Document and Entity Information
Document and Entity Information Document - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 25, 2016 | Jun. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | SYNOVUS FINANCIAL CORP | ||
Entity Central Index Key | 18,349 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 126,323,281 | ||
Trading Symbol | snv | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 3,817,057,493 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
ASSETS | ||
Cash and cash equivalents | $ 367,092 | $ 485,489 |
Interest bearing funds with Federal Reserve Bank | 829,887 | 721,362 |
Interest earning deposits with banks | 17,387 | 11,810 |
Federal funds sold and securities purchased under resale agreements | 69,819 | 73,111 |
Trading account assets, at fair value | 5,097 | 13,863 |
Mortgage loans held for sale, at fair value | 59,275 | 63,328 |
Investment securities available for sale, at fair value | 3,587,818 | 3,041,406 |
Loans, net of deferred fees and costs | 22,429,565 | 21,097,699 |
Allowance for loan losses | (252,496) | (261,317) |
Loans, net | 22,177,069 | 20,836,382 |
Premises and equipment, net | 445,155 | 455,235 |
Goodwill | 24,431 | 24,431 |
Other real estate | 47,030 | 85,472 |
Deferred tax asset, net | 511,948 | 622,464 |
Other assets | 650,645 | 615,884 |
Total assets | 28,792,653 | 27,050,237 |
Liabilities | ||
Non-interest bearing deposits | 6,732,970 | 6,228,472 |
Interest bearing deposits, excluding brokered deposits | 15,434,171 | 13,660,830 |
Brokered deposits | 1,075,520 | 1,642,398 |
Total deposits | 23,242,661 | 21,531,700 |
Federal funds purchased and securities sold under repurchase agreements | 177,025 | 126,916 |
Long-term debt | 2,186,893 | 2,139,325 |
Other liabilities | 185,878 | 211,026 |
Total liabilities | 25,792,457 | 24,008,967 |
Shareholders' Equity | ||
Series C Preferred Stock – no par value. 5,200,000 shares outstanding at December 31, 2015 and December 31, 2014 | 125,980 | 125,980 |
Common stock - $1.00 par value. Authorized 342,857,143 shares at December 31, 2015 and December 31, 2014; issued 140,592,409 at December 31, 2015 and 139,950,422 at December 31, 2014; outstanding 129,547,032 at December 31, 2015 and 136,122,843 at December 31, 2014 | 140,592 | 139,950 |
Additional paid-in capital | 2,989,981 | 2,960,825 |
Treasury stock, at cost – 11,045,377 shares at December 31, 2015 and 3,827,579 shares at December 31, 2014 | (401,511) | (187,774) |
Accumulated other comprehensive loss, net | (29,819) | (12,605) |
Retained earnings | 174,973 | 14,894 |
Total shareholders’ equity | 3,000,196 | 3,041,270 |
Total liabilities and shareholders' equity | $ 28,792,653 | $ 27,050,237 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Preferred stock, shares outstanding | 5,200,000 | 5,200,000 |
Common stock, par value (per share) | $ 1 | $ 1 |
Common stock, shares authorized | 342,857,143 | 342,857,143 |
Common stock, shares issued | 140,592,409 | 139,950,422 |
Common stock, shares outstanding | 129,547,032 | 136,122,843 |
Treasury stock, shares at cost | 11,045,377 | 3,827,579 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Interest income: | |||
Loans, including fees | $ 877,384 | $ 862,916 | $ 866,358 |
Investment securities available for sale | 59,154 | 57,832 | 52,567 |
Trading account assets | 303 | 456 | 548 |
Mortgage loans held for sale | 2,546 | 2,304 | 4,441 |
Federal Reserve Bank balances | 3,144 | 2,081 | 3,222 |
Other earning assets | 3,431 | 3,103 | 1,878 |
Total interest income | 945,962 | 928,692 | 929,014 |
Interest expense: | |||
Deposits | 65,534 | 55,179 | 64,392 |
Federal funds purchased and securities sold under repurchase agreements | 168 | 220 | 324 |
Long-term debt | 52,942 | 54,009 | 54,106 |
Total interest expense | 118,644 | 109,408 | 118,822 |
Net interest income | 827,318 | 819,284 | 810,192 |
Provision for loan losses | 19,010 | 33,831 | 69,598 |
Net interest income after provision for loan losses | 808,308 | 785,453 | 740,594 |
Non-interest income: | |||
Service charges on deposit accounts | 80,142 | 78,897 | 77,789 |
Fiduciary and asset management fees | 45,928 | 45,226 | 43,450 |
Brokerage revenue | 27,855 | 27,088 | 27,538 |
Mortgage banking income | 24,096 | 18,354 | 22,482 |
Bankcard fees | 33,172 | 32,931 | 30,641 |
Investment securities gains, net | 2,769 | 1,331 | 2,945 |
Other fee income | 21,170 | 19,130 | 22,567 |
Gain on sale of Memphis branches, net | 0 | 5,789 | 0 |
Other non-interest income | 32,788 | 33,358 | 26,159 |
Total non-interest income | 267,920 | 262,104 | 253,571 |
Non-interest expense: | |||
Salaries and other personnel expense | 380,918 | 371,904 | 368,152 |
Net occupancy and equipment expense | 107,466 | 105,806 | 103,339 |
Third-party processing expense | 42,851 | 40,042 | 40,135 |
FDIC insurance and other regulatory fees | 27,091 | 33,485 | 32,456 |
Professional fees | 26,646 | 26,440 | 38,776 |
Advertising expense | 15,477 | 24,037 | 8,971 |
Foreclosed real estate expense, net | 22,803 | 25,321 | 33,864 |
Visa indemnification charges | 1,464 | 3,041 | 1,600 |
Loss on early extinguishment of debt | 1,533 | 0 | 0 |
Restructuring charges | 36 | 20,585 | 11,064 |
Other operating expenses | 91,370 | 94,337 | 103,180 |
Total non-interest expense | 717,655 | 744,998 | 741,537 |
Income before income taxes | 358,573 | 302,559 | 252,628 |
Income tax expense | 132,491 | 107,310 | 93,245 |
Net income | 226,082 | 195,249 | 159,383 |
Dividends and accretion of discount on preferred stock | 10,238 | 10,238 | 40,830 |
Net income available to common shareholders | $ 215,844 | $ 185,011 | $ 118,553 |
Net income per common share, basic (per share) | $ 1.63 | $ 1.34 | $ 0.93 |
Net income per common share, diluted (per share) | $ 1.62 | $ 1.33 | $ 0.88 |
Weighted average common shares outstanding, basic | 132,423 | 138,495 | 127,495 |
Weighted average common shares outstanding, diluted | 133,201 | 139,154 | 134,226 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Net income, Before-tax Amount | $ 358,573 | $ 302,559 | $ 252,628 |
Net income, Tax (Expense) Benefit | 132,491 | 107,310 | 93,245 |
Net income | 226,082 | 195,249 | 159,383 |
Net change related to cash flow hedges: Before-tax Amount | |||
Reclassification adjustment for losses (gains) realized in net income, Before-tax Amount | 521 | 448 | 447 |
Net change related to cash flow hedges: Tax (Expense) Benefit | |||
Reclassification adjustment for losses (gains) realized in net income, Tax (Expense) Benefit | (201) | (173) | (173) |
Net change related to cash flow hedges: Net of Tax Amount | |||
Reclassification adjustment for losses (gains) realized in net income, Net of Tax Amount | 320 | 275 | 274 |
Net unrealized gains (losses) on investment securities available for sale: Before-tax Amount | |||
Reclassification adjustment for net gains realized in net income, Before-tax Amount | (2,769) | (1,331) | (2,945) |
Net unrealized gains (losses) arising during the period, Before-tax Amount | (25,707) | 47,223 | (71,929) |
Net unrealized gains (losses), Before-tax Amount | (28,476) | 45,892 | (74,874) |
Net unrealized gains (losses) on investment securities available for sale: Tax (Expense) Benefit | |||
Reclassification adjustment for net gains realized in net income, Tax (Expense) Benefit | 1,066 | 513 | 1,134 |
Net unrealized gains (losses) arising during the period, Tax (Expense) Benefit | 9,901 | (18,182) | 27,693 |
Net unrealized gains (losses), Tax (Expense) Benefit | 10,967 | (17,669) | 28,827 |
Net unrealized gains (losses) on investment securities available for sale: Net of Tax Amount | |||
Reclassification adjustment for net gains realized in net income, Net of Tax Amount | (1,703) | (818) | (1,811) |
Net unrealized gains (losses) arising during the period, Net of Tax Amount | (15,806) | 29,041 | (44,236) |
Net unrealized gains (losses), Net of Tax Amount | (17,509) | 28,223 | (46,047) |
Post-retirement unfunded health benefit: Before-tax Amount | |||
Reclassification adjustment for gains realized in net income, Before-tax Amount | (272) | (144) | (170) |
Actuarial gains arising during the period, Before-tax Amount | 236 | 395 | 830 |
Net unrealized gains, Before-tax Amount | (36) | 251 | 660 |
Post-retirement unfunded health benefit: Tax (Expense) Benefit | |||
Reclassification adjustment for gains realized in net income, Tax (Expense) Benefit | 104 | 56 | 65 |
Actuarial gains arising during the period, Tax (Expense) Benefit | (93) | (152) | (311) |
Net unrealized gains, Tax (Expense) Benefit | 11 | (96) | (246) |
Post-retirement unfunded health benefit: Net of Tax Amount | |||
Reclassification adjustment for gains realized in net income, Net of Tax Amount | (168) | (88) | (105) |
Actuarial gains arising during the period, Net of Tax Amount | 143 | 243 | 519 |
Net unrealized gains, Net of Tax Amount | (25) | 155 | 414 |
Other comprehensive income (loss), Before-tax Amount | (27,991) | 46,591 | (73,767) |
Other comprehensive income (loss), Tax (Expense) Benefit | 10,777 | (17,938) | 28,408 |
Other comprehensive income (loss), Net of Tax Amount | (17,214) | 28,653 | (45,359) |
Comprehensive income, Net of Tax Amount | $ 208,868 | $ 223,902 | $ 114,024 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | Series A Preferred Stock [Member] | Series C Preferred Stock [Member] | Preferred Stock [Member]Series A Preferred Stock [Member] | Preferred Stock [Member]Series C Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member]Series A Preferred Stock [Member] | Additional Paid-in Capital [Member]Series C Preferred Stock [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings (Deficit) [Member] | Retained Earnings (Deficit) [Member]Series C Preferred Stock [Member] |
Balance at Dec. 31, 2012 | $ 3,569,431 | $ 957,327 | $ 0 | $ 113,182 | $ 2,868,965 | $ (114,176) | $ 4,101 | $ (259,968) | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net income | 159,383 | 159,383 | |||||||||||
Other comprehensive income (loss), net of income taxes | (45,359) | (45,359) | |||||||||||
Cash dividends declared on common stock | (36,427) | (36,427) | |||||||||||
Cash dividends paid | $ (33,741) | $ (2,730) | $ (33,741) | $ (2,730) | |||||||||
Accretion of discount on Series A Preferred Stock | 10,543 | $ (10,543) | |||||||||||
Redemption of Series A Preferred Stock | $ (967,870) | (967,870) | |||||||||||
Issuance of common stock, net of issuance costs | 175,174 | 125,862 | 125,862 | 8,553 | 166,621 | ||||||||
Settlement of prepaid common stock purchase contracts | 17,550 | (17,550) | |||||||||||
Restricted share unit activity | (3,564) | 374 | (3,438) | (500) | |||||||||
Stock options exercised | 1,044 | 62 | 982 | ||||||||||
Share-based compensation tax benefit (deficiency) | 317 | 317 | |||||||||||
Share-based compensation expense | 7,465 | 7,465 | |||||||||||
Balance at Dec. 31, 2013 | 2,948,985 | 0 | 125,862 | 139,721 | 2,976,348 | (114,176) | (41,258) | (137,512) | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net income | 195,249 | 195,249 | |||||||||||
Other comprehensive income (loss), net of income taxes | 28,653 | 28,653 | |||||||||||
Cash dividends declared on common stock | (42,805) | (42,805) | |||||||||||
Cash dividends paid | (10,238) | (10,238) | |||||||||||
Redemption of Series A Preferred Stock | (88,113) | (14,515) | (73,598) | ||||||||||
Issuance of common stock, net of issuance costs | 118 | 118 | |||||||||||
Restricted share unit activity | (692) | 52 | (706) | (38) | |||||||||
Stock options exercised | 3,048 | 177 | 2,871 | ||||||||||
Share-based compensation tax benefit (deficiency) | (3,168) | (3,168) | |||||||||||
Share-based compensation expense | 10,233 | 10,233 | |||||||||||
Balance at Dec. 31, 2014 | 3,041,270 | 0 | 125,980 | 139,950 | 2,960,825 | (187,774) | (12,605) | 14,894 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net income | 226,082 | 226,082 | |||||||||||
Other comprehensive income (loss), net of income taxes | (17,214) | (17,214) | |||||||||||
Cash dividends declared on common stock | (55,354) | (55,354) | |||||||||||
Cash dividends paid | $ (10,238) | $ 0 | $ (10,238) | ||||||||||
Redemption of Series A Preferred Stock | (199,221) | 14,516 | (213,737) | ||||||||||
Restricted share unit activity | (4,984) | 304 | (4,877) | (411) | |||||||||
Stock options exercised | 5,643 | 338 | 5,305 | ||||||||||
Share-based compensation tax benefit (deficiency) | 1,656 | 1,656 | |||||||||||
Share-based compensation expense | 12,556 | 12,556 | |||||||||||
Balance at Dec. 31, 2015 | $ 3,000,196 | $ 0 | $ 125,980 | $ 140,592 | $ 2,989,981 | $ (401,511) | $ (29,819) | $ 174,973 |
Consolidated Statements of Cha7
Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Stockholders' Equity [Abstract] | |||
Cash dividends declared on common stock, per share | $ 0.42 | $ 0.31 | $ 0.28 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Activities | |||
Net income | $ 226,082 | $ 195,249 | $ 159,383 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for loan losses | 19,010 | 33,831 | 69,598 |
Depreciation, amortization, and accretion, net | 56,741 | 54,952 | 59,310 |
Deferred income tax expense | 121,904 | 102,020 | 90,415 |
Decrease (increase) in trading account assets | 8,766 | (7,750) | 4,989 |
Originations of mortgage loans held for sale | (790,625) | (766,815) | (841,542) |
Proceeds from sales of mortgage loans held for sale | 807,906 | 761,979 | 1,008,501 |
Gain on sales of mortgage loans held for sale, net | (14,966) | (12,357) | (13,649) |
Decrease in other assets | 7,799 | 2,258 | 45,435 |
Decrease in other liabilities | (24,906) | (8,990) | (11,284) |
Investment securities gains, net | (2,769) | (1,331) | (2,945) |
Losses and write-downs on other real estate, net | 17,619 | 22,085 | 25,508 |
Losses and write-downs on other assets held for sale, net | 892 | 7,643 | 3,917 |
Loss on early extinguishment of debt | 1,533 | 0 | 0 |
Share-based compensation expense | 12,556 | 10,233 | 7,465 |
Gain on sale of Memphis branches, net | 0 | (5,789) | 0 |
Net cash provided by operating activities | 447,542 | 387,218 | 605,101 |
Investing Activities | |||
Net cash (used) received in dispositions/acquisitions | 0 | (90,571) | 56,328 |
Net (increase) decrease in interest earning deposits with banks | (5,577) | 12,515 | (883) |
Net decrease in federal funds sold and securities purchased under resale agreements | 3,291 | 7,864 | 32,542 |
Net (increase) decrease in interest bearing funds with Federal Reserve Bank | (108,525) | (76,834) | 853,862 |
Proceeds from maturities and principal collections of investment securities available for sale | 693,608 | 568,918 | 711,134 |
Proceeds from sales of investment securities available for sale | 347,954 | 20,815 | 407,718 |
Purchases of investment securities available for sale | (1,634,531) | (378,919) | (1,434,322) |
Proceeds from sales of loans and principal repayments on other loans held for sale | 28,762 | 65,205 | 160,444 |
Proceeds from sale of other real estate | 47,137 | 63,768 | 100,802 |
Net increase in loans | (1,411,050) | (1,326,596) | (889,026) |
Purchases of BOLI policies | (45,000) | 0 | 0 |
Net increase in premises and equipment | (28,381) | (38,680) | (28,470) |
Proceeds from sale of other assets held for sale | 3,039 | 5,741 | 2,285 |
Net cash used in investing activities | (2,109,273) | (1,166,774) | (27,586) |
Financing Activities | |||
Net increase (decrease) in demand and savings deposits | 2,274,949 | 562,669 | (114,738) |
Net (decrease) increase in certificates of deposit | (565,315) | 283,543 | (122,343) |
Net increase (decrease) in federal funds purchased and securities sold under repurchase agreements | 50,109 | (21,216) | (53,111) |
Repayments on long-term debt | (823,899) | (400,781) | (307,571) |
Proceeds from issuance of long-term debt | 871,644 | 510,000 | 617,500 |
Dividends paid to common shareholders | (55,354) | (42,805) | (36,427) |
Stock options exercised | 5,643 | 3,048 | 1,044 |
Proceeds from issuance of Series C Preferred Stock, net of issuance costs | 0 | 0 | 125,862 |
Redemption of Series A Preferred Stock | 0 | 0 | (967,870) |
Proceeds from issuance of common stock, net of issuance costs | 0 | 0 | 175,174 |
Repurchases and agreements to repurchase shares of common stock | (199,221) | (88,113) | 0 |
Restricted stock activity | (4,984) | (692) | (3,564) |
Net cash provided by (used in) financing activities | 1,543,334 | 795,415 | (722,515) |
(Decrease) increase in cash and cash equivalents | (118,397) | 15,859 | (145,000) |
Cash and cash equivalents at beginning of year | 485,489 | 469,630 | 614,630 |
Cash and cash equivalents at end of year | 367,092 | 485,489 | 469,630 |
Supplemental Cash Flow Information | |||
Income tax payments, net | 10,514 | 5,971 | 2,577 |
Interest paid | 115,795 | 109,549 | 121,291 |
Non-cash Activities: | |||
Mortgage loans held for sale transferred to loans at fair value | 659 | 334 | 14,714 |
Loans foreclosed and transferred to other real estate | 26,313 | 58,556 | 85,422 |
Premises and equipment transferred to other assets held for sale at fair value | 2,340 | 16,613 | 6,254 |
Securities purchased during the period but settled after period-end | 0 | 25,938 | 0 |
Dispositions/Acquisitions: | |||
Fair value of non-cash assets (sold) acquired | 0 | (100,982) | 536 |
Fair value of liabilities (sold) assumed | 0 | (191,553) | 56,864 |
Series C Preferred Stock [Member] | |||
Financing Activities | |||
Dividends paid to preferred shareholders | (10,238) | (10,238) | (2,730) |
Series A Preferred Stock [Member] | |||
Financing Activities | |||
Dividends paid to preferred shareholders | $ 0 | $ 0 | $ (33,741) |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
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 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, 2015 and 2014 , $100 thousand and $ 125 thousand , respectively, of the due from banks balance was restricted as to withdrawal. Short-term Investments Short-term investments consist of interest bearing funds with the Federal Reserve Bank, interest earning deposits with banks, and Federal funds sold and securities purchased under resale agreements. At December 31, 2015 and 2014 , interest bearing funds with the Federal Reserve Bank included $117.3 million and $89.2 million , respectively, on deposit to meet Federal Reserve Bank reserve requirements. Interest earning deposits with banks include $2.2 million at December 31, 2015 and $7.1 million at December 31, 2014 , which is pledged as collateral in connection with certain letters of credit. Federal funds sold include $65.9 million at December 31, 2015 and $67.5 million at December 31, 2014 , 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 similar 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 and ancillary fees on loans originated for sale, 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 estimated 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 the sale of these assets, are recorded as 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). 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. 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 recorded 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, 2015 , substantially all non-accrual impaired loans were collateral-dependent and 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, Synovus may, in order to assist the borrowers in repaying the principal and interest owed to Synovus, 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, a TDR is defined as a modification with a borrower that is experiencing financial difficulties, and the creditor 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 rate 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 TDRs 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 probable incurred losses 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, the loss emergence period, qualitative loss factors, management’s plans, if any, for disposition of certain loans, as well as other qualitative considerations. In determining the 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, loss emergence 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. The EL factors applied in the methodology are periodically re-evaluated and adjusted to reflect changes in historical loss levels or other risks. Allocated EL factors may also be adjusted, as necessary, for certain qualitative factors that in management's judgment are necessary to reflect losses incurred in the portfolio. Qualitative factors that management considers in the analysis include: • changes in lending policies and procedures, including changes in underwriting standards and collection, charge-off, and recovery practices not considered elsewhere in estimating credit losses • changes in the volume and severity of past due loans, the volume of non-accrual loans, and the volume and severity of adversely classified or grade loans • loan growth • effects of changes in credit concentrations • experience, ability, and depth of lending management, loan review personnel, and other relevant staff • changes in the quality of the loan review function • national and local economic trends and conditions • value of underlying collateral for collateral-dependent loans • other external factors such as the effects for the current competitive, legal, and regulatory environment The adjusted EL factors by portfolio are then adjusted by a loss emergence period for each loan type. A loss emergence period represents the amount of time between when a loss event first occurs to when it is charged off. The loss emergence period was determined for each loan type based on the Company's historical experience and is validated annually. Commercial Loans - Risk Ratings Synovus utilizes two primary methods for risk assessment of the commercial loan portfolio: Single Risk Rating Assessment and Dual Risk Rating (DRR) Assessment. 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. 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. Commercial single risk rated loans are graded on a 9-point scale. Single risk ratings six through nine are defined consistent with the bank regulatory classifications of special mention, substandard, doubtful, and loss, respectively. The primary determinants of the risk ratings for commercial single risk rated loans are the reliability of the primary source of repayment and the borrower's expected performance (i.e., the likelihood that the borrower will be able to service its obligations in accordance with the terms). Expected performance will be based upon full analysis of the borrower's historical financial results, current financial strength and future prospects, which includes any external drivers. For dual risk rated loans, this process begins with scoring the loan for a rating during its initial approval process. Synovus began utilizing a dual risk rating methodology for certain components of its commercial and industrial loan portfolio in 2013 and extended the DRR methodology to certain income-producing real estate loans in 2014 and 2015. 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 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 re-evaluated based upon annual scheduled credit reviews or on a more frequent basis if determined prudent by management. Additionally, an independent loan review function evaluates Synovus' risk rating processes on a continuous basis. Management currently expects to implement the DRR methodology for additional components of the commercial loan portfolio over the next few years. The implementation is expected to be in multiple phases, with each component determined based primarily on loan type and size. The timing of future implementations will depend upon completion of applicable data analysis and model assessment. Once full implementation is completed, management estimates that the DRR methodology will be utilized to calculate the allowance for loan losses on commercial loans amounting to approximately 35% of the total loan portfolio. Approximately $6.7 billion , or 29.8% , of the total loan portfolio was rated using the DRR methodology at year-end 2015. Retail Loans – Risk Ratings Retail 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 and is generally charged-off. 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 not a significant component of the ALLL, but would be utilized 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. 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 as of June 30 th 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 weighting that are most representative of fair value. Other Real Estate 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, 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 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. 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 balance sheets and valuation adjustment account in foreclosed real estate expense, net, a component of non-interest expense on the consolidated statements of income. 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. 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 changes in the cash surrender value of the policies is recognized as a component of other non-interest income in the consolidated statements of income. Servicing Asset on SBA/Government Guaranteed Loans Synovus has retained servicing responsibilities on sold SBA/government guaranteed loans and receives annual servicing fees on the outstanding loan balances. SBA/government guaranteed loan servicing rights are accounted for using the amortization method. A servicing asset is established at fair value at the time of the sale using a discounted future cash flow model. The servicing asset is then amortized in other non-interest expense. Private Equity Investments Private equity investments are recorded at fair value on the consolidated balance sheets with realized and unrealized gains and losses recorded on the consolidated statements of income (as a component of other non-interest 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 financial performance against budget or milestones, last price paid by investors, with consideration |
Sale of Branches
Sale of Branches | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Sale of Branches | Note 2 - Sale of Branches On January 17, 2014, Synovus completed the sale of certain loans, premises, deposits, and other assets and liabilities of the Memphis, Tennessee branches of Trust One Bank, a division of Synovus Bank. The sale included $89.6 million in total loans and $191.3 million in total deposits. Results for the year ended December 31, 2014 reflect a pre-tax gain, net of associated costs, of $5.8 million relating to this transaction. |
Restructuring Charges
Restructuring Charges | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring Charges [Abstract] | |
Restructuring Charges | Note 3 - Restructuring Charges For the years ended December 31, 2015 , 2014 , and 2013 total restructuring charges consist of the following components: Years Ended December 31, (in thousands) 2015 2014 2013 Severance charges $ — 7,246 8,046 Lease termination charges (3 ) 4,808 1,060 Asset impairment charges 229 7,530 2,030 Gain on sale of assets held for sale, net (401 ) (766 ) (135 ) Professional fees and other charges 211 1,767 63 Total restructuring charges $ 36 20,585 11,064 For the year ended December 31, 2015, Synovus recorded net gains of $401 thousand on the sale of certain branch locations and recorded additional expense, net of $437 thousand associated primarily with the 2014 branch closings. Restructuring charges for the year ended December 31, 2014 related primarily to expense savings initiatives that were approved during 2014. The initiatives included the consolidation or closing of certain branch locations as well as workforce reductions. Asset impairment and lease termination charges for the year ended December 31, 2014 consisted primarily of charges related to the closure of 13 branches during the fourth quarter of 2014. Severance charges for the year ended December 31, 2014 consisted of estimated involuntary termination benefits for targeted staff reductions identified during 2014. These termination benefits were provided under an ongoing benefit arrangement as defined in ASC 712, Compensation-Nonretirement Postemployment Benefits ; accordingly, the charges were recorded pursuant to the liability recognition criteria of ASC 712. Additionally, substantially all of the professional fees and other charges for the year ended December 31, 2014 consisted of professional fees incurred in connection with an organizational restructuring implemented during 2014. Restructuring charges for the year ended December 31, 2013 related primarily to expense savings initiatives approved during 2013 which consisted primarily of the consolidation or closing of certain branch locations as well as workforce reductions. The involuntary termination benefits relating to these workforce reductions were provided under a one-time benefit arrangement as defined in ASC 420, Exit or Disposal Costs or Obligations ; accordingly, the charges were recorded pursuant to the liability recognition criteria of ASC 420. The following table presents aggregate activity associated with accruals that resulted from the restructuring charges recorded during the years ended December 31, 2015, 2014, and 2013: (in thousands) Severance Charges Lease Termination Charges Total Balance as of December 31, 2012 $ 257 471 728 Accruals for efficiency initiatives 8,046 1,060 9,106 Payments (6,731 ) (148 ) (6,879 ) Balance at December 31, 2013 1,572 1,383 2,955 Accruals for efficiency initiatives 7,246 4,808 12,054 Payments (5,527 ) (652 ) (6,179 ) Balance at December 31, 2014 3,291 5,539 8,830 Accruals for efficiency initiatives — (3 ) (3 ) Payments (1,361 ) (849 ) (2,210 ) Balance at December 31, 2015 $ 1,930 4,687 6,617 All professional fees and other charges were paid in the years that they were incurred. No other restructuring charges resulted in any payment accruals. |
Investment Securities Available
Investment Securities Available for Sale | 12 Months Ended |
Dec. 31, 2015 | |
Investments [Abstract] | |
Investment Securities Available for Sale | Note 4 - 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, 2015 and 2014 are summarized below. December 31, 2015 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury securities $ 43,125 232 — 43,357 U.S. Government agency securities 13,087 536 — 13,623 Securities issued by U.S. Government sponsored enterprises 126,520 389 — 126,909 Mortgage-backed securities issued by U.S. Government agencies 209,785 1,340 (1,121 ) 210,004 Mortgage-backed securities issued by U.S. Government sponsored enterprises 2,645,107 7,874 (22,562 ) 2,630,419 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 530,426 2,396 (3,225 ) 529,597 State and municipal securities 4,343 92 (1 ) 4,434 Equity securities 3,228 6,444 — 9,672 Other investments 20,177 — (374 ) 19,803 Total investment securities available for sale $ 3,595,798 19,303 (27,283 ) 3,587,818 December 31, 2014 (in thousands) Amortized Cost (1) Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury securities $ 42,636 190 — 42,826 U.S. Government agency securities 26,426 898 — 27,324 Securities issued by U.S. Government sponsored enterprises 81,332 710 — 82,042 Mortgage-backed securities issued by U.S. Government agencies 177,678 2,578 (440 ) 179,816 Mortgage-backed securities issued by U.S. Government sponsored enterprises 2,250,897 19,915 (9,131 ) 2,261,681 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 414,562 4,856 (2,342 ) 417,076 State and municipal securities 5,024 183 (1 ) 5,206 Equity securities 3,228 3,520 — 6,748 Other investments 19,121 7 (441 ) 18,687 Total investment securities available for sale $ 3,020,904 32,857 (12,355 ) 3,041,406 (1) Amortized cost is adjusted for other-than-temporary impairment charges in 2014 , which have been recognized in the consolidated statements of income, and were considered inconsequential. At December 31, 2015 and 2014 , investment securities with a carrying value of $2.43 billion and $2.12 billion , respectively, were pledged to secure certain deposits and securities sold under repurchase agreements as required by law and contractual agreements. Synovus has reviewed investment securities that are in an unrealized loss position as of December 31, 2015 and 2014 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 prior to the respective securities recovery of all such unrealized losses. 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, 2015 , Synovus had sixty-four investment securities in a loss position for less than twelve months and twenty-nine investment securities in a loss position for twelve months or longer. 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, 2015 and December 31, 2014 are presented below. December 31, 2015 Less than 12 Months 12 Months or Longer Total (in thousands) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Mortgage-backed securities issued by U.S. Government agencies 122,626 639 18,435 482 141,061 1,121 Mortgage-backed securities issued by U.S. Government sponsored enterprises 1,656,194 12,874 489,971 9,688 2,146,165 22,562 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 196,811 963 72,366 2,262 269,177 3,225 State and municipal securities — — 50 1 50 1 Other investments 14,985 15 4,818 359 19,803 374 Total $ 1,990,616 14,491 585,640 12,792 2,576,256 27,283 December 31, 2014 Less than 12 Months 12 Months or Longer Total (in thousands) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Mortgage-backed securities issued by U.S. Government agencies — — 21,488 440 21,488 440 Mortgage-backed securities issued by U.S. Government sponsored enterprises 251,134 763 798,282 8,368 1,049,416 9,131 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 20,338 61 119,172 2,281 139,510 2,342 State and municipal securities — — 45 1 45 1 Other investments — — 3,680 441 3,680 441 Total $ 271,472 824 942,667 11,531 1,214,139 12,355 The amortized cost and fair value by contractual maturity of investment securities available for sale at December 31, 2015 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, 2015 (in thousands) Within One Year 1 to 5 Years 5 to 10 Years More Than 10 Years No Stated Maturity Total Amortized Cost U.S. Treasury securities $ 18,243 24,882 — — — 43,125 U.S. Government agency securities — 6,676 6,411 — — 13,087 Securities issued by U.S. Government sponsored enterprises 80,460 46,060 — — — 126,520 Mortgage-backed securities issued by U.S. Government agencies — — 18,745 191,040 — 209,785 Mortgage-backed securities issued by U.S. Government sponsored enterprises — 725 1,648,680 995,702 — 2,645,107 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — — — 530,426 — 530,426 State and municipal securities 1,067 699 — 2,577 — 4,343 Equity securities — — — — 3,228 3,228 Other investments — — 15,000 2,000 3,177 20,177 Total amortized cost $ 99,770 79,042 1,688,836 1,721,745 6,405 3,595,798 Fair Value U.S. Treasury securities $ 18,243 25,114 — — — 43,357 U.S. Government agency securities — 6,907 6,716 — — 13,623 Securities issued by U.S. Government sponsored enterprises 80,634 46,275 — — — 126,909 Mortgage-backed securities issued by U.S. Government agencies — — 18,999 191,005 — 210,004 Mortgage-backed securities issued by U.S. Government sponsored enterprises — 755 1,634,107 995,557 — 2,630,419 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — — — 529,597 — 529,597 State and municipal securities 1,080 701 — 2,653 — 4,434 Equity securities — — — — 9,672 9,672 Other investments — — 14,985 1,745 3,073 19,803 Total fair value $ 99,957 79,752 1,674,807 1,720,557 12,745 3,587,818 Proceeds from sales, gross gains, and gross losses on sales of securities available for sale for the years ended December 31, 2015 , 2014 and 2013 are presented below. Other-than-temporary impairment charges of $88 thousand and $264 thousand respectively, are included in gross realized losses for the years ended December 31, 2014 and 2013 . The specific identification method is used to reclassify gains and losses out of other comprehensive income at the time of sale. (in thousands) 2015 2014 2013 Proceeds from sales of investment securities available for sale $ 347,954 20,815 407,718 Gross realized gains $ 4,356 $ 1,419 $ 3,822 Gross realized losses (1,587 ) (88 ) (877 ) Investment securities gains, net $ 2,769 1,331 2,945 |
Loans And Allowance For Loan Lo
Loans And Allowance For Loan Losses | 12 Months Ended |
Dec. 31, 2015 | |
Loans and Leases Receivable, Allowance [Abstract] | |
