4,875 | ||||||||||||
State and municipal securities | — | 451 | — | 451 | ||||||||||||
All other residential mortgage-backed securities | — | 1,159 | — | 1,159 | ||||||||||||
Other investments | — | 2,446 | — | 2,446 | ||||||||||||
Total trading securities | — | 11,102 | — | 11,102 | ||||||||||||
Mortgage loans held for sale | — | 212,663 | — | 212,663 | ||||||||||||
Investment securities available for sale: | ||||||||||||||||
U.S. Treasury securities | 356 | — | — | 356 | ||||||||||||
U.S. Government agency securities | — | 38,046 | — | 38,046 | ||||||||||||
Securities issued by U.S. Government sponsored enterprises | — | 293,310 | — | 293,310 | ||||||||||||
Mortgage-backed securities issued by U.S. Government agencies | — | 245,593 | — | 245,593 | ||||||||||||
Mortgage-backed securities issued by U.S. Government sponsored enterprises | — | 1,867,493 | — | 1,867,493 | ||||||||||||
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | — | 514,489 | — | 514,489 | ||||||||||||
State and municipal securities | — | 15,798 | — | 15,798 | ||||||||||||
Equity securities | 2,849 | — | 891 | 3,740 | ||||||||||||
Other investments(1) | — | — | 2,287 | 2,287 | ||||||||||||
Total investment securities available for sale | 3,205 | 2,974,729 | 3,178 | 2,981,112 | ||||||||||||
Private equity investments | — | 1,168 | 30,708 | 31,876 | ||||||||||||
Mutual funds held in Rabbi Trusts | 10,001 | — | — | 10,001 | ||||||||||||
Derivative assets: | ||||||||||||||||
Interest rate contracts | — | 61,869 | — | 61,869 | ||||||||||||
Mortgage derivatives (2) | — | 2,793 | — | 2,793 | ||||||||||||
Total derivative assets | — | 64,662 | — | 64,662 | ||||||||||||
Liabilities | ||||||||||||||||
Trading account liabilities | — | 91 | — | 91 | ||||||||||||
Salary stock units | 1,888 | — | — | 1,888 | ||||||||||||
Derivative liabilities: | ||||||||||||||||
Interest rate contracts | — | 62,912 | — | 62,912 | ||||||||||||
Mortgage derivatives (2) | — | 525 | — | 525 | ||||||||||||
Visa Derivative | — | — | 2,956 | 2,956 | ||||||||||||
Total derivative liabilities | $ | — | 63,437 | 2,956 | 66,393 | |||||||||||
(1) Based on an analysis of the nature and risks of these investments, Synovus has determined that presenting these investments as a single asset class is appropriate. | ||||||||||||||||
(2) Mortgage derivatives consist of customer interest rate lock commitments that relate to the potential origination of mortgage loans, which would be classified as held for sale and forward loan sales commitments with third-party investors. | ||||||||||||||||
Fair Value Option | ||||||||||||||||
The following table summarizes the difference between the fair value and the unpaid principal balance of mortgage loans held for sale measured at fair value and the changes in fair value of these loans. Mortgage loans held for sale are initially measured at fair value with subsequent changes in fair value recognized in earnings. Changes in fair value were recorded as a component of mortgage banking income and other non-interest income in the consolidated statements of income, as appropriate. An immaterial portion of these changes in fair value were attributable to changes in instrument-specific credit risk. | ||||||||||||||||
Twelve Months Ended December 31, | ||||||||||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||||||||||
Changes in fair value included in net income: | ||||||||||||||||
Mortgage loans held for sale | $ | (5,566 | ) | 1,813 | 5,185 | |||||||||||
Mortgage loans held for sale: | ||||||||||||||||
Fair value | 45,384 | 212,663 | 161,509 | |||||||||||||
Unpaid principal balance | 44,943 | 206,657 | 157,316 | |||||||||||||
Fair value less aggregate unpaid principal balance | $ | 441 | 6,006 | 4,193 | ||||||||||||
Changes in Level 3 Fair Value Measurements | ||||||||||||||||
As noted above, Synovus uses significant unobservable inputs (Level 3) in determining the fair value of assets and liabilities classified as Level 3 in the fair value hierarchy. The table below includes a roll-forward of the amounts on the consolidated balance sheet for the year ended December 31, 2013 and 2012 (including the change in fair value), for financial instruments of a material nature that are classified by Synovus within Level 3 of the fair value hierarchy and are measured at fair value on a recurring basis. Transfers between fair value levels are recognized at the end of the reporting period in which the associated changes in inputs occur. During 2013, Synovus did not have any material transfers between levels in the fair value hierarchy. During the first quarter of 2012, Synovus transferred the mortgage derivative asset, which consists of interest rate lock commitments totaling $1.9 million, from Level 3 to Level 2 within the fair value hierarchy, reflecting increased transparency of the inputs used to value these financial instruments, which are based on the mortgage banking subsidiary's historical experience, conversion ratios for similar loan commitments, market conditions and other observable inputs, instead of previously used external industry data. Additionally, during the first quarter of 2012, Synovus transferred assets totaling $501 thousand that were classified as a Level 3 equity security to other assets to more accurately reflect the financial characteristics of the financial instruments. | ||||||||||||||||
2013 | ||||||||||||||||
(in thousands) | Investment Securities Available for Sale | Private Equity Investments | Other Derivative | |||||||||||||
Contracts | ||||||||||||||||
Beginning balance, January 1, | $ | 3,178 | 30,708 | (2,956 | ) | |||||||||||
Total gains (losses) realized/unrealized: | ||||||||||||||||
Included in earnings(1) | (264 | ) | (2,963 | ) | (1,600 | ) | ||||||||||
Unrealized gains (losses) included in other comprehensive income | 436 | — | — | |||||||||||||
Purchases | — | — | — | |||||||||||||
Sales | — | — | — | |||||||||||||
Issuances | — | — | — | |||||||||||||
Settlements | (1,000 | ) | — | 1,850 | ||||||||||||
Amortization of discount/premium | — | — | — | |||||||||||||
Transfers in and/or out of Level 3 | — | — | — | |||||||||||||
Ending balance, December 31, | $ | 2,350 | 27,745 | (2,706 | ) | |||||||||||
The amount of total net gains (losses) for the year included in earnings attributable to the change in unrealized gains (losses) relating to assets still held at December 31, | $ | (264 | ) | (2,963 | ) | (1,600 | ) | |||||||||
2012 | ||||||||||||||||
(in thousands) | Investment Securities Available for Sale | Private Equity Investments | Other Derivative | |||||||||||||
Contracts, Net(3) | ||||||||||||||||
Beginning balance, January 1, | $ | 6,842 | 21,418 | (7,242 | ) | |||||||||||
Total gains (losses) realized/unrealized: | ||||||||||||||||
Included in earnings(1) | (450 | ) | 8,233 | (6,304 | ) | |||||||||||
Unrealized gains (losses) included in other comprehensive income | (713 | ) | — | — | ||||||||||||
Purchases | — | 1,057 | (2 | ) | — | |||||||||||
Sales | — | — | — | |||||||||||||
Issuances | — | — | — | |||||||||||||
Settlements | (2,000 | ) | — | 12,441 | ||||||||||||
Amortization of discount/premium | — | — | — | |||||||||||||
Transfers in and/or out of Level 3 | (501 | ) | — | (1,851 | ) | |||||||||||
Ending balance, December 31, | $ | 3,178 | 30,708 | (2,956 | ) | |||||||||||
The amount of total net gains (losses) for the year included in earnings attributable to the change in unrealized gains (losses) relating to assets still held at December 31, | $ | (450 | ) | 8,233 | (6,304 | ) | ||||||||||
(1) Included in earnings as a component of other non-interest income(expense). | ||||||||||||||||
(2) Represents additional capital contributed to a private equity investment fund for capital calls. There are no such calls outstanding as of December 31, 2013. | ||||||||||||||||
(3) Other derivative contracts include the Visa Derivative and the mortgage derivatives for the year ended December 31, 2012. | ||||||||||||||||
Assets Measured at Fair Value on a Non-recurring Basis | ||||||||||||||||
From time to time, certain assets may be recorded at fair value on a non-recurring basis. These non-recurring fair value adjustments typically are a result of the application of lower of cost or fair value accounting or a write-down occurring during the period. For example, if the fair value of an asset in these categories falls below its cost basis, it is considered to be at fair value at the end of the period of the adjustment. The following table presents assets measured at fair value on a non-recurring basis as of the dates indicated for which there was a fair value adjustment during the period, according to the valuation hierarchy included in ASC 820-10. | ||||||||||||||||
As of December 31, 2013 | Fair Value Adjustments for the Year Ended December 31, 2013 | |||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | |||||||||||||
Impaired loans* | $ | — | — | $ | 170,693 | 29,132 | ||||||||||
Other loans held for sale | — | — | 9,670 | 5,988 | ||||||||||||
Other real estate | — | — | 50,070 | 10,431 | ||||||||||||
Other assets held for sale | — | — | 4,945 | 2,294 | ||||||||||||
As of December 31, 2012 | Fair Value Adjustments for the Year Ended December 31, 2012 | |||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||
Impaired loans* | $ | — | — | $ | 80,299 | 52,916 | ||||||||||
Other loans held for sale | — | — | 7,420 | 5,144 | ||||||||||||
Other real estate | — | — | 79,293 | 22,615 | ||||||||||||
Other assets held for sale | — | — | 5,804 | 2,425 | ||||||||||||
*Impaired loans that are collateral-dependent. | ||||||||||||||||
Collateral dependent impaired loans are evaluated for impairment in accordance with the provisions of ASC 310-10-35 using the fair value of the collateral less costs to sell. For loans measured using the estimated fair value of collateral securing these loans less costs to sell, fair value is generally determined based upon appraisals performed by a certified or licensed appraiser using inputs such as absorption rates, capitalization rates, and market comparables, adjusted for estimated selling costs. Management also considers other factors or recent developments, such as changes in absorption rates or market conditions from the time of valuation, and anticipated sales values considering management's plans for disposition, which could result in adjustments to the collateral value estimates indicated in the appraisals. Estimated costs to sell are based on actual amounts for similar assets. These measurements are classified as Level 3 within the valuation hierarchy. Collateral dependent impaired loans are reviewed and evaluated on at least a quarterly basis for additional impairment and adjusted accordingly based on the same factors identified above. | ||||||||||||||||
Loans are transferred to other loans held for sale at fair value when Synovus makes the determination to sell specifically identified loans. The fair value of the loans is primarily determined by analyzing the underlying collateral of the loan and the anticipated market prices of similar assets less estimated costs to sell, as well as consideration of the market for loan sales versus the sale of collateral. At the time of transfer, if the fair value is less than the carrying amount, the difference is recorded as a charge-off against the allowance for loan losses. Decreases in the fair value subsequent to the transfer, as well as gains/losses realized from sale of these loans, are recognized as gains/losses on other loans held for sale, net, as a component of non-interest expense on the consolidated statements of income. | ||||||||||||||||
ORE consists of properties obtained through a foreclosure proceeding or through an in-substance foreclosure in satisfaction of loans. The fair value of ORE is determined on the basis of current appraisals, comparable sales, and other estimates of fair value obtained principally from independent sources, adjusted for estimated selling costs. At foreclosure, ORE is recorded at the lower of cost or fair value less the estimated cost to sell, which establishes a new cost basis. Subsequent to foreclosure, ORE is evaluated quarterly and reported at fair value less estimated costs to sell, not to exceed the new cost basis, determined on the basis of current appraisals, comparable sales, and other estimates of fair value obtained principally from independent sources, adjusted for estimated selling costs. In the determination of fair value subsequent to foreclosure, management also considers other factors or recent developments, such as changes in absorption rates or market conditions from the time of valuation, and anticipated sales values considering management’s plans for disposition, which could result in an adjustment to lower the fair value estimates indicated in the appraisals. Internally adjusted valuations are considered Level 3 measurements as management uses assumptions that may not be observable in the market. | ||||||||||||||||
Other assets held for sale consist of certain premises and equipment held for sale, including those related to the efficiency initiatives discussed in "Note 3 - Restructuring Charges" of this Report. These assets are classified as held for sale and recorded at the lower of their amortized cost or fair value, less costs to sell, consistent with ASC 360-10. The fair value of these assets is determined primarily on the basis of appraisals or BOV, as circumstances warrant, adjusted for estimated selling costs. Both techniques engage licensed or certified professionals that use inputs such as absorption rates, capitalization rates, and market comparables; these valuations are considered Level 3 measurements since assumptions or inputs may not be observable in the market. | ||||||||||||||||
Quantitative Information about Level 3 Fair Value Measurements | ||||||||||||||||
The tables below provide an overview of the valuation techniques and significant unobservable inputs used in those techniques to measure financial instruments that are classified within Level 3 of the valuation hierarchy. The range of sensitivities that management utilized in its fair value calculations is deemed acceptable in the industry with respect to the identified financial instruments. The tables below present both the total balance as of the dates indicated for assets measured at fair value on a recurring basis and the assets measured at fair value on a non-recurring basis for which there was a fair value adjustment during the period, according to the valuation hierarchy included in ASC 820-10. | ||||||||||||||||
December 31, 2013 | ||||||||||||||||
(dollars in thousands) | Level 3 Fair Value | Valuation Technique | Significant Unobservable Input | Range (Weighted Average)(1) | ||||||||||||
Assets measured at fair value on a recurring basis | ||||||||||||||||
Investment Securities Available for Sale | ||||||||||||||||
Equity securities | $ | 628 | Individual analysis of each investment | Multiple data points, including, but not limited to evaluation of past and projected business performance | N/A(4) | |||||||||||
Other investments: | ||||||||||||||||
Trust preferred securities | 1,722 | Discounted cash flow analysis | Credit spread embedded in discount rate | 400-480 bps (441 bps) | ||||||||||||
Discount for lack of marketability(2) | 0%-10% (0%) | |||||||||||||||
Private equity investments | 27,745 | Individual analysis of each investee company | Multiple factors, including but not limited to, current operations, financial conditions, cash flows, evaluation of business management and financial plans, and recently executed financing transactions related to the investee companies (2) | N/A | ||||||||||||
Visa derivative liability | $ | 2,706 | Internal valuation | Estimated future cumulative deposits to the litigation escrow for settlement of the Covered Litigation, and estimated future monthly fees payable to the derivative counterparty | $400 thousand to $2.7 million ($2.7 million) | |||||||||||
December 31, 2013 | ||||||||||||||||
(dollars in thousands) | Level 3 Fair Value | Valuation Technique | Significant Unobservable Input | Range | ||||||||||||
(Weighted Average)(1) | ||||||||||||||||
Assets measured at fair value on a non-recurring basis | ||||||||||||||||
Collateral dependent impaired loans | $ | 170,693 | Third-party appraised value of collateral less estimated selling costs | Discount to appraised value (3) | 0%-65% (25%) 0%-10% (7%) | |||||||||||
Estimated selling costs | ||||||||||||||||
Other loans held for sale | 9,670 | Third-party appraised value of collateral less estimated selling costs | Discount to appraised value (3) | 18%-93% (70%) 0%-10% (7%) | ||||||||||||
Estimated selling costs | ||||||||||||||||
Other real estate | 50,070 | Third-party appraised value of collateral less estimated selling costs | Discount to appraised value (3) | 0%-85% (25%) 0%-10% (7%) | ||||||||||||
Estimated selling costs | ||||||||||||||||
Other assets held for sale | $ | 4,945 | Third-party appraised value of collateral less estimated selling costs or BOV | Discount to appraised value (3) | 5%-36% (20%) 0%-10% (7%) | |||||||||||
Estimated selling costs | ||||||||||||||||
(1) The range represents management's best estimate of the high and low of the value that would be assigned to a particular input. The weighted average is the measure of central tendencies; it is the value that management is using for the asset or liability. | ||||||||||||||||
(2) Represents management's estimate of discount that market participants would require based on the instrument's lack of liquidity. | ||||||||||||||||
(3) Synovus also makes adjustments to the values of the assets listed above for various reasons, including age of the appraisal, information known by management about the property, such as occupancy rates, changes to the physical conditions of the property, and other factors. | ||||||||||||||||
(4) The range has not been disclosed due to the wide range of possible values given the methodology used. | ||||||||||||||||
December 31, 2012 | ||||||||||||||||
(dollars in thousands) | Level 3 Fair Value | Valuation Technique | Significant Unobservable Input | Range (Weighted Average)(1) | ||||||||||||
Assets measured at fair value on a recurring basis | ||||||||||||||||
Investment Securities Available for Sale | ||||||||||||||||
Equity securities | $ | 891 | Individual analysis of each investment | Multiple data points, including, but not limited to evaluation of past and projected business performance | N/A(4) | |||||||||||
Other investments: | ||||||||||||||||
Trust preferred securities | 2,287 | Discounted cash flow analysis | Credit spread embedded in discount rate | 425-650 bps (571 bps) | ||||||||||||
Discount for lack of marketability(2) | 0%-10% (0%) | |||||||||||||||
Private equity investments | 30,708 | Individual analysis of each investee company | Multiple factors, including but not limited to, current operations, financial conditions, cash flows, evaluation of business management and financial plans, and recently executed financing transactions related to the investee companies (2) | N/A | ||||||||||||
Visa derivative liability | $ | 2,956 | Internal valuation | Estimated future cumulative deposits to the litigation escrow for settlement of the Covered Litigation, and estimated future monthly fees payable to the derivative counterparty | $400 thousand to $3.0 million ($3.0 million) | |||||||||||
December 31, 2012 | ||||||||||||||||
(dollars in thousands) | Level 3 Fair Value | Valuation Technique | Significant Unobservable Input | Range | ||||||||||||
(Weighted Average)(1) | ||||||||||||||||
Assets measured at fair value on a non-recurring basis | ||||||||||||||||
Collateral dependent impaired loans | $ | 80,299 | Third-party appraised value of collateral less estimated selling costs | Discount to appraised value (3) | 0%-12% (4%) 0%-10% (7%) | |||||||||||
Estimated selling costs | ||||||||||||||||
Other loans held for sale | 7,420 | Third-party appraised value of collateral less estimated selling costs | Discount to appraised value (3) | 0%-12% (4%) 0%-10% (7%) | ||||||||||||
Estimated selling costs | ||||||||||||||||
Other real estate | 79,293 | Third-party appraised value of collateral less estimated selling costs | Discount to appraised value (3) | 0%-7% (2%) 0%-10% (7%) | ||||||||||||
Estimated selling costs | ||||||||||||||||
Other assets held for sale | $ | 5,804 | Third-party appraised value of collateral less estimated selling costs or BOV | Discount to appraised value (3) | 13%-51% (29%) 0%-10% (7%) | |||||||||||
Estimated selling costs | ||||||||||||||||
(1) The range represents management's best estimate of the high and low of the value that would be assigned to a particular input. The weighted average is the measure of central tendencies; it is the value that management is using for the asset or liability. | ||||||||||||||||
(2) Represents management's estimate of discount that market participants would require based on the instrument's lack of liquidity. | ||||||||||||||||
(3) Synovus also makes adjustments to the values of the assets listed above for various reasons, including age of the appraisal, information known by management about the property, such as occupancy rates, changes to the physical conditions of the property, and other factors. | ||||||||||||||||
(4) The range has not been disclosed due to the wide range of possible values given the methodology used. | ||||||||||||||||
Sensitivity Analysis of Level 3 Unobservable Inputs Measured on a Recurring Basis | ||||||||||||||||
Included in the fair value estimates of financial instruments carried at fair value on the consolidated balance sheet are those estimated in full or in part using valuation techniques based on assumptions that are not supported by observable market prices, rates, or other inputs. Unobservable inputs are assessed carefully, considering the current economic environment and market conditions. However, by their very nature, unobservable inputs imply a degree of uncertainty in their determination, because they are supported by little, if any, market activity for the related asset or liability. | ||||||||||||||||
Investment Securities Available for Sale | ||||||||||||||||
The significant unobservable inputs used in the fair value measurement of the corporate obligations in Level 3 assets are the credit spread embedded in the discount rate and the discount for lack of liquidity. Generally, a change in one or more assumptions, and the degree or sensitivity of the change used, can have a meaningful impact on fair value. With regard to the trust preferred securities in Level 3 assets, raising the credit spread, and raising the discount for lack of liquidity assumptions will result in a lower fair value measurement. | ||||||||||||||||
Private Equity Investments | ||||||||||||||||
In the absence of quoted market prices, inherent lack of liquidity, and the long-term nature of private equity investments, significant judgment is required to value these investments. The significant unobservable inputs used in the fair value measurement of private equity investments include current operations, financial condition and cash flows, comparables and private sales, when available, and recently executed financing transactions related to investee companies. Significant increases or decreases in any of these inputs in isolation would result in a significantly lower or higher fair value measurement. | ||||||||||||||||
Visa Derivative Liability | ||||||||||||||||
The fair value of the Visa derivative is determined based on management's estimate of the timing and amount of the Covered Litigation settlement and the resulting payments due to the counterparty under the terms of the contract. Significant increases (decreases) in any of these inputs in isolation would result in a significantly higher (lower) valuation of the Visa derivative liability. Generally, a change in the amount funded by Visa into its escrow for the Covered Litigation would have a directionally similar change in the assumptions used for the discounted cash flow technique used to compute fair value. | ||||||||||||||||
Fair Value of Financial Instruments | ||||||||||||||||
The following table presents the carrying and fair values of financial instruments at December 31, 2013 and 2012. The fair value represents management’s best estimates based on a range of methodologies and assumptions. For financial instruments that are not recorded at fair value on the balance sheet, such as loans, interest bearing deposits (including brokered deposits), and long-term debt, the figures given in the notes should not be taken as an estimate of the amount that would be realized if all such financial instruments were to be settled immediately. | ||||||||||||||||
Cash and cash equivalents, interest bearing funds with the Federal Reserve Bank, interest earning deposits with banks, and federal funds sold and securities purchased under resale agreements are repriced on a short-term basis; as such, the carrying value closely approximates fair value. Since these amounts generally relate to highly liquid assets, these are considered a Level 1 measurement. | ||||||||||||||||
Loans, net of deferred fees and costs, are recorded at the amount of funds advanced, less charge-offs, and an estimation of credit risk represented by the allowance for loan losses. The fair value estimates for disclosure purposes differentiate loans based on their financial characteristics, such as product classification, loan category, pricing features, and remaining maturity. The fair value of loans is estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type, such as commercial, mortgage, home equity, credit card, and other retail loans. Commercial loans are further segmented into certain collateral code groupings. The fair value of the loan portfolio is calculated, in accordance with ASC 825-10, by discounting contractual cash flows using estimated market discount rates, which reflect the credit and interest rate risk inherent in the loan. This method of estimating fair value does not incorporate the exit-price concept of fair value prescribed by ASC 820-10 and generally produces a higher value than a pure exit price approach. For loans measured using the estimated fair value of collateral less costs to sell, fair value is generally estimated using appraisals of the collateral. Collateral values are monitored and additional write-downs are recognized if it is determined that the estimated collateral values have declined further. Estimated costs to sell are based on current amounts of disposal costs for similar assets. Carrying value is considered to reflect fair value for these loans. Loans are considered a Level 3 fair value measurement. | ||||||||||||||||
The fair value of deposits with no stated maturity, such as non-interest bearing demand accounts, interest bearing demand deposits, money market accounts, and savings accounts, is estimated to be equal to the amount payable on demand as of that respective date. 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. The value of long-term relationships with depositors is not taken into account in estimating fair values. Synovus has developed long-term relationships with its customers through its deposit base and, in the opinion of management, these customer relationships add significant value to Synovus. Synovus has determined that the appropriate classification for deposits is Level 2 due to the ability to reasonably measure all inputs to valuation based on observable market variables. Short-term and long-term debt is also considered a Level 2 valuation, as management relies on market prices for bonds or debt that is similar, but not necessarily identical, to the debt being valued. Short-term debt that matures within ten days is assumed to be at fair value, and is considered a Level 1 measurement. The fair value of other short-term and long-term debt with fixed interest rates is calculated by discounting contractual cash flows using market discount rates for bonds or debt that is similar but not identical. | ||||||||||||||||
The carrying and estimated fair values of financial instruments, as well as the level within the fair value hierarchy, as of December 31, 2013 and 2012 are as follows: | ||||||||||||||||
December 31, 2013 | ||||||||||||||||
(in thousands) | Carrying Value | Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||
Financial Assets | ||||||||||||||||
Cash and cash equivalents | $ | 469,630 | 469,630 | 469,630 | — | — | ||||||||||
Interest bearing funds with Federal Reserve Bank | 644,528 | 644,528 | 644,528 | — | — | |||||||||||
Interest earning deposits with banks | 24,325 | 24,325 | 24,325 | — | — | |||||||||||
Federal funds sold and securities purchased under resale agreements | 80,975 | 80,975 | 80,975 | — | — | |||||||||||
Trading account assets | 6,113 | 6,113 | — | 6,113 | — | |||||||||||
Mortgage loans held for sale | 45,384 | 45,384 | — | 45,384 | — | |||||||||||
Other loans held for sale | 10,685 | 10,685 | — | — | 10,685 | |||||||||||
Investment securities available for sale | 3,199,358 | 3,199,358 | 26,716 | 3,170,292 | 2,350 | |||||||||||
Private equity investments | 29,360 | 29,360 | — | 1,615 | 27,745 | |||||||||||
Mutual funds held in Rabbi Trusts | 11,246 | 11,246 | 11,246 | — | — | |||||||||||
Loans, net of deferred fees and costs | 20,057,798 | 19,763,708 | — | — | 19,763,708 | |||||||||||
Derivative assets | 40,004 | 40,004 | — | 40,004 | — | |||||||||||
Financial Liabilities | ||||||||||||||||
Trading account liabilities | $ | 1,763 | 1,763 | — | 1,763 | — | ||||||||||
Non-interest bearing deposits | 5,642,751 | 5,642,751 | — | 5,642,751 | — | |||||||||||
Interest bearing deposits | 15,234,039 | 15,244,020 | — | 15,244,020 | — | |||||||||||
Federal funds purchased, other short-term borrowings and other short-term liabilities | 148,132 | 148,132 | — | 148,132 | — | |||||||||||
Salary stock units | 1,764 | 1,764 | 1,764 | — | — | |||||||||||
Long-term debt | 2,033,141 | 2,095,720 | — | 2,095,720 | — | |||||||||||
Derivative liabilities | 42,142 | 42,142 | — | 39,436 | 2,706 | |||||||||||
December 31, 2012 | ||||||||||||||||
(in thousands) | Carrying Value | Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||
Financial assets | ||||||||||||||||
Cash and cash equivalents | $ | 614,630 | 614,630 | 614,630 | — | — | ||||||||||
Interest bearing funds with Federal Reserve Bank | 1,498,390 | 1,498,390 | 1,498,390 | — | — | |||||||||||
Interest earning deposits with banks | 23,442 | 23,442 | 23,442 | — | — | |||||||||||
Federal funds sold and securities purchased under resale agreements | 113,517 | 113,517 | 113,517 | — | — | |||||||||||
Trading account assets | 11,102 | 11,102 | — | 11,102 | — | |||||||||||
Mortgage loans held for sale | 212,663 | 212,663 | — | 212,663 | — | |||||||||||
Other loans held for sale | 10,690 | 10,690 | — | — | 10,690 | |||||||||||
Investment securities available for sale | 2,981,112 | 2,981,112 | 3,205 | 2,974,729 | 3,178 | |||||||||||
Private equity investments | 31,876 | 31,876 | — | 1,168 | 30,708 | |||||||||||
Mutual funds held in Rabbi Trusts | 10,001 | 10,001 | 10,001 | — | — | |||||||||||
Loans, net of deferred fees and costs | 19,541,690 | 19,254,199 | — | — | 19,254,199 | |||||||||||
Derivative assets | 64,662 | 64,662 | — | 64,662 | — | |||||||||||
Financial liabilities | ||||||||||||||||
Trading account liabilities | $ | 91 | 91 | — | 91 | — | ||||||||||
Non-interest bearing deposits | 5,665,527 | 5,665,527 | — | 5,665,527 | — | |||||||||||
Interest bearing deposits | 15,391,517 | 15,415,160 | — | 15,415,160 | — | |||||||||||
Federal funds purchased, other short-term borrowings, and other short-term liabilities | 201,243 | 201,243 | — | 201,243 | — | |||||||||||
Salary stock units | 1,888 | 1,888 | 1,888 | — | — | |||||||||||
Long-term debt | 1,726,455 | 1,784,223 | — | 1,784,223 | — | |||||||||||
Derivative liabilities | 66,393 | 66,393 | — | 63,437 | 2,956 | |||||||||||
Derivative_Instruments
Derivative Instruments | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Summary of Derivative Instruments [Abstract] | ' | ||||||||||||||||
Derivative Instruments | ' | ||||||||||||||||
Note 17 - Derivative Instruments | |||||||||||||||||
As part of its overall interest rate risk management activities, Synovus utilizes derivative instruments to manage its exposure to various types of interest rate risk. These derivative instruments generally consist of interest rate swaps, interest rate lock commitments made to prospective mortgage loan customers, and commitments to sell fixed-rate mortgage loans. Interest rate lock commitments represent derivative instruments since it is intended that such loans will be sold. | |||||||||||||||||
From time to time, Synovus utilizes interest rate swaps to manage interest rate risks primarily arising from its core banking activities. These interest rate swap transactions generally involve the exchange of fixed and floating interest rate payment obligations without the exchange of underlying principal amounts. Swaps may be designated as either cash flow hedges or fair value hedges, as discussed below. As of December 31, 2013 and 2012, Synovus had no outstanding interest rate swap contracts utilized to manage interest rate risk. | |||||||||||||||||
The Company is party to master netting arrangements with its dealer counterparties; however, the Company does not offset assets and liabilities under these arrangements for financial statement presentation purposes. | |||||||||||||||||
Counterparty Credit Risk and Collateral | |||||||||||||||||
Entering into derivative contracts potentially exposes Synovus to the risk of counterparties’ failure to fulfill their legal obligations, including, but not limited to, potential amounts due or payable under each derivative contract. Notional principal amounts are often used to express the volume of these transactions, but the amounts potentially subject to credit risk are much smaller. Synovus assesses the credit risk of its dealer counterparties by regularly monitoring publicly available credit rating information and other market indicators. Dealer collateral requirements are determined via risk-based policies and procedures and in accordance with existing agreements. Synovus seeks to minimize dealer credit risk by dealing with highly rated counterparties and by obtaining collateral for exposures above certain predetermined limits. Management closely monitors credit conditions within the customer swap portfolio, which management deems to be of higher risk than dealer counterparties. Collateral is secured at origination and credit related fair value adjustments are recorded against the asset value of the derivative as deemed necessary based upon an analysis, which includes consideration of the current asset value of the swap, customer credit rating, collateral value, and customer standing with regards to its swap contractual obligations and other related matters. Such asset values fluctuate based upon changes in interest rates regardless of changes in notional amounts and changes in customer specific risk. | |||||||||||||||||
Cash Flow Hedges | |||||||||||||||||
Synovus designates hedges of floating rate loans as cash flow hedges. These swaps hedge against the variability of cash flows from specified pools of floating rate prime based loans. Synovus calculates effectiveness of the hedging relationship quarterly using regression analysis. The effective portion of the gain or loss on the derivative instrument is reported as a component of other comprehensive income and reclassified into earnings in the same period or periods during which the hedged transactions affect earnings. Ineffectiveness from cash flow hedges is recognized in the consolidated statements of income as a component of other non-interest income. As of December 31, 2013, there were no cash flow hedges outstanding, and therefore, no cumulative ineffectiveness. | |||||||||||||||||
Synovus expects to reclassify from accumulated other comprehensive income (loss) $447 thousand of interest expense during the next twelve months as amortization of deferred losses is recorded. | |||||||||||||||||
Synovus did not terminate any cash flow hedges during 2013 or 2012. The remaining unamortized deferred loss balance of all previously terminated cash flow hedges at December 31, 2013 and 2012 was $(1.6) million and $(2.0) million, respectively. | |||||||||||||||||
Fair Value Hedges | |||||||||||||||||
Synovus designates hedges of fixed rate liabilities as fair value hedges. These swaps hedge against the change in fair value of various fixed rate liabilities due to changes in the benchmark interest rate, LIBOR. Synovus calculates effectiveness of the fair value hedges quarterly using regression analysis. Ineffectiveness from fair value hedges is recognized in the consolidated statements of income as a component of other non-interest income. As of December 31, 2013, there were no fair value hedges outstanding, and therefore, no cumulative ineffectiveness. | |||||||||||||||||
Synovus did not terminate any fair value hedges during 2013 or 2012. The remaining unamortized deferred gain balance on all previously terminated fair value hedges at December 31, 2013 and 2012 was $10.7 million and $13.9 million, respectively. Synovus expects to reclassify from hedge-related basis adjustment, a component of long-term debt, $3.1 million of the deferred gain balance on previously terminated fair value hedges as a reduction to interest expense during the next twelve months as amortization of deferred gains is recorded. | |||||||||||||||||
Customer Related Derivative Positions | |||||||||||||||||
Synovus enters into interest rate swap agreements to facilitate the risk management strategies of a small number of commercial banking customers. Synovus mitigates this risk by entering into equal and offsetting interest rate swap agreements with highly rated third-party financial institutions. The interest rate swap agreements are free-standing derivatives and are recorded at fair value on Synovus' consolidated balance sheet. Fair value changes are recorded in non-interest income in Synovus' consolidated statements of income. As of December 31, 2013, the notional amount of customer related interest rate derivative financial instruments, including both the customer position and the offsetting position, was $1.18 billion, an increase of $45.4 million compared to December 31, 2012. | |||||||||||||||||
Visa Derivative | |||||||||||||||||
In conjunction with the sale of Class B shares of common stock issued by Visa to Synovus as a Visa USA member, Synovus entered into a derivative contract with the purchaser, which provides for settlements between the parties based upon a change in the ratio for conversion of Visa Class B shares to Visa Class A shares. The conversion ratio changes when Visa deposits funds to a litigation escrow established by Visa to pay settlements for certain litigation, which Visa is indemnified by Visa USA members. The litigation escrow is funded by proceeds from Visa’s conversion of Class B shares. The fair value of the derivative liability is based on an estimate of Synovus’ membership proportion of Visa’s aggregate exposure to the Covered Litigation, or in effect, the future cumulative deposits to the litigation escrow for settlement of the Covered Litigation, and estimated future monthly fees payable to the derivative counterparty. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 19 - Visa Shares and Related Agreements" of this Report for further information. | |||||||||||||||||
Mortgage Derivatives | |||||||||||||||||
Synovus originates first lien residential mortgage loans for sale into the secondary market and generally does not hold the originated loans for investment purposes. Mortgage loans are sold by Synovus for conversion to securities and the servicing of these loans is generally sold to a third-party servicing aggregator, or Synovus sells the mortgage loans as whole loans to investors either individually or in bulk on a servicing released basis. | |||||||||||||||||
Synovus enters interest rate lock commitments for residential mortgage loans which commit us to lend funds to a potential borrower at a specific interest rate and within a specified period of time. Interest rate lock commitments that relate to the origination of mortgage loans that, if originated, will be held for sale, are considered derivative financial instruments under applicable accounting guidance. Outstanding interest rate lock commitments expose Synovus to the risk that the price of the mortgage loans underlying the commitments may decline due to increases in mortgage interest rates from inception of the rate lock to the funding of the loan. | |||||||||||||||||
At December 31, 2013 and 2012, Synovus had commitments to fund at a locked interest rate, primarily fixed-rate mortgage loans to customers in the amount of $65.0 million and $158.0 million, respectively. The fair value of these commitments resulted in a (loss) gain of $(2.2) million and $0.9 million for the years ended December 31, 2013 and 2012, respectively, which was recorded as a component of mortgage banking income in the consolidated statements of income. | |||||||||||||||||
At December 31, 2013 and 2012, outstanding commitments to sell primarily fixed-rate mortgage loans amounted to $92.0 million and $231.5 million, respectively. Such commitments are entered into to reduce the exposure to market risk arising from potential changes in interest rates, which could affect the fair value of mortgage loans held for sale and outstanding rate lock commitments, which guarantee a certain interest rate if the loan is ultimately funded or granted by Synovus as a mortgage loan held for sale. The commitments to sell mortgage loans are at fixed prices and are scheduled to settle at specified dates that generally do not exceed 90 days. The fair value of outstanding commitments to sell mortgage loans resulted in a gain of $1.4 million for the years ended December 31, 2013 and 2012, which was recorded as a component of mortgage banking income in the consolidated statements of income. | |||||||||||||||||
Collateral Contingencies | |||||||||||||||||
Certain derivative instruments contain provisions that require Synovus to maintain an investment grade credit rating from each of the major credit rating agencies. When Synovus’ credit rating falls below investment grade, these provisions allow the counterparties of the derivative instrument to demand immediate and ongoing full collateralization on derivative instruments in net liability positions and, for certain counterparties, request immediate termination. As Synovus’ current rating is below investment grade, Synovus is required to post collateral, as required by each agreement, against these positions. Additionally, as of June 10, 2013, the CCC became mandatory for certain trades as required under the Dodd-Frank Act. These derivative transactions also carry collateral requirements, both at the inception of the trade, and as the value of each derivative position changes. As trades are migrated to the CCC, dealer counterparty exposure will be reduced, and higher notional amounts of Synovus' derivative instruments will be housed at the CCC, a highly regulated and well-capitalized entity. As of December 31, 2013, collateral totaling $72.2 million, consisting of Federal funds sold was pledged to the derivative counterparties, including $3.1 million with the CCC, to comply with collateral requirements. | |||||||||||||||||
The impact of derivative instruments on the consolidated balance sheets at December 31, 2013 and 2012 is presented below. | |||||||||||||||||
Fair Value of Derivative Assets | Fair Value of Derivative Liabilities | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
(in thousands) | Location on Consolidated Balance Sheet | 2013 | 2012 | Location on Consolidated Balance Sheet | 2013 | 2012 | |||||||||||
Derivatives not designated | |||||||||||||||||
as hedging instruments: | |||||||||||||||||
Interest rate contracts | Other assets | $ | 38,482 | 61,869 | Other liabilities | 39,436 | 62,912 | ||||||||||
Mortgage derivatives | Other assets | 1,522 | 2,793 | Other liabilities | — | 525 | |||||||||||
Visa Derivative | — | — | Other liabilities | 2,706 | 2,956 | ||||||||||||
Total derivatives not designated as hedging instruments | $ | 40,004 | 64,662 | 42,142 | 66,393 | ||||||||||||
See "Part II - Item 8. Financial Statements and Supplementary Data - Consolidated Statements of Comprehensive Income (Loss)" for the effect of the amortization of previously terminated cash flow hedges on the consolidated statements of income for the years ended December 31, 2013, 2012 and 2011. | |||||||||||||||||
The pre-tax effect of fair value hedges on the consolidated statements of income for the years ended December 31, 2013, 2012 and 2011 is presented below. | |||||||||||||||||
Derivative | |||||||||||||||||
Location of Gain (Loss) Recognized in Income | Gain (Loss) Recognized in Income | ||||||||||||||||
Twelve Months Ended December 31, | |||||||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||
Interest rate contracts(1) | Other Non- | $ | 89 | 1,419 | (819 | ) | |||||||||||
Interest Income | |||||||||||||||||
Mortgage derivatives(2) | Mortgage | $ | (745 | ) | 2,364 | 393 | |||||||||||
Banking Income | |||||||||||||||||
Total | $ | (656 | ) | 3,783 | (426 | ) | |||||||||||
(1) Gain (loss) represents net fair value adjustments (including credit related adjustments) for customer swaps and offsetting positions. | |||||||||||||||||
(2) Gain (loss) represents net fair value adjustments recorded for interest rate lock commitments and commitments to sell mortgage loans to third-party investors. | |||||||||||||||||
During the years ended December 31, 2013, 2012, and 2011, Synovus also reclassified $3.2 million, $7.3 million, and $6.9 million, respectively, from hedge-related basis adjustment, a component of long-term debt, as a reduction to interest expense. These deferred gains relate to hedging relationships that have been previously terminated and are reclassified into earnings over the remaining life of the hedged items. |
Variable_Interest_Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2013 | |
Variable Interest Entities [Abstract] | ' |
Variable Interest Entities | ' |
Note 18 - Variable Interest Entities | |
Synovus has a contractual ownership or other interests in certain VIEs for which the fair value of the VIE's net assets may change exclusive of the variable interests. Under ASC 810-10-65, Synovus is deemed to be the primary beneficiary and required to consolidate a VIE if it has a variable interest in the VIE that provides it with a controlling financial interest. For such purposes, the determination of whether a controlling financial interest exists is based on whether a single party has both the power to direct the activities of the VIE that most significantly impact the VIE's economic performance and the obligation to absorb the losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. ASC 810-10-65, as amended, requires continual reconsideration of conclusions reached regarding which interest holder is a VIE's primary beneficiary. | |
Synovus’ involvement with VIEs is discussed below. Synovus consolidates VIEs for which it is deemed the primary beneficiary. | |
Consolidated Variable Interest Entities | |
Rabbi Trusts – Synovus has established certain rabbi trusts related to deferred compensation plans offered to its employees. Synovus contributes employee cash compensation deferrals to the trusts and directs the underlying investments made by the trusts. The assets of these trusts are available to Synovus creditors only in the event that Synovus becomes insolvent. These trusts are considered VIEs because either there is no equity at risk in the trusts or because Synovus provided the equity interest to its employees in exchange for services rendered. While the employees have the ability to direct their funds within the trusts, Synovus is considered the primary beneficiary of the rabbi trusts as it has the ability to direct the underlying investments made by the trusts as well as make funding decisions related to the trusts, the activities that most significantly impact the economic performance of the rabbi trusts. Synovus includes the assets of the rabbi trusts as a component of other assets and a corresponding liability for the associated benefit obligation in other liabilities in its consolidated balance sheets. At December 31, 2013 and 2012, the aggregate amount of rabbi trust assets and benefit obligation was $11.2 million and $10.0 million, respectively. | |
Non-consolidated Variable Interest Entities | |
Low Income Housing Tax Credit Partnerships – Synovus and its subsidiary bank, Synovus Bank, make equity investments as a limited partner in various partnerships which are engaged in the development and operation of affordable multi-family housing utilizing the LIHTC pursuant to Section 42 of the Internal Revenue Code. The purpose of these investments is to earn a return on the investment and to support community reinvestment initiatives of Synovus’ subsidiary bank. The activities of these LIHTC partnerships are limited to development and operation of multi-family housing that is leased to qualifying residential tenants. These partnerships are generally located in southeastern communities where Synovus has a banking presence and are considered VIEs because Synovus, as the holder of an equity investment at risk, does not have voting or similar rights and does not participate in the management or direct the operations of the partnerships (activities which affect the success of the partnerships). Synovus provides construction lending for certain of the LIHTC partnerships in which it also has an equity investment. Synovus is at risk for the amount of its equity investment plus the outstanding amount of any construction loans in excess of the fair value of the collateral for the loan but has no obligation to fund the operations or working capital of the partnerships. The general partners of these partnerships are considered the primary beneficiaries because they are charged with management responsibility which give them the power to direct the activities that most significantly impact the financial performance of the partnerships, and they are exposed to losses beyond Synovus’ equity investment. At December 31, 2013 and 2012, the aggregate carrying value of Synovus’ investments in LIHTC partnerships was $8.5 million and $10.6 million, respectively, and the cumulative amount of equity investments was $28.8 million in both 2013 and 2012. Synovus uses the equity method of accounting for these investments which are included as a component of other assets on Synovus’ consolidated balance sheet. At December 31, 2013 and 2012, Synovus had fully funded all commitments and had no further commitments to fund equity investments in LIHTC partnerships. | |
Historic Rehabilitation Partnerships – Synovus Bank makes equity investments as a limited partner in various partnerships which are engaged in the preservation, renovation, and rehabilitation of historic structures and the subsequent operation of those structures as commercial properties or multi-family housing. Tax credit incentives are awarded based on a percentage of certified rehabilitation costs under Section 1.48-112 of the Internal Revenue Code. The purpose of these investments is to earn a suitable return on the investment and to support community reinvestment initiatives of Synovus Bank. The activities of these historic rehabilitation partnerships are limited to preservation and rehabilitation of historic structures, and operation of those structures for leasing to commercial or residential tenants. These partnerships are generally located in southeastern communities where Synovus Bank has a banking presence and are considered VIEs because Synovus Bank, as the holder of an equity investment at risk, does not have voting or similar rights and does not participate in the management or direct the operations of the partnerships (activities which affect the success of the partnerships). Synovus Bank provides construction lending for certain of the partnerships in which it also has an equity investment. Synovus Bank is at risk for the amount of its equity investment plus the outstanding amount of any construction loans in excess of the fair value of the collateral for the loan, but has no obligation to fund the operations or working capital of the partnerships. The general partners of these partnerships are considered the primary beneficiaries because they are charged with management responsibility which give them the power to direct the activities that most significantly impact the financial performance of the partnerships, and they are exposed to losses beyond Synovus’ equity investment. At December 31, 2013 and 2012, the aggregate carrying value of Synovus’ investments in historic rehabilitation partnerships was zero and $350 thousand, respectively, and the cumulative amount of equity investments was $951 thousand and $8.0 million, respectively. Synovus uses the equity method of accounting for these investments which are included as a component of other assets on Synovus’ consolidated balance sheet. At December 31, 2013, Synovus had fully funded all commitments and had no further commitment to fund equity investments in historic rehabilitation tax credit partnerships. | |
Certain Commercial Loans – For certain troubled commercial loans, Synovus restructures the terms of the borrower’s debt in an effort to increase the probability of receipt of amounts contractually due. A troubled debt restructuring generally requires consideration of whether the borrowing entity is a VIE as economic events may have proven that the entity’s equity is not sufficient to permit it to finance its activities without additional subordinated financial support or a restructuring of the terms of its financing. As Synovus does not have the power to direct the activities that most significantly impact such troubled commercial borrowers’ operations, it is not considered the primary beneficiary, even in situations where, based on the size of the financing provided, Synovus is exposed to potentially significant benefits and losses of the borrowing entity. Synovus has no contractual requirements to provide financial support to the borrowing entities beyond certain funding commitments established upon restructuring of the terms of the debt that allows for preparation of the underlying collateral for sale and the borrowing entity is considered a VIE. |
Visa_Shares_and_Litigation_Exp
Visa Shares and Litigation Expense | 12 Months Ended |
Dec. 31, 2013 | |
Visa Shares and Litigation Expense [Abstract] | ' |
Visa Shares and Litigation Expense | ' |
Note 19 - Visa Shares and Related Agreements | |
Synovus is a member of the Visa USA network and received shares of Visa Class B common stock in exchange for its membership interest in Visa USA in conjunction with the Visa IPO in 2008. Visa members have indemnification obligations with respect to the Covered Litigation. Visa Class B shares are subject to certain restrictions until settlement of the Covered Litigation. As of December 31, 2013, all of the Covered Litigation had not been settled. Visa has established a litigation escrow to fund settlement of the Covered Litigation. The litigation escrow is funded by proceeds from Visa's conversion of Class B shares to Class A shares. | |
The Visa IPO was completed in March 2008. Immediately following completion of the Visa IPO in March 2008, Visa redeemed a portion of the Class B shares of its common stock held by Visa members. Synovus recognized a pre-tax gain of $38.5 million on redemption of a portion of its Visa Class B shares. During 2008 and 2009, Synovus reduced its contingent liability for its indemnification obligation upon events of Visa's funding of the litigation escrow through conversion of Class B shares as described above. | |
In November 2009, Synovus sold its remaining Visa Class B shares to another Visa USA member financial institution for $51.9 million and recognized a gain on sale of $51.9 million. In conjunction with the sale, Synovus entered into a derivative contract with the purchaser which provides for settlements between the parties based upon a change in the ratio for conversion of Visa Class B shares to Visa Class A shares. The fair value of the derivative contract was $2.7 million and $3.0 million, at December 31, 2013 and 2012. The fair value of the derivative contract is determined based on management's estimate of the timing and amount of the Covered Litigation settlement, and the resulting payments due to the counterparty under the terms of the contract. | |
Synovus paid settlements of approximately $9.9 million and $888 thousand to the derivative counterparty in connection with conversion rate changes in February 2012 and August 2012, respectively. The conversion rate changed each of these times in connection with Visa's deposit of funds to the litigation escrow. For the year ended December 31, 2013 and 2012, Synovus recognized indemnification charges of $1.6 million and $6.3 million, respectively. | |
