Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 26, 2019 | Jun. 30, 2018 | |
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, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 159,145,739 | ||
Trading Symbol | snv | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 5,797,502,812 | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Shell Company | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
ASSETS | |||
Cash and due from banks | $ 468,426 | $ 397,848 | |
Interest-bearing funds with Federal Reserve Bank | 641,476 | 460,928 | |
Interest earning deposits with banks | 19,841 | 26,311 | |
Federal funds sold and securities purchased under resale agreements | 13,821 | 47,846 | |
Total cash, cash equivalents, restricted cash, and restricted cash equivalents | [1],[2] | 1,143,564 | 932,933 |
Mortgage loans held for sale, at fair value | 37,129 | 48,024 | |
Investment securities available for sale, at fair value | 3,991,632 | 3,987,069 | |
Loans, net of deferred fees and costs | 25,946,573 | 24,787,464 | |
Allowance for loan losses | (250,555) | (249,268) | |
Loans, net | 25,696,018 | 24,538,196 | |
Cash surrender value of bank-owned life insurance | 554,134 | 540,958 | |
Premises and equipment, net | 434,307 | 426,813 | |
Goodwill | 57,315 | 57,315 | |
Other intangible assets | 9,875 | 11,254 | |
Deferred tax asset, net | 141,134 | 165,788 | |
Other assets | 604,084 | 513,487 | |
Total assets | 32,669,192 | 31,221,837 | |
Liabilities | |||
Non-interest-bearing deposits | 7,650,967 | 7,686,339 | |
Interest-bearing deposits | 19,069,355 | 18,461,561 | |
Total deposits | 26,720,322 | 26,147,900 | |
Federal funds purchased and securities sold under repurchase agreements | 237,692 | 161,190 | |
Other short-term borrowings | 650,000 | 100,000 | |
Long-term debt | 1,657,157 | 1,606,138 | |
Other liabilities | 270,419 | 245,043 | |
Total liabilities | 29,535,590 | 28,260,271 | |
Shareholders' Equity | |||
Common stock - $1.00 par value; authorized 342,857,143 shares; 143,300,449 issued at December 31, 2018 and 142,677,449 issued at December 31, 2017; 115,865,510 outstanding at December 31, 2018 and 118,897,295 outstanding at December 31, 2017 | 143,300 | 142,678 | |
Additional paid-in capital | 3,060,561 | 3,043,129 | |
Treasury stock, at cost – 27,434,939 shares at December 31, 2018 and 23,780,154 shares at December 31, 2017 | (1,014,746) | (839,674) | |
Accumulated other comprehensive loss, net | (94,420) | (54,754) | |
Retained earnings | 843,767 | 544,207 | |
Total shareholders’ equity | 3,133,602 | 2,961,566 | |
Total liabilities and shareholders' equity | 32,669,192 | 31,221,837 | |
Series C Preferred Stock | |||
Shareholders' Equity | |||
Preferred Stock | 0 | 125,980 | |
Series D Preferred Stock | |||
Shareholders' Equity | |||
Preferred Stock | $ 195,140 | $ 0 | |
[1] | See "Note 1 - Summary of Significant Accounting Policies" of this Report for information on Synovus' change in presentation of cash and cash equivalents. | ||
[2] | See "Note 1 - Summary of Significant Accounting Policies" of this Report for information on Synovus' change in presentation of cash and cash equivalents.See accompanying notes to the audited consolidated financial statements. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 |
Common stock, par value (per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 342,857,143 | 342,857,143 |
Common stock, shares issued (in shares) | 143,300,449 | 142,677,449 |
Common stock, shares outstanding (in shares) | 115,865,510 | 118,897,295 |
Treasury stock, shares at cost (in shares) | 27,434,939 | 23,780,154 |
Series C Preferred Stock | ||
Preferred stock, shares outstanding (in shares) | 0 | 5,200,000 |
Series D Preferred Stock | ||
Preferred stock, shares authorized (in shares) | 100,000,000 | 0 |
Preferred stock, shares issued (in shares) | 8,000,000 | 0 |
Preferred stock, shares outstanding (in shares) | 8,000,000 | 0 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Interest income: | |||