Loans And Allowance For Loan Losses | Note 5 - Loans and Allowance for Loan Losses Loans outstanding, by classification, at December 31, 2015 and 2014 are summarized below. December 31, (in thousands) 2015 2014 Investment properties $ 5,751,631 5,206,674 1-4 family properties 1,109,854 1,133,882 Land acquisition 513,981 586,046 Total commercial real estate 7,375,466 6,926,602 Commercial, financial and agricultural 6,472,482 6,182,312 Owner-occupied 4,318,950 4,085,407 Total commercial and industrial 10,791,432 10,267,719 Home equity lines 1,689,914 1,683,998 Consumer mortgages 1,938,683 1,694,061 Credit cards 240,851 253,649 Other retail loans 423,318 302,460 Total retail 4,292,766 3,934,168 Total loans 22,459,664 21,128,489 Deferred fees and costs, net (30,099 ) (30,790 ) Total loans, net of deferred fees and costs $ 22,429,565 21,097,699 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. The following is a summary of current, accruing past due, and non-accrual loans by class as of December 31, 2015 and 2014 . Current, Accruing Past Due, and Non-accrual Loans December 31, 2015 ( 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 $ 5,726,307 2,284 — 2,284 23,040 5,751,631 1-4 family properties 1,086,612 6,300 103 6,403 16,839 1,109,854 Land acquisition 495,542 639 32 671 17,768 513,981 Total commercial real estate 7,308,461 9,223 135 9,358 57,647 7,375,466 Commercial, financial and agricultural 6,410,338 12,222 785 13,007 49,137 6,472,482 Owner-occupied 4,293,308 5,254 95 5,349 20,293 4,318,950 Total commercial and industrial 10,703,646 17,476 880 18,356 69,430 10,791,432 Home equity lines 1,667,552 5,882 — 5,882 16,480 1,689,914 Consumer mortgages 1,907,644 8,657 134 8,791 22,248 1,938,683 Credit cards 237,742 1,663 1,446 3,109 — 240,851 Other retail loans 418,337 2,390 26 2,416 2,565 423,318 Total retail 4,231,275 18,592 1,606 20,198 41,293 4,292,766 Total loans $ 22,243,382 45,291 2,621 47,912 168,370 22,459,664 (1) December 31, 2014 ( 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 $ 5,184,103 1,851 — 1,851 20,720 5,206,674 1-4 family properties 1,105,186 4,067 432 4,499 24,197 1,133,882 Land acquisition 551,308 363 — 363 34,375 586,046 Total commercial real estate 6,840,597 6,281 432 6,713 79,292 6,926,602 Commercial, financial and agricultural 6,130,184 9,979 1,790 11,769 40,359 6,182,312 Owner-occupied 4,052,679 6,404 225 6,629 26,099 4,085,407 Total commercial and industrial 10,182,863 16,383 2,015 18,398 66,458 10,267,719 Home equity lines 1,659,869 6,992 703 7,695 16,434 1,683,998 Consumer mortgages 1,648,145 12,626 12 12,638 33,278 1,694,061 Credit cards 250,304 1,971 1,374 3,345 — 253,649 Other retail loans 297,703 2,361 101 2,462 2,295 302,460 Total retail 3,856,021 23,950 2,190 26,140 52,007 3,934,168 Total loans $ 20,879,481 46,614 4,637 51,251 197,757 21,128,489 (2) (1) Total before net deferred fees and costs of $30.1 million . (2) Total before net deferred fees and costs of $30.8 million . Non-accrual loans as of December 31, 2015 and 2014 were $168.4 million and $197.8 million , respectively. Interest income on non-accrual loans outstanding at December 31, 2015 and 2014 that would have been recorded if the loans had been current and performed in accordance with their original terms was $10.5 million and $12.6 million , respectively. Interest income recorded on these loans for the years ended December 31, 2015 and 2014 was $4.3 million and $4.1 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 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, 2015 (in thousands) Pass Special Mention Substandard (1) Doubtful (2) Loss Total Investment properties $ 5,560,595 114,705 76,331 — — 5,751,631 1-4 family properties 976,601 64,325 61,726 7,202 — 1,109,854 Land acquisition 436,835 46,208 30,574 364 — 513,981 Total commercial real estate 6,974,031 225,238 168,631 7,566 — 7,375,466 Commercial, financial and agricultural 6,203,481 152,189 100,658 13,330 2,824 (3) 6,472,482 Owner-occupied 4,118,631 78,490 121,272 98 459 (3) 4,318,950 Total commercial and industrial 10,322,112 230,679 221,930 13,428 3,283 10,791,432 Home equity lines 1,666,586 — 20,456 1,206 1,666 (3) 1,689,914 Consumer mortgages 1,910,649 — 26,041 1,700 293 (3) 1,938,683 Credit cards 239,405 — 480 — 966 (4) 240,851 Other retail loans 418,929 — 4,315 — 74 (3) 423,318 Total retail 4,235,569 — 51,292 2,906 2,999 4,292,766 Total loans $ 21,531,712 455,917 441,853 23,900 6,282 22,459,664 (5) December 31, 2014 (in thousands) Pass Special Mention Substandard (1) Doubtful (2) Loss Total Investment properties $ 4,936,319 167,490 102,865 — — 5,206,674 1-4 family properties 943,721 86,072 96,392 7,697 — (3) 1,133,882 Land acquisition 462,313 60,902 62,101 730 — 586,046 Total commercial real estate 6,342,353 314,464 261,358 8,427 — 6,926,602 Commercial, financial and agricultural 5,905,589 143,879 123,225 9,539 80 (3) 6,182,312 Owner-occupied 3,827,943 95,647 161,045 327 445 4,085,407 Total commercial and industrial 9,733,532 239,526 284,270 9,866 525 10,267,719 Home equity lines 1,659,794 — 20,043 2,009 2,152 (3) 1,683,998 Consumer mortgages 1,653,491 — 37,656 2,654 260 (3) 1,694,061 Credit cards 252,275 — 495 — 879 (4) 253,649 Other retail loans 298,991 — 3,339 32 98 (3) 302,460 Total retail 3,864,551 — 61,533 4,695 3,389 3,934,168 Total loans $ 19,940,436 553,990 607,161 22,988 3,914 21,128,489 (6) (1) Includes $138.2 million and $170.9 million of non-accrual substandard loans at December 31, 2015 and December 31, 2014 , respectively. (2) These loans are on non-accrual status. Commercial loans generally have an allowance for loan losses in accordance with ASC 310 and retail loans generally have an allowance for loan losses equal to 50% of the loan amount. (3) These loans are on non-accrual status and have an allowance for loan losses equal to the full loan amount. (4) Represent amounts that were 120 days past due. These credits are downgraded to the Loss category with an allowance for loan losses equal to the full loan amount and are generally charged off upon reaching 181 days past due in accordance with the FFIEC Uniform Retail Credit Classification and Account Management Policy. (5) Total before net deferred fees and costs of $30.1 million . (6) Total before net deferred fees and costs of $30.8 million . The following table details the change in the allowance for loan losses by loan segment for the years ended December 31, 2015 , 2014 and 2013 . Allowance for Loan Losses and Recorded Investment in Loans As Of and For The Year Ended December 31, 2015 (in thousands) Commercial Real Estate Commercial & Industrial Retail Unallocated Total Allowance for loan losses Beginning balance $ 101,471 118,110 41,736 — 261,317 Charge-offs (13,998 ) (22,583 ) (20,758 ) — (57,339 ) Recoveries 13,644 8,611 7,253 — 29,508 Provision for loan losses (13,984 ) 18,851 14,143 — 19,010 Ending balance $ 87,133 122,989 42,374 — 252,496 Ending balance: individually evaluated for impairment 18,969 10,477 989 — 30,435 Ending balance: collectively evaluated for impairment $ 68,164 112,512 41,385 — 222,061 Loans Ending balance: total loans (1) $ 7,375,466 10,791,432 4,292,766 — 22,459,664 Ending balance: individually evaluated for impairment 157,958 105,599 38,243 — 301,800 Ending balance: collectively evaluated for impairment $ 7,217,508 10,685,833 4,254,523 — 22,157,864 As Of and For The Year Ended December 31, 2014 (in thousands) Commercial Real Estate Commercial & Industrial Retail Unallocated Total Allowance for loan losses Beginning balance $ 127,646 115,435 41,479 23,000 307,560 Allowance for loan losses of sold loans (281 ) (398 ) (340 ) — (1,019 ) Charge-offs (49,716 ) (38,941 ) (24,881 ) — (113,538 ) Recoveries 11,787 14,628 8,068 — 34,483 Provision for loan losses 12,035 27,386 17,410 (23,000 ) 33,831 Ending balance $ 101,471 118,110 41,736 — 261,317 Ending balance: individually evaluated for impairment 21,755 10,451 1,270 — 33,476 Ending balance: collectively evaluated for impairment $ 79,716 $ 107,659 $ 40,466 $ — 227,841 Loans Ending balance: total loans (2) $ 6,926,602 10,267,719 3,934,168 — 21,128,489 Ending balance: individually evaluated for impairment 251,536 146,026 44,586 — 442,148 Ending balance: collectively evaluated for impairment $ 6,675,066 10,121,693 3,889,582 — 20,686,341 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 (87,031 ) (58,936 ) (33,986 ) — (179,953 ) Recoveries 17,068 19,918 7,524 — 44,510 Provision for loan losses 29,683 15,958 28,957 (5,000 ) 69,598 Ending balance $ 127,646 115,435 41,479 23,000 307,560 Ending balance: individually evaluated for impairment 46,787 20,018 1,192 — 67,997 Ending balance: collectively evaluated for impairment $ 80,859 95,417 40,287 23,000 239,563 Loans Ending balance: total loans (3) $ 6,506,976 9,931,451 3,648,233 — 20,086,660 Ending balance: individually evaluated for impairment 538,730 242,862 54,962 — 836,554 Ending balance: collectively evaluated for impairment $ 5,968,246 9,688,589 3,593,271 — 19,250,106 (1) Total before net deferred fees and costs of $30.1 million . (2) Total before net deferred fees and costs of $30.8 million . (3) Total before net deferred fees and costs of $28.9 million . Below is a detailed summary of impaired loans (including accruing TDRs) by class as of December 31, 2015 and 2014 . Impaired Loans (including accruing TDRs) December 31, 2015 (in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded Investment properties $ 10,051 12,946 — 11,625 — 1-4 family properties 1,507 5,526 — 2,546 — Land acquisition 8,551 39,053 — 13,897 — Total commercial real estate 20,109 57,525 — 28,068 — Commercial, financial and agricultural 4,393 7,606 — 5,737 — Owner-occupied 8,762 11,210 — 14,657 — Total commercial and industrial 13,155 18,816 — 20,394 — Home equity lines 1,030 1,030 — 573 — Consumer mortgages 814 941 — 995 — Credit cards — — — — — Other retail loans — — — — — Total retail 1,844 1,971 — 1,568 — Total 35,108 78,312 — 50,030 — With allowance recorded Investment properties 62,305 62,305 10,070 73,211 2,131 1-4 family properties 51,376 51,376 6,184 61,690 1,618 Land acquisition 24,168 24,738 2,715 34,793 936 Total commercial real estate 137,849 138,419 18,969 169,694 4,685 Commercial, financial and agricultural 42,914 44,374 8,339 43,740 1,125 Owner-occupied 49,530 49,688 2,138 55,323 1,814 Total commercial and industrial 92,444 94,062 10,477 99,063 2,939 Home equity lines 9,575 9,575 206 8,318 346 Consumer mortgages 22,173 23,297 651 26,044 1,229 Credit cards — — — — — Other retail loans 4,651 4,651 132 5,105 323 Total retail 36,399 37,523 989 39,467 1,898 Total 266,692 270,004 30,435 308,224 9,522 Total Investment properties 72,356 75,251 10,070 84,836 2,131 1-4 family properties 52,883 56,902 6,184 64,236 1,618 Land acquisition 32,719 63,791 2,715 48,690 936 Total commercial real estate 157,958 195,944 18,969 197,762 4,685 Commercial, financial and agricultural 47,307 51,980 8,339 49,477 1,125 Owner-occupied 58,292 60,898 2,138 69,980 1,814 Total commercial and industrial 105,599 112,878 10,477 119,457 2,939 Home equity lines 10,605 10,605 206 8,891 346 Consumer mortgages 22,987 24,238 651 27,039 1,229 Credit cards — — — — — Other retail loans 4,651 4,651 132 5,105 323 Total retail 38,243 39,494 989 41,035 1,898 Total impaired loans $ 301,800 348,316 30,435 358,254 9,522 December 31, 2014 (in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded Investment properties $ 15,368 20,237 — 25,311 — 1-4 family properties 2,981 10,520 — 5,441 — Land acquisition 21,504 61,843 — 29,954 — Total commercial real estate 39,853 92,600 — 60,706 — Commercial, financial and agricultural 7,391 11,193 — 8,984 — Owner-occupied 17,017 19,612 — 19,548 — Total commercial and industrial 24,408 30,805 — 28,532 — Home equity lines — — — — — Consumer mortgages 995 2,065 — 1,352 — Credit cards — — — — — Other retail loans — — — — — Total retail 995 2,065 — 1,352 — Total 65,256 125,470 — 90,590 — With allowance recorded Investment properties 81,758 83,963 5,413 129,289 3,690 1-4 family properties 80,625 81,357 11,442 94,773 2,645 Land acquisition 49,300 49,483 4,900 89,195 1,689 Total commercial real estate 211,683 214,803 21,755 313,257 8,024 Commercial, financial and agricultural 59,035 59,041 7,597 91,221 2,392 Owner-occupied 62,583 62,601 2,854 78,950 2,610 Total commercial and industrial 121,618 121,642 10,451 170,171 5,002 Home equity lines 4,848 4,848 129 3,604 1405 Consumer mortgages 33,450 33,450 1,040 39,427 115 Credit cards — — — — — Other retail loans 5,293 5,293 101 4,997 315 Total retail 43,591 43,591 1,270 48,028 1,835 Total 376,892 380,036 33,476 531,456 14,861 Total Investment properties 97,126 104,200 5,413 154,600 3,690 1-4 family properties 83,606 91,877 11,442 100,214 2,645 Land acquisition 70,804 111,326 4,900 119,149 1,689 Total commercial real estate 251,536 307,403 21,755 373,963 8,024 Commercial, financial and agricultural 66,426 70,234 7,597 100,205 2,392 Owner-occupied 79,600 82,213 2,854 98,498 2,610 Total commercial and industrial 146,026 152,447 10,451 198,703 5,002 Home equity lines 4,848 4,848 129 3,604 1,405 Consumer mortgages 34,445 35,515 1,040 40,779 115 Credit cards — — — — — Other retail loans 5,293 5,293 101 4,997 315 Total retail 44,586 45,656 1,270 49,380 1,835 Total impaired loans $ 442,148 505,506 33,476 622,046 14,861 The average recorded investment in impaired loans was $952.3 million for the year ended December 31, 2013 . Excluding accruing TDRs, there was no interest income recognized for the investment in impaired loans for the years ended December 31, 2015 , 2014 , and 2013 . Interest income recognized for accruing TDRs was $21.1 million for the year ended December 31, 2013 . At December 31, 2015 , 2014 , and 2013 , all impaired loans, other than $223.9 million , $348.4 million , and $556.4 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, 2015 and 2014 that were reported as accruing or non-accruing TDRs. TDRs by Concession Type Year Ended December 31, 2015 (in thousands, except contract data) Number of Contracts Principal Forgiveness Below Market Interest Rate Term Extensions and/or Other Concessions Total Investment properties 11 $ — 25,052 6,973 32,025 1-4 family properties 43 14,823 4,667 2,763 22,253 Land acquisition 12 — 614 1,532 2,146 Total commercial real estate 66 14,823 30,333 11,268 56,424 Commercial, financial and agricultural 91 29 3,191 6,477 9,697 Owner-occupied 10 — 3,417 2,064 5,481 Total commercial and industrial 101 29 6,608 8,541 15,178 Home equity lines 53 — 2,826 2,905 5,731 Consumer mortgages 15 — 1,011 895 1,906 Credit cards — — — — — Other retail loans 27 — 444 703 1,147 Total retail 95 — 4,281 4,503 8,784 Total loans 262 $ 14,852 41,222 24,312 80,386 (1) (1) As a result of these loans being reported as TDRs, there were net charge-offs of $4.0 million recorded during 2015 . TDRs by Concession Type Year Ended December 31, 2014 (in thousands, except contract data) Number of Contracts Principal Forgiveness Below Market Interest Rate Term Extensions and/or Other Concessions Total Investment properties 15 $ — 8,423 5,813 14,236 1-4 family properties 68 — 6,611 6,492 13,103 Land acquisition 16 2,338 4,783 2,688 9,809 Total commercial real estate 99 2,338 19,817 14,993 37,148 Commercial, financial and agricultural 89 60 10,066 21,141 31,267 Owner-occupied 18 — 23,404 14,862 38,266 Total commercial and industrial 107 60 33,470 36,003 69,533 Home equity lines 20 — 2,335 451 2,786 Consumer mortgages 19 — 2,735 867 3,602 Credit cards — — — — — Other retail loans 27 — 663 566 1,229 Total retail 66 — 5,733 1,884 7,617 Total loans 272 $ 2,398 59,020 52,880 114,298 (1) (1) As a result of these loans being reported as TDRs, there were net charge-offs of approximately $163 thousand recorded during 2014 . 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, 2015 Year Ended December 31, 2014 (in thousands, except contract data) Number of Contracts Recorded Investment Number of Contracts Recorded Investment Investment properties 1 $ 10,944 1 $ 186 1-4 family properties — — 3 1,018 Land acquisition — — 1 428 Total commercial real estate 1 10,944 5 1,632 Commercial, financial and agricultural 1 112 6 1,779 Owner-occupied 2 1,319 — — Total commercial and industrial 3 1,431 6 1,779 Home equity lines 2 74 — — Consumer mortgages — — 3 206 Credit cards — — — — Other retail loans 1 81 1 6 Total retail 3 155 4 212 Total loans 7 $ 12,530 15 $ 3,623 (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. 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, 2015 , the allowance for loan losses allocated to accruing TDRs totaling $223.9 million was $12.6 million compared to accruing TDR's of $348.4 million with a related allowance for loan losses of $21.0 million at December 31, 2014 . 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 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, 2015 . (in thousands) Balance at December 31, 2014 $ 38,482 New loans 13,577 Repayments (10,506 ) Loans charged-off — Balance at December 31, 2015 $ 41,553 At December 31, 2015 , 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. |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Other Comprehensive Income (Loss) | Note 6 - 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, 2015 , 2014 , and 2013 . 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, 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 ) Other comprehensive income before reclassifications — 29,041 243 29,284 Amounts reclassified from accumulated other comprehensive income (loss) 275 (818 ) (88 ) (631 ) Net current period other comprehensive income 275 28,223 155 28,653 Balance at December 31, 2014 $ (12,824 ) (713 ) 932 (12,605 ) Other comprehensive income (loss) before reclassifications — (15,806 ) 143 (15,663 ) Amounts reclassified from accumulated other comprehensive income (loss) 320 (1,703 ) (168 ) (1,551 ) Net current period other comprehensive income (loss) 320 (17,509 ) (25 ) (17,214 ) Balance at December 31, 2015 $ (12,504 ) $ (18,222 ) $ 907 $ (29,819 ) 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). 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, 2015, 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 years ended December 31, 2015 , 2014 , and 2013 . Reclassifications Out of Accumulated Other Comprehensive Income (Loss) 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 For the Years Ended December 31, 2015 2014 2013 Net unrealized gains (losses) on cash flow hedges: Amortization of deferred losses $ (448 ) (448 ) (447 ) Interest expense Amortization of deferred losses (73 ) — — Loss on early extinguishment of debt 201 173 173 Income tax (expense) benefit $ (320 ) (275 ) (274 ) Reclassifications, net of income taxes Net unrealized gains (losses) on investment securities available for sale: Realized gains, net on sales of securities $ 2,769 1,331 2,945 Investment securities gains, net (1,066 ) (513 ) (1,134 ) Income tax (expense) benefit $ 1,703 818 1,811 Reclassifications, net of income taxes Post-retirement unfunded health benefit: Amortization of actuarial gains $ 272 144 170 Salaries and other personnel expense (104 ) (56 ) (65 ) Income tax (expense) benefit $ 168 $ 88 $ 105 Reclassifications, net of income taxes |
Goodwill And Other Intangible A
Goodwill And Other Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Note 7 - Goodwill and Other Intangible Assets At December 31, 2015 and 2014 , the net carrying value of goodwill, net of accumulated impairment losses, was $24.4 million , and it is a component of the trust services reporting unit. At June 30, 2015, Synovus completed its annual goodwill impairment evaluation, and as a result of this evaluation, concluded that goodwill was not impaired. The estimated fair value of the trust services reporting unit was $125.7 million , which exceeded the carrying value of $83.7 million by $42.0 million , or 50% . |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2015 | |
Other Assets [Abstract] | |
Other Assets | Note 8 - Other Assets Significant balances included in other assets at December 31, 2015 and 2014 are presented below. (in thousands) 2015 2014 Cash surrender value of bank-owned life insurance $ 338,002 286,109 Accrued interest receivable 65,218 64,058 Accounts receivable 19,692 23,461 FHLB and FRB stock 68,288 78,065 Private equity investments 28,018 28,363 Prepaid expenses 33,348 33,198 Derivative asset positions 27,139 32,117 Other properties held for sale 10,671 12,227 Servicing asset 4,287 3,323 Miscellaneous other assets 55,982 54,963 Total other assets $ 650,645 615,884 Synovus’ investment in company-owned life insurance programs was approximately $338.0 million and $286.1 million at December 31, 2015 and December 31, 2014 , respectively, which included approximately $31.8 million and $31.5 million of separate account life insurance policies covered by stable value agreements. At December 31, 2015 , the fair value of the investments underlying the separate account policies was approximately $30.6 million , which was within the coverage provided by the stable value agreements. Synovus held stock in the FHLB of Atlanta totaling $67.1 million at December 31, 2015 and $76.9 million at December 31, 2014 . Synovus also held stock in the Federal Reserve Bank totaling $1.2 million at December 31, 2015 and December 31, 2014 . The FHLB and Federal Reserve Bank stocks are recorded 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, 2015 | |
Interest-bearing Deposit Liabilities [Abstract] | |
Deposits | Note 9 - Deposits A summary of interest bearing deposits at December 31, 2015 and 2014 is presented below. ( in thousands) 2015 2014 Interest bearing demand deposits $ 4,377,407 3,884,469 Money market accounts, excluding brokered deposits 7,042,350 5,971,629 Savings accounts 714,410 636,782 Time deposits, excluding brokered deposits 3,300,004 3,167,950 Brokered deposits 1,075,520 1,642,398 Total interest bearing deposits $ 16,509,691 15,303,228 The aggregate amount of time deposits of $250,000 or more was $774.3 million at December 31, 2015 and $703.3 million at December 31, 2014 . The following table presents contractual maturities of all time deposits at December 31, 2015 . (in thousands) Maturing within one year $ 2,557,885 Between 1 — 2 years 794,081 2 — 3 years 401,324 3 — 4 years 105,103 4 — 5 years 177,968 Thereafter 23,159 $ 4,059,520 |
Long-term Debt and Short-term B
Long-term Debt and Short-term Borrowings | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Long-term Debt and Short-term Borrowings | Note 10 - Long-term Debt and Short-term Borrowings Long-term debt at December 31, 2015 and 2014 is presented in the following table. (in thousands) 2015 2014 Parent Company: 5.125% subordinated notes, due June 15, 2017, $403.3 million and $450 million par value at December 31, 2015 and 2014, respectively, with semi-annual interest payments and principal to be paid at maturity $ 402,812 449,006 7.875% senior notes, due February 15, 2019, $300 million par value with semi-annual interest payments and principal to be paid at maturity 296,711 295,659 5.75% fixed to adjustable rate subordinated notes, due December 15, 2025, $250 million par value with semi-annual interest payments at 5.75% for the first five years and quarterly payments thereafter at an adjustable rate equal to the then-current three month LIBOR rate + 418.2 basis points and principal to be paid at maturity 246,644 — LIBOR + 1.80% debentures, due April 19, 2035, $10 million par value with quarterly interest payments and principal to be paid at maturity (rate of 2.31% at December 31, 2015 and 2.04% at December 31, 2014) 10,000 10,000 Hedge-related basis adjustment (1) 4,018 7,607 Total long-term debt — Parent Company 960,185 762,272 Synovus Bank: FHLB advances with interest and principal payments due at various maturity dates through 2020 and interest rates ranging from 0.29% to 0.95% at December 31, 2015 (weighted average interest rate of 0.46% and 0.54% at December 31, 2015 and 2014, respectively) 1,225,000 1,375,271 Capital lease with interest and principal payments due at various dates through 2031 (rate of 1.59% at both December 31, 2015 and 2014, respectively) 1,708 1,782 Total long-term debt — Synovus Bank 1,226,708 1,377,053 Total long-term debt $ 2,186,893 2,139,325 (1) Unamortized balance of terminated interest rate swaps reflected in debt for financial reporting purposes. On December 7, 2015, Synovus issued $250 million aggregate principal amount of the 2025 subordinated debt in a public offering for aggregate proceeds of $246.6 million , net of debt issuance costs. Also during the fourth quarter of 2015, Synovus repurchased $46.7 million of its subordinated notes maturing in 2017 in privately negotiated transactions which resulted in a pre-tax loss of $1.5 million . 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, 2015 and 2014 , Synovus and its subsidiaries were in compliance with the covenants in these agreements. The FHLB advances are secured by certain loans receivable with a recorded balance of $3.26 billion at December 31, 2015 and $3.07 billion at December 31, 2014 . Contractual annual principal payments on long-term debt for the next five years and thereafter are shown on the following table. (in thousands) Parent Company Synovus Bank Total 2016 $ — 50,079 50,079 2017 403,337 (1) 350,088 753,425 2018 — 250,089 250,089 2019 300,000 225,090 525,090 2020 — 350,092 350,092 Thereafter 260,000 1,270 261,270 Total $ 963,337 $ 1,226,708 2,190,045 (1) During January 2016, Synovus repurchased $124.7 million of the 2017 notes in conjunction with Synovus' cash tender offer that commenced on December 23, 2015 and expired on January 22, 2016. The following table sets forth certain information regarding federal funds purchased and other securities sold under repurchase agreements. (dollars in thousands) 2015 2014 2013 Total balance at December 31, $ 177,025 126,916 148,132 Weighted average interest rate at December 31, 0.08 % 0.08 0.13 Maximum month end balance during the year $ 250,453 247,170 244,048 Average amount outstanding during the year 205,305 198,085 208,267 Weighted average interest rate during the year 0.08 % 0.11 0.16 |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Equity | Note 11 - Shareholders' Equity The following table shows the changes in preferred and common stock issued and common stock held as treasury shares for the three years ended December 31, 2015 . (shares in thousands) Series A Preferred Stock Issued Series C Preferred Stock Issued Common Stock Issued Treasury Stock Held Common Stock Outstanding Balance at December 31, 2012 968 — 113,182 813 112,369 Settlement of prepaid common stock purchase contracts — — 17,550 — 17,550 Issuance of common stock — — 8,553 — 8,553 Restricted share unit activity — — 374 — 374 Stock options exercised — — 62 — 62 Issuance of Series C Preferred Stock — 5,200 — — — Redemption of Series A Preferred Stock (968 ) — — — — Balance at December 31, 2013 — 5,200 139,721 813 138,908 Restricted share unit activity — — 52 — 52 Stock options exercised — — 177 — 177 Repurchase of common stock — — — 3,014 (3,014 ) Balance at December 31, 2014 — 5,200 139,950 3,827 136,123 Restricted share unit activity — — 304 — 304 Stock options exercised — — 338 — 338 Repurchase of common stock — — — 7,218 (7,218 ) Balance at December 31, 2015 — 5,200 140,592 11,045 129,547 Repurchases of Common Stock During the third quarter of 2015, Synovus completed its $250 million share repurchase program which was announced on October 21, 2014 and expired on October 23, 2015. Under this program, Synovus repurchased 9.1 million shares of common stock through a combination of share repurchases under the accelerated share repurchase (ASR) agreement described below and open market transactions. Synovus entered into an ASR agreement during October 2014 to purchase $75.0 million of Synovus common stock under the share repurchase program. During 2014, Synovus repurchased 2.5 million shares of common stock under the ASR agreement. During January 2015, Synovus repurchased 392 thousand shares upon completion of the ASR agreement. Additionally, from October 2014 through September 30, 2015 , Synovus repurchased $175.0 million , or 6.2 million shares, of common stock through open market transactions, including $161.9 million , or 5.7 million shares, of common stock repurchased during 2015. During the third quarter of 2015, Synovus' Board of Directors authorized a $300 million share repurchase program to be completed over the next 15 months. During the fourth quarter of 2015, under the new $300 million share repurchase program, Synovus repurchased $37.1 million , or 1.2 million shares. At December 31, 2015, the remaining authorization under this program is $262.9 million . Reverse Stock Split and Increase in Number of Authorized Common Shares On April 24, 2014, at Synovus' 2014 annual shareholders' meeting, Synovus’ shareholders approved a proposal authorizing Synovus’ Board of Directors to effect a one-for-seven reverse stock split of Synovus’ common stock. Following this annual meeting, Synovus’ Board of Directors authorized the one-for-seven reverse stock split. The reverse stock split became effective on May 16, 2014, and Synovus' shares of common stock began trading on a post-split basis on the NYSE at the opening of trading on May 19, 2014. All prior periods presented in this Report have been adjusted to reflect the one-for-seven reverse stock split. Financial information updated by this capital change includes earnings per common share, dividends per common share, stock price per common share, weighted average common shares, outstanding common shares, treasury shares, common stock, additional paid-in capital, and share-based compensation. Additionally, at Synovus' 2014 annual shareholders' meeting, Synovus’ shareholders approved an amendment to the articles of incorporation to increase the number of authorized shares of Synovus’ common stock from 1.2 billion shares to 2.4 billion shares. Synovus effected the increase in the number of authorized shares on April 24, 2014. Upon the reverse stock split effective date, the number of Synovus’ authorized shares of common stock was proportionately reduced from 2.4 billion shares to 342.9 million shares. |
Regulatory Capital
Regulatory Capital | 12 Months Ended |
Dec. 31, 2015 | |
Regulatory Capital Disclosure [Abstract] | |
Regulatory Capital | Note 12 - 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. The Basel III capital rules, implemented in the U.S. with certain changes mandated by the Dodd-Frank Act, strengthen the definition of regulatory capital, increase risk-based capital requirements, and make selected changes to the calculation of risk-weighted assets. The rules became effective January 1, 2015, for Synovus and Synovus Bank, subject to a transition period for several aspects, including the capital conservation buffer and certain regulatory capital adjustments and deductions, as described below. Under the Basel III capital rules, the minimum capital requirements for Synovus and Synovus Bank include a common equity Tier 1 (CET1) ratio of 4.5% ; Tier 1 capital ratio of 6% ; total capital ratio of 8% ; and leverage ratio of 4% . When fully phased-in on January 1, 2019, the Basel III capital rules include a capital conservation buffer of 2.5% that is added on top of each of the minimum risk-based capital ratios. The implementation of the capital conservation buffer will begin on January 1, 2016 at the 0.625% level and be phased-in over a three -year period (increasing by that amount on each subsequent January 1, until it reaches 2.5% on January 1, 2019). 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. Under the Basel III capital rules, Synovus and Synovus Bank are well-capitalized if each has a CET1 ratio of 6.5% or greater, a Tier 1 risk-based capital ratio of 8% or greater, a total risk-based capital ratio of 10% or greater, a leverage ratio of 5% or greater, and are 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. Management currently believes, based on internal capital analyses and earnings projections, that Synovus' capital position is adequate to meet current and future regulatory minimum capital requirements. The following table summarizes regulatory capital information at December 31, 2015 and 2014 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) 2015 2014 2015 2014 2015 2014 Capital rules in effect Basel III Basel I Basel III Basel I Basel III Basel I Synovus Financial Corp. Tier 1 capital $ 2,660,016 2,543,625 1,538,637 1,051,909 N/A N/A Common equity tier 1 capital (2) 2,660,016 N/A 1,153,977 N/A N/A N/A Total risk-based capital 3,255,758 2,987,406 2,051,515 1,874,516 N/A N/A Tier 1 risk-based capital ratio 10.37 % 10.86 6.00 4.00 N/A N/A Common equity tier 1 capital ratio (2) 10.37 10.74 4.50 N/A N/A N/A Total risk-based capital ratio 12.70 12.75 8.00 8.00 N/A N/A Leverage ratio 9.43 9.67 4.00 4.00 N/A N/A Synovus Bank Tier 1 capital $ 3,136,132 2,988,189 1,535,541 1,049,257 2,047,388 1,405,071 Common equity tier 1 capital (2) 3,136,132 N/A 1,151,656 N/A 1,663,503 N/A Total risk-based capital 3,390,764 3,251,836 2,047,388 1,873,428 2,559,235 2,341,785 Tier 1 risk-based capital ratio 12.25 % 12.76 6.00 4.00 8.00 6.00 Common equity tier 1 capital ratio (2) 12.25 N/A 4.50 N/A 6.50 N/A Total risk-based capital ratio 13.25 13.89 8.00 8.00 10.00 10.00 Leverage ratio 11.15 11.39 4.00 4.00 5.00 5.00 (1) The prompt corrective action provisions are applicable at the bank level only. (2) 2015 regulatory capital determined under Basel III transitional capital rules. |
Fair Value Accounting
Fair Value Accounting | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Accounting | Note 14 - Fair Value Accounting Synovus carries various assets and liabilities at fair value based on the fair value accounting guidance under ASC 820, Fair Value Measurements, and ASC 825, Financial Instruments . 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, Treasury securities, and mutual funds. 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 GSEs and agencies, obligations of states and municipalities, collateralized mortgage obligations issued by GSEs, 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 consists of collateral-dependent impaired loans, other real estate, certain equity investments, and 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 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, marketable 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 GSEs 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, Investments-Other-Cost Method Investments, 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 loans are not committed to an investor at a set price, 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 similar 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 primarily 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 classified as Level 3 within the valuation hierarchy. The valuation of these investments requires significant judgment due to the absence of quoted market prices, inherent lack of liquidity, and the long-term nature of such investments. 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 ownerships in publicly traded companies held in the funds, valuation is based on the closing market price at the balance sheet date, with such investments being classified as Level 1 or 2 within the valuation hierarchy. The valuation of marketable securities that have trading restrictions is discounted until the securities can be freely traded. The private equity investments in which Synovus holds a limited partnership 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 changes in 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. Mutual Funds Held in Rabbi Trusts Mutual funds held in rabbi trusts primarily 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 average closing common stock price on the 20 trading days preceding 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, and 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, 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 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, Synovus enters into contractual interest rate lock commitments to extend credit 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 established time frames. 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, Synovus 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 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 to the interest rate lock commitments in anticipation of those mortgage loans which will not close. The fall-out ratio assumptions are based on Synovus' 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, Synovus performs analyses 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. The expected fall-out ratios (or conversely the "pull-through" percentages) are applied to the determined fair value of the mortgage pipeline. 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 17 - 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, 2015 and 2014 , 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, 2015 and 2014 were inconsequential. December 31, 2015 (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 $ — 2,922 — 2,922 Collateralized mortgage obligations issued by U.S. Government sponsored enterprises — 1,078 — 1,078 State and municipal securities — 1,097 — 1,097 Total trading securities — 5,097 — 5,097 Mortgage loans held for sale — 59,275 — 59,275 Investment securities available for sale: U.S. Treasury securities 43,357 — — 43,357 U.S. Government agency securities — 13,623 — 13,623 Securities issued by U.S. Government sponsored enterprises — 126,909 — 126,909 Mortgage-backed securities issued by U.S. Government agencies — 210,004 — 210,004 Mortgage-backed securities issued by U.S. Government sponsored enterprises — 2,630,419 — 2,630,419 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — 529,597 — 529,597 State and municipal securities — 4,434 — 4,434 Equity securities 9,672 — — 9,672 Other investments (1) 3,073 14,985 1,745 19,803 Total investment securities available for sale 56,102 3,529,971 1,745 3,587,818 Private equity investments — 870 27,148 28,018 Mutual funds held in rabbi trusts 10,664 — — 10,664 Derivative assets: Interest rate contracts — 25,580 — 25,580 Mortgage derivatives (2) — 1,559 — 1,559 Total derivative assets — 27,139 — 27,139 Liabilities Trading account liabilities — 1,032 — 1,032 Derivative liabilities: Interest rate contracts — 26,030 — 26,030 Visa derivative — — 1,415 1,415 Total derivative liabilities $ — 26,030 1,415 27,445 December 31, 2014 (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 — 145 — 145 Collateralized mortgage obligations issued by U.S. Government sponsored enterprises — 2,449 — 2,449 State and municipal securities — 1,976 — 1,976 All other mortgage-backed securities — 2,483 — 2,483 Other investments — 6,810 — 6,810 Total trading securities — 13,863 — 13,863 Mortgage loans held for sale — 63,328 — 63,328 Investment securities available for sale: U.S. Treasury securities 42,826 — — 42,826 U.S. Government agency securities — 27,324 — 27,324 Securities issued by U.S. Government sponsored enterprises — 82,042 — 82,042 Mortgage-backed securities issued by U.S. Government agencies — 179,816 — 179,816 Mortgage-backed securities issued by U.S. Government sponsored enterprises — 2,261,681 — 2,261,681 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — 417,076 — 417,076 State and municipal securities — 5,206 — 5,206 Equity securities 6,748 — — 6,748 Other investments (1) 2,035 15,007 1,645 18,687 Total investment securities available for sale 51,609 2,988,152 1,645 3,041,406 Private equity investments — 995 27,367 28,362 Mutual funds held in rabbi trusts 11,252 — — 11,252 Derivative assets: Interest rate contracts — 30,904 — 30,904 Mortgage derivatives (2) — 1,213 — 1,213 Total derivative assets — 32,117 — 32,117 Liabilities Trading account liabilities — 2,100 — 2,100 Salary stock units 1,206 — — 1,206 Derivative liabilities: Interest rate contracts — 31,398 — 31,398 Mortgage derivatives (2) 753 753 Visa derivative — — 1,401 1,401 Total derivative liabilities $ — 32,151 1,401 33,552 (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 in the consolidated statements of income. An immaterial portion of these changes in fair value was attributable to changes in instrument-specific credit risk. Twelve Months Ended December 31, (in thousands) 2015 2014 2013 Changes in fair value included in net income: Mortgage loans held for sale $ (742 ) 1,399 (5,566 ) Mortgage loans held for sale: Fair value 59,275 63,328 45,384 Unpaid principal balance 58,177 61,488 44,943 Fair value less aggregate unpaid principal balance 1,098 1,840 441 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, 2015 and 2014 (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 2015 and 2014, Synovus did not have any transfers between levels in the fair value hierarchy. 2015 (in thousands) Investment Securities Available for Sale Private Equity Investments Visa Derivative Beginning balance, January 1, $ 1,645 27,367 (1,401 ) Total gains (losses) realized/unrealized: Included in earnings — (219 ) (1,464 ) Unrealized gains (losses) included in other comprehensive income 100 — — Purchases — — — Sales — — — Issuances — — — Settlements — — 1,450 Amortization of discount/premium — — — Transfers in and/or out of Level 3 — — — Ending balance, December 31, $ 1,745 27,148 (1,415 ) 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, $ 100 (219 ) (1,464 ) 2014 (in thousands) Investment Securities Available for Sale Private Equity Investments Visa Derivative Beginning balance, January 1, $ 2,350 27,745 (2,706 ) Total gains (losses) realized/unrealized: Included in earnings (88 ) (378 ) (3,041 ) Unrealized gains (losses) included in other comprehensive income (77 ) — — Purchases — — — Sales — — — Issuances — — — Settlements (540 ) — 4,346 Amortization of discount/premium — — — Transfers in and/or out of Level 3 — — — Ending balance, December 31, $ 1,645 27,367 (1,401 ) 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, $ (88 ) (378 ) (3,041 ) Assets Measured at Fair Value on a Non-recurring Basis Certain assets are 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. As of December 31, 2015 Fair Value Adjustments for the Year Ended December 31, 2015 (in thousands) Level 1 Level 2 Level 3 Impaired loans* $ — — $ 11,264 4,144 Other loans held for sale — — 425 31 Other real estate — — 23,519 4,927 Other assets held for sale — — 3,425 1,322 As of December 31, 2014 Fair Value Adjustments for the Year Ended December 31, 2014 Level 1 Level 2 Level 3 Impaired loans* $ — — $ 28,588 13,716 Other loans held for sale — — 3,411 6,833 Other real estate — — 32,046 7,769 Other assets held for sale — — 3,718 2,076 * 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 estimated 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 the sale of these assets, are recorded as 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 |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2015 | |
Summary of Derivative Instruments [Abstract] | |
Derivative Instruments | Note 15 - Derivative Instruments As part of its overall interest rate risk management activities, Synovus utilizes derivative instruments to manage its exposure to various types of interest rate risk. These derivative instruments generally consist of interest rate swaps, interest rate lock commitments made to prospective mortgage loan customers, and commitments to sell fixed-rate mortgage loans. Interest rate lock commitments represent derivative instruments since it is intended that such loans will be sold. Synovus may also utilize interest rate swaps to manage interest rate risks primarily arising from its core banking activities. 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, 2015 and 2014 , Synovus had no outstanding interest rate swap contracts utilized to manage interest rate risk. Synovus is party to master netting arrangements with its dealer counterparties; however, Synovus does not offset assets and liabilities under these arrangements for financial statement presentation purposes. Counterparty Credit Risk and Collateral Entering into derivative contracts potentially exposes Synovus to the risk of counterparties’ failure to fulfill their legal obligations, including, but not limited to, potential amounts due or payable under each derivative contract. Notional principal amounts are often used to express the volume of these transactions, but the amounts potentially subject to credit risk are much smaller. Synovus assesses the credit risk of its dealer counterparties by regularly monitoring publicly available credit rating information, evaluating other market indicators, and periodic detailed financial reviews. 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, 2015 , there were no cash flow hedges outstanding, and therefore, no cumulative ineffectiveness. Synovus expects to reclassify from accumulated other comprehensive income (loss) $196 thousand to loss on early extinguishment of debt and $271 thousand to interest expense during the next twelve months as amortization of deferred losses is recorded. Synovus did not terminate any cash flow hedges during 2015 or 2014 . The remaining unamortized deferred loss balance of all previously terminated cash flow hedges at December 31, 2015 and 2014 was $(597) thousand and $(1.1) 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, 2015 , there were no fair value hedges outstanding, and therefore, no cumulative ineffectiveness. Synovus did not terminate any fair value hedges during 2015 or 2014 . The remaining unamortized deferred gain balance on all previously terminated fair value hedges at December 31, 2015 and 2014 was $4.0 million and $7.6 million , respectively. Synovus expects to reclassify from hedge-related basis adjustment, a component of long-term debt, $1.8 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. Additionally, Synovus will record $1.3 million of the deferred gain balance to loss on early extinguishment of debt during the first quarter of 2016. 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 counterparties. 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, 2015 , the notional amount of customer related interest rate derivative financial instruments, including both the customer position and the offsetting position, was $1.28 billion , an increase of $184.8 million compared to December 31, 2014 . 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, for 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 contract was $1.4 million at December 31, 2015 and 2014 . 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 counterpary under the terms of the contract. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 17 - 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. 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 commits it 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, 2015 and 2014 , Synovus had commitments to fund at a locked interest rate, primarily fixed-rate mortgage loans to customers in the amount of $88.8 million and $ 73.4 million , respectively. The fair value of these commitments resulted in a gain of $175 thousand and $ 606 thousand for the year ended December 31, 2015 and 2014 , respectively, which was recorded as a component of mortgage banking income in the consolidated statements of income. At December 31, 2015 and 2014 , outstanding commitments to sell primarily fixed-rate mortgage loans amounted to $95.0 million and $ 113.0 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 $924 thousand and a loss of $ (1.7) million for the years ended December 31, 2015 and 2014 , respectively, 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. If 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. Additionally, certain counterparties require full collateralization on derivative instruments in a net liability position. Also, 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, 2015 , collateral totaling $65.9 million of Federal funds sold was pledged to the derivative counterparties, including $13.7 million with the CCC, to comply with collateral requirements. The impact of derivative instruments on the consolidated balance sheets at December 31, 2015 and 2014 is presented below. Fair Value of Derivative Assets Fair Value of Derivative Liabilities December 31, December 31, (in thousands) Location on Consolidated Balance Sheet 2015 2014 Location on Consolidated Balance Sheet 2015 2014 Derivatives not designated as hedging instruments: Interest rate contracts Other assets $ 25,580 30,904 Other liabilities 26,030 31,398 Mortgage derivatives Other assets 1,559 1,213 Other liabilities — 753 Visa derivative — — Other liabilities 1,415 1,401 Total derivatives not designated as hedging instruments $ 27,139 32,117 27,445 33,552 See "Part II - Item 8. Financial Statements and Supplementary Data - Consolidated Statements of Comprehensive Income" for the effect of the amortization of previously terminated cash flow hedges on the consolidated statements of income for the years ended December 31, 2015 , 2014 and 2013 . The pre-tax effect of fair value hedges on the consolidated statements of income for the years ended December 31, 2015 , 2014 and 2013 is presented below. Derivative Location of Gain (Loss) Recognized in Income Gain (Loss) Recognized in Income Twelve Months Ended December 31, (in thousands) 2015 2014 2013 Derivatives not designated as hedging instruments Interest rate contracts (1) Other Non- Interest Income $ 44 460 89 Mortgage derivatives (2) Mortgage Banking Income $ 1,099 (1,062 ) (745 ) Total $ 1,143 (602 ) (656 ) (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, 2015 , 2014 , and 2013 , Synovus reclassified $3.1 million , $3.1 million , and $3.2 million , respectively, from hedge-related basis adjustment, a component of long-term debt, as a reduction to interest expense. Additionally, during 2015, Synovus reclassified $495 thousand from hedge-related basis adjustment, as a reduction to loss on early extinguishment of debt. 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. |