On July 13, 2012, Visa announced that it had signed a memorandum of understanding with the class plaintiffs in the multi-district interchange litigation (MDL 1720), which obligated the parties to enter into a settlement agreement, and on October 19, 2012, Visa announced that a settlement agreement had been executed to resolve class plaintiff's claims. Among other things, the settlement agreement provides for settlement payments of approximately $6.6 billion, of which Visa's share will be approximately $4.4 billion, and further provides for distribution to class merchants of an amount equal to ten basis points of default interchange across all credit rate categories for a period of eight consecutive months, which otherwise would have been paid to card issuers and which effectively reduces credit interchange for that period of time. The eight month period began on July 29, 2013. Under the settlement agreement, class plaintiffs may opt out of the damages portion of the class settlement, and then are entitled to receive no more than 25% of the original cash payments made into the settlement fund, based on the percentage of payment card sales volume for a defined period attributable to merchants who opted out. The class administration has reported that approximately 8,000 requests to opt out of the settlement were received, some of which involved multiple merchants. A number of opt-out cases have been filed. Any of these opt-out cases which the court transfers to, or otherwise includes in, MDL 1720 will be Covered Litigation for the purposes of Visa's retrospective responsibility plan. | |
Management believes that the estimate of Synovus' exposure to the Visa indemnification and fees associated with the Visa Derivative is adequate based on current information, including Visa's recent announcements and disclosures. However, future developments in the litigation could require potentially significant changes to Synovus' estimate. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Commitments and Contingencies | ' | |||
Note 20 - Commitments and Contingencies | ||||
In the normal course of business, Synovus enters into commitments to extend credit such as loan commitments and letters of credit to meet the financing needs of its customers. Synovus uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. | ||||
The contractual amount of these financial instruments represents Synovus' maximum credit risk should the counterparty draw upon the commitment, and should the counterparty subsequently fail to perform according to the terms of the contract. Since many of the commitments are expected to expire without being drawn upon, total commitment amounts do not necessarily represent future cash requirements. | ||||
The carrying amount of loan commitments and letters of credit closely approximates the fair value of such financial instruments. Carrying amounts include unamortized fee income and, in some instances, allowances for any estimated credit losses from these financial instruments. These amounts are not material to Synovus' consolidated balance sheets. | ||||
Unfunded lending commitments and letters of credit at December 31, 2013 are presented below. | ||||
(in thousands) | ||||
Letters of credit* | $ | 155,494 | ||
Commitments to fund commercial real estate, construction, and land development loans | 1,341,994 | |||
Unused credit card lines | 922,358 | |||
Commitments under home equity lines of credit | 896,817 | |||
Commitments to fund commercial and industrial loans | 3,290,598 | |||
Other loan commitments | 140,128 | |||
Total unfunded lending commitments and letters of credit | $ | 6,747,389 | ||
*Represents the contractual amount net of risk participations of $116 million. | ||||
Lease Commitments | ||||
Synovus and its subsidiaries have entered into long-term operating leases for various facilities and equipment. Management expects that as these leases expire they will be renewed or replaced by similar leases based on need. | ||||
At December 31, 2013, minimum rental commitments under all such non-cancelable leases for the next five years and thereafter are presented below. | ||||
(in thousands) | ||||
2014 | $ | 23,776 | ||
2015 | 22,581 | |||
2016 | 21,626 | |||
2017 | 20,147 | |||
2018 | 18,476 | |||
Thereafter | 191,657 | |||
Total | $ | 298,263 | ||
Rental expense on facilities was $31.5 million, $32.1 million, and $31.6 million for the years ended December 31, 2013, 2012, and 2011, respectively. | ||||
Repurchase Obligations for Mortgage Loans Originated for Sale | ||||
The majority of mortgage loans originated by Synovus are sold to third-party purchasers on a servicing released basis, without recourse, or continuing involvement (Synovus does not retain the servicing rights). These loans are originated and underwritten internally by Synovus personnel and are primarily to borrowers in Synovus’ geographic market footprint. These sales are typically effected as non-recourse loan sales to GSEs and non-GSE purchasers. | ||||
Each GSE and non-GSE purchaser has specific guidelines and criteria for sellers of loans, and the risk of credit loss with regard to the principal amount of the loans sold is generally transferred to the purchasers upon sale. The purchase agreements require Synovus to make certain representations and warranties regarding the existence and sufficiency of file documentation and the absence of fraud by borrowers or other third parties such as appraisers in connection with obtaining the loan. If it is determined that loans sold were in breach of these representations or warranties, Synovus has obligations to either repurchase the loan at the unpaid principal balance and related investor fees or make the purchaser whole for the economic benefits of the loan. | ||||
To date, repurchase activity pursuant to the terms of these representations and warranties has been minimal and has primarily been associated with loans originated from 2005 through 2008. From January 1, 2005 through December 31, 2013, Synovus Mortgage originated and sold approximately $7.9 billion of first lien GSE eligible mortgage loans and approximately $3.4 billion of first and second lien non-GSE eligible mortgage loans. The total expense pertaining to losses from repurchases of mortgage loans previously sold, including amounts accrued in accordance with ASC 450, was $1.7 million, $6.7 million, and $4.1 million for the years ended December 31, 2013, 2012, and 2011, respectively. The total accrued liability related to mortgage repurchase claims was $4.1 million and $5.2 million, at December 31, 2013 and 2012, respectively. | ||||
Mortgage Loan Foreclosure Practices | ||||
At December 31, 2013 and December 31, 2012, Synovus had $3.11 billion and $2.95 billion, respectively of home equity and consumer mortgage loans which are secured by first and second liens on residential properties. Of this amount, approximately $992 million and $922 million, respectively, consists of mortgages relating to properties in Florida and South Carolina which are states in which foreclosures proceed through the courts. To date, foreclosure activity in the home equity and consumer mortgage loan portfolio has been low. Any foreclosures on these loans are handled by designated Synovus personnel and external legal counsel, as appropriate, following established policies regarding legal and regulatory requirements. Based on information currently available, management believes that it does not have significant exposure to faulty foreclosure practices. |
Legal_Proceedings
Legal Proceedings | 12 Months Ended |
Dec. 31, 2013 | |
Legal Proceedings Disclosure [Abstract] | ' |
Legal Proceedings | ' |
Note 21 - Legal Proceedings | |
Synovus carefully examines and considers each legal matter, and, in those situations where Synovus determines that a particular legal matter presents loss contingencies that are both probable and reasonably estimable, Synovus establishes an appropriate accrual. An event is considered to be probable if the future event is likely to occur. While the final outcome of any legal proceeding is inherently uncertain, based on the information currently available, advice of counsel and available insurance coverage, management believes that the amounts accrued with respect to legal matters as of December 31, 2013 are adequate. The actual costs of resolving legal claims may be higher or lower than the amounts accrued. | |
In addition, where Synovus determines that there is a reasonable possibility of a loss in respect of legal matters, including those legal matters described below, Synovus considers whether it is able to estimate the total reasonably possible loss or range of loss. An event is “reasonably possible” if “the chance of the future event or events occurring is more than remote but less than likely.” An event is “remote” if “the chance of the event or future event occurring is more than slight but less than reasonably possible." In many situations, Synovus may be unable to estimate reasonably possible losses due to the preliminary nature of the legal matters, as well as a variety of other factors and uncertainties. For those legal matters where Synovus is able to estimate a range of reasonably possible losses, management currently estimates the aggregate range from our outstanding litigation, including, without limitation, the matters described below, is from zero to $25 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 higher. As there are further developments in these legal matters, Synovus will reassess these matters, and the estimated range of reasonably possible losses may change as a result of this assessment. Based on Synovus' current knowledge and advice of counsel, management presently does not believe that the liabilities arising from these legal matters will have a material adverse effect on Synovus' consolidated financial condition, results of operations or cash flows. However, it is possible that the ultimate resolution of these legal matters could have a material adverse effect on Synovus' results of operations for any particular period. | |
Synovus intends to vigorously pursue all available defenses to these legal matters, but will also consider other alternatives, including settlement, in situations where there is an opportunity to resolve such legal matters on terms that Synovus considers to be favorable, including in light of the continued expense and distraction of defending such legal matters. Synovus also maintains insurance coverage, which may (or may not) be available to cover legal fees, or potential losses that might be incurred in connection with the legal matters described below. The above-noted estimated range of reasonably possible losses does not take into consideration insurance coverage which may or may not be available for the respective legal matters. | |
Securities Class Action | |
On July 7, 2009, the City of Pompano Beach General Employees' Retirement System filed suit against Synovus, and certain of Synovus' current and former officers, in the United States District Court, Northern District of Georgia (Civil Action File No. 1:09-CV-1811) (the “Securities Class Action”); and on June 11, 2010, Lead Plaintiffs, the Labourers' Pension Fund of Central and Eastern Canada and the Sheet Metal Workers' National Pension Fund, filed an amended complaint alleging that Synovus and the named individual defendants misrepresented or failed to disclose material facts that artificially inflated Synovus' stock price in violation of the federal securities laws. Lead Plaintiffs' allegations are based on purported exposure to Synovus' lending relationship with the Sea Island Company and the impact of such alleged exposure on Synovus' financial condition. Lead Plaintiffs in the Securities Class Action seek damages in an unspecified amount. On May 19, 2011, the Court ruled that the amended complaint failed to satisfy the mandatory pleading requirements of the Private Securities Litigation Reform Act. The Court also ruled that Lead Plaintiffs would be allowed the opportunity to submit a further amended complaint. Lead Plaintiffs served their second amended complaint on June 27, 2011. Defendants filed a Motion to Dismiss that complaint on July 27, 2011. On March 22, 2012, the Court granted in part and denied in part that Motion to Dismiss. On April 19, 2012, the Defendants filed a motion requesting that the Court reconsider its March 22, 2012 order. On September 26, 2012, the Court issued a written order denying the Motion for Reconsideration. Defendants filed their answer to the second amended complaint on May 21, 2012. On March 7, 2013, the Court granted Lead Plaintiffs' motion for class certification. On May 23, 2013, the 11th Circuit Court of Appeals granted Defendants permission to appeal the District Court’s certification of the class. On October 4, 2013, the Lead Plaintiffs and the Defendants reached a settlement-in-principle to settle the Securities Class Action. Under the settlement-in-principle, the Defendants shall cause to be paid $11.8 million (the “Securities Class Action Settlement Payment”) in exchange for broad releases, dismissal with prejudice of the Securities Class Action and other material and customary terms and conditions. Synovus expects that, subject to execution of an appropriate release of the Defendants’ insurance carriers and other customary acknowledgments by the Defendants, the Securities Class Action Settlement Payment will be fully covered by insurance. There can be no assurance that the settlement-in-principle will be approved by the District Court. In the event the settlement-in-principle of the Securities Class Action is not approved by the District Court and finally settled, Synovus and the individually named defendants collectively intend to vigorously defend themselves against the Securities Class Action. | |
Overdraft Litigation | |
Posting Order Litigation | |
On September 21, 2010, Synovus, Synovus Bank and CB&T were named as defendants in a putative multi-state class action relating to the manner in which Synovus Bank charges overdraft fees to customers. The case, Childs et al. v. Columbus Bank and Trust et al., was filed in the Northern District of Georgia, Atlanta Division, and asserts claims for breach of contract and breach of the covenant of good faith and fair dealing, unconscionability, conversion and unjust enrichment for alleged injuries suffered by plaintiffs as a result of Synovus Bank's assessment of overdraft charges in connection with its POS/debit and automated-teller machine cards allegedly resulting from the sequence used to post payments to the plaintiffs' accounts. On October 25, 2010, the Childs case was transferred to a multi-district proceeding in the Southern District of Florida. In Re: Checking Account Overdraft Litigation, MDL No. 2036. Plaintiffs amended their complaint on October 21, 2011. The Synovus entities filed a motion to dismiss the amended complaint on November 22, 2011. On July 26, 2012, the court denied the motion as to Synovus and Synovus Bank, but granted the motion as to CB&T. Synovus and Synovus Bank filed their answer to the amended complaint on September 24, 2012. The case is currently in discovery. | |
Assertion of Overdraft Fees as Interest Litigation | |
Synovus Bank was also named as a defendant in a putative state-wide class action in which the plaintiffs allege that overdraft fees charged to customers constitute interest and, as such, are usurious under Georgia law. The case, Griner et. al. v. Synovus Bank, et. al. was filed in Gwinnett County State Court (State of Georgia) on July 30, 2010, and asserts claims for usury, conversion and money had and received for alleged injuries suffered by the plaintiffs as a result of Synovus Bank's assessment of overdraft charges in connection with its POS/debit and automated-teller machine cards used to access customer accounts. Plaintiffs contend that such overdraft charges constitute interest and are therefore subject to Georgia usury laws. Synovus Bank contends that such overdraft charges constitute non-interest fees and charges under both federal and Georgia law and are otherwise exempt from Georgia usury limits. On September 1, 2010, Synovus Bank removed the case to the United States District Court for the Northern District of Georgia, Atlanta Division. The plaintiffs filed a motion to remand the case to state court. On July 22, 2011, the federal court entered an order granting plaintiffs' motion to remand the case to the Gwinnett County State Court. Synovus Bank subsequently filed a motion to dismiss. On February 22, 2012, the state court entered an order denying the motion to dismiss. On March 1, 2012, the state court signed and entered a certificate of immediate review thereby permitting Synovus Bank to petition the Georgia Court of Appeals for a discretionary appeal of the denial of the motion to dismiss. On March 12, 2012, Synovus Bank filed its application for interlocutory appeal with the Georgia Court of Appeals. On April 3, 2012, the Georgia Court of Appeals granted Synovus Bank's application for interlocutory appeal of the state court's order denying Synovus Bank's motion to dismiss. On April 11, 2012, Synovus Bank filed its notice of appeal. Oral arguments were heard in the case on September 19, 2012. On March 28, 2013, the Georgia Court of Appeals entered an order affirming the denial of Synovus Bank's motion to dismiss and remanding the case back to the State Court of Gwinnett County for further proceedings. On April 8, 2013, Synovus Bank filed a motion requesting that the Court of Appeals reconsider its March 28, 2013 order. On April 11, 2013, the Court of Appeals entered an order denying Synovus Bank's motion for reconsideration. On April 19, 2013, Synovus Bank filed a notice of its intent to petition the Supreme Court of Georgia for a writ of certiorari. On May 1, 2013, Synovus Bank filed a petition for writ of certiorari with the Supreme Court of Georgia. On October 7, 2013, the Supreme Court of Georgia accepted certiorari and vacated the March 28, 2013 order of the Georgia Court of Appeals instanter with direction that the Court of Appeals remand the case to the trial court for further consideration in light of the effect, if any, of the July 3, 2013 Declaratory Order issued by the Georgia Department of Banking and Finance, which declares that to provide parity with national banks, overdraft fees imposed by state-chartered banks in connection with deposit accounts are not subject to Georgia’s usury laws. The trial court held a hearing for consideration of this issue on November 21, 2013, and a decision is pending. | |
On February 3, 2014, the Gwinnett County State Court (State of Georgia) issued an order preliminarily approving the proposed settlement (the “Griner Settlement”) by and among Synovus Financial Corp. and Synovus Bank (collectively referred to herein as “Synovus”), and the plaintiffs in the Griner case. Under the terms of the Griner Settlement, Synovus has agreed to (1) establish a fund to pay eligible class member claims and (2) pay an agreed-upon amount of fees to counsel for the plaintiffs in the Griner Overdraft Litigation. In exchange, each purported class member in the Overdraft Litigation will give Synovus a full and final general release of all claims alleged or that could be alleged in the Overdraft Litigation. |
Employment_Expenses_and_Benefi
Employment Expenses and Benefit Plans | 12 Months Ended |
Dec. 31, 2013 | |
Compensation and Retirement Disclosure [Abstract] | ' |
Employment Expenses and Benefit Plans | ' |
Note 22 - Employment Expenses and Benefit Plans | |
For the year ended December 31, 2013, Synovus provided a 100% matching contribution on the first 4% of eligible employee 401(k) contributions for a total annual contribution of $9.1 million. For the years ended December 31, 2012 and 2011, Synovus did not make contributions to the 401(k) plan. Prior to 2013, Synovus had three separate non-contributory retirement and benefit plans consisting of money purchase pension, profit sharing, and 401(k) plans; these plans covered all eligible employees. Annual discretionary contributions to these plans were previously set each year by the CEO, but could not exceed amounts allowable as a deduction for federal income tax purposes. Effective January 1, 2013, Synovus made changes to the 401(k) plan and froze the money purchase pension plan; the money purchase pension plan was merged into the profit sharing plan on July 1, 2013. Synovus made an aggregate contribution for eligible employees to the money purchase pension plan of 3.0% of eligible salaries for the year ended December 31, 2012 and 3.0% of eligible salaries for the year ended December 31, 2011. The expense recorded for the years ended 2012 and 2011 was approximately $7.1 million and $7.4 million, respectively. For the years ended December 31, 2013, 2012, and 2011, Synovus did not make contributions to the profit sharing plan. | |
For the year ended December 31, 2013, Synovus had a stock purchase plan for directors and employees whereby Synovus made contributions equal to 15% of every $1 of employee and director voluntary contributions according to the years of service schedule, subject to certain maximum contribution limitations. Prior to 2013, Synovus made contributions equal to one-half of employee and director investments. The funds are used to purchase outstanding shares of Synovus Common Stock. Synovus recorded as expense $955 thousand, $4.1 million, and $4.6 million for contributions to these plans in 2013, 2012, and 2011, respectively. | |
Synovus has entered into salary continuation agreements with certain employees for past and future services which provide for current compensation in addition to salary in the form of deferred compensation payable at retirement or in the event of death, total disability, or termination of employment. The aggregate cost of these salary continuation plans and associated agreements is not material to the consolidated financial statements. |
ShareBased_Compensation
Share-Based Compensation | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Share-based Compensation [Abstract] | ' | ||||||||||||||||||||
Share-Based Compensation | ' | ||||||||||||||||||||
Note 23 - Share-based Compensation | |||||||||||||||||||||
General Description of Share-based Plans | |||||||||||||||||||||
Synovus has a long-term incentive plan under which the Compensation Committee of the Board of Directors has the authority to grant share-based awards to Synovus employees. On April 25, 2013, the Synovus shareholders approved the 2013 Omnibus Plan, replacing the 2007 Omnibus Plan. The 2013 Omnibus Plan authorizes 60,000,000 common share equivalents available for grant, where grants of options count as one share equivalent and grants of full value awards (e.g., restricted share units, market restricted share units) count as 2 share equivalents. Any restricted share units that are forfeited and options that expire unexercised will again become available for issuance under the Plan. At December 31, 2013, Synovus had a total of 57,126,291 shares of its authorized but unissued Common Stock reserved for future grants under the 2013 Omnibus Plan. The Plan permits grants of share-based compensation including stock options, non-vested shares, and restricted share units. The grants generally include vesting periods ranging from two to five years and contractual terms of ten years. Stock options are granted at exercise prices which equal the fair market value of a share of common stock on the grant-date. Synovus has historically issued new shares to satisfy share option exercises and share unit conversions. Dividend equivalents are paid on outstanding restricted share units in the form of additional restricted share units that vest over the same vesting period or the vesting period left on the original restricted share unit grant. | |||||||||||||||||||||
During 2013, Synovus granted 1,488,620 restricted share units to key employees and non-employee directors. Synovus also granted 283,584 market restricted share units to senior management during 2013. The restricted share units and the market restricted share units contain a service-based vesting period of three years with most awards vesting pro-rata over three years and some awards vesting at the end of three years. The weighted average grant-date fair value of the awarded restricted share units and market restricted share units was $2.80 and $3.49, respectively. During 2013, Synovus also granted 6,003,250 stock options with a weighted average exercise price of $2.52 and service-based vesting pro-rata over three years. During 2012, Synovus awarded an aggregate amount of 3,330,293 restricted share units. The majority of the awards contain a service-based vesting period of three years with some awards vesting at the end of three years and some awards vesting pro-rata over three years. The weighted average grant-date fair value of the awarded restricted share units in 2012 was $2.07 per share. During 2012, Synovus also granted 4,586,666 stock options with a weighted average exercise price of $2.05 and service-based vesting pro-rata over three years. During 2011, Synovus granted 3,815,942 restricted share units with a weighted average grant-date fair value of $2.65 and a service-based vesting period of two years. | |||||||||||||||||||||
Share-based Compensation Expense | |||||||||||||||||||||
Synovus’ share-based compensation costs associated with employee grants are recorded as a component of salaries and other personnel expense in the consolidated statements of income. Share-based compensation costs associated with grants made to non-employee directors of Synovus are recorded as a component of other operating expenses. Share-based compensation expense for service-based awards is recognized net of estimated forfeitures for plan participants on a straight-line basis over the vesting period. Total share-based compensation expense was $7.5 million, $9.4 million, and $6.0 million for 2013, 2012, and 2011, respectively. The total income tax benefit recognized in the consolidated statements of income for share-based compensation arrangements was approximately $2.9 million for 2013 and $3.6 million for 2012. No income tax benefit was recognized in the consolidated statements of income for share-based compensation arrangements for 2011. No share-based compensation costs have been capitalized for the years ended December 31, 2013, 2012, and 2011. | |||||||||||||||||||||
As of December 31, 2013, unrecognized compensation cost related to the unvested portion of share-based compensation arrangements involving shares of Synovus stock was approximately $12.4 million. | |||||||||||||||||||||
Stock Options | |||||||||||||||||||||
The fair value of stock option grants used in measuring compensation expense was determined using the Black-Scholes option pricing model with the following weighted-average assumptions. | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Risk-free interest rate | 1.11 | % | 1.23 | % | NA | ||||||||||||||||
Expected stock price volatility | 50 | 65 | NA | ||||||||||||||||||
Dividend yield | 1.6 | 2 | NA | ||||||||||||||||||
Expected life of options | 6.0 years | 6.0 years | NA | ||||||||||||||||||
The expected volatility for awards granted in 2013 was based on Synovus' historical and implied volatility. The expected volatility for awards granted in 2012 was based on Synovus’ historical stock price volatility. The expected life for stock options granted during 2013 and 2012 was calculated using the “simplified” method as prescribed by SAB No. 110. The weighted average grant-date fair value of stock options granted in 2013 and 2012 was $1.03. | |||||||||||||||||||||
A summary of stock option activity and changes during the years ended December 31, 2013, 2012, and 2011 is presented below. | |||||||||||||||||||||
Stock Options | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Shares | Weighted-Average Exercise Price | Shares | Weighted-Average Exercise Price | Shares | Weighted-Average Exercise Price | ||||||||||||||||
Outstanding at beginning of year | 19,289,705 | $ | 8.4 | 17,886,318 | $ | 10.63 | 21,723,381 | $ | 10.81 | ||||||||||||
Options granted | 6,003,250 | 2.52 | 4,586,666 | 2.05 | — | — | |||||||||||||||
Options exercised | (455,767 | ) | 2.47 | — | — | — | — | ||||||||||||||
Options forfeited | (364,075 | ) | 2.35 | (174,842 | ) | 2.38 | (471,386 | ) | 10.72 | ||||||||||||
Options expired | (1,932,345 | ) | 8.98 | (3,008,437 | ) | 12.36 | (3,365,677 | ) | 11.75 | ||||||||||||
Options outstanding at end of year | 22,540,768 | $ | 7 | 19,289,705 | $ | 8.4 | 17,886,318 | $ | 10.63 | ||||||||||||
Options exercisable at end of year | 13,994,362 | $ | 9.82 | 13,296,595 | $ | 10.94 | 14,365,773 | $ | 12.06 | ||||||||||||
The aggregate intrinsic value for outstanding stock options at December 31, 2013 was $14.9 million and the aggregate intrinsic value for options exercisable at December 31, 2013 was $4.4 million. As of December 31, 2013, the weighted average remaining contractual life was 5.37 years for options outstanding and 3.26 years for options exercisable. | |||||||||||||||||||||
The intrinsic value of stock options exercised during the year ended December 31, 2013 was $367 thousand. The total grant date fair value of stock options vested during 2013, 2012, and 2011 was $4.3 million, $2.9 million, and $1.5 million, respectively. At December 31, 2013, total unrecognized compensation cost related to non-vested stock options was approximately $5.6 million. This cost is expected to be recognized over a weighted-average remaining period of 1.43 years. | |||||||||||||||||||||
Restricted Share Units and Market Restricted Share Units | |||||||||||||||||||||
Compensation expense is measured based on the grant date fair value of restricted share units and market restricted share units. The fair value of restricted share units is equal to the market price of Common Stock on the grant date. The fair value of market restricted share units granted during 2013 was estimated on the date of grant using a Monte Carlo simulation model with the following assumptions: risk-free interest rate of 0.63%, expected stock price volatility of 40%, dividend yield of 1.19%, and a simulation period of 3 years. The expected volatility was based on Synovus' historical and implied volatility. The Monte Carlo model estimates fair value based on 100,000 simulations of future share price using a stochastic model of stock price behavior. The weighted-average grant-date fair value of restricted share units granted during 2013 was $2.80 and the grant date fair value of the market restricted share units granted during 2013 was $3.49. The weighted-average grant-date fair value of restricted share units granted during 2012 was $2.07 and the weighted-average grant date fair value of restricted share units granted during 2011 was $2.65. The total fair value of restricted share units vested during 2013, 2012, and 2011 was $9.8 million, $3.5 million, and $356 thousand, respectively. The total fair value of restricted share units vested during 2013 of $9.8 million included $5.0 million from restricted share units that vested upon repayment of Synovus' Series A Preferred Stock on July 26, 2013. | |||||||||||||||||||||
Synovus granted 283,584 market restricted share units to senior management during the year ended December 31, 2013 with a grant date fair value of $3.49. The number of market restricted share units that will ultimately vest ranges from 75% to 125% of target based on Synovus' total shareholder return. At December 31, 2013, total unrecognized compensation cost related to market restricted share units was approximately $990 thousand with a weighted average remaining period of 1.50 years. | |||||||||||||||||||||
A summary of restricted share units outstanding and changes during the years ended December 31, 2013, 2012, and 2011 is presented below (excluding market restricted share units described above). | |||||||||||||||||||||
Restricted Share Units | Share Units | Weighted-Average Grant-date Fair Value | |||||||||||||||||||
Outstanding at January 1, 2011 | 880,401 | $ | 3.05 | ||||||||||||||||||
Granted | 3,815,942 | 2.65 | |||||||||||||||||||
Dividend equivalents granted | 86,494 | 1.64 | |||||||||||||||||||
Vested | (25,534 | ) | 6.15 | ||||||||||||||||||
Forfeited | (229,328 | ) | 2.91 | ||||||||||||||||||
Outstanding at December 31, 2011 | 4,527,975 | 2.67 | |||||||||||||||||||
Granted | 3,330,293 | 2.07 | |||||||||||||||||||
Dividend equivalents granted | 112,616 | 2.19 | |||||||||||||||||||
Vested | (1,314,063 | ) | 2.7 | ||||||||||||||||||
Forfeited | (213,842 | ) | 2.49 | ||||||||||||||||||
Outstanding at December 31, 2012 | 6,442,979 | 2.35 | |||||||||||||||||||
Granted | 1,488,620 | 2.8 | |||||||||||||||||||
Dividend equivalents granted | 74,820 | 3 | |||||||||||||||||||
Vested | (3,816,081 | ) | 2.56 | ||||||||||||||||||
Forfeited | (118,599 | ) | 2.07 | ||||||||||||||||||
Outstanding at December 31, 2013 | 4,071,739 | $ | 2.34 | ||||||||||||||||||
As of December 31, 2013, total unrecognized compensation cost related to the foregoing restricted share units was approximately $5.8 million. This cost is expected to be recognized over a weighted-average remaining period of 1.54 years. | |||||||||||||||||||||
During 2013 and 2012, Synovus also granted 490,102 and 770,573, respectively, salary stock units to senior management, which vested and were expensed immediately upon grant. Compensation expense is initially determined based on the number of salary stock units granted and the market price of Common Stock at the grant date. Subsequent to the grant date, compensation expense is recorded for changes in Common Stock market price. The total fair value of salary stock units granted during 2013 and 2012 was $1.8 million and $1.9 million, respectively. Additionally, Synovus recorded compensation expense of $200 thousand during 2013 related to salary stock units granted during 2012 that were settled on February 15, 2013. The salary stock units granted during 2013 are classified as liabilities and were settled in cash on January 15, 2014. | |||||||||||||||||||||
Cash received from option exercises of Common Stock for the year ended December 31, 2013 was $1.0 million. Cash paid for taxes due on vesting of employee restricted share units where restricted share units were withhold to cover taxes was $3.6 million for the year ended December 31, 2013. | |||||||||||||||||||||
During 2013, Synovus recognized a net tax benefit of $317 thousand associated with vesting of restricted share units and expired stock options to additional paid-in capital within shareholders' equity. During 2012, Synovus recognized a tax deficiency of $715 thousand associated with vesting of restricted share units and expired stock options to additional paid-in capital within shareholders' equity. During 2011, Synovus recorded a tax deficiency of $677 thousand associated with vesting of non-vested shares and restricted share units and expired stock options to the deferred tax asset valuation allowance. Synovus' future stock price will determine if a tax benefit is realized on outstanding stock options. If a tax benefit is not realized on outstanding stock options then the deferred tax asset associated with the outstanding stock options will be reduced with a corresponding tax deficiency recorded to additional paid-in capital. | |||||||||||||||||||||
The following table provides aggregate information regarding grants under all Synovus equity compensation plans through December 31, 2013. | |||||||||||||||||||||
(a) Number of securities to be issued upon vesting of restricted share units | (b) Number of securities to be issued upon exercise of outstanding options | (c) Weighted-average exercise price of outstanding options in column (b) | (d) Number of shares remaining available for issuance excluding shares reflected in columns (a) and (b) | ||||||||||||||||||
Plan Category(1) | |||||||||||||||||||||
Shareholder approved equity compensation plans for shares of Synovus stock | 4,071,739 | 22,437,168 | $ | 6.96 | 57,126,291 | (2) | |||||||||||||||
Non-shareholder approved equity compensation plans | — | — | — | — | |||||||||||||||||
Total | 4,071,739 | 22,437,168 | $ | 6.96 | 57,126,291 | ||||||||||||||||
(1) Does not include information for equity compensation plans assumed by Synovus in mergers. A total of 103,600 shares of Common Stock were issuable upon exercise of options granted under plans assumed in mergers and outstanding at December 31, 2013. The weighted average exercise price of all options granted under plans assumed in mergers and outstanding at December 31, 2013 was $8.53. Synovus cannot grant additional awards under these assumed plans. | |||||||||||||||||||||
(2) Includes 57,126,291 shares available for future grants as share awards under the 2013 Omnibus Plan. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income Taxes | ' | |||||||||||
Note 24 - Income Taxes | ||||||||||||
The components of income tax (benefit) expense from continuing operations for the years ended December 31, 2013, 2012, and 2011 are presented below: | ||||||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||||||
Current | ||||||||||||
Federal | $ | 5,460 | 2,831 | (99 | ) | |||||||
State | (2,630 | ) | (6,885 | ) | 1,768 | |||||||
Total current income tax expense (benefit) | 2,830 | (4,054 | ) | 1,669 | ||||||||
Deferred | ||||||||||||
Federal | 78,870 | (666,242 | ) | 535 | ||||||||
State | 11,545 | (128,436 | ) | (892 | ) | |||||||
Total deferred income tax expense (benefit) | 90,415 | (794,678 | ) | (357 | ) | |||||||
Total income tax expense (benefit) | $ | 93,245 | (798,732 | ) | 1,312 | |||||||
Income tax expense (benefit) does not reflect the tax effects of unrealized gains (losses) on investment securities available for sale, unrealized gains (losses) on cash flow hedges, and amortization of post-retirement unfunded health benefits. This information is presented in the Consolidated Statements of Comprehensive Income (Loss). | ||||||||||||
Income tax effects for items that were charged or credited directly to shareholders' equity consisted of an increase of $317 thousand and a decrease of $715 thousand for the years ended December 31, 2013 and 2012, respectively, relating to share-based compensation transactions. There were no such items for 2011. | ||||||||||||
Income tax expense (benefit) as shown in the Consolidated Statements of Income differed from the amounts computed by applying the U.S. federal income tax rate of 35% to income (loss) before income taxes. A reconciliation of the differences for the years ended December 31, 2013, 2012 and 2011 is shown below: | ||||||||||||
Years Ended December 31, | ||||||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||||||
Income tax expense (benefit) at statutory federal income tax rate | $ | 88,420 | 11,017 | (20,836 | ) | |||||||
Increase (decrease) resulting from: | ||||||||||||
State income tax expense (benefit), net of federal income tax effect | 9,877 | (3,935 | ) | (3,084 | ) | |||||||
Tax-exempt income | (1,407 | ) | (2,026 | ) | (2,316 | ) | ||||||
Tax credits | (1,473 | ) | (1,558 | ) | (1,461 | ) | ||||||
Cash surrender value of life insurance | (2,932 | ) | (2,907 | ) | (2,911 | ) | ||||||
Change in valuation allowance, federal and state | (4,083 | ) | (802,771 | ) | 31,844 | |||||||
Other, net | 4,842 | 3,448 | 76 | |||||||||
Total income tax expense (benefit) | $ | 93,245 | (798,732 | ) | 1,312 | |||||||
The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and liabilities at December 31, 2013 and 2012 are presented below. | ||||||||||||
(in thousands) | 2013 | 2012 | ||||||||||
Deferred tax assets | ||||||||||||
Net operating loss carryforwards | $ | 510,350 | 590,938 | |||||||||
Allowance for loan losses | 136,510 | 179,916 | ||||||||||
Tax credit carryforwards | 45,767 | 44,563 | ||||||||||
Deferred revenue | 15,474 | 12,253 | ||||||||||
Share-based compensation | 12,414 | 13,303 | ||||||||||
Net unrealized losses on investment securities available for sale | 9,776 | — | ||||||||||
Other | 48,852 | 27,990 | ||||||||||
Total gross deferred tax assets | 779,143 | 868,963 | ||||||||||
Less valuation allowance | (14,575 | ) | (18,658 | ) | ||||||||
Total deferred tax assets | 764,568 | 850,305 | ||||||||||
Deferred tax liabilities | ||||||||||||
Excess tax over financial statement depreciation | (8,210 | ) | (13,945 | ) | ||||||||
Ownership interest in partnership | (5,961 | ) | (2,721 | ) | ||||||||
Net unrealized gains on investment securities available for sale | — | (19,051 | ) | |||||||||
Other | (5,751 | ) | (8,182 | ) | ||||||||
Total gross deferred tax liabilities | (19,922 | ) | (43,899 | ) | ||||||||
Net deferred tax asset | $ | 744,646 | 806,406 | |||||||||
The net decrease in the valuation allowance for the years ended December 31, 2013 and 2012 was $4.1 million and $802.8 million, respectively. The net decrease in the valuation allowance for the year ended December 31, 2013 is due to the Company's election to file, in one of its states of operation, a consolidated state income tax return. The net addition to the valuation allowance for the year ended December 31, 2011 was $31.8 million. | ||||||||||||
Management assesses the valuation allowance recorded against deferred tax assets at each reporting period. The determination of whether a valuation allowance for deferred tax assets is appropriate is subject to considerable judgment and requires an evaluation of all the positive and negative evidence. During 2009, the Company established a valuation allowance for substantially all of its deferred tax assets, primarily due to the realization of significant losses, significant credit deterioration, and negative trending in asset quality and uncertainty regarding the amount of future taxable income that the Company could forecast. | ||||||||||||
At December 31, 2012, the Company remained in a three-year cumulative loss position, which represented significant negative evidence. However, based on the assessment of all the positive and negative evidence, management concluded that it was more likely than not that $806.4 million of the net deferred tax assets would be realized based upon future taxable income, and therefore reversed $802.8 million of the valuation allowance. The valuation allowance of $18.7 million at December 31, 2012 was related to specific state income tax credits and specific state NOL carryforwards that have various expiration dates through the tax year 2018 and 2027, respectively, and were expected to expire before they could be utilized. | ||||||||||||
The positive evidence at December 31, 2012 included the Company's significantly improved credit risk profile, the continued improving trends in credit quality, continued profitability in recent quarters, credit risk policy enhancements which reduce exposure to credit risk through concentration limits by loan type, exposure limits to single borrowers, among others, record of long-term positive earnings prior to the most recent economic downturn, the Company's strong capital position, as well as sufficient amounts of projected future taxable income, of the appropriate character, to support the realization of $806.4 million of the Company's net deferred tax asset at December 31, 2012. | ||||||||||||
At December 31, 2013, the Company is no longer in a three-year cumulative loss position; accordingly, it no longer has this negative evidence to consider when evaluating the realization of its deferred tax assets. Positive evidence supporting the realization of the Company’s deferred tax assets at December 31, 2013 includes an increase in taxable income in 2013 vs. 2012, continued improvement in credit quality, an additional year under the enhanced credit risk policy which reduces exposure to credit risk through concentration limits by loan type, exposure limits to single borrowers, among others, record of long-term positive earnings prior to the most recent economic downturn, the Company’s strong capital position, as well as sufficient amounts of projected future taxable income, of the appropriate character, to support the realization of $744.6 million of the Company’s net deferred tax asset at December 31, 2013. The Company expects to realize its net deferred tax asset of $744.6 million at December 31, 2013 through the reversal of existing taxable temporary differences and projected future taxable income. The valuation allowance of $14.6 million at December 31, 2013 relates to specific state income tax credits that have various expiration dates through the tax year 2023, and are expected to expire before they can be realized. | ||||||||||||
Synovus expects to realize substantially all of the $744.6 million in net deferred tax assets well in advance of the statutory carryforward period. At December 31, 2013, $203.0 million of existing deferred tax assets are not related to net operating losses or credits and therefore, have no expiration dates. $445.7 million of the remaining deferred tax assets relate to federal net operating losses which expire in years beginning in 2028 through 2032. Additionally, $64.7 million of the deferred tax assets relate to state net operating losses which will expire in installments annually through the tax year 2033. Tax credit carryforwards at December 31, 2013 include federal alternative minimum tax credits totaling $21.3 million which have an unlimited carryforward period. Other federal and state tax credits at December 31, 2013 total $24.5 million and have expiration dates through the tax year 2033. | ||||||||||||
Federal and state NOL and tax credit carryforwards as of December 31, 2013 are summarized in the following table. | ||||||||||||
Tax Carryforwards | As of December 31, 2013 | |||||||||||
(in thousands) | Expiration Dates | Deferred Tax Asset Balance | Valuation Allowance | Net Deferred Tax Asset Balance | ||||||||
Net operating losses - federal | 2028-2032 | $ | 445,675 | — | 445,675 | |||||||
General business credits - federal | 2028-2033 | 9,297 | — | 9,297 | ||||||||
Net operating losses - states | 2013-2017 | 37 | — | 37 | ||||||||
Net operating losses - states | 2018-2022 | — | — | — | ||||||||
Net operating losses - states | 2023-2027 | 4,074 | — | 4,074 | ||||||||
Net operating losses - states | 2028-2033 | 60,563 | — | 60,563 | ||||||||
Other credits - states | 2014-2017 | 12,307 | (11,752 | ) | 555 | |||||||
Other credits - states | 2018-2023 | 2,899 | (2,823 | ) | 76 | |||||||
Alternative minimum tax credits - federal | None | $ | 21,264 | — | 21,264 | |||||||
The valuation allowance could fluctuate in future periods based on the assessment of the positive and negative evidence. Management's conclusion at December 31, 2013 that it is more likely than not that the net deferred tax assets of $744.6 million will be realized is based upon management's estimate of future taxable income. Management's estimate of future taxable income is based on internal projections which consider historical performance, various internal estimates and assumptions, as well as certain external data, all of which management believes to be reasonable, although inherently subject to significant judgment. If actual results differ significantly from the current estimates of future taxable income, even if caused by adverse macro-economic conditions, the valuation allowance may need to be increased. Such an increase to the deferred tax asset valuation allowance could have a material adverse effect on Synovus' financial condition and results of operations. | ||||||||||||
Synovus is subject to income taxation in the United States and various state jurisdictions. Synovus' federal income tax return is filed on a consolidated basis, while state income tax returns are filed on both a consolidated and separate entity basis. Currently, there are no years for which Synovus filed a federal income tax return that are under examination by the IRS; likewise, the Company is not currently subject to any state income tax examinations. Synovus is no longer subject to income tax examinations by the IRS for years before 2009, and excluding certain limited exceptions, Synovus is no longer subject to income tax examinations by state and local income tax authorities for years before 2009. Although Synovus is unable to determine the ultimate outcome of current and future examinations, Synovus believes that the liability recorded for uncertain tax positions is adequate. | ||||||||||||
A reconciliation of the beginning and ending amount of unrecognized income tax benefits is as follows (unrecognized state income tax benefits are not adjusted for the federal income tax impact). | ||||||||||||
Years Ended December 31, | ||||||||||||
(in thousands) | 2013 | 2012 | ||||||||||
Balance at January 1, | $ | 1,120 | 5,985 | |||||||||
Additions based on income tax positions related to current year | — | 227 | ||||||||||
Additions for income tax positions of prior years | 224 | 175 | ||||||||||
Deductions for income tax positions of prior years | (238 | ) | (2,774 | ) | ||||||||
Statute of limitation expirations | (194 | ) | (1,068 | ) | ||||||||
Settlements | — | (1,425 | ) | |||||||||
Balance at December 31, | $ | 912 | 1,120 | |||||||||
Accrued interest and penalties related to unrecognized income tax benefits are included as a component of income tax expense (benefit). Accrued interest and penalties on unrecognized income tax benefits totaled $163 thousand and $109 thousand as of January 1 and December 31, 2013, respectively. Unrecognized income tax benefits as of January 1 and December 31, 2013 that, if recognized, would affect the effective income tax rate totaled $834 thousand and $663 thousand (net of the federal benefit on state income tax issues), respectively, which includes interest and penalties of $106 thousand and $71 thousand, respectively. Synovus expects that $162 thousand of uncertain income tax positions will be either settled or resolved during the next twelve months. |
Condensed_Financial_Informatio
Condensed Financial Information Of Synovus Financial Corp. (Parent Company Only) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Condensed Financial Information Of Synovus Financial Corp. (Parent Company Only) | ' | ||||||||||||||||||||||||||||
Note 25 - Condensed Financial Information of Synovus Financial Corp. (Parent Company only) | |||||||||||||||||||||||||||||
Condensed Balance Sheets | |||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||
(in thousands) | 2013 | 2012 | |||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Cash due from bank subsidiary | $ | 194,175 | 360,426 | ||||||||||||||||||||||||||
Funds due from other depository institutions(1) | 21,712 | 21,712 | |||||||||||||||||||||||||||
Investment in consolidated bank subsidiary, at equity | 3,220,000 | 3,728,704 | |||||||||||||||||||||||||||
Net accumulated deficit in consolidated nonbank subsidiaries, at equity(2) | (237,355 | ) | (208,183 | ) | |||||||||||||||||||||||||
Notes receivable from nonbank subsidiaries | 438,168 | 443,935 | |||||||||||||||||||||||||||
Other assets | 129,781 | 104,848 | |||||||||||||||||||||||||||
Total assets | $ | 3,766,481 | 4,451,442 | ||||||||||||||||||||||||||
Liabilities and Shareholders' Equity | |||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Long-term debt | $ | 765,307 | 841,667 | ||||||||||||||||||||||||||
Other liabilities | 52,189 | 40,344 | |||||||||||||||||||||||||||
Total liabilities | 817,496 | 882,011 | |||||||||||||||||||||||||||
Shareholders’ equity: | |||||||||||||||||||||||||||||
Series A Preferred Stock | — | 957,327 | |||||||||||||||||||||||||||
Series C Preferred Stock | 125,862 | — | |||||||||||||||||||||||||||
Common stock | 978,045 | 792,273 | |||||||||||||||||||||||||||
Additional paid-in capital | 2,138,024 | 2,189,874 | |||||||||||||||||||||||||||
Treasury stock | (114,176 | ) | (114,176 | ) | |||||||||||||||||||||||||
Accumulated other comprehensive (loss) income | (41,258 | ) | 4,101 | ||||||||||||||||||||||||||
Accumulated deficit | (137,512 | ) | (259,968 | ) | |||||||||||||||||||||||||
Total shareholders’ equity | 2,948,985 | 3,569,431 | |||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 3,766,481 | 4,451,442 | ||||||||||||||||||||||||||
(1) Restricted as to withdrawal. | |||||||||||||||||||||||||||||
(2) Includes non-bank subsidiary formed during 2008 that has incurred credit losses, including losses on the disposition of non-performing assets. | |||||||||||||||||||||||||||||
Condensed Statements of Income | |||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||
Income | |||||||||||||||||||||||||||||
Cash dividends received from Synovus Bank | $ | 680,000 | — | — | |||||||||||||||||||||||||
Interest income | 15,366 | 18,424 | 30,057 | ||||||||||||||||||||||||||
Other income | (2,374 | ) | 11,343 | (141 | ) | ||||||||||||||||||||||||
Total income | 692,992 | 29,767 | 29,916 | ||||||||||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||
Interest expense | 46,672 | 47,975 | 34,767 | ||||||||||||||||||||||||||
Other expenses | 8,067 | 16,584 | 14,177 | ||||||||||||||||||||||||||
Total expenses | 54,739 | 64,559 | 48,944 | ||||||||||||||||||||||||||
Income (loss) before income taxes and equity in undistributed | 638,253 | (34,792 | ) | (19,028 | ) | ||||||||||||||||||||||||
income (loss) of subsidiaries | |||||||||||||||||||||||||||||
Allocated income tax benefit | (16,589 | ) | (54,184 | ) | (13,715 | ) | |||||||||||||||||||||||
Income (loss) before equity in undistributed income (loss) | 654,842 | 19,392 | (5,313 | ) | |||||||||||||||||||||||||
of subsidiaries | |||||||||||||||||||||||||||||
Equity in undistributed (loss) income of subsidiaries | (495,459 | ) | 810,817 | (55,531 | ) | ||||||||||||||||||||||||
Net income (loss) | 159,383 | 830,209 | (60,844 | ) | |||||||||||||||||||||||||
Net loss attributable to non-controlling interest | — | — | (220 | ) | |||||||||||||||||||||||||
Net income (loss) available to controlling interest | 159,383 | 830,209 | (60,624 | ) | |||||||||||||||||||||||||
Dividends and accretion of discount on preferred stock | 40,830 | 58,703 | 58,088 | ||||||||||||||||||||||||||
Net income (loss) available to common shareholders | $ | 118,553 | 771,506 | (118,712 | ) | ||||||||||||||||||||||||
Condensed Statements of Comprehensive Income (Loss) | 31-Dec-13 | 31-Dec-12 | 31-Dec-11 | ||||||||||||||||||||||||||
(in thousands) | Before-tax Amount | Tax (Expense) Benefit | Net of Tax Amount | Before-tax Amount | Tax (Expense) Benefit | Net of Tax Amount | Before-tax Amount | Tax (Expense) Benefit | Net of Tax Amount | ||||||||||||||||||||
Net income (loss) | $ | 252,628 | (93,245 | ) | 159,383 | 31,477 | 798,732 | 830,209 | (59,532 | ) | (1,312 | ) | (60,844 | ) | |||||||||||||||
Reclassification adjustment for losses(gains) realized in net income on cash flow hedges | 447 | (173 | ) | 274 | (1,381 | ) | 532 | (849 | ) | (11,316 | ) | 4,279 | (7,037 | ) | |||||||||||||||
Valuation allowance for the change in deferred taxes arising from unrealized gains/losses* | (4,279 | ) | (4,279 | ) | |||||||||||||||||||||||||
Net unrealized gains (losses) on investment securities available for sale | 3,246 | (1,250 | ) | 1,996 | 481 | (185 | ) | 296 | (1,225 | ) | 471 | (754 | ) | ||||||||||||||||
Valuation allowance for the change in deferred taxes arising from unrealized gains/losses* | (471 | ) | (471 | ) | |||||||||||||||||||||||||
Other comprehensive loss of bank subsidiary | (77,460 | ) | 29,831 | (47,629 | ) | (26,737 | ) | 10,298 | (16,439 | ) | (23,524 | ) | 9,451 | (14,073 | ) | ||||||||||||||
Valuation allowance for the change in deferred taxes arising from unrealized gains/losses* | (9,451 | ) | (9,451 | ) | |||||||||||||||||||||||||
Other comprehensive loss | (73,767 | ) | 28,408 | (45,359 | ) | (27,637 | ) | 10,645 | (16,992 | ) | (36,065 | ) | — | (36,065 | ) | ||||||||||||||
Less: comprehensive loss attributable to non-controlling interest | $ | — | — | — | — | — | — | (220 | ) | — | (220 | ) | |||||||||||||||||
Comprehensive income (loss) | $ | 114,024 | 813,217 | (96,689 | ) | ||||||||||||||||||||||||
*In accordance with ASC 740-20-45-11(b), the deferred tax asset valuation allowance associated with unrealized gains and losses not recognized in income is charged directly to other comprehensive income (loss). | |||||||||||||||||||||||||||||
Condensed Statements of Cash Flows | |||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||
Operating Activities | |||||||||||||||||||||||||||||
Net income (loss) available to controlling interest | $ | 159,383 | 830,209 | (60,624 | ) | ||||||||||||||||||||||||
Adjustments to reconcile net income (loss) to net cash | |||||||||||||||||||||||||||||
provided by operating activities: | |||||||||||||||||||||||||||||
Equity in undistributed loss (income) of subsidiaries | 495,459 | (810,817 | ) | 55,311 | |||||||||||||||||||||||||
Deferred income tax benefit | (11,375 | ) | (48,525 | ) | — | ||||||||||||||||||||||||
Net increase (decrease) in other liabilities | 11,845 | 23,367 | (23,162 | ) | |||||||||||||||||||||||||
Net (increase) decrease in other assets | (11,238 | ) | (1,255 | ) | (4,780 | ) | |||||||||||||||||||||||
Other, net | (2,183 | ) | (6,337 | ) | (6,912 | ) | |||||||||||||||||||||||
Net cash provided by (used in) operating activities | 641,891 | (13,358 | ) | (40,167 | ) | ||||||||||||||||||||||||
Investing Activities | |||||||||||||||||||||||||||||