Net Income Per Common Share
Net Income Per Common Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Common Share | Note 13 - Net Income Per Common Share The following table displays a reconciliation of the information used in calculating basic and diluted net income per common share for the years ended December 31, 2015 , 2014 , and 2013 . Years Ended December 31, (in thousands, except per share data) 2015 2014 2013 Net income $ 226,082 195,249 159,383 Dividends and accretion of discount on preferred stock 10,238 10,238 40,830 Net income available to common shareholders $ 215,844 185,011 118,553 Weighted average common shares outstanding, basic 132,423 138,495 127,495 Potentially dilutive shares from assumed exercise of securities or other contracts to purchase common stock 778 659 6,731 Weighted average common shares outstanding, diluted 133,201 139,154 134,226 Net income per common share, basic $ 1.63 1.34 0.93 Net income per common share, diluted $ 1.62 1.33 0.88 For the years ended December 31, 2015 , 2014 , and 2013 , there were 2.8 million , 3.3 million , and 3.8 million potentially dilutive shares, respectively, related to common stock options and Warrants to purchase shares of common stock that were outstanding during 2015, 2014 , and 2013 , respectively, but were not included in the computation of diluted net income per common share because the effect would have been anti-dilutive. |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2015 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities | Note 16 - 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, Consolidation , 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, 2015 and 2014 , the aggregate amount of rabbi trust assets and benefit obligation was $ 10.7 million and $ 11.3 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, 2015 and 2014 , the aggregate carrying value of Synovus’ investments in LIHTC partnerships was $18.9 million and $10.9 million , respectively, and the cumulative amount of equity investments was $29.3 million in 2015 and $29.1 million in 2014 . 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, 2015 and 2014 , Synovus had $12.2 million and $3.6 million , respectively, commitments to fund equity investments in LIHTC 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 allow for preparation of the underlying collateral for sale. |
Visa Shares and Litigation Expe
Visa Shares and Litigation Expense | 12 Months Ended |
Dec. 31, 2015 | |
Visa Shares and Litigation Expense [Abstract] | |
Visa Shares and Litigation Expense | Note 17 - 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, 2015 , 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. In November 2009, Synovus sold its remaining Visa Class B shares to another Visa USA member financial institution. 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. As of December 31, 2015 and 2014 , the fair value of the derivative contract was $1.4 million . 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. For the years ended December 31, 2015 , 2014 and 2013 , Synovus recognized indemnification charges of $1.5 million , $3.0 million and $1.6 million , respectively. 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, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 18 - 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, 2015 are presented below. (in thousands) Letters of credit* $ 166,936 Commitments to fund commercial real estate, construction, and land development loans 1,882,130 Unused credit card lines 1,055,181 Commitments under home equity lines of credit 1,051,386 Commitments to fund commercial and industrial loans 4,094,809 Other loan commitments 272,630 Total unfunded lending commitments and letters of credit $ 8,523,072 * Represents the contractual amount net of risk participations of $66 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, 2015 , minimum rental commitments under all such non-cancelable leases for the next five years and thereafter are presented below. (in thousands) 2016 $ 26,263 2017 25,008 2018 23,291 2019 20,707 2020 20,904 Thereafter 176,444 Total $ 292,617 Rental expense on facilities was $26.6 million , $25.9 million , and $25.6 million for the years ended December 31, 2015 , 2014 , and 2013 , 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, 2015 , Synovus Mortgage originated and sold approximately $8.9 billion of first lien GSE eligible mortgage loans and approximately $3.9 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 $920 thousand , $2.0 million , and $ 1.7 million for the years ended December 31, 2015 , 2014 , and 2013 , respectively. The total accrued liability related to mortgage repurchase claims was $3.2 million at both December 31, 2015 and |
Legal Proceedings
Legal Proceedings | 12 Months Ended |
Dec. 31, 2015 | |
Legal Proceedings Disclosure [Abstract] | |
Legal Proceedings | Note 19 - Legal Proceedings Synovus and its subsidiaries are subject to various legal proceedings and claims that arise in the ordinary course of its business. Additionally, in the ordinary course of business, Synovus and its subsidiaries are subject to regulatory examinations, information gathering requests, inquiries and investigations. Synovus, like many other financial institutions, has been the target of numerous legal actions and other proceedings asserting claims for damages and related relief for losses. These actions include claims and counterclaims asserted by individual borrowers related to their loans and allegations of violations of state and federal laws and regulations relating to banking practices, including putative class action matters. In addition to actual damages if Synovus does not prevail in any asserted legal action, credit-related litigation could result in additional write-downs or charge-offs of assets, which could adversely affect Synovus' results of operations during the period in which the write-down or charge-off were to occur. Synovus carefully examines and considers each legal matter, and, in those situations where Synovus determines that a particular legal matter presents loss contingencies that are both probable and reasonably estimable, Synovus establishes an appropriate 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, 2015 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 $15 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. 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 asserted 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 transactions 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. On August 23, 2014, Synovus reached a settlement in principle with plaintiffs' counsel to settle the Posting Order Litigation. Under the settlement in principle, Synovus agreed to pay $3.75 million plus payment of $150,000 in settlement expenses (the "Posting Order Settlement Payment") in exchange for broad releases, dismissal with prejudice of the Posting Order Litigation and other material and customary terms and conditions. The District Court granted final approval of the Posting Order Settlement Payment on April 2, 2015. TelexFree Litigation On October 22, 2014, several pending lawsuits were consolidated into a multi-district putative class action case captioned In re: TelexFree Securities Litigation, MDL Number 4:14-md2566-TSH, United States District Court District of Massachusetts. Synovus and Synovus Bank were named as defendants with numerous other defendants in the purported class action lawsuit. An Amended Complaint was filed on March 31, 2015 which consolidated and amended the claims previously asserted. The claims against Synovus were dismissed by Plaintiffs on April 10, 2015 so now, as to Synovus-related entities, only claims against Synovus Bank remain pending. TelexFree was a merchant customer of Base Commerce, LLC, an independent sales organization/member service provider sponsored by Synovus Bank. The purported class action lawsuit generally alleges that TelexFree engaged in an improper multi-tier marketing scheme involving voice-over Internet protocol telephone services and that the various defendants, including Synovus Bank, provided financial services to TelexFree that allowed TelexFree to conduct its business operations. Synovus Bank filed a motion to dismiss the lawsuit on June 1, 2015, which remains pending before the Court. Synovus Bank believes it has substantial defenses related to these purported claims and intends to vigorously defend the claims asserted. Synovus currently cannot reasonably estimate losses attributable to this matter. |
Employment Expenses and Benefit
Employment Expenses and Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Employment Expenses and Benefit Plans | Note 20 - Employment Expenses and Benefit Plans For the years ended December 31, 2015 , 2014 , and 2013, Synovus provided a 100% matching contribution on the first 4% of eligible employee 401(k) contributions for a total annual contribution of $9.9 million , $9.4 million , and $9.1 million , respectively. For the years ended December 31, 2015 , 2014 , and 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. The funds are used to purchase outstanding shares of Synovus common stock. Synovus recorded as expense $835 thousand , $880 thousand , and $955 thousand for contributions to these plans in 2015 , 2014 , and 2013 , respectively. Synovus also has a non-contributory profit sharing plan that covers all eligible employees. The company may contribute a discretionary contribution to this plan on an annual basis. For the years ended December 31, 2015, 2014, and 2013, Synovus did not make contributions to the profit sharing plan. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Share-based Compensation [Abstract] | |
Share-Based Compensation | Note 21 - 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. The 2013 Omnibus Plan authorizes 8,571,429 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, and performance share units) count as two 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, 2015 , Synovus had a total of 7,050,823 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, restricted share units, market restricted share units, and performance share units. The grants generally include vesting periods ranging from three 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. As further discussed below, market restricted share units and performance share units are granted at target and are compared annually to required market and performance metrics. Synovus has historically issued new shares to satisfy share option exercises and share unit conversions. Dividend equivalents are paid on outstanding restricted share units, market restricted share units, and performance 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 2015, Synovus awarded 321,874 restricted share units to employees and non-employee directors that contained a service-based vesting period of three years. During 2015, Synovus also granted 82,152 market restricted share units and 82,152 performance share units to senior management. The weighted average grant-date fair value of the awarded restricted share units, market restricted share units, and performance share units was $ 28.09 , $ 29.39 , and $ 28.06 per share, respectively. During 2014, Synovus awarded 407,374 restricted share units to employees and non-employee directors that contained a service-based vesting period of three years. During 2014, Synovus also granted 90,117 market restricted share units and 67,157 performance share units to senior management. The weighted average grant-date fair value of the awarded restricted share units, market restricted share units, and performance share units was $23.69 , $24.30 , and $23.47 per share, respectively. During 2013, Synovus granted 212,660 restricted share units and 40,512 market restricted share units with a weighted average grant-date fair value of $19.60 and $24.43 , respectively. The restricted share units and the market restricted share units granted during 2015, 2014, and 2013 contain a service-based vesting period of three years with most awards vesting pro-rata over three years. During 2013, Synovus also granted 857,607 stock options with a weighted average exercise price of $17.64 and service-based vesting pro-rata over three years. Share-based Compensation Expense Total share-based compensation expense was $12.6 million , $10.2 million , and $7.5 million for 2015 , 2014 , and 2013 , respectively. The total income tax benefit recognized in the consolidated statements of income for share-based compensation arrangements was approximately $4.6 million , $3.9 million , and $2.9 million for 2015 , 2014 , and 2013 , respectively. No share-based compensation costs have been capitalized for the years ended December 31, 2015 , 2014 , and 2013 . As of December 31, 2015 , unrecognized compensation cost related to the unvested portion of share-based compensation arrangements involving shares of Synovus stock was approximately $15.2 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 for grants made in 2013. There were no stock option grants in 2015 or 2014. 2013 Risk-free interest rate 1.11 % Expected stock price volatility 50.0 Dividend yield 1.6 Expected life of options 6.0 years The stock price expected volatility for awards granted in 2013 was based on Synovus' historical and implied volatility. The expected life for stock options granted during 2013 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 was $7.21 . A summary of stock option activity and changes during the years ended December 31, 2015 , 2014 , and 2013 is presented below. Stock Options 2015 2014 2013 Shares Weighted-Average Exercise Price Shares Weighted-Average Exercise Price Shares Weighted-Average Exercise Price Outstanding at beginning of year 2,550,046 $ 45.11 3,220,110 $ 49.00 2,755,672 $ 58.80 Option rounding due to reverse stock split on May 16, 2014 — — 841 49.00 — — Options granted — — — — 857,607 17.64 Options exercised (338,808 ) 16.72 (178,176 ) 17.14 (65,109 ) 17.29 Options forfeited (12,825 ) 17.17 (30,146 ) 15.79 (52,011 ) 16.45 Options expired (456,438 ) 94.56 (462,583 ) 84.88 (276,049 ) 62.86 Options outstanding at end of year 1,741,975 $ 37.88 2,550,046 $ 45.11 3,220,110 $ 49.00 Options exercisable at end of year 1,504,783 $ 41.08 1,870,516 $ 55.40 1,999,195 $ 68.74 The aggregate intrinsic value for outstanding stock options at December 31, 2015 was $19.3 million and the aggregate intrinsic value for options exercisable at December 31, 2015 was $15.8 million . As of December 31, 2015 , the weighted average remaining contractual life was 4.90 years for options outstanding and 4.54 years for options exercisable. The intrinsic value of stock options exercised during the years ended December 31, 2015 , 2014, and 2013 was $4.4 million , $1.3 million , and $367 thousand , respectively. Cash received from option exercises of common stock for the years ended December 31, 2015 , 2014, and 2013 was $5.6 million , $3.0 million , and $1.0 million , respectively. The total grant date fair value of stock options vested during 2015 , 2014 , and 2013 was $6.5 million , $4.9 million , and $4.3 million , respectively. At December 31, 2015 , total unrecognized compensation cost related to non-vested stock options was approximately $249 thousand . This cost is expected to be recognized during the first quarter of 2016. Restricted Share Units, Market Restricted Share Units, and Performance Share Units Compensation expense is measured based on the grant date fair value of restricted share units, market restricted share units, and performance share units. The fair value of restricted share units and performance share units is equal to the market price of common stock on the grant date. The fair value of market restricted share units granted was estimated on the date of grant using a Monte Carlo simulation model with the following weighted average assumptions: 2015 2014 2013 Risk-free interest rate 1.05 % 0.70 % 0.63 % Expected stock price volatility 26.4 39.2 40.0 Dividend yield 1.4 1.2 1.2 Simulation period 3.0 years 3.0 years 3.0 years The stock price 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 theoretical model of stock price behavior. The weighted-average grant-date fair value of restricted share units granted during 2015 was $ 28.09 and the weighted-average grant date fair value of market restricted share units granted during 2015 was $ 29.39 . The grant date fair value of performance share units granted during 2015 was $28.06 . The weighted-average grant-date fair value of restricted share units granted during 2014 was $23.69 and the weighted-average grant date fair value of market restricted share units granted during 2014 was $24.30 . The grant date fair value of performance share units granted during 2014 was $23.47 . The weighted-average grant-date fair value of restricted share units granted during 2013 was $19.60 and the grant date fair value of the market restricted share units granted during 2013 was $24.43 . The total fair value of restricted share units vested during 2015 , 2014 , and 2013 was $12.3 million , $1.6 million , and $11.6 million , respectively. The total fair value of restricted share units vested during 2013 of $11.6 million included $7.4 million from restricted share units that vested upon redemption of Synovus' Series A Preferred Stock on July 26, 2013. Cash paid for taxes due on vesting of employee restricted share units where restricted share units were withheld to cover taxes was $5.1 million , $692 thousand , and $3.6 million for the years ended December 31, 2015, 2014, and 2013, respectively. A summary of restricted share units outstanding and changes during the years ended December 31, 2015 , 2014 , and 2013 is presented below (excluding market restricted and performance share units). Restricted Share Units Share Units Weighted-Average Grant-Date Fair Value Outstanding at December 31, 2012 920,426 $ 16.45 Granted 212,660 19.60 Dividend equivalents granted 10,689 21.00 Vested (545,154 ) 17.92 Forfeited (16,944 ) 14.49 Outstanding at December 31, 2013 581,677 16.38 Share unit rounding due to reverse stock split on May 16, 2014 258 16.38 Granted 407,374 23.69 Dividend equivalents granted 8,805 24.09 Vested (64,725 ) 15.45 Forfeited (50,566 ) 17.92 Outstanding at December 31, 2014 882,823 19.81 Granted 321,874 28.09 Dividend equivalents granted 9,810 28.09 Vested (428,121 ) 17.48 Forfeited (23,619 ) 24.60 Outstanding at December 31, 2015 762,767 $ 24.57 As of December 31, 2015 , total unrecognized compensation cost related to the foregoing restricted share units was approximately $9.9 million . This cost is expected to be recognized over a weighted-average remaining period of 1.41 years. Synovus granted 82,152 market restricted share units to senior management during the year ended December 31, 2015 with a grant date fair value of $ 29.39 . During 2014 and 2013, Synovus granted market restricted share units to senior management totaling 90,117 and 40,512 , respectively, with a grant date fair value of $24.30 and $24.43 , respectively. The market restricted share units have a three-year service-based vesting component as well as a total shareholder return multiplier. The number of market restricted share units that will ultimately vest ranges from 75% to 125% of target based on Synovus' total shareholder return (TSR). The total fair value of market restricted share units vested during 2015 and 2014 was $1.4 million and $398 thousand , respectively. At December 31, 2015 , total unrecognized compensation cost related to market restricted share units was approximately $2.8 million with a weighted average remaining period of 1.36 years. A summary of market restricted share units outstanding and changes during the years ended December 31, 2015 , 2014 , and 2013 is presented below. Market Restricted Share Units Share Units Weighted-Average Grant-Date Fair Value Outstanding at December 31, 2012 — $ — Granted 40,512 24.43 Outstanding at December 31, 2013 40,512 24.43 Share unit rounding due to reverse stock split on May 16, 2014 4 24.43 Granted 90,117 24.30 Dividend equivalents granted 1,231 24.09 Quantity change by TSR factor 1,518 24.43 Vested (15,196 ) 24.43 Outstanding at December 31, 2014 118,186 24.33 Granted 82,152 29.39 Dividend equivalents granted 2,221 29.05 Quantity change by TSR factor 4,838 24.33 Vested (49,149 ) 24.34 Outstanding at December 31, 2015 158,248 $ 27.02 During the year ended December 31, 2015, Synovus granted 82,152 performance share units to senior management. These units have a grant date fair value of $28.06 and vest upon meeting certain service and performance conditions. During the year ended December 31, 2014, Synovus granted 67,157 performance share units with a grant date fair value of $23.47 to senior management. Return on average assets (ROAA) performance is evaluated each year over a three-year performance period, with share distribution determined at the end of the three years. The number of performance share units that will ultimately vest ranges from 0% to 150% of target based on Synovus' three-year weighted average ROAA (as defined). At December 31, 2015 , total unrecognized compensation cost related to performance share units was approximately $2.2 million with a weighted average remaining period of 1.42 years. A summary of performance share units outstanding and changes during the years ended December 31, 2015 and 2014 is presented below. Performance Share Units Share Units Weighted-Average Grant-date Fair Value Outstanding at December 31, 2013 — $ — Granted 67,157 23.47 Dividend equivalents granted 518 24.09 Outstanding at December 31, 2014 67,675 23.47 Granted 82,152 28.06 Dividend equivalents granted 1,740 28.06 Outstanding at December 31, 2015 151,567 $ 26.01 Salary Stock Units and Other Information During 2014 and 2013 , Synovus also granted 44,527 and 70,015 , respectively, salary stock units to senior management, which vested and were expensed immediately upon grant. Compensation expense was 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 was recorded for changes in common stock market price. The total fair value of salary stock units granted during 2014 and 2013 was $1.2 million and $1.8 million , respectively. The salary stock units granted during 2014 were classified as liabilities and were settled in cash on January 15, 2015. During 2015 , Synovus recognized a share-based compensation net tax benefit of $1.7 million associated with vesting of restricted share units, stock option exercises, and expired stock options which was recorded as a component of additional paid-in capital within shareholders' equity. During 2014, Synovus recognized a net tax deficiency of $3.2 million associated primarily with expired stock options. The deficiency was recorded as a reduction of additional paid-in capital within shareholders' equity. During 2013 , Synovus recognized a net tax benefit of $317 thousand . 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, 2015 . Plan Category (a) Number of Securities to be Issued Upon Vesting of Restricted Share Units, Market Restricted Share Units, and Performance Share Units (1) (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) Shareholder approved equity compensation plans for shares of Synovus stock 1,072,582 1,741,975 $ 37.88 7,050,823 (2) Non-shareholder approved equity compensation plans — — — — Total 1,072,582 1,741,975 $ 37.88 7,050,823 (1) Market restricted and performance share units included at target. Actual shares issued upon vesting may differ based on actual TSR and ROAA over the measurement period. (2) Includes 7,050,823 shares available for future grants as share awards under the 2013 Omnibus Plan. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 22 - Income Taxes The components of income tax expense included in the consolidated statements of income for the years ended December 31, 2015 , 2014 , and 2013 are presented below: (in thousands) 2015 2014 2013 Current Federal $ 6,163 5,140 5,460 State 4,424 150 (2,630 ) Total current income tax expense 10,587 5,290 2,830 Deferred Federal 108,877 92,360 78,870 State 13,027 9,660 11,545 Total deferred income tax expense 121,904 102,020 90,415 Total income tax expense $ 132,491 107,310 93,245 Note: The table above does not reflect amounts relating to share-based compensation transactions that were charged or credited directly to shareholders' equity. The amounts charged or credited to shareholder's equity for the years ended December 31, 2015, 2014, and 2013 were an increase of $1.7 million , a decrease of $3.2 million , and an increase of $317 thousand , respectively. Income tax expense does not reflect the tax effects of unrealized gains (losses) on investment securities available for sale and unamortized actuarial gains on post-retirement unfunded health benefits. This information is presented in the consolidated statements of comprehensive income. Income tax expense as shown in the consolidated statements of income differed from the amounts computed by applying the U.S. federal income tax rate of 35 percent to income before income taxes. A reconciliation of the differences for the years ended December 31, 2015 , 2014 and 2013 is shown below: Years Ended December 31, (in thousands) 2015 2014 2013 Income tax expense at statutory federal income tax rate $ 125,501 105,896 88,420 Increase (decrease) resulting from: State income tax expense, net of federal income tax effect 12,870 8,014 9,877 Tax-exempt income (835 ) (1,076 ) (1,407 ) Tax credits (1,173 ) (1,123 ) (1,473 ) Cash surrender value of life insurance (2,885 ) (2,928 ) (2,932 ) Change in valuation allowance, federal and state (589 ) (2,273 ) (4,083 ) Other, net (398 ) 800 4,843 Total income tax expense $ 132,491 107,310 93,245 The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and liabilities at December 31, 2015 and 2014 are presented below. (in thousands) 2015 2014 Deferred tax assets Net operating loss carryforwards $ 308,617 422,968 Allowance for loan losses 103,884 111,814 Tax credit carryforwards 59,434 52,194 Deferred revenue 16,529 18,770 Share-based compensation 10,800 12,152 Non-performing loan interest 16,604 20,366 Net unrealized losses on investment securities available for sale 3,072 — Other 28,950 34,576 Total gross deferred tax assets 547,890 672,840 Less valuation allowance (11,713 ) (12,303 ) Total deferred tax assets 536,177 660,537 Deferred tax liabilities Excess tax over financial statement depreciation (8,564 ) (10,546 ) Net unrealized gains on investment securities available for sale — (7,893 ) Ownership interest in partnership (4,537 ) (5,933 ) Fixed assets held for sale (5,985 ) (7,287 ) Other (5,143 ) (6,414 ) Total gross deferred tax liabilities (24,229 ) (38,073 ) Net deferred tax asset $ 511,948 622,464 The net decrease in the valuation allowance for the years ended December 31, 2015 and 2014 was $589 thousand and $2.3 million , respectively. The net decrease in the valuation allowance for the years ended December 31, 2015 and 2014 was due to expiring unused state credits. Management assesses the realizability of 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. At December 31, 2015, the Company is not in a three-year cumulative loss position; accordingly, it does not have significant 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, 2015 includes generation of taxable income in 2015, 2014, and 2013, continued improvement in credit quality, 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 $511.9 million of the Company’s net deferred tax asset at December 31, 2015. The Company expects to realize its net deferred tax asset of $511.9 million at December 31, 2015 through the reversal of existing taxable temporary differences and projected future taxable income. The valuation allowance of $11.7 million at December 31, 2015 relates to specific state income tax credits that have various expiration dates through the tax year 2019, and are expected to expire before they can be realized. Based on the assessment of all the positive and negative evidence at December 2015 and 2014, management has concluded that it is more likely than not that the results of future operations will generate sufficient taxable income to realize the deferred tax assets. Synovus expects to realize substantially all of the $511.9 million in net deferred tax assets well in advance of the statutory carryforward period. At December 31, 2015, $155.6 million of existing deferred tax assets are not related to net operating losses or credits and therefore, have no expiration dates. $256.8 million of the remaining deferred tax assets relate to federal net operating losses which expire in years beginning in 2030 through 2032. Additionally, $51.8 million of the deferred tax assets relate to state net operating losses which will expire in installments annually through the tax year 2035. Tax credit carryforwards at December 31, 2015 include federal alternative minimum tax credits totaling $31.7 million which have an unlimited carryforward period. Other federal and state tax credits at December 31, 2015 total $27.7 million and have expiration dates through the tax year 2035. Federal and state NOL and tax credit carryforwards as of December 31, 2015 are summarized in the following table. Tax Carryforwards As of December 31, 2015 (in thousands) Expiration Dates Deferred Tax Asset Balance Valuation Allowance Net Deferred Tax Asset Balance Pre-Tax Earnings Necessary to Realize Net operating losses - federal 2030-2032 $ 256,807 — 256,807 733,734 General business credits - federal 2028-2035 11,667 — 11,667 N/A (1) Net operating losses - states 2016-2019 10 — 10 689,362 Net operating losses - states 2024-2028 4,031 — 4,031 660,830 Net operating losses - states 2029-2035 54,674 — 54,674 1,744,165 Other credits - states 2016-2019 11,800 (11,713 ) 87 N/A (1) Other credits - states 2020-2025 2,777 — 2,777 N/A (1) Alternative minimum tax credits - federal None 31,745 — 31,745 N/A (2) Other credits - states None 1,445 — 1,445 N/A (1) (1) N/A indicates credits are not measured on a pre-tax earnings basis (2) Alternative minimum tax credits can be carried forward indefinitely. 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; however, a state tax examination from the Department of Revenue for Louisiana is currently in progress. Synovus is no longer subject to income tax examinations by the IRS for years before 2011, and excluding certain limited exceptions, Synovus is no longer subject to income tax examinations by state and local income tax authorities for years before 2011. However, amounts reported as net operating losses and tax credit carryovers from closed tax periods remain subject to review by most taxing authorities. 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) 2015 2014 Balance at January 1, $ 13,023 912 Additions based on income tax positions related to current year — — Additions for income tax positions of prior years * 8 12,318 Deductions for income tax positions of prior years — (52 ) Statute of limitation expirations (286 ) (155 ) Settlements — — Balance at December 31, $ 12,745 13,023 * Includes deferred tax benefits that could reduce future tax liabilities. Accrued interest and penalties related to unrecognized income tax benefits are included as a component of income tax expense. Accrued interest and penalties on unrecognized income tax benefits totaled $105 thousand and $96 thousand as of January 1 and December 31, 2015, respectively. Unrecognized income tax benefits as of January 1 and December 31, 2015 that, if recognized, would affect the effective income tax rate totaled $8.5 million and $8.3 million (net of the federal benefit on state income tax issues), respectively, which includes interest and penalties of $68 thousand and $63 thousand , respectively. Synovus expects that $320 thousand of uncertain income tax positions will be either settled or resolved during the next twelve months. |
Condensed Financial Information
Condensed Financial Information Of Synovus Financial Corp. (Parent Company Only) | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Financial Information Of Synovus Financial Corp. (Parent Company Only) | Note 23 - Condensed Financial Information of Synovus Financial Corp. (Parent Company only) Condensed Balance Sheets December 31, (in thousands) 2015 2014 Assets Cash due from bank subsidiary $ 369,564 234,399 Funds due from other depository institutions (1) 19,911 19,911 Investment in consolidated bank subsidiary, at equity 3,339,233 3,307,353 Investment in consolidated nonbank subsidiaries, at equity (2) 71,350 (247,669 ) Notes receivable from nonbank subsidiaries 67,000 399,168 Other assets 105,513 120,129 Total assets $ 3,972,571 3,833,291 Liabilities and Shareholders' Equity Liabilities: Long-term debt $ 960,185 762,272 Other liabilities 12,190 29,749 Total liabilities 972,375 792,021 Shareholders’ equity: Series C Preferred Stock 125,980 125,980 Common stock 140,592 139,950 Additional paid-in capital 2,989,981 2,960,825 Treasury stock (401,511 ) (187,774 ) Accumulated other comprehensive loss, net (29,819 ) (12,605 ) Retained earnings 174,973 14,894 Total shareholders’ equity 3,000,196 3,041,270 Total liabilities and shareholders’ equity $ 3,972,571 3,833,291 (1) Restricted as to withdrawal. (2) Includes non-bank subsidiary formed during 2008 that incurred credit losses, including losses on the disposition of non-performing assets. Condensed Statements of Income Years Ended December 31, (in thousands) 2015 2014 2013 Income Cash dividends received from Synovus Bank $ 199,904 90,626 — Cash distributions received from Synovus Bank (1) 25,096 91,374 680,000 Interest income 8,865 14,262 15,366 Other income (337 ) (932 ) (2,374 ) Total income 233,528 195,330 692,992 Expenses Interest expense 46,585 45,726 46,672 Other expenses 10,516 10,337 8,067 Total expenses 57,101 56,063 54,739 Income before income taxes and equity in undistributed income (loss) of subsidiaries 176,427 139,267 638,253 Allocated income tax benefit (18,808 ) (16,491 ) (16,589 ) Income before equity in undistributed income (loss) of subsidiaries 195,235 155,758 654,842 Equity in undistributed income (loss) of subsidiaries 30,847 39,491 (495,459 ) Net income 226,082 195,249 159,383 Dividends and accretion of discount on preferred stock 10,238 10,238 40,830 Net income available to common shareholders $ 215,844 185,011 118,553 (1) Cash distributions from Synovus Bank of $91.4 million and $680.0 million for the years ended December 31, 2014 and 2013 were previously reported as a component of cash dividends received. These amounts represent cash distributions from Synovus Bank while it was in an accumulated deficit position and have been re-classified to cash distributions to conform to changes in presentation for regulatory reporting purposes. Condensed Statements of Comprehensive Income December 31, 2015 December 31, 2014 December 31, 2013 (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 $ 358,573 (132,491 ) 226,082 $ 302,559 (107,310 ) 195,249 252,628 (93,245 ) 159,383 Reclassification adjustment for losses realized in net income on cash flow hedges 521 (201 ) 320 448 (173 ) 275 447 (173 ) 274 Net unrealized gains on investment securities available for sale 2,908 (1,120 ) 1,788 21 (8 ) 13 3,246 (1,250 ) 1,996 Other comprehensive (loss) gain of bank subsidiary (31,420 ) 12,098 (19,322 ) 46,122 (17,757 ) 28,365 (77,460 ) 29,831 (47,629 ) Other comprehensive (loss) income $ (27,991 ) 10,777 (17,214 ) $ 46,591 (17,938 ) 28,653 (73,767 ) 28,408 (45,359 ) Comprehensive income $ 208,868 $ 223,902 114,024 Condensed Statements of Cash Flows Years Ended December 31, (in thousands) 2015 2014 2013 Operating Activities Net income $ 226,082 195,249 159,383 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed (income) loss of subsidiaries (30,847 ) (39,491 ) 495,459 Deferred income tax benefit (2,506 ) (5,041 ) (11,375 ) Net (decrease) increase in other liabilities (1,709 ) (22,323 ) 11,845 Net decrease (increase) in other assets 1,045 14,226 (11,238 ) Other, net (178 ) (2,041 ) (2,183 ) Net cash provided by operating activities 191,887 140,579 641,891 Investing Activities Net decrease in short-term notes receivable from non-bank subsidiaries 10,000 39,000 5,768 Net cash provided by investing activities 10,000 39,000 5,768 Financing Activities Dividends paid to common and preferred shareholders (65,592 ) (53,043 ) (72,898 ) Repurchases and agreements to repurchase shares of common stock (199,221 ) (88,113 ) — Repayments on long-term debt (48,553 ) — (74,178 ) Proceeds from issuance of long-term debt 246,644 — — 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 financing activities (66,722 ) (141,156 ) (813,910 ) Increase (decrease) in cash and funds due from banks 135,165 38,423 (166,251 ) Cash and funds due from banks at beginning of year 254,310 215,887 382,138 Cash and funds due from banks at end of year $ 389,475 254,310 215,887 For the years ended December 31, 2015 , 2014, and 2013, the Parent Company paid income taxes of $8.7 million , $4.8 million , and $1.5 million , respectively. For the years ended December 31, 2015 , 2014 , and 2013 , the Parent Company paid interest of $46.9 million , $46.9 million , and $49.1 million , respectively. |
Supplemental Financial Data
Supplemental Financial Data | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Income Statement Elements [Abstract] | |
Supplemental Financial Data | Note 24 - 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: Years Ended December 31, (in thousands) 2015 2014 2013 Other loan expenses $ 8,812 9,396 15,205 Litigation contingency/settlement expenses 5,110 12,812 10,000 Insurance and bonds 12,514 11,801 12,503 Telephone and communications 10,539 10,442 12,403 |
Summary of Quarterly Financial
Summary of Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 and 2014 . 2015 (in thousands, except per share data) Fourth Quarter (1) Third Quarter Second Quarter First Quarter Interest income $ 242,814 238,093 233,654 231,401 Net interest income 212,620 207,790 203,644 203,263 Provision for loan losses 5,021 2,956 6,636 4,397 Income before income taxes 90,741 93,986 88,034 85,812 Income tax expense 32,342 36,058 32,242 31,849 Net income 58,398 57,928 55,792 53,963 Net income available to common shareholders $ 55,839 55,369 53,233 51,404 Net income per common share, basic $ 0.43 0.42 0.40 0.38 Net income per common share, diluted 0.43 0.42 0.40 0.38 2014 Fourth Quarter Third Quarter Second Quarter First Quarter Interest income $ 234,703 233,394 232,213 228,382 Net interest income 207,456 206,263 205,051 200,514 Provision for loan losses 8,193 3,843 12,284 9,511 Income before income taxes 78,929 72,656 73,950 77,024 Income tax expense 25,756 25,868 27,078 28,608 Net income 53,173 46,788 46,872 48,416 Net income available to common shareholders $ 50,612 44,229 44,313 45,857 Net income per common share, basic $ 0.37 0.32 0.32 0.33 Net income per common share, diluted 0.37 0.32 0.32 0.33 (1) The results for the three months ended December 31, 2015 include an out-of-period adjustment that increased the provision for loan losses by $12.9 million , resulting from the correction of an error that arose in 2012 which management identified during the fourth quarter of 2015. The correction increased the provision for loan losses by $13.3 million for the full year 2015. |
Summary of Significant Accoun34
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Cash and Cash Equivalents | Cash and cash equivalents consist of cash and due from banks. At December 31, 2015 and 2014 , $100 thousand and $ 125 thousand , respectively, of the due from banks balance was restricted as to withdrawal. |
Short-term Investment | Short-term investments consist of interest bearing funds with the Federal Reserve Bank, interest earning deposits with banks, and Federal funds sold and securities purchased under resale agreements. At December 31, 2015 and 2014 , interest bearing funds with the Federal Reserve Bank included $117.3 million and $89.2 million , respectively, on deposit to meet Federal Reserve Bank reserve requirements. Interest earning deposits with banks include $2.2 million at December 31, 2015 and $7.1 million at December 31, 2014 , which is pledged as collateral in connection with certain letters of credit. Federal funds sold include $65.9 million at December 31, 2015 and $67.5 million at December 31, 2014 , 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 similar 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 and ancillary fees on loans originated for sale, 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 estimated 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 the sale of these assets, are recorded as 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). 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. 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 recorded 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, 2015 , substantially all non-accrual impaired loans were collateral-dependent and 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, Synovus may, in order to assist the borrowers in repaying the principal and interest owed to Synovus, 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, a TDR is defined as a modification with a borrower that is experiencing financial difficulties, and the creditor 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 rate 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 TDRs 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 probable incurred losses 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, the loss emergence period, qualitative loss factors, management’s plans, if any, for disposition of certain loans, as well as other qualitative considerations. In determining the 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, loss emergence 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. The EL factors applied in the methodology are periodically re-evaluated and adjusted to reflect changes in historical loss levels or other risks. Allocated EL factors may also be adjusted, as necessary, for certain qualitative factors that in management's judgment are necessary to reflect losses incurred in the portfolio. Qualitative factors that management considers in the analysis include: • changes in lending policies and procedures, including changes in underwriting standards and collection, charge-off, and recovery practices not considered elsewhere in estimating credit losses • changes in the volume and severity of past due loans, the volume of non-accrual loans, and the volume and severity of adversely classified or grade loans • loan growth • effects of changes in credit concentrations • experience, ability, and depth of lending management, loan review personnel, and other relevant staff • changes in the quality of the loan review function • national and local economic trends and conditions • value of underlying collateral for collateral-dependent loans • other external factors such as the effects for the current competitive, legal, and regulatory environment The adjusted EL factors by portfolio are then adjusted by a loss emergence period for each loan type. A loss emergence period represents the amount of time between when a loss event first occurs to when it is charged off. The loss emergence period was determined for each loan type based on the Company's historical experience and is validated annually. Commercial Loans - Risk Ratings Synovus utilizes two primary methods for risk assessment of the commercial loan portfolio: Single Risk Rating Assessment and Dual Risk Rating (DRR) Assessment. 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. 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. Commercial single risk rated loans are graded on a 9-point scale. Single risk ratings six through nine are defined consistent with the bank regulatory classifications of special mention, substandard, doubtful, and loss, respectively. The primary determinants of the risk ratings for commercial single risk rated loans are the reliability of the primary source of repayment and the borrower's expected performance (i.e., the likelihood that the borrower will be able to service its obligations in accordance with the terms). Expected performance will be based upon full analysis of the borrower's historical financial results, current financial strength and future prospects, which includes any external drivers. For dual risk rated loans, this process begins with scoring the loan for a rating during its initial approval process. Synovus began utilizing a dual risk rating methodology for certain components of its commercial and industrial loan portfolio in 2013 and extended the DRR methodology to certain income-producing real estate loans in 2014 and 2015. 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 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 re-evaluated based upon annual scheduled credit reviews or on a more frequent basis if determined prudent by management. Additionally, an independent loan review function evaluates Synovus' risk rating processes on a continuous basis. Management currently expects to implement the DRR methodology for additional components of the commercial loan portfolio over the next few years. The implementation is expected to be in multiple phases, with each component determined based primarily on loan type and size. The timing of future implementations will depend upon completion of applicable data analysis and model assessment. Once full implementation is completed, management estimates that the DRR methodology will be utilized to calculate the allowance for loan losses on commercial loans amounting to approximately 35% of the total loan portfolio. Approximately $6.7 billion , or 29.8% , of the total loan portfolio was rated using the DRR methodology at year-end 2015. Retail Loans – Risk Ratings Retail 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 and is generally charged-off. 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 not a significant component of the ALLL, but would be utilized 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. |
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 as of June 30 th 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 weighting that are most representative of fair value. |
Other Real Estate | 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, 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 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. 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 balance sheets and valuation adjustment account in foreclosed real estate expense, net, a component of non-interest expense on the consolidated statements of income. 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. |
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 changes in the cash surrender value of the policies is recognized as a component of other non-interest income in the consolidated statements of income. Servicing Asset on SBA/Government Guaranteed Loans Synovus has retained servicing responsibilities on sold SBA/government guaranteed loans and receives annual servicing fees on the outstanding loan balances. SBA/government guaranteed loan servicing rights are accounted for using the amortization method. A servicing asset is established at fair value at the time of the sale using a discounted future cash flow model. The servicing asset is then amortized in other non-interest expense. Private Equity Investments Private equity investments are recorded at fair value on the consolidated balance sheets with realized and unrealized gains and losses recorded on the consolidated statements of income (as a component of other non-interest 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 financial 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 changes in 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 derivative instrument is reported initially as a component of accumulated other comprehensive income (loss), net of the tax impact, and subsequently reclassified into earnings when the hedged transaction affects earnings. 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. 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 fair 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. |
Advertising Costs | Advertising costs are expensed as incurred and recorded as a component of non-interest expense. |
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 that contain a graded vesting schedule is recognized net of estimated forfeitures for plan participants on a straight-line basis over the requisite service period for the entire award. |
Earnings Per Share | Basic net income per common share is computed by dividing net income available to common shareholders by the average common shares outstanding for the period. Diluted net income per common share reflects the dilution that could occur if securities or other contracts to issue common stock were exercised or converted. The dilutive effect of outstanding options and restricted share units is reflected in diluted net income per common share, unless the impact is anti-dilutive, by application of the treasury stock method. All share and per share amounts for all periods presented in this Report reflect the one-for-seven reverse stock split, which was effective on May 16, 2014. |
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 its investment securities available for sale, trading account assets, and derivative financial instruments. Fair values for fixed income investment securities and certain derivative financial instruments are typically the prices supplied by either the 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 its primary independent pricing firm. 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 and Legal Costs | 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 been incurred and the amount of the loss can be reasonably estimated. In addition, it must be probable that one or more future events will occur confirming the fact of the loss. 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. Legal costs, including attorney fees, incurred in connection with pending litigation and other loss contingencies are expensed as incurred. |
Recently Adopted and Issued Accounting Standards Updates | Recently Adopted Accounting Standards Updates In January 2014, the FASB issued amended guidance, ASU 2014-01, Investments-Equity Method and Joint Ventures (Topic 323), Accounting for Investments in Qualified Affordable Housing Projects , which permits Synovus to make an accounting policy election to account for its investments in qualified affordable housing projects using a proportional amortization method, if certain conditions are met, and to present the amortization as a component of income tax expense. The amended guidance would be applied retrospectively to all periods presented and is effective for fiscal years, and interim periods within those years, beginning after December 15, 2014. Regardless of the policy election, the amended guidance, where disclosed, enables users of the financial statements to understand the nature of investments in qualified affordable housing projects and the effect of the measurement of the investments in qualified affordable housing projects and the related tax credits on Synovus' financial position and results of operations. Synovus adopted the amended guidance on January 1, 2015, and did not make an accounting policy election to apply the proportional amortization method for its investments in qualified affordable housing projects because the impact to the consolidated financial statements was insignificant. Therefore, the adoption did not have an impact on Synovus' consolidated financial statements. At December 31, 2015, the aggregate carrying value of Synovus' investments in LIHTC partnerships was $18.9 million . See Note 16 "Variable Interest Entities" to the consolidated financial statements of Synovus' 2015 Form 10-K for additional information regarding these investments. Synovus early adopted ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs , during the the fourth quarter of 2015. This ASU was issued to simplify the presentation of debt issuance costs. Under previous accounting standards, debt issuance costs were reported on the balance sheet as assets and amortized as interest expense. ASU 2015-03 requires that debt issuance costs be presented on the balance sheet as a direct deduction from the carrying amount of the related liability, which is similar to the presentation of debt discounts or premiums. The costs will continue to be amortized to interest expense using the effective interest method. The cost of issuing debt will no longer be recorded as a separate asset, except when incurred before receipt of the funding from the associated debt liability. All prior periods presented in this Report have been adjusted to reflect adoption of ASU 2015-03 with updates to long-term debt and other assets. Adoption of ASU 2015-03 did not have a material impact on Synvous' consolidated financial statements. Additionally, adoption of the following standards effective January 1, 2015, did not have a significant impact on Synovus' consolidated financial statements: • ASU 2014-14, Classification of Certain Government-Guaranteed Mortgage Loans Upon Foreclosure • ASU 2014-12, Accounting for Share-Based Payments when the Terms of an Award Provide that a Performance Target Could be Achieved after the Requisite Service Period • ASU 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures • ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity • ASU 2014-04, Receivables-Troubled Debt Restructurings by Creditors (Subtopic 310-40), Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans Upon Foreclosure ASU 2015-05 , Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of- Credit Arrangements Recently Issued Accounting Standards Updates The following ASUs will be implemented effective January 1, 2016 or later: ASU 2014-09, " Revenue from Contracts with Customers" - ASU 2014-09 establishes a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The standard is intended to increase comparability across industries and jurisdictions. The core principle of the revenue model is that a company will recognize revenue when it transfers control of goods or services to customers at an amount that reflects the consideration to which it expects to be entitled in exchange for those goods or services. The FASB issued ASU 2015-14, Revenue From Contracts with Customers – Deferral of the Effective Date , in August 2015 to defer the effective date of ASU 2014-09 for one year. The proposed new effective date will be annual reporting periods beginning after December 15, 2017, and interim periods within that year, for public business entities. As such, for Synovus, the ASU will be effective on January 1, 2018. Earlier application will be permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. Management is currently evaluating the impact of ASU 2014-09 on Synovus' consolidated financial statements. The standard is expected to potentially impact ORE sales, interchange revenue, credit card loyalty programs, uncollectible credit card interest and fees, asset managers’ performance fees, treasury management services revenue, and miscellaneous fees; however the overall financial statement impact for Synovus is not expected to be material. Extensive new disclosures will be required, including disaggregation of total revenue, information about performance obligations, changes in contract asset and liability account balances between periods, and information about key judgments and estimates and policy decisions regarding revenue recognition. ASU 2015-02, " Amendments to the Consolidation Analysis" - ASU 2015-02 was issued by the FASB to modify the analysis that companies must perform in order to determine whether a legal entity should be consolidated. ASU 2015-02 simplifies current consolidation rules by reducing the number of consolidation models; placing more emphasis on risk of loss when determining a controlling financial interest; reducing the frequency of the application of related-party guidance when determining a controlling financial interest in a variable interest entity (VIE); and changing consolidation conclusions for public and private companies in several industries that typically make use of limited partnerships or VIEs. ASU 2015-02 will be effective for the first quarter of 2016 for Synovus. Management does not expect the adoption of this ASU to have a material impact on the consolidated financial statements of Synovus. |
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, 2015 | |
Restructuring Charges [Abstract] | |
Schedule of Restructuring and Related Costs | The following table presents aggregate activity associated with accruals that resulted from the restructuring charges recorded during the years ended December 31, 2015, 2014, and 2013: (in thousands) Severance Charges Lease Termination Charges Total Balance as of December 31, 2012 $ 257 471 728 Accruals for efficiency initiatives 8,046 1,060 9,106 Payments (6,731 ) (148 ) (6,879 ) Balance at December 31, 2013 1,572 1,383 2,955 Accruals for efficiency initiatives 7,246 4,808 12,054 Payments (5,527 ) (652 ) (6,179 ) Balance at December 31, 2014 3,291 5,539 8,830 Accruals for efficiency initiatives — (3 ) (3 ) Payments (1,361 ) (849 ) (2,210 ) Balance at December 31, 2015 $ 1,930 4,687 6,617 For the years ended December 31, 2015 , 2014 , and 2013 total restructuring charges consist of the following components: Years Ended December 31, (in thousands) 2015 2014 2013 Severance charges $ — 7,246 8,046 Lease termination charges (3 ) 4,808 1,060 Asset impairment charges 229 7,530 2,030 Gain on sale of assets held for sale, net (401 ) (766 ) (135 ) Professional fees and other charges 211 1,767 63 Total restructuring charges $ 36 20,585 11,064 |
Investment Securities Availab36
Investment Securities Available for Sale (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 and 2014 are summarized below. December 31, 2015 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury securities $ 43,125 232 — 43,357 U.S. Government agency securities 13,087 536 — 13,623 Securities issued by U.S. Government sponsored enterprises 126,520 389 — 126,909 Mortgage-backed securities issued by U.S. Government agencies 209,785 1,340 (1,121 ) 210,004 Mortgage-backed securities issued by U.S. Government sponsored enterprises 2,645,107 7,874 (22,562 ) 2,630,419 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 530,426 2,396 (3,225 ) 529,597 State and municipal securities 4,343 92 (1 ) 4,434 Equity securities 3,228 6,444 — 9,672 Other investments 20,177 — (374 ) 19,803 Total investment securities available for sale $ 3,595,798 19,303 (27,283 ) 3,587,818 December 31, 2014 (in thousands) Amortized Cost (1) Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury securities $ 42,636 190 — 42,826 U.S. Government agency securities 26,426 898 — 27,324 Securities issued by U.S. Government sponsored enterprises 81,332 710 — 82,042 Mortgage-backed securities issued by U.S. Government agencies 177,678 2,578 (440 ) 179,816 Mortgage-backed securities issued by U.S. Government sponsored enterprises 2,250,897 19,915 (9,131 ) 2,261,681 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 414,562 4,856 (2,342 ) 417,076 State and municipal securities 5,024 183 (1 ) 5,206 Equity securities 3,228 3,520 — 6,748 Other investments 19,121 7 (441 ) 18,687 Total investment securities available for sale $ 3,020,904 32,857 (12,355 ) 3,041,406 (1) Amortized cost is adjusted for other-than-temporary impairment charges in 2014 , which have been recognized in the consolidated statements of income, 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, 2015 and December 31, 2014 are presented below. December 31, 2015 Less than 12 Months 12 Months or Longer Total (in thousands) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Mortgage-backed securities issued by U.S. Government agencies 122,626 639 18,435 482 141,061 1,121 Mortgage-backed securities issued by U.S. Government sponsored enterprises 1,656,194 12,874 489,971 9,688 2,146,165 22,562 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 196,811 963 72,366 2,262 269,177 3,225 State and municipal securities — — 50 1 50 1 Other investments 14,985 15 4,818 359 19,803 374 Total $ 1,990,616 14,491 585,640 12,792 2,576,256 27,283 December 31, 2014 Less than 12 Months 12 Months or Longer Total (in thousands) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Mortgage-backed securities issued by U.S. Government agencies — — 21,488 440 21,488 440 Mortgage-backed securities issued by U.S. Government sponsored enterprises 251,134 763 798,282 8,368 1,049,416 9,131 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 20,338 61 119,172 2,281 139,510 2,342 State and municipal securities — — 45 1 45 1 Other investments — — 3,680 441 3,680 441 Total $ 271,472 824 942,667 11,531 1,214,139 12,355 |
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, 2015 (in thousands) Within One Year 1 to 5 Years 5 to 10 Years More Than 10 Years No Stated Maturity Total Amortized Cost U.S. Treasury securities $ 18,243 24,882 — — — 43,125 U.S. Government agency securities — 6,676 6,411 — — 13,087 Securities issued by U.S. Government sponsored enterprises 80,460 46,060 — — — 126,520 Mortgage-backed securities issued by U.S. Government agencies — — 18,745 191,040 — 209,785 Mortgage-backed securities issued by U.S. Government sponsored enterprises — 725 1,648,680 995,702 — 2,645,107 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — — — 530,426 — 530,426 State and municipal securities 1,067 699 — 2,577 — 4,343 Equity securities — — — — 3,228 3,228 Other investments — — 15,000 2,000 3,177 20,177 Total amortized cost $ 99,770 79,042 1,688,836 1,721,745 6,405 3,595,798 Fair Value U.S. Treasury securities $ 18,243 25,114 — — — 43,357 U.S. Government agency securities — 6,907 6,716 — — 13,623 Securities issued by U.S. Government sponsored enterprises 80,634 46,275 — — — 126,909 Mortgage-backed securities issued by U.S. Government agencies — — 18,999 191,005 — 210,004 Mortgage-backed securities issued by U.S. Government sponsored enterprises — 755 1,634,107 995,557 — 2,630,419 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — — — 529,597 — 529,597 State and municipal securities 1,080 701 — 2,653 — 4,434 Equity securities — — — — 9,672 9,672 Other investments — — 14,985 1,745 3,073 19,803 Total fair value $ 99,957 79,752 1,674,807 1,720,557 12,745 3,587,818 |
Summary of Sales Transactions in the Investment Securities Available-for-Sale Portfolio | Other-than-temporary impairment charges of $88 thousand and $264 thousand respectively, are included in gross realized losses for the years ended December 31, 2014 and 2013 . The specific identification method is used to reclassify gains and losses out of other comprehensive income at the time of sale. (in thousands) 2015 2014 2013 Proceeds from sales of investment securities available for sale $ 347,954 20,815 407,718 Gross realized gains $ 4,356 $ 1,419 $ 3,822 Gross realized losses (1,587 ) (88 ) (877 ) Investment securities gains, net $ 2,769 1,331 2,945 |
Loans And Allowance For Loan 37
Loans And Allowance For Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Loans and Leases Receivable, Allowance [Abstract] | |
Loans Outstanding by Classification | Loans outstanding, by classification, at December 31, 2015 and 2014 are summarized below. December 31, (in thousands) 2015 2014 Investment properties $ 5,751,631 5,206,674 1-4 family properties 1,109,854 1,133,882 Land acquisition 513,981 586,046 Total commercial real estate 7,375,466 6,926,602 Commercial, financial and agricultural 6,472,482 6,182,312 Owner-occupied 4,318,950 4,085,407 Total commercial and industrial 10,791,432 10,267,719 Home equity lines 1,689,914 1,683,998 Consumer mortgages 1,938,683 1,694,061 Credit cards 240,851 253,649 Other retail loans 423,318 302,460 Total retail 4,292,766 3,934,168 Total loans 22,459,664 21,128,489 Deferred fees and costs, net (30,099 ) (30,790 ) Total loans, net of deferred fees and costs $ 22,429,565 21,097,699 |
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, 2015 and 2014 . Current, Accruing Past Due, and Non-accrual Loans December 31, 2015 ( 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 $ 5,726,307 2,284 — 2,284 23,040 5,751,631 1-4 family properties 1,086,612 6,300 103 6,403 16,839 1,109,854 Land acquisition 495,542 639 32 671 17,768 513,981 Total commercial real estate 7,308,461 9,223 135 9,358 57,647 7,375,466 Commercial, financial and agricultural 6,410,338 12,222 785 13,007 49,137 6,472,482 Owner-occupied 4,293,308 5,254 95 5,349 20,293 4,318,950 Total commercial and industrial 10,703,646 17,476 880 18,356 69,430 10,791,432 Home equity lines 1,667,552 5,882 — 5,882 16,480 1,689,914 Consumer mortgages 1,907,644 8,657 134 8,791 22,248 1,938,683 Credit cards 237,742 1,663 1,446 3,109 — 240,851 Other retail loans 418,337 2,390 26 2,416 2,565 423,318 Total retail 4,231,275 18,592 1,606 20,198 41,293 4,292,766 Total loans $ 22,243,382 45,291 2,621 47,912 168,370 22,459,664 (1) December 31, 2014 ( 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 $ 5,184,103 1,851 — 1,851 20,720 5,206,674 1-4 family properties 1,105,186 4,067 432 4,499 24,197 1,133,882 Land acquisition 551,308 363 — 363 34,375 586,046 Total commercial real estate 6,840,597 6,281 432 6,713 79,292 6,926,602 Commercial, financial and agricultural 6,130,184 9,979 1,790 11,769 40,359 6,182,312 Owner-occupied 4,052,679 6,404 225 6,629 26,099 4,085,407 Total commercial and industrial 10,182,863 16,383 2,015 18,398 66,458 10,267,719 Home equity lines 1,659,869 6,992 703 7,695 16,434 1,683,998 Consumer mortgages 1,648,145 12,626 12 12,638 33,278 1,694,061 Credit cards 250,304 1,971 1,374 3,345 — 253,649 Other retail loans 297,703 2,361 101 2,462 2,295 302,460 Total retail 3,856,021 23,950 2,190 26,140 52,007 3,934,168 Total loans $ 20,879,481 46,614 4,637 51,251 197,757 21,128,489 (2) (1) Total before net deferred fees and costs of $30.1 million . (2) Total before net deferred fees and costs of $30.8 million . |
Loan Portfolio Credit Exposure | In the following tables, retail 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, 2015 (in thousands) Pass Special Mention Substandard (1) Doubtful (2) Loss Total Investment properties $ 5,560,595 114,705 76,331 — — 5,751,631 1-4 family properties 976,601 64,325 61,726 7,202 — 1,109,854 Land acquisition 436,835 46,208 30,574 364 — 513,981 Total commercial real estate 6,974,031 225,238 168,631 7,566 — 7,375,466 Commercial, financial and agricultural 6,203,481 152,189 100,658 13,330 2,824 (3) 6,472,482 Owner-occupied 4,118,631 78,490 121,272 98 459 (3) 4,318,950 Total commercial and industrial 10,322,112 230,679 221,930 13,428 3,283 10,791,432 Home equity lines 1,666,586 — 20,456 1,206 1,666 (3) 1,689,914 Consumer mortgages 1,910,649 — 26,041 1,700 293 (3) 1,938,683 Credit cards 239,405 — 480 — 966 (4) 240,851 Other retail loans 418,929 — 4,315 — 74 (3) 423,318 Total retail 4,235,569 — 51,292 2,906 2,999 4,292,766 Total loans $ 21,531,712 455,917 441,853 23,900 6,282 22,459,664 (5) December 31, 2014 (in thousands) Pass Special Mention Substandard (1) Doubtful (2) Loss Total Investment properties $ 4,936,319 167,490 102,865 — — 5,206,674 1-4 family properties 943,721 86,072 96,392 7,697 — (3) 1,133,882 Land acquisition 462,313 60,902 62,101 730 — 586,046 Total commercial real estate 6,342,353 314,464 261,358 8,427 — 6,926,602 Commercial, financial and agricultural 5,905,589 143,879 123,225 9,539 80 (3) 6,182,312 Owner-occupied 3,827,943 95,647 161,045 327 445 4,085,407 Total commercial and industrial 9,733,532 239,526 284,270 9,866 525 10,267,719 Home equity lines 1,659,794 — 20,043 2,009 2,152 (3) 1,683,998 Consumer mortgages 1,653,491 — 37,656 2,654 260 (3) 1,694,061 Credit cards 252,275 — 495 — 879 (4) 253,649 Other retail loans 298,991 — 3,339 32 98 (3) 302,460 Total retail 3,864,551 — 61,533 4,695 3,389 3,934,168 Total loans $ 19,940,436 553,990 607,161 22,988 3,914 21,128,489 (6) (1) Includes $138.2 million and $170.9 million of non-accrual substandard loans at December 31, 2015 and December 31, 2014 , respectively. (2) These loans are on non-accrual status. Commercial loans generally have an allowance for loan losses in accordance with ASC 310 and retail loans generally have an allowance for loan losses equal to 50% of the loan amount. (3) These loans are on non-accrual status and have an allowance for loan losses equal to the full loan amount. (4) Represent amounts that were 120 days past due. These credits are downgraded to the Loss category with an allowance for loan losses equal to the full loan amount and are generally charged off upon reaching 181 days past due in accordance with the FFIEC Uniform Retail Credit Classification and Account Management Policy. (5) Total before net deferred fees and costs of $30.1 million . (6) Total before net deferred fees and costs of $30.8 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, 2015 , 2014 and 2013 . Allowance for Loan Losses and Recorded Investment in Loans As Of and For The Year Ended December 31, 2015 (in thousands) Commercial Real Estate Commercial & Industrial Retail Unallocated Total Allowance for loan losses Beginning balance $ 101,471 118,110 41,736 — 261,317 Charge-offs (13,998 ) (22,583 ) (20,758 ) — (57,339 ) Recoveries 13,644 8,611 7,253 — 29,508 Provision for loan losses (13,984 ) 18,851 14,143 — 19,010 Ending balance $ 87,133 122,989 42,374 — 252,496 Ending balance: individually evaluated for impairment 18,969 10,477 989 — 30,435 Ending balance: collectively evaluated for impairment $ 68,164 112,512 41,385 — 222,061 Loans Ending balance: total loans (1) $ 7,375,466 10,791,432 4,292,766 — 22,459,664 Ending balance: individually evaluated for impairment 157,958 105,599 38,243 — 301,800 Ending balance: collectively evaluated for impairment $ 7,217,508 10,685,833 4,254,523 — 22,157,864 As Of and For The Year Ended December 31, 2014 (in thousands) Commercial Real Estate Commercial & Industrial Retail Unallocated Total Allowance for loan losses Beginning balance $ 127,646 115,435 41,479 23,000 307,560 Allowance for loan losses of sold loans (281 ) (398 ) (340 ) — (1,019 ) Charge-offs (49,716 ) (38,941 ) (24,881 ) — (113,538 ) Recoveries 11,787 14,628 8,068 — 34,483 Provision for loan losses 12,035 27,386 17,410 (23,000 ) 33,831 Ending balance $ 101,471 118,110 41,736 — 261,317 Ending balance: individually evaluated for impairment 21,755 10,451 1,270 — 33,476 Ending balance: collectively evaluated for impairment $ 79,716 $ 107,659 $ 40,466 $ — 227,841 Loans Ending balance: total loans (2) $ 6,926,602 10,267,719 3,934,168 — 21,128,489 Ending balance: individually evaluated for impairment 251,536 146,026 44,586 — 442,148 Ending balance: collectively evaluated for impairment $ 6,675,066 10,121,693 3,889,582 — 20,686,341 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 (87,031 ) (58,936 ) (33,986 ) — (179,953 ) Recoveries 17,068 19,918 7,524 — 44,510 Provision for loan losses 29,683 15,958 28,957 (5,000 ) 69,598 Ending balance $ 127,646 115,435 41,479 23,000 307,560 Ending balance: individually evaluated for impairment 46,787 20,018 1,192 — 67,997 Ending balance: collectively evaluated for impairment $ 80,859 95,417 40,287 23,000 239,563 Loans Ending balance: total loans (3) $ 6,506,976 9,931,451 3,648,233 — 20,086,660 Ending balance: individually evaluated for impairment 538,730 242,862 54,962 — 836,554 Ending balance: collectively evaluated for impairment $ 5,968,246 9,688,589 3,593,271 — 19,250,106 (1) Total before net deferred fees and costs of $30.1 million . (2) Total before net deferred fees and costs of $30.8 million . (3) Total before net deferred fees and costs of $28.9 million . |
Schedule of Impaired Loans | Below is a detailed summary of impaired loans (including accruing TDRs) by class as of December 31, 2015 and 2014 . Impaired Loans (including accruing TDRs) December 31, 2015 (in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded Investment properties $ 10,051 12,946 — 11,625 — 1-4 family properties 1,507 5,526 — 2,546 — Land acquisition 8,551 39,053 — 13,897 — Total commercial real estate 20,109 57,525 — 28,068 — Commercial, financial and agricultural 4,393 7,606 — 5,737 — Owner-occupied 8,762 11,210 — 14,657 — Total commercial and industrial 13,155 18,816 — 20,394 — Home equity lines 1,030 1,030 — 573 — Consumer mortgages 814 941 — 995 — Credit cards — — — — — Other retail loans — — — — — Total retail 1,844 1,971 — 1,568 — Total 35,108 78,312 — 50,030 — With allowance recorded Investment properties 62,305 62,305 10,070 73,211 2,131 1-4 family properties 51,376 51,376 6,184 61,690 1,618 Land acquisition 24,168 24,738 2,715 34,793 936 Total commercial real estate 137,849 138,419 18,969 169,694 4,685 Commercial, financial and agricultural 42,914 44,374 8,339 43,740 1,125 Owner-occupied 49,530 49,688 2,138 55,323 1,814 Total commercial and industrial 92,444 94,062 10,477 99,063 2,939 Home equity lines 9,575 9,575 206 8,318 346 Consumer mortgages 22,173 23,297 651 26,044 1,229 Credit cards — — — — — Other retail loans 4,651 4,651 132 5,105 323 Total retail 36,399 37,523 989 39,467 1,898 Total 266,692 270,004 30,435 308,224 9,522 Total Investment properties 72,356 75,251 10,070 84,836 2,131 1-4 family properties 52,883 56,902 6,184 64,236 1,618 Land acquisition 32,719 63,791 2,715 48,690 936 Total commercial real estate 157,958 195,944 18,969 197,762 4,685 Commercial, financial and agricultural 47,307 51,980 8,339 49,477 1,125 Owner-occupied 58,292 60,898 2,138 69,980 1,814 Total commercial and industrial 105,599 112,878 10,477 119,457 2,939 Home equity lines 10,605 10,605 206 8,891 346 Consumer mortgages 22,987 24,238 651 27,039 1,229 Credit cards — — — — — Other retail loans 4,651 4,651 132 5,105 323 Total retail 38,243 39,494 989 41,035 1,898 Total impaired loans $ 301,800 348,316 30,435 358,254 9,522 December 31, 2014 (in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded Investment properties $ 15,368 20,237 — 25,311 — 1-4 family properties 2,981 10,520 — 5,441 — Land acquisition 21,504 61,843 — 29,954 — Total commercial real estate 39,853 92,600 — 60,706 — Commercial, financial and agricultural 7,391 11,193 — 8,984 — Owner-occupied 17,017 19,612 — 19,548 — Total commercial and industrial 24,408 30,805 — 28,532 — Home equity lines — — — — — Consumer mortgages 995 2,065 — 1,352 — Credit cards — — — — — Other retail loans — — — — — Total retail 995 2,065 — 1,352 — Total 65,256 125,470 — 90,590 — With allowance recorded Investment properties 81,758 83,963 5,413 129,289 3,690 1-4 family properties 80,625 81,357 11,442 94,773 2,645 Land acquisition 49,300 49,483 4,900 89,195 1,689 Total commercial real estate 211,683 214,803 21,755 313,257 8,024 Commercial, financial and agricultural 59,035 59,041 7,597 91,221 2,392 Owner-occupied 62,583 62,601 2,854 78,950 2,610 Total commercial and industrial 121,618 121,642 10,451 170,171 5,002 Home equity lines 4,848 4,848 129 3,604 1405 Consumer mortgages 33,450 33,450 1,040 39,427 115 Credit cards — — — — — Other retail loans 5,293 5,293 101 4,997 315 Total retail 43,591 43,591 1,270 48,028 1,835 Total 376,892 380,036 33,476 531,456 14,861 Total Investment properties 97,126 104,200 5,413 154,600 3,690 1-4 family properties 83,606 91,877 11,442 100,214 2,645 Land acquisition 70,804 111,326 4,900 119,149 1,689 Total commercial real estate 251,536 307,403 21,755 373,963 8,024 Commercial, financial and agricultural 66,426 70,234 7,597 100,205 2,392 Owner-occupied 79,600 82,213 2,854 98,498 2,610 Total commercial and industrial 146,026 152,447 10,451 198,703 5,002 Home equity lines 4,848 4,848 129 3,604 1,405 Consumer mortgages 34,445 35,515 1,040 40,779 115 Credit cards — — — — — Other retail loans 5,293 5,293 101 4,997 315 Total retail 44,586 45,656 1,270 49,380 1,835 Total impaired loans $ 442,148 505,506 33,476 622,046 14,861 |
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, 2015 and 2014 that were reported as accruing or non-accruing TDRs. TDRs by Concession Type Year Ended December 31, 2015 (in thousands, except contract data) Number of Contracts Principal Forgiveness Below Market Interest Rate Term Extensions and/or Other Concessions Total Investment properties 11 $ — 25,052 6,973 32,025 1-4 family properties 43 14,823 4,667 2,763 22,253 Land acquisition 12 — 614 1,532 2,146 Total commercial real estate 66 14,823 30,333 11,268 56,424 Commercial, financial and agricultural 91 29 3,191 6,477 9,697 Owner-occupied 10 — 3,417 2,064 5,481 Total commercial and industrial 101 29 6,608 8,541 15,178 Home equity lines 53 — 2,826 2,905 5,731 Consumer mortgages 15 — 1,011 895 1,906 Credit cards — — — — — Other retail loans 27 — 444 703 1,147 Total retail 95 — 4,281 4,503 8,784 Total loans 262 $ 14,852 41,222 24,312 80,386 (1) (1) As a result of these loans being reported as TDRs, there were net charge-offs of $4.0 million recorded during 2015 . TDRs by Concession Type Year Ended December 31, 2014 (in thousands, except contract data) Number of Contracts Principal Forgiveness Below Market Interest Rate Term Extensions and/or Other Concessions Total Investment properties 15 $ — 8,423 5,813 14,236 1-4 family properties 68 — 6,611 6,492 13,103 Land acquisition 16 2,338 4,783 2,688 9,809 Total commercial real estate 99 2,338 19,817 14,993 37,148 Commercial, financial and agricultural 89 60 10,066 21,141 31,267 Owner-occupied 18 — 23,404 14,862 38,266 Total commercial and industrial 107 60 33,470 36,003 69,533 Home equity lines 20 — 2,335 451 2,786 Consumer mortgages 19 — 2,735 867 3,602 Credit cards — — — — — Other retail loans 27 — 663 566 1,229 Total retail 66 — 5,733 1,884 7,617 Total loans 272 $ 2,398 59,020 52,880 114,298 (1) (1) As a result of these loans being reported as TDRs, there were net charge-offs of approximately $163 thousand recorded during 2014 . |
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, 2015 Year Ended December 31, 2014 (in thousands, except contract data) Number of Contracts Recorded Investment Number of Contracts Recorded Investment Investment properties 1 $ 10,944 1 $ 186 1-4 family properties — — 3 1,018 Land acquisition — — 1 428 Total commercial real estate 1 10,944 5 1,632 Commercial, financial and agricultural 1 112 6 1,779 Owner-occupied 2 1,319 — — Total commercial and industrial 3 1,431 6 1,779 Home equity lines 2 74 — — Consumer mortgages — — 3 206 Credit cards — — — — Other retail loans 1 81 1 6 Total retail 3 155 4 212 Total loans 7 $ 12,530 15 $ 3,623 (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. |
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, 2015 . (in thousands) Balance at December 31, 2014 $ 38,482 New loans 13,577 Repayments (10,506 ) Loans charged-off — Balance at December 31, 2015 $ 41,553 |
Other Comprehensive Income (L38
Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 , 2014 , and 2013 . 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, 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 ) Other comprehensive income before reclassifications — 29,041 243 29,284 Amounts reclassified from accumulated other comprehensive income (loss) 275 (818 ) (88 ) (631 ) Net current period other comprehensive income 275 28,223 155 28,653 Balance at December 31, 2014 $ (12,824 ) (713 ) 932 (12,605 ) Other comprehensive income (loss) before reclassifications — (15,806 ) 143 (15,663 ) Amounts reclassified from accumulated other comprehensive income (loss) 320 (1,703 ) (168 ) (1,551 ) Net current period other comprehensive income (loss) 320 (17,509 ) (25 ) (17,214 ) Balance at December 31, 2015 $ (12,504 ) $ (18,222 ) $ 907 $ (29,819 ) |
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 years ended December 31, 2015 , 2014 , and 2013 . Reclassifications Out of Accumulated Other Comprehensive Income (Loss) 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 For the Years Ended December 31, 2015 2014 2013 Net unrealized gains (losses) on cash flow hedges: Amortization of deferred losses $ (448 ) (448 ) (447 ) Interest expense Amortization of deferred losses (73 ) — — Loss on early extinguishment of debt 201 173 173 Income tax (expense) benefit $ (320 ) (275 ) (274 ) Reclassifications, net of income taxes Net unrealized gains (losses) on investment securities available for sale: Realized gains, net on sales of securities $ 2,769 1,331 2,945 Investment securities gains, net (1,066 ) (513 ) (1,134 ) Income tax (expense) benefit $ 1,703 818 1,811 Reclassifications, net of income taxes Post-retirement unfunded health benefit: Amortization of actuarial gains $ 272 144 170 Salaries and other personnel expense (104 ) (56 ) (65 ) Income tax (expense) benefit $ 168 $ 88 $ 105 Reclassifications, net of income taxes |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Assets [Abstract] | |
Schedule of Other Assets | Significant balances included in other assets at December 31, 2015 and 2014 are presented below. (in thousands) 2015 2014 Cash surrender value of bank-owned life insurance $ 338,002 286,109 Accrued interest receivable 65,218 64,058 Accounts receivable 19,692 23,461 FHLB and FRB stock 68,288 78,065 Private equity investments 28,018 28,363 Prepaid expenses 33,348 33,198 Derivative asset positions 27,139 32,117 Other properties held for sale 10,671 12,227 Servicing asset 4,287 3,323 Miscellaneous other assets 55,982 54,963 Total other assets $ 650,645 615,884 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Interest-bearing Deposit Liabilities [Abstract] | |
Schedule of Interest Bearing Deposits | A summary of interest bearing deposits at December 31, 2015 and 2014 is presented below. ( in thousands) 2015 2014 Interest bearing demand deposits $ 4,377,407 3,884,469 Money market accounts, excluding brokered deposits 7,042,350 5,971,629 Savings accounts 714,410 636,782 Time deposits, excluding brokered deposits 3,300,004 3,167,950 Brokered deposits 1,075,520 1,642,398 Total interest bearing deposits $ 16,509,691 15,303,228 |
Schedule of Cash Maturities of Time Deposits | The following table presents contractual maturities of all time deposits at December 31, 2015 . (in thousands) Maturing within one year $ 2,557,885 Between 1 — 2 years 794,081 2 — 3 years 401,324 3 — 4 years 105,103 4 — 5 years 177,968 Thereafter 23,159 $ 4,059,520 |
Long-term Debt and Short-term41
Long-term Debt and Short-term Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Long-term debt at December 31, 2015 and 2014 is presented in the following table. (in thousands) 2015 2014 Parent Company: 5.125% subordinated notes, due June 15, 2017, $403.3 million and $450 million par value at December 31, 2015 and 2014, respectively, with semi-annual interest payments and principal to be paid at maturity $ 402,812 449,006 7.875% senior notes, due February 15, 2019, $300 million par value with semi-annual interest payments and principal to be paid at maturity 296,711 295,659 5.75% fixed to adjustable rate subordinated notes, due December 15, 2025, $250 million par value with semi-annual interest payments at 5.75% for the first five years and quarterly payments thereafter at an adjustable rate equal to the then-current three month LIBOR rate + 418.2 basis points and principal to be paid at maturity 246,644 — LIBOR + 1.80% debentures, due April 19, 2035, $10 million par value with quarterly interest payments and principal to be paid at maturity (rate of 2.31% at December 31, 2015 and 2.04% at December 31, 2014) 10,000 10,000 Hedge-related basis adjustment (1) 4,018 7,607 Total long-term debt — Parent Company 960,185 762,272 Synovus Bank: FHLB advances with interest and principal payments due at various maturity dates through 2020 and interest rates ranging from 0.29% to 0.95% at December 31, 2015 (weighted average interest rate of 0.46% and 0.54% at December 31, 2015 and 2014, respectively) 1,225,000 1,375,271 Capital lease with interest and principal payments due at various dates through 2031 (rate of 1.59% at both December 31, 2015 and 2014, respectively) 1,708 1,782 Total long-term debt — Synovus Bank 1,226,708 1,377,053 Total long-term debt $ 2,186,893 2,139,325 (1) 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. (in thousands) Parent Company Synovus Bank Total 2016 $ — 50,079 50,079 2017 403,337 (1) 350,088 753,425 2018 — 250,089 250,089 2019 300,000 225,090 525,090 2020 — 350,092 350,092 Thereafter 260,000 1,270 261,270 Total $ 963,337 $ 1,226,708 2,190,045 (1) During January 2016, Synovus repurchased $124.7 million of the 2017 notes in conjunction with Synovus' cash tender offer that commenced on December 23, 2015 and expired on January 22, 2016. |