Net investment from (in) subsidiaries | — | — | 10,000 | ||||||||||||||||||||||||||
Purchases of investment securities available for sale | — | — | (18,313 | ) | |||||||||||||||||||||||||
Proceeds from sales of investment securities available for sale | — | — | 49,551 | ||||||||||||||||||||||||||
Net decrease (increase) in short-term notes receivable from | 5,768 | 49,865 | 107,944 | ||||||||||||||||||||||||||
non-bank subsidiaries | |||||||||||||||||||||||||||||
Net cash provided by investing activities | 5,768 | 49,865 | 149,182 | ||||||||||||||||||||||||||
Financing Activities | |||||||||||||||||||||||||||||
Dividends paid to common and preferred shareholders | (72,898 | ) | (79,856 | ) | (79,813 | ) | |||||||||||||||||||||||
Transfer of funds to dividend payment agent | — | (7,853 | ) | — | |||||||||||||||||||||||||
Principal repayments on long-term debt | (74,178 | ) | (170,801 | ) | (21,701 | ) | |||||||||||||||||||||||
Proceeds from issuance of long-term debt | — | 292,639 | — | ||||||||||||||||||||||||||
Proceeds from issuance of Series C Preferred Stock, net of issuance costs | 125,862 | — | — | ||||||||||||||||||||||||||
Redemption of Series A Preferred Stock | (967,870 | ) | — | — | |||||||||||||||||||||||||
Proceeds from issuance of common stock, net of issuance costs | 175,174 | — | — | ||||||||||||||||||||||||||
Net cash (used in) provided by financing activities | (813,910 | ) | 34,129 | (101,514 | ) | ||||||||||||||||||||||||
(Decrease) increase in cash and funds due from banks | (166,251 | ) | 70,636 | 7,501 | |||||||||||||||||||||||||
Cash and funds due from banks at beginning of year | 382,138 | 311,502 | 304,001 | ||||||||||||||||||||||||||
Cash and funds due from banks at end of year | $ | 215,887 | 382,138 | 311,502 | |||||||||||||||||||||||||
For the year ended December 31, 2013, the Parent Company paid income taxes of $1.5 million. For the years ended December 31, 2012 and 2011, the Parent Company received income tax refunds, net of income taxes paid, of $7.8 million and $5.1 million, respectively. For the years ended December 31, 2013, 2012 and 2011, the Parent Company paid interest of $49.1 million, $46.5 million, and $40.1 million, respectively. |
Subsequent_Event_Subsequent_Ev
Subsequent Event Subsequent Event | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Event | ' |
Note 26 - Subsequent Event | |
On January 17, 2014, Synovus Bank completed a transaction in which certain assets, including selected loans, and substantially all of the deposits associated with the Memphis, Tennessee, operations of Trust One Bank, a division of Synovus Bank, were sold to IBERIABANK. Synovus sold four office locations, $87.2 million in loans, net, and $191.4 million in deposits. The first quarter of 2014 consolidated financial statements will reflect a pre-tax gain of approximately $5.5 million relating to this transaction. |
Supplemental_Financial_Data
Supplemental Financial Data | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Supplemental Income Statement Elements [Abstract] | ' | ||||||||||||
Supplemental Financial Data | ' | ||||||||||||
Note 27 - Supplemental Financial Data | |||||||||||||
Components of other non-interest income and other operating expenses in excess of 1% of total interest income and total non-interest income for any of the respective years are as follows: | |||||||||||||
(in thousands) | Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Other loan expenses | $ | 15,205 | $ | 14,731 | $ | 19,374 | |||||||
Insurance and bonds | 12,503 | 12,057 | 12,119 | ||||||||||
Telephone and communications | 12,403 | 12,505 | 11,588 | ||||||||||
Summary_of_Quarterly_Financial
Summary of Quarterly Financial Data (Unaudited) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Quarterly Financial Data [Abstract] | ' | ||||||||||||
Summary of Quarterly Financial Data (Unaudited) | ' | ||||||||||||
Summary of Quarterly Financial Data (Unaudited) | |||||||||||||
Presented below is a summary of the unaudited consolidated quarterly financial data for the years ended December 31, 2013 and 2012. | |||||||||||||
2013 | |||||||||||||
Fourth Quarter | Third | Second Quarter | First | ||||||||||
(in thousands, except per share data) | Quarter | Quarter | |||||||||||
Interest income | $ | 233,258 | 233,852 | 231,513 | 230,391 | ||||||||
Net interest income | 204,331 | 203,970 | 202,077 | 199,814 | |||||||||
Provision for loan losses | 14,064 | 6,761 | 13,077 | 35,696 | |||||||||
Income before income taxes | 59,710 | 73,459 | 72,906 | 46,553 | |||||||||
Income tax expense | 21,130 | 27,765 | 27,371 | 16,979 | |||||||||
Net income (1) | 38,580 | 45,694 | 45,535 | 29,574 | |||||||||
Net income available to common shareholders (1) | $ | 35,850 | 37,188 | 30,717 | 14,798 | ||||||||
Basic earnings per common share: | |||||||||||||
Net income available to common shareholders | $ | 0.04 | 0.04 | 0.04 | 0.02 | ||||||||
Diluted earnings per common share: | |||||||||||||
Net income available to common shareholders | $ | 0.04 | 0.04 | 0.03 | 0.02 | ||||||||
2012 | |||||||||||||
Fourth Quarter | Third | Second Quarter | First | ||||||||||
Quarter | Quarter | ||||||||||||
Interest income | $ | 240,000 | 247,676 | 253,809 | 262,654 | ||||||||
Net interest income | 207,456 | 212,345 | 213,356 | 220,959 | |||||||||
Provision for loan losses | 146,526 | 63,572 | 44,222 | 66,049 | |||||||||
Income (loss) before income taxes | (72,299 | ) | 30,514 | 37,347 | 35,916 | ||||||||
Income tax benefit | (796,339 | ) | (211 | ) | (2,105 | ) | (77 | ) | |||||
Net income (2) | 724,040 | 30,725 | 39,452 | 35,993 | |||||||||
Net income available common shareholders (2) | $ | 709,304 | 16,030 | 24,803 | 21,369 | ||||||||
Basic earnings per common share: | |||||||||||||
Net income available to common shareholders | $ | 0.9 | 0.02 | 0.03 | 0.03 | ||||||||
Diluted earnings per common share: | |||||||||||||
Net income available to common shareholders | $ | 0.78 | 0.02 | 0.03 | 0.02 | ||||||||
(1) The fourth quarter of 2013 results include litigation loss contingency expense of $10.0 million | |||||||||||||
(2) The fourth quarter of 2012 results reflect a $796.3 million income tax benefit due primarily to the reversal of substantially all of the deferred tax asset valuation allowance. For additional discussion of the valuation allowance for deferred tax assets, see "Part II - Item 8. Financial Statements and Supplementary Data - Note 24 - Income Taxes" of this Report. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |
Dec. 31, 2013 | ||
Significant Accounting Policies [Abstract] | ' | |
Cash and Cash Equivalents | ' | |
Cash and cash equivalents consist of cash and due from banks. At December 31, 2013 and 2012, cash and cash equivalents included $104.9 million and $68.4 million, respectively, on deposit to meet Federal Reserve Bank requirements. At December 31, 2013 and 2012, $375 thousand and $15.5 million, respectively, of the due from banks balance was restricted as to withdrawal, including $15.0 million at December 31, 2012, on deposit pursuant to a payment network arrangement. | ||
Short-term Investment | ' | |
Short-term investments consist of interest bearing funds with the Federal Reserve Bank, interest earning deposits with banks, federal funds sold and securities purchased under resale agreements. Interest earning deposits with banks include $11.1 million at December 31, 2013 and $14.2 million at December 31, 2012, which is pledged as collateral in connection with certain letters of credit. Federal funds sold include $72.2 million at December 31, 2013 and $110.0 million at December 31, 2012, which are pledged to collateralize certain derivative instruments. Federal funds sold and securities purchased under resale agreements and federal funds purchased and securities sold under repurchase agreements, generally mature in one day. | ||
Trading Account Assets | ' | |
Trading account assets, which are primarily held on a short-term basis for the purpose of selling at a profit, consist of debt and equity securities and are reported at fair value. Fair value adjustments and fees from trading account activities are included as a component of other fee income on the consolidated statements of income. Gains and losses realized from the sale of trading account assets are determined by specific identification and are included as a component of other fee income on the trade date. Interest income on trading assets is reported as a component of interest income on the consolidated statements of income. | ||
Mortgage Loans Held for Sale and Mortgage Banking Income | ' | |
Mortgage Loans Held for Sale | ||
Mortgage loans held for sale are recorded at fair value. Fair value is derived from a hypothetical bulk sale model used to estimate the exit price of the loan in a loan sale. The bid pricing convention is used for loan pricing for similar assets. The valuation model is based upon forward settlements of a pool of loans of identical coupon, maturity, product, and credit attributes. The inputs to the model are continuously updated with available market and historical data. As the loans are sold in the secondary market, the valuation model produces an estimate of fair value that represents the highest and best use of the loans in Synovus' principal market. | ||
Mortgage Banking Income | ||
Mortgage banking income consists primarily of origination, ancillary fees, and gains and losses from the sale of mortgage loans. Mortgage loans are generally sold servicing released, without recourse or continuing involvement, and meet ASC 860-10-65, Transfers and Servicing of Financial Assets, criteria for sale accounting. | ||
Other Loans Held for Sale | ' | |
Loans are transferred to other loans held for sale at fair value when Synovus makes the determination to sell specifically identified loans. The fair value of the loans is primarily determined by analyzing the underlying collateral of the loan and the anticipated market prices of similar assets less estimated costs to sell. At the time of transfer, if the fair value is less than the carrying amount, the difference is recorded as a charge-off against the allowance for loan losses. Decreases in the fair value subsequent to the transfer, as well as gains/losses realized from sale of these loans, are recognized as gains/losses on other loans held for sale, net, as a component of non-interest expense on the consolidated statements of income. | ||
Investment Securities Available for Sale | ' | |
Investment securities available for sale are carried at fair value with unrealized gains and losses, net of the related tax effect, excluded from earnings and reported as a separate component of shareholders' equity within accumulated other comprehensive income (loss) until realized. | ||
Synovus performs a quarterly assessment of its investment securities available for sale to determine if the decline in fair value of a security below its amortized cost is deemed to be other-than-temporary. Factors included in the assessment include the length of time the security has been in a loss position, the extent that the fair value is below amortized cost, and the credit standing of the issuer. Other-than-temporary impairment losses are recognized on securities when: (1) the holder has an intention to sell the security; (2) it is more likely than not that the security will be required to be sold prior to recovery; or (3) the holder does not expect to recover the entire amortized cost basis of the security. Other-than-temporary impairment losses are reflected in earnings as realized losses to the extent the impairment is related to credit losses. The amount of the impairment related to other factors is recognized in other comprehensive income (loss). | ||
If Synovus intends to sell a security in an unrealized loss position, the entire unrealized loss would be reflected in income. Synovus does not intend to sell any investment securities in an unrealized loss position prior to the recovery of the unrealized loss, which may be until maturity, and Synovus has the ability to hold these securities for that period of time. Additionally, Synovus is not currently aware of any circumstances which will require it to sell any of the securities that are in an unrealized loss position. As of December 31, 2013, Synovus believes that all impairments of investment securities are temporary in nature. | ||
Premiums and discounts are amortized or accreted over the life of the related security as an adjustment to yield using the effective interest method and prepayment assumptions. Actual prepayment experience is reviewed periodically and the timing of the accretion and amortization is adjusted accordingly. Interest income on securities available for sale is recorded on the accrual basis. Dividend and interest income are recognized when earned. Realized gains and losses for securities are included in investment securities gains (losses), net, on the consolidated statements of income and are derived using the specific identification method, on a trade date basis. | ||
Loans and Interest Income on Loans | ' | |
Loans are reported at principal amounts outstanding less amounts charged off, net of deferred fees and expenses. Interest income and deferred fees, net of expenses on loans, are recognized on a level yield basis. | ||
Non-accrual Loans | ||
Loans on which the accrual of interest has been discontinued are designated as non-accrual loans. Accrual of interest is discontinued on loans when reasonable doubt exists as to the full collection of interest or principal, or when loans become contractually past due for 90 days or more as to either interest or principal, in accordance with the terms of the loan agreement, unless they are both well-secured and in the process of collection. When a loan is placed on non-accrual status, previously accrued and uncollected interest is generally reversed as an adjustment to interest income on loans. Interest payments received on non-accrual loans are generally applied as a reduction of principal. As payments are received on non-accruing loans, interest income can be recognized on a cash basis; however, there must be an expectation of full repayment of the remaining recorded principal balance. The remaining portion of this payment is recorded as a reduction to principal. Loans are generally returned to accruing status when they are brought fully current with respect to interest and principal and when, in the judgment of management, the loans are estimated to be fully collectible as to both principal and interest, and the borrower has sustained repayment performance under the terms of the loan agreement for a reasonable period of time (generally six months). | ||
Impaired Loans | ||
Impaired loans are loans for which it is probable that Synovus will not be able to collect all amounts due according to the contractual terms of the loan agreements and all loans modified in a troubled debt restructuring (TDR). Other than TDRs, impaired loans do not include smaller-balance homogeneous loans that are collectively evaluated for impairment, which consist of most retail loans and commercial loan relationships less than $1.0 million. Impairment is measured on a discounted cash flow method based upon the loan's contractual effective interest rate, or at the loan's observable market price, or at the fair value of the collateral, less costs to sell if the loan is collateral dependent. Interest income on non-accrual impaired loans is recognized as described above under "non-accrual loans." Impaired accruing loans generally consist of those troubled debt restructurings for which management has concluded that the collectability of the loan is not in doubt. | ||
At December 31, 2013, substantially all non-accrual impaired loans were collateral-dependent. Most of these loans are secured by real estate. For impairment measured using the estimated fair value of collateral less costs to sell, fair value is estimated using appraisals performed by a certified or licensed appraiser. Management also considers other factors or recent developments, such as selling costs and anticipated sales values, taking into account management's plans for disposition, which could result in adjustments to the fair value estimates indicated in the appraisals. The assumptions used in determining the amount of the impairment are subject to significant judgment. Use of different assumptions, for example, changes in the fair value of the collateral or management's plans for disposition could have a significant impact on the amount of impairment. | ||
Under the discounted cash flow method, impairment is recorded as a specific reserve with a charge-off for any portion of the impairment considered a confirmed loss. The reserve is reassessed each quarter and adjusted as appropriate based on changes in estimated cash flows. | ||
Where guarantors are determined to be a source of repayment, an assessment of the guarantee is required. This guarantee assessment would include, but not be limited to, factors such as type and feature of the guarantee, consideration for the guarantor's financial strength and capacity to service the loan in combination with the guarantor's other financial obligations as well as the guarantor's willingness to assist in servicing the loan. | ||
Troubled Debt Restructurings | ||
When borrowers are experiencing financial difficulties, the Company may, in order to assist the borrowers in repaying the principal and interest owed to the Company, make certain modifications to the borrower's loan. All loan modifications and renewals are evaluated for troubled debt restructuring (TDR) classification. In accordance with ASU 2011-02, A Creditor's Determination of Whether a Restructuring is a Troubled Debt Restructuring, issued in April 2011, a TDR is defined as a modification with a borrower that is experiencing financial difficulties, and the company has granted a financial concession that it would not normally make. The market interest rate concept in ASU 2011-02 states that if a borrower does not otherwise have access to funds at a market interest rates for debt with characteristics similar to those of the restructured debt, the restructuring would be considered to be at a below-market rate, which indicates that the lender may have granted a concession. Since Synovus often increases or maintains the interest rate upon renewal of a commercial loan, including renewals of loans involving borrowers experiencing financial difficulties, the market rate concept has become a significant factor in determining if a loan is classified as a TDR. All TDR's are considered to be impaired loans, and the amount of impairment, if any, is determined in accordance with ASC 310-10-35, Accounting By Creditors for Impairment of a Loan-an amendment of FASB Statements No. 5, ASC 450-20, and No. 15, ASC 310-40. | ||
Concessions provided by Synovus in a TDR are generally made in order to assist borrowers so that debt service is not interrupted and to mitigate the potential for loan losses. A number of factors are reviewed when a loan is renewed, refinanced, or modified, including cash flows, collateral values, guarantees, and loan structures. Concessions are primarily in the form of providing a below market interest rate given the borrower's credit risk to assist the borrower in managing cash flows, an extension of the maturity of the loan generally for less than one year, or a period of time generally less than one year with a reduction of required principal and/or interest payments (e.g., interest only for a period of time). These types of concessions may be made during the term of a loan or upon the maturity of a loan, as a loan renewal. Renewals of loans made to borrowers experiencing financial difficulties are evaluated for TDR designation by determining if concessions are being granted, including consideration of whether the renewed loan has an interest rate that is at market, given the credit risk related to the loan. Insignificant periods of reduction of principal and/or interest payments, or one time deferrals of three months or less, are generally not considered to be financial concessions. Further, it is generally Synovus' practice not to defer principal and/or interest for more than twelve months. | ||
These types of concessions may be made during the term of a loan or upon the maturity of a loan, in which the borrower is experiencing financial difficulty, as a loan renewal. | ||
Renewals of loans made to borrowers experiencing financial difficulties are evaluated for TDR designation by determining if concession(s) are being granted, including consideration of whether the renewed loan has an interest rate that is at market, given the credit risk related to the loan. | ||
Non-accruing TDRs may generally be returned to accrual status if there has been a period of performance, usually at least a six month sustained period of repayment performance by the borrower. Consistent with regulatory guidance, a TDR will generally no longer be reported as a TDR after a period of performance and after the loan was reported as a TDR at a year-end reporting date, and if at the time of the modification, the interest rate was at market, considering the credit risk associated with the borrower. | ||
Allowance for Loan Losses | ' | |
The allowance for loan losses is a significant accounting estimate that is determined through periodic and systematic detailed reviews of the Company’s loan portfolio. These reviews are performed to assess the inherent risk for probable loss within the portfolio and to ensure consistency between fluctuations in the allowance and both credit events within the portfolio and prevailing credit trends. The economic and business climate in any given industry or market is difficult to gauge and can change rapidly, and the effects of those changes can vary by borrower. Significant judgments and estimates are necessary in the determination of the allowance for loan losses. Significant judgments include, among others, loan risk ratings and classifications, the determination and measurement of impaired loans, the timing of loan charge-offs, the probability of loan defaults, the net loss exposure in the event of loan defaults, qualitative loss factors, management’s plans, if any, for disposition of certain loans, as well as other qualitative considerations. In determining an adequate allowance for loan losses, management makes numerous assumptions, estimates, and assessments, which are inherently subjective. The use of different estimates or assumptions could have a significant impact on the provision for loan losses, allowance for loan losses, non-performing loans, loan charge-offs and the Company's consolidated financial condition and results of operations. | ||
The allocated allowance is based upon quarterly analyses of impaired commercial loans to determine the amount of specific reserves (and/or loan charge-offs), if any, as well as an analysis of historical loan default experience, loan net loss experience and related qualitative factors, if appropriate, for categories of loans with similar risk attributes and further segregated by Synovus' internal loan grading system. | ||
Impaired loans are generally evaluated on a loan by loan basis with specific reserves, if any, recorded as appropriate. Specific reserves are determined based on ASC 310-10-35, which provides for measurement of a loan's impairment based on one of three methods. If the loan is collateral dependent, then the fair value of the loan's collateral, less estimated selling costs, are compared to the loan's carrying amount to determine impairment. Other methods of measuring a loan's impairment include the present value of the expected future cash flows of the loan, or if available, the observable market price of the loan. Synovus considers the pertinent facts and circumstances for each impaired loan when selecting the appropriate method to measure impairment, and quarterly evaluates each selection to ensure its continued appropriateness and evaluates the reasonableness of specific reserves, if any. | ||
For loans that are not considered impaired, the allocated allowance for loan losses is determined based upon Expected Loss ("EL") factors, which are applied to groupings of specific loan types by loan risk ratings. The EL is determined based upon a probability of default ("PD"), which is the probability that a borrower, segregated by loan type and loan risk grade, will default, and loss given default (“LGD”), which is the estimate of the amount of net loss in the event of default. The groupings of the loans into loan categories are determined based upon the nature of the loan types and the level of inherent risk associated with the various loan categories. The loan groupings are further segregated based upon the individual loan risk ratings, as described below. | ||
Allocated EL factors may also be adjusted, as necessary, by qualitative factor considerations for the applicable loan categories, including levels and trends in delinquencies and impaired loans not included in the expected loss factors and effects of any changes in underwriting standards, and other changes in lending policies, procedures and practices. | ||
Commercial Loans - Risk Ratings | ||
Synovus began implementation of a Dual Risk Rating allowance for loan losses methodology (DRR methodology) for certain components of its commercial and industrial loan portfolio during the third quarter of 2013. The DRR includes sixteen probabilities of default categories and nine categories for estimating losses given an event of default. The result is an expected loss rate established for each borrower. The DRR methodology is considered to be a more refined estimate of the inherent risk of loss. Management currently expects to implement the DRR methodology for additional components of the commercial loan portfolio over the next few years. Approximately $2.6 billion, or 13%, of the total loan portfolio was rated using the DRR methodology at year-end 2013. | ||
The single and dual risk ratings are based on the borrowers' credit risk profile, considering factors such as debt service history, current and estimated prospective cash flow information, collateral supporting the credit, source of repayment as well as other variables, as appropriate. There is a 9-point scale for commercial single risk rated loans. Single risk ratings six through nine are defined consistent with the bank regulatory classifications of special mention, substandard, doubtful, and loss, respectively. | ||
Each loan is assigned a risk rating during its initial approval process. For single risk rated loans, this process begins with a loan rating recommendation from the loan officer responsible for originating the loan. For dual risk rated loans, this process begins with scoring the loan for a rating. The loan rating is subject to approvals from other members of management, regional credit and/or loan committees depending on the size of the loan and loan's credit attributes. Loan ratings are regularly reevaluated based upon annual scheduled credit reviews or on a more frequent basis if determined prudent by management. Quarterly reviews are done for special mention and substandard loans of $500,000 or more. Additionally, an independent loan review function evaluates Synovus' risk rating process on a continuous basis. | ||
Retail Loans and Small Business Loans – Risk Ratings | ||
Retail loans and small business loans are generally assigned a risk rating on a 6-point scale at the time of origination based on credit bureau scores, with a loan grade of 1 assigned as the lowest level of risk and a loan grade of 6 as the highest level of risk. At 90-119 days past due, a loan grade of 7-substandard rating is applied and at 120 days past due, the loan is generally downgraded to grade 9-loss. The credit bureau based ratings are updated at least semi-annually and the ratings based on the past due status are updated monthly. | ||
Unallocated Allowance for Loan Losses | ||
The unallocated component of the allowance for loan losses is considered necessary to provide for certain environmental and economic factors that affect the inherent risk of loss in the entire loan portfolio that are not fully captured in the allocated allowance for loan losses. On a quarterly basis, management updates its analysis and consideration of these factors and determines the impact, if any, on the allowance for loan losses and the provision for loan losses for each respective period. Unallocated qualitative factors included in the determination of the unallocated allowance for loan losses include the following: | ||
• | experience, ability and depth of lending management, loan review personnel and other relevant staff | |
• | national and local economic trends and conditions | |
• | underlying value of collateral dependent loans, which impacts trends in charge-offs and recoveries that are not included in the expected loss factors | |
• | trends in volume and terms of loans | |
• | effects of changes in credit concentrations | |
• | model uncertainty | |
• | other isolated events | |
Premises and Equipment | ' | |
Premises and equipment, including bank owned branch locations and leasehold improvements, are reported at cost, less accumulated depreciation and amortization, which are computed using the straight-line method over the estimated useful lives of the related assets. Leasehold improvements are depreciated over the shorter of the estimated useful life or the remainder of the lease term. Synovus reviews long-lived assets, such as premises and equipment, for impairment whenever events and circumstances indicate that the carrying amount of an asset may not be recoverable. | ||
Goodwill | ' | |
Goodwill represents the excess purchase price over the fair value of identifiable net assets of acquired businesses. In accordance with ASC 350, Intangibles, Goodwill and Other, goodwill is not amortized, but tested for impairment at the reporting unit (sub-segment) level on an annual basis and as events occur or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Synovus reviews goodwill for impairment annually as of June 30th of each year and at interim periods if indicators of impairment exist. | ||
Significant judgment is applied when goodwill is assessed for impairment. This judgment includes developing cash flow projections, selecting appropriate discount rates, identifying relevant market comparables, incorporating general economic and market conditions, and selecting an appropriate control premium. The selection and weighting of the various fair value techniques may result in a higher or lower fair value. Judgment is applied in determining the weightings that are most representative of fair value. | ||
Other Real Estate | ' | |
ORE consists of properties obtained through a foreclosure proceeding or through an in-substance foreclosure in satisfaction of loans. In accordance with the provisions of ASC 310-10-35 regarding subsequent measurement of loans for impairment and ASC 310-40-15 regarding accounting for troubled debt restructurings by a creditor, a loan is classified as an in-substance foreclosure when Synovus has taken possession of the collateral regardless of whether formal foreclosure proceedings have taken place. | ||
At foreclosure, ORE is recorded at the lower of cost or fair value less estimated selling costs, which establishes a new cost basis. Subsequent to foreclosure, ORE is evaluated quarterly and reported at fair value less estimated selling costs, not to exceed the new cost basis, determined by review of current appraisals, as well as the review of comparable sales and other estimates of fair value obtained principally from independent sources, changes in absorption rates or market conditions from the time of the latest appraisal received or previous re-evaluation performed, and anticipated sales values considering management's plans for disposition, which could result in an adjustment to lower the fair value estimates indicated in the appraisals. | ||
Synovus' objective is to dispose of ORE properties in a timely manner and to maximize net sale proceeds. Synovus has a centralized managed assets division, with the specialized skill set to facilitate this objective. While there is not a defined timeline for their sale, ORE properties are actively marketed through unaffiliated third parties, including real estate brokers and real estate auctioneers. Sales are made on an opportunistic basis, as acceptable buyers and terms are identified. In addition, Synovus has previously sold ORE properties in bulk asset sales to unaffiliated third parties, in which case the typical period of marketing the property likely did not occur. In some cases, Synovus is approached by potential buyers of ORE properties or Synovus may contact independent third parties who we believe might have an interest in an ORE property. | ||
Other Assets | ' | |
Other assets include accrued interest receivable and other significant balances as described below. | ||
Investments in Company-Owned Life Insurance Policies | ||
Investments in company-owned life insurance policies on certain current and former officers of Synovus are recorded at the net realizable value of the policies as a component of other assets in the consolidated balance sheets. Net realizable value is the cash surrender value of the policies less any applicable surrender charges and any policy loans. Synovus has not borrowed against the cash surrender value of these policies. The appreciation in the cash surrender value of the policies is recognized as a component of other non-interest income in the consolidated statements of income. | ||
Private Equity Investments | ||
Private equity investments are recorded at fair value on the consolidated balance sheets with realized and unrealized gains and losses included in increase/(decrease) in fair value of private equity investments, net, on the consolidated statements of income in accordance with ASC 946, Financial Services-Investment Companies. The private equity investments in which Synovus holds a limited partner interest consist of funds that invest in privately held companies. For privately held companies in the fund, the general partner estimates the fair value of the company in accordance with U.S. GAAP as clarified by ASC 820, Fair Value Measurements and Disclosures. The estimated fair value of the company is the estimated fair value as an exit price the fund would receive if it were to sell the company in the marketplace. The fair value of the fund's underlying investments is estimated through the use of valuation models, such as option pricing or a discounted cash flow model. Valuation factors, such as a company's operational performance against budget or milestones, last price paid by investors, with consideration given on whether financing is provided by insiders or unrelated new investors, public market comparables, liquidity of the market, industry and economic trends, and change of management or key personnel, are used in the determination of estimated fair value. | ||
Derivative Instruments | ' | |
Synovus’ risk management policies emphasize the management of interest rate risk within acceptable guidelines. Synovus’ objective in maintaining these policies is to limit volatility in net interest income arising from changes in interest rates. Risks to be managed include both fair value and cash flow risks. Utilization of derivative financial instruments provides a valuable tool to assist in the management of these risks. | ||
In accordance with ASC 815, Derivatives and Hedging, all derivative instruments are recorded on the consolidated balance sheets at their respective fair values, as components of other assets and other liabilities. | ||
The accounting for changes in fair value (i.e., unrealized gains or losses) of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and, if so, on the reason for holding it. If certain conditions are met, entities may elect to designate a derivative instrument as a hedge of exposures to changes in fair values, cash flows, or foreign currencies. If the hedged exposure is a fair value exposure, the unrealized gain or loss on the derivative instrument is recognized in earnings in the period of change, together with the offsetting unrealized loss or gain on the hedged item attributable to the risk being hedged as a component of other non-interest income on the consolidated statements of income. If the hedged exposure is a cash flow exposure, the effective portion of the gain or loss on the hedged item 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. Any amounts excluded from the assessment of hedge effectiveness, as well as the ineffective portion of the gain or loss on the derivative instrument, are reported in earnings immediately as a component of other non-interest income on the consolidated statements of income. If the derivative instrument is not designated as a hedge, the gain or loss on the derivative instrument is recognized in earnings as a component of other non-interest income on the consolidated statements of income in the period of change. At December 31, 2013 and 2012, Synovus does not have any derivative instruments which are measured for ineffectiveness using the short-cut method. | ||
With the exception of certain commitments to fund and sell fixed-rate mortgage loans and derivatives utilized to meet the financing and interest rate risk management needs of its customers, all derivatives utilized by Synovus to manage its interest rate sensitivity are designated as either a hedge of a recognized fixed-rate asset or liability (fair value hedge), or a hedge of a forecasted transaction or of the variability of future cash flows of a floating rate asset or liability (cash flow hedge). Synovus does not speculate using derivative instruments. | ||
In 2005, Synovus entered into certain forward starting swap contracts to hedge the cash flow risk of certain forecasted interest payments on a forecasted debt issuance. Upon the determination to issue debt, Synovus was potentially exposed to cash flow risk due to changes in market interest rates prior to the placement of the debt. The forward starting swaps allowed Synovus to hedge this exposure. Upon placement of the debt, these swaps were cash settled concurrent with the pricing of the debt. The effective portion of the cash flow hedge included in accumulated other comprehensive income is being amortized over the life of the debt issue as an adjustment to interest expense. | ||
Synovus also holds derivative instruments, which consist of rate lock agreements related to expected funding of fixed-rate mortgage loans to customers (interest rate lock commitments) and forward commitments to sell mortgage-backed securities and individual fixed-rate mortgage loans. Synovus’ objective in obtaining the forward commitments is to mitigate the interest rate risk associated with the interest rate lock commitments and the mortgage loans that are held for sale. Both the interest rate lock commitments and the forward commitments are reported at fair value, with adjustments recorded in current period earnings in mortgage banking income. | ||
Synovus also enters into interest rate swap agreements to facilitate the risk management strategies of certain commercial banking customers. Synovus mitigates this risk by entering into equal and offsetting interest rate swap agreements with highly rated third-party financial institutions. The interest rate swap agreements are free-standing derivatives and are recorded at fair value with any unrealized gain or loss recorded in current period earnings in other non-interest income. These instruments, and their offsetting positions, are recorded in other assets and other liabilities on the consolidated balance sheets. | ||
When using derivatives to hedge fair value and cash flow risks, Synovus exposes itself to potential credit risk from the counterparty to the hedging instrument. This credit risk is generally a small percentage of the notional amount and fluctuates as interest rates change. Synovus analyzes and approves credit risk for all potential derivative counterparties prior to execution of any derivative transaction. Synovus seeks to minimize credit risk by dealing with highly rated counterparties and by obtaining collateralization for exposures above certain predetermined limits. If significant counterparty risk is determined, Synovus adjusts the fair value of the derivative recorded asset balance to consider such risk. | ||
Non-interest Income | ' | |
Service Charges on Deposit Accounts | ||
Service charges on deposit accounts consist of non-sufficient funds fees, account analysis fees, and other service charges on deposits which consist primarily of monthly account fees. Non-sufficient funds fees are recognized at the time when the account overdraft occurs in accordance with regulatory guidelines. Account analysis fees consist of fees charged to certain commercial demand deposit accounts based upon account activity (and reduced by a credit which is based upon cash levels in the account). These fees, as well as monthly account fees, are recorded under the accrual method of accounting. | ||
Fiduciary and Asset Management Fees | ||
Fiduciary and asset management fees are generally determined based upon market values of assets under management as of a specified date during the period. These fees are recorded under the accrual method of accounting as the services are performed. | ||
Brokerage and Investment Banking Revenue | ||
Brokerage revenue consists primarily of commission income, which represents the spread between buy and sell transactions processed, and net fees charged to customers on a transaction basis for buy and sell transactions processed. Commission income is recorded on a trade-date basis. Brokerage revenue also includes portfolio management fees, which represent monthly fees charged on a contractual basis to customers for the management of their investment portfolios and are recorded under the accrual method of accounting. | ||
Investment banking revenue represents fees for services arising from securities offerings or placements in which Synovus acts as an agent. It also includes fees earned from providing advisory services. Revenue is recognized at the time the underwriting is completed and the revenue is reasonably determinable. | ||
Bankcard Fees | ||
Bankcard fees consist primarily of interchange fees earned, net of fees paid, on debit card and credit card transactions. Net fees are recognized into income as they are collected. | ||
Income Taxes | ' | |
Synovus is a domestic corporation that files a consolidated federal income tax return with its wholly-owned subsidiaries and files state income tax returns on a consolidated and a separate entity basis with the various taxing jurisdictions based on its taxable presence. Synovus accounts for income taxes in accordance with ASC 740, Income Taxes. The current income tax accrual or receivable is an estimate of the amounts owed to or due from taxing authorities in which Synovus conducts business. It also includes increases and decreases in the amount of taxes payable for uncertain tax positions reported in tax returns for the current and/or prior years. | ||
Synovus uses the asset and liability method to account for future income taxes expected to be paid or received (i.e., deferred income taxes). Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement (GAAP) carrying amounts of existing assets and liabilities and their respective tax bases, including operating losses and tax credit carryforwards. The deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in income tax rates is recognized in income in the period that includes the enactment date. | ||
A valuation allowance is required for deferred tax assets if, based on available evidence, it is more likely than not that all or some portion of the asset will not be realized. In making this assessment, all sources of taxable income available to realize the deferred tax asset are considered including taxable income in prior carryback years, future reversals of existing temporary differences, tax planning strategies, and future taxable income exclusive of reversing temporary differences and carryforwards. The predictability that future taxable income, exclusive of reversing temporary differences, will occur is the most subjective of these four sources. Changes in the valuation allowance are recorded through income tax expense. | ||
Significant estimates used in accounting for income taxes relate to the valuation allowance for deferred tax assets, estimates of the realizability of income tax credits, utilization of net operating losses, the determination of taxable income, and the determination of temporary differences between book and tax bases. | ||
Synovus accrues tax liabilities for uncertain income tax positions based on current assumptions regarding the expected outcome by weighing the facts and circumstances available at the reporting date. If related tax benefits of a transaction are not more likely than not of being sustained upon examination, Synovus will accrue a tax liability or reduce a deferred tax asset for the expected tax impact associated with the transaction. Events and circumstances may alter the estimates and assumptions used in the analysis of its income tax positions and, accordingly, Synovus' effective tax rate may fluctuate in the future. Synovus recognizes accrued interest and penalties related to unrecognized income tax benefits as a component of income tax expense. | ||
Share-based Compensation | ' | |
Synovus has a long-term incentive plan under which the Compensation Committee of the Board of Directors has the authority to grant share-based awards to Synovus employees. Synovus' share-based compensation costs associated with employee grants are recorded as a component of salaries and other personnel expense in the consolidated statements of income. Share-based compensation costs associated with grants made to non-employee directors of Synovus are recorded as a component of other operating expenses. Share-based compensation expense for service-based awards is recognized net of estimated forfeitures for plan participants on a straight-line basis over the vesting period. | ||
Fair Value Measurements and Disclosures | ' | |
Fair value estimates are made at a specific point in time, based on relevant market information and other information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale, at one time, the entire holdings of a particular financial instrument. Because no market exists for a portion of the financial instruments, fair value estimates are also based on judgments regarding estimated cash flows, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates. | ||
Synovus employs independent third-party pricing services to provide fair value estimates for Synovus' investment securities available for sale and trading account assets. Fair values for fixed income investment securities and certain derivative financial instruments are typically the prices supplied by either third-party pricing service or an unrelated counterparty, which utilize quoted market prices, broker/dealer quotations for identical or similar securities, and/or inputs that are observable in the market, either directly or indirectly, for substantially similar securities. Level 1 securities are typically exchange quoted prices. Level 2 securities are typically matrix priced by a third-party pricing service to calculate the fair value. Such fair value measurements consider observable data, such as relevant broker/dealer quotes, market spreads, cash flows, yield curves, live trading levels, trade execution data, market consensus prepayments speeds, credit information, and the respective terms and conditions for debt instruments. Level 3 instruments' value is determined using pricing models, discounted cash flow models and similar techniques, and may also include the use of market prices of assets or liabilities that are not directly comparable to the subject asset or liability. These methods of valuation may result in a significant portion of the fair value being derived from unobservable assumptions that reflect Synovus' own estimates for assumptions that market participants would use in pricing the asset or liability. | ||
Management uses various validation procedures to validate the prices received from pricing services and quotations received from dealers are reasonable for each relevant financial instrument, including reference to relevant broker/dealer quotes or other market quotes and a review of valuations and trade activity of comparable securities. Consideration is given to the nature of the quotes (e.g., indicative or firm) and the relationship of recently evidenced market activity to the prices provided by the third-party pricing service. Further, management also employs the services of an additional independent pricing firm as a means to verify and confirm the fair values of our primary independent pricing firms. | ||
Understanding the third-party pricing service's valuation methods, assumptions and inputs used by the firm is an important part of the process of determining that reasonable and reliable fair values are being obtained. Management evaluates quantitative and qualitative information provided by the third-party pricing services to assess whether they continue to exhibit the high level of expertise and internal controls that management relies upon. | ||
Fair value estimates are based on existing financial instruments on the consolidated balance sheet, without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. Significant assets and liabilities that are not considered financial instruments include deferred income taxes, premises and equipment, equity method investments, goodwill and other intangible assets. In addition, the income tax ramifications related to the realization of the unrealized gains and losses on available for sale investment securities and cash flow hedges can have a significant effect on fair value estimates and have not been considered in any of the estimates. | ||
Contingent Liabilities | ' | |
Synovus estimates its contingent liabilities with respect to outstanding legal matters based on information currently available to management, management’s estimates about the probability of outcomes of each case and the advice of legal counsel. In accordance with guidance in ASC 450-25-2, management accrues an estimated loss from a loss contingency when information available indicates that it is probable that a loss has occurred and the amount of the loss can be reasonably estimated. In addition, it must be probable that the loss will be confirmed by some future event. Significant judgment is required in making these estimates and management must make assumptions about matters that are highly uncertain. Accordingly, the actual loss may be more or less than the current estimate. | ||
In many situations, Synovus may be unable to estimate reasonably possible losses due to the preliminary nature of the legal matters, as well as a variety of other factors and uncertainties. As there are further developments, Synovus will reassess these legal matters and the related potential liabilities and will revise, when needed, its estimate of contingent liabilities. | ||
Based on Synovus’ current knowledge and advice of counsel, management feels that contingent losses have been properly accrued with respect to legal matters discussed in Note 21 - Legal Proceedings to the consolidated financial statements. Management does not believe that the liabilities arising from these legal matters will have a material adverse effect on Synovus’ financial condition, results of operations or cash flows. | ||
Recently Adopted Accounting Standards Updates | ' | |
Effective January 1, 2013, Synovus adopted the provisions of the following ASUs: | ||
ASU 2012-02, Testing Indefinite-Lived Intangible Assets for Impairment. This ASU relates to testing intangibles other than goodwill for impairment, and was adopted on January 1, 2013. For Synovus, the ASU primarily applies to core deposit intangibles, which have a carrying value of $2.5 million at December 31, 2013. The ASU did not have an impact on Synovus' consolidated financial statements. | ||
ASU 2011-11, Disclosures about Offsetting Assets and Liabilities and ASU 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. ASU 2011-11 requires additional disclosures about financial instruments and derivative instruments that are offset or subject to an enforceable master netting arrangement or similar agreement. ASU 2013-01 clarifies that the disclosure requirements of ASU 2011-11 do not apply to trade receivables. The ASU also clarifies that the disclosure requirements in ASU 2011-11 apply to repurchase and reverse repurchase agreements, securities borrowing and lending agreements that are either offset on the balance sheet or subject to an enforceable master netting arrangement or similar agreement, and derivatives accounted for in accordance with ASC 815, Derivatives and Hedging. Synovus does not have financial instruments that are subject to the new requirements of ASU 2011-11; therefore, the clarifying ASU did not affect Synovus' consolidated financial statements. | ||
ASU 2013-02, Reporting of Amount Reclassified Out of Accumulated Other Comprehensive Income. The FASB issued this ASU to improve the transparency of reporting reclassifications out of accumulated other comprehensive income by requiring entities to present in one place information about significant amounts reclassified and, in some cases, to provide cross-references to related footnote disclosures. ASU 2013-02 does not amend existing requirements for reporting net income or other comprehensive income in the financial statements. ASU 2013-02 requires an entity to disaggregate the total change of each component of other comprehensive income and separately present reclassification adjustments and current period other comprehensive income. The provisions of ASU 2013-02 also require that entities present either in a single footnote or parenthetically on the face of the financial statements, the effect of significant amounts reclassified from each component of accumulated other comprehensive income based on its source and the income statement line item affected by the reclassification. If a component is not required to be reclassified to net income in its entirety, entities would instead cross reference to the related footnote to the financial statements for additional information. Synovus adopted the provisions of ASU 2013-02 effective January 1, 2013. The impact to Synovus was additional disclosure in the notes to the financial statements, which included a new table that detailed the items reclassified out of accumulated other comprehensive income and into net income. See "Note 7 - Other Comprehensive Income" to the consolidated financial statements for the disclosures required by ASU 2013-02. | ||
ASU 2013-10, Derivatives and Hedging (Topic 815): Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes. This ASU permits the Fed Funds Effective Swap Rate (also referred to as the Overnight Index Swap Rate) to be used as a U.S. benchmark interest rate for hedge accounting purposes under FASB Topic 815, in addition to interest rates on direct Treasury obligations of the U.S. government and LIBOR. The amendments also remove the restriction on using different benchmark rates for similar hedges. The final guidance, issued on July 17, 2013, was effective immediately. Synovus continues to assess the impact of this ASU on its hedging strategies and will consider the provisions of this new guidance when developing new hedging strategies. With the inclusion of the Fed Funds Effective Swap rate as a benchmark interest rate, the ASU allows Synovus to develop new hedging strategies, but does not resolve ineffectiveness issues that arise in existing LIBOR hedges when the Overnight Index Swap Rate is used to discount future cash flows. | ||
Reclassifications | ' | |
Prior years' consolidated financial statements are reclassified whenever necessary to conform to the current year's presentation. | ||
Subsequent Events | ' | |
Synovus has evaluated for consideration, or disclosure, all transactions, events, and circumstances, subsequent to the date of the consolidated balance sheet and through the date the accompanying audited consolidated financial statements were issued, and has reflected, or disclosed, those items deemed appropriate within the consolidated financial statements and related footnotes. |
Restructuring_Charges_Tables
Restructuring Charges (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Restructuring Charges [Abstract] | ' | ||||||||||
Schedule of Restructuring and Related Costs | ' | ||||||||||
For the years ended December 31, 2013, 2012 and 2011 total restructuring charges consist of the following components: | |||||||||||
Years Ended December 31, | |||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||
Severance charges | $ | 8,046 | 3,826 | 17,570 | |||||||
Lease termination charges | 1,060 | — | 3,147 | ||||||||
Asset impairment charges | 2,030 | 1,956 | 6,643 | ||||||||
Gain on sale of assets held for sale, net | (135 | ) | (622 | ) | (929 | ) | |||||
Professional fees and other charges | 63 | 252 | 4,234 | ||||||||