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) 2015 2014 2013 Total balance at December 31, $ 177,025 126,916 148,132 Weighted average interest rate at December 31, 0.08 % 0.08 0.13 Maximum month end balance during the year $ 250,453 247,170 244,048 Average amount outstanding during the year 205,305 198,085 208,267 Weighted average interest rate during the year 0.08 % 0.11 0.16 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 changes in preferred and common stock issued and common stock held as treasury shares for the three years ended December 31, 2015 . (shares in thousands) Series A Preferred Stock Issued Series C Preferred Stock Issued Common Stock Issued Treasury Stock Held Common Stock Outstanding Balance at December 31, 2012 968 — 113,182 813 112,369 Settlement of prepaid common stock purchase contracts — — 17,550 — 17,550 Issuance of common stock — — 8,553 — 8,553 Restricted share unit activity — — 374 — 374 Stock options exercised — — 62 — 62 Issuance of Series C Preferred Stock — 5,200 — — — Redemption of Series A Preferred Stock (968 ) — — — — Balance at December 31, 2013 — 5,200 139,721 813 138,908 Restricted share unit activity — — 52 — 52 Stock options exercised — — 177 — 177 Repurchase of common stock — — — 3,014 (3,014 ) Balance at December 31, 2014 — 5,200 139,950 3,827 136,123 Restricted share unit activity — — 304 — 304 Stock options exercised — — 338 — 338 Repurchase of common stock — — — 7,218 (7,218 ) Balance at December 31, 2015 — 5,200 140,592 11,045 129,547 |
Regulatory Capital (Tables)
Regulatory Capital (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Regulatory Capital Disclosure [Abstract] | |
Schedule of Compliance with Regulatory Capital | Management currently believes, based on internal capital analyses and earnings projections, that Synovus' capital position is adequate to meet current and future regulatory minimum capital requirements. The following table summarizes regulatory capital information at December 31, 2015 and 2014 on a consolidated basis and for Synovus’ significant subsidiary, defined as any direct subsidiary with assets or net income levels exce |
Net Income Per Common Share (Ta
Net Income Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Basic And Diluted Earnings per Share | The following table displays a reconciliation of the information used in calculating basic and diluted net income per common share for the years ended December 31, 2015 , 2014 , and 2013 . Years Ended December 31, (in thousands, except per share data) 2015 2014 2013 Net income $ 226,082 195,249 159,383 Dividends and accretion of discount on preferred stock 10,238 10,238 40,830 Net income available to common shareholders $ 215,844 185,011 118,553 Weighted average common shares outstanding, basic 132,423 138,495 127,495 Potentially dilutive shares from assumed exercise of securities or other contracts to purchase common stock 778 659 6,731 Weighted average common shares outstanding, diluted 133,201 139,154 134,226 Net income per common share, basic $ 1.63 1.34 0.93 Net income per common share, diluted $ 1.62 1.33 0.88 |
Fair Value Accounting (Tables)
Fair Value Accounting (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 and 2014 , 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, 2015 and 2014 were inconsequential. December 31, 2015 (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 $ — 2,922 — 2,922 Collateralized mortgage obligations issued by U.S. Government sponsored enterprises — 1,078 — 1,078 State and municipal securities — 1,097 — 1,097 Total trading securities — 5,097 — 5,097 Mortgage loans held for sale — 59,275 — 59,275 Investment securities available for sale: U.S. Treasury securities 43,357 — — 43,357 U.S. Government agency securities — 13,623 — 13,623 Securities issued by U.S. Government sponsored enterprises — 126,909 — 126,909 Mortgage-backed securities issued by U.S. Government agencies — 210,004 — 210,004 Mortgage-backed securities issued by U.S. Government sponsored enterprises — 2,630,419 — 2,630,419 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — 529,597 — 529,597 State and municipal securities — 4,434 — 4,434 Equity securities 9,672 — — 9,672 Other investments (1) 3,073 14,985 1,745 19,803 Total investment securities available for sale 56,102 3,529,971 1,745 3,587,818 Private equity investments — 870 27,148 28,018 Mutual funds held in rabbi trusts 10,664 — — 10,664 Derivative assets: Interest rate contracts — 25,580 — 25,580 Mortgage derivatives (2) — 1,559 — 1,559 Total derivative assets — 27,139 — 27,139 Liabilities Trading account liabilities — 1,032 — 1,032 Derivative liabilities: Interest rate contracts — 26,030 — 26,030 Visa derivative — — 1,415 1,415 Total derivative liabilities $ — 26,030 1,415 27,445 December 31, 2014 (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 — 145 — 145 Collateralized mortgage obligations issued by U.S. Government sponsored enterprises — 2,449 — 2,449 State and municipal securities — 1,976 — 1,976 All other mortgage-backed securities — 2,483 — 2,483 Other investments — 6,810 — 6,810 Total trading securities — 13,863 — 13,863 Mortgage loans held for sale — 63,328 — 63,328 Investment securities available for sale: U.S. Treasury securities 42,826 — — 42,826 U.S. Government agency securities — 27,324 — 27,324 Securities issued by U.S. Government sponsored enterprises — 82,042 — 82,042 Mortgage-backed securities issued by U.S. Government agencies — 179,816 — 179,816 Mortgage-backed securities issued by U.S. Government sponsored enterprises — 2,261,681 — 2,261,681 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — 417,076 — 417,076 State and municipal securities — 5,206 — 5,206 Equity securities 6,748 — — 6,748 Other investments (1) 2,035 15,007 1,645 18,687 Total investment securities available for sale 51,609 2,988,152 1,645 3,041,406 Private equity investments — 995 27,367 28,362 Mutual funds held in rabbi trusts 11,252 — — 11,252 Derivative assets: Interest rate contracts — 30,904 — 30,904 Mortgage derivatives (2) — 1,213 — 1,213 Total derivative assets — 32,117 — 32,117 Liabilities Trading account liabilities — 2,100 — 2,100 Salary stock units 1,206 — — 1,206 Derivative liabilities: Interest rate contracts — 31,398 — 31,398 Mortgage derivatives (2) 753 753 Visa derivative — — 1,401 1,401 Total derivative liabilities $ — 32,151 1,401 33,552 (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 in the consolidated statements of income. An immaterial portion of these changes in fair value was attributable to changes in instrument-specific credit risk. Twelve Months Ended December 31, (in thousands) 2015 2014 2013 Changes in fair value included in net income: Mortgage loans held for sale $ (742 ) 1,399 (5,566 ) Mortgage loans held for sale: Fair value 59,275 63,328 45,384 Unpaid principal balance 58,177 61,488 44,943 Fair value less aggregate unpaid principal balance 1,098 1,840 441 |
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, 2015 and 2014 (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 2015 and 2014, Synovus did not have any transfers between levels in the fair value hierarchy. 2015 (in thousands) Investment Securities Available for Sale Private Equity Investments Visa Derivative Beginning balance, January 1, $ 1,645 27,367 (1,401 ) Total gains (losses) realized/unrealized: Included in earnings — (219 ) (1,464 ) Unrealized gains (losses) included in other comprehensive income 100 — — Purchases — — — Sales — — — Issuances — — — Settlements — — 1,450 Amortization of discount/premium — — — Transfers in and/or out of Level 3 — — — Ending balance, December 31, $ 1,745 27,148 (1,415 ) 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, $ 100 (219 ) (1,464 ) 2014 (in thousands) Investment Securities Available for Sale Private Equity Investments Visa Derivative Beginning balance, January 1, $ 2,350 27,745 (2,706 ) Total gains (losses) realized/unrealized: Included in earnings (88 ) (378 ) (3,041 ) Unrealized gains (losses) included in other comprehensive income (77 ) — — Purchases — — — Sales — — — Issuances — — — Settlements (540 ) — 4,346 Amortization of discount/premium — — — Transfers in and/or out of Level 3 — — — Ending balance, December 31, $ 1,645 27,367 (1,401 ) 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, $ (88 ) (378 ) (3,041 ) |
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. As of December 31, 2015 Fair Value Adjustments for the Year Ended December 31, 2015 (in thousands) Level 1 Level 2 Level 3 Impaired loans* $ — — $ 11,264 4,144 Other loans held for sale — — 425 31 Other real estate — — 23,519 4,927 Other assets held for sale — — 3,425 1,322 As of December 31, 2014 Fair Value Adjustments for the Year Ended December 31, 2014 Level 1 Level 2 Level 3 Impaired loans* $ — — $ 28,588 13,716 Other loans held for sale — — 3,411 6,833 Other real estate — — 32,046 7,769 Other assets held for sale — — 3,718 2,076 * 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. December 31, 2015 (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 Other investments: Trust preferred securities $ 1,745 Discounted cash flow analysis Credit spread embedded in discount rate 427-527 bps (477 bps) Discount for lack of marketability (2) 0%-10% (0%) Private equity investments 27,148 Individual analysis of each investee company Multiple factors, including but not limited to, current operations, financial condition, 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 1,415 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 N/A December 31, 2015 (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 $ 11,264 Third-party appraised value of collateral less estimated selling costs Discount to appraised value (3) Estimated selling costs 0%-100% (51%) 0%-10% (7%) Other loans held for sale 425 Third-party appraised value of collateral less estimated selling costs Discount to appraised value (3) Estimated selling costs 0%-11% (7%) 0%-10% (7%) Other real estate 23,519 Third-party appraised value less estimated selling costs Discount to appraised value (3) Estimated selling costs 0%-20% (7%) 0%-10% (7%) Other assets held for sale 3,425 Third-party appraised value less estimated selling costs or BOV Discount to appraised value (3) Estimated selling costs 0%-75% (42%) 0%-10% (7%) (1) The range represents management's best estimate of the high and low end of the value that would be assigned to a particular input. For assets measured at fair value on a non-recurring basis, the weighted average is the measure of central tendencies; it is not 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, pending sales, and other factors. December 31, 2014 (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 Other investments: Trust preferred securities $ 1,645 Discounted cash flow analysis Credit spread embedded in discount rate 600-675 bps (639 bps) Discount for lack of marketability (2) 0%-10% (0%) Private equity investments 27,367 Individual analysis of each investee company Multiple factors, including but not limited to, current operations, financial condition, 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 1,401 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 N/A December 31, 2014 (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 $ 28,588 Third-party appraised value of collateral less estimated selling costs Discount to appraised value (3) Estimated selling costs 0%-100% (46%) 0%-10% (7%) Other loans held for sale 3,411 Third-party appraised value of collateral less estimated selling costs Discount to appraised value (3) Estimated selling costs 0%-11% (7%) 0%-10% (7%) Other real estate 32,046 Third-party appraised value less estimated selling costs Discount to appraised value (3) Estimated selling costs 0%-61% (16%) 0%-10% (7%) Other assets held for sale 3,718 Third-party appraised value less estimated selling costs or BOV Discount to appraised value (3) Estimated selling costs 0%-100% (49%) 0%-10% (7%) (1) The range represents management's best estimate of the high and low end of the value that would be assigned to a particular input. For assets measured at fair value on a non-recurring basis, the weighted average is the measure of central tendencies; it is not 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, pending sales, and other factors. |
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, 2015 and 2014 are as follows: December 31, 2015 (in thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Financial Assets Cash and cash equivalents $ 367,092 367,092 367,092 — — Interest bearing funds with Federal Reserve Bank 829,887 829,887 829,887 — — Interest earning deposits with banks 17,387 17,387 17,387 — — Federal funds sold and securities purchased under resale agreements 69,819 69,819 69,819 — — Trading account assets 5,097 5,097 — 5,097 — Mortgage loans held for sale 59,275 59,275 — 59,275 — Other loans held for sale 425 425 — — 425 Investment securities available for sale 3,587,818 3,587,818 56,102 3,529,971 1,745 Private equity investments 28,018 28,018 — 870 27,148 Mutual funds held in rabbi trusts 10,664 10,664 10,664 — — Loans, net of deferred fees and costs 22,429,565 22,192,903 — — 22,192,903 Derivative assets 27,139 27,139 — 27,139 — Financial Liabilities Trading account liabilities 1,032 1,032 — 1,032 — Non-interest bearing deposits 6,732,970 6,732,970 — 6,732,970 — Interest bearing deposits 16,509,691 16,516,222 — 16,516,222 — Federal funds purchased, other short-term borrowings and other short-term liabilities 177,025 177,025 177,025 — — Long-term debt 2,186,893 2,244,376 — 2,244,376 — Derivative liabilities $ 27,445 27,445 — 26,030 1,415 December 31, 2014 (in thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Financial assets Cash and cash equivalents $ 485,489 485,489 485,489 — — Interest bearing funds with Federal Reserve Bank 721,362 721,362 721,362 — — Interest earning deposits with banks 11,810 11,810 11,810 — — Federal funds sold and securities purchased under resale agreements 73,111 73,111 73,111 — — Trading account assets 13,863 13,863 13,863 — — Mortgage loans held for sale 63,328 63,328 — 63,328 — Other loans held for sale 3,606 3,606 — — 3,606 Investment securities available for sale 3,041,406 3,041,406 51,609 2,988,152 1,645 Private equity investments 28,362 28,362 — 995 27,367 Mutual funds held in Rabbi Trusts 11,252 11,252 11,252 — — Loans, net of deferred fees and costs 21,097,699 20,872,939 — — 20,872,939 Derivative assets 32,117 32,117 — 32,117 — Financial liabilities Trading account liabilities $ 2,100 2,100 — 2,100 — Non-interest bearing deposits 6,228,472 6,228,472 — 6,228,472 — Interest bearing deposits 15,303,228 15,299,372 — 15,299,372 — Federal funds purchased, other short-term borrowings, and other short-term liabilities 126,916 126,916 126,916 — — Salary stock units 1,206 1,206 1,206 — — Long-term debt 2,140,319 2,191,279 — 2,191,279 — Derivative liabilities 33,553 33,553 — 32,151 1,401 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Summary of Derivative Instruments [Abstract] | |
Impact of Derivatives on Balance Sheet | The impact of derivative instruments on the consolidated balance sheets at December 31, 2015 and 2014 is presented below. Fair Value of Derivative Assets Fair Value of Derivative Liabilities December 31, December 31, (in thousands) Location on Consolidated Balance Sheet 2015 2014 Location on Consolidated Balance Sheet 2015 2014 Derivatives not designated as hedging instruments: Interest rate contracts Other assets $ 25,580 30,904 Other liabilities 26,030 31,398 Mortgage derivatives Other assets 1,559 1,213 Other liabilities — 753 Visa derivative — — Other liabilities 1,415 1,401 Total derivatives not designated as hedging instruments $ 27,139 32,117 27,445 33,552 |
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, 2015 , 2014 and 2013 is presented below. Derivative Location of Gain (Loss) Recognized in Income Gain (Loss) Recognized in Income Twelve Months Ended December 31, (in thousands) 2015 2014 2013 Derivatives not designated as hedging instruments Interest rate contracts (1) Other Non- Interest Income $ 44 460 89 Mortgage derivatives (2) Mortgage Banking Income $ 1,099 (1,062 ) (745 ) Total $ 1,143 (602 ) (656 ) (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, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Loan Commitments and Letters of Credit | Unfunded lending commitments and letters of credit at December 31, 2015 are presented below. (in thousands) Letters of credit* $ 166,936 Commitments to fund commercial real estate, construction, and land development loans 1,882,130 Unused credit card lines 1,055,181 Commitments under home equity lines of credit 1,051,386 Commitments to fund commercial and industrial loans 4,094,809 Other loan commitments 272,630 Total unfunded lending commitments and letters of credit $ 8,523,072 * Represents the contractual amount net of risk participations of $66 million . |
Schedule of Future Minimum Rental Payments | At December 31, 2015 , minimum rental commitments under all such non-cancelable leases for the next five years and thereafter are presented below. (in thousands) 2016 $ 26,263 2017 25,008 2018 23,291 2019 20,707 2020 20,904 Thereafter 176,444 Total $ 292,617 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 for grants made in 2013. There were no stock option grants in 2015 or 2014. 2013 Risk-free interest rate 1.11 % Expected stock price volatility 50.0 Dividend yield 1.6 Expected life of options 6.0 years The fair value of market restricted share units granted was estimated on the date of grant using a Monte Carlo simulation model with the following weighted average assumptions: 2015 2014 2013 Risk-free interest rate 1.05 % 0.70 % 0.63 % Expected stock price volatility 26.4 39.2 40.0 Dividend yield 1.4 1.2 1.2 Simulation period 3.0 years 3.0 years 3.0 years |
Schedule of Stock Options Activity | A summary of stock option activity and changes during the years ended December 31, 2015 , 2014 , and 2013 is presented below. Stock Options 2015 2014 2013 Shares Weighted-Average Exercise Price Shares Weighted-Average Exercise Price Shares Weighted-Average Exercise Price Outstanding at beginning of year 2,550,046 $ 45.11 3,220,110 $ 49.00 2,755,672 $ 58.80 Option rounding due to reverse stock split on May 16, 2014 — — 841 49.00 — — Options granted — — — — 857,607 17.64 Options exercised (338,808 ) 16.72 (178,176 ) 17.14 (65,109 ) 17.29 Options forfeited (12,825 ) 17.17 (30,146 ) 15.79 (52,011 ) 16.45 Options expired (456,438 ) 94.56 (462,583 ) 84.88 (276,049 ) 62.86 Options outstanding at end of year 1,741,975 $ 37.88 2,550,046 $ 45.11 3,220,110 $ 49.00 Options exercisable at end of year 1,504,783 $ 41.08 1,870,516 $ 55.40 1,999,195 $ 68.74 |
Schedule of Restricted Stock Units Activity | A summary of restricted share units outstanding and changes during the years ended December 31, 2015 , 2014 , and 2013 is presented below (excluding market restricted and performance share units). Restricted Share Units Share Units Weighted-Average Grant-Date Fair Value Outstanding at December 31, 2012 920,426 $ 16.45 Granted 212,660 19.60 Dividend equivalents granted 10,689 21.00 Vested (545,154 ) 17.92 Forfeited (16,944 ) 14.49 Outstanding at December 31, 2013 581,677 16.38 Share unit rounding due to reverse stock split on May 16, 2014 258 16.38 Granted 407,374 23.69 Dividend equivalents granted 8,805 24.09 Vested (64,725 ) 15.45 Forfeited (50,566 ) 17.92 Outstanding at December 31, 2014 882,823 19.81 Granted 321,874 28.09 Dividend equivalents granted 9,810 28.09 Vested (428,121 ) 17.48 Forfeited (23,619 ) 24.60 Outstanding at December 31, 2015 762,767 $ 24.57 A summary of market restricted share units outstanding and changes during the years ended December 31, 2015 , 2014 , and 2013 is presented below. Market Restricted Share Units Share Units Weighted-Average Grant-Date Fair Value Outstanding at December 31, 2012 — $ — Granted 40,512 24.43 Outstanding at December 31, 2013 40,512 24.43 Share unit rounding due to reverse stock split on May 16, 2014 4 24.43 Granted 90,117 24.30 Dividend equivalents granted 1,231 24.09 Quantity change by TSR factor 1,518 24.43 Vested (15,196 ) 24.43 Outstanding at December 31, 2014 118,186 24.33 Granted 82,152 29.39 Dividend equivalents granted 2,221 29.05 Quantity change by TSR factor 4,838 24.33 Vested (49,149 ) 24.34 Outstanding at December 31, 2015 158,248 $ 27.02 A summary of performance share units outstanding and changes during the years ended December 31, 2015 and 2014 is presented below. Performance Share Units Share Units Weighted-Average Grant-date Fair Value Outstanding at December 31, 2013 — $ — Granted 67,157 23.47 Dividend equivalents granted 518 24.09 Outstanding at December 31, 2014 67,675 23.47 Granted 82,152 28.06 Dividend equivalents granted 1,740 28.06 Outstanding at December 31, 2015 151,567 $ 26.01 |
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, 2015 . Plan Category (a) Number of Securities to be Issued Upon Vesting of Restricted Share Units, Market Restricted Share Units, and Performance Share Units (1) (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) Shareholder approved equity compensation plans for shares of Synovus stock 1,072,582 1,741,975 $ 37.88 7,050,823 (2) Non-shareholder approved equity compensation plans — — — — Total 1,072,582 1,741,975 $ 37.88 7,050,823 (1) Market restricted and performance share units included at target. Actual shares issued upon vesting may differ based on actual TSR and ROAA over the measurement period. (2) Includes 7,050,823 shares available for future grants as share awards under the 2013 Omnibus Plan. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The components of income tax expense included in the consolidated statements of income for the years ended December 31, 2015 , 2014 , and 2013 are presented below: (in thousands) 2015 2014 2013 Current Federal $ 6,163 5,140 5,460 State 4,424 150 (2,630 ) Total current income tax expense 10,587 5,290 2,830 Deferred Federal 108,877 92,360 78,870 State 13,027 9,660 11,545 Total deferred income tax expense 121,904 102,020 90,415 Total income tax expense $ 132,491 107,310 93,245 Note: The table above does not reflect amounts relating to share-based compensation transactions that were charged or credited directly to shareholders' equity. The amounts charged or credited to shareholder's equity for the years ended December 31, 2015, 2014, and 2013 were an increase of $1.7 million , a decrease of $3.2 million , and an increase of $317 thousand , respectively. |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the differences for the years ended December 31, 2015 , 2014 and 2013 is shown below: Years Ended December 31, (in thousands) 2015 2014 2013 Income tax expense at statutory federal income tax rate $ 125,501 105,896 88,420 Increase (decrease) resulting from: State income tax expense, net of federal income tax effect 12,870 8,014 9,877 Tax-exempt income (835 ) (1,076 ) (1,407 ) Tax credits (1,173 ) (1,123 ) (1,473 ) Cash surrender value of life insurance (2,885 ) (2,928 ) (2,932 ) Change in valuation allowance, federal and state (589 ) (2,273 ) (4,083 ) Other, net (398 ) 800 4,843 Total income tax expense $ 132,491 107,310 93,245 |
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, 2015 and 2014 are presented below. (in thousands) 2015 2014 Deferred tax assets Net operating loss carryforwards $ 308,617 422,968 Allowance for loan losses 103,884 111,814 Tax credit carryforwards 59,434 52,194 Deferred revenue 16,529 18,770 Share-based compensation 10,800 12,152 Non-performing loan interest 16,604 20,366 Net unrealized losses on investment securities available for sale 3,072 — Other 28,950 34,576 Total gross deferred tax assets 547,890 672,840 Less valuation allowance (11,713 ) (12,303 ) Total deferred tax assets 536,177 660,537 Deferred tax liabilities Excess tax over financial statement depreciation (8,564 ) (10,546 ) Net unrealized gains on investment securities available for sale — (7,893 ) Ownership interest in partnership (4,537 ) (5,933 ) Fixed assets held for sale (5,985 ) (7,287 ) Other (5,143 ) (6,414 ) Total gross deferred tax liabilities (24,229 ) (38,073 ) Net deferred tax asset $ 511,948 622,464 |
Schedule of Net Operating Loss and Tax Credit Carryforward | Federal and state NOL and tax credit carryforwards as of December 31, 2015 are summarized in the following table. Tax Carryforwards As of December 31, 2015 (in thousands) Expiration Dates Deferred Tax Asset Balance Valuation Allowance Net Deferred Tax Asset Balance Pre-Tax Earnings Necessary to Realize Net operating losses - federal 2030-2032 $ 256,807 — 256,807 733,734 General business credits - federal 2028-2035 11,667 — 11,667 N/A (1) Net operating losses - states 2016-2019 10 — 10 689,362 Net operating losses - states 2024-2028 4,031 — 4,031 660,830 Net operating losses - states 2029-2035 54,674 — 54,674 1,744,165 Other credits - states 2016-2019 11,800 (11,713 ) 87 N/A (1) Other credits - states 2020-2025 2,777 — 2,777 N/A (1) Alternative minimum tax credits - federal None 31,745 — 31,745 N/A (2) Other credits - states None 1,445 — 1,445 N/A (1) (1) N/A indicates credits are not measured on a pre-tax earnings basis (2) Alternative minimum tax credits can be carried forward indefinitely. |
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) 2015 2014 Balance at January 1, $ 13,023 912 Additions based on income tax positions related to current year — — Additions for income tax positions of prior years * 8 12,318 Deductions for income tax positions of prior years — (52 ) Statute of limitation expirations (286 ) (155 ) Settlements — — Balance at December 31, $ 12,745 13,023 * Includes deferred tax benefits that could reduce future tax liabilities. |
Condensed Financial Informati50
Condensed Financial Information Of Synovus Financial Corp. (Parent Company Only) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Schedule of Condensed Balance Sheets | Condensed Balance Sheets December 31, (in thousands) 2015 2014 Assets Cash due from bank subsidiary $ 369,564 234,399 Funds due from other depository institutions (1) 19,911 19,911 Investment in consolidated bank subsidiary, at equity 3,339,233 3,307,353 Investment in consolidated nonbank subsidiaries, at equity (2) 71,350 (247,669 ) Notes receivable from nonbank subsidiaries 67,000 399,168 Other assets 105,513 120,129 Total assets $ 3,972,571 3,833,291 Liabilities and Shareholders' Equity Liabilities: Long-term debt $ 960,185 762,272 Other liabilities 12,190 29,749 Total liabilities 972,375 792,021 Shareholders’ equity: Series C Preferred Stock 125,980 125,980 Common stock 140,592 139,950 Additional paid-in capital 2,989,981 2,960,825 Treasury stock (401,511 ) (187,774 ) Accumulated other comprehensive loss, net (29,819 ) (12,605 ) Retained earnings 174,973 14,894 Total shareholders’ equity 3,000,196 3,041,270 Total liabilities and shareholders’ equity $ 3,972,571 3,833,291 (1) Restricted as to withdrawal. (2) Includes non-bank subsidiary formed during 2008 that incurred credit losses, including losses on the disposition of non-performing assets. Condensed Statements of Income Years Ended December 31, (in thousands) 2015 2014 2013 Income Cash dividends received from Synovus Bank $ 199,904 90,626 — Cash distributions received from Synovus Bank (1) 25,096 91,374 680,000 Interest income 8,865 14,262 15,366 Other income (337 ) (932 ) (2,374 ) Total income 233,528 195,330 692,992 Expenses Interest expense 46,585 45,726 46,672 Other expenses 10,516 10,337 8,067 Total expenses 57,101 56,063 54,739 Income before income taxes and equity in undistributed income (loss) of subsidiaries 176,427 139,267 638,253 Allocated income tax benefit (18,808 ) (16,491 ) (16,589 ) Income before equity in undistributed income (loss) of subsidiaries 195,235 155,758 654,842 Equity in undistributed income (loss) of subsidiaries 30,847 39,491 (495,459 ) Net income 226,082 195,249 159,383 Dividends and accretion of discount on preferred stock 10,238 10,238 40,830 Net income available to common shareholders $ 215,844 185,011 118,553 |
Schedule of Condensed Statements of Operations | Condensed Statements of Income Years Ended December 31, (in thousands) 2015 2014 2013 Income Cash dividends received from Synovus Bank $ 199,904 90,626 — Cash distributions received from Synovus Bank (1) 25,096 91,374 680,000 Interest income 8,865 14,262 15,366 Other income (337 ) (932 ) (2,374 ) Total income 233,528 195,330 692,992 Expenses Interest expense 46,585 45,726 46,672 Other expenses 10,516 10,337 8,067 Total expenses 57,101 56,063 54,739 Income before income taxes and equity in undistributed income (loss) of subsidiaries 176,427 139,267 638,253 Allocated income tax benefit (18,808 ) (16,491 ) (16,589 ) Income before equity in undistributed income (loss) of subsidiaries 195,235 155,758 654,842 Equity in undistributed income (loss) of subsidiaries 30,847 39,491 (495,459 ) Net income 226,082 195,249 159,383 Dividends and accretion of discount on preferred stock 10,238 10,238 40,830 Net income available to common shareholders $ 215,844 185,011 118,553 (1) Cash distributions from Synovus Bank of $91.4 million and $680.0 million for the years ended December 31, 2014 and 2013 were previously reported as a component of cash dividends received. These amounts represent cash distributions from Synovus Bank while it was in an accumulated deficit position and have been re-classified to cash distributions to conform to changes in presentation for regulatory reporting purposes. |
Schedule of Condensed Statements of Comprehensive Income (Loss) | Condensed Statements of Comprehensive Income December 31, 2015 December 31, 2014 December 31, 2013 (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 $ 358,573 (132,491 ) 226,082 $ 302,559 (107,310 ) 195,249 252,628 (93,245 ) 159,383 Reclassification adjustment for losses realized in net income on cash flow hedges 521 (201 ) 320 448 (173 ) 275 447 (173 ) 274 Net unrealized gains on investment securities available for sale 2,908 (1,120 ) 1,788 21 (8 ) 13 3,246 (1,250 ) 1,996 Other comprehensive (loss) gain of bank subsidiary (31,420 ) 12,098 (19,322 ) 46,122 (17,757 ) 28,365 (77,460 ) 29,831 (47,629 ) Other comprehensive (loss) income $ (27,991 ) 10,777 (17,214 ) $ 46,591 (17,938 ) 28,653 (73,767 ) 28,408 (45,359 ) Comprehensive income $ 208,868 $ 223,902 114,024 |
Schedule of Condensed Statements of Cash Flows | Condensed Statements of Cash Flows Years Ended December 31, (in thousands) 2015 2014 2013 Operating Activities Net income $ 226,082 195,249 159,383 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed (income) loss of subsidiaries (30,847 ) (39,491 ) 495,459 Deferred income tax benefit (2,506 ) (5,041 ) (11,375 ) Net (decrease) increase in other liabilities (1,709 ) (22,323 ) 11,845 Net decrease (increase) in other assets 1,045 14,226 (11,238 ) Other, net (178 ) (2,041 ) (2,183 ) Net cash provided by operating activities 191,887 140,579 641,891 Investing Activities Net decrease in short-term notes receivable from non-bank subsidiaries 10,000 39,000 5,768 Net cash provided by investing activities 10,000 39,000 5,768 Financing Activities Dividends paid to common and preferred shareholders (65,592 ) (53,043 ) (72,898 ) Repurchases and agreements to repurchase shares of common stock (199,221 ) (88,113 ) — Repayments on long-term debt (48,553 ) — (74,178 ) Proceeds from issuance of long-term debt 246,644 — — 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 financing activities (66,722 ) (141,156 ) (813,910 ) Increase (decrease) in cash and funds due from banks 135,165 38,423 (166,251 ) Cash and funds due from banks at beginning of year 254,310 215,887 382,138 Cash and funds due from banks at end of year $ 389,475 254,310 215,887 |
Supplemental Financial Data (Ta
Supplemental Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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: Years Ended December 31, (in thousands) 2015 2014 2013 Other loan expenses $ 8,812 9,396 15,205 Litigation contingency/settlement expenses 5,110 12,812 10,000 Insurance and bonds 12,514 11,801 12,503 Telephone and communications 10,539 10,442 12,403 |
Summary of Quarterly Financia52
Summary of Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 and 2014 . 2015 (in thousands, except per share data) Fourth Quarter (1) Third Quarter Second Quarter First Quarter Interest income $ 242,814 238,093 233,654 231,401 Net interest income 212,620 207,790 203,644 203,263 Provision for loan losses 5,021 2,956 6,636 4,397 Income before income taxes 90,741 93,986 88,034 85,812 Income tax expense 32,342 36,058 32,242 31,849 Net income 58,398 57,928 55,792 53,963 Net income available to common shareholders $ 55,839 55,369 53,233 51,404 Net income per common share, basic $ 0.43 0.42 0.40 0.38 Net income per common share, diluted 0.43 0.42 0.40 0.38 2014 Fourth Quarter Third Quarter Second Quarter First Quarter Interest income $ 234,703 233,394 232,213 228,382 Net interest income 207,456 206,263 205,051 200,514 Provision for loan losses 8,193 3,843 12,284 9,511 Income before income taxes 78,929 72,656 73,950 77,024 Income tax expense 25,756 25,868 27,078 28,608 Net income 53,173 46,788 46,872 48,416 Net income available to common shareholders $ 50,612 44,229 44,313 45,857 Net income per common share, basic $ 0.37 0.32 0.32 0.33 Net income per common share, diluted 0.37 0.32 0.32 0.33 (1) The results for the three months ended December 31, 2015 include an out-of-period adjustment that increased the provision for loan losses by $12.9 million , resulting from the correction of an error that arose in 2012 which management identified during the fourth quarter of 2015. The correction increased the provision for loan losses by $13.3 million for the full year 2015. |
Summary of Significant Accoun53
Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Basis Of Presentation [Line Items] | |||
Cash and cash equivalents | $ 117,300 | $ 89,200 | |
Interest earning deposits with banks | 2,200 | 7,100 | |
Federal funds sold | 65,900 | 67,500 | |
Individually impaired non-accrual loans | 138,200 | 170,900 | |
Non-accrual loans | 168,370 | 197,757 | |
Impaired loans, including accruing troubled debt restructuring | 301,800 | 442,148 | |
Accruing troubled debt restructuring | 223,900 | 348,400 | $ 556,400 |
Loans, net of deferred fees and costs | 22,177,069 | 20,836,382 | |
Low Income Housing Tax Credit Partnerships [Member] | |||
Basis Of Presentation [Line Items] | |||
Carrying value of VIE assets and liabilities, net | 18,900 | 10,900 | |
Maximum [Member] | |||
Basis Of Presentation [Line Items] | |||
Retail loans and commercial loans, evaluated for impairment | 1,000 | ||
Cash And Cash Equivalents [Member] | |||
Basis Of Presentation [Line Items] | |||
Total deposits | $ 100 | $ 125 | |
DRR Methodology [Member] | |||
Basis Of Presentation [Line Items] | |||
Calculation for allowance for loan losses on commercial loans as percent of total loan portfolio | 35.00% | ||
Loans, net of deferred fees and costs | $ 6,700,000 | ||
Loans, net, percent | 29.80% |
Sale of Branches (Details)
Sale of Branches (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Jan. 17, 2014 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Loans, net of deferred fees and costs | $ 22,177,069 | $ 20,836,382 | |
Deposits | 23,242,661 | $ 21,531,700 | |
Trust One Bank, Memphis, Tennessee [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Loans, net of deferred fees and costs | $ 89,600 | ||
Deposits | $ 191,300 | ||
Gain on disposition of business | $ 5,800 |
Restructuring Charges (Narrativ
Restructuring Charges (Narrative) (Details) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($)branches | Dec. 31, 2013USD ($) | |
Restructuring Cost and Reserve [Line Items] | ||||
Gain (Loss) on Disposition of Certain Business Unit | $ 401 | |||
Other operating expenses | $ 91,370 | $ 94,337 | $ 103,180 | |
Number of branches closed | branches | 13 | |||
Facility Closing [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Other operating expenses | $ 437 |
Restructuring Charges (Restruct
Restructuring Charges (Restructuring and Related Costs) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restructuring Charges [Abstract] | |||
Severance charges | $ 0 | $ 7,246 | $ 8,046 |
Lease termination charges | (3) | 4,808 | 1,060 |
Asset impairment charges | 229 | 7,530 | 2,030 |
Gain on sale of assets held for sale, net | (401) | (766) | (135) |
Professional fees and other charges | 211 | 1,767 | 63 |
Total restructuring charges | $ 36 | $ 20,585 | $ 11,064 |
Restructuring Charges (Restru57
Restructuring Charges (Restructuring Reserve) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restructuring Reserve [Roll Forward] | |||
Beginning balance | $ 8,830 | $ 2,955 | $ 728 |
Accruals for efficiency initiatives | (3) | 12,054 | 9,106 |
Payments | (2,210) | (6,179) | (6,879) |
Ending balance | 6,617 | 8,830 | 2,955 |
Severance Charges [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 3,291 | 1,572 | 257 |
Accruals for efficiency initiatives | 0 | 7,246 | 8,046 |
Payments | (1,361) | (5,527) | (6,731) |
Ending balance | 1,930 | 3,291 | 1,572 |
Lease Termination Charges [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 5,539 | 1,383 | 471 |
Accruals for efficiency initiatives | (3) | 4,808 | 1,060 |
Payments | (849) | (652) | (148) |
Ending balance | $ 4,687 | $ 5,539 | $ 1,383 |
Investment Securities Availab58
Investment Securities Available for Sale (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2015USD ($)securities | |
Investments [Abstract] | |||
Pledged to secure deposits | $ | $ 2,120,000 | $ 2,430,000 | |
Securities in a loss position for less than twelve months | securities | 64 | ||
Securities in a loss position for more than twelve months | securities | 29 | ||
Other-than-temporary impairment charges | $ | $ 88 | $ 264 |
Investment Securities Availab59
Investment Securities Available for Sale (Summary Of Available For Sale Investment Securities) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 3,595,798 | $ 3,020,904 |
Gross Unrealized Gains | 19,303 | 32,857 |
Gross Unrealized Losses | (27,283) | (12,355) |
Fair Value | 3,587,818 | 3,041,406 |
U.S. Treasury Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 43,125 | 42,636 |
Gross Unrealized Gains | 232 | 190 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 43,357 | 42,826 |
U.S. Government Agency Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 13,087 | 26,426 |
Gross Unrealized Gains | 536 | 898 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 13,623 | 27,324 |
Securities Issued By U.S. Government Sponsored Enterprises [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 126,520 | 81,332 |
Gross Unrealized Gains | 389 | 710 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 126,909 | 82,042 |
Mortgage-Backed Securities Issued By U.S. Government Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 209,785 | 177,678 |
Gross Unrealized Gains | 1,340 | 2,578 |
Gross Unrealized Losses | (1,121) | (440) |
Fair Value | 210,004 | 179,816 |
Mortgage-Backed Securities Issued By U.S. Government Sponsored Enterprises [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 2,645,107 | 2,250,897 |
Gross Unrealized Gains | 7,874 | 19,915 |
Gross Unrealized Losses | (22,562) | (9,131) |
Fair Value | 2,630,419 | 2,261,681 |
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 530,426 | 414,562 |
Gross Unrealized Gains | 2,396 | 4,856 |
Gross Unrealized Losses | (3,225) | (2,342) |
Fair Value | 529,597 | 417,076 |
State And Municipal Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 4,343 | 5,024 |
Gross Unrealized Gains | 92 | 183 |
Gross Unrealized Losses | (1) | (1) |
Fair Value | 4,434 | 5,206 |
Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 3,228 | 3,228 |
Gross Unrealized Gains | 6,444 | 3,520 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 9,672 | 6,748 |
Other Investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 20,177 | 19,121 |
Gross Unrealized Gains | 0 | 7 |
Gross Unrealized Losses | (374) | (441) |
Fair Value | $ 19,803 | $ 18,687 |
Investment Securities Availab60
Investment Securities Available for Sale (Schedule Of Unrealized Loss On Investments) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | $ 1,990,616 | $ 271,472 |
Less than 12 Months, Unrealized Losses | 14,491 | 824 |
12 Months or Longer, Fair Value | 585,640 | 942,667 |
12 Months or Longer, Unrealized Losses | 12,792 | 11,531 |
Total Fair Value | 2,576,256 | 1,214,139 |
Total Unrealized Losses | 27,283 | 12,355 |
Mortgage-Backed Securities Issued By U.S. Government Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 122,626 | 0 |
Less than 12 Months, Unrealized Losses | 639 | 0 |
12 Months or Longer, Fair Value | 18,435 | 21,488 |
12 Months or Longer, Unrealized Losses | 482 | 440 |
Total Fair Value | 141,061 | 21,488 |
Total Unrealized Losses | 1,121 | 440 |
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 | 1,656,194 | 251,134 |
Less than 12 Months, Unrealized Losses | 12,874 | 763 |
12 Months or Longer, Fair Value | 489,971 | 798,282 |
12 Months or Longer, Unrealized Losses | 9,688 | 8,368 |
Total Fair Value | 2,146,165 | 1,049,416 |
Total Unrealized Losses | 22,562 | 9,131 |
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 | 196,811 | 20,338 |
Less than 12 Months, Unrealized Losses | 963 | 61 |
12 Months or Longer, Fair Value | 72,366 | 119,172 |
12 Months or Longer, Unrealized Losses | 2,262 | 2,281 |
Total Fair Value | 269,177 | 139,510 |
Total Unrealized Losses | 3,225 | 2,342 |
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 | 50 | 45 |
12 Months or Longer, Unrealized Losses | 1 | 1 |
Total Fair Value | 50 | 45 |
Total Unrealized Losses | 1 | 1 |
Other Investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 14,985 | 0 |
Less than 12 Months, Unrealized Losses | 15 | 0 |
12 Months or Longer, Fair Value | 4,818 | 3,680 |
12 Months or Longer, Unrealized Losses | 359 | 441 |
Total Fair Value | 19,803 | 3,680 |
Total Unrealized Losses | $ 374 | $ 441 |
Investment Securities Availab61
Investment Securities Available for Sale (Amortized Cost And Estimated Fair Value By Contractual Maturity Of Investment Securities Available For Sale) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Schedule of Available-for-sale Securities [Line Items] | |
Amortized Cost, Within One year | $ 99,770 |