Total restructuring charges | $ | 11,064 | 5,412 | 30,665 | |||||||
Investment_Securities_Availabl1
Investment Securities Available for Sale (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Investments [Abstract] | ' | |||||||||||||||||||
Summary of Available-for-Sale Investment Securities | ' | |||||||||||||||||||
The amortized cost, gross unrealized gains and losses, and estimated fair values of investment securities available for sale at December 31, 2013 and 2012 are summarized below. | ||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||
(in thousands) | Amortized Cost (1) | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||
U.S. Treasury securities | $ | 17,791 | — | — | 17,791 | |||||||||||||||
U.S. Government agency securities | 33,480 | 1,161 | — | 34,641 | ||||||||||||||||
Securities issued by U.S. Government sponsored enterprises | 112,305 | 1,440 | — | 113,745 | ||||||||||||||||
Mortgage-backed securities issued by U.S. Government agencies | 196,521 | 2,257 | (3,661 | ) | 195,117 | |||||||||||||||
Mortgage-backed securities issued by U.S. Government sponsored enterprises | 2,443,282 | 9,718 | (31,640 | ) | 2,421,360 | |||||||||||||||
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | 406,717 | 698 | (8,875 | ) | 398,540 | |||||||||||||||
State and municipal securities | 6,723 | 168 | (2 | ) | 6,889 | |||||||||||||||
Equity securities | 3,856 | 3,728 | — | 7,584 | ||||||||||||||||
Other investments | 4,074 | — | (383 | ) | 3,691 | |||||||||||||||
Total investment securities available for sale | $ | 3,224,749 | 19,170 | (44,561 | ) | 3,199,358 | ||||||||||||||
December 31, 2012 | ||||||||||||||||||||
(in thousands) | Amortized Cost (1) | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||
U.S. Treasury securities | $ | 356 | — | — | 356 | |||||||||||||||
U.S. Government agency securities | 35,791 | 2,255 | — | 38,046 | ||||||||||||||||
Securities issued by U.S. Government sponsored enterprises | 289,523 | 3,787 | — | 293,310 | ||||||||||||||||
Mortgage-backed securities issued by U.S. Government agencies | 238,381 | 7,220 | (8 | ) | 245,593 | |||||||||||||||
Mortgage-backed securities issued by U.S. Government sponsored enterprises | 1,832,076 | 37,646 | (2,229 | ) | 1,867,493 | |||||||||||||||
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | 513,637 | 2,534 | (1,682 | ) | 514,489 | |||||||||||||||
State and municipal securities | 15,218 | 582 | (2 | ) | 15,798 | |||||||||||||||
Equity securities | 3,648 | 92 | — | 3,740 | ||||||||||||||||
Other investments | 3,000 | — | (713 | ) | 2,287 | |||||||||||||||
Total investment securities available for sale | $ | 2,931,630 | 54,116 | (4,634 | ) | 2,981,112 | ||||||||||||||
(1) | Amortized cost is adjusted for other-than-temporary impairment charges in 2013 and 2012, which have been recognized in the consolidated statements of income in the applicable year, and were considered inconsequential. | |||||||||||||||||||
Schedule of Unrealized Loss on Investments | ' | |||||||||||||||||||
Gross unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2013 and December 31, 2012 are presented below. | ||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||
Less than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||
(in thousands) | Fair | Gross Unrealized | Fair | Gross Unrealized | Fair | Gross Unrealized | ||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||
U.S. Treasury securities | $ | — | — | — | — | — | — | |||||||||||||
U.S. Government agency securities | — | — | — | — | — | — | ||||||||||||||
Securities issued by U.S. Government sponsored enterprises | — | — | — | — | — | — | ||||||||||||||
Mortgage-backed securities issued by U.S. Government agencies | 121,607 | 3,363 | 2,951 | 298 | 124,558 | 3,661 | ||||||||||||||
Mortgage-backed securities issued by U.S. Government sponsored enterprises | 1,885,521 | 31,640 | — | — | 1,885,521 | 31,640 | ||||||||||||||
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | 282,898 | 8,875 | — | — | 282,898 | 8,875 | ||||||||||||||
State and municipal securities | — | — | 40 | 2 | 40 | 2 | ||||||||||||||
Equity securities | — | — | — | — | — | — | ||||||||||||||
Other investments | 1,969 | 105 | 1,722 | 278 | 3,691 | 383 | ||||||||||||||
Total | $ | 2,291,995 | 43,983 | 4,713 | 578 | 2,296,708 | 44,561 | |||||||||||||
December 31, 2012 | ||||||||||||||||||||
Less than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||
(in thousands) | Fair | Gross Unrealized | Fair | Gross Unrealized | Fair | Gross Unrealized | ||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||
U.S. Treasury securities | $ | — | — | — | — | — | — | |||||||||||||
U.S. Government agency securities | — | — | — | — | — | — | ||||||||||||||
Securities issued by U.S. Government sponsored enterprises | — | — | — | — | — | — | ||||||||||||||
Mortgage-backed securities issued by U.S. Government agencies | 3,314 | 8 | 2 | — | 3,316 | 8 | ||||||||||||||
Mortgage-backed securities issued by U.S. Government sponsored enterprises | 286,452 | 2,229 | — | — | 286,452 | 2,229 | ||||||||||||||
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | 42,036 | 325 | 168,906 | 1,357 | 210,942 | 1,682 | ||||||||||||||
State and municipal securities | — | — | 35 | 2 | 35 | 2 | ||||||||||||||
Equity securities | — | — | — | — | — | — | ||||||||||||||
Other investments | 2,287 | 713 | — | — | 2,287 | 713 | ||||||||||||||
Total | $ | 334,089 | 3,275 | 168,943 | 1,359 | 503,032 | 4,634 | |||||||||||||
Amortized Cost and Estimated Fair Value by Contractual Maturity of Investment Securities Available-for-Sale | ' | |||||||||||||||||||
For purposes of the maturity table, mortgage-backed securities and CMOs, which are not due at a single maturity date, have been classified based on the final contractual maturity date. | ||||||||||||||||||||
Distribution of Maturities at December 31, 2013 | ||||||||||||||||||||
(in thousands) | Within One | 1 to 5 | 5 to 10 | More Than | No Stated | Total | ||||||||||||||
Year | Years | Years | 10 Years | Maturity | ||||||||||||||||
Amortized Cost | ||||||||||||||||||||
U.S. Treasury securities | $ | 17,791 | — | — | — | — | 17,791 | |||||||||||||
U.S. Government agency securities | 114 | 9,157 | 24,209 | — | — | 33,480 | ||||||||||||||
Securities issued by U.S. Government sponsored enterprises | 30,109 | 82,196 | — | — | — | 112,305 | ||||||||||||||
Mortgage-backed securities issued by U.S. Government agencies | 40 | 1 | 729 | 195,751 | — | 196,521 | ||||||||||||||
Mortgage-backed securities issued by U.S. Government sponsored enterprises | 782 | 3,450 | 2,024,280 | 414,770 | — | 2,443,282 | ||||||||||||||
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | — | — | 84 | 406,633 | — | 406,717 | ||||||||||||||
State and municipal securities | 1,054 | 2,828 | — | 2,841 | — | 6,723 | ||||||||||||||
Equity securities | — | — | — | — | 3,856 | 3,856 | ||||||||||||||
Other investments | — | — | — | 2,000 | 2,074 | 4,074 | ||||||||||||||
Total amortized cost | $ | 49,890 | 97,632 | 2,049,302 | 1,021,995 | 5,930 | 3,224,749 | |||||||||||||
Fair Value | ||||||||||||||||||||
U.S. Treasury securities | $ | 17,791 | — | — | — | — | 17,791 | |||||||||||||
U.S. Government agency securities | 114 | 9,501 | 25,026 | — | — | 34,641 | ||||||||||||||
Securities issued by U.S. Government sponsored enterprises | 30,642 | 83,103 | — | — | — | 113,745 | ||||||||||||||
Mortgage-backed securities issued by U.S. Government agencies | 41 | 1 | 753 | 194,322 | — | 195,117 | ||||||||||||||
Mortgage-backed securities issued by U.S. Government sponsored enterprises | 829 | 3,684 | 2,000,297 | 416,550 | — | 2,421,360 | ||||||||||||||
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | — | — | 84 | 398,456 | — | 398,540 | ||||||||||||||
State and municipal securities | 1,066 | 2,886 | — | 2,937 | — | 6,889 | ||||||||||||||
Equity securities | — | — | — | — | 7,584 | 7,584 | ||||||||||||||
Other investments | — | — | — | 1,722 | 1,969 | 3,691 | ||||||||||||||
Total fair value | $ | 50,483 | 99,175 | 2,026,160 | 1,013,987 | 9,553 | 3,199,358 | |||||||||||||
Summary of Sales Transactions in the Investment Securities Available-for-Sale Portfolio | ' | |||||||||||||||||||
Other-than-temporary impairment charges of $264 thousand, $450 thousand, and $1.6 million respectively, are included in gross realized losses for the years ended December 31, 2013, 2012 and 2011. The specific identification method is used to reclassify gains and losses out of other comprehensive income at the time of sale. | ||||||||||||||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||||||||||||||
Proceeds from sales of investment securities available for sale | $ | 407,718 | 1,139,558 | 2,002,922 | ||||||||||||||||
Gross realized gains | $ | 3,822 | $ | 39,592 | $ | 76,654 | ||||||||||||||
Gross realized losses | (877 | ) | (450 | ) | (1,647 | ) | ||||||||||||||
Investment securities gains, net | $ | 2,945 | 39,142 | 75,007 | ||||||||||||||||
Loans_And_Allowance_For_Loan_L1
Loans And Allowance For Loan Losses (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Allowance for Loan and Lease Losses, Adjustments, Net [Abstract] | ' | ||||||||||||||||||||
Loans Outstanding by Classification | ' | ||||||||||||||||||||
Loans outstanding, by classification, at December 31, 2013 and 2012 are summarized below. | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
(in thousands) | 2013 | 2012 | |||||||||||||||||||
Investment properties | $ | 4,566,679 | 4,416,481 | ||||||||||||||||||
1-4 family properties | 1,163,253 | 1,286,042 | |||||||||||||||||||
Land acquisition | 707,820 | 795,341 | |||||||||||||||||||
Total commercial real estate | 6,437,752 | 6,497,864 | |||||||||||||||||||
Commercial, financial and agricultural | 5,498,739 | 5,291,078 | |||||||||||||||||||
Owner-occupied | 3,814,720 | 3,762,024 | |||||||||||||||||||
Small business | 687,216 | 516,349 | |||||||||||||||||||
Total commercial and industrial | 10,000,675 | 9,569,451 | |||||||||||||||||||
Home equity lines | 1,587,541 | 1,542,397 | |||||||||||||||||||
Consumer mortgages | 1,519,068 | 1,411,561 | |||||||||||||||||||
Credit cards | 256,846 | 263,561 | |||||||||||||||||||
Other retail loans | 284,778 | 277,229 | |||||||||||||||||||
Total retail | 3,648,233 | 3,494,748 | |||||||||||||||||||
Total loans | 20,086,660 | 19,562,063 | |||||||||||||||||||
Deferred fees and costs, net | (28,862 | ) | (20,373 | ) | |||||||||||||||||
Total loans, net of deferred fees and costs | $ | 20,057,798 | 19,541,690 | ||||||||||||||||||
Schedule of Current, Accruing Past Due, and Nonaccrual Loans | ' | ||||||||||||||||||||
The following is a summary of current, accruing past due, and non-accrual loans by class as of December 31, 2013 and 2012. | |||||||||||||||||||||
Current, Accruing Past Due, and Non-accrual Loans | |||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||
( in thousands) | Current | Accruing 30-89 Days Past Due | Accruing 90 Days or Greater Past Due | Total Accruing Past Due | Non-accrual | Total | |||||||||||||||
Investment properties | $ | 4,496,633 | 3,552 | 40 | 3,592 | 66,454 | 4,566,679 | ||||||||||||||
1-4 family properties | 1,122,640 | 6,267 | 527 | 6,794 | 33,819 | 1,163,253 | |||||||||||||||
Land acquisition | 552,325 | 1,100 | 300 | 1,400 | 154,095 | 707,820 | |||||||||||||||
Total commercial real estate | 6,171,598 | 10,919 | 867 | 11,786 | 254,368 | 6,437,752 | |||||||||||||||
Commercial, financial and agricultural | 5,422,139 | 16,251 | 721 | 16,972 | 59,628 | 5,498,739 | |||||||||||||||
Owner-occupied | 3,768,333 | 9,341 | 66 | 9,407 | 36,980 | 3,814,720 | |||||||||||||||
Small business | 676,947 | 4,506 | 155 | 4,661 | 5,608 | 687,216 | |||||||||||||||
Total commercial and industrial | 9,867,419 | 30,098 | 942 | 31,040 | 102,216 | 10,000,675 | |||||||||||||||
Home equity lines | 1,564,578 | 4,919 | 136 | 5,055 | 17,908 | 1,587,541 | |||||||||||||||
Consumer mortgages | 1,460,219 | 18,068 | 1,011 | 19,079 | 39,770 | 1,519,068 | |||||||||||||||
Credit cards | 253,422 | 1,917 | 1,507 | 3,424 | — | 256,846 | |||||||||||||||
Other retail loans | 280,524 | 2,190 | 26 | 2,216 | 2,038 | 284,778 | |||||||||||||||
Total retail | 3,558,743 | 27,094 | 2,680 | 29,774 | 59,716 | 3,648,233 | |||||||||||||||
Total loans | $ | 19,597,760 | 68,111 | 4,489 | 72,600 | 416,300 | 20,086,660 | (1) | |||||||||||||
December 31, 2012 | |||||||||||||||||||||
( in thousands) | Current | Accruing 30-89 Days Past Due | Accruing 90 Days or Greater Past Due | Total Accruing Past Due | Non-accrual | Total | |||||||||||||||
Investment properties | $ | 4,318,379 | 5,436 | 798 | 6,234 | 91,868 | 4,416,481 | ||||||||||||||
1-4 family properties | 1,200,370 | 13,053 | 41 | 13,094 | 72,578 | 1,286,042 | |||||||||||||||
Land acquisition | 600,146 | 3,422 | 298 | 3,720 | 191,475 | 795,341 | |||||||||||||||
Total commercial real estate | 6,118,895 | 21,911 | 1,137 | 23,048 | 355,921 | 6,497,864 | |||||||||||||||
Commercial, financial and agricultural | 5,194,916 | 15,742 | 845 | 16,587 | 79,575 | 5,291,078 | |||||||||||||||
Owner-occupied | 3,700,793 | 17,784 | 61 | 17,845 | 43,386 | 3,762,024 | |||||||||||||||
Small business | 505,526 | 4,935 | 338 | 5,273 | 5,550 | 516,349 | |||||||||||||||
Total commercial and industrial | 9,401,235 | 38,461 | 1,244 | 39,705 | 128,511 | 9,569,451 | |||||||||||||||
Home equity lines | 1,515,396 | 9,555 | 705 | 10,260 | 16,741 | 1,542,397 | |||||||||||||||
Consumer mortgages | 1,348,506 | 22,502 | 1,288 | 23,790 | 39,265 | 1,411,561 | |||||||||||||||
Credit cards | 258,698 | 2,450 | 2,413 | 4,863 | — | 263,561 | |||||||||||||||
Other retail loans | 271,175 | 3,135 | 24 | 3,159 | 2,895 | 277,229 | |||||||||||||||
Total retail | 3,393,775 | 37,642 | 4,430 | 42,072 | 58,901 | 3,494,748 | |||||||||||||||
Total loans | $ | 18,913,905 | 98,014 | 6,811 | 104,825 | 543,333 | 19,562,063 | (2) | |||||||||||||
(1) Total before net deferred fees and costs of $28.9 million. | |||||||||||||||||||||
(2) Total before net deferred fees and costs of $20.4 million. | |||||||||||||||||||||
Loan Portfolio Credit Exposure | ' | ||||||||||||||||||||
In the following tables, retail loans and small business loans are classified as Pass except when they reach 90 days past due or are downgraded to substandard, and upon reaching 120 days past due, they are downgraded to loss and charged off, in accordance with the FFIEC Uniform Retail Credit Classification and Account Management Policy. The risk grade classifications of retail loans secured by junior liens on 1-4 family residential properties also consider available information on the payment status of the associated senior lien with other financial institutions. | |||||||||||||||||||||
Loan Portfolio Credit Exposure by Risk Grade | |||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||
(in thousands) | Pass | Special | Substandard(1) | Doubtful(2) | Loss | Total | |||||||||||||||
Mention | |||||||||||||||||||||
Investment properties | $ | 4,150,790 | 249,890 | 164,275 | 1,724 | — | 4,566,679 | ||||||||||||||
1-4 family properties | 898,409 | 126,715 | 129,775 | 8,062 | 292 | (2) (3) | 1,163,253 | ||||||||||||||
Land acquisition | 424,444 | 94,316 | 186,513 | 2,547 | — | 707,820 | |||||||||||||||
Total commercial real | 5,473,643 | 470,921 | 480,563 | 12,333 | 292 | (2) (3) | 6,437,752 | ||||||||||||||
estate | |||||||||||||||||||||
Commercial, financial and agricultural | 5,062,333 | 224,620 | 201,410 | 10,286 | 90 | (2) (3) | 5,498,739 | ||||||||||||||
Owner-occupied | 3,495,407 | 155,097 | 162,406 | 1,810 | — | 3,814,720 | |||||||||||||||
Small business | 674,200 | — | 12,219 | — | 797 | (2) (4) | 687,216 | ||||||||||||||
Total commercial and | 9,231,940 | 379,717 | 376,035 | 12,096 | 887 | 10,000,675 | |||||||||||||||
industrial | |||||||||||||||||||||
Home equity lines | 1,559,272 | — | 24,931 | — | 3,338 | (2) (4) | 1,587,541 | ||||||||||||||
Consumer mortgages | 1,475,928 | — | 40,935 | — | 2,205 | (2) (4) | 1,519,068 | ||||||||||||||
Credit cards | 255,339 | — | 541 | — | 966 | (4) | 256,846 | ||||||||||||||
Other retail loans | 281,179 | — | 3,400 | — | 199 | (2) (4) | 284,778 | ||||||||||||||
Total retail | 3,571,718 | — | 69,807 | — | 6,708 | 3,648,233 | |||||||||||||||
Total loans | $ | 18,277,301 | 850,638 | 926,405 | 24,429 | 7,887 | 20,086,660 | (5) | |||||||||||||
December 31, 2012 | |||||||||||||||||||||
(in thousands) | Pass | Special | Substandard(1) | Doubtful(2) | Loss | Total | |||||||||||||||
Mention | |||||||||||||||||||||
Investment properties | $ | 3,699,465 | 463,532 | 253,484 | — | — | 4,416,481 | ||||||||||||||
1-4 family properties | 910,149 | 197,149 | 176,672 | 1,953 | 119 | (2) (3) | 1,286,042 | ||||||||||||||
Land acquisition | 417,935 | 143,684 | 227,761 | 5,961 | — | 795,341 | |||||||||||||||
Total commercial real | 5,027,549 | 804,365 | 657,917 | 7,914 | 119 | (2) (3) | 6,497,864 | ||||||||||||||
estate | |||||||||||||||||||||
Commercial, financial and agricultural | 4,719,417 | 311,475 | 249,122 | 10,964 | 100 | 5,291,078 | |||||||||||||||
Owner-occupied | 3,301,220 | 261,116 | 198,833 | 855 | — | 3,762,024 | |||||||||||||||
Small business | 504,491 | — | 10,563 | — | 1,295 | (2) (4) | 516,349 | ||||||||||||||
Total commercial and | 8,525,128 | 572,591 | 458,518 | 11,819 | 1,395 | 9,569,451 | |||||||||||||||
industrial | |||||||||||||||||||||
Home equity lines | 1,511,729 | — | 29,094 | — | 1,574 | (2)(4) | 1,542,397 | ||||||||||||||
Consumer mortgages | 1,371,659 | — | 39,321 | — | 581 | (2)(4) | 1,411,561 | ||||||||||||||
Credit cards | 260,194 | — | 1,776 | — | 1,591 | (4) | 263,561 | ||||||||||||||
Other retail loans | 272,917 | — | 4,093 | — | 219 | (2)(4) | 277,229 | ||||||||||||||
Total retail | 3,416,499 | — | 74,284 | — | 3,965 | 3,494,748 | |||||||||||||||
Total loans | $ | 16,969,176 | 1,376,956 | 1,190,719 | 19,733 | 5,479 | 19,562,063 | (6) | |||||||||||||
(1) | Includes $384.0 million and $518.1 million of non-accrual substandard loans at December 31, 2013 and December 31, 2012, respectively. | ||||||||||||||||||||
(2) The loans within these risk grades are on non-accrual status. | |||||||||||||||||||||
(3) Amount was fully reserved and charged-off in the subsequent quarter. | |||||||||||||||||||||
(4) Represent amounts that were 120 days past due. These credits are downgraded to the loss category with an allowance for loan losses equal to the full loan amount and are charged off in the subsequent quarter. | |||||||||||||||||||||
(5) Total before net deferred fees and costs of $28.9 million. | |||||||||||||||||||||
(6) Total before net deferred fees and costs of $20.4 million. | |||||||||||||||||||||
Schedule of Allowances for Loan Losses and Recorded Investment in Loans | ' | ||||||||||||||||||||
The following table details the change in the allowance for loan losses by loan segment for the years ended December 31, 2013, 2012 and 2011. | |||||||||||||||||||||
Allowance for Loan Losses and Recorded Investment in Loans | |||||||||||||||||||||
As Of and For The Year Ended December 31, 2013 | |||||||||||||||||||||
(in thousands) | Commercial Real Estate | Commercial & Industrial | Retail | Unallocated | Total | ||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||
Beginning balance | $ | 167,926 | 138,495 | 38,984 | 28,000 | 373,405 | |||||||||||||||
Charge-offs | (86,990 | ) | (58,977 | ) | (33,986 | ) | — | (179,953 | ) | ||||||||||||
Recoveries | 17,068 | 19,918 | 7,524 | — | 44,510 | ||||||||||||||||
Provision for loan losses | 29,008 | 16,633 | 28,957 | (5,000 | ) | 69,598 | |||||||||||||||
Ending balance | $ | 127,012 | 116,069 | 41,479 | 23,000 | 307,560 | |||||||||||||||
Ending balance: individually evaluated for impairment | 46,737 | 20,068 | 1,192 | — | 67,997 | ||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 80,275 | 96,001 | 40,287 | 23,000 | 239,563 | |||||||||||||||
Loans | |||||||||||||||||||||
Ending balance: total loans (1) | $ | 6,437,752 | 10,000,675 | 3,648,233 | — | 20,086,660 | |||||||||||||||
Ending balance: individually evaluated for impairment | 537,736 | 243,856 | 54,962 | — | 836,554 | ||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 5,900,016 | 9,756,819 | 3,593,271 | — | 19,250,106 | |||||||||||||||
As Of and For The Year Ended December 31, 2012 | |||||||||||||||||||||
(in thousands) | Commercial Real Estate | Commercial & Industrial | Retail | Unallocated | Total | ||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||
Beginning balance | $ | 249,094 | 187,409 | 51,993 | 47,998 | 536,494 | |||||||||||||||
Charge-offs | (316,699 | ) | (184,811 | ) | (55,265 | ) | — | (556,775 | ) | ||||||||||||
Recoveries | 36,576 | 27,745 | 8,996 | — | 73,317 | ||||||||||||||||
Provision for loan losses | 198,955 | 108,152 | 33,260 | (19,998 | ) | 320,369 | |||||||||||||||
Ending balance | $ | 167,926 | 138,495 | 38,984 | 28,000 | 373,405 | |||||||||||||||
Ending balance: individually evaluated for impairment | 58,948 | 24,678 | 1,149 | — | 84,775 | ||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 108,978 | $ | 113,817 | $ | 37,835 | $ | 28,000 | 288,630 | ||||||||||||
Loans | |||||||||||||||||||||
Ending balance: total loans(2) | $ | 6,497,864 | 9,569,451 | 3,494,748 | — | 19,562,063 | |||||||||||||||
Ending balance: individually evaluated for impairment | 685,078 | 313,876 | 63,566 | — | 1,062,520 | ||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 5,812,786 | 9,255,575 | 3,431,182 | — | 18,499,543 | |||||||||||||||
As Of and For The Year Ended December 31, 2011 | |||||||||||||||||||||
(in thousands) | Commercial Real Estate | Commercial & Industrial | Retail | Unallocated | Total | ||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||
Beginning balance | $ | 353,923 | 223,981 | 41,555 | 84,088 | 703,547 | |||||||||||||||
Charge-offs | (384,297 | ) | (179,717 | ) | (75,700 | ) | — | (639,714 | ) | ||||||||||||
Recoveries | 25,604 | 19,768 | 8,494 | — | 53,866 | ||||||||||||||||
Provision for loan losses | 253,864 | 123,377 | 77,644 | (36,090 | ) | 418,795 | |||||||||||||||
Ending balance | $ | 249,094 | 187,409 | 51,993 | 47,998 | 536,494 | |||||||||||||||
Ending balance: individually evaluated for impairment | 64,447 | 42,600 | 2,437 | — | 109,484 | ||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 184,647 | 144,809 | 49,556 | 47,998 | 427,010 | |||||||||||||||
Loans | |||||||||||||||||||||
Ending balance: total loans(3) | $ | 7,282,420 | 9,229,805 | 3,579,574 | — | 20,091,799 | |||||||||||||||
Ending balance: individually evaluated for impairment | 870,157 | 384,455 | 52,960 | — | 1,307,572 | ||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 6,412,263 | 8,845,350 | 3,526,614 | — | 18,784,227 | |||||||||||||||
(1) Total before net deferred fees and costs of $28.9 million. | |||||||||||||||||||||
(2) Total before net deferred fees and costs of $20.4 million. | |||||||||||||||||||||
(3) Total before net deferred fees and costs of $12.0 million. | |||||||||||||||||||||
Schedule of Impaired Loans | ' | ||||||||||||||||||||
Below is a detailed summary of impaired loans (including accruing TDRs) by class as of December 31, 2013 and 2012. | |||||||||||||||||||||
Impaired Loans (including accruing TDRs) | December 31, 2013 | ||||||||||||||||||||
(in thousands) | Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Recognized | ||||||||||||||||
With no related allowance recorded | |||||||||||||||||||||
Investment properties | $ | 14,218 | 15,820 | — | 18,046 | — | |||||||||||||||
1-4 family properties | 9,679 | 29,741 | — | 23,879 | — | ||||||||||||||||
Land acquisition | 30,595 | 78,470 | — | 41,007 | — | ||||||||||||||||
Total commercial real estate | 54,492 | 124,031 | — | 82,932 | — | ||||||||||||||||
Commercial, financial and agricultural | 13,490 | 22,312 | — | 15,355 | — | ||||||||||||||||
Owner-occupied | 24,839 | 32,626 | — | 22,556 | — | ||||||||||||||||
Small business | — | — | — | — | — | ||||||||||||||||
Total commercial and industrial | 38,329 | 54,938 | — | 37,911 | — | ||||||||||||||||
Home equity lines | — | — | — | 33 | — | ||||||||||||||||
Consumer mortgages | 1,180 | 2,840 | — | 1,487 | — | ||||||||||||||||
Credit cards | — | — | — | — | — | ||||||||||||||||
Other retail loans | — | — | — | 4 | — | ||||||||||||||||
Total retail | 1,180 | 2,840 | — | 1,524 | — | ||||||||||||||||
Total | 94,001 | 181,809 | — | 122,367 | — | ||||||||||||||||
With allowance recorded | |||||||||||||||||||||
Investment properties | 185,152 | 192,859 | 8,822 | 226,308 | 5,043 | ||||||||||||||||
1-4 family properties | 115,063 | 117,410 | 11,126 | 115,614 | 3,464 | ||||||||||||||||
Land acquisition | 183,029 | 202,048 | 26,789 | 191,807 | 2,931 | ||||||||||||||||
Total commercial real estate | 483,244 | 512,317 | 46,737 | 533,729 | 11,438 | ||||||||||||||||
Commercial, financial and agricultural | 112,291 | 117,049 | 15,364 | 126,242 | 3,534 | ||||||||||||||||
Owner-occupied | 87,567 | 93,435 | 4,368 | 106,865 | 3,609 | ||||||||||||||||
Small business | 5,669 | 5,669 | 336 | 4,132 | 162 | ||||||||||||||||
Total commercial and industrial | 205,527 | 216,153 | 20,068 | 237,239 | 7,305 | ||||||||||||||||
Home equity lines | 2,750 | 2,750 | 116 | 4,668 | 176 | ||||||||||||||||
Consumer mortgages | 44,019 | 44,019 | 967 | 48,674 | 1,910 | ||||||||||||||||
Credit card | — | — | — | — | — | ||||||||||||||||
Other retail loans | 7,013 | 7,013 | 109 | 5,555 | 285 | ||||||||||||||||
Total retail | 53,782 | 53,782 | 1,192 | 58,897 | 2,371 | ||||||||||||||||
Total | 742,553 | 782,252 | 67,997 | 829,865 | 21,114 | ||||||||||||||||
Total | |||||||||||||||||||||
Investment properties | 199,370 | 208,679 | 8,822 | 244,354 | 5,043 | ||||||||||||||||
1-4 family properties | 124,742 | 147,151 | 11,126 | 139,493 | 3,464 | ||||||||||||||||
Land acquisition | 213,624 | 280,518 | 26,789 | 232,814 | 2,931 | ||||||||||||||||
Total commercial real estate | 537,736 | 636,348 | 46,737 | 616,661 | 11,438 | ||||||||||||||||
Commercial, financial and agricultural | 125,781 | 139,361 | 15,364 | 141,597 | 3,534 | ||||||||||||||||
Owner-occupied | 112,406 | 126,061 | 4,368 | 129,421 | 3,609 | ||||||||||||||||
Small business | 5,669 | 5,669 | 336 | 4,132 | 162 | ||||||||||||||||
Total commercial and industrial | 243,856 | 271,091 | 20,068 | 275,150 | 7,305 | ||||||||||||||||
Home equity lines | 2,750 | 2,750 | 116 | 4,701 | 176 | ||||||||||||||||
Consumer mortgages | 45,199 | 46,859 | 967 | 50,161 | 1,910 | ||||||||||||||||
Credit cards | — | — | — | — | — | ||||||||||||||||
Other retail loans | 7,013 | 7,013 | 109 | 5,559 | 285 | ||||||||||||||||
Total retail | 54,962 | 56,622 | 1,192 | 60,421 | 2,371 | ||||||||||||||||
Total impaired loans | $ | 836,554 | 964,061 | 67,997 | 952,232 | 21,114 | |||||||||||||||
December 31, 2012 | |||||||||||||||||||||
(in thousands) | Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Recognized | ||||||||||||||||
With no related allowance recorded | |||||||||||||||||||||
Investment properties | $ | 10,939 | 14,130 | — | 42,947 | — | |||||||||||||||
1-4 family properties | 40,793 | 117,869 | — | 97,434 | — | ||||||||||||||||
Land acquisition | 59,697 | 125,023 | — | 158,015 | — | ||||||||||||||||
Total commercial real estate | 111,429 | 257,022 | — | 298,396 | — | ||||||||||||||||
Commercial, financial and agricultural | 18,618 | 34,753 | — | 40,947 | — | ||||||||||||||||
Owner-occupied | 12,563 | 16,680 | — | 27,763 | — | ||||||||||||||||
Small business | — | — | — | — | — | ||||||||||||||||
Total commercial and industrial | 31,181 | 51,433 | — | 68,710 | — | ||||||||||||||||
Home equity lines | 51 | 51 | — | 2,811 | — | ||||||||||||||||
Consumer mortgages | 1,247 | 2,263 | — | 3,706 | — | ||||||||||||||||
Credit cards | — | — | — | — | — | ||||||||||||||||
Other retail loans | 7 | 15 | — | 127 | — | ||||||||||||||||
Total retail | 1,305 | 2,329 | — | 6,644 | — | ||||||||||||||||
Total | 143,915 | 310,784 | — | 373,750 | — | ||||||||||||||||
With allowance recorded | |||||||||||||||||||||
Investment properties | 253,851 | 254,339 | 20,209 | 230,848 | 6,144 | ||||||||||||||||
1-4 family properties | 114,207 | 117,505 | 11,414 | 141,529 | 4,347 | ||||||||||||||||
Land acquisition | 205,591 | 205,601 | 27,325 | 97,173 | 2,018 | ||||||||||||||||
Total commercial real estate | 573,649 | 577,445 | 58,948 | 469,550 | 12,509 | ||||||||||||||||
Commercial, financial and agricultural | 161,711 | 163,472 | 17,186 | 164,905 | 3,974 | ||||||||||||||||
Owner-occupied | 117,651 | 126,106 | 7,308 | 134,960 | 4,602 | ||||||||||||||||
Small business | 3,333 | 3,333 | 184 | 1,950 | 76 | ||||||||||||||||
Total commercial and industrial | 282,695 | 292,911 | 24,678 | 301,815 | 8,652 | ||||||||||||||||
Home equity lines | 8,696 | 8,696 | 195 | 7,071 | 237 | ||||||||||||||||
Consumer mortgages | 50,261 | 50,261 | 880 | 38,912 | 1,300 | ||||||||||||||||
Credit cards | — | — | — | — | — | ||||||||||||||||
Other retail loans | 3,304 | 3,304 | 74 | 2,543 | 167 | ||||||||||||||||
Total retail | 62,261 | 62,261 | 1,149 | 48,526 | 1,704 | ||||||||||||||||
Total | 918,605 | 932,617 | 84,775 | 819,891 | 22,865 | ||||||||||||||||
Total | |||||||||||||||||||||
Investment properties | 264,790 | 268,469 | 20,209 | 273,795 | 6,144 | ||||||||||||||||
1-4 family properties | 155,000 | 235,374 | 11,414 | 238,963 | 4,347 | ||||||||||||||||
Land acquisition | 265,288 | 330,624 | 27,325 | 255,188 | 2,018 | ||||||||||||||||
Total commercial real estate | 685,078 | 834,467 | 58,948 | 767,946 | 12,509 | ||||||||||||||||
Commercial, financial and agricultural | 180,329 | 198,225 | 17,186 | 205,852 | 3,974 | ||||||||||||||||
Owner-occupied | 130,214 | 142,786 | 7,308 | 162,723 | 4,602 | ||||||||||||||||
Small business | 3,333 | 3,333 | 184 | 1,950 | 76 | ||||||||||||||||
Total commercial and industrial | 313,876 | 344,344 | 24,678 | 370,525 | 8,652 | ||||||||||||||||
Home equity lines | 8,747 | 8,747 | 195 | 9,882 | 237 | ||||||||||||||||
Consumer mortgages | 51,508 | 52,524 | 880 | 42,618 | 1,300 | ||||||||||||||||
Credit cards | — | — | — | — | — | ||||||||||||||||
Other retail loans | 3,311 | 3,319 | 74 | 2,670 | 167 | ||||||||||||||||
Total retail | 63,566 | 64,590 | 1,149 | 55,170 | 1,704 | ||||||||||||||||
Total impaired loans | $ | 1,062,520 | 1,243,401 | 84,775 | 1,193,641 | 22,865 | |||||||||||||||
Troubled Debt Restructurings | ' | ||||||||||||||||||||
The following tables represent the post-modification balance, shown by type of concession, for loans modified or renewed during the years ended December 31, 2013 and 2012 that were reported as accruing or non-accruing TDRs. | |||||||||||||||||||||
TDRs by Concession Type | |||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||
(in thousands, except contract data) | Number of Contracts | Principal Forgiveness | Below Market Interest Rate | Term Extensions and/or Other Concessions | Total | ||||||||||||||||
Investment properties | 47 | $ | 19,993 | 121,263 | 4,372 | 145,628 | |||||||||||||||
1-4 family properties | 131 | 424 | 37,180 | 9,583 | 47,187 | ||||||||||||||||
Land acquisition | 28 | 74 | 113,726 | 10,175 | 123,975 | ||||||||||||||||
Total commercial real estate | 206 | 20,491 | 272,169 | 24,130 | 316,790 | ||||||||||||||||
Commercial, financial and agricultural | 78 | 2,283 | 22,399 | 19,529 | 44,211 | ||||||||||||||||
Owner-occupied | 40 | — | 28,988 | 22,801 | 51,789 | ||||||||||||||||
Small business | 52 | — | 1,553 | 3,497 | 5,050 | ||||||||||||||||
Total commercial and industrial | 170 | 2,283 | 52,940 | 45,827 | 101,050 | ||||||||||||||||
Home equity lines | 1 | — | — | 80 | 80 | ||||||||||||||||
Consumer mortgages | 141 | — | 11,513 | 4,196 | 15,709 | ||||||||||||||||
Credit cards | — | — | — | — | — | ||||||||||||||||
Other retail loans | 65 | — | 1,118 | 1,598 | 2,716 | ||||||||||||||||
Total retail | 207 | — | 12,631 | 5,874 | 18,505 | ||||||||||||||||
Total loans | 583 | $ | 22,774 | 337,740 | 75,831 | 436,345 | (1) | ||||||||||||||
(1) As a result of these loans being reported as TDRs, there were net charge-offs of approximately $4 million recorded during 2013. | |||||||||||||||||||||
TDRs by Concession Type | |||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||
(in thousands, except contract data) | Number of Contracts | Principal Forgiveness | Below Market Interest Rate | Term Extensions and/or Other Concessions | Total | ||||||||||||||||
Investment properties | 74 | $ | 77 | 93,732 | 47,184 | 140,993 | |||||||||||||||
1-4 family properties | 130 | 404 | 60,735 | 15,061 | 76,200 | ||||||||||||||||
Land acquisition | 78 | — | 62,585 | 21,394 | 83,979 | ||||||||||||||||
Total commercial real estate | 282 | 481 | 217,052 | 83,639 | 301,172 | ||||||||||||||||
Commercial, financial and agricultural | 116 | 35,058 | 45,712 | 26,810 | 107,580 | ||||||||||||||||
Owner-occupied | 70 | — | 38,285 | 9,655 | 47,940 | ||||||||||||||||
Small business | 40 | — | 1,055 | 3,470 | 4,525 | ||||||||||||||||
Total commercial and industrial | 226 | 35,058 | 85,052 | 39,935 | 160,045 | ||||||||||||||||
Home equity lines | 22 | — | 985 | 2,330 | 3,315 | ||||||||||||||||
Consumer mortgages | 326 | — | 10,202 | 21,794 | 31,996 | ||||||||||||||||
Credit cards | — | — | — | — | — | ||||||||||||||||
Other retail loans | 87 | — | 1,359 | 3,957 | 5,316 | ||||||||||||||||
Total retail | 435 | — | 12,546 | 28,081 | 40,627 | ||||||||||||||||
Total loans | 943 | $ | 35,539 | 314,650 | 151,655 | 501,844 | (1) | ||||||||||||||
(1) As a result of these loans being reported as TDRs, there were net charge-offs of approximately $16 million recorded during 2012. | |||||||||||||||||||||
Troubled Debt Restructurings that Subsequently Defaulted | ' | ||||||||||||||||||||
The following table presents TDRs that defaulted in the years indicated and which were modified or renewed in a TDR within 12 months of the default date: | |||||||||||||||||||||
Troubled Debt Restructurings Entered Into That Subsequently Defaulted(1) During | |||||||||||||||||||||
Year Ended December 31, 2013 | Year Ended December 31, 2012(2) | ||||||||||||||||||||
(in thousands, except contract data) | Number of | Recorded | Number of | Recorded | |||||||||||||||||
Contracts | Investment | Contracts | Investment | ||||||||||||||||||
Investment properties | 3 | $ | 4,722 | 8 | $ | 7,418 | |||||||||||||||
1-4 family properties | 10 | 12,576 | 12 | 8,098 | |||||||||||||||||
Land acquisition | 1 | 125 | 10 | 9,925 | |||||||||||||||||
Total commercial real estate | 14 | 17,423 | 30 | 25,441 | |||||||||||||||||
Commercial, financial and agricultural | 4 | 776 | 6 | 2,973 | |||||||||||||||||
Owner-occupied | 2 | 924 | 7 | 4,968 | |||||||||||||||||
Small business | 2 | 24 | 3 | 322 | |||||||||||||||||
Total commercial and industrial | 8 | 1,724 | 16 | 8,263 | |||||||||||||||||
Home equity lines | 1 | 98 | — | — | |||||||||||||||||
Consumer mortgages | 18 | 1,496 | 9 | 2,788 | |||||||||||||||||
Credit cards | — | — | — | — | |||||||||||||||||
Other retail loans | 1 | 195 | 2 | 53 | |||||||||||||||||
Total retail | 20 | 1,789 | 11 | 2,841 | |||||||||||||||||
Total loans | 42 | $ | 20,936 | 57 | $ | 36,545 | |||||||||||||||
(1) Defaulted is defined as the earlier of the troubled debt restructuring being placed on non-accrual status or reaching 90 days past due with respect to principal and/or interest payments. | |||||||||||||||||||||
(2) Amounts related to loans modified or renewed into TDRs within 12 months of the default date that subsequently defaulted during the year ended December 31, 2012 were previously disclosed as 80 contracts with recorded investment totaling $68.9 million. These amounts were revised in the table above due to a re-evaluation of the defaulted status of certain loans during this period. | |||||||||||||||||||||
Summary of Loans to Executive Officers and Directors, Including Their Associates | ' | ||||||||||||||||||||
The following is a summary of such loans and the activity in these loans for the year ended December 31, 2013. | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Balance at December 31, 2012 | $ | 80,518 | |||||||||||||||||||
New loans | 361,179 | ||||||||||||||||||||
Repayments | (330,409 | ) | |||||||||||||||||||
Loans charged-off | — | ||||||||||||||||||||
Balance at December 31, 2013 | $ | 111,288 | |||||||||||||||||||
Goodwill_And_Other_Intangible_1
Goodwill And Other Intangible Assets (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Schedule of Goodwill | ' | ||||||||||||
The following table shows the changes in the carrying amount of goodwill for the years ended December 31, 2013 and 2012: | |||||||||||||
(in thousands) | |||||||||||||
Balance as of January 1, 2012 | |||||||||||||
Goodwill | $ | 519,138 | |||||||||||
Accumulated impairment losses | 494,707 | ||||||||||||
Additional impairment losses during the year | — | ||||||||||||
Ending Balance December 31, 2012 | 24,431 | ||||||||||||
Balance as of January 1, 2013 | |||||||||||||
Goodwill | 519,138 | ||||||||||||
Accumulated impairment losses | 494,707 | ||||||||||||
Additional impairment losses during the year | — | ||||||||||||
Ending Balance December 31, 2013 | $ | 24,431 | |||||||||||
Schedule of Other Intangible Assets | ' | ||||||||||||
Other intangible assets as of December 31, 2013 and 2012 are presented in the following table: | |||||||||||||
2013 | |||||||||||||
(in thousands) | Gross Carrying Amount | Accumulated | Impairment | Net | |||||||||
Amortization | |||||||||||||
Other intangible assets: | |||||||||||||
Purchased trust revenues | $ | 4,210 | -3,532 | — | 678 | ||||||||
Acquired customer contracts | 5,270 | (5,267 | ) | — | 3 | ||||||||
Core deposit premiums | 46,331 | (43,856 | ) | — | 2,475 | ||||||||
Other | 640 | (381 | ) | — | 259 | ||||||||
Total carrying value | $ | 56,451 | -53,036 | — | 3,415 | ||||||||
2012 | |||||||||||||
(in thousands) | Gross Carrying Amount | Accumulated | Impairment | Net | |||||||||
Amortization | |||||||||||||
Other intangible assets: | |||||||||||||
Purchased trust revenues | $ | 4,210 | -3,251 | — | 959 | ||||||||
Acquired customer contracts | 5,270 | (5,262 | ) | — | 8 | ||||||||
Core deposit premiums | 46,331 | (42,457 | ) | — | 3,874 | ||||||||
Other | 640 | (332 | ) | — | 308 | ||||||||
Total carrying value | $ | 56,451 | -51,302 | — | 5,149 | ||||||||
Other_Comprehensive_Income_Los1
Other Comprehensive Income (Loss) (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Schedule of Changes in Accumulated Other Comprehensive Income (Loss) by Component (Net of Income Taxes) | ' | ||||||||||||
The following table illustrates activity within the balances in accumulated other comprehensive income (loss) by component, and is shown for the years ended December 31, 2013, 2012, and 2011. | |||||||||||||
Changes in Accumulated Other Comprehensive Income (Loss) by Component (Net of Income Taxes) | |||||||||||||
(in thousands) | Net unrealized gains (losses) on cash flow hedges | Net unrealized gains (losses) on investment securities available for sale | Post-retirement unfunded health benefit | Total | |||||||||
Balance at December 31, 2010 | $ | (1,208 | ) | 58,366 | — | 57,158 | |||||||
Other comprehensive income (loss) before reclassifications | (4,279 | ) | 20,987 | — | 16,708 | ||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (7,037 | ) | (45,736 | ) | — | (52,773 | ) | ||||||
Net current period other comprehensive income (loss) | (11,316 | ) | (24,749 | ) | — | (36,065 | ) | ||||||
Balance at December 31, 2011 | $ | (12,524 | ) | 33,617 | — | 21,093 | |||||||
Other comprehensive income (loss) before reclassifications | — | 7,566 | 395 | 7,961 | |||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (849 | ) | (24,072 | ) | (32 | ) | (24,953 | ) | |||||
Net current period other comprehensive income (loss) | (849 | ) | (16,506 | ) | 363 | (16,992 | ) | ||||||
Balance at December 31, 2012 | $ | (13,373 | ) | 17,111 | 363 | 4,101 | |||||||
Other comprehensive income (loss) before reclassifications | — | (44,236 | ) | 519 | (43,717 | ) | |||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 274 | (1,811 | ) | (105 | ) | (1,642 | ) | ||||||
Net current period other comprehensive income (loss) | 274 | (46,047 | ) | 414 | (45,359 | ) | |||||||
Balance at December 31, 2013 | $ | (13,099 | ) | (28,936 | ) | 777 | (41,258 | ) | |||||
Schedule of Reclassifications out of Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||
The following table illustrates activity within the reclassifications out of accumulated other comprehensive income (loss), for the year ended December 31, 2013. | |||||||||||||
Reclassifications out of Accumulated Other Comprehensive Income (Loss) | |||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||
Details about accumulated other comprehensive income (loss) components | Amount reclassified from accumulated other comprehensive income (loss) | Affected line item in the statement where net income is presented | |||||||||||
Net unrealized gains (losses) on cash flow hedges: | |||||||||||||
Amortization of deferred losses | $ | (447 | ) | Interest expense | |||||||||
173 | Income tax (expense) benefit | ||||||||||||
$ | (274 | ) | Reclassifications, net of income taxes | ||||||||||
Net unrealized gains (losses) on investment securities available for sale: | |||||||||||||
Realized gain on sale of securities | $ | 2,945 | Investment securities gains, net | ||||||||||
(1,134 | ) | Income tax (expense) benefit | |||||||||||
$ | 1,811 | Reclassifications, net of income taxes | |||||||||||
Post-retirement unfunded health benefit: | |||||||||||||
Amortization of actuarial gains | $ | 170 | Salaries and other personnel expense | ||||||||||
(65 | ) | Income tax (expense) benefit | |||||||||||
$ | 105 | Reclassifications, net of income taxes | |||||||||||
Other_Assets_Tables
Other Assets (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Other Assets [Abstract] | ' | |||||||
Schedule of Other Assets | ' | |||||||
Significant balances included in other assets at December 31, 2013 and 2012 are presented below. | ||||||||
(in thousands) | 2013 | 2012 | ||||||
Cash surrender value of bank-owned life insurance | $ | 278,863 | 271,036 | |||||
Accrued interest receivable | 63,959 | 70,138 | ||||||
Accounts receivable | 34,347 | 21,371 | ||||||
FHLB and FRB Stock | 77,487 | 66,168 | ||||||
Private equity investments | 29,361 | 31,876 | ||||||
Prepaid FDIC deposit insurance assessments | — | 34,401 | ||||||
Other prepaid expenses | 28,990 | 28,576 | ||||||
Derivative asset positions | 40,004 | 64,662 | ||||||
Other properties held for sale | 9,451 | 9,871 | ||||||
Miscellaneous other assets | 53,914 | 62,279 | ||||||
Total other assets | $ | 616,376 | 660,378 | |||||
Deposits_Tables
Deposits (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Interest-bearing Deposit Liabilities [Abstract] | ' | |||||||
Schedule of Interest Bearing Deposits | ' | |||||||
A summary of interest bearing deposits at December 31, 2013 and 2012 is presented below. | ||||||||
(in thousands) | 2013 | 2012 | ||||||
Interest bearing demand deposits | $ | 3,969,634 | 4,016,209 | |||||
Money market accounts, excluding brokered deposits | 6,069,548 | 6,136,538 | ||||||
Savings accounts | 602,655 | 562,717 | ||||||
Time deposits, excluding brokered deposits | 3,498,200 | 3,583,304 | ||||||
Brokered deposits | 1,094,002 | 1,092,749 | ||||||
Total interest bearing deposits | $ | 15,234,039 | 15,391,517 | |||||
Schedule of Cash Maturities of Time Deposits | ' | |||||||
The following table presents contractual maturities of all time deposits at December 31, 2013. | ||||||||
(in thousands) | ||||||||
Maturing within one year | $ | 3,234,724 | ||||||
Between 1 — 2 years | 625,630 | |||||||
2 — 3 years | 254,344 | |||||||
3 — 4 years | 155,221 | |||||||
4 — 5 years | 89,319 | |||||||
Thereafter | 19,807 | |||||||
$ | 4,379,045 | |||||||
Longterm_Debt_and_Shortterm_Bo1
Long-term Debt and Short-term Borrowings (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||
Schedule of Long-term Debt Instruments | ' | ||||||||||
Long-term debt at December 31, 2013 and 2012 is presented in the following table. | |||||||||||
(in thousands) | 2013 | 2012 | |||||||||
Parent Company: | |||||||||||
5.125% subordinated notes, due June 15, 2017, with semi-annual interest payments and principal to be paid at maturity | $ | 450,000 | 450,000 | ||||||||
7.875% senior notes, due February 15, 2019, $300 million par value with semi-annual interest payments and principal to be paid at maturity (1) | 294,606 | 293,554 | |||||||||
4.875% subordinated notes, due February 15, 2013, with semi-annual interest payments and principal to be paid at maturity | — | 60,612 | |||||||||
13.00% junior subordinated amortizing notes with quarterly interest and principal payments through May 15, 2013 | — | 13,566 | |||||||||
LIBOR + 1.80% debentures, due April 19, 2035 with quarterly interest payments and principal to be paid at maturity (rate of 2.04% and 2.11% at December 31, 2013 and 2012, respectively) | 10,000 | 10,000 | |||||||||
Hedge-related basis adjustment(2) | 10,701 | 13,935 | |||||||||
Total long-term debt — Parent Company | 765,307 | 841,667 | |||||||||
Synovus Bank: | |||||||||||
FHLB advances with interest and principal payments due at various maturity dates through 2018 and interest rates ranging from 0.28% to 4.66% at December 31, 2013 (weighted average interest rate of 0.64% and 0.71% at December 31, 2013 and 2012, respectively) | 1,265,354 | 880,701 | |||||||||
Other notes payable and capital leases with interest and principal payments due at various maturity dates through 2031 (weighted average interest rate of 2.49% and 3.89% at December 31, 2013 and 2012, respectively) | 2,480 | 4,087 | |||||||||
Total long-term debt — Synovus Bank | 1,267,834 | 884,788 | |||||||||
Total long-term debt | $ | 2,033,141 | 1,726,455 | ||||||||
(1) | Balance is net of capitalized debt issuance costs and discount | ||||||||||
(2) Unamortized balance of terminated interest rate swaps reflected in debt for financial reporting purposes. | |||||||||||
Schedule of Principal Payments on Long-term Debt | ' | ||||||||||
Contractual annual principal payments on long-term debt for the next five years and thereafter are shown on the following table. | |||||||||||
Parent | Synovus Bank | Total | |||||||||
(in thousands) | Company | ||||||||||
2014 | $ | — | 50,156 | 50,156 | |||||||
2015 | — | 640,157 | 640,157 | ||||||||
2016 | — | 425,161 | 425,161 | ||||||||
2017 | 450,000 | 150,171 | 600,171 | ||||||||
2018 | — | 110 | 110 | ||||||||
Thereafter | 310,000 | 1,460 | 311,460 | ||||||||
Total | $ | 760,000 | $ | 1,267,215 | 2,027,215 | ||||||
Components of Short-term Borrowings | ' | ||||||||||
The following table sets forth certain information regarding federal funds purchased and other securities sold under repurchase agreements. | |||||||||||
(dollars in thousands) | 2013 | 2012 | 2011 | ||||||||
Total balance at December 31, | $ | 148,132 | 201,243 | 313,757 | |||||||
Weighted average interest rate at December 31, | 0.13 | % | 0.16 | 0.24 | |||||||
Maximum month end balance during the year | $ | 244,048 | 398,853 | 452,903 | |||||||
Average amount outstanding during the year | 208,267 | 320,338 | 389,582 | ||||||||
Weighted average interest rate during the year | 0.16 | % | 0.19 | 0.27 | |||||||
Equity_Tables
Equity (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||
Schedule of Change in Preferred and Common Shares Issued and Common Shares Held as Treasury Shares | ' | |||||||||||
The following table shows the change in Preferred and Common Stock issued and Common Stock held as treasury shares for the three years ended December 31, 2013. | ||||||||||||
Series A Preferred Stock Issued | Series C Preferred Stock Issued | Common | Treasury | |||||||||
Stock | Stock | |||||||||||
(shares in thousands) | Issued | Held | ||||||||||
Balance at December 31, 2010 | 968 | — | 790,956 | 5,693 | ||||||||
Issuance (forfeitures) of non-vested stock, net | — | — | (1 | ) | — | |||||||
Restricted share unit activity | — | — | 19 | — | ||||||||
Settlement of prepaid common stock purchase contracts | — | — | 15 | — | ||||||||
Balance at December 31, 2011 | 968 | — | 790,989 | 5,693 | ||||||||
Restricted share unit activity | — | — | 1,284 | — | ||||||||
Balance at December 31, 2012 | 968 | — | 792,273 | 5,693 | ||||||||
Settlement of prepaid Common Stock purchase contracts | — | — | 122,848 | — | ||||||||
Issuance of Common Stock | — | — | 59,871 | — | ||||||||
Restricted share unit activity | — | — | 2,616 | — | ||||||||
Stock options exercised | — | — | 437 | — | ||||||||
Issuance of Series C Preferred Stock | — | 5,200 | — | — | ||||||||
Redemption of Series A Preferred Stock | (968 | ) | — | — | — | |||||||
Balance at December 31, 2013 | — | 5,200 | 978,045 | 5,693 | ||||||||
Regulatory_Capital_Tables
Regulatory Capital (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Regulatory Capital Disclosure [Abstract] | ' | ||||||||||||||||||
Schedule of Compliance with Regulatory Capital | ' | ||||||||||||||||||
The following table summarizes regulatory capital information at December 31, 2013 and 2012 on a consolidated basis and for Synovus’ significant subsidiary, defined as any direct subsidiary with assets or net income levels exceeding 10% of the consolidated totals. | |||||||||||||||||||
Actual | For Capital Adequacy Purposes | To Be Well Capitalized Under Prompt Corrective Action Provisions (1) | |||||||||||||||||
(dollars in thousands) | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Synovus Financial Corp. | |||||||||||||||||||
Tier 1 capital | $ | 2,351,493 | 2,832,244 | 1,030,420 | 1,029,860 | n/a | n/a | ||||||||||||
Total risk-based capital | 2,900,865 | 3,460,998 | 1,785,287 | 1,711,035 | n/a | n/a | |||||||||||||
Tier 1 risk-based capital ratio | 10.54 | % | 13.24 | 4 | 4 | n/a | n/a | ||||||||||||
Total risk-based capital ratio | 13 | 16.18 | 8 | 8 | n/a | n/a | |||||||||||||
Leverage ratio | 9.13 | 11 | 4 | 4 | n/a | n/a | |||||||||||||
Synovus Bank | |||||||||||||||||||
Tier 1 capital | $ | 2,806,197 | 3,173,530 | 1,026,057 | 1,023,060 | 1,335,572 | 1,279,277 | ||||||||||||
Total risk-based capital | 3,084,756 | 3,441,364 | 1,780,763 | 1,705,703 | 2,225,954 | 2,132,129 | |||||||||||||
Tier 1 risk-based capital ratio | 12.61 | % | 14.88 | 4 | 4 | 6 | 6 | ||||||||||||
Total risk-based capital ratio | 13.86 | 16.14 | 8 | 8 | 10 | 10 | |||||||||||||
Leverage ratio | 10.94 | 12.41 | 4 | 4 | 5 | 5 | |||||||||||||
(1) The prompt corrective action provisions are applicable at the bank level only. |
Net_Income_Loss_Per_Common_Sha1
Net Income (Loss) Per Common Share (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
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 years ended December 31, 2013, 2012, and 2011. | ||||||||||
Year Ended December 31, | ||||||||||
(in thousands, except per share data) | 2013 | 2012 | 2011 | |||||||
Net income (loss) | $ | 159,383 | 830,209 | (60,844 | ) | |||||
Net loss attributable to non-controlling interest | — | — | (220 | ) | ||||||
Net income (loss) available to controlling interest | 159,383 | 830,209 | (60,624 | ) | ||||||
Dividends and accretion of discount on preferred stock | 40,830 | 58,703 | 58,088 | |||||||
Net income (loss) available to common shareholders | $ | 118,553 | 771,506 | (118,712 | ) | |||||
Weighted average common shares outstanding, basic | $ | 892,462 | 786,466 | 785,272 | ||||||
Potentially dilutive shares from assumed exercise of securities or other contracts to purchase common stock* | 47,118 | 123,636 | — | |||||||
Weighted average common shares outstanding, diluted | 939,580 | 910,102 | 785,272 | |||||||
Net income (loss) per common share, basic: | ||||||||||
Net income (loss) available to common shareholders | $ | 0.13 | 0.98 | (0.15 | ) | |||||
Net income (loss) per common share, diluted: | ||||||||||
Net income (loss) available to common shareholders | $ | 0.13 | 0.85 | (0.15 | ) | |||||
* Due to the net loss attributable to common shareholders for the year ended December 31, 2011, there were no potentially dilutive shares included in the diluted net loss per common share calculations, as such shares and adjustments would have been anti-dilutive. |
Fair_Value_Accounting_Tables
Fair Value Accounting (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Financial Instruments Measured at Fair Value on Recurring Basis | ' | |||||||||||||||
The following table presents all financial instruments measured at fair value on a recurring basis as of December 31, 2013 and 2012, according to the valuation hierarchy included in ASC 820-10. For equity and debt securities, class was determined based on the nature and risks of the investments. Transfers between levels for the years ended December 31, 2013 and 2012 were inconsequential. | ||||||||||||||||
December 31, 2013 | ||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Total Assets and Liabilities at Fair Value | ||||||||||||
Assets | ||||||||||||||||
Trading securities: | ||||||||||||||||
Collateralized mortgage obligations issued by | $ | — | 2,465 | — | 2,465 | |||||||||||
U.S. Government sponsored enterprises | ||||||||||||||||
State and municipal securities | — | 429 | — | 429 | ||||||||||||
All other residential mortgage-backed | — | 968 | — | 968 | ||||||||||||
securities | ||||||||||||||||
Other investments | — | 2,251 | — | 2,251 | ||||||||||||
Total trading securities | — | 6,113 | — | 6,113 | ||||||||||||
Mortgage loans held for sale | — | 45,384 | — | 45,384 | ||||||||||||
Investment securities available for sale: | ||||||||||||||||
U.S. Treasury securities | 17,791 | — | — | 17,791 | ||||||||||||
U.S. Government agency securities | — | 34,641 | — | 34,641 | ||||||||||||
Securities issued by U.S. Government sponsored enterprises | — | 113,745 | — | 113,745 | ||||||||||||
Mortgage-backed securities issued by U.S. Government agencies | — | 195,117 | — | 195,117 | ||||||||||||
Mortgage-backed securities issued by U.S. Government sponsored enterprises | — | 2,421,360 | — | 2,421,360 | ||||||||||||
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | — | 398,540 | — | 398,540 | ||||||||||||
State and municipal securities | — | 6,889 | — | 6,889 | ||||||||||||
Equity securities | 6,956 | — | 628 | 7,584 | ||||||||||||
Other investments(1) | 1,969 | — | 1,722 | 3,691 | ||||||||||||
Total investment securities available for sale | 26,716 | 3,170,292 | 2,350 | 3,199,358 | ||||||||||||
Private equity investments | — | 1,615 | 27,745 | 29,360 | ||||||||||||
Mutual funds held in Rabbi Trusts | 11,246 | — | — | 11,246 | ||||||||||||
Derivative assets: | ||||||||||||||||
Interest rate contracts | — | 38,482 | — | 38,482 | ||||||||||||
Mortgage derivatives(2) | — | 1,522 | — | 1,522 | ||||||||||||
Total derivative assets | — | 40,004 | — | 40,004 | ||||||||||||
Liabilities | ||||||||||||||||
Trading account liabilities | — | 1,763 | — | 1,763 | ||||||||||||
Salary stock units | 1,764 | — | — | 1,764 | ||||||||||||
Derivative liabilities: | ||||||||||||||||
Interest rate contracts | — | 39,436 | — | 39,436 | ||||||||||||
Visa Derivative | — | — | 2,706 | 2,706 | ||||||||||||
Total derivative liabilities | $ | — | 39,436 | 2,706 | 42,142 | |||||||||||
December 31, 2012 | ||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Total Assets and Liabilities at Fair Value | ||||||||||||
Assets | ||||||||||||||||
Trading securities: | ||||||||||||||||
Mortgage-backed securities issued by U.S. Government agencies | $ | — | 2,171 | — | 2,171 | |||||||||||
Collateralized mortgage obligations issued by U.S. Government sponsored enterprises | — | 4,875 | — | 4,875 | ||||||||||||
State and municipal securities | — | 451 | — | 451 | ||||||||||||
All other residential mortgage-backed securities | — | 1,159 | — | 1,159 | ||||||||||||
Other investments | — | 2,446 | — | 2,446 | ||||||||||||
Total trading securities | — | 11,102 | — | 11,102 | ||||||||||||
Mortgage loans held for sale | — | 212,663 | — | 212,663 | ||||||||||||
Investment securities available for sale: | ||||||||||||||||
U.S. Treasury securities | 356 | — | — | 356 | ||||||||||||
U.S. Government agency securities | — | 38,046 | — | 38,046 | ||||||||||||
Securities issued by U.S. Government sponsored enterprises | — | 293,310 | — | 293,310 | ||||||||||||
Mortgage-backed securities issued by U.S. Government agencies | — | 245,593 | — | 245,593 | ||||||||||||
Mortgage-backed securities issued by U.S. Government sponsored enterprises | — | 1,867,493 | — | 1,867,493 | ||||||||||||
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | — | 514,489 | — | 514,489 | ||||||||||||
State and municipal securities | — | 15,798 | — | 15,798 | ||||||||||||
Equity securities | 2,849 | — | 891 | 3,740 | ||||||||||||
Other investments(1) | — | — | 2,287 | 2,287 | ||||||||||||
Total investment securities available for sale | 3,205 | 2,974,729 | 3,178 | 2,981,112 | ||||||||||||
Private equity investments | — | 1,168 | 30,708 | 31,876 | ||||||||||||
Mutual funds held in Rabbi Trusts | 10,001 | — | — | 10,001 | ||||||||||||
Derivative assets: | ||||||||||||||||
Interest rate contracts | — | 61,869 | — | 61,869 | ||||||||||||
Mortgage derivatives (2) | — | 2,793 | — | 2,793 | ||||||||||||
Total derivative assets | — | 64,662 | — | 64,662 | ||||||||||||
Liabilities | ||||||||||||||||
Trading account liabilities | — | 91 | — | 91 | ||||||||||||
Salary stock units | 1,888 | — | — | 1,888 | ||||||||||||
Derivative liabilities: | ||||||||||||||||
Interest rate contracts | — | 62,912 | — | 62,912 | ||||||||||||
Mortgage derivatives (2) | — | 525 | — | 525 | ||||||||||||
Visa Derivative | — | — | 2,956 | 2,956 | ||||||||||||
Total derivative liabilities | $ | — | 63,437 | 2,956 | 66,393 | |||||||||||
(1) Based on an analysis of the nature and risks of these investments, Synovus has determined that presenting these investments as a single asset class is appropriate. | ||||||||||||||||
(2) Mortgage derivatives consist of customer interest rate lock commitments that relate to the potential origination of mortgage loans, which would be classified as held for sale and forward loan sales commitments with third-party investors. | ||||||||||||||||
Changes in Fair Value Included in Consolidated Statements of Income | ' | |||||||||||||||
The following table summarizes the difference between the fair value and the unpaid principal balance of mortgage loans held for sale measured at fair value and the changes in fair value of these loans. Mortgage loans held for sale are initially measured at fair value with subsequent changes in fair value recognized in earnings. Changes in fair value were recorded as a component of mortgage banking income and other non-interest income in the consolidated statements of income, as appropriate. An immaterial portion of these changes in fair value were attributable to changes in instrument-specific credit risk. | ||||||||||||||||
Twelve Months Ended December 31, | ||||||||||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||||||||||
Changes in fair value included in net income: | ||||||||||||||||
Mortgage loans held for sale | $ | (5,566 | ) | 1,813 | 5,185 | |||||||||||
Mortgage loans held for sale: | ||||||||||||||||
Fair value | 45,384 | 212,663 | 161,509 | |||||||||||||
Unpaid principal balance | 44,943 | 206,657 | 157,316 | |||||||||||||
Fair value less aggregate unpaid principal balance | $ | 441 | 6,006 | 4,193 | ||||||||||||
Changes in Level 3 Fair Value Measurements | ' | |||||||||||||||
The table below includes a roll-forward of the amounts on the consolidated balance sheet for the year ended December 31, 2013 and 2012 (including the change in fair value), for financial instruments of a material nature that are classified by Synovus within Level 3 of the fair value hierarchy and are measured at fair value on a recurring basis. Transfers between fair value levels are recognized at the end of the reporting period in which the associated changes in inputs occur. During 2013, Synovus did not have any material transfers between levels in the fair value hierarchy. During the first quarter of 2012, Synovus transferred the mortgage derivative asset, which consists of interest rate lock commitments totaling $1.9 million, from Level 3 to Level 2 within the fair value hierarchy, reflecting increased transparency of the inputs used to value these financial instruments, which are based on the mortgage banking subsidiary's historical experience, conversion ratios for similar loan commitments, market conditions and other observable inputs, instead of previously used external industry data. Additionally, during the first quarter of 2012, Synovus transferred assets totaling $501 thousand that were classified as a Level 3 equity security to other assets to more accurately reflect the financial characteristics of the financial instruments. | ||||||||||||||||
2013 | ||||||||||||||||
(in thousands) | Investment Securities Available for Sale | Private Equity Investments | Other Derivative | |||||||||||||
Contracts | ||||||||||||||||
Beginning balance, January 1, | $ | 3,178 | 30,708 | (2,956 | ) | |||||||||||
Total gains (losses) realized/unrealized: | ||||||||||||||||
Included in earnings(1) | (264 | ) | (2,963 | ) | (1,600 | ) | ||||||||||
Unrealized gains (losses) included in other comprehensive income | 436 | — | — | |||||||||||||
Purchases | — | — | — | |||||||||||||
Sales | — | — | — | |||||||||||||
Issuances | — | — | — | |||||||||||||
Settlements | (1,000 | ) | — | 1,850 | ||||||||||||
Amortization of discount/premium | — | — | — | |||||||||||||
Transfers in and/or out of Level 3 | — | — | — | |||||||||||||
Ending balance, December 31, | $ | 2,350 | 27,745 | (2,706 | ) | |||||||||||
The amount of total net gains (losses) for the year included in earnings attributable to the change in unrealized gains (losses) relating to assets still held at December 31, | $ | (264 | ) | (2,963 | ) | (1,600 | ) | |||||||||
2012 | ||||||||||||||||
(in thousands) | Investment Securities Available for Sale | Private Equity Investments | Other Derivative | |||||||||||||
Contracts, Net(3) | ||||||||||||||||
Beginning balance, January 1, | $ | 6,842 | 21,418 | (7,242 | ) | |||||||||||
Total gains (losses) realized/unrealized: | ||||||||||||||||
Included in earnings(1) | (450 | ) | 8,233 | (6,304 | ) | |||||||||||
Unrealized gains (losses) included in other comprehensive income | (713 | ) | — | — | ||||||||||||
Purchases | — | 1,057 | (2 | ) | — | |||||||||||
Sales | — | — | — | |||||||||||||
Issuances | — | — | — | |||||||||||||
Settlements | (2,000 | ) | — | 12,441 | ||||||||||||
Amortization of discount/premium | — | — | — | |||||||||||||
Transfers in and/or out of Level 3 | (501 | ) | — | (1,851 | ) | |||||||||||
Ending balance, December 31, | $ | 3,178 | 30,708 | (2,956 | ) | |||||||||||
The amount of total net gains (losses) for the year included in earnings attributable to the change in unrealized gains (losses) relating to assets still held at December 31, | $ | (450 | ) | 8,233 | (6,304 | ) | ||||||||||
(1) Included in earnings as a component of other non-interest income(expense). | ||||||||||||||||
(2) Represents additional capital contributed to a private equity investment fund for capital calls. There are no such calls outstanding as of December 31, 2013. | ||||||||||||||||
(3) Other derivative contracts include the Visa Derivative and the mortgage derivatives for the year ended December 31, 2012. | ||||||||||||||||
Assets and Liabilities Measured at Fair Value on Non-Recurring Basis | ' | |||||||||||||||
The following table presents assets measured at fair value on a non-recurring basis as of the dates indicated for which there was a fair value adjustment during the period, according to the valuation hierarchy included in ASC 820-10. | ||||||||||||||||
As of December 31, 2013 | Fair Value Adjustments for the Year Ended December 31, 2013 | |||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | |||||||||||||
Impaired loans* | $ | — | — | $ | 170,693 | 29,132 | ||||||||||
Other loans held for sale | — | — | 9,670 | 5,988 | ||||||||||||
Other real estate | — | — | 50,070 | 10,431 | ||||||||||||
Other assets held for sale | — | — | 4,945 | 2,294 | ||||||||||||
As of December 31, 2012 | Fair Value Adjustments for the Year Ended December 31, 2012 | |||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||
Impaired loans* | $ | — | — | $ | 80,299 | 52,916 | ||||||||||
Other loans held for sale | — | — | 7,420 | 5,144 | ||||||||||||
Other real estate | — | — | 79,293 | 22,615 | ||||||||||||
Other assets held for sale | — | — | 5,804 | 2,425 | ||||||||||||
*Impaired loans that are collateral-dependent. | ||||||||||||||||
Fair Value Inputs, Assets, Quantitative Information | ' | |||||||||||||||
The tables below provide an overview of the valuation techniques and significant unobservable inputs used in those techniques to measure financial instruments that are classified within Level 3 of the valuation hierarchy. The range of sensitivities that management utilized in its fair value calculations is deemed acceptable in the industry with respect to the identified financial instruments. The tables below present both the total balance as of the dates indicated for assets measured at fair value on a recurring basis and the assets measured at fair value on a non-recurring basis for which there was a fair value adjustment during the period, according to the valuation hierarchy included in ASC 820-10. | ||||||||||||||||
December 31, 2013 | ||||||||||||||||
(dollars in thousands) | Level 3 Fair Value | Valuation Technique | Significant Unobservable Input | Range (Weighted Average)(1) | ||||||||||||
Assets measured at fair value on a recurring basis | ||||||||||||||||
Investment Securities Available for Sale | ||||||||||||||||
Equity securities | $ | 628 | Individual analysis of each investment | Multiple data points, including, but not limited to evaluation of past and projected business performance | N/A(4) | |||||||||||
Other investments: | ||||||||||||||||
Trust preferred securities | 1,722 | Discounted cash flow analysis | Credit spread embedded in discount rate | 400-480 bps (441 bps) | ||||||||||||
Discount for lack of marketability(2) | 0%-10% (0%) | |||||||||||||||
Private equity investments | 27,745 | Individual analysis of each investee company | Multiple factors, including but not limited to, current operations, financial conditions, cash flows, evaluation of business management and financial plans, and recently executed financing transactions related to the investee companies (2) | N/A | ||||||||||||
Visa derivative liability | $ | 2,706 | Internal valuation | Estimated future cumulative deposits to the litigation escrow for settlement of the Covered Litigation, and estimated future monthly fees payable to the derivative counterparty | $400 thousand to $2.7 million ($2.7 million) | |||||||||||
December 31, 2013 | ||||||||||||||||
(dollars in thousands) | Level 3 Fair Value | Valuation Technique | Significant Unobservable Input | Range | ||||||||||||
(Weighted Average)(1) | ||||||||||||||||
Assets measured at fair value on a non-recurring basis | ||||||||||||||||
Collateral dependent impaired loans | $ | 170,693 | Third-party appraised value of collateral less estimated selling costs | Discount to appraised value (3) | 0%-65% (25%) 0%-10% (7%) | |||||||||||
Estimated selling costs | ||||||||||||||||
Other loans held for sale | 9,670 | Third-party appraised value of collateral less estimated selling costs | Discount to appraised value (3) | 18%-93% (70%) 0%-10% (7%) | ||||||||||||
Estimated selling costs | ||||||||||||||||
Other real estate | 50,070 | Third-party appraised value of collateral less estimated selling costs | Discount to appraised value (3) | 0%-85% (25%) 0%-10% (7%) | ||||||||||||
Estimated selling costs | ||||||||||||||||
Other assets held for sale | $ | 4,945 | Third-party appraised value of collateral less estimated selling costs or BOV | Discount to appraised value (3) | 5%-36% (20%) 0%-10% (7%) | |||||||||||
Estimated selling costs | ||||||||||||||||
(1) The range represents management's best estimate of the high and low of the value that would be assigned to a particular input. The weighted average is the measure of central tendencies; it is the value that management is using for the asset or liability. | ||||||||||||||||
(2) Represents management's estimate of discount that market participants would require based on the instrument's lack of liquidity. | ||||||||||||||||
(3) Synovus also makes adjustments to the values of the assets listed above for various reasons, including age of the appraisal, information known by management about the property, such as occupancy rates, changes to the physical conditions of the property, and other factors. | ||||||||||||||||
(4) The range has not been disclosed due to the wide range of possible values given the methodology used. | ||||||||||||||||
December 31, 2012 | ||||||||||||||||
(dollars in thousands) | Level 3 Fair Value | Valuation Technique | Significant Unobservable Input | Range (Weighted Average)(1) | ||||||||||||
Assets measured at fair value on a recurring basis | ||||||||||||||||
Investment Securities Available for Sale | ||||||||||||||||
Equity securities | $ | 891 | Individual analysis of each investment | Multiple data points, including, but not limited to evaluation of past and projected business performance | N/A(4) | |||||||||||
Other investments: | ||||||||||||||||
Trust preferred securities | 2,287 | Discounted cash flow analysis | Credit spread embedded in discount rate | 425-650 bps (571 bps) | ||||||||||||
Discount for lack of marketability(2) | 0%-10% (0%) | |||||||||||||||
Private equity investments | 30,708 | Individual analysis of each investee company | Multiple factors, including but not limited to, current operations, financial conditions, cash flows, evaluation of business management and financial plans, and recently executed financing transactions related to the investee companies (2) | N/A | ||||||||||||
Visa derivative liability | $ | 2,956 | Internal valuation | Estimated future cumulative deposits to the litigation escrow for settlement of the Covered Litigation, and estimated future monthly fees payable to the derivative counterparty | $400 thousand to $3.0 million ($3.0 million) | |||||||||||
December 31, 2012 | ||||||||||||||||
(dollars in thousands) | Level 3 Fair Value | Valuation Technique | Significant Unobservable Input | Range | ||||||||||||
(Weighted Average)(1) | ||||||||||||||||
Assets measured at fair value on a non-recurring basis | ||||||||||||||||
Collateral dependent impaired loans | $ | 80,299 | Third-party appraised value of collateral less estimated selling costs | Discount to appraised value (3) | 0%-12% (4%) 0%-10% (7%) | |||||||||||
Estimated selling costs | ||||||||||||||||
Other loans held for sale | 7,420 | Third-party appraised value of collateral less estimated selling costs | Discount to appraised value (3) | 0%-12% (4%) 0%-10% (7%) | ||||||||||||
Estimated selling costs | ||||||||||||||||
Other real estate | 79,293 | Third-party appraised value of collateral less estimated selling costs | Discount to appraised value (3) | 0%-7% (2%) 0%-10% (7%) | ||||||||||||
Estimated selling costs | ||||||||||||||||
Other assets held for sale | $ | 5,804 | Third-party appraised value of collateral less estimated selling costs or BOV | Discount to appraised value (3) | 13%-51% (29%) 0%-10% (7%) | |||||||||||
Estimated selling costs | ||||||||||||||||
(1) The range represents management's best estimate of the high and low of the value that would be assigned to a particular input. The weighted average is the measure of central tendencies; it is the value that management is using for the asset or liability. | ||||||||||||||||
(2) Represents management's estimate of discount that market participants would require based on the instrument's lack of liquidity. | ||||||||||||||||
(3) Synovus also makes adjustments to the values of the assets listed above for various reasons, including age of the appraisal, information known by management about the property, such as occupancy rates, changes to the physical conditions of the property, and other factors. | ||||||||||||||||
(4) The range has not been disclosed due to the wide range of possible values given the methodology used. | ||||||||||||||||
Carrying and Estimated Fair Values of Financial Instruments Carried on Balance Sheet | ' | |||||||||||||||
The carrying and estimated fair values of financial instruments, as well as the level within the fair value hierarchy, as of December 31, 2013 and 2012 are as follows: | ||||||||||||||||
December 31, 2013 | ||||||||||||||||
(in thousands) | Carrying Value | Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||
Financial Assets | ||||||||||||||||
Cash and cash equivalents | $ | 469,630 | 469,630 | 469,630 | — | — | ||||||||||
Interest bearing funds with Federal Reserve Bank | 644,528 | 644,528 | 644,528 | — | — | |||||||||||
Interest earning deposits with banks | 24,325 | 24,325 | 24,325 | — | — | |||||||||||
Federal funds sold and securities purchased under resale agreements | 80,975 | 80,975 | 80,975 | — | — | |||||||||||
Trading account assets | 6,113 | 6,113 | — | 6,113 | — | |||||||||||
Mortgage loans held for sale | 45,384 | 45,384 | — | 45,384 | — | |||||||||||
Other loans held for sale | 10,685 | 10,685 | — | — | 10,685 | |||||||||||
Investment securities available for sale | 3,199,358 | 3,199,358 | 26,716 | 3,170,292 | 2,350 | |||||||||||
Private equity investments | 29,360 | 29,360 | — | 1,615 | 27,745 | |||||||||||
Mutual funds held in Rabbi Trusts | 11,246 | 11,246 | 11,246 | — | — | |||||||||||
Loans, net of deferred fees and costs | 20,057,798 | 19,763,708 | — | — | 19,763,708 | |||||||||||
Derivative assets | 40,004 | 40,004 | — | 40,004 | — | |||||||||||
Financial Liabilities | ||||||||||||||||
Trading account liabilities | $ | 1,763 | 1,763 | — | 1,763 | — | ||||||||||
Non-interest bearing deposits | 5,642,751 | 5,642,751 | — | 5,642,751 | — | |||||||||||
Interest bearing deposits | 15,234,039 | 15,244,020 | — | 15,244,020 | — | |||||||||||
Federal funds purchased, other short-term borrowings and other short-term liabilities | 148,132 | 148,132 | — | 148,132 | — | |||||||||||
Salary stock units | 1,764 | 1,764 | 1,764 | — | — | |||||||||||
Long-term debt | 2,033,141 | 2,095,720 | — | 2,095,720 | — | |||||||||||
Derivative liabilities | 42,142 | 42,142 | — | 39,436 | 2,706 | |||||||||||
December 31, 2012 | ||||||||||||||||
(in thousands) | Carrying Value | Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||
Financial assets | ||||||||||||||||
Cash and cash equivalents | $ | 614,630 | 614,630 | 614,630 | — | — | ||||||||||
Interest bearing funds with Federal Reserve Bank | 1,498,390 | 1,498,390 | 1,498,390 | — | — | |||||||||||
Interest earning deposits with banks | 23,442 | 23,442 | 23,442 | — | — | |||||||||||
Federal funds sold and securities purchased under resale agreements | 113,517 | 113,517 | 113,517 | — | — | |||||||||||
Trading account assets | 11,102 | 11,102 | — | 11,102 | — | |||||||||||
Mortgage loans held for sale | 212,663 | 212,663 | — | 212,663 | — | |||||||||||
Other loans held for sale | 10,690 | 10,690 | — | — | 10,690 | |||||||||||
Investment securities available for sale | 2,981,112 | 2,981,112 | 3,205 | 2,974,729 | 3,178 | |||||||||||
Private equity investments | 31,876 | 31,876 | — | 1,168 | 30,708 | |||||||||||
Mutual funds held in Rabbi Trusts | 10,001 | 10,001 | 10,001 | — | — | |||||||||||
Loans, net of deferred fees and costs | 19,541,690 | 19,254,199 | — | — | 19,254,199 | |||||||||||
Derivative assets | 64,662 | 64,662 | — | 64,662 | — | |||||||||||
Financial liabilities | ||||||||||||||||
Trading account liabilities | $ | 91 | 91 | — | 91 | — | ||||||||||
Non-interest bearing deposits | 5,665,527 | 5,665,527 | — | 5,665,527 | — | |||||||||||
Interest bearing deposits | 15,391,517 | 15,415,160 | — | 15,415,160 | — | |||||||||||
Federal funds purchased, other short-term borrowings, and other short-term liabilities | 201,243 | 201,243 | — | 201,243 | — | |||||||||||
Salary stock units | 1,888 | 1,888 | 1,888 | — | — | |||||||||||
Long-term debt | 1,726,455 | 1,784,223 | — | 1,784,223 | — | |||||||||||
Derivative liabilities | 66,393 | 66,393 | — | 63,437 | 2,956 | |||||||||||
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Summary of Derivative Instruments [Abstract] | ' | ||||||||||||||||
Impact of Derivatives on Balance Sheet | ' | ||||||||||||||||
The impact of derivative instruments on the consolidated balance sheets at December 31, 2013 and 2012 is presented below. | |||||||||||||||||
Fair Value of Derivative Assets | Fair Value of Derivative Liabilities | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
(in thousands) | Location on Consolidated Balance Sheet | 2013 | 2012 | Location on Consolidated Balance Sheet | 2013 | 2012 | |||||||||||
Derivatives not designated | |||||||||||||||||
as hedging instruments: | |||||||||||||||||
Interest rate contracts | Other assets | $ | 38,482 | 61,869 | Other liabilities | 39,436 | 62,912 | ||||||||||
Mortgage derivatives | Other assets | 1,522 | 2,793 | Other liabilities | — | 525 | |||||||||||
Visa Derivative | — | — | Other liabilities | 2,706 | 2,956 | ||||||||||||
Total derivatives not designated as hedging instruments | $ | 40,004 | 64,662 | 42,142 | 66,393 | ||||||||||||
Effect of Cash Flow Hedges on Consolidated Statements of Income | ' | ||||||||||||||||
See "Part II - Item 8. Financial Statements and Supplementary Data - Consolidated Statements of Comprehensive Income (Loss)" for the effect of the amortization of previously terminated cash flow hedges on the consolidated statements of income for the years ended December 31, 2013, 2012 and 2011. | |||||||||||||||||
Effect of Fair Value Hedges on Consolidated Statements of Income | ' | ||||||||||||||||
The pre-tax effect of fair value hedges on the consolidated statements of income for the years ended December 31, 2013, 2012 and 2011 is presented below. | |||||||||||||||||
Derivative | |||||||||||||||||
Location of Gain (Loss) Recognized in Income | Gain (Loss) Recognized in Income | ||||||||||||||||
Twelve Months Ended December 31, | |||||||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||
Interest rate contracts(1) | Other Non- | $ | 89 | 1,419 | (819 | ) | |||||||||||
Interest Income | |||||||||||||||||
Mortgage derivatives(2) | Mortgage | $ | (745 | ) | 2,364 | 393 | |||||||||||
Banking Income | |||||||||||||||||
Total | $ | (656 | ) | 3,783 | (426 | ) | |||||||||||
(1) Gain (loss) represents net fair value adjustments (including credit related adjustments) for customer swaps and offsetting positions. | |||||||||||||||||
(2) Gain (loss) represents net fair value adjustments recorded for interest rate lock commitments and commitments to sell mortgage loans to third-party investors. |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Loan Commitments and Letters of Credit | ' | |||
Unfunded lending commitments and letters of credit at December 31, 2013 are presented below. | ||||
(in thousands) | ||||
Letters of credit* | $ | 155,494 | ||
Commitments to fund commercial real estate, construction, and land development loans | 1,341,994 | |||
Unused credit card lines | 922,358 | |||
Commitments under home equity lines of credit | 896,817 | |||
Commitments to fund commercial and industrial loans | 3,290,598 | |||
Other loan commitments | 140,128 | |||
Total unfunded lending commitments and letters of credit | $ | 6,747,389 | ||
*Represents the contractual amount net of risk participations of $116 million. | ||||
Schedule of Future Minimum Rental Payments | ' | |||
At December 31, 2013, minimum rental commitments under all such non-cancelable leases for the next five years and thereafter are presented below. | ||||
(in thousands) | ||||
2014 | $ | 23,776 | ||
2015 | 22,581 | |||
2016 | 21,626 | |||
2017 | 20,147 | |||
2018 | 18,476 | |||
Thereafter | 191,657 | |||
Total | $ | 298,263 | ||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Share-based Compensation [Abstract] | ' | ||||||||||||||||||||
Fair Value of Option Grants Used in Measuring Compensation Expense | ' | ||||||||||||||||||||
The fair value of stock option grants used in measuring compensation expense was determined using the Black-Scholes option pricing model with the following weighted-average assumptions. | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Risk-free interest rate | 1.11 | % | 1.23 | % | NA | ||||||||||||||||
Expected stock price volatility | 50 | 65 | NA | ||||||||||||||||||
Dividend yield | 1.6 | 2 | NA | ||||||||||||||||||
Expected life of options | 6.0 years | 6.0 years | NA | ||||||||||||||||||
Schedule of Stock Options Activity | ' | ||||||||||||||||||||
A summary of stock option activity and changes during the years ended December 31, 2013, 2012, and 2011 is presented below. | |||||||||||||||||||||
Stock Options | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Shares | Weighted-Average Exercise Price | Shares | Weighted-Average Exercise Price | Shares | Weighted-Average Exercise Price | ||||||||||||||||
Outstanding at beginning of year | 19,289,705 | $ | 8.4 | 17,886,318 | $ | 10.63 | 21,723,381 | $ | 10.81 | ||||||||||||
Options granted | 6,003,250 | 2.52 | 4,586,666 | 2.05 | — | — | |||||||||||||||
Options exercised | (455,767 | ) | 2.47 | — | — | — | — | ||||||||||||||
Options forfeited | (364,075 | ) | 2.35 | (174,842 | ) | 2.38 | (471,386 | ) | 10.72 | ||||||||||||
Options expired | (1,932,345 | ) | 8.98 | (3,008,437 | ) | 12.36 | (3,365,677 | ) | 11.75 | ||||||||||||
Options outstanding at end of year | 22,540,768 | $ | 7 | 19,289,705 | $ | 8.4 | 17,886,318 | $ | 10.63 | ||||||||||||
Options exercisable at end of year | 13,994,362 | $ | 9.82 | 13,296,595 | $ | 10.94 | 14,365,773 | $ | 12.06 | ||||||||||||
Schedule of Nonvested Share Activity | ' | ||||||||||||||||||||
December 31, 2013 with a grant date fair value of $3.49. The number of market restricted share units that will ultimately vest ranges from 75% to 125% of target based on Synovus' total shareholder return. At December 31, 2013, total unrecognized compensation cost related to market restricted share units was approximately $990 thousand with a weighted average remaining period of 1.50 years. | |||||||||||||||||||||
Schedule of Restricted Stock Units Activity | ' | ||||||||||||||||||||
A summary of restricted share units outstanding and changes during the years ended December 31, 2013, 2012, and 2011 is presented below (excluding market restricted share units described above). | |||||||||||||||||||||
Restricted Share Units | Share Units | Weighted-Average Grant-date Fair Value | |||||||||||||||||||
Outstanding at January 1, 2011 | 880,401 | $ | 3.05 | ||||||||||||||||||
Granted | 3,815,942 | 2.65 | |||||||||||||||||||
Dividend equivalents granted | 86,494 | 1.64 | |||||||||||||||||||
Vested | (25,534 | ) | 6.15 | ||||||||||||||||||
Forfeited | (229,328 | ) | 2.91 | ||||||||||||||||||
Outstanding at December 31, 2011 | 4,527,975 | 2.67 | |||||||||||||||||||
Granted | 3,330,293 | 2.07 | |||||||||||||||||||
Dividend equivalents granted | 112,616 | 2.19 | |||||||||||||||||||
Vested | (1,314,063 | ) | 2.7 | ||||||||||||||||||
Forfeited | (213,842 | ) | 2.49 | ||||||||||||||||||
Outstanding at December 31, 2012 | 6,442,979 | 2.35 | |||||||||||||||||||
Granted | 1,488,620 | 2.8 | |||||||||||||||||||
Dividend equivalents granted | 74,820 | 3 | |||||||||||||||||||
Vested | (3,816,081 | ) | 2.56 | ||||||||||||||||||
Forfeited | (118,599 | ) | 2.07 | ||||||||||||||||||
Outstanding at December 31, 2013 | 4,071,739 | $ | 2.34 | ||||||||||||||||||
Schedule of Grants Under All Synovus Equity Compensation Plans | ' | ||||||||||||||||||||
The following table provides aggregate information regarding grants under all Synovus equity compensation plans through December 31, 2013. | |||||||||||||||||||||
(a) Number of securities to be issued upon vesting of restricted share units | (b) Number of securities to be issued upon exercise of outstanding options | (c) Weighted-average exercise price of outstanding options in column (b) | (d) Number of shares remaining available for issuance excluding shares reflected in columns (a) and (b) | ||||||||||||||||||
Plan Category(1) | |||||||||||||||||||||
Shareholder approved equity compensation plans for shares of Synovus stock | 4,071,739 | 22,437,168 | $ | 6.96 | 57,126,291 | (2) | |||||||||||||||
Non-shareholder approved equity compensation plans | — | — | — | — | |||||||||||||||||
Total | 4,071,739 | 22,437,168 | $ | 6.96 | 57,126,291 | ||||||||||||||||
(1) Does not include information for equity compensation plans assumed by Synovus in mergers. A total of 103,600 shares of Common Stock were issuable upon exercise of options granted under plans assumed in mergers and outstanding at December 31, 2013. The weighted average exercise price of all options granted under plans assumed in mergers and outstanding at December 31, 2013 was $8.53. Synovus cannot grant additional awards under these assumed plans. | |||||||||||||||||||||
(2) Includes 57,126,291 shares available for future grants as share awards under the 2013 Omnibus Plan. |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Schedule of Components of Income Tax Expense (Benefit) | ' | |||||||||||
The components of income tax (benefit) expense from continuing operations for the years ended December 31, 2013, 2012, and 2011 are presented below: | ||||||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||||||
Current | ||||||||||||
Federal | $ | 5,460 | 2,831 | (99 | ) | |||||||
State | (2,630 | ) | (6,885 | ) | 1,768 | |||||||
Total current income tax expense (benefit) | 2,830 | (4,054 | ) | 1,669 | ||||||||
Deferred | ||||||||||||
Federal | 78,870 | (666,242 | ) | 535 | ||||||||
State | 11,545 | (128,436 | ) | (892 | ) | |||||||
Total deferred income tax expense (benefit) | 90,415 | (794,678 | ) | (357 | ) | |||||||
Total income tax expense (benefit) | $ | 93,245 | (798,732 | ) | 1,312 | |||||||
Schedule of Effective Income Tax Rate Reconciliation | ' | |||||||||||
A reconciliation of the differences for the years ended December 31, 2013, 2012 and 2011 is shown below: | ||||||||||||
Years Ended December 31, | ||||||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||||||
Income tax expense (benefit) at statutory federal income tax rate | $ | 88,420 | 11,017 | (20,836 | ) | |||||||
Increase (decrease) resulting from: | ||||||||||||
State income tax expense (benefit), net of federal income tax effect | 9,877 | (3,935 | ) | (3,084 | ) | |||||||
Tax-exempt income | (1,407 | ) | (2,026 | ) | (2,316 | ) | ||||||
Tax credits | (1,473 | ) | (1,558 | ) | (1,461 | ) | ||||||
Cash surrender value of life insurance | (2,932 | ) | (2,907 | ) | (2,911 | ) | ||||||
Change in valuation allowance, federal and state | (4,083 | ) | (802,771 | ) | 31,844 | |||||||
Other, net | 4,842 | 3,448 | 76 | |||||||||
Total income tax expense (benefit) | $ | 93,245 | (798,732 | ) | 1,312 | |||||||
Schedule of Deferred Tax Assets and Liabilities | ' | |||||||||||
The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and liabilities at December 31, 2013 and 2012 are presented below. | ||||||||||||
(in thousands) | 2013 | 2012 | ||||||||||
Deferred tax assets | ||||||||||||
Net operating loss carryforwards | $ | 510,350 | 590,938 | |||||||||
Allowance for loan losses | 136,510 | 179,916 | ||||||||||
Tax credit carryforwards | 45,767 | 44,563 | ||||||||||
Deferred revenue | 15,474 | 12,253 | ||||||||||
Share-based compensation | 12,414 | 13,303 | ||||||||||
Net unrealized losses on investment securities available for sale | 9,776 | — | ||||||||||
Other | 48,852 | 27,990 | ||||||||||
Total gross deferred tax assets | 779,143 | 868,963 | ||||||||||
Less valuation allowance | (14,575 | ) | (18,658 | ) | ||||||||
Total deferred tax assets | 764,568 | 850,305 | ||||||||||
Deferred tax liabilities | ||||||||||||
Excess tax over financial statement depreciation | (8,210 | ) | (13,945 | ) | ||||||||
Ownership interest in partnership | (5,961 | ) | (2,721 | ) | ||||||||
Net unrealized gains on investment securities available for sale | — | (19,051 | ) | |||||||||
Other | (5,751 | ) | (8,182 | ) | ||||||||
Total gross deferred tax liabilities | (19,922 | ) | (43,899 | ) | ||||||||
Net deferred tax asset | $ | 744,646 | 806,406 | |||||||||
Schedule of Net Operating Loss and Tax Credit Carryforward | ' | |||||||||||
Federal and state NOL and tax credit carryforwards as of December 31, 2013 are summarized in the following table. | ||||||||||||
Tax Carryforwards | As of December 31, 2013 | |||||||||||
(in thousands) | Expiration Dates | Deferred Tax Asset Balance | Valuation Allowance | Net Deferred Tax Asset Balance | ||||||||
Net operating losses - federal | 2028-2032 | $ | 445,675 | — | 445,675 | |||||||
General business credits - federal | 2028-2033 | 9,297 | — | 9,297 | ||||||||
Net operating losses - states | 2013-2017 | 37 | — | 37 | ||||||||
Net operating losses - states | 2018-2022 | — | — | — | ||||||||
Net operating losses - states | 2023-2027 | 4,074 | — | 4,074 | ||||||||
Net operating losses - states | 2028-2033 | 60,563 | — | 60,563 | ||||||||
Other credits - states | 2014-2017 | 12,307 | (11,752 | ) | 555 | |||||||
Other credits - states | 2018-2023 | 2,899 | (2,823 | ) | 76 | |||||||
Alternative minimum tax credits - federal | None | $ | 21,264 | — | 21,264 | |||||||
Reconciliation of Unrecognized Tax Benefits | ' | |||||||||||
A reconciliation of the beginning and ending amount of unrecognized income tax benefits is as follows (unrecognized state income tax benefits are not adjusted for the federal income tax impact). | ||||||||||||
Years Ended December 31, | ||||||||||||
(in thousands) | 2013 | 2012 | ||||||||||
Balance at January 1, | $ | 1,120 | 5,985 | |||||||||
Additions based on income tax positions related to current year | — | 227 | ||||||||||
Additions for income tax positions of prior years | 224 | 175 | ||||||||||
Deductions for income tax positions of prior years | (238 | ) | (2,774 | ) | ||||||||
Statute of limitation expirations | (194 | ) | (1,068 | ) | ||||||||
Settlements | — | (1,425 | ) | |||||||||
Balance at December 31, | $ | 912 | 1,120 | |||||||||
Condensed_Financial_Informatio1
Condensed Financial Information Of Synovus Financial Corp. (Parent Company Only) (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Schedule of Condensed Balance Sheets | ' | ||||||||||||||||||||||||||||
Condensed Balance Sheets | |||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||
(in thousands) | 2013 | 2012 | |||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Cash due from bank subsidiary | $ | 194,175 | 360,426 | ||||||||||||||||||||||||||
Funds due from other depository institutions(1) | 21,712 | 21,712 | |||||||||||||||||||||||||||
Investment in consolidated bank subsidiary, at equity | 3,220,000 | 3,728,704 | |||||||||||||||||||||||||||
Net accumulated deficit in consolidated nonbank subsidiaries, at equity(2) | (237,355 | ) | (208,183 | ) | |||||||||||||||||||||||||
Notes receivable from nonbank subsidiaries | 438,168 | 443,935 | |||||||||||||||||||||||||||
Other assets | 129,781 | 104,848 | |||||||||||||||||||||||||||
Total assets | $ | 3,766,481 | 4,451,442 | ||||||||||||||||||||||||||
Liabilities and Shareholders' Equity | |||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Long-term debt | $ | 765,307 | 841,667 | ||||||||||||||||||||||||||
Other liabilities | 52,189 | 40,344 | |||||||||||||||||||||||||||
Total liabilities | 817,496 | 882,011 | |||||||||||||||||||||||||||
Shareholders’ equity: | |||||||||||||||||||||||||||||
Series A Preferred Stock | — | 957,327 | |||||||||||||||||||||||||||
Series C Preferred Stock | 125,862 | — | |||||||||||||||||||||||||||
Common stock | 978,045 | 792,273 | |||||||||||||||||||||||||||
Additional paid-in capital | 2,138,024 | 2,189,874 | |||||||||||||||||||||||||||
Treasury stock | (114,176 | ) | (114,176 | ) | |||||||||||||||||||||||||
Accumulated other comprehensive (loss) income | (41,258 | ) | 4,101 | ||||||||||||||||||||||||||
Accumulated deficit | (137,512 | ) | (259,968 | ) | |||||||||||||||||||||||||
Total shareholders’ equity | 2,948,985 | 3,569,431 | |||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 3,766,481 | 4,451,442 | ||||||||||||||||||||||||||
(1) Restricted as to withdrawal. | |||||||||||||||||||||||||||||
(2) Includes non-bank subsidiary formed during 2008 that has incurred credit losses, including losses on the disposition of non-performing assets. | |||||||||||||||||||||||||||||
Schedule of Condensed Statements of Operations | ' | ||||||||||||||||||||||||||||
Condensed Statements of Income | |||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||
Income | |||||||||||||||||||||||||||||
Cash dividends received from Synovus Bank | $ | 680,000 | — | — | |||||||||||||||||||||||||
Interest income | 15,366 | 18,424 | 30,057 | ||||||||||||||||||||||||||
Other income | (2,374 | ) | 11,343 | (141 | ) | ||||||||||||||||||||||||
Total income | 692,992 | 29,767 | 29,916 | ||||||||||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||
Interest expense | 46,672 | 47,975 | 34,767 | ||||||||||||||||||||||||||
Other expenses | 8,067 | 16,584 | 14,177 | ||||||||||||||||||||||||||
Total expenses | 54,739 | 64,559 | 48,944 | ||||||||||||||||||||||||||
Income (loss) before income taxes and equity in undistributed | 638,253 | (34,792 | ) | (19,028 | ) | ||||||||||||||||||||||||
income (loss) of subsidiaries | |||||||||||||||||||||||||||||
Allocated income tax benefit | (16,589 | ) | (54,184 | ) | (13,715 | ) | |||||||||||||||||||||||
Income (loss) before equity in undistributed income (loss) | 654,842 | 19,392 | (5,313 | ) | |||||||||||||||||||||||||
of subsidiaries | |||||||||||||||||||||||||||||
Equity in undistributed (loss) income of subsidiaries | (495,459 | ) | 810,817 | (55,531 | ) | ||||||||||||||||||||||||
Net income (loss) | 159,383 | 830,209 | (60,844 | ) | |||||||||||||||||||||||||
Net loss attributable to non-controlling interest | — | — | (220 | ) | |||||||||||||||||||||||||
Net income (loss) available to controlling interest | 159,383 | 830,209 | (60,624 | ) | |||||||||||||||||||||||||
Dividends and accretion of discount on preferred stock | 40,830 | 58,703 | 58,088 | ||||||||||||||||||||||||||
Net income (loss) available to common shareholders | $ | 118,553 | 771,506 | (118,712 | ) | ||||||||||||||||||||||||
Schedule of Condensed Statements of Comprehensive Income (Loss) | ' | ||||||||||||||||||||||||||||
Condensed Statements of Comprehensive Income (Loss) | 31-Dec-13 | 31-Dec-12 | 31-Dec-11 | ||||||||||||||||||||||||||
(in thousands) | Before-tax Amount | Tax (Expense) Benefit | Net of Tax Amount | Before-tax Amount | Tax (Expense) Benefit | Net of Tax Amount | Before-tax Amount | Tax (Expense) Benefit | Net of Tax Amount | ||||||||||||||||||||
Net income (loss) | $ | 252,628 | (93,245 | ) | 159,383 | 31,477 | 798,732 | 830,209 | (59,532 | ) | (1,312 | ) | (60,844 | ) | |||||||||||||||
Reclassification adjustment for losses(gains) realized in net income on cash flow hedges | 447 | (173 | ) | 274 | (1,381 | ) | 532 | (849 | ) | (11,316 | ) | 4,279 | (7,037 | ) | |||||||||||||||
Valuation allowance for the change in deferred taxes arising from unrealized gains/losses* | (4,279 | ) | (4,279 | ) | |||||||||||||||||||||||||
Net unrealized gains (losses) on investment securities available for sale | 3,246 | (1,250 | ) | 1,996 | 481 | (185 | ) | 296 | (1,225 | ) | 471 | (754 | ) | ||||||||||||||||
Valuation allowance for the change in deferred taxes arising from unrealized gains/losses* | (471 | ) | (471 | ) | |||||||||||||||||||||||||
Other comprehensive loss of bank subsidiary | (77,460 | ) | 29,831 | (47,629 | ) | (26,737 | ) | 10,298 | (16,439 | ) | (23,524 | ) | 9,451 | (14,073 | ) | ||||||||||||||
Valuation allowance for the change in deferred taxes arising from unrealized gains/losses* | (9,451 | ) | (9,451 | ) | |||||||||||||||||||||||||
Other comprehensive loss | (73,767 | ) | 28,408 | (45,359 | ) | (27,637 | ) | 10,645 | (16,992 | ) | (36,065 | ) | — | (36,065 | ) | ||||||||||||||
Less: comprehensive loss attributable to non-controlling interest | $ | — | — | — | — | — | — | (220 | ) | — | (220 | ) | |||||||||||||||||
Comprehensive income (loss) | $ | 114,024 | 813,217 | (96,689 | ) | ||||||||||||||||||||||||
*In accordance with ASC 740-20-45-11(b), the deferred tax asset valuation allowance associated with unrealized gains and losses not recognized in income is charged directly to other comprehensive income (loss). | |||||||||||||||||||||||||||||
Schedule of Condensed Statements of Cash Flows | ' | ||||||||||||||||||||||||||||
Condensed Statements of Cash Flows | |||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||
Operating Activities | |||||||||||||||||||||||||||||
Net income (loss) available to controlling interest | $ | 159,383 | 830,209 | (60,624 | ) | ||||||||||||||||||||||||
Adjustments to reconcile net income (loss) to net cash | |||||||||||||||||||||||||||||
provided by operating activities: | |||||||||||||||||||||||||||||
Equity in undistributed loss (income) of subsidiaries | 495,459 | (810,817 | ) | 55,311 | |||||||||||||||||||||||||
Deferred income tax benefit | (11,375 | ) | (48,525 | ) | — | ||||||||||||||||||||||||
Net increase (decrease) in other liabilities | 11,845 | 23,367 | (23,162 | ) | |||||||||||||||||||||||||
Net (increase) decrease in other assets | (11,238 | ) | (1,255 | ) | (4,780 | ) | |||||||||||||||||||||||
Other, net | (2,183 | ) | (6,337 | ) | (6,912 | ) | |||||||||||||||||||||||
Net cash provided by (used in) operating activities | 641,891 | (13,358 | ) | (40,167 | ) | ||||||||||||||||||||||||
Investing Activities | |||||||||||||||||||||||||||||
Net investment from (in) subsidiaries | — | — | 10,000 | ||||||||||||||||||||||||||
Purchases of investment securities available for sale | — | — | (18,313 | ) | |||||||||||||||||||||||||
Proceeds from sales of investment securities available for sale | — | — | 49,551 | ||||||||||||||||||||||||||
Net decrease (increase) in short-term notes receivable from | 5,768 | 49,865 | 107,944 | ||||||||||||||||||||||||||
non-bank subsidiaries | |||||||||||||||||||||||||||||
Net cash provided by investing activities | 5,768 | 49,865 | 149,182 | ||||||||||||||||||||||||||
Financing Activities | |||||||||||||||||||||||||||||
Dividends paid to common and preferred shareholders | (72,898 | ) | (79,856 | ) | (79,813 | ) | |||||||||||||||||||||||
Transfer of funds to dividend payment agent | — | (7,853 | ) | — | |||||||||||||||||||||||||
Principal repayments on long-term debt | (74,178 | ) | (170,801 | ) | (21,701 | ) | |||||||||||||||||||||||
Proceeds from issuance of long-term debt | — | 292,639 | — | ||||||||||||||||||||||||||
Proceeds from issuance of Series C Preferred Stock, net of issuance costs | 125,862 | — | — | ||||||||||||||||||||||||||
Redemption of Series A Preferred Stock | (967,870 | ) | — | — | |||||||||||||||||||||||||
Proceeds from issuance of common stock, net of issuance costs | 175,174 | — | — | ||||||||||||||||||||||||||
Net cash (used in) provided by financing activities | (813,910 | ) | 34,129 | (101,514 | ) | ||||||||||||||||||||||||
(Decrease) increase in cash and funds due from banks | (166,251 | ) | 70,636 | 7,501 | |||||||||||||||||||||||||
Cash and funds due from banks at beginning of year | 382,138 | 311,502 | 304,001 | ||||||||||||||||||||||||||
Cash and funds due from banks at end of year | $ | 215,887 | 382,138 | 311,502 | |||||||||||||||||||||||||
Supplemental_Financial_Data_Ta
Supplemental Financial Data (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Supplemental Income Statement Elements [Abstract] | ' | ||||||||||||
Schedule of Income Statement, Supplemental Disclosure [Table Text Block] | ' | ||||||||||||
Components of other non-interest income and other operating expenses in excess of 1% of total interest income and total non-interest income for any of the respective years are as follows: | |||||||||||||
(in thousands) | Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Other loan expenses | $ | 15,205 | $ | 14,731 | $ | 19,374 | |||||||
Insurance and bonds | 12,503 | 12,057 | 12,119 | ||||||||||
Telephone and communications | 12,403 | 12,505 | 11,588 | ||||||||||
Summary_of_Quarterly_Financial1
Summary of Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Quarterly Financial Data [Abstract] | ' | ||||||||||||
Schedule of Quarterly Financial Information | ' | ||||||||||||
Presented below is a summary of the unaudited consolidated quarterly financial data for the years ended December 31, 2013 and 2012. | |||||||||||||
2013 | |||||||||||||
Fourth Quarter | Third | Second Quarter | First | ||||||||||
(in thousands, except per share data) | Quarter | Quarter | |||||||||||
Interest income | $ | 233,258 | 233,852 | 231,513 | 230,391 | ||||||||
Net interest income | 204,331 | 203,970 | 202,077 | 199,814 | |||||||||
Provision for loan losses | 14,064 | 6,761 | 13,077 | 35,696 | |||||||||
Income before income taxes | 59,710 | 73,459 | 72,906 | 46,553 | |||||||||
Income tax expense | 21,130 | 27,765 | 27,371 | 16,979 | |||||||||
Net income (1) | 38,580 | 45,694 | 45,535 | 29,574 | |||||||||
Net income available to common shareholders (1) | $ | 35,850 | 37,188 | 30,717 | 14,798 | ||||||||
Basic earnings per common share: | |||||||||||||
Net income available to common shareholders | $ | 0.04 | 0.04 | 0.04 | 0.02 | ||||||||
Diluted earnings per common share: | |||||||||||||
Net income available to common shareholders | $ | 0.04 | 0.04 | 0.03 | 0.02 | ||||||||
2012 | |||||||||||||
Fourth Quarter | Third | Second Quarter | First | ||||||||||
Quarter | Quarter | ||||||||||||
Interest income | $ | 240,000 | 247,676 | 253,809 | 262,654 | ||||||||
Net interest income | 207,456 | 212,345 | 213,356 | 220,959 | |||||||||
Provision for loan losses | 146,526 | 63,572 | 44,222 | 66,049 | |||||||||
Income (loss) before income taxes | (72,299 | ) | 30,514 | 37,347 | 35,916 | ||||||||
Income tax benefit | (796,339 | ) | (211 | ) | (2,105 | ) | (77 | ) | |||||
Net income (2) | 724,040 | 30,725 | 39,452 | 35,993 | |||||||||
Net income available common shareholders (2) | $ | 709,304 | 16,030 | 24,803 | 21,369 | ||||||||
Basic earnings per common share: | |||||||||||||
Net income available to common shareholders | $ | 0.9 | 0.02 | 0.03 | 0.03 | ||||||||
Diluted earnings per common share: | |||||||||||||
Net income available to common shareholders | $ | 0.78 | 0.02 | 0.03 | 0.02 | ||||||||
(1) The fourth quarter of 2013 results include litigation loss contingency expense of $10.0 million | |||||||||||||
(2) The fourth quarter of 2012 results reflect a $796.3 million income tax benefit due primarily to the reversal of substantially all of the deferred tax asset valuation allowance. For additional discussion of the valuation allowance for deferred tax assets, see "Part II - Item 8. Financial Statements and Supplementary Data - Note 24 - Income Taxes" of this Report. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Basis Of Presentation [Line Items] | ' | ' | ' |
Deposit pursuant to a payment network arrangement | $15,000,000 | ' | ' |
Individually impaired non-accrual loans | 384,000,000 | 518,100,000 | ' |
Non-accrual loans | 416,300,000 | 543,333,000 | ' |
Impaired loans, including accruing troubled debt restructuring | 836,554,000 | 1,062,520,000 | ' |
Accruing troubled debt restructuring | 556,400,000 | 673,400,000 | 668,500,000 |
Loans, net | 19,750,238,000 | 19,168,285,000 | ' |
Minimum amount of loans included in quarterly reviews | 500,000 | ' | ' |
Intangible assets, current carrying value | 2,500,000 | ' | ' |
Maximum [Member] | ' | ' | ' |
Basis Of Presentation [Line Items] | ' | ' | ' |
Retail loans and commercial loans, evaluated for impairment | 1,000,000 | ' | ' |
Cash And Cash Equivalents [Member] | ' | ' | ' |
Basis Of Presentation [Line Items] | ' | ' | ' |
Cash and cash equivalents | 104,900,000 | 68,400,000 | ' |
Total deposits | 375,000 | 15,500,000 | ' |
Interest earning deposits with banks | 11,100,000 | 14,200,000 | ' |
Federal funds sold | 72,200,000 | 110,000,000 | ' |
DRR Methodology [Member] | ' | ' | ' |
Basis Of Presentation [Line Items] | ' | ' | ' |
Loans, net | $2,600,000,000 | ' | ' |
Loans, net, percent | 13.00% | ' | ' |
Acquisition_Details
Acquisition (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | 10-May-13 | 10-May-13 |
Sunrise Bank [Member] | Sunrise Bank [Member] | |||
Federal Deposit Insurance Corporation [Member] | Federal Deposit Insurance Corporation [Member] | |||
Loans [Member] | ||||
Business Acquisition [Line Items] | ' | ' | ' | ' |
Deposits assumed, including all uninsured deposits | ' | ' | $56,800,000 | ' |
Loans acquired | ' | ' | ' | 492,000 |
Deposits | $20,876,790,000 | $21,057,044,000 | ' | ' |
Restructuring_Charges_Details
Restructuring Charges (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Restructuring Charges [Abstract] | ' |
Accrued liabilities | $3 |
Restructuring_Charges_Schedule
Restructuring Charges (Schedule Of Restructuring And Related Costs) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Restructuring Charges [Abstract] | ' | ' | ' |
Severance charges | $8,046 | $3,826 | $17,570 |
Lease termination charges | 1,060 | 0 | 3,147 |
Asset impairment charges | 2,030 | 1,956 | 6,643 |
Gain on sale of assets held for sale | -135 | -622 | -929 |
Professional fees and other charges | 63 | 252 | 4,234 |
Total restructuring charges | $11,064 | $5,412 | $30,665 |
Other_Loans_Held_for_Sale_Deta
Other Loans Held for Sale (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Loans transferred to other loans held for sale, carrying value | $124,331 | $731,906 | $486,697 |
Loan charge offs | 179,953 | 556,775 | 639,714 |
New Cost Basis After Transfer [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Loans transferred to other loans held for sale, carrying value | $165,200 | $731,900 | $486,700 |
Investment_Securities_Availabl2
Investment Securities Available for Sale (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
securities | |||
Investments [Abstract] | ' | ' | ' |
Pledged to secure deposits | $2,380,000,000 | $2,280,000,000 | ' |
Securities in a loss position for less than twelve months | 80 | ' | ' |
Securities in a loss position for more than twelve months | 5 | ' | ' |
Other-than-temporary impairment charges | $264,000 | $450,000 | $1,600,000 |
Investment_Securities_Availabl3
Investment Securities Available for Sale (Summary Of Available For Sale Investment Securities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | $3,224,749 | $2,931,630 |
Gross Unrealized Gains | 19,170 | 54,116 |
Gross Unrealized Losses | -44,561 | -4,634 |
Fair Value | 3,199,358 | 2,981,112 |
U.S. Treasury Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 17,791 | 356 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 17,791 | 356 |
U.S. Government Agency Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 33,480 | 35,791 |
Gross Unrealized Gains | 1,161 | 2,255 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 34,641 | 38,046 |
Securities Issued By U.S. Government Sponsored Enterprises [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 112,305 | 289,523 |
Gross Unrealized Gains | 1,440 | 3,787 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 113,745 | 293,310 |
Mortgage-Backed Securities Issued By U.S. Government Agencies [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 196,521 | 238,381 |
Gross Unrealized Gains | 2,257 | 7,220 |
Gross Unrealized Losses | -3,661 | -8 |
Fair Value | 195,117 | 245,593 |
Mortgage-Backed Securities Issued By U.S. Government Sponsored Enterprises [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 2,443,282 | 1,832,076 |
Gross Unrealized Gains | 9,718 | 37,646 |
Gross Unrealized Losses | -31,640 | -2,229 |
Fair Value | 2,421,360 | 1,867,493 |
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 406,717 | 513,637 |
Gross Unrealized Gains | 698 | 2,534 |
Gross Unrealized Losses | -8,875 | -1,682 |
Fair Value | 398,540 | 514,489 |
State And Municipal Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 6,723 | 15,218 |
Gross Unrealized Gains | 168 | 582 |
Gross Unrealized Losses | -2 | -2 |
Fair Value | 6,889 | 15,798 |
Equity Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 3,856 | 3,648 |
Gross Unrealized Gains | 3,728 | 92 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 7,584 | 3,740 |
Other Investments [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 4,074 | 3,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | -383 | -713 |
Fair Value | $3,691 | $2,287 |
Investment_Securities_Availabl4
Investment Securities Available for Sale (Schedule Of Unrealized Loss On Investments) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 Months, Fair Value | $2,291,995 | $334,089 |
Less than 12 Months Unrealized Losses | 43,983 | 3,275 |
12 Months or Longer, Fair Value | 4,713 | 168,943 |
12 Months or Longer Unrealized Losses | 578 | 1,359 |
Total Fair Value | 2,296,708 | 503,032 |
Total Unrealized Losses | 44,561 | 4,634 |
U.S. Treasury Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 Months, Fair Value | 0 | 0 |
Less than 12 Months Unrealized Losses | 0 | 0 |
12 Months or Longer, Fair Value | 0 | 0 |
12 Months or Longer Unrealized Losses | 0 | 0 |
Total Fair Value | 0 | 0 |
Total Unrealized Losses | 0 | 0 |
U.S. Government Agency Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 Months, Fair Value | 0 | 0 |
Less than 12 Months Unrealized Losses | 0 | 0 |
12 Months or Longer, Fair Value | 0 | 0 |
12 Months or Longer Unrealized Losses | 0 | 0 |
Total Fair Value | 0 | 0 |
Total Unrealized Losses | 0 | 0 |
Securities Issued By U.S. Government Sponsored Enterprises [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 Months, Fair Value | 0 | 0 |
Less than 12 Months Unrealized Losses | 0 | 0 |
12 Months or Longer, Fair Value | 0 | 0 |
12 Months or Longer Unrealized Losses | 0 | 0 |
Total Fair Value | 0 | 0 |
Total Unrealized Losses | 0 | 0 |
Mortgage-Backed Securities Issued By U.S. Government Agencies [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 Months, Fair Value | 121,607 | 3,314 |
Less than 12 Months Unrealized Losses | 3,363 | 8 |
12 Months or Longer, Fair Value | 2,951 | 2 |
12 Months or Longer Unrealized Losses | 298 | 0 |
Total Fair Value | 124,558 | 3,316 |
Total Unrealized Losses | 3,661 | 8 |
Mortgage-Backed Securities Issued By U.S. Government Sponsored Enterprises [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 Months, Fair Value | 1,885,521 | 286,452 |
Less than 12 Months Unrealized Losses | 31,640 | 2,229 |
12 Months or Longer, Fair Value | 0 | 0 |
12 Months or Longer Unrealized Losses | 0 | 0 |
Total Fair Value | 1,885,521 | 286,452 |
Total Unrealized Losses | 31,640 | 2,229 |
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 Months, Fair Value | 282,898 | 42,036 |
Less than 12 Months Unrealized Losses | 8,875 | 325 |
12 Months or Longer, Fair Value | 0 | 168,906 |
12 Months or Longer Unrealized Losses | 0 | 1,357 |
Total Fair Value | 282,898 | 210,942 |
Total Unrealized Losses | 8,875 | 1,682 |
State And Municipal Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 Months, Fair Value | 0 | 0 |
Less than 12 Months Unrealized Losses | 0 | 0 |
12 Months or Longer, Fair Value | 40 | 35 |
12 Months or Longer Unrealized Losses | 2 | 2 |
Total Fair Value | 40 | 35 |
Total Unrealized Losses | 2 | 2 |
Equity Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 Months, Fair Value | 0 | 0 |
Less than 12 Months Unrealized Losses | 0 | 0 |
12 Months or Longer, Fair Value | 0 | 0 |
12 Months or Longer Unrealized Losses | 0 | 0 |
Total Fair Value | 0 | 0 |
Total Unrealized Losses | 0 | 0 |
Other Investments [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 Months, Fair Value | 1,969 | 2,287 |
Less than 12 Months Unrealized Losses | 105 | 713 |
12 Months or Longer, Fair Value | 1,722 | 0 |
12 Months or Longer Unrealized Losses | 278 | 0 |
Total Fair Value | 3,691 | 2,287 |
Total Unrealized Losses | $383 | $713 |
Investment_Securities_Availabl5
Investment Securities Available for Sale (Amortized Cost And Estimated Fair Value By Contractual Maturity Of Investment Securities Available For Sale) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Schedule of Available-for-sale Securities [Line Items] | ' |
Amortized Cost, Within One year | $49,890 |
Amortized Cost, 1 to 5 Years | 97,632 |
Amortized Cost, 5 to 10 Years | 2,049,302 |
Amortized Cost, More Than 10 years | 1,021,995 |
Amortized Cost, Amortized Cost, No Stated Maturity | 5,930 |
Total Amortized Cost | 3,224,749 |
Fair Value, Within One year | 50,483 |
Fair Value, 1 to 5 Years | 99,175 |
Fair Value, 5 to 10 Years | 2,026,160 |
Fair Value, More Than 10 years | 1,013,987 |
Fair Value, No Stated Maturity | 9,553 |
Total Fair Value | 3,199,358 |
U.S. Treasury Securities [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Amortized Cost, Within One year | 17,791 |
Amortized Cost, 1 to 5 Years | 0 |
Amortized Cost, 5 to 10 Years | 0 |
Amortized Cost, More Than 10 years | 0 |
Amortized Cost, Amortized Cost, No Stated Maturity | 0 |
Total Amortized Cost | 17,791 |
Fair Value, Within One year | 17,791 |
Fair Value, 1 to 5 Years | 0 |
Fair Value, 5 to 10 Years | 0 |
Fair Value, More Than 10 years | 0 |
Fair Value, No Stated Maturity | 0 |
Total Fair Value | 17,791 |
U.S. Government Agency Securities [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Amortized Cost, Within One year | 114 |
Amortized Cost, 1 to 5 Years | 9,157 |
Amortized Cost, 5 to 10 Years | 24,209 |
Amortized Cost, More Than 10 years | 0 |
Amortized Cost, Amortized Cost, No Stated Maturity | 0 |
Total Amortized Cost | 33,480 |
Fair Value, Within One year | 114 |
Fair Value, 1 to 5 Years | 9,501 |
Fair Value, 5 to 10 Years | 25,026 |
Fair Value, More Than 10 years | 0 |
Fair Value, No Stated Maturity | 0 |
Total Fair Value | 34,641 |
Securities Issued By U.S. Government Sponsored Enterprises [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Amortized Cost, Within One year | 30,109 |
Amortized Cost, 1 to 5 Years | 82,196 |
Amortized Cost, 5 to 10 Years | 0 |
Amortized Cost, More Than 10 years | 0 |
Amortized Cost, Amortized Cost, No Stated Maturity | 0 |
Total Amortized Cost | 112,305 |
Fair Value, Within One year | 30,642 |
Fair Value, 1 to 5 Years | 83,103 |
Fair Value, 5 to 10 Years | 0 |
Fair Value, More Than 10 years | 0 |
Fair Value, No Stated Maturity | 0 |
Total Fair Value | 113,745 |
Mortgage-Backed Securities Issued By U.S. Government Agencies [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Amortized Cost, Within One year | 40 |
Amortized Cost, 1 to 5 Years | 1 |
Amortized Cost, 5 to 10 Years | 729 |
Amortized Cost, More Than 10 years | 195,751 |
Amortized Cost, Amortized Cost, No Stated Maturity | 0 |
Total Amortized Cost | 196,521 |
Fair Value, Within One year | 41 |
Fair Value, 1 to 5 Years | 1 |
Fair Value, 5 to 10 Years | 753 |
Fair Value, More Than 10 years | 194,322 |
Fair Value, No Stated Maturity | 0 |
Total Fair Value | 195,117 |