Amortized Cost, 1 to 5 Years | 79,042 |
Amortized Cost, 5 to 10 Years | 1,688,836 |
Amortized Cost, More Than 10 years | 1,721,745 |
Amortized Cost, Amortized Cost, No Stated Maturity | 6,405 |
Total Amortized Cost | 3,595,798 |
Fair Value, Within One year | 99,957 |
Fair Value, 1 to 5 Years | 79,752 |
Fair Value, 5 to 10 Years | 1,674,807 |
Fair Value, More Than 10 years | 1,720,557 |
Fair Value, No Stated Maturity | 12,745 |
Total Fair Value | 3,587,818 |
U.S. Treasury Securities [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Amortized Cost, Within One year | 18,243 |
Amortized Cost, 1 to 5 Years | 24,882 |
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 | 43,125 |
Fair Value, Within One year | 18,243 |
Fair Value, 1 to 5 Years | 25,114 |
Fair Value, 5 to 10 Years | 0 |
Fair Value, More Than 10 years | 0 |
Fair Value, No Stated Maturity | 0 |
Total Fair Value | 43,357 |
U.S. Government Agency Securities [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Amortized Cost, Within One year | 0 |
Amortized Cost, 1 to 5 Years | 6,676 |
Amortized Cost, 5 to 10 Years | 6,411 |
Amortized Cost, More Than 10 years | 0 |
Amortized Cost, Amortized Cost, No Stated Maturity | 0 |
Total Amortized Cost | 13,087 |
Fair Value, Within One year | 0 |
Fair Value, 1 to 5 Years | 6,907 |
Fair Value, 5 to 10 Years | 6,716 |
Fair Value, More Than 10 years | 0 |
Fair Value, No Stated Maturity | 0 |
Total Fair Value | 13,623 |
Securities Issued By U.S. Government Sponsored Enterprises [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Amortized Cost, Within One year | 80,460 |
Amortized Cost, 1 to 5 Years | 46,060 |
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 | 126,520 |
Fair Value, Within One year | 80,634 |
Fair Value, 1 to 5 Years | 46,275 |
Fair Value, 5 to 10 Years | 0 |
Fair Value, More Than 10 years | 0 |
Fair Value, No Stated Maturity | 0 |
Total Fair Value | 126,909 |
Mortgage-Backed Securities Issued By U.S. Government Agencies [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 | 18,745 |
Amortized Cost, More Than 10 years | 191,040 |
Amortized Cost, Amortized Cost, No Stated Maturity | 0 |
Total Amortized Cost | 209,785 |
Fair Value, Within One year | 0 |
Fair Value, 1 to 5 Years | 0 |
Fair Value, 5 to 10 Years | 18,999 |
Fair Value, More Than 10 years | 191,005 |
Fair Value, No Stated Maturity | 0 |
Total Fair Value | 210,004 |
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 | 725 |
Amortized Cost, 5 to 10 Years | 1,648,680 |
Amortized Cost, More Than 10 years | 995,702 |
Amortized Cost, Amortized Cost, No Stated Maturity | 0 |
Total Amortized Cost | 2,645,107 |
Fair Value, Within One year | 0 |
Fair Value, 1 to 5 Years | 755 |
Fair Value, 5 to 10 Years | 1,634,107 |
Fair Value, More Than 10 years | 995,557 |
Fair Value, No Stated Maturity | 0 |
Total Fair Value | 2,630,419 |
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 | 0 |
Amortized Cost, More Than 10 years | 530,426 |
Amortized Cost, Amortized Cost, No Stated Maturity | 0 |
Total Amortized Cost | 530,426 |
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 | 529,597 |
Fair Value, No Stated Maturity | 0 |
Total Fair Value | 529,597 |
State And Municipal Securities [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Amortized Cost, Within One year | 1,067 |
Amortized Cost, 1 to 5 Years | 699 |
Amortized Cost, 5 to 10 Years | 0 |
Amortized Cost, More Than 10 years | 2,577 |
Amortized Cost, Amortized Cost, No Stated Maturity | 0 |
Total Amortized Cost | 4,343 |
Fair Value, Within One year | 1,080 |
Fair Value, 1 to 5 Years | 701 |
Fair Value, 5 to 10 Years | 0 |
Fair Value, More Than 10 years | 2,653 |
Fair Value, No Stated Maturity | 0 |
Total Fair Value | 4,434 |
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 | 3,228 |
Total Amortized Cost | 3,228 |
Fair Value, Within One year | 0 |
Fair Value, 1 to 5 Years | 0 |
Fair Value, More Than 10 years | 0 |
Fair Value, No Stated Maturity | 9,672 |
Total Fair Value | 9,672 |
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 | 15,000 |
Amortized Cost, More Than 10 years | 2,000 |
Amortized Cost, Amortized Cost, No Stated Maturity | 3,177 |
Total Amortized Cost | 20,177 |
Fair Value, Within One year | 0 |
Fair Value, 1 to 5 Years | 0 |
Fair Value, 5 to 10 Years | 14,985 |
Fair Value, More Than 10 years | 1,745 |
Fair Value, No Stated Maturity | 3,073 |
Total Fair Value | $ 19,803 |
Investment Securities Availab62
Investment Securities Available for Sale (Summary Of Sales Transactions In The Investment Securities Available For Sale Portfolio) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Investments [Abstract] | |||
Proceeds from sales of investment securities available for sale | $ 347,954 | $ 20,815 | $ 407,718 |
Gross realized gains | 4,356 | 1,419 | 3,822 |
Gross realized losses | (1,587) | (88) | (877) |
Investment securities gains, net | $ 2,769 | $ 1,331 | $ 2,945 |
Loans And Allowance For Loan 63
Loans And Allowance For Loan Losses (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Non-accrual loans | $ 168,370,000 | $ 197,757,000 | $ 168,370,000 | $ 197,757,000 | |||||||
Loans and leases receivable, impaired, interest lost on nonaccrual loans | 10,500,000 | 12,600,000 | |||||||||
Interest income recognized | 9,522,000 | 14,861,000 | |||||||||
Average recorded investment in impaired loans | 358,254,000 | 622,046,000 | $ 952,300,000 | ||||||||
Accrued interest income recognized | 21,100,000 | ||||||||||
Investments income recognized in impairment loans, excluding TDRs | 0 | 0 | 0 | ||||||||
Accruing troubled debt restructuring | 223,900,000 | 348,400,000 | 223,900,000 | 348,400,000 | 556,400,000 | ||||||
Provision for losses on loans | $ 5,021,000 | $ 2,956,000 | $ 6,636,000 | $ 4,397,000 | $ 8,193,000 | $ 3,843,000 | $ 12,284,000 | $ 9,511,000 | 19,010,000 | 33,831,000 | $ 69,598,000 |
Minimum [Member] | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Commercial-type impaired loans | 1,000,000 | ||||||||||
Interest Income Recorded [Member] | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Interest income recognized | $ 4,300,000 | 4,100,000 | |||||||||
Loss And Charged Off [Member] | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Retail loan charge-off period (in days) | 120 days | ||||||||||
Substandard [Member] | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Retail loan substandard period (in days) | 90 days | ||||||||||
Accruing TDRs With Modifications And Renewals Completed [Member] | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Provision for losses on loans | $ 12,600,000 | $ 21,000,000 |
Loans And Allowance For Loan 64
Loans And Allowance For Loan Losses (Loans Outstanding By Classification) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total commercial real estate | $ 7,375,466 | $ 6,926,602 | |
Total commercial and industrial | 10,791,432 | 10,267,719 | |
Total retail | 4,292,766 | 3,934,168 | |
Total loans | 22,459,664 | 21,128,489 | |
Deferred fees and costs, net | (30,099) | (30,790) | $ (28,900) |
Total loans, net of deferred fees and costs | 22,429,565 | 21,097,699 | |
Home Equity Lines [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total retail | 1,689,914 | 1,683,998 | |
Total loans | 1,689,914 | 1,683,998 | |
Consumer Mortgages [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total retail | 1,938,683 | 1,694,061 | |
Total loans | 1,938,683 | 1,694,061 | |
Credit Cards [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total retail | 240,851 | 253,649 | |
Total loans | 240,851 | 253,649 | |
Other Retail Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total retail | 423,318 | 302,460 | |
Total loans | 423,318 | 302,460 | |
Investment Properties [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total commercial real estate | 5,751,631 | 5,206,674 | |
Total loans | 5,751,631 | 5,206,674 | |
1-4 Family Properties [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total commercial real estate | 1,109,854 | 1,133,882 | |
Total loans | 1,109,854 | 1,133,882 | |
Land Acquisition [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total commercial real estate | 513,981 | 586,046 | |
Total loans | 513,981 | 586,046 | |
Commercial, Financial and Agricultural [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total commercial and industrial | 6,472,482 | 6,182,312 | |
Total loans | 6,472,482 | 6,182,312 | |
Owner-Occupied [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total commercial and industrial | 4,318,950 | 4,085,407 | |
Total loans | $ 4,318,950 | $ 4,085,407 |
Loans And Allowance For Loan 65
Loans And Allowance For Loan Losses (Schedule Of Current, Accruing Past Due And Nonaccrual Loans) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Current | $ 22,243,382 | $ 20,879,481 | |
Accruing 30-89 Days Past Due | 45,291 | 46,614 | |
Accruing 90 Days or Greater Past Due | 2,621 | 4,637 | |
Total Accruing Past Due | 47,912 | 51,251 | |
Non-accrual | 168,370 | 197,757 | |
Total loans | 22,459,664 | 21,128,489 | |
Deferred fees and costs, net | 30,099 | 30,790 | $ 28,900 |
Home Equity Lines [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Current | 1,667,552 | 1,659,869 | |
Accruing 30-89 Days Past Due | 5,882 | 6,992 | |
Accruing 90 Days or Greater Past Due | 0 | 703 | |
Total Accruing Past Due | 5,882 | 7,695 | |
Non-accrual | 16,480 | 16,434 | |
Total loans | 1,689,914 | 1,683,998 | |
Consumer Mortgages [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Current | 1,907,644 | 1,648,145 | |
Accruing 30-89 Days Past Due | 8,657 | 12,626 | |
Accruing 90 Days or Greater Past Due | 134 | 12 | |
Total Accruing Past Due | 8,791 | 12,638 | |
Non-accrual | 22,248 | 33,278 | |
Total loans | 1,938,683 | 1,694,061 | |
Credit Cards [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Current | 237,742 | 250,304 | |
Accruing 30-89 Days Past Due | 1,663 | 1,971 | |
Accruing 90 Days or Greater Past Due | 1,446 | 1,374 | |
Total Accruing Past Due | 3,109 | 3,345 | |
Non-accrual | 0 | 0 | |
Total loans | 240,851 | 253,649 | |
Other Retail Loans [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Current | 418,337 | 297,703 | |
Accruing 30-89 Days Past Due | 2,390 | 2,361 | |
Accruing 90 Days or Greater Past Due | 26 | 101 | |
Total Accruing Past Due | 2,416 | 2,462 | |
Non-accrual | 2,565 | 2,295 | |
Total loans | 423,318 | 302,460 | |
Investment Properties [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Current | 5,726,307 | 5,184,103 | |
Accruing 30-89 Days Past Due | 2,284 | 1,851 | |
Accruing 90 Days or Greater Past Due | 0 | 0 | |
Total Accruing Past Due | 2,284 | 1,851 | |
Non-accrual | 23,040 | 20,720 | |
Total loans | 5,751,631 | 5,206,674 | |
1-4 Family Properties [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Current | 1,086,612 | 1,105,186 | |
Accruing 30-89 Days Past Due | 6,300 | 4,067 | |
Accruing 90 Days or Greater Past Due | 103 | 432 | |
Total Accruing Past Due | 6,403 | 4,499 | |
Non-accrual | 16,839 | 24,197 | |
Total loans | 1,109,854 | 1,133,882 | |
Land Acquisition [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Current | 495,542 | 551,308 | |
Accruing 30-89 Days Past Due | 639 | 363 | |
Accruing 90 Days or Greater Past Due | 32 | 0 | |
Total Accruing Past Due | 671 | 363 | |
Non-accrual | 17,768 | 34,375 | |
Total loans | 513,981 | 586,046 | |
Commercial Real Estate [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Current | 7,308,461 | 6,840,597 | |
Accruing 30-89 Days Past Due | 9,223 | 6,281 | |
Accruing 90 Days or Greater Past Due | 135 | 432 | |
Total Accruing Past Due | 9,358 | 6,713 | |
Non-accrual | 57,647 | 79,292 | |
Total loans | 7,375,466 | 6,926,602 | |
Commercial, Financial and Agricultural [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Current | 6,410,338 | 6,130,184 | |
Accruing 30-89 Days Past Due | 12,222 | 9,979 | |
Accruing 90 Days or Greater Past Due | 785 | 1,790 | |
Total Accruing Past Due | 13,007 | 11,769 | |
Non-accrual | 49,137 | 40,359 | |
Total loans | 6,472,482 | 6,182,312 | |
Owner-Occupied [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Current | 4,293,308 | 4,052,679 | |
Accruing 30-89 Days Past Due | 5,254 | 6,404 | |
Accruing 90 Days or Greater Past Due | 95 | 225 | |
Total Accruing Past Due | 5,349 | 6,629 | |
Non-accrual | 20,293 | 26,099 | |
Total loans | 4,318,950 | 4,085,407 | |
Commercial And Industrial [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Current | 10,703,646 | 10,182,863 | |
Accruing 30-89 Days Past Due | 17,476 | 16,383 | |
Accruing 90 Days or Greater Past Due | 880 | 2,015 | |
Total Accruing Past Due | 18,356 | 18,398 | |
Non-accrual | 69,430 | 66,458 | |
Total loans | 10,791,432 | 10,267,719 | |
Retail [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Current | 4,231,275 | 3,856,021 | |
Accruing 30-89 Days Past Due | 18,592 | 23,950 | |
Accruing 90 Days or Greater Past Due | 1,606 | 2,190 | |
Total Accruing Past Due | 20,198 | 26,140 | |
Non-accrual | 41,293 | 52,007 | |
Total loans | $ 4,292,766 | $ 3,934,168 |
Loans And Allowance For Loan 66
Loans And Allowance For Loan Losses (Loan Portfolio Credit Exposure) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | $ 22,459,664 | $ 21,128,489 | |
Nonaccrual substandard loans | 138,200 | 170,900 | |
Deferred fees and costs, net | 30,099 | 30,790 | $ 28,900 |
Home Equity Lines [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 1,689,914 | 1,683,998 | |
Consumer Mortgages [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 1,938,683 | 1,694,061 | |
Credit Cards [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 240,851 | 253,649 | |
Other Retail Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 423,318 | 302,460 | |
Investment Properties [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 5,751,631 | 5,206,674 | |
1-4 Family Properties [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 1,109,854 | 1,133,882 | |
Land Acquisition [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 513,981 | 586,046 | |
Commercial Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 7,375,466 | 6,926,602 | |
Commercial And Industrial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 10,791,432 | 10,267,719 | |
Commercial, Financial and Agricultural [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 6,472,482 | 6,182,312 | |
Owner-Occupied [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 4,318,950 | 4,085,407 | |
Retail [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | $ 4,292,766 | 3,934,168 | |
Allowance for loan and lease losses, percent of loan amount | 50.00% | ||
Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | $ 21,531,712 | 19,940,436 | |
Pass [Member] | Home Equity Lines [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 1,666,586 | 1,659,794 | |
Pass [Member] | Consumer Mortgages [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 1,910,649 | 1,653,491 | |
Pass [Member] | Credit Cards [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 239,405 | 252,275 | |
Pass [Member] | Other Retail Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 418,929 | 298,991 | |
Pass [Member] | Investment Properties [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 5,560,595 | 4,936,319 | |
Pass [Member] | 1-4 Family Properties [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 976,601 | 943,721 | |
Pass [Member] | Land Acquisition [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 436,835 | 462,313 | |
Pass [Member] | Commercial Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 6,974,031 | 6,342,353 | |
Pass [Member] | Commercial And Industrial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 10,322,112 | 9,733,532 | |
Pass [Member] | Commercial, Financial and Agricultural [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 6,203,481 | 5,905,589 | |
Pass [Member] | Owner-Occupied [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 4,118,631 | 3,827,943 | |
Pass [Member] | Retail [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 4,235,569 | 3,864,551 | |
Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 455,917 | 553,990 | |
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 | 114,705 | 167,490 | |
Special Mention [Member] | 1-4 Family Properties [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 64,325 | 86,072 | |
Special Mention [Member] | Land Acquisition [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 46,208 | 60,902 | |
Special Mention [Member] | Commercial Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 225,238 | 314,464 | |
Special Mention [Member] | Commercial And Industrial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 230,679 | 239,526 | |
Special Mention [Member] | Commercial, Financial and Agricultural [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 152,189 | 143,879 | |
Special Mention [Member] | Owner-Occupied [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 78,490 | 95,647 | |
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 | 441,853 | 607,161 | |
Substandard [Member] | Home Equity Lines [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 20,456 | 20,043 | |
Substandard [Member] | Consumer Mortgages [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 26,041 | 37,656 | |
Substandard [Member] | Credit Cards [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 480 | 495 | |
Substandard [Member] | Other Retail Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 4,315 | 3,339 | |
Substandard [Member] | Investment Properties [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 76,331 | 102,865 | |
Substandard [Member] | 1-4 Family Properties [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 61,726 | 96,392 | |
Substandard [Member] | Land Acquisition [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 30,574 | 62,101 | |
Substandard [Member] | Commercial Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 168,631 | 261,358 | |
Substandard [Member] | Commercial And Industrial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 221,930 | 284,270 | |
Substandard [Member] | Commercial, Financial and Agricultural [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 100,658 | 123,225 | |
Substandard [Member] | Owner-Occupied [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 121,272 | 161,045 | |
Substandard [Member] | Retail [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 51,292 | 61,533 | |
Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 23,900 | 22,988 | |
Doubtful [Member] | Home Equity Lines [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 1,206 | 2,009 | |
Doubtful [Member] | Consumer Mortgages [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 1,700 | 2,654 | |
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 | 32 | |
Doubtful [Member] | Investment Properties [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Doubtful [Member] | 1-4 Family Properties [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 7,202 | 7,697 | |
Doubtful [Member] | Land Acquisition [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 364 | 730 | |
Doubtful [Member] | Commercial Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 7,566 | 8,427 | |
Doubtful [Member] | Commercial And Industrial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 13,428 | 9,866 | |
Doubtful [Member] | Commercial, Financial and Agricultural [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 13,330 | 9,539 | |
Doubtful [Member] | Owner-Occupied [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 98 | 327 | |
Doubtful [Member] | Retail [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 2,906 | 4,695 | |
Loss [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 6,282 | 3,914 | |
Loss [Member] | Home Equity Lines [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 1,666 | 2,152 | |
Loss [Member] | Consumer Mortgages [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 293 | 260 | |
Loss [Member] | Credit Cards [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 966 | 879 | |
Loss [Member] | Other Retail Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 74 | 98 | |
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 | 0 | 0 | |
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 | 0 | 0 | |
Loss [Member] | Commercial And Industrial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 3,283 | 525 | |
Loss [Member] | Commercial, Financial and Agricultural [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 2,824 | 80 | |
Loss [Member] | Owner-Occupied [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 459 | 445 | |
Loss [Member] | Retail [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | $ 2,999 | $ 3,389 |
Loans And Allowance For Loan 67
Loans And Allowance For Loan Losses (Schedule Of Allowances For Loan Losses And Recorded Investment In Loans) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Beginning balance | $ 261,317 | $ 307,560 | $ 261,317 | $ 307,560 | $ 373,405 | ||||||
Allowance for loan losses of sold loans | (1,019) | ||||||||||
Charge-offs | (57,339) | (113,538) | (179,953) | ||||||||
Recoveries | 29,508 | 34,483 | 44,510 | ||||||||
Provision for loan losses | $ 5,021 | $ 2,956 | $ 6,636 | 4,397 | $ 8,193 | $ 3,843 | $ 12,284 | 9,511 | 19,010 | 33,831 | 69,598 |
Ending balance | 252,496 | 261,317 | 252,496 | 261,317 | 307,560 | ||||||
Ending balance: individually evaluated for impairment | 30,435 | 33,476 | 30,435 | 33,476 | 67,997 | ||||||
Ending balance: collectively evaluated for impairment | 222,061 | 227,841 | 222,061 | 227,841 | 239,563 | ||||||
Ending balance: total loans | 22,459,664 | 21,128,489 | 22,459,664 | 21,128,489 | 20,086,660 | ||||||
Ending balance: individually evaluated for impairment | 301,800 | 442,148 | 301,800 | 442,148 | 836,554 | ||||||
Ending balance: collectively evaluated for impairment | 22,157,864 | 20,686,341 | 22,157,864 | 20,686,341 | 19,250,106 | ||||||
Deferred fees and costs, net | 30,099 | 30,790 | 30,099 | 30,790 | 28,900 | ||||||
Commercial Real Estate [Member] | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Beginning balance | 101,471 | 127,646 | 101,471 | 127,646 | 167,926 | ||||||
Allowance for loan losses of sold loans | (281) | ||||||||||
Charge-offs | (13,998) | (49,716) | (87,031) | ||||||||
Recoveries | 13,644 | 11,787 | 17,068 | ||||||||
Provision for loan losses | (13,984) | 12,035 | 29,683 | ||||||||
Ending balance | 87,133 | 101,471 | 87,133 | 101,471 | 127,646 | ||||||
Ending balance: individually evaluated for impairment | 18,969 | 21,755 | 18,969 | 21,755 | 46,787 | ||||||
Ending balance: collectively evaluated for impairment | 68,164 | 79,716 | 68,164 | 79,716 | 80,859 | ||||||
Ending balance: total loans | 7,375,466 | 6,926,602 | 7,375,466 | 6,926,602 | 6,506,976 | ||||||
Ending balance: individually evaluated for impairment | 157,958 | 251,536 | 157,958 | 251,536 | 538,730 | ||||||
Ending balance: collectively evaluated for impairment | 7,217,508 | 6,675,066 | 7,217,508 | 6,675,066 | 5,968,246 | ||||||
Commercial And Industrial [Member] | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Beginning balance | 118,110 | 115,435 | 118,110 | 115,435 | 138,495 | ||||||
Allowance for loan losses of sold loans | (398) | ||||||||||
Charge-offs | (22,583) | (38,941) | (58,936) | ||||||||
Recoveries | 8,611 | 14,628 | 19,918 | ||||||||
Provision for loan losses | 18,851 | 27,386 | 15,958 | ||||||||
Ending balance | 122,989 | 118,110 | 122,989 | 118,110 | 115,435 | ||||||
Ending balance: individually evaluated for impairment | 10,477 | 10,451 | 10,477 | 10,451 | 20,018 | ||||||
Ending balance: collectively evaluated for impairment | 112,512 | 107,659 | 112,512 | 107,659 | 95,417 | ||||||
Ending balance: total loans | 10,791,432 | 10,267,719 | 10,791,432 | 10,267,719 | 9,931,451 | ||||||
Ending balance: individually evaluated for impairment | 105,599 | 146,026 | 105,599 | 146,026 | 242,862 | ||||||
Ending balance: collectively evaluated for impairment | 10,685,833 | 10,121,693 | 10,685,833 | 10,121,693 | 9,688,589 | ||||||
Retail [Member] | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Beginning balance | 41,736 | 41,479 | 41,736 | 41,479 | 38,984 | ||||||
Allowance for loan losses of sold loans | (340) | ||||||||||
Charge-offs | (20,758) | (24,881) | (33,986) | ||||||||
Recoveries | 7,253 | 8,068 | 7,524 | ||||||||
Provision for loan losses | 14,143 | 17,410 | 28,957 | ||||||||
Ending balance | 42,374 | 41,736 | 42,374 | 41,736 | 41,479 | ||||||
Ending balance: individually evaluated for impairment | 989 | 1,270 | 989 | 1,270 | 1,192 | ||||||
Ending balance: collectively evaluated for impairment | 41,385 | 40,466 | 41,385 | 40,466 | 40,287 | ||||||
Ending balance: total loans | 4,292,766 | 3,934,168 | 4,292,766 | 3,934,168 | 3,648,233 | ||||||
Ending balance: individually evaluated for impairment | 38,243 | 44,586 | 38,243 | 44,586 | 54,962 | ||||||
Ending balance: collectively evaluated for impairment | 4,254,523 | 3,889,582 | 4,254,523 | 3,889,582 | 3,593,271 | ||||||
Unallocated [Member] | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Beginning balance | $ 0 | $ 23,000 | 0 | 23,000 | 28,000 | ||||||
Allowance for loan losses of sold loans | 0 | ||||||||||
Charge-offs | 0 | 0 | 0 | ||||||||
Recoveries | 0 | 0 | 0 | ||||||||
Provision for loan losses | 0 | (23,000) | (5,000) | ||||||||
Ending balance | 0 | 0 | 0 | 0 | 23,000 | ||||||
Ending balance: individually evaluated for impairment | 0 | 0 | 0 | 0 | 0 | ||||||
Ending balance: collectively evaluated for impairment | 0 | 0 | 0 | 0 | 23,000 | ||||||
Ending balance: total loans | 0 | 0 | 0 | 0 | 0 | ||||||
Ending balance: individually evaluated for impairment | 0 | 0 | 0 | 0 | 0 | ||||||
Ending balance: collectively evaluated for impairment | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Loans And Allowance For Loan 68
Loans And Allowance For Loan Losses (Schedule Of Impaired Loans) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment, With no related allowance recorded | $ 35,108 | $ 65,256 | |
Unpaid Principal Balance, With no related allowance recorded | 78,312 | 125,470 | |
Related Allowance, With no related allowance recorded | 0 | 0 | |
Average Recorded Investment, With no related allowance recorded | 50,030 | 90,590 | |
Interest Income Recognized, With no related allowance recorded | 0 | 0 | |
Recorded Investment, With allowance recorded | 266,692 | 376,892 | |
Unpaid Principal Balance, With allowance recorded | 270,004 | 380,036 | |
Related Allowance, With allowance recorded | 30,435 | 33,476 | |
Average Recorded Investment, With allowance recorded | 308,224 | 531,456 | |
Interest Income Recognized, With allowance recorded | 9,522 | 14,861 | |
Recorded Investment | 301,800 | 442,148 | |
Unpaid Principal Balance | 348,316 | 505,506 | |
Related Allowance | 30,435 | 33,476 | |
Average Recorded Investment in Impaired Loans | 358,254 | 622,046 | $ 952,300 |
Interest Income Recognized | 9,522 | 14,861 | |
Home Equity Lines [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment, With no related allowance recorded | 1,030 | 0 | |
Unpaid Principal Balance, With no related allowance recorded | 1,030 | 0 | |
Related Allowance, With no related allowance recorded | 0 | 0 | |
Average Recorded Investment, With no related allowance recorded | 573 | 0 | |
Interest Income Recognized, With no related allowance recorded | 0 | 0 | |
Recorded Investment, With allowance recorded | 9,575 | 4,848 | |
Unpaid Principal Balance, With allowance recorded | 9,575 | 4,848 | |
Related Allowance, With allowance recorded | 206 | 129 | |
Average Recorded Investment, With allowance recorded | 8,318 | 3,604 | |
Interest Income Recognized, With allowance recorded | 346 | 1,405 | |
Recorded Investment | 10,605 | 4,848 | |
Unpaid Principal Balance | 10,605 | 4,848 | |
Related Allowance | 206 | 129 | |
Average Recorded Investment in Impaired Loans | 8,891 | 3,604 | |
Interest Income Recognized | 346 | 1,405 | |
Consumer Mortgages [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment, With no related allowance recorded | 814 | 995 | |
Unpaid Principal Balance, With no related allowance recorded | 941 | 2,065 | |
Related Allowance, With no related allowance recorded | 0 | 0 | |
Average Recorded Investment, With no related allowance recorded | 995 | 1,352 | |
Interest Income Recognized, With no related allowance recorded | 0 | 0 | |
Recorded Investment, With allowance recorded | 22,173 | 33,450 | |
Unpaid Principal Balance, With allowance recorded | 23,297 | 33,450 | |
Related Allowance, With allowance recorded | 651 | 1,040 | |
Average Recorded Investment, With allowance recorded | 26,044 | 39,427 | |
Interest Income Recognized, With allowance recorded | 1,229 | 115 | |
Recorded Investment | 22,987 | 34,445 | |
Unpaid Principal Balance | 24,238 | 35,515 | |
Related Allowance | 651 | 1,040 | |
Average Recorded Investment in Impaired Loans | 27,039 | 40,779 | |
Interest Income Recognized | 1,229 | 115 | |
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 | 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 | 4,651 | 5,293 | |
Unpaid Principal Balance, With allowance recorded | 4,651 | 5,293 | |
Related Allowance, With allowance recorded | 132 | 101 | |
Average Recorded Investment, With allowance recorded | 5,105 | 4,997 | |
Interest Income Recognized, With allowance recorded | 323 | 315 | |
Recorded Investment | 4,651 | 5,293 | |
Unpaid Principal Balance | 4,651 | 5,293 | |
Related Allowance | 132 | 101 | |
Average Recorded Investment in Impaired Loans | 5,105 | 4,997 | |
Interest Income Recognized | 323 | 315 | |
Commercial Real Estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment, With no related allowance recorded | 20,109 | 39,853 | |
Unpaid Principal Balance, With no related allowance recorded | 57,525 | 92,600 | |
Related Allowance, With no related allowance recorded | 0 | 0 | |
Average Recorded Investment, With no related allowance recorded | 28,068 | 60,706 | |
Interest Income Recognized, With no related allowance recorded | 0 | 0 | |
Recorded Investment, With allowance recorded | 137,849 | 211,683 | |
Unpaid Principal Balance, With allowance recorded | 138,419 | 214,803 | |
Related Allowance, With allowance recorded | 18,969 | 21,755 | |
Average Recorded Investment, With allowance recorded | 169,694 | 313,257 | |
Interest Income Recognized, With allowance recorded | 4,685 | 8,024 | |
Recorded Investment | 157,958 | 251,536 | |
Unpaid Principal Balance | 195,944 | 307,403 | |
Related Allowance | 18,969 | 21,755 | |
Average Recorded Investment in Impaired Loans | 197,762 | 373,963 | |
Interest Income Recognized | 4,685 | 8,024 | |
Investment Properties [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment, With no related allowance recorded | 10,051 | 15,368 | |
Unpaid Principal Balance, With no related allowance recorded | 12,946 | 20,237 | |
Related Allowance, With no related allowance recorded | 0 | 0 | |
Average Recorded Investment, With no related allowance recorded | 11,625 | 25,311 | |
Interest Income Recognized, With no related allowance recorded | 0 | 0 | |
Recorded Investment, With allowance recorded | 62,305 | 81,758 | |
Unpaid Principal Balance, With allowance recorded | 62,305 | 83,963 | |
Related Allowance, With allowance recorded | 10,070 | 5,413 | |
Average Recorded Investment, With allowance recorded | 73,211 | 129,289 | |
Interest Income Recognized, With allowance recorded | 2,131 | 3,690 | |
Recorded Investment | 72,356 | 97,126 | |
Unpaid Principal Balance | 75,251 | 104,200 | |
Related Allowance | 10,070 | 5,413 | |
Average Recorded Investment in Impaired Loans | 84,836 | 154,600 | |
Interest Income Recognized | 2,131 | 3,690 | |
1-4 Family Properties [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment, With no related allowance recorded | 1,507 | 2,981 | |
Unpaid Principal Balance, With no related allowance recorded | 5,526 | 10,520 | |
Related Allowance, With no related allowance recorded | 0 | 0 | |
Average Recorded Investment, With no related allowance recorded | 2,546 | 5,441 | |
Interest Income Recognized, With no related allowance recorded | 0 | 0 | |
Recorded Investment, With allowance recorded | 51,376 | 80,625 | |
Unpaid Principal Balance, With allowance recorded | 51,376 | 81,357 | |
Related Allowance, With allowance recorded | 6,184 | 11,442 | |
Average Recorded Investment, With allowance recorded | 61,690 | 94,773 | |
Interest Income Recognized, With allowance recorded | 1,618 | 2,645 | |
Recorded Investment | 52,883 | 83,606 | |
Unpaid Principal Balance | 56,902 | 91,877 | |
Related Allowance | 6,184 | 11,442 | |
Average Recorded Investment in Impaired Loans | 64,236 | 100,214 | |
Interest Income Recognized | 1,618 | 2,645 | |
Land Acquisition [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment, With no related allowance recorded | 8,551 | 21,504 | |
Unpaid Principal Balance, With no related allowance recorded | 39,053 | 61,843 | |
Related Allowance, With no related allowance recorded | 0 | 0 | |
Average Recorded Investment, With no related allowance recorded | 13,897 | 29,954 | |
Interest Income Recognized, With no related allowance recorded | 0 | 0 | |
Recorded Investment, With allowance recorded | 24,168 | 49,300 | |
Unpaid Principal Balance, With allowance recorded | 24,738 | 49,483 | |
Related Allowance, With allowance recorded | 2,715 | 4,900 | |
Average Recorded Investment, With allowance recorded | 34,793 | 89,195 | |
Interest Income Recognized, With allowance recorded | 936 | 1,689 | |
Recorded Investment | 32,719 | 70,804 | |
Unpaid Principal Balance | 63,791 | 111,326 | |
Related Allowance | 2,715 | 4,900 | |
Average Recorded Investment in Impaired Loans | 48,690 | 119,149 | |
Interest Income Recognized | 936 | 1,689 | |
Commercial And Industrial [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment, With no related allowance recorded | 13,155 | 24,408 | |
Unpaid Principal Balance, With no related allowance recorded | 18,816 | 30,805 | |
Related Allowance, With no related allowance recorded | 0 | 0 | |
Average Recorded Investment, With no related allowance recorded | 20,394 | 28,532 | |
Interest Income Recognized, With no related allowance recorded | 0 | 0 | |
Recorded Investment, With allowance recorded | 92,444 | 121,618 | |
Unpaid Principal Balance, With allowance recorded | 94,062 | 121,642 | |
Related Allowance, With allowance recorded | 10,477 | 10,451 | |
Average Recorded Investment, With allowance recorded | 99,063 | 170,171 | |
Interest Income Recognized, With allowance recorded | 2,939 | 5,002 | |
Recorded Investment | 105,599 | 146,026 | |
Unpaid Principal Balance | 112,878 | 152,447 | |
Related Allowance | 10,477 | 10,451 | |
Average Recorded Investment in Impaired Loans | 119,457 | 198,703 | |
Interest Income Recognized | 2,939 | 5,002 | |
Commercial, Financial and Agricultural [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment, With no related allowance recorded | 4,393 | 7,391 | |
Unpaid Principal Balance, With no related allowance recorded | 7,606 | 11,193 | |
Related Allowance, With no related allowance recorded | 0 | 0 | |
Average Recorded Investment, With no related allowance recorded | 5,737 | 8,984 | |
Interest Income Recognized, With no related allowance recorded | 0 | 0 | |
Recorded Investment, With allowance recorded | 42,914 | 59,035 | |
Unpaid Principal Balance, With allowance recorded | 44,374 | 59,041 | |
Related Allowance, With allowance recorded | 8,339 | 7,597 | |
Average Recorded Investment, With allowance recorded | 43,740 | 91,221 | |
Interest Income Recognized, With allowance recorded | 1,125 | 2,392 | |
Recorded Investment | 47,307 | 66,426 | |
Unpaid Principal Balance | 51,980 | 70,234 | |
Related Allowance | 8,339 | 7,597 | |
Average Recorded Investment in Impaired Loans | 49,477 | 100,205 | |
Interest Income Recognized | 1,125 | 2,392 | |
Owner-Occupied [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment, With no related allowance recorded | 8,762 | 17,017 | |
Unpaid Principal Balance, With no related allowance recorded | 11,210 | 19,612 | |
Related Allowance, With no related allowance recorded | 0 | 0 | |
Average Recorded Investment, With no related allowance recorded | 14,657 | 19,548 | |
Interest Income Recognized, With no related allowance recorded | 0 | 0 | |
Recorded Investment, With allowance recorded | 49,530 | 62,583 | |
Unpaid Principal Balance, With allowance recorded | 49,688 | 62,601 | |
Related Allowance, With allowance recorded | 2,138 | 2,854 | |
Average Recorded Investment, With allowance recorded | 55,323 | 78,950 | |
Interest Income Recognized, With allowance recorded | 1,814 | 2,610 | |
Recorded Investment | 58,292 | 79,600 | |
Unpaid Principal Balance | 60,898 | 82,213 | |
Related Allowance | 2,138 | 2,854 | |
Average Recorded Investment in Impaired Loans | 69,980 | 98,498 | |
Interest Income Recognized | 1,814 | 2,610 | |
Retail [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment, With no related allowance recorded | 1,844 | 995 | |
Unpaid Principal Balance, With no related allowance recorded | 1,971 | 2,065 | |
Related Allowance, With no related allowance recorded | 0 | 0 | |
Average Recorded Investment, With no related allowance recorded | 1,568 | 1,352 | |
Interest Income Recognized, With no related allowance recorded | 0 | 0 | |
Recorded Investment, With allowance recorded | 36,399 | 43,591 | |
Unpaid Principal Balance, With allowance recorded | 37,523 | 43,591 | |
Related Allowance, With allowance recorded | 989 | 1,270 | |
Average Recorded Investment, With allowance recorded | 39,467 | 48,028 | |
Interest Income Recognized, With allowance recorded | 1,898 | 1,835 | |
Recorded Investment | 38,243 | 44,586 | |
Unpaid Principal Balance | 39,494 | 45,656 | |
Related Allowance | 989 | 1,270 | |
Average Recorded Investment in Impaired Loans | 41,035 | 49,380 | |
Interest Income Recognized | $ 1,898 | $ 1,835 |
Loans And Allowance For Loan 69
Loans And Allowance For Loan Losses (Troubled Debt Restructurings) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($)Contract | Dec. 31, 2014USD ($)Contract | |
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 262 | 272 |
Post-modification balance for loans modified or renewed | $ 80,386 | $ 114,298 |
Write-down | $ 4,000 | $ 163 |
Home Equity Lines [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 53 | 20 |
Post-modification balance for loans modified or renewed | $ 5,731 | $ 2,786 |
Consumer Mortgages [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 15 | 19 |
Post-modification balance for loans modified or renewed | $ 1,906 | $ 3,602 |
Credit Card Receivable [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 0 | 0 |
Post-modification balance for loans modified or renewed | $ 0 | $ 0 |
Other Retail Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 27 | 27 |
Post-modification balance for loans modified or renewed | $ 1,147 | $ 1,229 |
Commercial Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 66 | 99 |
Post-modification balance for loans modified or renewed | $ 56,424 | $ 37,148 |
Investment Properties [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 11 | 15 |
Post-modification balance for loans modified or renewed | $ 32,025 | $ 14,236 |
1-4 Family Properties [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 43 | 68 |
Post-modification balance for loans modified or renewed | $ 22,253 | $ 13,103 |
Land Acquisition [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 12 | 16 |
Post-modification balance for loans modified or renewed | $ 2,146 | $ 9,809 |
Commercial And Industrial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 101 | 107 |
Post-modification balance for loans modified or renewed | $ 15,178 | $ 69,533 |
Commercial, Financial and Agricultural [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 91 | 89 |
Post-modification balance for loans modified or renewed | $ 9,697 | $ 31,267 |
Owner-Occupied [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 10 | 18 |
Post-modification balance for loans modified or renewed | $ 5,481 | $ 38,266 |
Retail [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 95 | 66 |
Post-modification balance for loans modified or renewed | $ 8,784 | $ 7,617 |
Principal Forgiveness [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Post-modification balance for loans modified or renewed | 14,852 | 2,398 |
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 | 14,823 | 2,338 |
Principal Forgiveness [Member] | Investment Properties [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Post-modification balance for loans modified or renewed | 0 | 0 |
Principal Forgiveness [Member] | 1-4 Family Properties [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Post-modification balance for loans modified or renewed | 14,823 | 0 |
Principal Forgiveness [Member] | Land Acquisition [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Post-modification balance for loans modified or renewed | 0 | 2,338 |
Principal Forgiveness [Member] | Commercial And Industrial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Post-modification balance for loans modified or renewed | 29 | 60 |
Principal Forgiveness [Member] | Commercial, Financial and Agricultural [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Post-modification balance for loans modified or renewed | 29 | 60 |
Principal Forgiveness [Member] | Owner-Occupied [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 | 41,222 | 59,020 |
Below Market Interest Rate [Member] | Home Equity Lines [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Post-modification balance for loans modified or renewed | 2,826 | 2,335 |
Below Market Interest Rate [Member] | Consumer Mortgages [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Post-modification balance for loans modified or renewed | 1,011 | 2,735 |
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 | 444 | 663 |
Below Market Interest Rate [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Post-modification balance for loans modified or renewed | 30,333 | 19,817 |
Below Market Interest Rate [Member] | Investment Properties [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Post-modification balance for loans modified or renewed | 25,052 | 8,423 |
Below Market Interest Rate [Member] | 1-4 Family Properties [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Post-modification balance for loans modified or renewed | 4,667 | 6,611 |
Below Market Interest Rate [Member] | Land Acquisition [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Post-modification balance for loans modified or renewed | 614 | 4,783 |
Below Market Interest Rate [Member] | Commercial And Industrial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Post-modification balance for loans modified or renewed | 6,608 | 33,470 |
Below Market Interest Rate [Member] | Commercial, Financial and Agricultural [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Post-modification balance for loans modified or renewed | 3,191 | 10,066 |
Below Market Interest Rate [Member] | Owner-Occupied [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Post-modification balance for loans modified or renewed | 3,417 | 23,404 |
Below Market Interest Rate [Member] | Retail [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Post-modification balance for loans modified or renewed | 4,281 | 5,733 |
Term Extensions and/or Other Concessions [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Post-modification balance for loans modified or renewed | 24,312 | 52,880 |
Term Extensions and/or Other Concessions [Member] | Home Equity Lines [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Post-modification balance for loans modified or renewed | 2,905 | 451 |
Term Extensions and/or Other Concessions [Member] | Consumer Mortgages [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Post-modification balance for loans modified or renewed | 895 | 867 |
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 | 703 | 566 |
Term Extensions and/or Other Concessions [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Post-modification balance for loans modified or renewed | 11,268 | 14,993 |
Term Extensions and/or Other Concessions [Member] | Investment Properties [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Post-modification balance for loans modified or renewed | 6,973 | 5,813 |
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 | 2,763 | 6,492 |
Term Extensions and/or Other Concessions [Member] | Land Acquisition [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Post-modification balance for loans modified or renewed | 1,532 | 2,688 |
Term Extensions and/or Other Concessions [Member] | Commercial And Industrial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Post-modification balance for loans modified or renewed | 8,541 | 36,003 |
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 | 6,477 | 21,141 |
Term Extensions and/or Other Concessions [Member] | Owner-Occupied [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Post-modification balance for loans modified or renewed | 2,064 | 14,862 |
Term Extensions and/or Other Concessions [Member] | Retail [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Post-modification balance for loans modified or renewed | $ 4,503 | $ 1,884 |
Loans And Allowance For Loan 70
Loans And Allowance For Loan Losses (Troubled Debt Restructurings That Subsequently Defaulted) (Details) - Troubled Debt Restructurings That Subsequently Defaulted [Member] $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($)Contract | Dec. 31, 2014USD ($)Contract | |
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 7 | 15 |
Recorded Investment | $ | $ 12,530 | $ 3,623 |
Home Equity Lines [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 2 | 0 |
Recorded Investment | $ | $ 74 | $ 0 |
Consumer Mortgages [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 0 | 3 |
Recorded Investment | $ | $ 0 | $ 206 |
Credit Card Receivable [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 0 | 0 |
Recorded Investment | $ | $ 0 | $ 0 |
Other Retail Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 1 | 1 |
Recorded Investment | $ | $ 81 | $ 6 |
Commercial Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 1 | 5 |
Recorded Investment | $ | $ 10,944 | $ 1,632 |
Investment Properties [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 1 | 1 |
Recorded Investment | $ | $ 10,944 | $ 186 |
1-4 Family Properties [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 0 | 3 |
Recorded Investment | $ | $ 0 | $ 1,018 |
Land Acquisition [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 0 | 1 |
Recorded Investment | $ | $ 0 | $ 428 |
Commercial And Industrial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 3 | 6 |
Recorded Investment | $ | $ 1,431 | $ 1,779 |
Commercial, Financial and Agricultural [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 1 | 6 |
Recorded Investment | $ | $ 112 | $ 1,779 |
Owner-Occupied [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 2 | 0 |
Recorded Investment | $ | $ 1,319 | $ 0 |
Retail [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 3 | 4 |
Recorded Investment | $ | $ 155 | $ 212 |
Loans And Allowance For Loan 71
Loans And Allowance For Loan Losses (Summary Of Loans To Executive Officers And Directors, Including Their Associates) (Details) - Executive Officer And Directors Changes [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Loans and Leases Receivable, Related Parties [Roll Forward] | |
Balance at December 31, 2014 | $ 38,482 |
New loans | 13,577 |
Repayments | (10,506) |
Loans charged-off | 0 |
Balance at December 31, 2015 | $ 41,553 |
Other Comprehensive Income (L72
Other Comprehensive Income (Loss) (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Class of Stock [Line Items] | ||||
Accumulated other comprehensive loss | $ 29,819 | $ 12,605 | $ 41,258 | $ (4,101) |
Net Unrealized Gains (Losses) on Cash Flow Hedges [Member] | ||||
Class of Stock [Line Items] | ||||
Accumulated other comprehensive loss | 12,504 | 12,824 | 13,099 | 13,373 |
Net Unrealized Gains (Losses) on Cash Flow Hedges [Member] | Valuation Allowance of Deferred Tax Assets [Member] | ||||
Class of Stock [Line Items] | ||||
Accumulated other comprehensive loss | 12,100 | |||
Net Unrealized Gains (Losses) on Investment Securities Available for Sale [Member] | ||||
Class of Stock [Line Items] | ||||
Accumulated other comprehensive loss | 18,222 | $ 713 | $ 28,936 | $ (17,111) |
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 loss | $ 13,300 |
Other Comprehensive Income (L73
Other Comprehensive Income (Loss) (Changes in Accumulated Other Comprehensive Income (Loss) by Component (Net of Income Taxes)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Roll Forward] | |||
Accumulated other comprehensive income, balance | $ (12,605) | $ (41,258) | $ 4,101 |
Other comprehensive income before reclassifications | (15,663) | 29,284 | (43,717) |
Amounts reclassified from accumulated other comprehensive income (loss) | (1,551) | (631) | (1,642) |
Net current period other comprehensive income (loss) | (17,214) | 28,653 | (45,359) |
Accumulated other comprehensive income, balance | (29,819) | (12,605) | (41,258) |
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 | (12,824) | (13,099) | (13,373) |
Other comprehensive income before reclassifications | 0 | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income (loss) | 320 | 275 | 274 |
Net current period other comprehensive income (loss) | 320 | 275 | 274 |
Accumulated other comprehensive income, balance | (12,504) | (12,824) | (13,099) |
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 | (713) | (28,936) | 17,111 |
Other comprehensive income before reclassifications | (15,806) | 29,041 | (44,236) |
Amounts reclassified from accumulated other comprehensive income (loss) | (1,703) | (818) | (1,811) |
Net current period other comprehensive income (loss) | (17,509) | 28,223 | (46,047) |
Accumulated other comprehensive income, balance | (18,222) | (713) | (28,936) |
Post-retirement Unfunded Health Benefit [Member] | |||
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Roll Forward] | |||
Accumulated other comprehensive income, balance | 932 | 777 | 363 |
Other comprehensive income before reclassifications | 143 | 243 | 519 |
Amounts reclassified from accumulated other comprehensive income (loss) | (168) | (88) | (105) |
Net current period other comprehensive income (loss) | (25) | 155 | 414 |
Accumulated other comprehensive income, balance | $ 907 | $ 932 | $ 777 |
Other Comprehensive Income (L74
Other Comprehensive Income (Loss) (Reclassifications out of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Interest expense | $ (118,644) | $ (109,408) | $ (118,822) | ||||||||
Loss on early extinguishment of debt | (1,533) | 0 | 0 | ||||||||
Income tax (expense) benefit | $ (32,342) | $ (36,058) | $ (32,242) | $ (31,849) | $ (25,756) | $ (25,868) | $ (27,078) | $ (28,608) | (132,491) | (107,310) | (93,245) |
Investment securities gains, net | 2,769 | 1,331 | 2,945 | ||||||||
Salaries and other personnel expense | (717,655) | (744,998) | (741,537) | ||||||||
Net income available to common shareholders | $ 55,839 | $ 55,369 | $ 53,233 | $ 51,404 | $ 50,612 | $ 44,229 | $ 44,313 | $ 45,857 | 215,844 | 185,011 | 118,553 |
Net Unrealized Gains (Losses) on Cash Flow Hedges [Member] | |||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Interest expense | (448) | (448) | (447) | ||||||||
Loss on early extinguishment of debt | (73) | 0 | 0 | ||||||||
Income tax (expense) benefit | 201 | 173 | 173 | ||||||||
Net income available to common shareholders | (320) | (275) | (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 | (1,066) | (513) | (1,134) | ||||||||
Investment securities gains, net | 2,769 | 1,331 | 2,945 | ||||||||
Net income available to common shareholders | 1,703 | 818 | 1,811 | ||||||||
Post-retirement Unfunded Health Benefit [Member] | |||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Income tax (expense) benefit | (104) | (56) | (65) | ||||||||
Salaries and other personnel expense | 272 | 144 | 170 | ||||||||
Net income available to common shareholders | $ 168 | $ 88 | $ 105 |
Goodwill And Other Intangible75
Goodwill And Other Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Goodwill [Line Items] | |||
Goodwill | $ 24,431 | $ 24,431 | |
Investment Advisory Services [Member] | |||
Goodwill [Line Items] | |||
Goodwill | $ 83,700 | ||
Goodwill, fair value | 125,700 | ||
Amount of fair value in excess of carrying amount | $ 42,000 | ||
Percentage of fair value in excess of carrying amount | 50.00% |
Other Assets (Details)
Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Other Assets [Abstract] | ||
Cash surrender value of bank-owned life insurance | $ 338,002 | $ 286,109 |
Accrued interest receivable | 65,218 | 64,058 |
Accounts receivable | 19,692 | 23,461 |
FHLB and FRB stock | 68,288 | 78,065 |
Private equity investments | 28,018 | 28,363 |
Prepaid expenses | 33,348 | 33,198 |
Derivative asset positions | 27,139 | 32,117 |
Other properties held for sale | 10,671 | 12,227 |
Servicing asset | 4,287 | 3,323 |
Miscellaneous other assets | 55,982 | 54,963 |
Total other assets | $ 650,645 | $ 615,884 |
Other Assets (Narrative) (Detai
Other Assets (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Other Assets [Abstract] | ||
Cash surrender value of bank-owned life insurance | $ 338,002 | $ 286,109 |
Separate account life insurance | 31,800 | 31,500 |
Investments, fair value | 30,600 | |
Federal Home Loan Bank stock held | 67,100 | 76,900 |
Federal Reserve Bank stock held | $ 1,200 | $ 1,200 |
Deposits (Details)
Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Interest-bearing Deposit Liabilities [Abstract] | ||
Interest bearing demand deposits | $ 4,377,407 | $ 3,884,469 |
Money market accounts, excluding brokered deposits | 7,042,350 | 5,971,629 |
Savings accounts | 714,410 | 636,782 |
Time deposits, excluding brokered deposits | 3,300,004 | 3,167,950 |
Brokered deposits | 1,075,520 | 1,642,398 |
Total interest bearing deposits | 16,509,691 | 15,303,228 |
Aggregate amount of time deposits of $100,000 or more | 774,300 | $ 703,300 |
Time Deposits, by Maturity [Abstract] | ||
Maturing within one year | 2,557,885 | |
Between 1 — 2 years | 794,081 | |
2 — 3 years | 401,324 | |
3 — 4 years | 105,103 | |
4 — 5 years | 177,968 | |
Thereafter | 23,159 | |
Time deposits | $ 4,059,520 |
Long-term Debt and Short-term79
Long-term Debt and Short-term Borrowings (Schedule of Long-term Debt Instruments) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 07, 2015 | Dec. 31, 2013 | |
Debt Instrument [Line Items] | ||||
Long-term debt | $ 2,186,893,000 | $ 2,139,325,000 | ||
Interest rate at period end | 0.08% | 0.08% | 0.13% | |
7.875% Senior Notes due February 15, 2019 [Member] | To be paid at Maturity [Member] | ||||
Debt Instrument [Line Items] | ||||
Extinguishment of debt, amount | $ 300,000,000 | |||
5.75% Subordinated Notes, Due December 15, 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Subordinated notes | $ 250,000,000 | |||
Parent Company [Member] | ||||
Debt Instrument [Line Items] | ||||
Hedge-related basis adjustments | 4,018,000 | $ 7,607,000 | ||
Long-term debt | 960,185,000 | 762,272,000 | ||
Parent Company [Member] | 5.125% Subordinated Notes due June 15, 2017 [Member] | ||||
Debt Instrument [Line Items] | ||||
Subordinated notes | $ 402,812,000 | $ 449,006,000 | ||
Stated percentage | 5.125% | 5.125% | ||
Debt, face amount | $ 403,300,000 | $ 450,000,000 | ||
Parent Company [Member] | 7.875% Senior Notes due February 15, 2019 [Member] | Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 296,711,000 | 295,659,000 | ||
Parent Company [Member] | 5.75% Subordinated Notes, Due December 15, 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Subordinated notes | 246,644,000 | $ 0 | ||
Stated percentage | 5.75% | |||
Debt, face amount | $ 250,000,000 | |||
Parent Company [Member] | 5.75% Subordinated Notes, Due December 15, 2025 [Member] | Three- month LIBOR [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 4.182% | |||
Parent Company [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) | ||||
Debt Instrument [Line Items] | ||||
Unsecured debt | $ 10,000,000 | $ 10,000,000 | ||
Debt, face amount | $ 10,000,000 | |||
Interest rate at period end | 2.31% | 2.04% | ||
Parent Company [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 [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 1.80% | 1.80% | ||
Synovus Bank [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 1,226,708,000 | $ 1,377,053,000 | ||
Synovus Bank [Member] | FHLB Advances [Member] | ||||
Debt Instrument [Line Items] | ||||
FHLB advances with interest and principal payments due at various maturity dates through 2018 | $ 1,225,000,000 | $ 1,375,271,000 | ||
Stated percentage rate range, minimum | 0.29% | |||
Stated percentage rate range, maximum | 0.95% | |||
Weighted average interest rate | 0.46% | 0.54% | ||
Synovus Bank [Member] | Other Notes Payable and Capital Leases [Member] | ||||
Debt Instrument [Line Items] | ||||
Other notes payable and capital leases with interest and principal payments due at various maturity dates through 2031 | $ 1,708,000 | $ 1,782,000 | ||
Weighted average interest rate | 1.59% | 1.59% |
Long-term Debt and Short-term80
Long-term Debt and Short-term Borrowings (Principal Payments on Long-term Debt) (Details) - USD ($) $ in Thousands | Jan. 22, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
2,016 | $ 50,079 | |
2,017 | 753,425 | |
2,018 | 250,089 | |
2,019 | 525,090 | |
2,020 | 350,092 | |
Thereafter | 261,270 | |
Total long-term debt | 2,190,045 | |
Parent Company [Member] | ||
Debt Instrument [Line Items] | ||
2,016 | 0 | |
2,017 | 403,337 | |
2,018 | 0 | |
2,019 | 300,000 | |
2,020 | 0 | |
Thereafter | 260,000 | |
Total long-term debt | 963,337 | |
Parent Company [Member] | Subsequent Event [Member] | 5.125% Subordinated Notes due June 15, 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Repurchase amount | $ 124,700 | |
Synovus Bank [Member] | ||
Debt Instrument [Line Items] | ||
2,016 | 50,079 | |
2,017 | 350,088 | |
2,018 | 250,089 | |
2,019 | 225,090 | |
2,020 | 350,092 | |
Thereafter | 1,270 | |
Total long-term debt | $ 1,226,708 |
Long-term Debt and Short-term81
Long-term Debt and Short-term Borrowings (Components of Short-term Borrowings) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Debt Disclosure [Abstract] | |||
Total balance at December 31, | $ 177,025 | $ 126,916 | $ 148,132 |
Weighted average interest rate at December 31, | 0.08% | 0.08% | 0.13% |
Maximum month end balance during the year | $ 250,453 | $ 247,170 | $ 244,048 |
Average amount outstanding during the year | $ 205,305 | $ 198,085 | $ 208,267 |
Weighted average interest rate during the year | 0.08% | 0.11% | 0.16% |
Long-term Debt and Short Term B
Long-term Debt and Short Term Borrowings (Narrative) (Details) - USD ($) $ in Millions | Dec. 07, 2015 | Dec. 31, 2015 | Dec. 31, 2014 |
Loans Receivable [Member] | |||
Debt Instrument [Line Items] | |||
Recorded balance loans receivable | $ 3,260 | $ 3,070 | |
5.75% Subordinated Notes, Due December 15, 2025 [Member] | |||
Debt Instrument [Line Items] | |||
Subordinated notes | $ 250 | ||
Proceeds from issuance of debt | $ 246.6 | ||
5.125% Subordinated Notes due June 15, 2017 [Member] | |||
Debt Instrument [Line Items] | |||
Repurchased face amount | 46.7 | ||
Loss on repurchase of debt | $ 1.5 |
Shareholders' Equity (Changes
Shareholders' Equity (Changes in Shares by Class) (Details) - shares | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Common stock, shares outstanding | 129,547,032 | 136,122,843 | ||
Stock options exercised | 338,808 | 178,176 | 65,109 | |
Preferred Shares Issued [Member] | Series A Preferred Stock [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Balance | 0 | 0 | 968,000 | |
Settlement of prepaid common stock purchase contracts | 0 | |||
Restricted share unit activity | 0 | 0 | 0 | |
Stock options exercised | 0 | 0 | 0 | |
Treasury stock, shares, acquired | 0 | 0 | ||
Redemption of Series A Preferred Stock | (968,000) | |||
Balance | 0 | 0 | 0 | |
Preferred Shares Issued [Member] | Series C Preferred Stock [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Balance | 5,200,000 | 5,200,000 | 0 | |
Settlement of prepaid common stock purchase contracts | 0 | |||
Issuance of common stock | 5,200,000 | |||
Balance | 5,200,000 | 5,200,000 | 5,200,000 | |
Common Shares Issued [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Balance | 139,950,000 | 139,721,000 | 113,182,000 | |
Common stock, shares outstanding | 129,547,000 | 136,123,000 | 138,908,000 | 112,369,000 |
Settlement of prepaid common stock purchase contracts | 17,550,000 | |||
Restricted share unit activity | 304,000 | 52,000 | 374,000 | |
Issuance of common stock | 8,553,000 | |||
Stock options exercised | 338,000 | 177,000 | 62,000 | |
Redemption of Series A Preferred Stock | (7,218,000) | (3,014,000) | ||
Balance | 140,592,000 | 139,950,000 | 139,721,000 | |
Treasury Shares Held [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Balance | 3,827,000 | 813,000 | 813,000 | |
Settlement of prepaid common stock purchase contracts | 0 | |||
Restricted share unit activity | 0 | 0 | 0 | |
Issuance of common stock | 0 | |||
Stock options exercised | 0 | 0 | 0 | |
Treasury stock, shares, acquired | 7,218,000 | 3,014,000 | ||
Balance | 11,045,000 | 3,827,000 | 813,000 |
Shareholders' Equity (Narrativ
Shareholders' Equity (Narrative) (Details) | Apr. 24, 2014shares | Jan. 31, 2015shares | Dec. 31, 2015USD ($)shares | Sep. 30, 2015USD ($) | Sep. 30, 2015USD ($)shares | Dec. 31, 2015USD ($)shares | Sep. 30, 2015USD ($)shares | Dec. 31, 2014shares | Oct. 31, 2014USD ($) | Apr. 23, 2014shares |
Class of Stock [Line Items] | ||||||||||
Stock split, conversion ratio | 0.1429 | |||||||||
Common stock, shares authorized | shares | 2,400,000,000 | 342,857,143 | 342,857,143 | 342,857,143 | 1,200,000,000 | |||||
Common Stock [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Stock repurchase program, repurchased amount | $ 161,900,000 | $ 175,000,000 | ||||||||
Stock repurchase program, shares repurchased | shares | 5,673,686 | |||||||||
Stock repurchase program, additional shares repurchased | shares | 6,177,455 | |||||||||
Repurchase of Common Stock 250 Million [Member] | Common Stock [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Stock repurchase program, authorized amount | $ 75,000,000 | |||||||||
Stock repurchase program, repurchased amount | $ 250,000,000 | |||||||||
Stock repurchase program, shares repurchased | shares | 392,000 | 9,100,000 | 2,500,000 | |||||||
Repurchase of Common Stock 300 Million [Member] | Common Stock [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Stock repurchase program, authorized amount | $ 300,000,000 | $ 300,000,000 | $ 300,000,000 | |||||||
Stock repurchase program, repurchased amount | $ 37,100,000 | |||||||||
Stock repurchase program, period in force | 15 months | |||||||||
Stock repurchase program, shares repurchased | shares | 1,200,000 | |||||||||
Remaining authorized repurchase amount | $ 262,900,000 | $ 262,900,000 |
Regulatory Capital (Details)
Regulatory Capital (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Capital conservation buffer | 2.50% | |
Capital conservation buffer period | 3 years | |
Well-capitalized status,Tier 1 capital ratio | 8.00% | |
Significant subsidiary, assets or net income as percentage of consolidated total, threshold | 10.00% | |
Tier I capital | ||
Tier I capital, Actual | $ 2,660,016 | $ 2,543,625 |
Tier I capital, For Capital Adequacy Purposes | 1,538,637 | 1,051,909 |
Common equity tier I capital (transitional) | ||
Common equity tier 1 capital (transitional), Actual | 2,660,016 | |
Common equity tier 1 capital (transitional), For Capital Adequacy Purposes | 1,153,977 | |
Total risk-based capital | ||
Total risk-based capital, Actual | 3,255,758 | 2,987,406 |
Total risk-based capital, For Capital Adequacy Purposes | $ 2,051,515 | $ 1,874,516 |
Tier I capital ratio | ||
Tier I capital ratio, Actual | 10.37% | 10.86% |
Tier I capital ratio, For Capital Adequacy Purposes | 6.00% | 4.00% |
Common equity tier I capital ratio (transitional) | ||
Common equity tier I capital ratio (transitional), Actual | 10.37% | 10.74% |
Common equity tier I capital ratio (transitional), For Capital Adequacy Purposes | 4.50% | |
Common equity tier I capital ratio (transitional), To Be Well Capitalized Under Prompt Corrective Action Provisions | 6.50% | |
Total risk-based capital ratio | ||
Total risk-based capital ratio, Actual | 12.70% | 12.75% |
Total risk-based capital ratio, For Capital Adequacy Purposes | 8.00% | 8.00% |
Total risk-based capital ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions | 10.00% | |
Leverage ratio | ||
Leverage ratio, Actual | 9.43% | 9.67% |
Leverage ratio, For Capital Adequacy Purposes | 4.00% | 4.00% |
Leverage ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions | 5.00% | |
Minimum [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Capital conservation buffer | 0.625% | |
Synovus Bank [Member] | ||
Tier I capital | ||
Tier I capital, Actual | $ 3,136,132 | $ 2,988,189 |
Tier I capital, For Capital Adequacy Purposes | 1,535,541 | 1,049,257 |
Tier I capital, To Be Well Capitalized Under Prompt Corrective Action Provisions | 2,047,388 | 1,405,071 |
Common equity tier I capital (transitional) | ||
Common equity tier 1 capital (transitional), Actual | 3,136,132 | |
Common equity tier 1 capital (transitional), For Capital Adequacy Purposes | 1,151,656 | |
Common equity tier 1 capital (transitional), To Be Well Capitalized Under Prompt Corrective Action Provisions | 1,663,503 | |
Total risk-based capital | ||
Total risk-based capital, Actual | 3,390,764 | 3,251,836 |
Total risk-based capital, For Capital Adequacy Purposes | 2,047,388 | 1,873,428 |
Total risk-based capital, To Be Well Capitalized Under Prompt Corrective Action Provisions | $ 2,559,235 | $ 2,341,785 |
Tier I capital ratio | ||
Tier I capital ratio, Actual | 12.25% | 12.76% |
Tier I capital ratio, For Capital Adequacy Purposes | 6.00% | 4.00% |
Tier I capital ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions | 8.00% | 6.00% |
Common equity tier I capital ratio (transitional) | ||
Common equity tier I capital ratio (transitional), Actual | 12.25% | |
Common equity tier I capital ratio (transitional), For Capital Adequacy Purposes | 4.50% | |
Common equity tier I capital ratio (transitional), To Be Well Capitalized Under Prompt Corrective Action Provisions | 6.50% | |
Total risk-based capital ratio | ||
Total risk-based capital ratio, Actual | 13.25% | 13.89% |
Total risk-based capital ratio, For Capital Adequacy Purposes | 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 | 11.15% | 11.39% |
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% |
Net Income Per Common Share (Sc
Net Income Per Common Share (Schedule Of Basic And Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | |||||||||||
Net income | $ 58,398 | $ 57,928 | $ 55,792 | $ 53,963 | $ 53,173 | $ 46,788 | $ 46,872 | $ 48,416 | $ 226,082 | $ 195,249 | $ 159,383 |
Dividends and accretion of discount on preferred stock | 10,238 | 10,238 | 40,830 | ||||||||
Net income available to common shareholders | $ 55,839 | $ 55,369 | $ 53,233 | $ 51,404 | $ 50,612 | $ 44,229 | $ 44,313 | $ 45,857 | $ 215,844 | $ 185,011 | $ 118,553 |
Weighted average common shares outstanding, basic | 132,423 | 138,495 | 127,495 | ||||||||
Potentially dilutive shares from assumed exercise of securities or other contracts to purchase common stock | 778 | 659 | 6,731 | ||||||||
Weighted average common shares outstanding, diluted | 133,201 | 139,154 | 134,226 | ||||||||
Net income per common share, basic (per share) | $ 0.43 | $ 0.42 | $ 0.40 | $ 0.38 | $ 0.37 | $ 0.32 | $ 0.32 | $ 0.33 | $ 1.63 | $ 1.34 | $ 0.93 |
Net income per common share, diluted (per share) | $ 0.43 | $ 0.42 | $ 0.40 | $ 0.38 | $ 0.37 | $ 0.32 | $ 0.32 | $ 0.33 | $ 1.62 | $ 1.33 | $ 0.88 |
Net Income Per Common Share (Na
Net Income Per Common Share (Narrative) (Details) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | |||
Potentially dilutive shares | 2.8 | 3.3 | 3.8 |
Fair Value Accounting (Financia
Fair Value Accounting (Financial Instruments Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | $ 5,097 | $ 13,863 |
Fair Value | 3,587,818 | 3,041,406 |
Private equity investments | 28,018 | 28,363 |
Derivative asset positions | 27,139 | 32,117 |
Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 0 | 13,863 |
Fair Value | 56,102 | 51,609 |
Private equity investments | 0 | 0 |
Derivative asset positions | 0 | 0 |
Salary stock units | 1,206 | |
Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 5,097 | 0 |
Fair Value | 3,529,971 | 2,988,152 |
Private equity investments | 870 | 995 |
Derivative asset positions | 27,139 | 32,117 |
Salary stock units | 0 | |
Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 0 | 0 |
Fair Value | 1,745 | 1,645 |
Private equity investments | 27,148 | 27,367 |
Derivative asset positions | 0 | 0 |
Salary stock units | 0 | |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 5,097 | 13,863 |
Mortgage loans held for sale | 59,275 | 63,328 |
Fair Value | 3,587,818 | 3,041,406 |
Private equity investments | 28,018 | 28,362 |
Mutual funds held in rabbi trusts | 10,664 | 11,252 |
Derivative asset positions | 27,139 | 32,117 |
Salary stock units | 1,206 | |
Derivative liabilities | 27,445 | 33,552 |
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 |
Fair Value | 56,102 | 51,609 |
Private equity investments | 0 | 0 |
Mutual funds held in rabbi trusts | 10,664 | 11,252 |
Derivative asset positions | 0 | 0 |
Salary stock units | 1,206 | |
Derivative liabilities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 5,097 | 13,863 |
Mortgage loans held for sale | 59,275 | 63,328 |
Fair Value | 3,529,971 | 2,988,152 |
Private equity investments | 870 | 995 |
Mutual funds held in rabbi trusts | 0 | 0 |
Derivative asset positions | 27,139 | 32,117 |
Salary stock units | 0 | |
Derivative liabilities | 26,030 | 32,151 |
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 |
Fair Value | 1,745 | 1,645 |
Private equity investments | 27,148 | 27,367 |
Mutual funds held in rabbi trusts | 0 | 0 |
Derivative asset positions | 0 | 0 |
Salary stock units | 0 | |
Derivative liabilities | 1,415 | 1,401 |
Fair Value, Measurements, Recurring [Member] | Trading Account Liabilities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading account liabilities | 1,032 | 2,100 |
Fair Value, Measurements, Recurring [Member] | Trading Account Liabilities [Member] | Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading account liabilities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Trading Account Liabilities [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading account liabilities | 1,032 | 2,100 |
Fair Value, Measurements, Recurring [Member] | Trading Account Liabilities [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading account liabilities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Interest Rate Contract [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities | 26,030 | 31,398 |
Fair Value, Measurements, Recurring [Member] | Interest Rate Contract [Member] | Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Interest Rate Contract [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities | 26,030 | 31,398 |
Fair Value, Measurements, Recurring [Member] | Interest Rate Contract [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Mortgage Derivatives [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities | 753 | |
Fair Value, Measurements, Recurring [Member] | Mortgage Derivatives [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities | 753 | |
Fair Value, Measurements, Recurring [Member] | Other Derivative Liability Contracts [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities | 1,415 | 1,401 |
Fair Value, Measurements, Recurring [Member] | Other Derivative Liability Contracts [Member] | Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Other Derivative Liability Contracts [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Other Derivative Liability Contracts [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities | 1,415 | 1,401 |
Fair Value, Measurements, Recurring [Member] | U.S. Treasury Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 2,922 | 145 |
Fair Value | 43,357 | 42,826 |
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 | 0 |
Fair Value | 43,357 | 42,826 |
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 | 2,922 | 145 |
Fair Value | 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 | 0 |
Fair Value | 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 | 1,078 | 2,449 |
Fair Value | 529,597 | 417,076 |
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 |
Fair Value | 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 | 1,078 | 2,449 |
Fair Value | 529,597 | 417,076 |
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 |
Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | State And Municipal Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 1,097 | 1,976 |
Fair Value | 4,434 | 5,206 |
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 |
Fair Value | 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 | 1,097 | 1,976 |
Fair Value | 4,434 | 5,206 |
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 |
Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Residential Mortgage Backed Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 2,483 | |
Fair Value, Measurements, Recurring [Member] | Residential Mortgage Backed Securities [Member] | Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 0 | |
Fair Value, Measurements, Recurring [Member] | Residential Mortgage Backed Securities [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 2,483 | |
Fair Value, Measurements, Recurring [Member] | Residential Mortgage Backed Securities [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 0 | |
Fair Value, Measurements, Recurring [Member] | US Government Agencies Debt Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value | 13,623 | 27,324 |
Fair Value, Measurements, Recurring [Member] | US Government Agencies Debt Securities [Member] | Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | US Government Agencies Debt Securities [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value | 13,623 | 27,324 |
Fair Value, Measurements, Recurring [Member] | US Government Agencies Debt Securities [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value | 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] | ||
Fair Value | 126,909 | 82,042 |
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] | ||
Fair Value | 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] | ||
Fair Value | 126,909 | 82,042 |
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] | ||
Fair Value | 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] | ||
Fair Value | 210,004 | 179,816 |
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] | ||
Fair Value | 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] | ||
Fair Value | 210,004 | 179,816 |
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] | ||
Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Trading Account Liabilities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value | 2,630,419 | 2,261,681 |
Fair Value, Measurements, Recurring [Member] | Trading Account Liabilities [Member] | Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Trading Account Liabilities [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value | 2,630,419 | 2,261,681 |
Fair Value, Measurements, Recurring [Member] | Trading Account Liabilities [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value | 9,672 | 6,748 |
Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value | 9,672 | 6,748 |
Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Other Investments [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 6,810 | |
Fair Value | 19,803 | 18,687 |
Fair Value, Measurements, Recurring [Member] | Other Investments [Member] | Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 0 | |
Fair Value | 3,073 | 2,035 |
Fair Value, Measurements, Recurring [Member] | Other Investments [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 6,810 | |
Fair Value | 14,985 | 15,007 |
Fair Value, Measurements, Recurring [Member] | Other Investments [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 0 | |
Fair Value | 1,745 | 1,645 |
Fair Value, Measurements, Recurring [Member] | Interest Rate Contract [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative asset positions | 25,580 | 30,904 |
Fair Value, Measurements, Recurring [Member] | Interest Rate Contract [Member] | Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative asset positions | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Interest Rate Contract [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative asset positions | 25,580 | 30,904 |
Fair Value, Measurements, Recurring [Member] | Interest Rate Contract [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative asset positions | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Mortgage Derivatives [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative asset positions | 1,559 | 1,213 |
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 |
Fair Value, Measurements, Recurring [Member] | Mortgage Derivatives [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative asset positions | 1,559 | 1,213 |
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 |
Fair Value Accounting (Changes
Fair Value Accounting (Changes In Fair Value Included In Consolidated Statements Of Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Fair Value Disclosures [Abstract] | |||
Mortgage loans held for sale | $ (742) | $ 1,399 | $ (5,566) |
Fair value | 59,275 | 63,328 | 45,384 |
Unpaid principal balance | 58,177 | 61,488 | 44,943 |
Fair value less aggregate unpaid principal balance | $ 1,098 | $ 1,840 | $ 441 |
Fair Value Accounting (Change90
Fair Value Accounting (Changes In Level 3 Fair Value Measurements) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Investment Securities Available For Sale [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance, January 1, | $ 1,645 | $ 2,350 |
Included in earnings | 0 | (88) |
Unrealized gains (losses) included in other comprehensive income | 100 | (77) |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Issuances | 0 | 0 |
Settlements | 0 | (540) |
Amortization of discount/premium | 0 | 0 |
Transfers in and/or out of Level 3 | 0 | 0 |
Ending balance, December 31, | 1,745 | 1,645 |
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, | 100 | (88) |
Private Equity Investments [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance, January 1, | 27,367 | 27,745 |
Included in earnings | (219) | (378) |
Unrealized gains (losses) included in other comprehensive income | 0 | 0 |
Purchases | 0 | 0 |
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, December 31, | 27,148 | 27,367 |
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, | (219) | (378) |
Other Derivative Contracts, Net [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance, January 1, | (1,401) | (2,706) |
Included in earnings | (1,464) | (3,041) |
Unrealized gains (losses) included in other comprehensive income | 0 | 0 |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Issuances | 0 | 0 |
Settlements | 1,450 | 4,346 |
Amortization of discount/premium | 0 | 0 |
Transfers in and/or out of Level 3 | 0 | 0 |
Ending balance, December 31, | (1,415) | (1,401) |
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, | $ (1,464) | $ (3,041) |
Fair Value Accounting (Assets A
Fair Value Accounting (Assets And Liabilities Measured At Fair Value On A Non-Recurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 301,800 | $ 442,148 |
Other real estate | 47,030 | 85,472 |
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 | 425 | 3,606 |
Fair Value Measured On Non-Recurring Basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 4,144 | 13,716 |
Other loans held for sale | 31 | 6,833 |
Other real estate | 4,927 | 7,769 |
Other assets held for sale | 1,322 | 2,076 |
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 assets 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 assets 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 | 11,264 | 28,588 |
Other loans held for sale | 425 | 3,411 |
Other real estate | 23,519 | 32,046 |
Other assets held for sale | $ 3,425 | $ 3,718 |
Fair Value Accounting (Fair Val
Fair Value Accounting (Fair Value Inputs, Assets, Quantitative Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Trust Preferred Securities [Member] | Discounted Cash Flow [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, fair value disclosure | $ 1,745 | |
Private Equity Investments [Member] | Individual Analysis of Each Investment [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, fair value disclosure | 27,148 | |
Visa Derivative [Member] | Probability Model [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, fair value disclosure | 1,415 | |
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 | 11,264 | |
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 | 425 | |
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 | 23,519 | |
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 | $ 3,425 | |
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 | 4.27% | 6.00% |
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 | 5.27% | 6.75% |
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 | 4.77% | 6.39% |
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 | $ 1,645 | |
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 | 100.00% | 100.00% |
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 | 51.00% | 46.00% |
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 | $ 28,588 | |
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 | 27,367 | |
Fair Value, Measurements, Recurring [Member] | Visa Derivative [Member] | Probability Model [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, fair value disclosure | $ 1,401 | |
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 | 0.00% | 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 | 11.00% | 11.00% |
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 | 7.00% | 7.00% |
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 | $ 3,411 | |
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 | 20.00% | 61.00% |
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 | 7.00% | 16.00% |
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 | $ 32,046 | |
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 | 0.00% | 0.00% |
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 | 75.00% | 100.00% |
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 | 42.00% | 49.00% |
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 | $ 3,718 |
Fair Value Accounting (Carrying
Fair Value Accounting (Carrying And Estimated Fair Values Of Financial Instruments Carried On Balance Sheet) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | $ 367,092 | $ 485,489 | |
Interest bearing funds with Federal Reserve Bank | 829,887 | 721,362 | |
Interest earning deposits with banks | 17,387 | 11,810 | |
Federal funds sold and securities purchased under resale agreements | 69,819 | 73,111 | |
Trading account assets | 5,097 | 13,863 | |
Mortgage loans held for sale | 59,275 | 63,328 | |
Fair Value | 3,587,818 | 3,041,406 | |
Private equity investments | 28,018 | 28,363 | |
Loans, net of deferred fees and costs | 22,177,069 | 20,836,382 | |
Derivative asset positions | 27,139 | 32,117 | |
Non-interest bearing deposits | 6,732,970 | 6,228,472 | |
Interest bearing deposits | 16,509,691 | 15,303,228 | |
Federal funds purchased, other short-term borrowings and other short-term liabilities | 177,025 | 126,916 | $ 148,132 |
Long-term debt | 2,186,893 | 2,139,325 | |
Level 1 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 367,092 | 485,489 | |
Interest bearing funds with Federal Reserve Bank | 829,887 | 721,362 | |
Interest earning deposits with banks | 17,387 | 11,810 | |
Federal funds sold and securities purchased under resale agreements | 69,819 | 73,111 | |
Trading account assets | 0 | 13,863 | |
Mortgage loans held for sale | 0 | 0 | |
Other loans held for sale | 0 | 0 | |
Fair Value | 56,102 | 51,609 | |
Private equity investments | 0 | 0 | |
Mutual funds held in rabbi trusts | 10,664 | 11,252 | |
Loans, net of deferred fees and costs | 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, other short-term borrowings and other short-term liabilities | 177,025 | 126,916 | |
Salary stock units | 1,206 | ||
Long-term debt | 0 | 0 | |
Derivative liabilities | 0 | 0 | |
Level 2 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 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 | 5,097 | 0 | |
Mortgage loans held for sale | 59,275 | 63,328 | |
Other loans held for sale | 0 | 0 | |
Fair Value | 3,529,971 | 2,988,152 | |
Private equity investments | 870 | 995 | |
Mutual funds held in rabbi trusts | 0 | 0 | |
Loans, net of deferred fees and costs | 0 | 0 | |
Derivative asset positions | 27,139 | 32,117 | |
Trading account liabilities | 1,032 | 2,100 | |
Non-interest bearing deposits | 6,732,970 | 6,228,472 | |
Interest bearing deposits | 16,516,222 | 15,299,372 | |
Federal funds purchased, other short-term borrowings and other short-term liabilities | 0 | 0 | |
Salary stock units | 0 | ||
Long-term debt | 2,244,376 | 2,191,279 | |
Derivative liabilities | 26,030 | 32,151 | |