Mortgage-Backed Securities Issued By U.S. Government Sponsored Enterprises [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Amortized Cost, Within One year | 782 |
Amortized Cost, 1 to 5 Years | 3,450 |
Amortized Cost, 5 to 10 Years | 2,024,280 |
Amortized Cost, More Than 10 years | 414,770 |
Amortized Cost, Amortized Cost, No Stated Maturity | 0 |
Total Amortized Cost | 2,443,282 |
Fair Value, Within One year | 829 |
Fair Value, 1 to 5 Years | 3,684 |
Fair Value, 5 to 10 Years | 2,000,297 |
Fair Value, More Than 10 years | 416,550 |
Fair Value, No Stated Maturity | 0 |
Total Fair Value | 2,421,360 |
Collateralized Mortgage-Backed Securities Issued By U.S. Government Sponsored Enterprises [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Amortized Cost, Within One year | 0 |
Amortized Cost, 1 to 5 Years | 0 |
Amortized Cost, 5 to 10 Years | 84 |
Amortized Cost, More Than 10 years | 406,633 |
Amortized Cost, Amortized Cost, No Stated Maturity | 0 |
Total Amortized Cost | 406,717 |
Fair Value, Within One year | 0 |
Fair Value, 1 to 5 Years | 0 |
Fair Value, 5 to 10 Years | 84 |
Fair Value, More Than 10 years | 398,456 |
Fair Value, No Stated Maturity | 0 |
Total Fair Value | 398,540 |
State And Municipal Securities [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Amortized Cost, Within One year | 1,054 |
Amortized Cost, 1 to 5 Years | 2,828 |
Amortized Cost, 5 to 10 Years | 0 |
Amortized Cost, More Than 10 years | 2,841 |
Amortized Cost, Amortized Cost, No Stated Maturity | 0 |
Total Amortized Cost | 6,723 |
Fair Value, Within One year | 1,066 |
Fair Value, 1 to 5 Years | 2,886 |
Fair Value, 5 to 10 Years | 0 |
Fair Value, More Than 10 years | 2,937 |
Fair Value, No Stated Maturity | 0 |
Total Fair Value | 6,889 |
Equity Securities [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Amortized Cost, Within One year | 0 |
Amortized Cost, 1 to 5 Years | 0 |
Amortized Cost, 5 to 10 Years | 0 |
Amortized Cost, More Than 10 years | 0 |
Amortized Cost, Amortized Cost, No Stated Maturity | 3,856 |
Total Amortized Cost | 3,856 |
Fair Value, Within One year | 0 |
Fair Value, 1 to 5 Years | 0 |
Fair Value, 5 to 10 Years | 0 |
Fair Value, More Than 10 years | 0 |
Fair Value, No Stated Maturity | 7,584 |
Total Fair Value | 7,584 |
Other Investments [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Amortized Cost, Within One year | 0 |
Amortized Cost, 1 to 5 Years | 0 |
Amortized Cost, 5 to 10 Years | 0 |
Amortized Cost, More Than 10 years | 2,000 |
Amortized Cost, Amortized Cost, No Stated Maturity | 2,074 |
Total Amortized Cost | 4,074 |
Fair Value, Within One year | 0 |
Fair Value, 1 to 5 Years | 0 |
Fair Value, 5 to 10 Years | 0 |
Fair Value, More Than 10 years | 1,722 |
Fair Value, No Stated Maturity | 1,969 |
Total Fair Value | $3,691 |
Investment_Securities_Availabl6
Investment Securities Available for Sale (Summary Of Sales Transactions In The Investment Securities Available For Sale Portfolio) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Investments [Abstract] | ' | ' | ' |
Proceeds | $407,718 | $1,139,558 | $2,002,922 |
Gross realized gains | 3,822 | 39,592 | 76,654 |
Gross realized losses | -877 | -450 | -1,647 |
Investment securities gains (losses), net | $2,945 | $39,142 | $75,007 |
Loans_And_Allowance_For_Loan_L2
Loans And Allowance For Loan Losses (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 17, 2014 | |
Minimum [Member] | Interest Income Recorded [Member] | Interest Income Recorded [Member] | Loss And Charged Off [Member] | Substandard [Member] | Accruing TDRs With Modifications And Renewals Completed [Member] | Accruing TDRs With Modifications And Renewals Completed [Member] | Subsequent Event [Member] | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total loans, net of deferred fees and costs, sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $88,200,000 |
Non-accrual loans | 416,300,000 | ' | ' | ' | 543,333,000 | ' | ' | ' | 416,300,000 | 543,333,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans and leases receivable, impaired, interest lost on nonaccrual loans | ' | ' | ' | ' | ' | ' | ' | ' | 27,700,000 | 30,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income recognized | ' | ' | ' | ' | ' | ' | ' | ' | 21,114,000 | 22,865,000 | ' | ' | 5,800,000 | 7,700,000 | ' | ' | ' | ' | ' |
Retail loan substandard period (in days) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '90 days | ' | ' | ' |
Retail loan charge-off period (in days) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '120 days | ' | ' | ' | ' |
Average recorded investment in impaired loans | ' | ' | ' | ' | ' | ' | ' | ' | 952,232,000 | 1,193,641,000 | 1,210,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued interest income recognized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,400,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Investments income recognized in impairment loans, excluding TDRs | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Accruing troubled debt restructuring | 556,400,000 | ' | ' | ' | 673,400,000 | ' | ' | ' | 556,400,000 | 673,400,000 | 668,500,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Provision for losses on loans | 14,064,000 | 6,761,000 | 13,077,000 | 35,696,000 | 146,526,000 | 63,572,000 | 44,222,000 | 66,049,000 | 69,598,000 | 320,369,000 | 418,795,000 | ' | ' | ' | ' | ' | 27,700,000 | 41,400,000 | ' |
Commercial-type impaired loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,000,000 | ' | ' | ' | ' | ' | ' | ' |
Loans_And_Allowance_For_Loan_L3
Loans And Allowance For Loan Losses (Loans Outstanding By Classification) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
In Thousands, unless otherwise specified | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' | ||
Total commercial real estate loans | $6,437,752 | $6,497,864 | ' | ||
Commercial and industrial | 10,000,675 | 9,569,451 | ' | ||
Total retail | 3,648,233 | 3,494,748 | ' | ||
Total loans | 20,086,660 | [1] | 19,562,063 | [2] | ' |
Deferred fees and costs, net | -28,862 | -20,373 | -12,000 | ||
Total loans, net of deferred fees and costs | 20,057,798 | 19,541,690 | ' | ||
Home Equity Lines [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' | ||
Total retail | 1,587,541 | 1,542,397 | ' | ||
Total loans | 1,587,541 | 1,542,397 | ' | ||
Consumer Mortgages [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' | ||
Total retail | 1,519,068 | 1,411,561 | ' | ||
Total loans | 1,519,068 | 1,411,561 | ' | ||
Credit Cards [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' | ||
Total retail | 256,846 | 263,561 | ' | ||
Total loans | 256,846 | 263,561 | ' | ||
Other Retail Loans [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' | ||
Total retail | 284,778 | 277,229 | ' | ||
Total loans | 284,778 | 277,229 | ' | ||
Investment Properties [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' | ||
Total commercial real estate loans | 4,566,679 | 4,416,481 | ' | ||
Total loans | 4,566,679 | 4,416,481 | ' | ||
1-4 Family Properties [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' | ||
Total commercial real estate loans | 1,163,253 | 1,286,042 | ' | ||
Total loans | 1,163,253 | 1,286,042 | ' | ||
Land Acquisition [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' | ||
Total commercial real estate loans | 707,820 | 795,341 | ' | ||
Total loans | 707,820 | 795,341 | ' | ||
Commercial, Financial and Agricultural [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' | ||
Commercial and industrial | 5,498,739 | 5,291,078 | ' | ||
Total loans | 5,498,739 | 5,291,078 | ' | ||
Owner-Occupied [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' | ||
Commercial and industrial | 3,814,720 | 3,762,024 | ' | ||
Total loans | 3,814,720 | 3,762,024 | ' | ||
Small Business [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' | ||
Commercial and industrial | 687,216 | 516,349 | ' | ||
Total loans | $687,216 | $516,349 | ' | ||
[1] | Total before net deferred fees and costs of $28.9 million. | ||||
[2] | Total before net deferred fees and costs of $20.4 million. |
Loans_And_Allowance_For_Loan_L4
Loans And Allowance For Loan Losses (Schedule Of Current, Accruing Past Due And Nonaccrual Loans) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
In Thousands, unless otherwise specified | |||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | ||
Current | $19,597,760 | $18,913,905 | ' | ||
Accruing 30-89 Days Past Due | 68,111 | 98,014 | ' | ||
Accruing 90 Days or Greater Past Due | 4,489 | 6,811 | ' | ||
Total Accruing Past Due | 72,600 | 104,825 | ' | ||
Nonaccrual | 416,300 | 543,333 | ' | ||
Total loans | 20,086,660 | [1] | 19,562,063 | [2] | ' |
Deferred fees and costs, net | 28,862 | 20,373 | 12,000 | ||
Home Equity Lines [Member] | ' | ' | ' | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | ||
Current | 1,564,578 | 1,515,396 | ' | ||
Accruing 30-89 Days Past Due | 4,919 | 9,555 | ' | ||
Accruing 90 Days or Greater Past Due | 136 | 705 | ' | ||
Total Accruing Past Due | 5,055 | 10,260 | ' | ||
Nonaccrual | 17,908 | 16,741 | ' | ||
Total loans | 1,587,541 | 1,542,397 | ' | ||
Consumer Mortgages [Member] | ' | ' | ' | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | ||
Current | 1,460,219 | 1,348,506 | ' | ||
Accruing 30-89 Days Past Due | 18,068 | 22,502 | ' | ||
Accruing 90 Days or Greater Past Due | 1,011 | 1,288 | ' | ||
Total Accruing Past Due | 19,079 | 23,790 | ' | ||
Nonaccrual | 39,770 | 39,265 | ' | ||
Total loans | 1,519,068 | 1,411,561 | ' | ||
Credit Cards [Member] | ' | ' | ' | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | ||
Current | 253,422 | 258,698 | ' | ||
Accruing 30-89 Days Past Due | 1,917 | 2,450 | ' | ||
Accruing 90 Days or Greater Past Due | 1,507 | 2,413 | ' | ||
Total Accruing Past Due | 3,424 | 4,863 | ' | ||
Nonaccrual | 0 | 0 | ' | ||
Total loans | 256,846 | 263,561 | ' | ||
Other Retail Loans [Member] | ' | ' | ' | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | ||
Current | 280,524 | 271,175 | ' | ||
Accruing 30-89 Days Past Due | 2,190 | 3,135 | ' | ||
Accruing 90 Days or Greater Past Due | 26 | 24 | ' | ||
Total Accruing Past Due | 2,216 | 3,159 | ' | ||
Nonaccrual | 2,038 | 2,895 | ' | ||
Total loans | 284,778 | 277,229 | ' | ||
Investment Properties [Member] | ' | ' | ' | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | ||
Current | 4,496,633 | 4,318,379 | ' | ||
Accruing 30-89 Days Past Due | 3,552 | 5,436 | ' | ||
Accruing 90 Days or Greater Past Due | 40 | 798 | ' | ||
Total Accruing Past Due | 3,592 | 6,234 | ' | ||
Nonaccrual | 66,454 | 91,868 | ' | ||
Total loans | 4,566,679 | 4,416,481 | ' | ||
1-4 Family Properties [Member] | ' | ' | ' | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | ||
Current | 1,122,640 | 1,200,370 | ' | ||
Accruing 30-89 Days Past Due | 6,267 | 13,053 | ' | ||
Accruing 90 Days or Greater Past Due | 527 | 41 | ' | ||
Total Accruing Past Due | 6,794 | 13,094 | ' | ||
Nonaccrual | 33,819 | 72,578 | ' | ||
Total loans | 1,163,253 | 1,286,042 | ' | ||
Land Acquisition [Member] | ' | ' | ' | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | ||
Current | 552,325 | 600,146 | ' | ||
Accruing 30-89 Days Past Due | 1,100 | 3,422 | ' | ||
Accruing 90 Days or Greater Past Due | 300 | 298 | ' | ||
Total Accruing Past Due | 1,400 | 3,720 | ' | ||
Nonaccrual | 154,095 | 191,475 | ' | ||
Total loans | 707,820 | 795,341 | ' | ||
Commercial Real Estate [Member] | ' | ' | ' | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | ||
Current | 6,171,598 | 6,118,895 | ' | ||
Accruing 30-89 Days Past Due | 10,919 | 21,911 | ' | ||
Accruing 90 Days or Greater Past Due | 867 | 1,137 | ' | ||
Total Accruing Past Due | 11,786 | 23,048 | ' | ||
Nonaccrual | 254,368 | 355,921 | ' | ||
Total loans | 6,437,752 | 6,497,864 | ' | ||
Commercial, Financial and Agricultural [Member] | ' | ' | ' | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | ||
Current | 5,422,139 | 5,194,916 | ' | ||
Accruing 30-89 Days Past Due | 16,251 | 15,742 | ' | ||
Accruing 90 Days or Greater Past Due | 721 | 845 | ' | ||
Total Accruing Past Due | 16,972 | 16,587 | ' | ||
Nonaccrual | 59,628 | 79,575 | ' | ||
Total loans | 5,498,739 | 5,291,078 | ' | ||
Owner-Occupied [Member] | ' | ' | ' | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | ||
Current | 3,768,333 | 3,700,793 | ' | ||
Accruing 30-89 Days Past Due | 9,341 | 17,784 | ' | ||
Accruing 90 Days or Greater Past Due | 66 | 61 | ' | ||
Total Accruing Past Due | 9,407 | 17,845 | ' | ||
Nonaccrual | 36,980 | 43,386 | ' | ||
Total loans | 3,814,720 | 3,762,024 | ' | ||
Small Business [Member] | ' | ' | ' | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | ||
Current | 676,947 | 505,526 | ' | ||
Accruing 30-89 Days Past Due | 4,506 | 4,935 | ' | ||
Accruing 90 Days or Greater Past Due | 155 | 338 | ' | ||
Total Accruing Past Due | 4,661 | 5,273 | ' | ||
Nonaccrual | 5,608 | 5,550 | ' | ||
Total loans | 687,216 | 516,349 | ' | ||
Commercial And Industrial [Member] | ' | ' | ' | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | ||
Current | 9,867,419 | 9,401,235 | ' | ||
Accruing 30-89 Days Past Due | 30,098 | 38,461 | ' | ||
Accruing 90 Days or Greater Past Due | 942 | 1,244 | ' | ||
Total Accruing Past Due | 31,040 | 39,705 | ' | ||
Nonaccrual | 102,216 | 128,511 | ' | ||
Total loans | 10,000,675 | 9,569,451 | ' | ||
Retail [Member] | ' | ' | ' | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | ||
Current | 3,558,743 | 3,393,775 | ' | ||
Accruing 30-89 Days Past Due | 27,094 | 37,642 | ' | ||
Accruing 90 Days or Greater Past Due | 2,680 | 4,430 | ' | ||
Total Accruing Past Due | 29,774 | 42,072 | ' | ||
Nonaccrual | 59,716 | 58,901 | ' | ||
Total loans | $3,648,233 | $3,494,748 | ' | ||
[1] | Total before net deferred fees and costs of $28.9 million. | ||||
[2] | Total before net deferred fees and costs of $20.4 million. |
Loans_And_Allowance_For_Loan_L5
Loans And Allowance For Loan Losses (Loan Portfolio Credit Exposure) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | $20,086,660,000 | [1] | $19,562,063,000 | [2] | ' |
Nonaccrual substandard loans | 384,000,000 | 518,100,000 | ' | ||
Deferred fees and costs, net | 28,862,000 | 20,373,000 | 12,000,000 | ||
Home Equity Lines [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 1,587,541,000 | 1,542,397,000 | ' | ||
Consumer Mortgages [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 1,519,068,000 | 1,411,561,000 | ' | ||
Credit Cards [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 256,846,000 | 263,561,000 | ' | ||
Other Retail Loans [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 284,778,000 | 277,229,000 | ' | ||
Investment Properties [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 4,566,679,000 | 4,416,481,000 | ' | ||
1-4 Family Properties [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 1,163,253,000 | 1,286,042,000 | ' | ||
Land Acquisition [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 707,820,000 | 795,341,000 | ' | ||
Commercial Real Estate [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 6,437,752,000 | 6,497,864,000 | ' | ||
Commercial And Industrial [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 10,000,675,000 | 9,569,451,000 | ' | ||
Commercial, Financial and Agricultural [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 5,498,739,000 | 5,291,078,000 | ' | ||
Owner-Occupied [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 3,814,720,000 | 3,762,024,000 | ' | ||
Small Business [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 687,216,000 | 516,349,000 | ' | ||
Retail [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 3,648,233,000 | 3,494,748,000 | ' | ||
Pass [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 18,277,301,000 | 16,969,176,000 | ' | ||
Pass [Member] | Home Equity Lines [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 1,559,272,000 | 1,511,729,000 | ' | ||
Pass [Member] | Consumer Mortgages [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 1,475,928,000 | 1,371,659,000 | ' | ||
Pass [Member] | Credit Cards [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 255,339,000 | 260,194,000 | ' | ||
Pass [Member] | Other Retail Loans [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 281,179,000 | 272,917,000 | ' | ||
Pass [Member] | Investment Properties [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 4,150,790,000 | 3,699,465,000 | ' | ||
Pass [Member] | 1-4 Family Properties [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 898,409,000 | 910,149,000 | ' | ||
Pass [Member] | Land Acquisition [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 424,444,000 | 417,935,000 | ' | ||
Pass [Member] | Commercial Real Estate [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 5,473,643,000 | 5,027,549,000 | ' | ||
Pass [Member] | Commercial And Industrial [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 9,231,940,000 | 8,525,128,000 | ' | ||
Pass [Member] | Commercial, Financial and Agricultural [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 5,062,333,000 | 4,719,417,000 | ' | ||
Pass [Member] | Owner-Occupied [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 3,495,407,000 | 3,301,220,000 | ' | ||
Pass [Member] | Small Business [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 674,200,000 | 504,491,000 | ' | ||
Pass [Member] | Retail [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 3,571,718,000 | 3,416,499,000 | ' | ||
Special Mention [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 850,638,000 | 1,376,956,000 | ' | ||
Special Mention [Member] | Home Equity Lines [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 0 | 0 | ' | ||
Special Mention [Member] | Consumer Mortgages [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 0 | 0 | ' | ||
Special Mention [Member] | Credit Cards [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 0 | 0 | ' | ||
Special Mention [Member] | Other Retail Loans [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 0 | 0 | ' | ||
Special Mention [Member] | Investment Properties [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 249,890,000 | 463,532,000 | ' | ||
Special Mention [Member] | 1-4 Family Properties [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 126,715,000 | 197,149,000 | ' | ||
Special Mention [Member] | Land Acquisition [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 94,316,000 | 143,684,000 | ' | ||
Special Mention [Member] | Commercial Real Estate [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 470,921,000 | 804,365,000 | ' | ||
Special Mention [Member] | Commercial And Industrial [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 379,717,000 | 572,591,000 | ' | ||
Special Mention [Member] | Commercial, Financial and Agricultural [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 224,620,000 | 311,475,000 | ' | ||
Special Mention [Member] | Owner-Occupied [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 155,097,000 | 261,116,000 | ' | ||
Special Mention [Member] | Small Business [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 0 | 0 | ' | ||
Special Mention [Member] | Retail [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 0 | 0 | ' | ||
Substandard [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 926,405,000 | 1,190,719,000 | ' | ||
Substandard [Member] | Home Equity Lines [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 24,931,000 | 29,094,000 | ' | ||
Substandard [Member] | Consumer Mortgages [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 40,935,000 | 39,321,000 | ' | ||
Substandard [Member] | Credit Cards [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 541,000 | 1,776,000 | ' | ||
Substandard [Member] | Other Retail Loans [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 3,400,000 | 4,093,000 | ' | ||
Substandard [Member] | Investment Properties [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 164,275,000 | 253,484,000 | ' | ||
Substandard [Member] | 1-4 Family Properties [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 129,775,000 | 176,672,000 | ' | ||
Substandard [Member] | Land Acquisition [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 186,513,000 | 227,761,000 | ' | ||
Substandard [Member] | Commercial Real Estate [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 480,563,000 | 657,917,000 | ' | ||
Substandard [Member] | Commercial And Industrial [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 376,035,000 | 458,518,000 | ' | ||
Substandard [Member] | Commercial, Financial and Agricultural [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 201,410,000 | 249,122,000 | ' | ||
Substandard [Member] | Owner-Occupied [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 162,406,000 | 198,833,000 | ' | ||
Substandard [Member] | Small Business [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 12,219,000 | 10,563,000 | ' | ||
Substandard [Member] | Retail [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 69,807,000 | 74,284,000 | ' | ||
Doubtful [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 24,429,000 | 19,733,000 | ' | ||
Doubtful [Member] | Home Equity Lines [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 0 | 0 | ' | ||
Doubtful [Member] | Consumer Mortgages [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 0 | 0 | ' | ||
Doubtful [Member] | Credit Cards [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 0 | 0 | ' | ||
Doubtful [Member] | Other Retail Loans [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 0 | 0 | ' | ||
Doubtful [Member] | Investment Properties [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 1,724,000 | 0 | ' | ||
Doubtful [Member] | 1-4 Family Properties [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 8,062,000 | 1,953,000 | ' | ||
Doubtful [Member] | Land Acquisition [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 2,547,000 | 5,961,000 | ' | ||
Doubtful [Member] | Commercial Real Estate [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 12,333,000 | 7,914,000 | ' | ||
Doubtful [Member] | Commercial And Industrial [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 12,096,000 | 11,819,000 | ' | ||
Doubtful [Member] | Commercial, Financial and Agricultural [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 10,286,000 | 10,964,000 | ' | ||
Doubtful [Member] | Owner-Occupied [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 1,810,000 | 855,000 | ' | ||
Doubtful [Member] | Small Business [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 0 | 0 | ' | ||
Doubtful [Member] | Retail [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 0 | 0 | ' | ||
Loss [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 7,887,000 | 5,479,000 | ' | ||
Loss [Member] | Home Equity Lines [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 3,338,000 | 1,574,000 | ' | ||
Loss [Member] | Consumer Mortgages [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 2,205,000 | 581,000 | ' | ||
Loss [Member] | Credit Cards [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 966,000 | 1,591,000 | ' | ||
Loss [Member] | Other Retail Loans [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 199,000 | 219,000 | ' | ||
Loss [Member] | Investment Properties [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 0 | 0 | ' | ||
Loss [Member] | 1-4 Family Properties [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 292,000 | 119,000 | ' | ||
Loss [Member] | Land Acquisition [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 0 | 0 | ' | ||
Loss [Member] | Commercial Real Estate [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 292,000 | 119,000 | ' | ||
Loss [Member] | Commercial And Industrial [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 887,000 | 1,395,000 | ' | ||
Loss [Member] | Commercial, Financial and Agricultural [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 90,000 | 100,000 | ' | ||
Loss [Member] | Owner-Occupied [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 0 | 0 | ' | ||
Loss [Member] | Small Business [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 797,000 | 1,295,000 | ' | ||
Loss [Member] | Retail [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | $6,708,000 | $3,965,000 | ' | ||
[1] | Total before net deferred fees and costs of $28.9 million. | ||||
[2] | Total before net deferred fees and costs of $20.4 million. |
Loans_And_Allowance_For_Loan_L6
Loans And Allowance For Loan Losses (Schedule Of Allowances For Loan Losses And Recorded Investment In Loans) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Beginning balance, allowance | ' | ' | ' | $373,405 | ' | ' | ' | $703,547 | $373,405 | $536,494 | $703,547 | |||||
Charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | -179,953 | -556,775 | -639,714 | |||||
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 44,510 | 73,317 | 53,866 | |||||
Provision for loan losses | 14,064 | 6,761 | 13,077 | 35,696 | 146,526 | 63,572 | 44,222 | 66,049 | 69,598 | 320,369 | 418,795 | |||||
Ending balance, allowance | 307,560 | ' | ' | ' | 373,405 | ' | ' | ' | 307,560 | 373,405 | 536,494 | |||||
Ending balance: individually evaluated for impairment, allowance | 67,997 | ' | ' | ' | 84,775 | ' | ' | ' | 67,997 | 84,775 | 109,484 | |||||
Ending balance: collectively evaluated for impairment | 239,563 | ' | ' | ' | 288,630 | ' | ' | ' | 239,563 | 288,630 | 427,010 | |||||
Ending balance: total loans | 20,086,660 | [1] | ' | ' | ' | 19,562,063 | [2] | ' | ' | ' | 20,086,660 | [1] | 19,562,063 | [2] | 20,091,799 | [3] |
Ending balance: individually evaluated for impairment, loans | 836,554 | ' | ' | ' | 1,062,520 | ' | ' | ' | 836,554 | 1,062,520 | 1,307,572 | |||||
Ending balance: individually evaluated for impairment | 19,250,106 | ' | ' | ' | 18,499,543 | ' | ' | ' | 19,250,106 | 18,499,543 | 18,784,227 | |||||
Deferred fees and costs, net | 28,862 | ' | ' | ' | 20,373 | ' | ' | ' | 28,862 | 20,373 | 12,000 | |||||
Commercial Real Estate [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Beginning balance, allowance | ' | ' | ' | 167,926 | ' | ' | ' | 353,923 | 167,926 | 249,094 | 353,923 | |||||
Charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | -86,990 | -316,699 | -384,297 | |||||
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 17,068 | 36,576 | 25,604 | |||||
Provision for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | 29,008 | 198,955 | 253,864 | |||||
Ending balance, allowance | 127,012 | ' | ' | ' | 167,926 | ' | ' | ' | 127,012 | 167,926 | 249,094 | |||||
Ending balance: individually evaluated for impairment, allowance | 46,737 | ' | ' | ' | 58,948 | ' | ' | ' | 46,737 | 58,948 | 64,447 | |||||
Ending balance: collectively evaluated for impairment | 80,275 | ' | ' | ' | 108,978 | ' | ' | ' | 80,275 | 108,978 | 184,647 | |||||
Ending balance: total loans | 6,437,752 | [1] | ' | ' | ' | 6,497,864 | [2] | ' | ' | ' | 6,437,752 | [1] | 6,497,864 | [2] | 7,282,420 | [3] |
Ending balance: individually evaluated for impairment, loans | 537,736 | ' | ' | ' | 685,078 | ' | ' | ' | 537,736 | 685,078 | 870,157 | |||||
Ending balance: individually evaluated for impairment | 5,900,016 | ' | ' | ' | 5,812,786 | ' | ' | ' | 5,900,016 | 5,812,786 | 6,412,263 | |||||
Commercial And Industrial [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Beginning balance, allowance | ' | ' | ' | 138,495 | ' | ' | ' | 223,981 | 138,495 | 187,409 | 223,981 | |||||
Charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | -58,977 | -184,811 | -179,717 | |||||
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 19,918 | 27,745 | 19,768 | |||||
Provision for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | 16,633 | 108,152 | 123,377 | |||||
Ending balance, allowance | 116,069 | ' | ' | ' | 138,495 | ' | ' | ' | 116,069 | 138,495 | 187,409 | |||||
Ending balance: individually evaluated for impairment, allowance | 20,068 | ' | ' | ' | 24,678 | ' | ' | ' | 20,068 | 24,678 | 42,600 | |||||
Ending balance: collectively evaluated for impairment | 96,001 | ' | ' | ' | 113,817 | ' | ' | ' | 96,001 | 113,817 | 144,809 | |||||
Ending balance: total loans | 10,000,675 | [1] | ' | ' | ' | 9,569,451 | [2] | ' | ' | ' | 10,000,675 | [1] | 9,569,451 | [2] | 9,229,805 | [3] |
Ending balance: individually evaluated for impairment, loans | 243,856 | ' | ' | ' | 313,876 | ' | ' | ' | 243,856 | 313,876 | 384,455 | |||||
Ending balance: individually evaluated for impairment | 9,756,819 | ' | ' | ' | 9,255,575 | ' | ' | ' | 9,756,819 | 9,255,575 | 8,845,350 | |||||
Retail [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Beginning balance, allowance | ' | ' | ' | 38,984 | ' | ' | ' | 41,555 | 38,984 | 51,993 | 41,555 | |||||
Charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | -33,986 | -55,265 | -75,700 | |||||
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 7,524 | 8,996 | 8,494 | |||||
Provision for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | 28,957 | 33,260 | 77,644 | |||||
Ending balance, allowance | 41,479 | ' | ' | ' | 38,984 | ' | ' | ' | 41,479 | 38,984 | 51,993 | |||||
Ending balance: individually evaluated for impairment, allowance | 1,192 | ' | ' | ' | 1,149 | ' | ' | ' | 1,192 | 1,149 | 2,437 | |||||
Ending balance: collectively evaluated for impairment | 40,287 | ' | ' | ' | 37,835 | ' | ' | ' | 40,287 | 37,835 | 49,556 | |||||
Ending balance: total loans | 3,648,233 | [1] | ' | ' | ' | 3,494,748 | [2] | ' | ' | ' | 3,648,233 | [1] | 3,494,748 | [2] | 3,579,574 | [3] |
Ending balance: individually evaluated for impairment, loans | 54,962 | ' | ' | ' | 63,566 | ' | ' | ' | 54,962 | 63,566 | 52,960 | |||||
Ending balance: individually evaluated for impairment | 3,593,271 | ' | ' | ' | 3,431,182 | ' | ' | ' | 3,593,271 | 3,431,182 | 3,526,614 | |||||
Unallocated [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Beginning balance, allowance | ' | ' | ' | 28,000 | ' | ' | ' | 84,088 | 28,000 | 47,998 | 84,088 | |||||
Charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||||
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||||
Provision for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | -5,000 | -19,998 | -36,090 | |||||
Ending balance, allowance | 23,000 | ' | ' | ' | 28,000 | ' | ' | ' | 23,000 | 28,000 | 47,998 | |||||
Ending balance: individually evaluated for impairment, allowance | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | 0 | |||||
Ending balance: collectively evaluated for impairment | 23,000 | ' | ' | ' | 28,000 | ' | ' | ' | 23,000 | 28,000 | 47,998 | |||||
Ending balance: total loans | 0 | [1] | ' | ' | ' | 0 | [2] | ' | ' | ' | 0 | [1] | 0 | [2] | 0 | [3] |
Ending balance: individually evaluated for impairment, loans | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | 0 | |||||
Ending balance: individually evaluated for impairment | $0 | ' | ' | ' | $0 | ' | ' | ' | $0 | $0 | $0 | |||||
[1] | Total before net deferred fees and costs of $28.9 million. | |||||||||||||||
[2] | Total before net deferred fees and costs of $20.4 million. | |||||||||||||||
[3] | Total before net deferred fees and costs of $12.0 million. |
Loans_And_Allowance_For_Loan_L7
Loans And Allowance For Loan Losses (Schedule Of Impaired Loans) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment, With no related allowance recorded | $94,001 | $143,915 | ' |
Unpaid Principal Balance, With no related allowance recorded | 181,809 | 310,784 | ' |
Related Allowance, With no related allowance recorded | 0 | 0 | ' |
Average Recorded Investment, With no related allowance recorded | 122,367 | 373,750 | ' |
Interest Income Recognized, With no related allowance recorded | 0 | 0 | ' |
Recorded Investment, With allowance recorded | 742,553 | 918,605 | ' |
Unpaid Principal Balance, With allowance recorded | 782,252 | 932,617 | ' |
Related Allowance, With allowance recorded | 67,997 | 84,775 | ' |
Average Recorded Investment, With allowance recorded | 829,865 | 819,891 | ' |
Interest Income Recognized, With allowance recorded | 21,114 | 22,865 | ' |
Recorded Investment | 836,554 | 1,062,520 | ' |
Unpaid Principal Balance | 964,061 | 1,243,401 | ' |
Related Allowance | 67,997 | 84,775 | ' |
Average Recorded Investment in Impaired Loans | 952,232 | 1,193,641 | 1,210,000 |
Interest Income Recognized | 21,114 | 22,865 | ' |
Home Equity Lines [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment, With no related allowance recorded | 0 | 51 | ' |
Unpaid Principal Balance, With no related allowance recorded | 0 | 51 | ' |
Related Allowance, With no related allowance recorded | 0 | 0 | ' |
Average Recorded Investment, With no related allowance recorded | 33 | 2,811 | ' |
Interest Income Recognized, With no related allowance recorded | 0 | 0 | ' |
Recorded Investment, With allowance recorded | 2,750 | 8,696 | ' |
Unpaid Principal Balance, With allowance recorded | 2,750 | 8,696 | ' |
Related Allowance, With allowance recorded | 116 | 195 | ' |
Average Recorded Investment, With allowance recorded | 4,668 | 7,071 | ' |
Interest Income Recognized, With allowance recorded | 176 | 237 | ' |
Recorded Investment | 2,750 | 8,747 | ' |
Unpaid Principal Balance | 2,750 | 8,747 | ' |
Related Allowance | 116 | 195 | ' |
Average Recorded Investment in Impaired Loans | 4,701 | 9,882 | ' |
Interest Income Recognized | 176 | 237 | ' |
Consumer Mortgages [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment, With no related allowance recorded | 1,180 | 1,247 | ' |
Unpaid Principal Balance, With no related allowance recorded | 2,840 | 2,263 | ' |
Related Allowance, With no related allowance recorded | 0 | 0 | ' |
Average Recorded Investment, With no related allowance recorded | 1,487 | 3,706 | ' |
Interest Income Recognized, With no related allowance recorded | 0 | 0 | ' |
Recorded Investment, With allowance recorded | 44,019 | 50,261 | ' |
Unpaid Principal Balance, With allowance recorded | 44,019 | 50,261 | ' |
Related Allowance, With allowance recorded | 967 | 880 | ' |
Average Recorded Investment, With allowance recorded | 48,674 | 38,912 | ' |
Interest Income Recognized, With allowance recorded | 1,910 | 1,300 | ' |
Recorded Investment | 45,199 | 51,508 | ' |
Unpaid Principal Balance | 46,859 | 52,524 | ' |
Related Allowance | 967 | 880 | ' |
Average Recorded Investment in Impaired Loans | 50,161 | 42,618 | ' |
Interest Income Recognized | 1,910 | 1,300 | ' |
Credit Cards [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment, With no related allowance recorded | 0 | 0 | ' |
Unpaid Principal Balance, With no related allowance recorded | 0 | 0 | ' |
Related Allowance, With no related allowance recorded | 0 | 0 | ' |
Average Recorded Investment, With no related allowance recorded | 0 | 0 | ' |
Interest Income Recognized, With no related allowance recorded | 0 | 0 | ' |
Recorded Investment, With allowance recorded | 0 | 0 | ' |
Unpaid Principal Balance, With allowance recorded | 0 | 0 | ' |
Related Allowance, With allowance recorded | 0 | 0 | ' |
Average Recorded Investment, With allowance recorded | 0 | 0 | ' |
Interest Income Recognized, With allowance recorded | 0 | 0 | ' |
Recorded Investment | 0 | 0 | ' |
Unpaid Principal Balance | 0 | 0 | ' |
Related Allowance | 0 | 0 | ' |
Average Recorded Investment in Impaired Loans | 0 | 0 | ' |
Interest Income Recognized | 0 | 0 | ' |
Other Retail Loans [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment, With no related allowance recorded | 0 | 7 | ' |
Unpaid Principal Balance, With no related allowance recorded | 0 | 15 | ' |
Related Allowance, With no related allowance recorded | 0 | 0 | ' |
Average Recorded Investment, With no related allowance recorded | 4 | 127 | ' |
Interest Income Recognized, With no related allowance recorded | 0 | 0 | ' |
Recorded Investment, With allowance recorded | 7,013 | 3,304 | ' |
Unpaid Principal Balance, With allowance recorded | 7,013 | 3,304 | ' |
Related Allowance, With allowance recorded | 109 | 74 | ' |
Average Recorded Investment, With allowance recorded | 5,555 | 2,543 | ' |
Interest Income Recognized, With allowance recorded | 285 | 167 | ' |
Recorded Investment | 7,013 | 3,311 | ' |
Unpaid Principal Balance | 7,013 | 3,319 | ' |
Related Allowance | 109 | 74 | ' |
Average Recorded Investment in Impaired Loans | 5,559 | 2,670 | ' |
Interest Income Recognized | 285 | 167 | ' |
Commercial Real Estate [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment, With no related allowance recorded | 54,492 | 111,429 | ' |
Unpaid Principal Balance, With no related allowance recorded | 124,031 | 257,022 | ' |
Related Allowance, With no related allowance recorded | 0 | 0 | ' |
Average Recorded Investment, With no related allowance recorded | 82,932 | 298,396 | ' |
Interest Income Recognized, With no related allowance recorded | 0 | 0 | ' |
Recorded Investment, With allowance recorded | 483,244 | 573,649 | ' |
Unpaid Principal Balance, With allowance recorded | 512,317 | 577,445 | ' |
Related Allowance, With allowance recorded | 46,737 | 58,948 | ' |
Average Recorded Investment, With allowance recorded | 533,729 | 469,550 | ' |
Interest Income Recognized, With allowance recorded | 11,438 | 12,509 | ' |
Recorded Investment | 537,736 | 685,078 | ' |
Unpaid Principal Balance | 636,348 | 834,467 | ' |
Related Allowance | 46,737 | 58,948 | ' |
Average Recorded Investment in Impaired Loans | 616,661 | 767,946 | ' |
Interest Income Recognized | 11,438 | 12,509 | ' |
Investment Properties [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment, With no related allowance recorded | 14,218 | 10,939 | ' |
Unpaid Principal Balance, With no related allowance recorded | 15,820 | 14,130 | ' |
Related Allowance, With no related allowance recorded | 0 | 0 | ' |
Average Recorded Investment, With no related allowance recorded | 18,046 | 42,947 | ' |
Interest Income Recognized, With no related allowance recorded | 0 | 0 | ' |
Recorded Investment, With allowance recorded | 185,152 | 253,851 | ' |
Unpaid Principal Balance, With allowance recorded | 192,859 | 254,339 | ' |
Related Allowance, With allowance recorded | 8,822 | 20,209 | ' |
Average Recorded Investment, With allowance recorded | 226,308 | 230,848 | ' |
Interest Income Recognized, With allowance recorded | 5,043 | 6,144 | ' |
Recorded Investment | 199,370 | 264,790 | ' |
Unpaid Principal Balance | 208,679 | 268,469 | ' |
Related Allowance | 8,822 | 20,209 | ' |
Average Recorded Investment in Impaired Loans | 244,354 | 273,795 | ' |
Interest Income Recognized | 5,043 | 6,144 | ' |
1-4 Family Properties [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment, With no related allowance recorded | 9,679 | 40,793 | ' |
Unpaid Principal Balance, With no related allowance recorded | 29,741 | 117,869 | ' |
Related Allowance, With no related allowance recorded | 0 | 0 | ' |
Average Recorded Investment, With no related allowance recorded | 23,879 | 97,434 | ' |
Interest Income Recognized, With no related allowance recorded | 0 | 0 | ' |
Recorded Investment, With allowance recorded | 115,063 | 114,207 | ' |
Unpaid Principal Balance, With allowance recorded | 117,410 | 117,505 | ' |
Related Allowance, With allowance recorded | 11,126 | 11,414 | ' |
Average Recorded Investment, With allowance recorded | 115,614 | 141,529 | ' |
Interest Income Recognized, With allowance recorded | 3,464 | 4,347 | ' |
Recorded Investment | 124,742 | 155,000 | ' |
Unpaid Principal Balance | 147,151 | 235,374 | ' |
Related Allowance | 11,126 | 11,414 | ' |
Average Recorded Investment in Impaired Loans | 139,493 | 238,963 | ' |
Interest Income Recognized | 3,464 | 4,347 | ' |
Land Acquisition [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment, With no related allowance recorded | 30,595 | 59,697 | ' |
Unpaid Principal Balance, With no related allowance recorded | 78,470 | 125,023 | ' |
Related Allowance, With no related allowance recorded | 0 | 0 | ' |
Average Recorded Investment, With no related allowance recorded | 41,007 | 158,015 | ' |
Interest Income Recognized, With no related allowance recorded | 0 | 0 | ' |
Recorded Investment, With allowance recorded | 183,029 | 205,591 | ' |
Unpaid Principal Balance, With allowance recorded | 202,048 | 205,601 | ' |
Related Allowance, With allowance recorded | 26,789 | 27,325 | ' |
Average Recorded Investment, With allowance recorded | 191,807 | 97,173 | ' |
Interest Income Recognized, With allowance recorded | 2,931 | 2,018 | ' |
Recorded Investment | 213,624 | 265,288 | ' |
Unpaid Principal Balance | 280,518 | 330,624 | ' |
Related Allowance | 26,789 | 27,325 | ' |
Average Recorded Investment in Impaired Loans | 232,814 | 255,188 | ' |
Interest Income Recognized | 2,931 | 2,018 | ' |
Commercial And Industrial [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment, With no related allowance recorded | 38,329 | 31,181 | ' |
Unpaid Principal Balance, With no related allowance recorded | 54,938 | 51,433 | ' |
Related Allowance, With no related allowance recorded | 0 | 0 | ' |
Average Recorded Investment, With no related allowance recorded | 37,911 | 68,710 | ' |
Interest Income Recognized, With no related allowance recorded | 0 | 0 | ' |
Recorded Investment, With allowance recorded | 205,527 | 282,695 | ' |
Unpaid Principal Balance, With allowance recorded | 216,153 | 292,911 | ' |
Related Allowance, With allowance recorded | 20,068 | 24,678 | ' |
Average Recorded Investment, With allowance recorded | 237,239 | 301,815 | ' |
Interest Income Recognized, With allowance recorded | 7,305 | 8,652 | ' |
Recorded Investment | 243,856 | 313,876 | ' |
Unpaid Principal Balance | 271,091 | 344,344 | ' |
Related Allowance | 20,068 | 24,678 | ' |
Average Recorded Investment in Impaired Loans | 275,150 | 370,525 | ' |
Interest Income Recognized | 7,305 | 8,652 | ' |
Commercial, Financial and Agricultural [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment, With no related allowance recorded | 13,490 | 18,618 | ' |
Unpaid Principal Balance, With no related allowance recorded | 22,312 | 34,753 | ' |
Related Allowance, With no related allowance recorded | 0 | 0 | ' |
Average Recorded Investment, With no related allowance recorded | 15,355 | 40,947 | ' |
Interest Income Recognized, With no related allowance recorded | 0 | 0 | ' |
Recorded Investment, With allowance recorded | 112,291 | 161,711 | ' |
Unpaid Principal Balance, With allowance recorded | 117,049 | 163,472 | ' |
Related Allowance, With allowance recorded | 15,364 | 17,186 | ' |
Average Recorded Investment, With allowance recorded | 126,242 | 164,905 | ' |
Interest Income Recognized, With allowance recorded | 3,534 | 3,974 | ' |
Recorded Investment | 125,781 | 180,329 | ' |
Unpaid Principal Balance | 139,361 | 198,225 | ' |
Related Allowance | 15,364 | 17,186 | ' |
Average Recorded Investment in Impaired Loans | 141,597 | 205,852 | ' |
Interest Income Recognized | 3,534 | 3,974 | ' |
Owner-Occupied [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment, With no related allowance recorded | 24,839 | 12,563 | ' |
Unpaid Principal Balance, With no related allowance recorded | 32,626 | 16,680 | ' |
Related Allowance, With no related allowance recorded | 0 | 0 | ' |
Average Recorded Investment, With no related allowance recorded | 22,556 | 27,763 | ' |
Interest Income Recognized, With no related allowance recorded | 0 | 0 | ' |
Recorded Investment, With allowance recorded | 87,567 | 117,651 | ' |
Unpaid Principal Balance, With allowance recorded | 93,435 | 126,106 | ' |
Related Allowance, With allowance recorded | 4,368 | 7,308 | ' |
Average Recorded Investment, With allowance recorded | 106,865 | 134,960 | ' |
Interest Income Recognized, With allowance recorded | 3,609 | 4,602 | ' |
Recorded Investment | 112,406 | 130,214 | ' |
Unpaid Principal Balance | 126,061 | 142,786 | ' |
Related Allowance | 4,368 | 7,308 | ' |
Average Recorded Investment in Impaired Loans | 129,421 | 162,723 | ' |
Interest Income Recognized | 3,609 | 4,602 | ' |
Small Business [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment, With no related allowance recorded | 0 | 0 | ' |
Unpaid Principal Balance, With no related allowance recorded | 0 | 0 | ' |
Related Allowance, With no related allowance recorded | 0 | 0 | ' |
Average Recorded Investment, With no related allowance recorded | 0 | 0 | ' |
Interest Income Recognized, With no related allowance recorded | 0 | 0 | ' |
Recorded Investment, With allowance recorded | 5,669 | 3,333 | ' |
Unpaid Principal Balance, With allowance recorded | 5,669 | 3,333 | ' |
Related Allowance, With allowance recorded | 336 | 184 | ' |
Average Recorded Investment, With allowance recorded | 4,132 | 1,950 | ' |
Interest Income Recognized, With allowance recorded | 162 | 76 | ' |
Recorded Investment | 5,669 | 3,333 | ' |
Unpaid Principal Balance | 5,669 | 3,333 | ' |
Related Allowance | 336 | 184 | ' |
Average Recorded Investment in Impaired Loans | 4,132 | 1,950 | ' |
Interest Income Recognized | 162 | 76 | ' |
Retail [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment, With no related allowance recorded | 1,180 | 1,305 | ' |
Unpaid Principal Balance, With no related allowance recorded | 2,840 | 2,329 | ' |
Related Allowance, With no related allowance recorded | 0 | 0 | ' |
Average Recorded Investment, With no related allowance recorded | 1,524 | 6,644 | ' |
Interest Income Recognized, With no related allowance recorded | 0 | 0 | ' |
Recorded Investment, With allowance recorded | 53,782 | 62,261 | ' |
Unpaid Principal Balance, With allowance recorded | 53,782 | 62,261 | ' |
Related Allowance, With allowance recorded | 1,192 | 1,149 | ' |
Average Recorded Investment, With allowance recorded | 58,897 | 48,526 | ' |
Interest Income Recognized, With allowance recorded | 2,371 | 1,704 | ' |
Recorded Investment | 54,962 | 63,566 | ' |
Unpaid Principal Balance | 56,622 | 64,590 | ' |
Related Allowance | 1,192 | 1,149 | ' |
Average Recorded Investment in Impaired Loans | 60,421 | 55,170 | ' |
Interest Income Recognized | $2,371 | $1,704 | ' |
Loans_And_Allowance_For_Loan_L8
Loans And Allowance For Loan Losses (Troubled Debt Restructurings) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | |||
Contract | Contract | |||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Number of Contracts | 583 | 943 | ||
Post-modification balance for loans modified or renewed | $436,345,000 | [1] | $501,844,000 | [2] |
Write-down | 4,000,000 | 16,000,000 | ||
Home Equity Lines [Member] | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Number of Contracts | 1 | 22 | ||
Post-modification balance for loans modified or renewed | 80,000 | 3,315,000 | ||
Consumer Mortgages [Member] | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Number of Contracts | 141 | 326 | ||
Post-modification balance for loans modified or renewed | 15,709,000 | 31,996,000 | ||
Credit Card Receivable [Member] | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Number of Contracts | 0 | 0 | ||
Post-modification balance for loans modified or renewed | 0 | 0 | ||
Other Retail Loans [Member] | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Number of Contracts | 65 | 87 | ||
Post-modification balance for loans modified or renewed | 2,716,000 | 5,316,000 | ||
Commercial Real Estate [Member] | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Number of Contracts | 206 | 282 | ||
Post-modification balance for loans modified or renewed | 316,790,000 | 301,172,000 | ||
Investment Properties [Member] | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Number of Contracts | 47 | 74 | ||
Post-modification balance for loans modified or renewed | 145,628,000 | 140,993,000 | ||
1-4 Family Properties [Member] | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Number of Contracts | 131 | 130 | ||
Post-modification balance for loans modified or renewed | 47,187,000 | 76,200,000 | ||
Land Acquisition [Member] | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Number of Contracts | 28 | 78 | ||
Post-modification balance for loans modified or renewed | 123,975,000 | 83,979,000 | ||
Commercial And Industrial [Member] | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Number of Contracts | 170 | 226 | ||
Post-modification balance for loans modified or renewed | 101,050,000 | 160,045,000 | ||
Commercial, Financial and Agricultural [Member] | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Number of Contracts | 78 | 116 | ||
Post-modification balance for loans modified or renewed | 44,211,000 | 107,580,000 | ||
Owner-Occupied [Member] | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Number of Contracts | 40 | 70 | ||
Post-modification balance for loans modified or renewed | 51,789,000 | 47,940,000 | ||
Small Business [Member] | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Number of Contracts | 52 | 40 | ||
Post-modification balance for loans modified or renewed | 5,050,000 | 4,525,000 | ||
Retail [Member] | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Number of Contracts | 207 | 435 | ||
Post-modification balance for loans modified or renewed | 18,505,000 | 40,627,000 | ||
Principal Forgiveness [Member] | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Post-modification balance for loans modified or renewed | 22,774,000 | 35,539,000 | ||
Principal Forgiveness [Member] | Home Equity Lines [Member] | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Post-modification balance for loans modified or renewed | 0 | 0 | ||
Principal Forgiveness [Member] | Consumer Mortgages [Member] | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Post-modification balance for loans modified or renewed | 0 | 0 | ||
Principal Forgiveness [Member] | Credit Card Receivable [Member] | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Post-modification balance for loans modified or renewed | 0 | 0 | ||
Principal Forgiveness [Member] | Other Retail Loans [Member] | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Post-modification balance for loans modified or renewed | 0 | 0 | ||
Principal Forgiveness [Member] | Commercial Real Estate [Member] | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Post-modification balance for loans modified or renewed | 20,491,000 | 481,000 | ||
Principal Forgiveness [Member] | Investment Properties [Member] | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Post-modification balance for loans modified or renewed | 19,993,000 | 77,000 | ||
Principal Forgiveness [Member] | 1-4 Family Properties [Member] | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Post-modification balance for loans modified or renewed | 424,000 | 404,000 | ||
Principal Forgiveness [Member] | Land Acquisition [Member] | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Post-modification balance for loans modified or renewed | 74,000 | 0 | ||
Principal Forgiveness [Member] | Commercial And Industrial [Member] | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Post-modification balance for loans modified or renewed | 2,283,000 | 35,058,000 | ||
Principal Forgiveness [Member] | Commercial, Financial and Agricultural [Member] | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Post-modification balance for loans modified or renewed | 2,283,000 | 35,058,000 | ||
Principal Forgiveness [Member] | Owner-Occupied [Member] | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Post-modification balance for loans modified or renewed | 0 | ' | ||
Principal Forgiveness [Member] | Small Business [Member] | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Post-modification balance for loans modified or renewed | 0 | 0 | ||
Principal Forgiveness [Member] | Retail [Member] | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Post-modification balance for loans modified or renewed | 0 | 0 | ||
Below Market Interest Rate [Member] | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Post-modification balance for loans modified or renewed | 337,740,000 | 314,650,000 | ||
Below Market Interest Rate [Member] | Home Equity Lines [Member] | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Post-modification balance for loans modified or renewed | 0 | 985,000 | ||
Below Market Interest Rate [Member] | Consumer Mortgages [Member] | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Post-modification balance for loans modified or renewed | 11,513,000 | 10,202,000 | ||
Below Market Interest Rate [Member] | Credit Card Receivable [Member] | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Post-modification balance for loans modified or renewed | 0 | 0 | ||
Below Market Interest Rate [Member] | Other Retail Loans [Member] | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Post-modification balance for loans modified or renewed | 1,118,000 | 1,359,000 | ||
Below Market Interest Rate [Member] | Commercial Real Estate [Member] | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Post-modification balance for loans modified or renewed | 272,169,000 | 217,052,000 | ||
Below Market Interest Rate [Member] | Investment Properties [Member] | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Post-modification balance for loans modified or renewed | 121,263,000 | 93,732,000 | ||
Below Market Interest Rate [Member] | 1-4 Family Properties [Member] | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Post-modification balance for loans modified or renewed | 37,180,000 | 60,735,000 | ||
Below Market Interest Rate [Member] | Land Acquisition [Member] | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Post-modification balance for loans modified or renewed | 113,726,000 | 62,585,000 | ||
Below Market Interest Rate [Member] | Commercial And Industrial [Member] | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Post-modification balance for loans modified or renewed | 52,940,000 | 85,052,000 | ||
Below Market Interest Rate [Member] | Commercial, Financial and Agricultural [Member] | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Post-modification balance for loans modified or renewed | 22,399,000 | 45,712,000 | ||
Below Market Interest Rate [Member] | Owner-Occupied [Member] | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Post-modification balance for loans modified or renewed | 28,988,000 | 38,285,000 | ||
Below Market Interest Rate [Member] | Small Business [Member] | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Post-modification balance for loans modified or renewed | 1,553,000 | 1,055,000 | ||
Below Market Interest Rate [Member] | Retail [Member] | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Post-modification balance for loans modified or renewed | 12,631,000 | 12,546,000 | ||
Term Extensions and/or Other Concessions [Member] | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Post-modification balance for loans modified or renewed | 75,831,000 | 151,655,000 | ||
Term Extensions and/or Other Concessions [Member] | Home Equity Lines [Member] | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Post-modification balance for loans modified or renewed | 80,000 | 2,330,000 | ||
Term Extensions and/or Other Concessions [Member] | Consumer Mortgages [Member] | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Post-modification balance for loans modified or renewed | 4,196,000 | 21,794,000 | ||
Term Extensions and/or Other Concessions [Member] | Credit Card Receivable [Member] | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Post-modification balance for loans modified or renewed | 0 | 0 | ||
Term Extensions and/or Other Concessions [Member] | Other Retail Loans [Member] | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Post-modification balance for loans modified or renewed | 1,598,000 | 3,957,000 | ||
Term Extensions and/or Other Concessions [Member] | Commercial Real Estate [Member] | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Post-modification balance for loans modified or renewed | 24,130,000 | 83,639,000 | ||
Term Extensions and/or Other Concessions [Member] | Investment Properties [Member] | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Post-modification balance for loans modified or renewed | 4,372,000 | 47,184,000 | ||
Term Extensions and/or Other Concessions [Member] | 1-4 Family Properties [Member] | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Post-modification balance for loans modified or renewed | 9,583,000 | 15,061,000 | ||
Term Extensions and/or Other Concessions [Member] | Land Acquisition [Member] | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Post-modification balance for loans modified or renewed | 10,175,000 | 21,394,000 | ||
Term Extensions and/or Other Concessions [Member] | Commercial And Industrial [Member] | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Post-modification balance for loans modified or renewed | 45,827,000 | 39,935,000 | ||
Term Extensions and/or Other Concessions [Member] | Commercial, Financial and Agricultural [Member] | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Post-modification balance for loans modified or renewed | 19,529,000 | 26,810,000 | ||
Term Extensions and/or Other Concessions [Member] | Owner-Occupied [Member] | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Post-modification balance for loans modified or renewed | 22,801,000 | 9,655,000 | ||
Term Extensions and/or Other Concessions [Member] | Small Business [Member] | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Post-modification balance for loans modified or renewed | 3,497,000 | 3,470,000 | ||
Term Extensions and/or Other Concessions [Member] | Retail [Member] | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Post-modification balance for loans modified or renewed | $5,874,000 | $28,081,000 | ||