Level 3 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 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 | 425 | 3,606 | |
Fair Value | 1,745 | 1,645 | |
Private equity investments | 27,148 | 27,367 | |
Mutual funds held in rabbi trusts | 0 | 0 | |
Loans, net of deferred fees and costs | 22,192,903 | 20,872,939 | |
Derivative asset positions | 0 | 0 | |
Trading account liabilities | 0 | 0 | |
Non-interest bearing deposits | 0 | 0 | |
Interest bearing deposits | 0 | 0 | |
Federal funds purchased, other short-term borrowings and other short-term liabilities | 0 | 0 | |
Salary stock units | 0 | ||
Long-term debt | 0 | 0 | |
Derivative liabilities | 1,415 | 1,401 | |
Carrying Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 367,092 | 485,489 | |
Interest bearing funds with Federal Reserve Bank | 829,887 | 721,362 | |
Interest earning deposits with banks | 17,387 | 11,810 | |
Federal funds sold and securities purchased under resale agreements | 69,819 | 73,111 | |
Trading account assets | 5,097 | 13,863 | |
Mortgage loans held for sale | 59,275 | 63,328 | |
Other loans held for sale | 425 | 3,606 | |
Fair Value | 3,587,818 | 3,041,406 | |
Private equity investments | 28,018 | 28,362 | |
Mutual funds held in rabbi trusts | 10,664 | 11,252 | |
Loans, net of deferred fees and costs | 22,429,565 | 21,097,699 | |
Derivative asset positions | 27,139 | 32,117 | |
Trading account liabilities | 1,032 | 2,100 | |
Non-interest bearing deposits | 6,732,970 | 6,228,472 | |
Interest bearing deposits | 16,509,691 | 15,303,228 | |
Federal funds purchased, other short-term borrowings and other short-term liabilities | 177,025 | 126,916 | |
Salary stock units | 1,206 | ||
Long-term debt | 2,186,893 | 2,140,319 | |
Derivative liabilities | 27,445 | 33,553 | |
Estimated Fair Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 367,092 | 485,489 | |
Interest bearing funds with Federal Reserve Bank | 829,887 | 721,362 | |
Interest earning deposits with banks | 17,387 | 11,810 | |
Federal funds sold and securities purchased under resale agreements | 69,819 | 73,111 | |
Trading account assets | 5,097 | 13,863 | |
Mortgage loans held for sale | 59,275 | 63,328 | |
Other loans held for sale | 425 | 3,606 | |
Fair Value | 3,587,818 | 3,041,406 | |
Private equity investments | 28,018 | 28,362 | |
Mutual funds held in rabbi trusts | 10,664 | 11,252 | |
Loans, net of deferred fees and costs | 22,192,903 | 20,872,939 | |
Derivative asset positions | 27,139 | 32,117 | |
Trading account liabilities | 2,100 | ||
Non-interest bearing deposits | 6,732,970 | 6,228,472 | |
Interest bearing deposits | 16,516,222 | 15,299,372 | |
Federal funds purchased, other short-term borrowings and other short-term liabilities | 177,025 | 126,916 | |
Salary stock units | 1,206 | ||
Long-term debt | 2,244,376 | 2,191,279 | |
Derivative liabilities | 27,445 | 33,553 | |
Equity Securities [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair Value | $ 9,672 | $ 6,748 |
Derivative Instruments (Narrati
Derivative Instruments (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2016 | |
Derivative [Line Items] | ||||
Loss on early extinguishment of debt | $ 1,533 | $ 0 | $ 0 | |
Cash flow hedge gain (loss) to be reclassified within 12 months | 271 | |||
Remaining unamortized deferred gain (loss) balance of all previously terminated cash flow hedges | (597) | (1,100) | ||
Remaining deferred (gain) loss balance on all previously terminated fair value hedges | 4,000 | 7,600 | ||
Deferred gain balance on terminated fair value hedges expected to be reclassified from long-term debt | 1,800 | |||
Collateral pledge to collateralize derivative liabilities | 65,900 | |||
Deferred gains of hedges reclassified into earnings | 3,100 | 3,100 | $ 3,200 | |
Deferred gains of hedges reclassified into loss on extinguishment of debt | 495 | |||
Federal Funds Sold, Counterparty with CCC [Member] | ||||
Derivative [Line Items] | ||||
Collateral pledge to collateralize derivative liabilities | 13,700 | |||
Fixed Rate Residential Mortgage [Member] | ||||
Derivative [Line Items] | ||||
Commitments to fund fixed-rate mortgage loans | 88,800 | 73,400 | ||
Unrealized gain on fair value of fixed-rate mortgage loans to customers | 175 | 606 | ||
Sale of outstanding commitments | 95,000 | 113,000 | ||
Unrealized loss on mortgage loans | 924 | (1,700) | ||
Visa USA [Member] | ||||
Derivative [Line Items] | ||||
Derivative, fair value | 1,400 | |||
Interest Rate Swap [Member] | Customer Position [Member] | ||||
Derivative [Line Items] | ||||
Notional amount of interest rate swap contracts | 1,280,000 | $ 184,800 | ||
Scenario, Forecast [Member] | ||||
Derivative [Line Items] | ||||
Deferred gain balance on terminated fair value hedges expected to be reclassified from loss on extinguishment of debt | $ 1,300 | |||
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Derivative [Line Items] | ||||
Loss on early extinguishment of debt | $ (196) |
Derivative Instruments (Impact
Derivative Instruments (Impact Of Derivatives On Balance Sheet) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Other Assets (Prepaid Issuance Costs) [Member] | ||
Derivative [Line Items] | ||
Fair Value of Derivative Assets | $ 27,139 | $ 32,117 |
Other Liabilities [Member] | ||
Derivative [Line Items] | ||
Fair Value of Derivative Liabilities | 27,445 | 33,552 |
Not Designated As Hedging Instruments [Member] | Other Assets (Prepaid Issuance Costs) [Member] | Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Fair Value of Derivative Assets | 25,580 | 30,904 |
Not Designated As Hedging Instruments [Member] | Other Assets (Prepaid Issuance Costs) [Member] | Mortgage Derivatives [Member] | ||
Derivative [Line Items] | ||
Fair Value of Derivative Assets | 1,559 | 1,213 |
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 Contract [Member] | ||
Derivative [Line Items] | ||
Fair Value of Derivative Liabilities | 26,030 | 31,398 |
Not Designated As Hedging Instruments [Member] | Other Liabilities [Member] | Mortgage Derivatives [Member] | ||
Derivative [Line Items] | ||
Fair Value of Derivative Liabilities | 0 | 753 |
Not Designated As Hedging Instruments [Member] | Other Liabilities [Member] | Other Contract [Member] | ||
Derivative [Line Items] | ||
Fair Value of Derivative Liabilities | $ 1,415 | $ 1,401 |
Derivative Instruments (Effect
Derivative Instruments (Effect Of Fair Value Hedges On Consolidated Statements Of Income) (Details) - Not Designated As Hedging Instruments [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative [Line Items] | |||
Amount of Gain (Loss) Recognized in Income on Derivative | $ 1,143 | $ (602) | $ (656) |
Other Non-Interest Income [Member] | Interest Rate Contract [Member] | |||
Derivative [Line Items] | |||
Amount of Gain (Loss) Recognized in Income on Derivative | 44 | 460 | 89 |
Mortgage Revenues [Member] | Mortgage Derivatives [Member] | |||
Derivative [Line Items] | |||
Amount of Gain (Loss) Recognized in Income on Derivative | $ 1,099 | $ (1,062) | $ (745) |
Variable Interest Entities (Det
Variable Interest Entities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Rabbi Trusts [Member] | ||
Variable Interest Entity [Line Items] | ||
Carrying value of VIE assets and liabilities, net | $ 10,700 | $ 11,300 |
Low Income Housing Tax Credit Partnerships [Member] | ||
Variable Interest Entity [Line Items] | ||
Carrying value of VIE assets and liabilities, net | 18,900 | 10,900 |
Equity method investments | 29,300 | 29,100 |
Commitments to fund equity investments | $ 12,200 | 3,600 |
Historic Rehabilitation Partnerships [Member] | ||
Variable Interest Entity [Line Items] | ||
Carrying value of VIE assets and liabilities, net | $ 350 |
Visa Shares and Litigation Ex98
Visa Shares and Litigation Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative [Line Items] | |||
Indemnification charge to earnings | $ 1.5 | $ 3 | $ 1.6 |
Visa Class B to Visa Class A Shares Conversion Rate [Member] | |||
Derivative [Line Items] | |||
Fair value of derivative liability | $ 1.4 | $ 1.4 |
Commitments and Contingencies99
Commitments and Contingencies (Details) - USD ($) $ in Thousands | 12 Months Ended | 132 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | |
Loss Contingencies [Line Items] | ||||
Loan commitments and letters of credit | $ 15,000 | $ 15,000 | ||
Contractual amount net of risk participations | 66,000 | 66,000 | ||
Operating Leases, Future Minimum Payments Due [Abstract] | ||||
2,016 | 26,263 | 26,263 | ||
2,017 | 25,008 | 25,008 | ||
2,018 | 23,291 | 23,291 | ||
2,019 | 20,707 | 20,707 | ||
2,020 | 20,904 | 20,904 | ||
Thereafter | 176,444 | 176,444 | ||
Total | 292,617 | 292,617 | ||
Operating leases, rent expense | 26,600 | $ 25,900 | $ 25,600 | |
First lien GSE eligible mortgage loans originated and sold | 8,900,000 | |||
First and second lien non-GSE eligible mortgage loans originated and sold | 3,900,000 | |||
Mortgage repurchase claim expense | 920 | 2,000 | $ 1,700 | |
Accrued liabilities related to mortgage repurchase claims | 3,200 | $ 3,200 | 3,200 | |
Guarantee Obligations [Member] | ||||
Loss Contingencies [Line Items] | ||||
Loan commitments and letters of credit | 8,523,072 | 8,523,072 | ||
Standby and Commercial Letters of Credit [Member] | ||||
Loss Contingencies [Line Items] | ||||
Loan commitments and letters of credit | 166,936 | 166,936 | ||
Commitments to Fund Commercial Real Estate, Construction, and Land Development Loans [Member] | ||||
Loss Contingencies [Line Items] | ||||
Loan commitments and letters of credit | 1,882,130 | 1,882,130 | ||
Unused Credit Card Lines [Member] | ||||
Loss Contingencies [Line Items] | ||||
Loan commitments and letters of credit | 1,055,181 | 1,055,181 | ||
Commitments under Home Equity Lines of Credit [Member] | ||||
Loss Contingencies [Line Items] | ||||
Loan commitments and letters of credit | 1,051,386 | 1,051,386 | ||
Commitments to Fund Commercial and Industrial Loans [Member] | ||||
Loss Contingencies [Line Items] | ||||
Loan commitments and letters of credit | 4,094,809 | 4,094,809 | ||
Other Loan Commitments [Member] | ||||
Loss Contingencies [Line Items] | ||||
Loan commitments and letters of credit | $ 272,630 | $ 272,630 |
Legal Proceedings (Details)
Legal Proceedings (Details) - USD ($) | Aug. 23, 2014 | Dec. 31, 2015 |
Loss Contingencies [Line Items] | ||
Aggregate range of reasonably possible losses, minimum | $ 0 | |
Aggregate range of reasonably possible losses, maximum | $ 15,000,000 | |
Posting Order Litigation [Member] | ||
Loss Contingencies [Line Items] | ||
Litigation settlement, amount | $ (3,750,000) | |
Litigation settlement, expense | $ 150,000 |
Employment Expenses and Bene101
Employment Expenses and Benefit Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Compensation and Retirement Disclosure [Abstract] | |||
Employer matching contribution, percent | 100.00% | ||
401(k) percent of match | 4.00% | ||
Annual contribution | $ 9,900 | $ 9,400 | $ 9,100 |
Stock purchase plan, percent of match | 15.00% | ||
Stock purchase plans compensation expense | $ 835 | $ 880 | $ 955 |
Share-Based Compensation (Narra
Share-Based Compensation (Narrative) (Details) $ / shares in Units, $ in Thousands | Jul. 26, 2013USD ($) | Dec. 31, 2015USD ($)simulation$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2013USD ($)$ / sharesshares | Dec. 31, 2012$ / shares | Apr. 25, 2013shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period | 3 years | |||||
Stock options granted | shares | 0 | 0 | 857,607 | |||
Options granted | $ / shares | $ 0 | $ 0 | $ 17.64 | |||
Share-based compensation expense | $ 12,600 | $ 10,200 | $ 7,500 | |||
Tax benefit recognized from compensation expense | 4,600 | 3,900 | $ 2,900 | |||
Unrecognized compensation cost | 15,200 | |||||
Grant-date fair value of options granted | $ / shares | $ 7.21 | |||||
Options outstanding, aggregate intrinsic value | 19,300 | |||||
Options exercisable, aggregate intrinsic value | $ 15,800 | |||||
Options outstanding, weighted average remaining contractual term (years) | 4 years 10 months 24 days | |||||
Options exercisable, weighted average remaining contractual term (years) | 4 years 6 months 15 days | |||||
Options exercised, intrinsic value | $ 4,400 | 1,300 | $ 367 | |||
Total grant date fair value of stock options vested | 6,500 | 4,900 | 4,300 | |||
Share-based compensation tax benefit (deficiency) | 1,656 | (3,168) | 317 | |||
Cash received from option exercises | $ 5,643 | $ 3,048 | $ 1,044 | |||
Restricted Stock Units (RSUs) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period | 3 years | 3 years | 3 years | |||
Non-option awards granted | shares | 321,874 | 407,374 | 212,660 | |||
Non-option awards granted, weighted-average grant-date fair value (per share) | $ / shares | $ 28.09 | $ 23.69 | $ 19.60 | |||
Tax benefit recognized from compensation expense | $ 1,700 | |||||
Unrecognized compensation cost | $ 9,900 | |||||
Unrecognized compensation cost, period of recognition (years) | 1 year 4 months 28 days | |||||
Risk-free interest rate | 1.05% | 0.70% | 0.63% | |||
Expected stock price volatility | 26.40% | 39.20% | 40.00% | |||
Dividend yield | 1.40% | 1.20% | 1.20% | |||
Non-option awards vested, total fair value | $ 7,400 | $ 12,300 | $ 1,600 | $ 11,600 | ||
Taxes paid for vesting of employee share units | $ 5,100 | $ 692 | $ 3,600 | |||
Market Restricted Stock Units (MRSUs) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period | 3 years | |||||
Non-option awards granted | shares | 82,152 | 90,117 | 40,512 | |||
Non-option awards granted, weighted-average grant-date fair value (per share) | $ / shares | $ 29.39 | $ 24.30 | $ 24.43 | $ 24.43 | ||
Unrecognized compensation cost | $ 2,800 | |||||
Unrecognized compensation cost, period of recognition (years) | 1 year 4 months 10 days | |||||
Number of simulations | simulation | 100,000 | |||||
Non-option awards vested, total fair value | $ 1,400 | $ 398 | ||||
Performance Share Units (PSUs) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Non-option awards granted | shares | 67,157 | |||||
Non-option awards granted, weighted-average grant-date fair value (per share) | $ / shares | $ 23.47 | |||||
Unrecognized compensation cost | $ 2,200 | |||||
Unrecognized compensation cost, period of recognition (years) | 1 year 5 months 1 day | |||||
Stock Options [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unrecognized compensation cost | $ 249 | |||||
Risk-free interest rate | 1.11% | |||||
Expected stock price volatility | 50.00% | |||||
Dividend yield | 1.60% | |||||
Salary Stock Units (SSUs) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Non-option awards granted | shares | 44,527 | 70,015 | ||||
Units granted, fair value | $ 1,200 | $ 1,800 | ||||
Performance Shares [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Non-option awards granted | shares | 82,152 | 67,157 | ||||
Non-option awards granted, weighted-average grant-date fair value (per share) | $ / shares | $ 28.06 | $ 23.47 | ||||
Minimum [Member] | Market Restricted Stock Units (MRSUs) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting range based on return on average assets (ROAA) | 75.00% | |||||
Minimum [Member] | Performance Share Units (PSUs) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Options, vested and expected to vest, range based on return on average assets | 0.00% | |||||
Maximum [Member] | Market Restricted Stock Units (MRSUs) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting range based on return on average assets (ROAA) | 125.00% | |||||
Maximum [Member] | Performance Share Units (PSUs) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Options, vested and expected to vest, range based on return on average assets | 150.00% | |||||
2013 Omnibus Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares of authorized but unissued common stock reserved for future grants | shares | 7,050,823 | 8,571,429 | ||||
2007 Omnibus Plan [Member] | Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period | 3 years | |||||
2007 Omnibus Plan [Member] | Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period | 5 years | |||||
Common Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Cash received from option exercises | $ 5,600 | $ 3,000 | $ 1,000 |
Share-Based Compensation (Fair
Share-Based Compensation (Fair Value Assumptions) (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 1.11% | ||
Expected stock price volatility | 50.00% | ||
Dividend yield | 1.60% | ||
Expected life of options | 6 years | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 1.05% | 0.70% | 0.63% |
Expected stock price volatility | 26.40% | 39.20% | 40.00% |
Dividend yield | 1.40% | 1.20% | 1.20% |
Expected life of options | 3 years | 3 years | 3 years |
Stock-Based Compensation (Stock
Stock-Based Compensation (Stock Option Activity) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Shares | |||
Outstanding at beginning of year | 2,550,046 | 3,220,110 | 2,755,672 |
Option rounding due to reverse stock split on May 16, 2014 | 0 | 841 | 0 |
Options granted | 0 | 0 | 857,607 |
Options exercised | (338,808) | (178,176) | (65,109) |
Options forfeited | (12,825) | (30,146) | (52,011) |
Options expired | (456,438) | (462,583) | (276,049) |
Options outstanding at end of year | 1,741,975 | 2,550,046 | 3,220,110 |
Options exercisable at end of year | 1,504,783 | 1,870,516 | 1,999,195 |
Weighted-Average Exercise Price | |||
Outstanding at beginning of year | $ 45.11 | $ 49 | $ 58.80 |
Option rounding due to reverse stock split on May 16, 2014 | 0 | 49 | 0 |
Options granted | 0 | 0 | 17.64 |
Options exercised | 16.72 | 17.14 | 17.29 |
Options forfeited | 17.17 | 15.79 | 16.45 |
Options expired | 94.56 | 84.88 | 62.86 |
Options outstanding at end of year | 37.88 | 45.11 | 49 |
Options exercisable at end of year | $ 41.08 | $ 55.40 | $ 68.74 |
Share-Based Compensation (Restr
Share-Based Compensation (Restricted Stock Units Activity) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Outstanding, End of Period, Shares | 1,072,582 | ||
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 | 882,823 | 581,677 | 920,426 |
Outstanding, Beginning of Period, Weighted-Average Grant-date Fair Value (per share) | $ 19.81 | $ 16.38 | $ 16.45 |
Share unit rounding due to reverse stock split on May 16, 2014, Shares | 258 | ||
Share unit rounding due to reverse stock split on May 16, 2014, Weighted-Average Grant-date Fair Value (per share) | $ 16.38 | ||
Granted, Shares | 321,874 | 407,374 | 212,660 |
Granted, Weighted-Average Grant-date Fair Value (per share) | $ 28.09 | $ 23.69 | $ 19.60 |
Dividend equivalents granted, Shares | 9,810 | 8,805 | 10,689 |
Dividend equivalents granted, Weighted-Average Grant-date Fair Value | $ 28.09 | $ 24.09 | $ 21 |
Vested, Shares | (428,121) | (64,725) | (545,154) |
Vested, Weighted-Average Grant-date Fair Value (per share) | $ 17.48 | $ 15.45 | $ 17.92 |
Forfeited, Shares | (23,619) | (50,566) | (16,944) |
Forfeited, Weighted-Average Grant-date Fair Value (per share) | $ 24.60 | $ 17.92 | $ 14.49 |
Outstanding, End of Period, Shares | 762,767 | 882,823 | 581,677 |
Outstanding, End of Period, Weighted-Average Grant-date Fair Value (per share) | $ 24.57 | $ 19.81 | $ 16.38 |
Share-Based Compensation (Marke
Share-Based Compensation (Market Restricted Share Units and Performance Share Units) (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Outstanding, End of Period, Shares | 1,072,582 | |||
Market Restricted Stock Units (MRSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Outstanding, Beginning of Period, Shares | 118,186 | 40,512 | 0 | |
Outstanding, Beginning of Period, Weighted-Average Grant-date Fair Value (per share) | $ 24.33 | $ 24.43 | $ 0 | |
Share unit rounding due to reverse stock split on May 16, 2014, Shares | 4 | |||
Share unit rounding due to reverse stock split on May 16, 2014, Weighted-Average Grant-date Fair Value (per share) | $ 24.43 | |||
Granted, Shares | 82,152 | 90,117 | 40,512 | |
Granted, Weighted-Average Grant-date Fair Value (per share) | $ 29.39 | $ 24.30 | $ 24.43 | $ 24.43 |
Dividend equivalents granted, Shares | 2,221 | 1,231 | ||
Dividend equivalents granted, Weighted-Average Grant-date Fair Value (per share) | $ 29.05 | $ 24.09 | ||
Quantity change by TSR factor, Shares | 4,838 | 1,518 | ||
Quantity change by TSR factor, Weighted-Average Grant-date Fair Value (per share) | $ 24.33 | $ 24.43 | ||
Vested, Shares | (49,149) | (15,196) | ||
Vested, Weighted-Average Grant-date Fair Value (per share) | $ 24.34 | $ 24.43 | ||
Outstanding, End of Period, Shares | 158,248 | 118,186 | 40,512 | 0 |
Outstanding, End of Period, Weighted-Average Grant-date Fair Value (per share) | $ 27.02 | $ 24.33 | $ 24.43 | $ 0 |
Performance Share Units (PSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Outstanding, Beginning of Period, Shares | 67,675 | 0 | ||
Outstanding, Beginning of Period, Weighted-Average Grant-date Fair Value (per share) | $ 23.47 | $ 0 | ||
Granted, Shares | 67,157 | |||
Granted, Weighted-Average Grant-date Fair Value (per share) | $ 23.47 | |||
Dividend equivalents granted, Shares | 1,740 | 518 | ||
Dividend equivalents granted, Weighted-Average Grant-date Fair Value (per share) | $ 28.06 | $ 24.09 | ||
Outstanding, End of Period, Shares | 151,567 | 67,675 | 0 | |
Outstanding, End of Period, Weighted-Average Grant-date Fair Value (per share) | $ 26.01 | $ 23.47 | $ 0 |
Share-Based Compensation (Grant
Share-Based Compensation (Grants Under All Synovus Equity Compensation Plan) (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of securities to be issued upon vesting of restricted share units | 1,072,582 | |||
Number of securities to be issued upon exercise of outstanding options | 1,741,975 | |||
Weighted-average exercise price of outstanding options in column (b) | $ 37.88 | |||
Number of shares remaining available for issuance excluding shares reflected in columns (a) and (b) | 7,050,823 | |||
Options exercised, shares | 1,504,783 | 1,870,516 | 1,999,195 | |
Options granted | $ 0 | $ 0 | $ 17.64 | |
Shareholder Approved Equity Compensation Plans for Shares of Synovus Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of securities to be issued upon vesting of restricted share units | 1,072,582 | |||
Number of securities to be issued upon exercise of outstanding options | 1,741,975 | |||
Weighted-average exercise price of outstanding options in column (b) | $ 37.88 | |||
Number of shares remaining available for issuance excluding shares reflected in columns (a) and (b) | 7,050,823 | |||
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 | 0 | |||
Number of securities to be issued upon exercise of outstanding options | 0 | |||
Weighted-average exercise price of outstanding options in column (b) | $ 0 | |||
Number of shares remaining available for issuance excluding shares reflected in columns (a) and (b) | 0 | |||
2013 Omnibus Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares remaining available for issuance excluding shares reflected in columns (a) and (b) | 7,050,823 | |||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of securities to be issued upon vesting of restricted share units | 762,767 | 882,823 | 581,677 | 920,426 |
Income Taxes (Components of Inc
Income Taxes (Components of Income Tax Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current | |||||||||||
Federal | $ 6,163 | $ 5,140 | $ 5,460 | ||||||||
State | 4,424 | 150 | (2,630) | ||||||||
Total current income tax expense | 10,587 | 5,290 | 2,830 | ||||||||
Deferred | |||||||||||
Federal | 108,877 | 92,360 | 78,870 | ||||||||
State | 13,027 | 9,660 | 11,545 | ||||||||
Total deferred income tax expense | 121,904 | 102,020 | 90,415 | ||||||||
Total income tax expense | $ 32,342 | $ 36,058 | $ 32,242 | $ 31,849 | $ 25,756 | $ 25,868 | $ 27,078 | $ 28,608 | 132,491 | 107,310 | 93,245 |
Share-based compensation tax benefit (deficiency) | $ 1,656 | $ (3,168) | $ 317 |
Income Taxes (Effective Income
Income Taxes (Effective Income Tax Reconciliation) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||||||||||
U.S. federal income tax rate | 35.00% | ||||||||||
Income Tax Expense (Benefit) Reconciliation | |||||||||||
Income tax expense at statutory federal income tax rate | $ 125,501 | $ 105,896 | $ 88,420 | ||||||||
State income tax expense, net of federal income tax effect | 12,870 | 8,014 | 9,877 | ||||||||
Tax-exempt income | (835) | (1,076) | (1,407) | ||||||||
Tax credits | (1,173) | (1,123) | (1,473) | ||||||||
Cash surrender value of life insurance | (2,885) | (2,928) | (2,932) | ||||||||
Change in valuation allowance, federal and state | (589) | (2,273) | (4,083) | ||||||||
Other, net | (398) | 800 | 4,843 | ||||||||
Total income tax expense | $ 32,342 | $ 36,058 | $ 32,242 | $ 31,849 | $ 25,756 | $ 25,868 | $ 27,078 | $ 28,608 | $ 132,491 | $ 107,310 | $ 93,245 |
Income Taxes (Deferred Tax Asse
Income Taxes (Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred income tax assets | ||
Net operating loss carryforwards | $ 308,617 | $ 422,968 |
Allowance for loan losses | 103,884 | 111,814 |
Tax credit carryforwards | 59,434 | 52,194 |
Deferred revenue | 16,529 | 18,770 |
Share-based compensation | 10,800 | 12,152 |
Non-performing loan interest | 16,604 | 20,366 |
Net unrealized losses on investment securities available for sale | 3,072 | 0 |
Other | 28,950 | 34,576 |
Total gross deferred tax assets | 547,890 | 672,840 |
Less valuation allowance | (11,713) | (12,303) |
Total deferred tax assets | 536,177 | 660,537 |
Deferred tax liabilities | ||
Excess tax over financial statement depreciation | (8,564) | (10,546) |
Net unrealized gains on investment securities available for sale | 0 | (7,893) |
Ownership interest in partnership | (4,537) | (5,933) |
Fixed assets held for sale | (5,985) | (7,287) |
Other | (5,143) | (6,414) |
Total gross deferred tax liabilities | (24,229) | (38,073) |
Net deferred tax asset | $ 511,948 | $ 622,464 |
Income Taxes (Tax Carryforwards
Income Taxes (Tax Carryforwards) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Assets, Gross | $ 547,890 | $ 672,840 |
Deferred Tax Assets, Valuation Allowance | (11,713) | (12,303) |
Total deferred tax assets | 536,177 | $ 660,537 |
Alternative Minimum Tax Credit [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Assets, Gross | 31,745 | |
Deferred Tax Assets, Valuation Allowance | 0 | |
Total deferred tax assets | 31,745 | |
Federal [Member] | Net Operating Loss [Member] | 2030-2034 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Assets, Gross | 256,807 | |
Deferred Tax Assets, Valuation Allowance | 0 | |
Total deferred tax assets | 256,807 | |
Pre-Tax Earnings Necessary to Realize | 733,734 | |
Federal [Member] | General Business Tax Credits [Member] | 2028-2035 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Assets, Gross | 11,667 | |
Deferred Tax Assets, Valuation Allowance | 0 | |
Total deferred tax assets | 11,667 | |
State [Member] | Net Operating Loss [Member] | 2016-2019 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Assets, Gross | 10 | |
Deferred Tax Assets, Valuation Allowance | 0 | |
Total deferred tax assets | 10 | |
Pre-Tax Earnings Necessary to Realize | 689,362 | |
State [Member] | Net Operating Loss [Member] | 2024-2028 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Assets, Gross | 4,031 | |
Deferred Tax Assets, Valuation Allowance | 0 | |
Total deferred tax assets | 4,031 | |
Pre-Tax Earnings Necessary to Realize | 660,830 | |
State [Member] | Net Operating Loss [Member] | 2029-2035 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Assets, Gross | 54,674 | |
Deferred Tax Assets, Valuation Allowance | 0 | |
Total deferred tax assets | 54,674 | |
Pre-Tax Earnings Necessary to Realize | 1,744,165 | |
State [Member] | Other Credits [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Assets, Gross | 1,445 | |
Deferred Tax Assets, Valuation Allowance | 0 | |
Total deferred tax assets | 1,445 | |
State [Member] | Other Credits [Member] | 2016-2019 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Assets, Gross | 11,800 | |
Deferred Tax Assets, Valuation Allowance | (11,713) | |
Total deferred tax assets | 87 | |
State [Member] | Other Credits [Member] | 2020-2025 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Assets, Gross | 2,777 | |
Deferred Tax Assets, Valuation Allowance | 0 | |
Total deferred tax assets | $ 2,777 |
Income Taxes (Unrecognized Tax
Income Taxes (Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Reconciliation of Unrecognized Income Tax Benefits | ||
Balance at January 1, | $ 13,023 | $ 912 |
Additions based on income tax positions related to current year | 0 | 0 |
Additions for income tax positions of prior years | 8 | 12,318 |
Deductions for income tax positions of prior years | 0 | (52) |
Statute of limitation expirations | (286) | (155) |
Settlements | 0 | 0 |
Balance at December 31, | $ 12,745 | $ 13,023 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Contingency [Line Items] | |||
Share-based compensation tax benefit (deficiency) | $ 1,656 | $ (3,168) | $ 317 |
Valuation allowance recorded during the period | 589 | 2,273 | $ 4,083 |
Deferred tax assets expected to be realized | 511,900 | ||
Valuation allowance | 11,713 | 12,303 | |
Net deferred income taxes | 511,948 | 622,464 | |
Deferred tax assets, not subject to expiration | 155,600 | ||
Tax credit carryforwards | 59,434 | 52,194 | |
Other tax credits | 28,950 | 34,576 | |
Unrecognized tax benefits, income tax penalties and interest accrued | 96 | 105 | |
Unrecognized tax benefits that would impact effective tax rate | 8,300 | 8,500 | |
Unrecognized tax benefits, income tax penalties and interest accrued that would impact effective tax rate | 63 | $ 68 | |
Approximate range of uncertain income tax positions expected to be settled or resolved during the next 12 months, minimum | 320 | ||
Period through 2019 [Member] | |||
Income Tax Contingency [Line Items] | |||
Valuation allowance | 11,700 | ||
Period from 2030 through 2032 [Member] | |||
Income Tax Contingency [Line Items] | |||
Deferred tax assets, subject to expiration | 256,800 | ||
Period through 2035 [Member] | |||
Income Tax Contingency [Line Items] | |||
Deferred tax assets, subject to expiration | 51,800 | ||
Federal [Member] | |||
Income Tax Contingency [Line Items] | |||
Alternative minimum tax credits | 31,700 | ||
Federal and State [Member] | Period through 2035 [Member] | |||
Income Tax Contingency [Line Items] | |||
Tax credit carryforward, amount | $ 27,700 |
Condensed Financial Informat114
Condensed Financial Information Of Synovus Financial Corp. (Parent Company Only) (Condensed Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Assets [Abstract] | ||||
Cash due from bank subsidiary | $ 367,092 | $ 485,489 | ||
Other assets | 650,645 | 615,884 | ||
Total assets | 28,792,653 | 27,050,237 | ||
Liabilities and Shareholders' Equity | ||||
Long-term debt | 2,186,893 | 2,139,325 | ||
Other liabilities | 185,878 | 211,026 | ||
Total liabilities | 25,792,457 | 24,008,967 | ||
Shareholders’ equity: | ||||
Series C Preferred Stock – no par value. 5,200,000 shares outstanding at December 31, 2015 and December 31, 2014 | 125,980 | 125,980 | ||
Common stock | 140,592 | 139,950 | ||
Additional paid-in capital | 2,989,981 | 2,960,825 | ||
Treasury stock | (401,511) | (187,774) | ||
Accumulated other comprehensive loss, net | (29,819) | (12,605) | $ (41,258) | $ 4,101 |
Retained earnings | 174,973 | 14,894 | ||
Total shareholders’ equity | 3,000,196 | 3,041,270 | ||
Total liabilities and shareholders' equity | 28,792,653 | 27,050,237 | ||
Parent Company [Member] | ||||
Assets [Abstract] | ||||
Cash due from bank subsidiary | 369,564 | 234,399 | ||
Funds due from other depository institutions | 19,911 | 19,911 | ||
Investment in consolidated bank subsidiary, at equity | 3,339,233 | 3,307,353 | ||
Investment in consolidated nonbank subsidiaries, at equity | 71,350 | (247,669) | ||
Notes receivable from nonbank subsidiaries | 67,000 | 399,168 | ||
Other assets | 105,513 | 120,129 | ||
Total assets | 3,972,571 | 3,833,291 | ||
Liabilities and Shareholders' Equity | ||||
Long-term debt | 960,185 | 762,272 | ||
Other liabilities | 12,190 | 29,749 | ||
Total liabilities | 972,375 | 792,021 | ||
Shareholders’ equity: | ||||
Series C Preferred Stock – no par value. 5,200,000 shares outstanding at December 31, 2015 and December 31, 2014 | 125,980 | 125,980 | ||
Common stock | 140,592 | 139,950 | ||
Additional paid-in capital | 2,989,981 | 2,960,825 | ||
Treasury stock | (401,511) | (187,774) | ||
Accumulated other comprehensive loss, net | (29,819) | (12,605) | ||
Retained earnings | 174,973 | 14,894 | ||
Total shareholders’ equity | 3,000,196 | 3,041,270 | ||
Total liabilities and shareholders' equity | $ 3,972,571 | $ 3,833,291 |
Condensed Financial Informat115
Condensed Financial Information Of Synovus Financial Corp. (Parent Company Only) (Condensed Statements Of Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Expenses | |||||||||||
Interest expense | $ 118,644 | $ 109,408 | $ 118,822 | ||||||||
Other expenses | 717,655 | 744,998 | 741,537 | ||||||||
Income before income taxes | $ 90,741 | $ 93,986 | $ 88,034 | $ 85,812 | $ 78,929 | $ 72,656 | $ 73,950 | $ 77,024 | 358,573 | 302,559 | 252,628 |
Dividends and accretion of discount on preferred stock | 10,238 | 10,238 | 40,830 | ||||||||
Net income available to common shareholders | $ 55,839 | $ 55,369 | $ 53,233 | $ 51,404 | $ 50,612 | $ 44,229 | $ 44,313 | $ 45,857 | 215,844 | 185,011 | 118,553 |
Parent Company [Member] | |||||||||||
Income | |||||||||||
Cash dividends received from Synovus Bank | 199,904 | 90,626 | 0 | ||||||||
Cash distributions received from Synovus Bank | 25,096 | 91,374 | 680,000 | ||||||||
Interest income | 8,865 | 14,262 | 15,366 | ||||||||
Other income | (337) | (932) | (2,374) | ||||||||
Total income | 233,528 | 195,330 | 692,992 | ||||||||
Expenses | |||||||||||
Interest expense | 46,585 | 45,726 | 46,672 | ||||||||
Other expenses | 10,516 | 10,337 | 8,067 | ||||||||
Total expenses | 57,101 | 56,063 | 54,739 | ||||||||
Income before income taxes | 176,427 | 139,267 | 638,253 | ||||||||
Allocated income tax benefit | (18,808) | (16,491) | (16,589) | ||||||||
Income before equity in undistributed income (loss) of subsidiaries | 195,235 | 155,758 | 654,842 | ||||||||
Equity in undistributed income (loss) of subsidiaries | 30,847 | 39,491 | (495,459) | ||||||||
Net income (loss) available to controlling interest | 226,082 | 195,249 | 159,383 | ||||||||
Dividends and accretion of discount on preferred stock | 10,238 | 10,238 | 40,830 | ||||||||
Net income available to common shareholders | $ 215,844 | $ 185,011 | $ 118,553 |
Condensed Financial Informat116
Condensed Financial Information Of Synovus Financial Corp. (Parent Company Only) (Condensed Statements of Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income, Before-tax Amount | $ 358,573 | $ 302,559 | $ 252,628 | ||||||||
Allocated income tax benefit | $ (32,342) | $ (36,058) | $ (32,242) | $ (31,849) | $ (25,756) | $ (25,868) | $ (27,078) | $ (28,608) | (132,491) | (107,310) | (93,245) |
Net income | $ 58,398 | $ 57,928 | $ 55,792 | $ 53,963 | $ 53,173 | $ 46,788 | $ 46,872 | $ 48,416 | 226,082 | 195,249 | 159,383 |
Reclassification adjustment for losses (gains) realized in net income, Before-tax Amount | 521 | 448 | 447 | ||||||||
Reclassification adjustment for losses (gains) realized in net income, Tax (Expense) Benefit | (201) | (173) | (173) | ||||||||
Reclassification adjustment for losses (gains) realized in net income, Net of Tax Amount | 320 | 275 | 274 | ||||||||
Net unrealized gains (losses) arising during the period, Before-tax Amount | (25,707) | 47,223 | (71,929) | ||||||||
Net unrealized gains (losses) arising during the period, Tax (Expense) Benefit | 9,901 | (18,182) | 27,693 | ||||||||
Net unrealized gains (losses) arising during the period, Net of Tax Amount | (15,806) | 29,041 | (44,236) | ||||||||
Other comprehensive income (loss), Before-tax Amount | (27,991) | 46,591 | (73,767) | ||||||||
Other comprehensive income (loss), Tax (Expense) Benefit | 10,777 | (17,938) | 28,408 | ||||||||
Other comprehensive income (loss), Net of Tax Amount | (17,214) | 28,653 | (45,359) | ||||||||
Comprehensive income, Net of Tax Amount | 208,868 | 223,902 | 114,024 | ||||||||
Parent Company [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income, Before-tax Amount | 358,573 | 302,559 | 252,628 | ||||||||
Allocated income tax benefit | (132,491) | (107,310) | (93,245) | ||||||||
Net income | 226,082 | 195,249 | 159,383 | ||||||||
Reclassification adjustment for losses (gains) realized in net income, Before-tax Amount | 521 | 448 | 447 | ||||||||
Reclassification adjustment for losses (gains) realized in net income, Tax (Expense) Benefit | (201) | (173) | (173) | ||||||||
Reclassification adjustment for losses (gains) realized in net income, Net of Tax Amount | 320 | 275 | 274 | ||||||||
Net unrealized gains (losses) arising during the period, Before-tax Amount | 2,908 | 21 | 3,246 | ||||||||
Net unrealized gains (losses) arising during the period, Tax (Expense) Benefit | (1,120) | (8) | (1,250) | ||||||||
Net unrealized gains (losses) arising during the period, Net of Tax Amount | 1,788 | 13 | 1,996 | ||||||||
Other comprehensive gain (loss) of bank subsidiary, Before-tax Amount | (31,420) | 46,122 | (77,460) | ||||||||
Other comprehensive gain (loss) of bank subsidiary, Tax (expense) Benefit | 12,098 | (17,757) | 29,831 | ||||||||
Other comprehensive gain (loss) of bank subsidiary, Net of Tax Amount | (19,322) | 28,365 | (47,629) | ||||||||
Other comprehensive income (loss), Before-tax Amount | (27,991) | 46,591 | (73,767) | ||||||||
Other comprehensive income (loss), Tax (Expense) Benefit | 10,777 | (17,938) | 28,408 | ||||||||
Other comprehensive income (loss), Net of Tax Amount | (17,214) | 28,653 | (45,359) | ||||||||
Comprehensive income, Net of Tax Amount | $ 208,868 | $ 223,902 | $ 114,024 |
Condensed Financial Informat117
Condensed Financial Information Of Synovus Financial Corp. (Parent Company Only) (Condensed Statements of Cash Flows) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Net cash provided by operating activities | $ 447,542 | $ 387,218 | $ 605,101 |
Investing Activities | |||
Net cash used in investing activities | (2,109,273) | (1,166,774) | (27,586) |
Financing Activities | |||
Repurchases and agreements to repurchase shares of common stock | (199,221) | (88,113) | 0 |
Repayments on long-term debt | (823,899) | (400,781) | (307,571) |
Proceeds from issuance of long-term debt | 871,644 | 510,000 | 617,500 |
Proceeds from issuance of Series C Preferred Stock, net of issuance costs | 0 | 0 | 125,862 |
Redemption of Series A Preferred Stock | 0 | 0 | (967,870) |
Proceeds from issuance of common stock, net of issuance costs | 0 | 0 | 175,174 |
Net cash provided by (used in) financing activities | 1,543,334 | 795,415 | (722,515) |
(Decrease) increase in cash and cash equivalents | (118,397) | 15,859 | (145,000) |
Cash and cash equivalents at beginning of year | 485,489 | 469,630 | 614,630 |
Cash and cash equivalents at end of year | 367,092 | 485,489 | 469,630 |
Income tax payments, net | 10,514 | 5,971 | 2,577 |
Interest paid | 115,795 | 109,549 | 121,291 |
Parent Company [Member] | |||
Operating Activities | |||
Net income | 226,082 | 195,249 | 159,383 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Equity in undistributed (income) loss of subsidiaries | (30,847) | (39,491) | 495,459 |
Deferred income tax benefit | (2,506) | (5,041) | (11,375) |
Net (decrease) increase in other liabilities | (1,709) | (22,323) | 11,845 |
Net decrease (increase) in other assets | 1,045 | 14,226 | (11,238) |
Other, net | (178) | (2,041) | (2,183) |
Net cash provided by operating activities | 191,887 | 140,579 | 641,891 |
Investing Activities | |||
Net decrease in short-term notes receivable from non-bank subsidiaries | 10,000 | 39,000 | 5,768 |
Net cash used in investing activities | 10,000 | 39,000 | 5,768 |
Financing Activities | |||
Dividends paid to common and preferred shareholders | (65,592) | (53,043) | (72,898) |
Repurchases and agreements to repurchase shares of common stock | (199,221) | (88,113) | 0 |
Repayments on long-term debt | (48,553) | 0 | (74,178) |
Proceeds from issuance of long-term debt | 246,644 | 0 | 0 |
Proceeds from issuance of Series C Preferred Stock, net of issuance costs | 0 | 0 | 125,862 |
Redemption of Series A Preferred Stock | 0 | 0 | (967,870) |
Proceeds from issuance of common stock, net of issuance costs | 0 | 0 | 175,174 |
Net cash provided by (used in) financing activities | (66,722) | (141,156) | (813,910) |
(Decrease) increase in cash and cash equivalents | 135,165 | 38,423 | (166,251) |
Cash and cash equivalents at beginning of year | 254,310 | 215,887 | 382,138 |
Cash and cash equivalents at end of year | 389,475 | 254,310 | 215,887 |
Income tax payments, net | 8,700 | 4,800 | 1,500 |
Interest paid | $ 46,900 | $ 46,900 | $ 49,100 |
Supplemental Financial Data (De
Supplemental Financial Data (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Supplemental Income Statement Elements [Abstract] | |||
Other loan expenses | $ 8,812 | $ 9,396 | $ 15,205 |
Litigation contingency/settlement expenses | 5,110 | 12,812 | 10,000 |
Insurance and bonds | 12,514 | 11,801 | 12,503 |
Telephone and communications | $ 10,539 | $ 10,442 | $ 12,403 |
Summary of Quarterly Financi119
Summary of Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Data [Abstract] | |||||||||||
Interest income | $ 242,814 | $ 238,093 | $ 233,654 | $ 231,401 | $ 234,703 | $ 233,394 | $ 232,213 | $ 228,382 | $ 945,962 | $ 928,692 | $ 929,014 |
Net interest income | 212,620 | 207,790 | 203,644 | 203,263 | 207,456 | 206,263 | 205,051 | 200,514 | 827,318 | 819,284 | 810,192 |
Provision for loan losses | 5,021 | 2,956 | 6,636 | 4,397 | 8,193 | 3,843 | 12,284 | 9,511 | 19,010 | 33,831 | 69,598 |
Income before income taxes | 90,741 | 93,986 | 88,034 | 85,812 | 78,929 | 72,656 | 73,950 | 77,024 | 358,573 | 302,559 | 252,628 |
Income tax expense | 32,342 | 36,058 | 32,242 | 31,849 | 25,756 | 25,868 | 27,078 | 28,608 | 132,491 | 107,310 | 93,245 |
Net income | 58,398 | 57,928 | 55,792 | 53,963 | 53,173 | 46,788 | 46,872 | 48,416 | 226,082 | 195,249 | 159,383 |
Net income available common shareholders | $ 55,839 | $ 55,369 | $ 53,233 | $ 51,404 | $ 50,612 | $ 44,229 | $ 44,313 | $ 45,857 | $ 215,844 | $ 185,011 | $ 118,553 |
Net income per common share, basic (per share) | $ 0.43 | $ 0.42 | $ 0.40 | $ 0.38 | $ 0.37 | $ 0.32 | $ 0.32 | $ 0.33 | $ 1.63 | $ 1.34 | $ 0.93 |
Net income per common share, diluted (per share) | $ 0.43 | $ 0.42 | $ 0.40 | $ 0.38 | $ 0.37 | $ 0.32 | $ 0.32 | $ 0.33 | $ 1.62 | $ 1.33 | $ 0.88 |
Allowance for loan losses and provision for loan losses | $ 12,900 | $ 13,300 |