[1] | As a result of these loans being reported as TDRs, there were net charge-offs of approximately $4 million recorded during 2013.TDRs by Concession Type Year Ended December 31, 2012 (in thousands, except contract data)Number of Contracts Principal Forgiveness Below Market Interest Rate Term Extensions and/or Other Concessions Total Investment properties74 $77 93,732 47,184 140,993 1-4 family properties130 404 60,735 15,061 76,200 Land acquisition78 — 62,585 21,394 83,979 Total commercial real estate282 481 217,052 83,639 301,172 Commercial, financial and agricultural116 35,058 45,712 26,810 107,580 Owner-occupied70 — 38,285 9,655 47,940 Small business40 — 1,055 3,470 4,525 Total commercial and industrial226 35,058 85,052 39,935 160,045 Home equity lines22 — 985 2,330 3,315 Consumer mortgages326 — 10,202 21,794 31,996 Credit cards— — — — — Other retail loans87 — 1,359 3,957 5,316 Total retail435 — 12,546 28,081 40,627 Total loans943 $35,539 314,650 151,655 501,844(1) | |||
[2] | As a result of these loans being reported as TDRs, there were net charge-offs of approximately $16 million recorded during 2012. |
Loans_And_Allowance_For_Loan_L9
Loans And Allowance For Loan Losses (Troubled Debt Restructurings That Subsequently Defaulted) (Details) (Troubled Debt Restructurings That Subsequently Defaulted [Member], USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Contract | Contract | |||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Number of Contracts | 42 | [1] | 57 | [1],[2] |
Recorded Investment | $20,936 | [1] | $36,545 | [1],[2] |
Previously Disclosed [Member] | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Number of Contracts | ' | 80 | [1] | |
Recorded Investment | ' | 68,900 | [1] | |
Home Equity Lines [Member] | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Number of Contracts | 1 | [1] | 0 | [1],[2] |
Recorded Investment | 98 | [1] | 0 | [1],[2] |
Consumer Mortgages [Member] | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Number of Contracts | 18 | [1] | 9 | [1],[2] |
Recorded Investment | 1,496 | [1] | 2,788 | [1],[2] |
Credit Card Receivable [Member] | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Number of Contracts | 0 | [1] | 0 | [1],[2] |
Recorded Investment | 0 | [1] | 0 | [1],[2] |
Other Retail Loans [Member] | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Number of Contracts | 1 | [1] | 2 | [1],[2] |
Recorded Investment | 195 | [1] | 53 | [1],[2] |
Commercial Real Estate [Member] | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Number of Contracts | 14 | [1] | 30 | [1],[2] |
Recorded Investment | 17,423 | [1] | 25,441 | [1],[2] |
Investment Properties [Member] | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Number of Contracts | 3 | [1] | 8 | [1],[2] |
Recorded Investment | 4,722 | [1] | 7,418 | [1],[2] |
1-4 Family Properties [Member] | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Number of Contracts | 10 | [1] | 12 | [1],[2] |
Recorded Investment | 12,576 | [1] | 8,098 | [1],[2] |
Land Acquisition [Member] | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Number of Contracts | 1 | [1] | 10 | [1],[2] |
Recorded Investment | 125 | [1] | 9,925 | [1],[2] |
Commercial And Industrial [Member] | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Number of Contracts | 8 | [1] | 16 | [1],[2] |
Recorded Investment | 1,724 | [1] | 8,263 | [1],[2] |
Commercial, Financial and Agricultural [Member] | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Number of Contracts | 4 | [1] | 6 | [1],[2] |
Recorded Investment | 776 | [1] | 2,973 | [1],[2] |
Owner-Occupied [Member] | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Number of Contracts | 2 | [1] | 7 | [1],[2] |
Recorded Investment | 924 | [1] | 4,968 | [1],[2] |
Small Business [Member] | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Number of Contracts | 2 | [1] | 3 | [1],[2] |
Recorded Investment | 24 | [1] | 322 | [1],[2] |
Retail [Member] | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Number of Contracts | 20 | [1] | 11 | [1],[2] |
Recorded Investment | $1,789 | [1] | $2,841 | [1],[2] |
[1] | Defaulted is defined as the earlier of the troubled debt restructuring being placed on non-accrual status or reaching 90 days past due with respect to principal and/or interest payments. | |||
[2] | Amounts related to loans modified or renewed into TDRs within 12 months of the default date that subsequently defaulted during the year ended December 31, 2012 were previously disclosed as 80 contracts with recorded investment totaling $68.9 million. These amounts were revised in the table above due to a re-evaluation of the defaulted status of certain loans during this period. |
Recovered_Sheet1
Loans And Allowance For Loan Losses (Summary Of Loans To Executive Officers And Directors, Including Their Associates) (Details) (Executive Officer And Directors Changes [Member], USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Executive Officer And Directors Changes [Member] | ' |
Loans and Leases Receivable, Related Parties [Roll Forward] | ' |
Beginning balance, allowance | $80,518 |
New loans | 361,179 |
Repayments | -330,409 |
Loan charged-off | 0 |
Ending balance, allowance | $111,288 |
Goodwill_And_Other_Intangible_2
Goodwill And Other Intangible Assets (Goodwill- Narrative) (Details) (USD $) | 12 Months Ended | 6 Months Ended | |||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 |
Income Approach Valuation Technique [Member] | Market Approach Valuation Technique [Member] | Weighted Approach (Income and Market Approach Evenly Weighted) [Member] | Investment Advisory Services [Member] | Investment Advisory Services [Member] | Trust Services Reporting Unit [Member] | ||||
Weighted Approach (Income and Market Approach Evenly Weighted) [Member] | |||||||||
Goodwill [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | $24,431 | $24,431 | $24,400 | ' | ' | $28,700 | $19,900 | $22,900 | $4,500 |
Percent of reported goodwill | ' | ' | ' | ' | ' | ' | 82.00% | ' | ' |
Percent used to assess goodwill for potential impairment | ' | ' | ' | 50.00% | 50.00% | ' | ' | ' | ' |
Goodwill impairment | $0 | $0 | ' | ' | ' | ' | ' | $5,800 | ' |
Goodwill, impairment loss, percentage | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' |
Other_Comprehensive_Income_Los2
Other Comprehensive Income (Loss) (Narrative) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Class of Stock [Line Items] | ' | ' | ' | ' |
Accumulated other comprehensive income | $41,258 | ($4,101) | ($21,093) | ($57,158) |
Net Unrealized Gains (Losses) on Cash Flow Hedges [Member] | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' |
Accumulated other comprehensive income | 13,099 | 13,373 | 12,524 | 1,208 |
Net Unrealized Gains (Losses) on Cash Flow Hedges [Member] | Valuation Allowance of Deferred Tax Assets [Member] | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' |
Accumulated other comprehensive income | 12,100 | ' | ' | ' |
Net Unrealized Gains (Losses) on Investment Securities Available for Sale [Member] | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' |
Accumulated other comprehensive income | 28,936 | -17,111 | -33,617 | -58,366 |
Net Unrealized Gains (Losses) on Investment Securities Available for Sale [Member] | Valuation Allowance of Deferred Tax Assets [Member] | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' |
Accumulated other comprehensive income | $13,300 | ' | ' | ' |
Goodwill_And_Other_Intangible_3
Goodwill And Other Intangible Assets (Schedule of Goodwill) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2011 |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' | ' | ' |
Goodwill, gross | ' | $519,138 | ' | $519,138 |
Accumulated impairment losses | ' | 494,707 | ' | ' |
Additional impairment losses during the year | 0 | 0 | ' | ' |
Goodwill | $24,431 | $24,431 | $24,400 | ' |
Other_Comprehensive_Income_Los3
Other Comprehensive Income (Loss) (Changes in Accumulated Other Comprehensive Income (Loss) by Component (Net of Income Taxes)) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Roll Forward] | ' | ' | ' |
Accumulated other comprehensive income, balance | $4,101 | $21,093 | $57,158 |
Other comprehensive income (loss) before reclassifications | -43,717 | 7,961 | 16,708 |
Amounts reclassified from accumulated other comprehensive income (loss) | -1,642 | -24,953 | -52,773 |
Net current period other comprehensive income (loss) | -45,359 | -16,992 | -36,065 |
Accumulated other comprehensive income, balance | -41,258 | 4,101 | 21,093 |
Net Unrealized Gains (Losses) on Cash Flow Hedges [Member] | ' | ' | ' |
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Roll Forward] | ' | ' | ' |
Accumulated other comprehensive income, balance | -13,373 | -12,524 | -1,208 |
Other comprehensive income (loss) before reclassifications | 0 | 0 | -4,279 |
Amounts reclassified from accumulated other comprehensive income (loss) | 274 | -849 | -7,037 |
Net current period other comprehensive income (loss) | 274 | -849 | -11,316 |
Accumulated other comprehensive income, balance | -13,099 | -13,373 | -12,524 |
Net Unrealized Gains (Losses) on Investment Securities Available for Sale [Member] | ' | ' | ' |
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Roll Forward] | ' | ' | ' |
Accumulated other comprehensive income, balance | 17,111 | 33,617 | 58,366 |
Other comprehensive income (loss) before reclassifications | -44,236 | 7,566 | 20,987 |
Amounts reclassified from accumulated other comprehensive income (loss) | -1,811 | -24,072 | -45,736 |
Net current period other comprehensive income (loss) | -46,047 | -16,506 | -24,749 |
Accumulated other comprehensive income, balance | -28,936 | 17,111 | 33,617 |
Post-retirement Unfunded Health Benefit [Member] | ' | ' | ' |
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Roll Forward] | ' | ' | ' |
Accumulated other comprehensive income, balance | 363 | 0 | 0 |
Other comprehensive income (loss) before reclassifications | 519 | 395 | 0 |
Amounts reclassified from accumulated other comprehensive income (loss) | -105 | -32 | 0 |
Net current period other comprehensive income (loss) | 414 | 363 | 0 |
Accumulated other comprehensive income, balance | $777 | $363 | $0 |
Goodwill_And_Other_Intangible_4
Goodwill And Other Intangible Assets (Other Intangible Assets) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Finite-Lived Intangible Assets, Net [Abstract] | ' | ' | ' |
Gross carrying amount | $56,451,000 | $56,451,000 | ' |
Accumulated amortization | -53,036,000 | -51,302,000 | ' |
Impairment | 0 | 0 | ' |
Net | 3,415,000 | 5,149,000 | ' |
Amortization of intangible assets | 1,700,000 | 3,400,000 | 3,900,000 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ' | ' | ' |
Aggregate estimated amortization expense in 2014 | 1,200,000 | ' | ' |
Aggregate estimated amortization expense in 2015 | 1,000,000 | ' | ' |
Aggregate estimated amortization expense in 2016 | 466,000 | ' | ' |
Aggregate estimated amortization expense in 2017 | 212,000 | ' | ' |
Aggregate estimated amortization expense in 2018 | 186,000 | ' | ' |
Purchased Trust Revenues [Member] | ' | ' | ' |
Finite-Lived Intangible Assets, Net [Abstract] | ' | ' | ' |
Gross carrying amount | 4,210,000 | 4,210,000 | ' |
Accumulated amortization | -3,532,000 | -3,251,000 | ' |
Impairment | 0 | 0 | ' |
Net | 678,000 | 959,000 | ' |
Acquired Customer Contracts [Member] | ' | ' | ' |
Finite-Lived Intangible Assets, Net [Abstract] | ' | ' | ' |
Gross carrying amount | 5,270,000 | 5,270,000 | ' |
Accumulated amortization | -5,267,000 | -5,262,000 | ' |
Impairment | 0 | 0 | ' |
Net | 3,000 | 8,000 | ' |
Core Deposit Premiums [Member] | ' | ' | ' |
Finite-Lived Intangible Assets, Net [Abstract] | ' | ' | ' |
Gross carrying amount | 46,331,000 | 46,331,000 | ' |
Accumulated amortization | -43,856,000 | -42,457,000 | ' |
Impairment | 0 | 0 | ' |
Net | 2,475,000 | 3,874,000 | ' |
Other [Member] | ' | ' | ' |
Finite-Lived Intangible Assets, Net [Abstract] | ' | ' | ' |
Gross carrying amount | 640,000 | 640,000 | ' |
Accumulated amortization | -381,000 | -332,000 | ' |
Impairment | 0 | 0 | ' |
Net | $259,000 | $308,000 | ' |
Other_Comprehensive_Income_Los4
Other Comprehensive Income (Loss) (Reclassifications out of Accumulated Other Comprehensive Income (Loss)) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ($118,822) | ($150,023) | ($217,602) | ||||||||
Income tax (expense) benefit | -21,130 | -27,765 | -27,371 | -16,979 | 796,339 | 211 | 2,105 | 77 | -93,245 | 798,732 | -1,312 | ||||||||
Investment securities gains, net | ' | ' | ' | ' | ' | ' | ' | ' | 2,945 | 39,142 | 75,007 | ||||||||
Salaries and other personnel expense | ' | ' | ' | ' | ' | ' | ' | ' | -741,537 | -816,237 | -903,765 | ||||||||
Net loss attributable to common shareholders | 35,850 | [1] | 37,188 | [1] | 30,717 | [1] | 14,798 | [1] | 709,304 | [2] | 16,030 | [2] | 24,803 | [2] | 21,369 | [2] | 118,553 | 771,506 | -118,712 |
Net Unrealized Gains (Losses) on Cash Flow Hedges [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -447 | ' | ' | ||||||||
Income tax (expense) benefit | ' | ' | ' | ' | ' | ' | ' | ' | 173 | ' | ' | ||||||||
Net loss attributable to common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | -274 | ' | ' | ||||||||
Net Unrealized Gains (Losses) on Investment Securities Available for Sale [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Income tax (expense) benefit | ' | ' | ' | ' | ' | ' | ' | ' | -1,134 | ' | ' | ||||||||
Investment securities gains, net | ' | ' | ' | ' | ' | ' | ' | ' | 2,945 | ' | ' | ||||||||
Net loss attributable to common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | 1,811 | ' | ' | ||||||||
Post-retirement Unfunded Health Benefit [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Income tax (expense) benefit | ' | ' | ' | ' | ' | ' | ' | ' | -65 | ' | ' | ||||||||
Salaries and other personnel expense | ' | ' | ' | ' | ' | ' | ' | ' | 170 | ' | ' | ||||||||
Net loss attributable to common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | $105 | ' | ' | ||||||||
[1] | The fourth quarter of 2013 results include litigation loss contingency expense of $10.0 million | ||||||||||||||||||
[2] | The fourth quarter of 2012 results reflect a $796.3 million income tax benefit due primarily to the reversal of substantially all of the deferred tax asset valuation allowance. For additional discussion of the valuation allowance for deferred tax assets, see "Part II - Item 8. Financial Statements and Supplementary Data - Note 24 - Income Taxes" of this Report. |
Other_Real_Estate_Details
Other Real Estate (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Other Real Estate, Foreclosed Assets, and Repossessed Assets [Abstract] | ' | ' | ' |
Other real estate | $112,629,000 | $150,271,000 | ' |
Loans foreclosed and transferred to other real estate | 88,700,000 | 155,800,000 | 226,900,000 |
Foreclosed real estate expense, net | 33,864,000 | 90,655,000 | 133,570,000 |
Write-downs to net realizable value and losses resulting from sales transactions | ($25,508,000) | ($73,940,000) | ($113,380,000) |
Other_Assets_Details
Other Assets (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Other Assets [Abstract] | ' | ' |
Cash surrender value of bank-owned life insurance | $278,863 | $271,036 |
Accrued interest receivable | 63,959 | 70,138 |
Accounts receivable | 34,347 | 21,371 |
FHLB and FRB Stock | 77,487 | 66,168 |
Private equity investments | 29,361 | 31,876 |
Prepaid FDIC deposit insurance assessments | 0 | 34,401 |
Other prepaid expenses | 28,990 | 28,576 |
Derivative asset positions | 40,004 | 64,662 |
Other properties held for sale | 9,451 | 9,871 |
Miscellaneous other assets | 53,914 | 62,279 |
Total other assets | $616,376 | $660,378 |
Other_Assets_Narrative_Details
Other Assets (Narrative) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Other Assets [Abstract] | ' | ' |
Cash surrender value of bank-owned life insurance | $278,863,000 | $271,036,000 |
Separate account life insurance | 31,200,000 | 30,900,000 |
Federal Home Loan Bank stock held | 76,900,000 | 65,600,000 |
Federal Reserve Bank stock held | $546,000 | $535,000 |
Deposits_Details
Deposits (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 17, 2014 |
Subsequent Event [Member] | |||
Schedule of Deposits [Line Items] | ' | ' | ' |
Interest bearing demand deposits | $3,969,634,000 | $4,016,209,000 | ' |
Money market accounts, excluding brokered deposits | 6,069,548,000 | 6,136,538,000 | ' |
Savings accounts | 602,655,000 | 562,717,000 | ' |
Time deposits, excluding brokered deposits | 3,498,200,000 | 3,583,304,000 | ' |
Brokered deposits | 1,094,002,000 | 1,092,749,000 | ' |
Total interest bearing deposits | 15,234,039,000 | 15,391,517,000 | ' |
Aggregate amount of time deposits of $100,000 or more | 2,910,000,000 | 2,860,000,000 | ' |
Time Deposits, by Maturity [Abstract] | ' | ' | ' |
Maturing within one year | 3,234,724,000 | ' | ' |
Between 1 — 2 years | 625,630,000 | ' | ' |
2 — 3 years | 254,344,000 | ' | ' |
3 — 4 years | 155,221,000 | ' | ' |
4 — 5 years | 89,319,000 | ' | ' |
Thereafter | 19,807,000 | ' | ' |
Time deposits | 4,379,045,000 | ' | ' |
Deposits sold | ' | ' | $191,400,000 |
Longterm_Debt_and_Shortterm_Bo2
Long-term Debt and Short-term Borrowings (Schedule of Long-term Debt Instruments) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 13, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
In Thousands, unless otherwise specified | 7.875% Senior Notes due February 15, 2019 [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Synovus Bank [Member] | Synovus Bank [Member] | Synovus Bank [Member] | Synovus Bank [Member] | Synovus Bank [Member] | Synovus Bank [Member] | Subsidiaries [Member] | Subsidiaries [Member] | Subsidiaries [Member] | Subsidiaries [Member] | |||||||
5.125% Subordinated Notes due June 15, 2017 [Member] | 5.125% Subordinated Notes due June 15, 2017 [Member] | 7.875% Senior Notes due February 15, 2019 [Member] | 7.875% Senior Notes due February 15, 2019 [Member] | 4.875% Subordinated Notes due February 15, 2013 [Member] | 4.875% Subordinated Notes due February 15, 2013 [Member] | 13.00% Junior Subordinated Amortizing Notes with Quarterly Interest and Principal Payments through May 15, 2013 [Member] | 13.00% Junior Subordinated Amortizing Notes with Quarterly Interest and Principal Payments through May 15, 2013 [Member] | LIBOR Plus 1.80% debentures, due April 19, 2035 with quarterly interest payments and principal to be paid at maturity (rate of 2.04% and 2.11% at December 31, 2013 and 2012, respectively) | LIBOR Plus 1.80% debentures, due April 19, 2035 with quarterly interest payments and principal to be paid at maturity (rate of 2.04% and 2.11% at December 31, 2013 and 2012, respectively) | FHLB Advances [Member] | FHLB Advances [Member] | Other Notes Payable and Capital Leases [Member] | Other Notes Payable and Capital Leases [Member] | FHLB Advances [Member] | FHLB Advances [Member] | Other Notes Payable and Capital Leases [Member] | Other Notes Payable and Capital Leases [Member] | |||||||||||||
Senior Notes [Member] | Senior Notes [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Subordinated notes | ' | ' | ' | $206,800 | ' | ' | $450,000 | $450,000 | ' | ' | $0 | $60,612 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | 294,606 | [1] | 293,554 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Junior subordinated notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 13,566 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Unsecured debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000 | 10,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Hedge-related basis adjustments | ' | ' | ' | ' | 10,701 | [2] | 13,935 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
FHLB advances with interest and principal payments due at various maturity dates through 2018 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,265,354 | 880,701 | ' | ' | ' | ' | ' | ' | ||||
Other notes payable and capital leases with interest and principal payments due at various maturity dates through 2031 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,480 | 4,087 | ' | ' | ' | ' | ||||
Long-term debt | $2,033,141 | $1,726,455 | ' | ' | $765,307 | $841,667 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,267,834 | $884,788 | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Stated percentage | ' | ' | ' | ' | ' | ' | 5.13% | 5.13% | ' | ' | 4.88% | 4.88% | 13.00% | 13.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Description of variable rate basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Basis spread on variable rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.80% | 1.80% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Interest rate at period end | 0.13% | 0.16% | 0.24% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.04% | 2.11% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Stated percentage rate range, minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.28% | ' | ' | ' | ||||
Stated percentage rate range, maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.66% | ' | ' | ' | ||||
Weighted average interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.64% | 0.71% | 2.49% | 3.89% | ||||
[1] | Balance is net of capitalized debt issuance costs and discount | |||||||||||||||||||||||||||||
[2] | Unamortized balance of terminated interest rate swaps reflected in debt for financial reporting purposes. |
Longterm_Debt_and_Shortterm_Bo3
Long-term Debt and Short-term Borrowings (Principal Payments on Long-term Debt) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Debt Instrument [Line Items] | ' |
2014 | $50,156 |
2015 | 640,157 |
2016 | 425,161 |
2017 | 600,171 |
2018 | 110 |
Thereafter | 311,460 |
Total long-term debt | 2,027,215 |
Parent Company [Member] | ' |
Debt Instrument [Line Items] | ' |
2014 | 0 |
2015 | 0 |
2016 | 0 |
2017 | 450,000 |
2018 | 0 |
Thereafter | 310,000 |
Total long-term debt | 760,000 |
Synovus Bank [Member] | ' |
Debt Instrument [Line Items] | ' |
2014 | 50,156 |
2015 | 640,157 |
2016 | 425,161 |
2017 | 150,171 |
2018 | 110 |
Thereafter | 1,460 |
Total long-term debt | $1,267,215 |
Longterm_Debt_and_Shortterm_Bo4
Long-term Debt and Short-term Borrowings (Components of Short-term Borrowings) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Debt Disclosure [Abstract] | ' | ' | ' |
Total Balance at December 31, | $148,132 | $201,243 | $313,757 |
Weighted average interest rate at December 31, | 0.13% | 0.16% | 0.24% |
Maximum month end balance during the year | 244,048 | 398,853 | 452,903 |
Average amount outstanding during the year | $208,267 | $320,338 | $389,582 |
Weighted average interest rate during the year | 0.16% | 0.19% | 0.27% |
Longterm_Debt_and_Short_Term_B
Long-term Debt and Short Term Borrowings (Narrative) (Details) (USD $) | 0 Months Ended | |||||
Feb. 13, 2012 | Feb. 15, 2013 | Feb. 21, 2012 | Feb. 13, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
7.875% Senior Notes due February 15, 2019 [Member] | 4.875% Subordinated Notes due February 15, 2013 [Member] | 4.875% Subordinated Notes due February 15, 2013 [Member] | 4.875% Subordinated Notes due February 15, 2013 [Member] | Loans Receivable [Member] | Loans Receivable [Member] | |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' |
Debt instrument, face amount | $300,000,000 | ' | ' | ' | ' | ' |
Proceeds from debt, net of issuance costs | 292,600,000 | ' | ' | ' | ' | ' |
Subordinated notes | 206,800,000 | ' | ' | ' | ' | ' |
Extinguishment of debt, amount | ' | 60,600,000 | 146,100,000 | ' | ' | ' |
Outstanding principal amount, percentage | ' | ' | ' | 71.00% | ' | ' |
Early repayment of subordinated debt | ' | ' | 146,100,000 | ' | ' | ' |
Recorded balance loans receivable | ' | ' | ' | ' | $3,400,000,000 | $3,800,000,000 |
Equity_Changes_in_Shares_by_Cl
Equity (Changes in Shares by Class) (Details) | 12 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Preferred Shares Issued [Member] | Preferred Shares Issued [Member] | Preferred Shares Issued [Member] | Preferred Shares Issued [Member] | Preferred Shares Issued [Member] | Preferred Shares Issued [Member] | Common Shares Issued [Member] | Common Shares Issued [Member] | Common Shares Issued [Member] | Treasuty Shares Held [Member] | Treasuty Shares Held [Member] | Treasuty Shares Held [Member] | ||||
Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Series C Preferred Stock [Member] | Series C Preferred Stock [Member] | Series C Preferred Stock [Member] | ||||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance | ' | ' | ' | 968,000 | 968,000 | 968,000 | 0 | 0 | 0 | 792,273,000 | 790,989,000 | 790,956,000 | 5,693,000 | 5,693,000 | 5,693,000 |
Issuance (forfeitures) of non-vested stock, net | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | -1,000 | ' | ' | 0 |
Restricted share unit activity | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | 2,616,000 | 1,284,000 | 19,000 | 0 | 0 | 0 |
Settlement of prepaid common stock purchase contracts | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | 122,848,000 | ' | 15,000 | 0 | ' | 0 |
Issuance of common stock | ' | ' | ' | 0 | ' | ' | 5,200,000 | ' | ' | 59,871,000 | ' | ' | 0 | ' | ' |
Stock options exercised | 455,767 | 0 | 0 | 0 | ' | ' | ' | ' | ' | 437,000 | ' | ' | 0 | ' | ' |
Redemption of Series A Preferred Stock | ' | ' | ' | -968,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance | ' | ' | ' | 0 | 968,000 | 968,000 | 5,200,000 | 0 | 0 | 978,045,000 | 792,273,000 | 790,989,000 | 5,693,000 | 5,693,000 | 5,693,000 |
Equity_Narrative_Details
Equity (Narrative) (Details) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | |||||
Jul. 24, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | 15-May-13 | Jul. 26, 2013 | Dec. 31, 2012 | Jul. 25, 2013 | Jul. 25, 2013 | |
Tangible Equity Units, Equity Component [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Series C Preferred Stock [Member] | Series C Preferred Stock [Member] | |||||
Three-month LIBOR [Member] | |||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, shares issued | ' | ' | ' | ' | ' | 967,870 | 967,870 | ' | ' |
Liquidation value | ' | ' | ' | ' | ' | $967,900,000 | ' | ' | ' |
Proceeds from issuance in public offering | ' | 125,862,000 | 0 | 0 | ' | ' | ' | 130,000,000 | ' |
Proceeds from issuance in public offering, net of offering costs | ' | ' | ' | ' | ' | ' | ' | 125,900,000 | ' |
Preferred stock, dividend rate, percentage | ' | ' | ' | ' | ' | ' | ' | 7.88% | 6.39% |
Common stock, shares issued | 59,870,550 | 978,044,909 | 792,272,692 | ' | 122,848,209 | ' | ' | ' | ' |
Common stock public offering, price per share | $3.09 | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of common stock | $175,200,000 | $175,174,000 | $0 | $0 | ' | ' | ' | ' | ' |
Units issued | ' | ' | ' | ' | 13,800,000 | ' | ' | ' | ' |
Reclassification from additional paid-in capital to common stock, value per common share issued | ' | ' | ' | ' | $1 | ' | ' | ' | ' |
Regulatory_Capital_Summary_of_
Regulatory Capital (Summary of Regulatory Capital) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Tier I capital | ' | ' |
Tier I capital, Actual | $2,351,493 | $2,832,244 |
Tier I capital, For Capital Adequacy Purposes | 1,030,420 | 1,029,860 |
Total risk-based capital | ' | ' |
Total risk-based capital, Actual | 2,900,865 | 3,460,998 |
Total risk-based capital, For Capital Adequacy Purposes | 1,785,287 | 1,711,035 |
Tier I capital ratio | ' | ' |
Tier I capital ratio, Actual | 10.54% | 13.24% |
Tier I capital ratio, For Capital Adequacy Purposes | 4.00% | 4.00% |
Total risk-based capital ratio | ' | ' |
Total risk-based capital ratio, Actual | 13.00% | 16.18% |
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | 8.00% |
Leverage ratio | ' | ' |
Leverage ratio, Actual | 9.13% | 11.00% |
Leverage ratio, For Capital Adequacy Purposes | 4.00% | 4.00% |
Synovus Bank [Member] | ' | ' |
Tier I capital | ' | ' |
Tier I capital, Actual | 2,806,197 | 3,173,530 |
Tier I capital, For Capital Adequacy Purposes | 1,026,057 | 1,023,060 |
Tier I capital, To Be Well Capitalized Under Prompt Corrective Action Provisions | 1,335,572 | 1,279,277 |
Total risk-based capital | ' | ' |
Total risk-based capital, Actual | 3,084,756 | 3,441,364 |
Total risk-based capital, For Capital Adequacy Purposes | 1,780,763 | 1,705,703 |
Total risk-based capital, To Be Well Capitalized Under Prompt Corrective Action Provisions | $2,225,954 | $2,132,129 |
Tier I capital ratio | ' | ' |
Tier I capital ratio, Actual | 12.61% | 14.88% |
Tier I capital ratio, For Capital Adequacy Purposes | 4.00% | 4.00% |
Tier I capital ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions | 6.00% | 6.00% |
Total risk-based capital ratio | ' | ' |
Total risk-based capital ratio, Actual | 13.86% | 16.14% |
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | 8.00% |
Total risk-based capital ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions | 10.00% | 10.00% |
Leverage ratio | ' | ' |
Leverage ratio, Actual | 10.94% | 12.41% |
Leverage ratio, For Capital Adequacy Purposes | 4.00% | 4.00% |
Leverage ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions | 5.00% | 5.00% |
Synovus Bank [Member] | FDIC and the State of Georgia [Member] | Minimum [Member] | ' | ' |
Tier I capital ratio | ' | ' |
Tier I capital ratio, Actual | 6.00% | ' |
Total risk-based capital ratio | ' | ' |
Total risk-based capital ratio, Actual | 10.00% | ' |
Leverage ratio | ' | ' |
Leverage ratio, Actual | 5.00% | ' |
Net_Income_Loss_Per_Common_Sha2
Net Income (Loss) Per Common Share (Schedule Of Basic And Diluted Earnings Per Share) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net income (loss) | $38,580 | [1] | $45,694 | [1] | $45,535 | [1] | $29,574 | [1] | $724,040 | [2] | $30,725 | [2] | $39,452 | [2] | $35,993 | [2] | $159,383 | $830,209 | ($60,844) |
Net (loss) income available to non-controlling interest | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -220 | ||||||||
Net loss attributable to controlling interest | ' | ' | ' | ' | ' | ' | ' | ' | 159,383 | 830,209 | -60,624 | ||||||||
Dividends and accretion of discount on preferred stock | ' | ' | ' | ' | ' | ' | ' | ' | 40,830 | 58,703 | 58,088 | ||||||||
Net loss attributable to common shareholders | $35,850 | [1] | $37,188 | [1] | $30,717 | [1] | $14,798 | [1] | $709,304 | [2] | $16,030 | [2] | $24,803 | [2] | $21,369 | [2] | $118,553 | $771,506 | ($118,712) |
Weighted average common shares outstanding, basic | ' | ' | ' | ' | ' | ' | ' | ' | 892,462 | 786,466 | 785,272 | ||||||||
Potentially dilutive shares from assumed exercise of securities or other contracts to purchase common stock | ' | ' | ' | ' | ' | ' | ' | ' | 47,118 | 123,636 | 0 | ||||||||
Weighted average common shares outstanding, diluted | ' | ' | ' | ' | ' | ' | ' | ' | 939,580 | 910,102 | 785,272 | ||||||||
Net income (loss) per common share, basic: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net income (loss) from continuing operations attributable to common shareholders (per share) | $0.04 | $0.04 | $0.04 | $0.02 | $0.90 | $0.02 | $0.03 | $0.03 | ' | ' | ' | ||||||||
Net income (loss) available to common shareholders (per share) | ' | ' | ' | ' | ' | ' | ' | ' | $0.13 | $0.98 | ($0.15) | ||||||||
Net income (loss) per common share, diluted: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net income (loss) from continuing operations attributable to common shareholders (per share) | $0.04 | $0.04 | $0.03 | $0.02 | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net income (loss) available to common shareholders (per share) | ' | ' | ' | ' | $0.78 | $0.02 | $0.03 | $0.02 | $0.13 | $0.85 | ($0.15) | ||||||||
[1] | The fourth quarter of 2013 results include litigation loss contingency expense of $10.0 million | ||||||||||||||||||
[2] | The fourth quarter of 2012 results reflect a $796.3 million income tax benefit due primarily to the reversal of substantially all of the deferred tax asset valuation allowance. For additional discussion of the valuation allowance for deferred tax assets, see "Part II - Item 8. Financial Statements and Supplementary Data - Note 24 - Income Taxes" of this Report. |
Net_Income_Loss_Per_Common_Sha3
Net Income (Loss) Per Common Share (Narrative) (Details) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Share [Abstract] | ' | ' | ' |
Potentially dilutive shares | 26.9 | 33.3 | ' |
Antidilutive securities | ' | ' | 161.3 |
Fair_Value_Accounting_Financia
Fair Value Accounting (Financial Instruments Measured At Fair Value On A Recurring Basis) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Trading securities | $6,113 | $11,102 |
Investment securities available for sale | 3,199,358 | 2,981,112 |
Private equity investments | 29,361 | 31,876 |
Derivative asset positions | 40,004 | 64,662 |
Level 1 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Trading securities | 0 | 0 |
Investment securities available for sale | 26,716 | 3,205 |
Private equity investments | 0 | 0 |
Derivative asset positions | 0 | 0 |
Salary stock units | 1,764 | 1,888 |
Level 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Trading securities | 6,113 | 11,102 |
Investment securities available for sale | 3,170,292 | 2,974,729 |
Private equity investments | 1,615 | 1,168 |
Derivative asset positions | 40,004 | 64,662 |
Salary stock units | 0 | 0 |
Level 3 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Trading securities | 0 | 0 |
Investment securities available for sale | 2,350 | 3,178 |
Private equity investments | 27,745 | 30,708 |
Derivative asset positions | 0 | 0 |
Salary stock units | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Trading securities | 6,113 | 11,102 |
Mortgage loans held for sale | 45,384 | 212,663 |
Investment securities available for sale | 3,199,358 | 2,981,112 |
Private equity investments | 29,360 | 31,876 |
Rabbi Trusts | 11,246 | 10,001 |
Derivative asset positions | 40,004 | 64,662 |
Salary stock units | 1,764 | 1,888 |
Derivative liabilities | 42,142 | 66,393 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Trading securities | 0 | 0 |
Mortgage loans held for sale | 0 | 0 |
Investment securities available for sale | 26,716 | 3,205 |
Private equity investments | 0 | 0 |
Rabbi Trusts | 11,246 | 10,001 |
Derivative asset positions | 0 | 0 |
Salary stock units | 1,764 | 1,888 |
Derivative liabilities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Trading securities | 6,113 | 11,102 |
Mortgage loans held for sale | 45,384 | 212,663 |
Investment securities available for sale | 3,170,292 | 2,974,729 |
Private equity investments | 1,615 | 1,168 |
Rabbi Trusts | 0 | 0 |
Derivative asset positions | 40,004 | 64,662 |
Salary stock units | 0 | 0 |
Derivative liabilities | 39,436 | 63,437 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Trading securities | 0 | 0 |
Mortgage loans held for sale | 0 | 0 |
Investment securities available for sale | 2,350 | 3,178 |
Private equity investments | 27,745 | 30,708 |
Rabbi Trusts | 0 | 0 |
Derivative asset positions | 0 | 0 |
Salary stock units | 0 | 0 |
Derivative liabilities | 2,706 | 2,956 |
Fair Value, Measurements, Recurring [Member] | U.S. Treasury Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Trading securities | ' | 2,171 |
Investment securities available for sale | 17,791 | 356 |
Fair Value, Measurements, Recurring [Member] | U.S. Treasury Securities [Member] | Level 1 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Trading securities | ' | 0 |
Investment securities available for sale | 17,791 | 356 |
Fair Value, Measurements, Recurring [Member] | U.S. Treasury Securities [Member] | Level 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Trading securities | ' | 2,171 |
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | U.S. Treasury Securities [Member] | Level 3 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Trading securities | ' | 0 |
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Mortgage-Backed Securities Issued By U.S. Government Agencies [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Investment securities available for sale | 195,117 | 245,593 |
Fair Value, Measurements, Recurring [Member] | Mortgage-Backed Securities Issued By U.S. Government Agencies [Member] | Level 1 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Mortgage-Backed Securities Issued By U.S. Government Agencies [Member] | Level 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Investment securities available for sale | 195,117 | 245,593 |
Fair Value, Measurements, Recurring [Member] | Mortgage-Backed Securities Issued By U.S. Government Agencies [Member] | Level 3 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Securities Issued By U.S. Government Sponsored Enterprises [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Investment securities available for sale | 113,745 | 293,310 |
Fair Value, Measurements, Recurring [Member] | Securities Issued By U.S. Government Sponsored Enterprises [Member] | Level 1 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Securities Issued By U.S. Government Sponsored Enterprises [Member] | Level 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Investment securities available for sale | 113,745 | 293,310 |
Fair Value, Measurements, Recurring [Member] | Securities Issued By U.S. Government Sponsored Enterprises [Member] | Level 3 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Mortgage-Backed Securities Issued By U.S. Government Sponsored Enterprises [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Investment securities available for sale | 2,421,360 | 1,867,493 |
Trading account liabilities | 1,763 | 91 |
Fair Value, Measurements, Recurring [Member] | Mortgage-Backed Securities Issued By U.S. Government Sponsored Enterprises [Member] | Level 1 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Investment securities available for sale | 0 | 0 |
Trading account liabilities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Mortgage-Backed Securities Issued By U.S. Government Sponsored Enterprises [Member] | Level 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Investment securities available for sale | 2,421,360 | 1,867,493 |
Trading account liabilities | 1,763 | 91 |
Fair Value, Measurements, Recurring [Member] | Mortgage-Backed Securities Issued By U.S. Government Sponsored Enterprises [Member] | Level 3 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Investment securities available for sale | 0 | 0 |
Trading account liabilities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Trading securities | 2,465 | 4,875 |
Investment securities available for sale | 398,540 | 514,489 |
Fair Value, Measurements, Recurring [Member] | Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | Level 1 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Trading securities | 0 | 0 |
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | Level 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Trading securities | 2,465 | 4,875 |
Investment securities available for sale | 398,540 | 514,489 |
Fair Value, Measurements, Recurring [Member] | Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | Level 3 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Trading securities | 0 | 0 |
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Other U.S. Government Agencies [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Investment securities available for sale | 34,641 | 38,046 |
Fair Value, Measurements, Recurring [Member] | Other U.S. Government Agencies [Member] | Level 1 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Other U.S. Government Agencies [Member] | Level 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Investment securities available for sale | 34,641 | 38,046 |
Fair Value, Measurements, Recurring [Member] | Other U.S. Government Agencies [Member] | Level 3 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | State And Municipal Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Trading securities | 429 | 451 |
Investment securities available for sale | 6,889 | 15,798 |
Fair Value, Measurements, Recurring [Member] | State And Municipal Securities [Member] | Level 1 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Trading securities | 0 | 0 |
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | State And Municipal Securities [Member] | Level 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Trading securities | 429 | 451 |
Investment securities available for sale | 6,889 | 15,798 |
Fair Value, Measurements, Recurring [Member] | State And Municipal Securities [Member] | Level 3 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Trading securities | 0 | 0 |
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | All Other Residential Mortgage-Backed Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Trading securities | 968 | 1,159 |
Fair Value, Measurements, Recurring [Member] | All Other Residential Mortgage-Backed Securities [Member] | Level 1 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Trading securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | All Other Residential Mortgage-Backed Securities [Member] | Level 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Trading securities | 968 | 1,159 |
Fair Value, Measurements, Recurring [Member] | All Other Residential Mortgage-Backed Securities [Member] | Level 3 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Trading securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Equity, Mutual Funds, And Other [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Trading securities | 2,251 | 2,446 |
Fair Value, Measurements, Recurring [Member] | Equity, Mutual Funds, And Other [Member] | Level 1 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Trading securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Equity, Mutual Funds, And Other [Member] | Level 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Trading securities | 2,251 | 2,446 |
Fair Value, Measurements, Recurring [Member] | Equity, Mutual Funds, And Other [Member] | Level 3 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Trading securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Investment securities available for sale | 7,584 | 3,740 |
Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | Level 1 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Investment securities available for sale | 6,956 | 2,849 |
Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | Level 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | Level 3 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Investment securities available for sale | 628 | 891 |
Fair Value, Measurements, Recurring [Member] | Other Investments [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Investment securities available for sale | 3,691 | 2,287 |
Fair Value, Measurements, Recurring [Member] | Other Investments [Member] | Level 1 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Investment securities available for sale | 1,969 | 0 |
Fair Value, Measurements, Recurring [Member] | Other Investments [Member] | Level 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Other Investments [Member] | Level 3 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Investment securities available for sale | 1,722 | 2,287 |
Fair Value, Measurements, Recurring [Member] | Interest Rate Contracts [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Derivative asset positions | 38,482 | 61,869 |
Derivative liabilities | 39,436 | 62,912 |
Fair Value, Measurements, Recurring [Member] | Interest Rate Contracts [Member] | Level 1 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Derivative asset positions | 0 | 0 |
Derivative liabilities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Interest Rate Contracts [Member] | Level 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Derivative asset positions | 38,482 | 61,869 |
Derivative liabilities | 39,436 | 62,912 |
Fair Value, Measurements, Recurring [Member] | Interest Rate Contracts [Member] | Level 3 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Derivative asset positions | 0 | 0 |
Derivative liabilities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Mortgage Derivatives [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Derivative asset positions | 1,522 | 2,793 |
Derivative liabilities | ' | 525 |
Fair Value, Measurements, Recurring [Member] | Mortgage Derivatives [Member] | Level 1 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Derivative asset positions | 0 | 0 |
Derivative liabilities | ' | 0 |
Fair Value, Measurements, Recurring [Member] | Mortgage Derivatives [Member] | Level 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Derivative asset positions | 1,522 | 2,793 |
Derivative liabilities | ' | 525 |
Fair Value, Measurements, Recurring [Member] | Mortgage Derivatives [Member] | Level 3 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Derivative asset positions | 0 | 0 |
Derivative liabilities | ' | 0 |
Fair Value, Measurements, Recurring [Member] | Visa Derivatives [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Derivative liabilities | 2,706 | 2,956 |
Fair Value, Measurements, Recurring [Member] | Visa Derivatives [Member] | Level 1 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Derivative liabilities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Visa Derivatives [Member] | Level 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Derivative liabilities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Visa Derivatives [Member] | Level 3 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Derivative liabilities | $2,706 | $2,956 |
Fair_Value_Accounting_Changes_
Fair Value Accounting (Changes In Fair Value Included In Consolidated Statements Of Income) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Fair Value Disclosures [Abstract] | ' | ' | ' |
Mortgage loans held for sale | ($5,566) | $1,813 | $5,185 |
Fair value | 45,384 | 212,663 | 161,509 |
Unpaid principal balance | 44,943 | 206,657 | 157,316 |
Fair value less aggregate unpaid principal balance | $441 | $6,006 | $4,193 |
Fair_Value_Accounting_Changes_1
Fair Value Accounting (Changes In Level 3 Fair Value Measurements) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Investment Securities Available For Sale [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning balance | $3,178 | $6,842 |
Included in earnings | -264 | -450 |
Unrealized gains (losses) included in other comprehensive income | 436 | -713 |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Issuances | 0 | 0 |
Settlements | -1,000 | -2,000 |
Amortization of discount/premium | 0 | 0 |
Transfers in and/or out of Level 3 | 0 | -501 |
Ending balance | 2,350 | 3,178 |
The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets still held at September 30, | -264 | -450 |
Private Equity Investments [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning balance | 30,708 | 21,418 |
Included in earnings | -2,963 | 8,233 |
Unrealized gains (losses) included in other comprehensive income | 0 | 0 |
Purchases | 0 | 1,057 |
Sales | 0 | 0 |
Issuances | 0 | 0 |
Settlements | 0 | 0 |
Amortization of discount/premium | 0 | 0 |
Transfers in and/or out of Level 3 | 0 | 0 |
Ending balance | 27,745 | 30,708 |
The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets still held at September 30, | -2,963 | 8,233 |
Other Derivative Contracts, Net [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning balance | -2,956 | -7,242 |
Included in earnings | -1,600 | -6,304 |
Unrealized gains (losses) included in other comprehensive income | 0 | 0 |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Issuances | 0 | 0 |
Settlements | 1,850 | 12,441 |
Amortization of discount/premium | 0 | 0 |
Transfers in and/or out of Level 3 | 0 | -1,851 |
Ending balance | -2,706 | -2,956 |
The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets still held at September 30, | ($1,600) | ($6,304) |
Fair_Value_Accounting_Assets_A
Fair Value Accounting (Assets And Liabilities Measured At Fair Value On A Non-Recurring Basis) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans | $836,554 | $1,062,520 |
Other loans held for sale | 10,685 | 10,690 |
Other real estate | 112,629 | 150,271 |
Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other loans held for sale | 0 | 0 |
Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other loans held for sale | 0 | 0 |
Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other loans held for sale | 10,685 | 10,690 |
Fair Value Measured On Non-Recurring Basis [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans | 29,132 | 52,916 |
Other loans held for sale | 5,988 | 5,144 |
Other real estate | 10,431 | 22,615 |
Other properties held for sale | 2,294 | 2,425 |
Fair Value Measured On Non-Recurring Basis [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans | 0 | 0 |
Other loans held for sale | 0 | 0 |
Other real estate | 0 | 0 |
Other properties held for sale | 0 | 0 |
Fair Value Measured On Non-Recurring Basis [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans | 0 | 0 |
Other loans held for sale | 0 | 0 |
Other real estate | 0 | 0 |
Other properties held for sale | 0 | 0 |
Fair Value Measured On Non-Recurring Basis [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans | 170,693 | 80,299 |
Other loans held for sale | 9,670 | 7,420 |
Other real estate | 50,070 | 79,293 |
Other properties held for sale | $4,945 | $5,804 |
Fair_Value_Accounting_Fair_Val
Fair Value Accounting (Fair Value Inputs, Assets, Quantitative Information) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Equity Securities [Member] | Individual Analysis of Each Investment [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Assets, fair value disclosure | 628 | ' |
Trust Preferred Securities [Member] | Discounted Cash Flow [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Assets, fair value disclosure | 1,722 | ' |
Private Equity Investments [Member] | Individual Analysis of Each Investment [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Assets, fair value disclosure | 27,745 | ' |
Visa Derivative [Member] | Probability Model [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Assets, fair value disclosure | 2,706 | ' |
Collateral Dependent Impaired Loans [Member] | Third Party Appraised value of Collateral Less Estimated Selling Costs [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Assets, fair value disclosure | 170,693 | ' |
Other Loans Held for Sale [Member] | Third Party Appraised value of Collateral Less Estimated Selling Costs [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Assets, fair value disclosure | 9,670 | ' |
Other Real Estate [Member] | Third Party Appraised value of Collateral Less Estimated Selling Costs [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Assets, fair value disclosure | 50,070 | ' |
Other Assets Held for Sale [Member] | Third Party Appraised value of Collateral Less Estimated Selling Costs or BOV [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Assets, fair value disclosure | 4,945 | ' |
Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | Individual Analysis of Each Investment [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Assets, fair value disclosure | ' | 891 |
Fair Value, Measurements, Recurring [Member] | Trust Preferred Securities [Member] | Minimum [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Discount for lack of marketability | 0.00% | 0.00% |
Credit spread embedded in discount rate | 4.00% | 4.25% |
Fair Value, Measurements, Recurring [Member] | Trust Preferred Securities [Member] | Maximum [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Discount for lack of marketability | 10.00% | 10.00% |
Credit spread embedded in discount rate | 4.80% | 6.50% |
Fair Value, Measurements, Recurring [Member] | Trust Preferred Securities [Member] | Weighted Average [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Discount for lack of marketability | 0.00% | 0.00% |
Credit spread embedded in discount rate | 4.41% | 5.71% |
Fair Value, Measurements, Recurring [Member] | Trust Preferred Securities [Member] | Discounted Cash Flow [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Assets, fair value disclosure | ' | 2,287 |
Fair Value, Measurements, Recurring [Member] | Collateral Dependent Impaired Loans [Member] | Minimum [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Discount to appraised value | 0.00% | 0.00% |
Estimated selling costs | 0.00% | 0.00% |
Fair Value, Measurements, Recurring [Member] | Collateral Dependent Impaired Loans [Member] | Maximum [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Discount to appraised value | 65.00% | 12.00% |
Estimated selling costs | 10.00% | 10.00% |
Fair Value, Measurements, Recurring [Member] | Collateral Dependent Impaired Loans [Member] | Weighted Average [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Discount to appraised value | 25.00% | 4.00% |
Estimated selling costs | 7.00% | 7.00% |
Fair Value, Measurements, Recurring [Member] | Collateral Dependent Impaired Loans [Member] | Third Party Appraised value of Collateral Less Estimated Selling Costs [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Assets, fair value disclosure | ' | 80,299 |
Fair Value, Measurements, Recurring [Member] | Private Equity Investments [Member] | Individual Analysis of Each Investee Company [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Assets, fair value disclosure | ' | 30,708 |
Fair Value, Measurements, Recurring [Member] | Visa Derivative [Member] | Minimum [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Probability-weighted potential outcomes of the Covered Litigation and related fees payable | 400 | 400 |
Fair Value, Measurements, Recurring [Member] | Visa Derivative [Member] | Maximum [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Probability-weighted potential outcomes of the Covered Litigation and related fees payable | 2,700 | 3,000 |
Fair Value, Measurements, Recurring [Member] | Visa Derivative [Member] | Weighted Average [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Probability-weighted potential outcomes of the Covered Litigation and related fees payable | 2,700 | 3,000 |
Fair Value, Measurements, Recurring [Member] | Visa Derivative [Member] | Probability Model [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Assets, fair value disclosure | ' | 2,956 |
Fair Value, Measurements, Recurring [Member] | Other Loans Held for Sale [Member] | Minimum [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Discount to appraised value | 18.00% | 0.00% |
Estimated selling costs | 0.00% | 0.00% |
Fair Value, Measurements, Recurring [Member] | Other Loans Held for Sale [Member] | Maximum [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Discount to appraised value | 93.00% | 0.12% |
Estimated selling costs | 10.00% | 10.00% |
Fair Value, Measurements, Recurring [Member] | Other Loans Held for Sale [Member] | Weighted Average [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Discount to appraised value | 70.00% | 0.04% |
Estimated selling costs | 7.00% | 7.00% |
Fair Value, Measurements, Recurring [Member] | Other Loans Held for Sale [Member] | Third Party Appraised value of Collateral Less Estimated Selling Costs [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Assets, fair value disclosure | ' | 7,420 |
Fair Value, Measurements, Recurring [Member] | Other Real Estate [Member] | Minimum [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Discount to appraised value | 0.00% | 0.00% |
Estimated selling costs | 0.00% | 0.00% |
Fair Value, Measurements, Recurring [Member] | Other Real Estate [Member] | Maximum [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Discount to appraised value | 85.00% | 7.00% |
Estimated selling costs | 10.00% | 10.00% |
Fair Value, Measurements, Recurring [Member] | Other Real Estate [Member] | Weighted Average [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Discount to appraised value | 25.00% | 2.00% |
Estimated selling costs | 7.00% | 7.00% |
Fair Value, Measurements, Recurring [Member] | Other Real Estate [Member] | Third Party Appraised value of Collateral Less Estimated Selling Costs [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Assets, fair value disclosure | ' | 79,293 |
Fair Value, Measurements, Recurring [Member] | Other Assets Held for Sale [Member] | Minimum [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Discount to appraised value | 5.00% | 13.00% |
Estimated selling costs | 0.00% | 0.00% |
Fair Value, Measurements, Recurring [Member] | Other Assets Held for Sale [Member] | Maximum [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Discount to appraised value | 36.00% | 51.00% |
Estimated selling costs | 10.00% | 10.00% |
Fair Value, Measurements, Recurring [Member] | Other Assets Held for Sale [Member] | Weighted Average [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Discount to appraised value | 20.00% | 29.00% |
Estimated selling costs | 7.00% | 7.00% |
Fair Value, Measurements, Recurring [Member] | Other Assets Held for Sale [Member] | Third Party Appraised value of Collateral Less Estimated Selling Costs or BOV [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Assets, fair value disclosure | ' | 5,804 |
Fair_Value_Accounting_Carrying
Fair Value Accounting (Carrying And Estimated Fair Values Of Financial Instruments Carried On Balance Sheet) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Cash and due from banks | $469,630 | $614,630 | ' |
Interest bearing funds with Federal Reserve Bank | 644,528 | 1,498,390 | ' |
Interest earning deposits with banks | 24,325 | 23,442 | ' |
Federal funds sold and securities purchased under resale agreements | 80,975 | 113,517 | ' |
Trading account assets | 6,113 | 11,102 | ' |
Mortgage loans held for sale | 45,384 | 212,663 | ' |
Other loans held for sale | 10,685 | 10,690 | ' |
Investment securities available for sale | 3,199,358 | 2,981,112 | ' |
Private equity investments | 29,361 | 31,876 | ' |
Loans, net | 19,750,238 | 19,168,285 | ' |
Derivative asset positions | 40,004 | 64,662 | ' |
Non-interest bearing deposits | 5,642,751 | 5,665,527 | ' |
Interest bearing deposits | 15,234,039 | 15,391,517 | ' |
Federal funds purchased and other short-term borrowings | 148,132 | 201,243 | 313,757 |
Long-term debt | 2,033,141 | 1,726,455 | ' |
Level 1 [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Cash and due from banks | 469,630 | 614,630 | ' |
Interest bearing funds with Federal Reserve Bank | 644,528 | 1,498,390 | ' |
Interest earning deposits with banks | 24,325 | 23,442 | ' |
Federal funds sold and securities purchased under resale agreements | 80,975 | 113,517 | ' |
Trading account assets | 0 | 0 | ' |
Mortgage loans held for sale | 0 | 0 | ' |
Other loans held for sale | 0 | 0 | ' |
Investment securities available for sale | 26,716 | 3,205 | ' |
Private equity investments | 0 | 0 | ' |
Mutual funds held In Rabbi Trusts | 11,246 | 10,001 | ' |
Loans, net | 0 | 0 | ' |
Derivative asset positions | 0 | 0 | ' |
Trading account liabilities | 0 | 0 | ' |
Non-interest bearing deposits | 0 | 0 | ' |
Interest bearing deposits | 0 | 0 | ' |
Federal funds purchased and other short-term borrowings | 0 | 0 | ' |
Salary stock units | 1,764 | 1,888 | ' |
Long-term debt | 0 | 0 | ' |
Derivative liability positions | 0 | 0 | ' |
Level 2 [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Cash and due from banks | 0 | 0 | ' |
Interest bearing funds with Federal Reserve Bank | 0 | 0 | ' |
Interest earning deposits with banks | 0 | 0 | ' |
Federal funds sold and securities purchased under resale agreements | 0 | 0 | ' |
Trading account assets | 6,113 | 11,102 | ' |
Mortgage loans held for sale | 45,384 | 212,663 | ' |
Other loans held for sale | 0 | 0 | ' |
Investment securities available for sale | 3,170,292 | 2,974,729 | ' |
Private equity investments | 1,615 | 1,168 | ' |
Mutual funds held In Rabbi Trusts | 0 | 0 | ' |
Loans, net | 0 | 0 | ' |
Derivative asset positions | 40,004 | 64,662 | ' |
Trading account liabilities | 1,763 | 91 | ' |
Non-interest bearing deposits | 5,642,751 | 5,665,527 | ' |
Interest bearing deposits | 15,244,020 | 15,415,160 | ' |
Federal funds purchased and other short-term borrowings | 148,132 | 201,243 | ' |
Salary stock units | 0 | 0 | ' |
Long-term debt | 2,095,720 | 1,784,223 | ' |
Derivative liability positions | 39,436 | 63,437 | ' |
Level 3 [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Cash and due from banks | 0 | 0 | ' |
Interest bearing funds with Federal Reserve Bank | 0 | 0 | ' |
Interest earning deposits with banks | 0 | 0 | ' |
Federal funds sold and securities purchased under resale agreements | 0 | 0 | ' |
Trading account assets | 0 | 0 | ' |
Mortgage loans held for sale | 0 | 0 | ' |
Other loans held for sale | 10,685 | 10,690 | ' |
Investment securities available for sale | 2,350 | 3,178 | ' |
Private equity investments | 27,745 | 30,708 | ' |
Mutual funds held In Rabbi Trusts | 0 | 0 | ' |
Loans, net | 19,763,708 | 19,254,199 | ' |
Derivative asset positions | 0 | 0 | ' |
Trading account liabilities | 0 | 0 | ' |
Non-interest bearing deposits | 0 | 0 | ' |
Interest bearing deposits | 0 | 0 | ' |
Federal funds purchased and other short-term borrowings | 0 | 0 | ' |
Salary stock units | 0 | 0 | ' |
Long-term debt | 0 | 0 | ' |
Derivative liability positions | 2,706 | 2,956 | ' |
Carrying Value [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Cash and due from banks | 469,630 | 614,630 | ' |
Interest bearing funds with Federal Reserve Bank | 644,528 | 1,498,390 | ' |
Interest earning deposits with banks | 24,325 | 23,442 | ' |
Federal funds sold and securities purchased under resale agreements | 80,975 | 113,517 | ' |
Trading account assets | 6,113 | 11,102 | ' |
Mortgage loans held for sale | 45,384 | 212,663 | ' |
Other loans held for sale | 10,685 | 10,690 | ' |
Investment securities available for sale | 3,199,358 | 2,981,112 | ' |
Private equity investments | 29,360 | 31,876 | ' |
Mutual funds held In Rabbi Trusts | 11,246 | 10,001 | ' |
Loans, net | 20,057,798 | 19,541,690 | ' |
Derivative asset positions | 40,004 | 64,662 | ' |
Trading account liabilities | 1,763 | 91 | ' |
Non-interest bearing deposits | 5,642,751 | 5,665,527 | ' |
Interest bearing deposits | 15,234,039 | 15,391,517 | ' |
Federal funds purchased and other short-term borrowings | 148,132 | 201,243 | ' |
Salary stock units | 1,764 | 1,888 | ' |
Long-term debt | 2,033,141 | 1,726,455 | ' |
Derivative liability positions | 42,142 | 66,393 | ' |
Estimated Fair Value [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Cash and due from banks | 469,630 | 614,630 | ' |
Interest bearing funds with Federal Reserve Bank | 644,528 | 1,498,390 | ' |
Interest earning deposits with banks | 24,325 | 23,442 | ' |
Federal funds sold and securities purchased under resale agreements | 80,975 | 113,517 | ' |
Trading account assets | 6,113 | 11,102 | ' |
Mortgage loans held for sale | 45,384 | 212,663 | ' |
Other loans held for sale | 10,685 | 10,690 | ' |
Investment securities available for sale | 3,199,358 | 2,981,112 | ' |
Private equity investments | 29,360 | 31,876 | ' |
Mutual funds held In Rabbi Trusts | 11,246 | 10,001 | ' |
Loans, net | 19,763,708 | 19,254,199 | ' |
Derivative asset positions | 40,004 | 64,662 | ' |
Trading account liabilities | 1,763 | 91 | ' |
Non-interest bearing deposits | 5,642,751 | 5,665,527 | ' |
Interest bearing deposits | 15,244,020 | 15,415,160 | ' |
Federal funds purchased and other short-term borrowings | 148,132 | 201,243 | ' |
Salary stock units | 1,764 | 1,888 | ' |
Long-term debt | 2,095,720 | 1,784,223 | ' |
Derivative liability positions | 42,142 | 66,393 | ' |
Equity Securities [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Investment securities available for sale | $7,584 | $3,740 | ' |
Derivative_Instruments_Narrati
Derivative Instruments (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Derivative [Line Items] | ' | ' | ' |
Cash flow hedge gain (loss) to be reclassified within 12 months | $447,000 | ' | ' |
Remaining unamortized deferred gain (loss) balance of all previously terminated cash flow hedges | -1,600,000 | -2,000,000 | ' |
Remaining deferred (gain) loss balance on all previously terminated fair value hedges | 10,700,000 | 13,900,000 | ' |
Deferred gain balance on terminated fair value hedges expected to be reclassified from long-term debt | 3,100,000 | ' | ' |
Collateral pledge to collateralize derivative liabilities | 72,200,000 | ' | ' |
Deferred gains of hedges reclassified into earnings | 3,200,000 | 7,300,000 | 6,900,000 |
Federal Funds Sold, Counterparty with CCC [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Collateral pledge to collateralize derivative liabilities | 3,100,000 | ' | ' |
Fixed Rate Residential Mortgage [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Commitments to fund fixed-rate mortgage loans | 65,000,000 | 158,000,000 | ' |
Unrealized gain on fair value of fixed-rate mortgage loans to customers | -2,200,000 | 900,000 | ' |
Sale of outstanding commitments | 92,000,000 | 231,500,000 | ' |
Unrealized loss on mortgage loans | 1,400,000 | ' | ' |
Interest Rate Swap [Member] | Customer Position [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Notional amount of interest rate swap contracts | $1,180,000,000 | $45,400,000 | ' |
Derivative_Instruments_Impact_
Derivative Instruments (Impact Of Derivatives On Balance Sheet) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Other Assets (Prepaid Issuance Costs) [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Fair value of derivative assets | $40,004 | $64,662 |
Other Liabilities [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Fair value of derivative liabilities | 42,142 | 66,393 |
Not Designated As Hedging Instruments [Member] | Other Assets (Prepaid Issuance Costs) [Member] | Interest Rate Contracts [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Fair value of derivative assets | 38,482 | 61,869 |
Not Designated As Hedging Instruments [Member] | Other Assets (Prepaid Issuance Costs) [Member] | Mortgage Derivatives [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Fair value of derivative assets | 1,522 | 2,793 |
Not Designated As Hedging Instruments [Member] | Other Assets (Prepaid Issuance Costs) [Member] | Other Contract [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Fair value of derivative assets | 0 | 0 |
Not Designated As Hedging Instruments [Member] | Other Liabilities [Member] | Interest Rate Contracts [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Fair value of derivative liabilities | 39,436 | 62,912 |
Not Designated As Hedging Instruments [Member] | Other Liabilities [Member] | Mortgage Derivatives [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Fair value of derivative liabilities | 0 | 525 |
Not Designated As Hedging Instruments [Member] | Other Liabilities [Member] | Other Contract [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Fair value of derivative liabilities | $2,706 | $2,956 |
Derivative_Instruments_Effect_
Derivative Instruments (Effect Of Fair Value Hedges On Consolidated Statements Of Income) (Details) (Not Designated As Hedging Instruments [Member], USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Derivative [Line Items] | ' | ' | ' | |||
Amount of Gain (Loss) Recognized in Income on Derivative | ($656) | $3,783 | ($426) | |||
Other Non-Interest Income [Member] | Interest Rate Contracts [Member] | ' | ' | ' | |||
Derivative [Line Items] | ' | ' | ' | |||
Amount of Gain (Loss) Recognized in Income on Derivative | 89 | [1] | 1,419 | [1] | -819 | [1] |
Mortgage Revenues [Member] | Mortgage Derivatives [Member] | ' | ' | ' | |||
Derivative [Line Items] | ' | ' | ' | |||
Amount of Gain (Loss) Recognized in Income on Derivative | ($745) | [2] | $2,364 | [2] | $393 | [2] |
[1] | Gain (loss) represents net fair value adjustments (including credit related adjustments) for customer swaps and offsetting positions. | |||||
[2] | Gain (loss) represents net fair value adjustments recorded for interest rate lock commitments and commitments to sell mortgage loans to third-party investors. |
Variable_Interest_Entities_Det
Variable Interest Entities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Rabbi Trusts [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Carrying value of VIE assets and liabilities, net | $11,200 | $10,000 |
Low Income Housing Tax Credit Partnerships [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Carrying value of VIE assets and liabilities, net | 8,500 | 10,600 |
Equity method investments | 28,800 | 28,800 |
Historic Rehabilitation Partnerships [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Carrying value of VIE assets and liabilities, net | 0 | 350 |
Equity method investments | $951 | $8,000 |
Visa_Shares_and_Litigation_Exp1
Visa Shares and Litigation Expense (Details) (USD $) | 1 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | |||||||
Aug. 31, 2012 | Feb. 29, 2012 | Nov. 30, 2009 | Mar. 31, 2008 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 19, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 19, 2012 | Oct. 19, 2012 | |
Visa Class B to Visa Class A Shares Conversion Rate [Member] | Visa Class B to Visa Class A Shares Conversion Rate [Member] | Visa Class B to Visa Class A Shares Conversion Rate [Member] | Visa Class B to Visa Class A Shares Conversion Rate [Member] | Visa Class B to Visa Class A Shares Conversion Rate [Member] | |||||||
request | Visa USA [Member] | ||||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pre-tax gain on redemption of Visa shares | ' | ' | ' | $38,500,000 | ' | ' | ' | ' | ' | ' | ' |
Proceeds from sale of Visa shares | ' | ' | 51,900,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Gain from sale of Visa shares | ' | ' | 51,900,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of derivative liability | ' | ' | ' | ' | ' | ' | ' | 2,700,000 | 3,000,000 | ' | ' |
Settlements paid to derivative counterparty | 888,000 | 9,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Indemnification charge to earnings | ' | ' | ' | ' | 1,600,000 | 6,300,000 | ' | ' | ' | ' | ' |
Settlement payment for multi-district interchange litigation | ' | ' | ' | ' | ' | ' | $6,600,000,000 | ' | ' | ' | $4,400,000,000 |
Percent of original cash payments made into settlement fund to be received by class plaintiffs | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' |
Number of requests received to put out of settlement | ' | ' | ' | ' | ' | ' | ' | 8,000 | ' | ' | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 12 Months Ended | 108 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | |||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ||
Loan commitments and letters of credit | $25,000,000 | ' | ' | $25,000,000 | ||
Contractual amount net of risk participations | 116,000,000 | ' | ' | 116,000,000 | ||
Operating Leases, Future Minimum Payments Due [Abstract] | ' | ' | ' | ' | ||
2014 | 23,776,000 | ' | ' | 23,776,000 | ||
2015 | 22,581,000 | ' | ' | 22,581,000 | ||
2016 | 21,626,000 | ' | ' | 21,626,000 | ||
2017 | 20,147,000 | ' | ' | 20,147,000 | ||
2018 | 18,476,000 | ' | ' | 18,476,000 | ||
Thereafter | 191,657,000 | ' | ' | 191,657,000 | ||
Total | 298,263,000 | ' | ' | 298,263,000 | ||
Operating leases, rent expense | 31,500,000 | 32,100,000 | 31,600,000 | ' | ||
First lien GSE eligible mortgage loans originated and sold | ' | ' | ' | 7,900,000,000 | ||
First and second lien non-GSE eligible mortgage loans originated and sold | ' | ' | ' | 3,400,000,000 | ||
Mortgage repurchase claim expense | 1,700,000 | 6,700,000 | 4,100,000 | ' | ||
Accrued liabilities related to mortgage repurchase claims | 4,100,000 | 5,200,000 | ' | 4,100,000 | ||
Home equity and consumer mortgage loans secured by first and second liens | 3,110,000,000 | 2,950,000,000 | ' | 3,110,000,000 | ||
Guarantee Obligations [Member] | ' | ' | ' | ' | ||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ||
Loan commitments and letters of credit | 6,747,389,000 | ' | ' | 6,747,389,000 | ||
Standby and Commercial Letters of Credit [Member] | ' | ' | ' | ' | ||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ||
Loan commitments and letters of credit | 155,494,000 | [1] | ' | ' | 155,494,000 | [1] |
Commitments to Fund Commercial Real Estate, Construction, and Land Development Loans [Member] | ' | ' | ' | ' | ||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ||
Loan commitments and letters of credit | 1,341,994,000 | ' | ' | 1,341,994,000 | ||
Unused Credit Card Lines [Member] | ' | ' | ' | ' | ||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ||
Loan commitments and letters of credit | 922,358,000 | ' | ' | 922,358,000 | ||
Commitments under Home Equity Lines of Credit [Member] | ' | ' | ' | ' | ||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ||
Loan commitments and letters of credit | 896,817,000 | ' | ' | 896,817,000 | ||
Commitments to Fund Commercial and Industrial Loans [Member] | ' | ' | ' | ' | ||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ||
Loan commitments and letters of credit | 3,290,598,000 | ' | ' | 3,290,598,000 | ||
Other Loan Commitments [Member] | ' | ' | ' | ' | ||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ||
Loan commitments and letters of credit | 140,128,000 | ' | ' | 140,128,000 | ||
Home Equity and Consumer Mortgage Loans in States Which Foreclosures Proceed through Courts [Member] | ' | ' | ' | ' | ||
Operating Leases, Future Minimum Payments Due [Abstract] | ' | ' | ' | ' | ||
Home equity and consumer mortgage loans secured by first and second liens | $992,000,000 | $922,000,000 | ' | $992,000,000 | ||
[1] | *Represents the contractual amount net of risk participations of $116 million. |
Legal_Proceedings_Details
Legal Proceedings (Details) (USD $) | Dec. 31, 2013 | Oct. 04, 2013 |
Securities Class Action Settlement Payment [Member] | ||
Loss Contingencies [Line Items] | ' | ' |
Aggregate range of reasonably possible losses, minimum | $0 | ' |
Aggregate range of reasonably possible losses, maximum | 25,000,000 | ' |
Payments for legal settlements | ' | $11,800,000 |
Employment_Expenses_and_Benefi1
Employment Expenses and Benefit Plans (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
401(k) percent of match | 4.00% | ' | ' |
Annual contribution | $9,100,000 | ' | ' |
Stock purchase plan, percent of match | 15.00% | ' | ' |
Money Purchase Pension Plan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Percentage of aggregate contribution for eligible employees | ' | 3.00% | 3.00% |
Money purchase pension plan expense | ' | 7,100,000 | 7,400,000 |
Stock Purchase Plans [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Stock purchase plans compensation expense | $955,000 | $4,100,000 | $4,600,000 |
ShareBased_Compensation_Narrat
Share-Based Compensation (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Jul. 26, 2013 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Apr. 25, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Common Stock [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Market Restricted Stock Units (MRSUs) [Member] | Foreign Restricted Stock Units (FRSUs) [Member] | Stock Options [Member] | Stock Options [Member] | Salary Stock Units (SSUs) [Member] | Salary Stock Units (SSUs) [Member] | Minimum [Member] | Maximum [Member] | 2013 Omnibus Plan [Member] | 2013 Omnibus Plan [Member] | 2007 Omnibus Plan [Member] | 2007 Omnibus Plan [Member] | |||||
simulation | Market Restricted Stock Units (MRSUs) [Member] | Market Restricted Stock Units (MRSUs) [Member] | Minimum [Member] | Maximum [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares of authorized but unissued common stock reserved for future grants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 57,126,291 | 60,000,000 | ' | ' |
Vesting period | '3 years | '3 years | ' | ' | ' | ' | ' | '3 years | '3 years | '2 years | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | '5 years |
Non-option awards granted | ' | ' | ' | ' | ' | ' | ' | 1,488,620 | 3,330,293 | 3,815,942 | 283,584 | ' | ' | ' | 490,102 | 770,573 | ' | ' | ' | ' | ' | ' |
Non-option awards granted, weighted-average grant-date fair value (per share) | ' | ' | ' | ' | ' | ' | ' | $2.80 | $2.07 | $2.65 | $3.49 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options granted | ' | 6,003,250 | 4,586,666 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options granted, weighted-average exercise price (per share) | ' | $2.52 | $2.05 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation expense | ' | $7,500,000 | $9,400,000 | $6,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $200,000 | ' | ' | ' | ' | ' | ' | ' |
Tax benefit recognized from compensation expense | ' | 2,900,000 | 3,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation cost | ' | 12,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | 990,000 | 5,800,000 | 5,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Grant-date fair value of options granted | ' | $1.03 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options outstanding, aggregate intrinsic value | ' | 14,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options exercisable, aggregate intrinsic value | ' | 4,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options outstanding, weighted average remaining contractual term (years) | ' | '5 years 4 months 13 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options exercisable, weighted average remaining contractual term (years) | ' | '3 years 3 months 4 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options exercised, intrinsic value | ' | 367,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total grant date fair value of stock options vested | ' | 4,300,000 | 2,900,000 | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation cost, period of recognition (years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year 6 months | '1 year 6 months 15 days | '1 year 5 months 5 days | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Risk-free interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.63% | ' | 1.11% | 1.23% | ' | ' | ' | ' | ' | ' | ' | ' |
Expected stock price volatility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40.00% | ' | 50.00% | 65.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend yield | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.19% | ' | 1.60% | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Simulation period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of simulations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-option awards vested, total fair value | ' | ' | ' | ' | ' | 5,000,000 | 356,000 | 9,800,000 | 3,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting range based on shareholder return | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75.00% | 125.00% | ' | ' | ' | ' |
Units granted, fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,800,000 | 1,900,000 | ' | ' | ' | ' | ' | ' |
Cash received from option exercises | ' | 1,044,000 | 0 | 0 | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Taxes Paid for Vesting of Employee Share Units | ' | ' | ' | ' | ' | ' | ' | 3,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax deficiency realized from exercise of options | ' | $317,000 | ($715,000) | ($677,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ShareBased_Compensation_Fair_V
Share-Based Compensation (Fair Value Assumptions) (Details) (Stock Options [Member]) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Stock Options [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Risk-free interest rate | 1.11% | 1.23% |
Expected stock price volatility | 50.00% | 65.00% |
Dividend yield | 1.60% | 2.00% |
Expected life of options (years) | '6 years | '6 years |
StockBased_Compensation_Stock_
Stock-Based Compensation (Stock Option Activity) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' |
Outstanding at beginning of year, Shares | 19,289,705 | 17,886,318 | 21,723,381 |
Outstanding at beginning of year, Weighted-Average Exercise Price (per share) | $8.40 | $10.63 | $10.81 |
Options granted, Shares | 6,003,250 | 4,586,666 | 0 |
Options granted, weighted-average exercise price (per share) | $2.52 | $2.05 | $0 |
Options exercised, shares | -455,767 | 0 | 0 |
Options exercised, Weighted-Average Exercise Price (per share) | $2.47 | $0 | $0 |
Options forfeited, Shares | -364,075 | -174,842 | -471,386 |
Options forfeited, Weighted-Average Exercise Price (per share) | $2.35 | $2.38 | $10.72 |
Options expired, Shares | -1,932,345 | -3,008,437 | -3,365,677 |
Options expired, Weighted-Average Exercise Price (per share) | $8.98 | $12.36 | $11.75 |
Options outstanding at end of year, Shares | 22,540,768 | 19,289,705 | 17,886,318 |
Options outstanding at end of year, Weighted-Average Exercise Price (per share) | $7 | $8.40 | $10.63 |
Options exercisable at end of year, Shares | 13,994,362 | 13,296,595 | 14,365,773 |
Options exercisable at end of year, Weighted-Average Exercise Price (per share) | $9.82 | $10.94 | $12.06 |
ShareBased_Compensation_Restri
Share-Based Compensation (Restricted Stock Units Activity) (Details) (Restricted Stock Units (RSUs) [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ' | ' | ' |
Outstanding, Beginning of Period, Shares | 6,442,979 | 4,527,975 | 880,401 |
Outstanding, Beginning of Period, Weighted-Average Grant-date Fair Value (per share) | $2.35 | $2.67 | $3.05 |
Granted, Shares | 1,488,620 | 3,330,293 | 3,815,942 |
Granted. Weighted-Average Grant-date Fair Value (per share) | $2.80 | $2.07 | $2.65 |
Dividend equivalents granted, Shares | 74,820 | 112,616 | 86,494 |
Dividend equivalents granted, Weighted-Average Grant-date Fair Value | $3 | $2.19 | $1.64 |
Vested, Shares | -3,816,081 | -1,314,063 | -25,534 |
Vested, Weighted-Average Grant-date Fair Value (per share) | $2.56 | $2.70 | $6.15 |
Forfeited, Shares | -118,599 | -213,842 | -229,328 |
Forfeited, Weighted-Average Grant-date Fair Value (per share) | $2.07 | $2.49 | $2.91 |
Outstanding, End of Period, Shares | 4,071,739 | 6,442,979 | 4,527,975 |
Outstanding, End of Period, Weighted-Average Grant-date Fair Value (per share) | $2.34 | $2.35 | $2.67 |
ShareBased_Compensation_Grants
Share-Based Compensation (Grants Under All Synovus Equity Compensation Plan) (Details) (USD $) | 12 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | |
Shareholder Approved Equity Compensation Plans for Shares of Synovus Stock [Member] | 2007 Omnibus Plan [Member] | Non-Shareholder Approved Equity Compensation Plans [Member] | Assumed in Mergers [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | ||||
Shareholder Approved Equity Compensation Plans for Shares of Synovus Stock [Member] | Non-Shareholder Approved Equity Compensation Plans [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of securities to be issued upon vesting of restricted share units | ' | ' | ' | ' | ' | ' | ' | 4,071,739 | 6,442,979 | 4,527,975 | 880,401 | 4,071,739 | 0 |
Number of securities to be issued upon exercise of outstanding options | 22,437,168 | ' | ' | 22,437,168 | ' | 0 | ' | ' | ' | ' | ' | ' | ' |
Weighted-average exercise price of outstanding options in column (b) | $6.96 | ' | ' | $6.96 | ' | $0 | ' | ' | ' | ' | ' | ' | ' |
Number of shares remaining available for issuance excluding shares reflected in columns (a) and (b) | 57,126,291 | ' | ' | 57,126,291 | 57,126,291 | 0 | ' | ' | ' | ' | ' | ' | ' |
Options exercised, shares | 13,994,362 | 13,296,595 | 14,365,773 | ' | ' | ' | 103,600 | ' | ' | ' | ' | ' | ' |
Options granted, weighted-average exercise price (per share) | $2.52 | $2.05 | $0 | ' | ' | ' | $8.53 | ' | ' | ' | ' | ' | ' |
Income_Taxes_Components_of_Inc
Income Taxes (Components of Income Tax Expense) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | ' | ' | ' | ' | $5,460 | $2,831 | ($99) |
State | ' | ' | ' | ' | ' | ' | ' | ' | -2,630 | -6,885 | 1,768 |
Total current income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 2,830 | -4,054 | 1,669 |
Deferred | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | ' | ' | ' | ' | 78,870 | -666,242 | 535 |
State | ' | ' | ' | ' | ' | ' | ' | ' | 11,545 | -128,436 | -892 |
Deferred income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 90,415 | -794,678 | -357 |
Total income tax expense (benefit) expense | $21,130 | $27,765 | $27,371 | $16,979 | ($796,339) | ($211) | ($2,105) | ($77) | $93,245 | ($798,732) | $1,312 |
Income_Taxes_Effective_Income_
Income Taxes (Effective Income Tax Reconciliation) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
U.S. federal income tax rate | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | ' | ' |
Income Tax Expense (Benefit) Reconciliation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Taxes at statutory federal income tax rate | ' | ' | ' | ' | ' | ' | ' | ' | $88,420 | $11,017 | ($20,836) |
State income tax benefit, net of federal income tax benefit, before valuation allowance | ' | ' | ' | ' | ' | ' | ' | ' | 9,877 | -3,935 | -3,084 |
Tax-exempt income | ' | ' | ' | ' | ' | ' | ' | ' | -1,407 | -2,026 | -2,316 |
Tax credits | ' | ' | ' | ' | ' | ' | ' | ' | -1,473 | -1,558 | -1,461 |
Cash surrender value of life insurance | ' | ' | ' | ' | ' | ' | ' | ' | -2,932 | -2,907 | -2,911 |
Change in valuation allowance, federal and state | -796,300 | ' | ' | ' | ' | ' | ' | ' | -4,083 | -802,771 | 31,844 |
Other, net | ' | ' | ' | ' | ' | ' | ' | ' | 4,842 | 3,448 | 76 |
Total income tax expense (benefit) expense | $21,130 | $27,765 | $27,371 | $16,979 | ($796,339) | ($211) | ($2,105) | ($77) | $93,245 | ($798,732) | $1,312 |
Income_Taxes_Deferred_Tax_Asse
Income Taxes (Deferred Tax Assets and Liabilities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred income tax assets | ' | ' |
Net operating loss carryforward | $510,350 | $590,938 |
Provision losses on loans | 136,510 | 179,916 |
Tax credit carryforward | 45,767 | 44,563 |
Deferred revenue | 15,474 | 12,253 |
Share-based compensation | 12,414 | 13,303 |
Net unrealized losses on investment securities available for sale | 9,776 | 0 |
Other | 48,852 | 27,990 |
Total gross deferred income tax assets | 779,143 | 868,963 |
Less valuation allowance | -14,575 | -18,658 |
Total deferred income tax assets | 764,568 | 850,305 |
Deferred income tax liabilities | ' | ' |
Excess tax over financial statement depreciation | -8,210 | -13,945 |
Ownership interest in partnership | -5,961 | -2,721 |
Net unrealized gain on investment securities available for sale | 0 | -19,051 |
Other | -5,751 | -8,182 |
Total gross deferred income tax liabilities | -19,922 | -43,899 |
Net deferred income tax assets | $744,646 | $806,406 |
Income_Taxes_Tax_Carryforwards
Income Taxes (Tax Carryforwards) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Operating Loss Carryforwards [Line Items] | ' | ' |
Deferred Tax Assets, Gross | $779,143 | $868,963 |
Deferred Tax Assets, Valuation Allowance | -14,575 | -18,658 |
Total deferred income tax assets | 764,568 | 850,305 |
Alternative Minimum Tax Credit [Member] | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' |
Deferred Tax Assets, Gross | 21,264 | ' |
Deferred Tax Assets, Valuation Allowance | 0 | ' |
Total deferred income tax assets | 21,264 | ' |
Federal [Member] | Net Operating Loss [Member] | 2028 - 2032 [Member] | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' |
Deferred Tax Assets, Gross | 445,675 | ' |
Deferred Tax Assets, Valuation Allowance | 0 | ' |
Total deferred income tax assets | 445,675 | ' |
Federal [Member] | General Business Tax Credits [Member] | 2028 - 2033 [Member] | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' |
Deferred Tax Assets, Gross | 9,297 | ' |
Deferred Tax Assets, Valuation Allowance | 0 | ' |
Total deferred income tax assets | 9,297 | ' |
State [Member] | Net Operating Loss [Member] | 2028 - 2033 [Member] | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' |
Deferred Tax Assets, Gross | 60,563 | ' |
Deferred Tax Assets, Valuation Allowance | 0 | ' |
Total deferred income tax assets | 60,563 | ' |
State [Member] | Net Operating Loss [Member] | 2013 - 2017 [Member] | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' |
Deferred Tax Assets, Gross | 37 | ' |
Deferred Tax Assets, Valuation Allowance | 0 | ' |
Total deferred income tax assets | 37 | ' |
State [Member] | Net Operating Loss [Member] | 2018 - 2022 [Member] | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' |
Deferred Tax Assets, Gross | 0 | ' |
Deferred Tax Assets, Valuation Allowance | 0 | ' |
Total deferred income tax assets | 0 | ' |
State [Member] | Net Operating Loss [Member] | 2023 - 2027 [Member] | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' |
Deferred Tax Assets, Gross | 4,074 | ' |
Deferred Tax Assets, Valuation Allowance | 0 | ' |
Total deferred income tax assets | 4,074 | ' |
State [Member] | Other Credits [Member] | 2014 - 2017 [Member] | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' |
Deferred Tax Assets, Gross | 12,307 | ' |
Deferred Tax Assets, Valuation Allowance | -11,752 | ' |
Total deferred income tax assets | 555 | ' |
State [Member] | Other Credits [Member] | 2018 - 2023 [Member] | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' |
Deferred Tax Assets, Gross | 2,899 | ' |
Deferred Tax Assets, Valuation Allowance | -2,823 | ' |
Total deferred income tax assets | $76 | ' |
Income_Taxes_Unrecognized_Tax_
Income Taxes (Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of Unrecognized Income Tax Benefits | ' | ' |
Beginning Balance | $1,120 | $5,985 |
Additions based on tax positions related to current year | 0 | 227 |
Additions for tax positions of prior years | 224 | 175 |
Reductions for tax positions of prior years | -238 | -2,774 |
Statute of limitation expirations | -194 | -1,068 |
Settlements | 0 | -1,425 |
Ending Balance | $912 | $1,120 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Contingency [Line Items] | ' | ' | ' | ' |
Income tax effect, increase (decrease) to shareholders' equity | ' | $317,000 | $715,000 | ' |
Valuation allowance recorded during the period | 796,300,000 | 4,083,000 | 802,771,000 | -31,844,000 |
Deferred tax assets expected to be realized | 744,600,000 | 744,600,000 | 806,400,000 | ' |
Valuation allowance, amount reversed | ' | ' | 802,800,000 | ' |
Valuation allowance | 14,575,000 | 14,575,000 | 18,658,000 | ' |
Net deferred income taxes | 744,646,000 | 744,646,000 | 806,406,000 | ' |
Deferred tax assets, not subject to expiration | 203,000,000 | 203,000,000 | ' | ' |
Tax credit carryforward | 45,767,000 | 45,767,000 | 44,563,000 | ' |
Other tax credits | 48,852,000 | 48,852,000 | 27,990,000 | ' |
Unrecognized tax benefits, income tax penalties and interest accrued | 109,000 | 109,000 | 163,000 | ' |
Unrecognized tax benefits that would impact effective tax rate | 663,000 | 663,000 | 834,000 | ' |
Unrecognized tax benefits, income tax penalties and interest accrued that would impact effective tax rate | 71,000 | 71,000 | 106,000 | ' |
Approximate range of uncertain income tax positions expected to be settled or resolved during the next 12 months, minimum | 162,000 | 162,000 | ' | ' |
Through 2023 [Member] | ' | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' | ' |
Valuation allowance | 14,600,000 | 14,600,000 | ' | ' |
2028 - 2032 [Member] | ' | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' | ' |
Deferred tax assets, subject to expiration | 445,700,000 | 445,700,000 | ' | ' |
Through 2033 [Member] | ' | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' | ' |
Deferred tax assets, subject to expiration | 64,700,000 | 64,700,000 | ' | ' |
Federal [Member] | ' | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' | ' |
Alternative minimum tax credits | 21,300,000 | 21,300,000 | ' | ' |
Federal and State [Member] | Through 2033 [Member] | ' | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' | ' |
Deferred tax assets, subject to expiration | $24,500,000 | $24,500,000 | ' | ' |
Condensed_Financial_Informatio2
Condensed Financial Information Of Synovus Financial Corp. (Parent Company Only) (Condensed Balance Sheets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Assets [Abstract] | ' | ' | ' | ' |
Cash due from bank subsidiary | $469,630 | $614,630 | ' | ' |
Other assets | 616,376 | 660,378 | ' | ' |
Total assets | 26,201,604 | 26,760,012 | ' | ' |
Liabilities and Equity [Abstract] | ' | ' | ' | ' |
Long-term debt | 2,033,141 | 1,726,455 | ' | ' |
Other liabilities | 194,556 | 205,839 | ' | ' |
Total liabilities | 23,252,619 | 23,190,581 | ' | ' |
Shareholders' equity: | ' | ' | ' | ' |
Common stock | 978,045 | 792,273 | ' | ' |
Additional paid-in capital | 2,138,024 | 2,189,874 | ' | ' |
Treasury stock | -114,176 | -114,176 | ' | ' |
Accumulated other comprehensive income | -41,258 | 4,101 | 21,093 | 57,158 |
Accumulated deficit | -137,512 | -259,968 | ' | ' |
Total shareholders' equity | 2,948,985 | 3,569,431 | ' | ' |
Total liabilities and shareholders' equity | 26,201,604 | 26,760,012 | ' | ' |
Series A Preferred Stock [Member] | ' | ' | ' | ' |
Shareholders' equity: | ' | ' | ' | ' |
Preferred stock | 0 | 957,327 | ' | ' |
Series C Preferred Stock [Member] | ' | ' | ' | ' |
Shareholders' equity: | ' | ' | ' | ' |
Preferred stock | 125,862 | 0 | ' | ' |
Parent Company [Member] | ' | ' | ' | ' |
Assets [Abstract] | ' | ' | ' | ' |
Cash due from bank subsidiary | 194,175 | 360,426 | ' | ' |
Funds due from other depository institutions | 21,712 | 21,712 | ' | ' |
Investment in consolidated bank subsidiaries, at equity | 3,220,000 | 3,728,704 | ' | ' |
Net accumulated deficit in consolidated nonbank subsidiaries, at equity | -237,355 | -208,183 | ' | ' |
Notes receivable from nonbank subsidiaries | 438,168 | 443,935 | ' | ' |
Other assets | 129,781 | 104,848 | ' | ' |
Total assets | 3,766,481 | 4,451,442 | ' | ' |
Liabilities and Equity [Abstract] | ' | ' | ' | ' |
Long-term debt | 765,307 | 841,667 | ' | ' |
Other liabilities | 52,189 | 40,344 | ' | ' |
Total liabilities | 817,496 | 882,011 | ' | ' |
Shareholders' equity: | ' | ' | ' | ' |
Common stock | 978,045 | 792,273 | ' | ' |
Additional paid-in capital | 2,138,024 | 2,189,874 | ' | ' |
Treasury stock | -114,176 | -114,176 | ' | ' |
Accumulated other comprehensive income | -41,258 | 4,101 | ' | ' |
Accumulated deficit | -137,512 | -259,968 | ' | ' |
Total shareholders' equity | 2,948,985 | 3,569,431 | ' | ' |
Total liabilities and shareholders' equity | 3,766,481 | 4,451,442 | ' | ' |
Parent Company [Member] | Series A Preferred Stock [Member] | ' | ' | ' | ' |
Shareholders' equity: | ' | ' | ' | ' |
Preferred stock | 0 | 957,327 | ' | ' |
Parent Company [Member] | Series C Preferred Stock [Member] | ' | ' | ' | ' |
Shareholders' equity: | ' | ' | ' | ' |
Preferred stock | $125,862 | $0 | ' | ' |
Condensed_Financial_Informatio3
Condensed Financial Information Of Synovus Financial Corp. (Parent Company Only) (Condensed Statements Of Operations) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||
Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | $118,822 | $150,023 | $217,602 | ||||||||
Other expenses | ' | ' | ' | ' | ' | ' | ' | ' | 741,537 | 816,237 | 903,765 | ||||||||
Income (loss) before income taxes | 59,710 | 73,459 | 72,906 | 46,553 | -72,299 | 30,514 | 37,347 | 35,916 | 252,628 | 31,477 | -59,532 | ||||||||
Allocated income tax (benefit) expense | 21,130 | 27,765 | 27,371 | 16,979 | -796,339 | -211 | -2,105 | -77 | 93,245 | -798,732 | 1,312 | ||||||||
Net income (loss) | 38,580 | [1] | 45,694 | [1] | 45,535 | [1] | 29,574 | [1] | 724,040 | [2] | 30,725 | [2] | 39,452 | [2] | 35,993 | [2] | 159,383 | 830,209 | -60,844 |
Net (loss) income available to non-controlling interest | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -220 | ||||||||
Net loss attributable to controlling interest | ' | ' | ' | ' | ' | ' | ' | ' | 159,383 | 830,209 | -60,624 | ||||||||
Dividends and accretion of discount on preferred stock | ' | ' | ' | ' | ' | ' | ' | ' | 40,830 | 58,703 | 58,088 | ||||||||
Net loss attributable to common shareholders | 35,850 | [1] | 37,188 | [1] | 30,717 | [1] | 14,798 | [1] | 709,304 | [2] | 16,030 | [2] | 24,803 | [2] | 21,369 | [2] | 118,553 | 771,506 | -118,712 |
Parent Company [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Cash dividends received from Synovus Bank | ' | ' | ' | ' | ' | ' | ' | ' | 680,000 | 0 | 0 | ||||||||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 15,366 | 18,424 | 30,057 | ||||||||
Other income | ' | ' | ' | ' | ' | ' | ' | ' | -2,374 | 11,343 | -141 | ||||||||
Total income | ' | ' | ' | ' | ' | ' | ' | ' | 692,992 | 29,767 | 29,916 | ||||||||
Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 46,672 | 47,975 | 34,767 | ||||||||
Other expenses | ' | ' | ' | ' | ' | ' | ' | ' | 8,067 | 16,584 | 14,177 | ||||||||
Total expense | ' | ' | ' | ' | ' | ' | ' | ' | 54,739 | 64,559 | 48,944 | ||||||||
Income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 638,253 | -34,792 | -19,028 | ||||||||
Allocated income tax (benefit) expense | ' | ' | ' | ' | ' | ' | ' | ' | -16,589 | -54,184 | -13,715 | ||||||||
Income (loss) before equity in undistributed net income (loss) of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 654,842 | 19,392 | -5,313 | ||||||||
Equity in undistributed net loss of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -495,459 | 810,817 | -55,531 | ||||||||
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 159,383 | 830,209 | -60,844 | ||||||||
Net (loss) income available to non-controlling interest | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -220 | ||||||||
Net loss attributable to controlling interest | ' | ' | ' | ' | ' | ' | ' | ' | 159,383 | 830,209 | -60,624 | ||||||||
Dividends and accretion of discount on preferred stock | ' | ' | ' | ' | ' | ' | ' | ' | 40,830 | 58,703 | 58,088 | ||||||||
Net loss attributable to common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | $118,553 | $771,506 | ($118,712) | ||||||||
[1] | The fourth quarter of 2013 results include litigation loss contingency expense of $10.0 million | ||||||||||||||||||
[2] | The fourth quarter of 2012 results reflect a $796.3 million income tax benefit due primarily to the reversal of substantially all of the deferred tax asset valuation allowance. For additional discussion of the valuation allowance for deferred tax assets, see "Part II - Item 8. Financial Statements and Supplementary Data - Note 24 - Income Taxes" of this Report. |
Condensed_Financial_Informatio4
Condensed Financial Information Of Synovus Financial Corp. (Parent Company Only) (Condensed Statements of Comprehensive Income (Loss)) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||||||||
Net income (loss), Before-tax Amount | ' | ' | ' | ' | ' | ' | ' | ' | $252,628 | $31,477 | ($59,532) | |||||||||||
Net income (loss), Tax (expense) Benefit | ' | ' | ' | ' | ' | ' | ' | ' | -93,245 | 798,732 | -1,312 | |||||||||||
Net income (loss), Net of Tax Amount | 38,580 | [1] | 45,694 | [1] | 45,535 | [1] | 29,574 | [1] | 724,040 | [2] | 30,725 | [2] | 39,452 | [2] | 35,993 | [2] | 159,383 | 830,209 | -60,844 | |||
Reclassification adjustment for losses (gains) realized in net income on cash flow hedges, Before-tax Amount | ' | ' | ' | ' | ' | ' | ' | ' | 447 | -1,381 | -11,316 | |||||||||||
Reclassification adjustment for losses (gains) realized in net income on cash flow hedges, Tax (Expense) Benefit | ' | ' | ' | ' | ' | ' | ' | ' | -173 | 532 | 0 | |||||||||||
Reclassification adjustment for losses (gains) realized in net income on cash flow hedges, Net of Tax Amount | ' | ' | ' | ' | ' | ' | ' | ' | 274 | -849 | -11,316 | |||||||||||
Valuation allowance for the change in deferred taxes arising from unrealized gains/losses, Before-tax Amount | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [3] | 0 | [3] | 0 | [3] | ||||||||
Valuation allowance for the change in deferred taxes arising from unrealized gains/losses, Tax (Expense) Benefit | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [3] | 0 | [3] | -4,279 | [3] | ||||||||
Valuation allowance for the change in deferred taxes arising from unrealized gains/losses, Net of Tax Amount | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [3] | 0 | [3] | -4,279 | [3] | ||||||||
Net unrealized losses, Before-tax Amount | ' | ' | ' | ' | ' | ' | ' | ' | -74,874 | -26,846 | -24,749 | |||||||||||
Net unrealized losses, Tax (Expense) Benefit | ' | ' | ' | ' | ' | ' | ' | ' | 28,827 | 10,340 | 0 | |||||||||||
Net unrealized losses, Net of Tax Amount | ' | ' | ' | ' | ' | ' | ' | ' | -46,047 | -16,506 | -24,749 | |||||||||||
Valuation allowance for the change in deferred taxes arising from unrealized gains/losses, Before-tax Amount | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [3] | 0 | [3] | 0 | [3] | ||||||||
Valuation allowance for the change in deferred taxes arising from unrealized gains/losses, Tax (Expense) Benefit | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [3] | 0 | [3] | -9,922 | [3] | ||||||||
Valuation allowance for the change in deferred taxes arising from unrealized gains/losses, Net of Tax Amount | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [3] | 0 | [3] | -9,922 | [3] | ||||||||
Other comprehensive income (loss), Before-tax Amount | ' | ' | ' | ' | ' | ' | ' | ' | -73,767 | -27,637 | -36,065 | |||||||||||
Other comprehensive income (loss), Tax (Expense) Benefit | ' | ' | ' | ' | ' | ' | ' | ' | 28,408 | 10,645 | 0 | |||||||||||
Other comprehensive income (loss), Net of Tax Amount | ' | ' | ' | ' | ' | ' | ' | ' | -45,359 | -16,992 | -36,065 | |||||||||||
Less: comprehensive loss attributable to non-controlling interest, Before-tax Amount | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -220 | |||||||||||
Less: comprehensive loss attributable to non-controlling interest, Tax (Expense) Benefit | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||||||||||
Less: comprehensive loss attributable to non-controlling interest, Net of Tax Amount | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -220 | |||||||||||
Comprehensive income (loss), Net of Tax Amount | ' | ' | ' | ' | ' | ' | ' | ' | 114,024 | 813,217 | -96,689 | |||||||||||
Parent Company [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Net income (loss), Before-tax Amount | ' | ' | ' | ' | ' | ' | ' | ' | 252,628 | 31,477 | -59,532 | |||||||||||
Net income (loss), Tax (expense) Benefit | ' | ' | ' | ' | ' | ' | ' | ' | -93,245 | 798,732 | -1,312 | |||||||||||
Net income (loss), Net of Tax Amount | ' | ' | ' | ' | ' | ' | ' | ' | 159,383 | 830,209 | -60,844 | |||||||||||
Reclassification adjustment for losses (gains) realized in net income on cash flow hedges, Before-tax Amount | ' | ' | ' | ' | ' | ' | ' | ' | 447 | -1,381 | -11,316 | |||||||||||
Reclassification adjustment for losses (gains) realized in net income on cash flow hedges, Tax (Expense) Benefit | ' | ' | ' | ' | ' | ' | ' | ' | -173 | 532 | 4,279 | |||||||||||
Reclassification adjustment for losses (gains) realized in net income on cash flow hedges, Net of Tax Amount | ' | ' | ' | ' | ' | ' | ' | ' | 274 | -849 | -7,037 | |||||||||||
Valuation allowance for the change in deferred taxes arising from unrealized gains/losses, Tax (Expense) Benefit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,279 | [3] | ||||||||||
Valuation allowance for the change in deferred taxes arising from unrealized gains/losses, Net of Tax Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,279 | [3] | ||||||||||
Net unrealized losses, Before-tax Amount | ' | ' | ' | ' | ' | ' | ' | ' | 3,246 | 481 | -1,225 | |||||||||||
Net unrealized losses, Tax (Expense) Benefit | ' | ' | ' | ' | ' | ' | ' | ' | -1,250 | -185 | 471 | |||||||||||
Net unrealized losses, Net of Tax Amount | ' | ' | ' | ' | ' | ' | ' | ' | 1,996 | 296 | -754 | |||||||||||
Valuation allowance for the change in deferred taxes arising from unrealized gains/losses, Tax (Expense) Benefit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -471 | [3] | ||||||||||
Valuation allowance for the change in deferred taxes arising from unrealized gains/losses, Net of Tax Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -471 | [3] | ||||||||||
Other comprehensive loss of bank subsidiary, Befote-tax Amount | ' | ' | ' | ' | ' | ' | ' | ' | -77,460 | -26,737 | -23,524 | |||||||||||
Other comprehensive loss of bank subsidiary, Tax (Expense) Benefit | ' | ' | ' | ' | ' | ' | ' | ' | 29,831 | 10,298 | 9,451 | |||||||||||
Other comprehensive loss of bank subsidiary, Net of Tax Amount | ' | ' | ' | ' | ' | ' | ' | ' | -47,629 | -16,439 | -14,073 | |||||||||||
Valuation allowance for the change in deferred taxes arising from unrealized gains/losses, Tax (Expense) Benefit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -9,451 | [3] | ||||||||||
Valuation allowance for the change in deferred taxes arising from unrealized gains/losses, Net of Tax Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -9,451 | [3] | ||||||||||
Other comprehensive income (loss), Before-tax Amount | ' | ' | ' | ' | ' | ' | ' | ' | -73,767 | -27,637 | -36,065 | |||||||||||
Other comprehensive income (loss), Tax (Expense) Benefit | ' | ' | ' | ' | ' | ' | ' | ' | 28,408 | 10,645 | 0 | |||||||||||
Other comprehensive income (loss), Net of Tax Amount | ' | ' | ' | ' | ' | ' | ' | ' | -45,359 | -16,992 | -36,065 | |||||||||||
Less: comprehensive loss attributable to non-controlling interest, Before-tax Amount | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -220 | |||||||||||
Less: comprehensive loss attributable to non-controlling interest, Tax (Expense) Benefit | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||||||||||
Less: comprehensive loss attributable to non-controlling interest, Net of Tax Amount | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -220 | |||||||||||
Comprehensive income (loss), Net of Tax Amount | ' | ' | ' | ' | ' | ' | ' | ' | $114,024 | $813,217 | ($96,689) | |||||||||||
[1] | The fourth quarter of 2013 results include litigation loss contingency expense of $10.0 million | |||||||||||||||||||||
[2] | The fourth quarter of 2012 results reflect a $796.3 million income tax benefit due primarily to the reversal of substantially all of the deferred tax asset valuation allowance. For additional discussion of the valuation allowance for deferred tax assets, see "Part II - Item 8. Financial Statements and Supplementary Data - Note 24 - Income Taxes" of this Report. | |||||||||||||||||||||
[3] | In accordance with ASC 740-20-45-11(b), the deferred tax asset valuation allowance associated with unrealized gains and losses not recognized in income is charged directly to other comprehensive income (loss). |
Condensed_Financial_Informatio5
Condensed Financial Information Of Synovus Financial Corp. (Parent Company Only) (Condensed Statements of Cash Flows) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Operating Activities | ' | ' | ' |
Net loss attributable to controlling interest | $159,383,000 | $830,209,000 | ($60,624,000) |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ' | ' | ' |
Share-based compensation | 7,465,000 | 9,399,000 | 6,029,000 |
Net cash provided by operating activities | 604,526,000 | 472,131,000 | 645,707,000 |
Investing Activities | ' | ' | ' |
Purchases of investment securities available for sale | -1,434,322,000 | -1,803,738,000 | -3,309,605,000 |
Purchases of premises and equipment | -31,569,000 | -30,485,000 | -15,944,000 |
Proceeds from sales of investment securities available for sale | 407,718,000 | 1,139,558,000 | 2,002,922,000 |
Net cash (used) provided by investing activities | -27,586,000 | 818,056,000 | 2,265,937,000 |
Financing Activities | ' | ' | ' |
Transfer of funds to dividend payment agent | 0 | -7,853,000 | 0 |
Principal repayments on long-term debt | -307,571,000 | -491,049,000 | -601,415,000 |
Proceeds from issuance of long-term debt | 617,500,000 | 860,000,000 | 165,000,000 |
Proceeds from issuance of Series C Preferred Stock, net of issuance costs | 125,862,000 | 0 | 0 |
Redemption of Series A Preferred Stock | -967,870,000 | 0 | 0 |
Proceeds from issuance of common stock, net of issuance costs | 175,174,000 | 0 | 0 |
Net cash used in financing activities | -721,940,000 | -1,185,980,000 | -2,790,242,000 |
(Decrease) increase in cash and cash equivalents | -145,000,000 | 104,207,000 | 121,402,000 |
Cash and cash equivalents at beginning of year | 614,630,000 | 510,423,000 | 389,021,000 |
Cash and cash equivalents at end of year | 469,630,000 | 614,630,000 | 510,423,000 |
Income tax payments (refunds), net | -2,577,000 | 7,734,000 | 5,113,000 |
Interest paid | 121,291,000 | 160,329,000 | 233,966,000 |
Parent Company [Member] | ' | ' | ' |
Operating Activities | ' | ' | ' |
Net loss attributable to controlling interest | 159,383,000 | 830,209,000 | -60,624,000 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ' | ' | ' |
Equity in undistributed loss of subsidiaries | 495,459,000 | -810,817,000 | 55,311,000 |
Deferred income tax (benefit) expense | -11,375,000 | -48,525,000 | 0 |
Net (decrease) increase in other liabilities | 11,845,000 | 23,367,000 | -23,162,000 |
Net (increase) decrease in other assets | -11,238,000 | -1,255,000 | -4,780,000 |
Other, net | -2,183,000 | -6,337,000 | -6,912,000 |
Net cash provided by operating activities | 641,891,000 | -13,358,000 | -40,167,000 |
Investing Activities | ' | ' | ' |
Net investment from (in) subsidiaries | 0 | 0 | 10,000,000 |
Purchases of investment securities available for sale | 0 | 0 | -18,313,000 |
Proceeds from sales of investment securities available for sale | 0 | 0 | 49,551,000 |
Net (increase) decrease in short-term notes receivable from non-bank subsidiaries | 5,768,000 | 49,865,000 | 107,944,000 |
Net cash (used) provided by investing activities | 5,768,000 | 49,865,000 | 149,182,000 |
Financing Activities | ' | ' | ' |
Dividends paid to common and preferred shareholders | -72,898,000 | -79,856,000 | -79,813,000 |
Transfer of funds to dividend payment agent | 0 | -7,853,000 | 0 |
Principal repayments on long-term debt | -74,178,000 | -170,801,000 | -21,701,000 |
Proceeds from issuance of long-term debt | 0 | 292,639,000 | 0 |
Proceeds from issuance of Series C Preferred Stock, net of issuance costs | 125,862,000 | 0 | 0 |
Redemption of Series A Preferred Stock | -967,870,000 | 0 | 0 |
Proceeds from issuance of common stock, net of issuance costs | 175,174,000 | 0 | 0 |
Net cash used in financing activities | -813,910,000 | 34,129,000 | -101,514,000 |
(Decrease) increase in cash and cash equivalents | -166,251,000 | 70,636,000 | 7,501,000 |
Cash and cash equivalents at beginning of year | 382,138,000 | 311,502,000 | 304,001,000 |
Cash and cash equivalents at end of year | 215,887,000 | 382,138,000 | 311,502,000 |
Income tax payments (refunds), net | 1,500,000 | 7,800,000 | 5,100,000 |
Interest paid | $49,100,000 | $46,500,000 | $40,100,000 |
Subsequent_Event_Subsequent_Ev1
Subsequent Event Subsequent Event (Details) (Subsequent Event [Member], USD $) | 0 Months Ended |
In Millions, unless otherwise specified | Jan. 17, 2014 |
branches | |
Subsequent Event [Line Items] | ' |
Total loans, net of deferred fees and costs, sold | $88.20 |
Four Office Locations [Member] | ' |
Subsequent Event [Line Items] | ' |
Number of Office Locations Sold | 4 |
Total loans, net of deferred fees and costs, sold | 87.2 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deposits Acquired | 191.4 |
Gain (Loss) on Disposition of Business | $5.50 |
Supplemental_Financial_Data_De
Supplemental Financial Data (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Supplemental Income Statement Elements [Abstract] | ' | ' | ' |
Other loan expenses | $15,205 | $14,731 | $19,374 |
Insurance and bonds | 12,503 | 12,057 | 12,119 |
Telephone and communications | $12,403 | $12,505 | $11,588 |
Summary_of_Quarterly_Financial2
Summary of Quarterly Financial Data (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||||||
Quarterly Financial Data [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Interest income | $233,258,000 | $233,852,000 | $231,513,000 | $230,391,000 | $240,000,000 | $247,676,000 | $253,809,000 | $262,654,000 | $929,014,000 | $1,004,140,000 | $1,141,756,000 | ||||||||
Net interest income | 204,331,000 | 203,970,000 | 202,077,000 | 199,814,000 | 207,456,000 | 212,345,000 | 213,356,000 | 220,959,000 | 810,192,000 | 854,117,000 | 924,154,000 | ||||||||
Provision for loan losses | 14,064,000 | 6,761,000 | 13,077,000 | 35,696,000 | 146,526,000 | 63,572,000 | 44,222,000 | 66,049,000 | 69,598,000 | 320,369,000 | 418,795,000 | ||||||||
Income (loss) before income taxes | 59,710,000 | 73,459,000 | 72,906,000 | 46,553,000 | -72,299,000 | 30,514,000 | 37,347,000 | 35,916,000 | 252,628,000 | 31,477,000 | -59,532,000 | ||||||||
Income tax expense (benefit) | 21,130,000 | 27,765,000 | 27,371,000 | 16,979,000 | -796,339,000 | -211,000 | -2,105,000 | -77,000 | 93,245,000 | -798,732,000 | 1,312,000 | ||||||||
Net income (loss) | 38,580,000 | [1] | 45,694,000 | [1] | 45,535,000 | [1] | 29,574,000 | [1] | 724,040,000 | [2] | 30,725,000 | [2] | 39,452,000 | [2] | 35,993,000 | [2] | 159,383,000 | 830,209,000 | -60,844,000 |
Net income (loss) attributable to common shareholders | 35,850,000 | [1] | 37,188,000 | [1] | 30,717,000 | [1] | 14,798,000 | [1] | 709,304,000 | [2] | 16,030,000 | [2] | 24,803,000 | [2] | 21,369,000 | [2] | 118,553,000 | 771,506,000 | -118,712,000 |
Basic earnings per common share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net income (loss) attributable to common shareholders (per share) | $0.04 | $0.04 | $0.04 | $0.02 | $0.90 | $0.02 | $0.03 | $0.03 | ' | ' | ' | ||||||||
Net loss attributable to common shareholders (per share) | ' | ' | ' | ' | ' | ' | ' | ' | $0.13 | $0.98 | ($0.15) | ||||||||
Diluted earnings per common share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net income (loss) attributable to common shareholders (per share) | $0.04 | $0.04 | $0.03 | $0.02 | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net loss attributable to common shareholders (per share) | ' | ' | ' | ' | $0.78 | $0.02 | $0.03 | $0.02 | $0.13 | $0.85 | ($0.15) | ||||||||
Litigation loss contingency expense | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Valuation allowance for deferred tax assets | $796,300,000 | ' | ' | ' | ' | ' | ' | ' | $4,083,000 | $802,771,000 | ($31,844,000) | ||||||||
[1] | The fourth quarter of 2013 results include litigation loss contingency expense of $10.0 million | ||||||||||||||||||
[2] | The fourth quarter of 2012 results reflect a $796.3 million income tax benefit due primarily to the reversal of substantially all of the deferred tax asset valuation allowance. For additional discussion of the valuation allowance for deferred tax assets, see "Part II - Item 8. Financial Statements and Supplementary Data - Note 24 - Income Taxes" of this Report. |