Loans, including fees | $ 1,226,648 | $ 1,064,276 | $ 944,233 |
Investment securities available for sale | 96,928 | 82,699 | 67,467 |
Mortgage loans held for sale | 1,950 | 1,926 | 2,646 |
Federal Reserve Bank balances | 10,156 | 6,470 | 4,356 |
Other earning assets | 8,623 | 7,126 | 4,101 |
Total interest income | 1,344,305 | 1,162,497 | 1,022,803 |
Interest expense: | |||
Deposits | 143,871 | 81,325 | 64,206 |
Federal funds purchased, securities sold under repurchase agreements, and other short-term borrowings | 3,553 | 950 | 501 |
Long-term debt | 48,468 | 56,913 | 58,916 |
Total interest expense | 195,892 | 139,188 | 123,623 |
Net interest income | 1,148,413 | 1,023,309 | 899,180 |
Provision for loan losses | 51,697 | 67,185 | 28,000 |
Net interest income after provision for loan losses | 1,096,716 | 956,124 | 871,180 |
Non-interest income: | |||
Revenue from contract with customer | 223,032 | ||
Income from bank-owned life insurance | 15,403 | 13,460 | 11,364 |
Cabela's Transaction Fee | 0 | 75,000 | 0 |
Investment securities (losses) gains, net | (1,296) | (289) | 6,011 |
Other non-interest income | 12,459 | 13,205 | 15,170 |
Total non-interest income | 280,093 | 345,327 | 273,194 |
Non-interest expense: | |||
Salaries and other personnel expense | 453,420 | 433,321 | 402,026 |
Net occupancy and equipment expense | 130,482 | 119,964 | 109,347 |
Third-party processing expense | 58,625 | 54,708 | 46,320 |
FDIC insurance and other regulatory fees | 24,494 | 27,011 | 26,714 |
Professional fees | 26,737 | 26,232 | 26,698 |
Advertising expense | 20,881 | 22,948 | 20,264 |
Foreclosed real estate expense, net | 2,204 | 12,540 | 12,838 |
Loss on early extinguishment of debt, net | 0 | 23,160 | 4,735 |
Earnout liability adjustments | 11,652 | 5,466 | 0 |
Merger-related expense | 10,065 | 110 | 1,636 |
Other operating expenses | 90,895 | 95,853 | 105,345 |
Total non-interest expense | 829,455 | 821,313 | 755,923 |
Income before income taxes | 547,354 | 480,138 | 388,451 |
Income tax expense | 118,878 | 204,664 | 141,667 |
Net income | 428,476 | 275,474 | 246,784 |
Less: Preferred stock dividends and redemption charge | 17,998 | 10,238 | 10,238 |
Net income available to common shareholders | $ 410,478 | $ 265,236 | $ 236,546 |
Net income per common share, basic (in dollars per share) | $ 3.49 | $ 2.19 | $ 1.90 |
Net income per common share, diluted (in dollars per share) | $ 3.47 | $ 2.17 | $ 1.89 |
Weighted average common shares outstanding, basic (in shares) | 117,644 | 121,162 | 124,389 |
Weighted average common shares outstanding, diluted (in shares) | 118,378 | 122,012 | 125,078 |
Service charges on deposit accounts | |||
Non-interest income: | |||
Revenue from contract with customer | $ 80,840 | $ 81,419 | $ 83,246 |
Fiduciary and asset management fees | |||
Non-interest income: | |||
Revenue from contract with customer | 54,685 | 50,485 | 46,594 |
Card fees | |||
Non-interest income: | |||
Revenue from contract with customer | 42,503 | 39,376 | 39,302 |
Brokerage revenue | |||
Non-interest income: | |||
Revenue from contract with customer | 36,567 | 29,705 | 27,028 |
Mortgage banking income | |||
Non-interest income: | |||
Revenue from contract with customer | 18,958 | 22,798 | 24,259 |
Other fee income | |||
Non-interest income: | |||
Revenue from contract with customer | $ 19,974 | $ 20,168 | $ 20,220 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
Net income, Before-tax Amount | $ 547,354 | $ 480,138 | $ 388,451 |
Net income, Tax (Expense) Benefit | (118,878) | (204,664) | (141,667) |
Net income | 428,476 | 275,474 | 246,784 |
Net change related to cash flow hedges: Before-tax Amount | |||
Reclassification adjustment for losses realized in net income, Before-tax Amount | 0 | 130 | 467 |
Net change related to cash flow hedges: Tax (Expense) Benefit | |||
Reclassification adjustment for losses realized in net income, Tax (Expense) Benefit | 0 | (50) | (180) |
Net change related to cash flow hedges: Net of Tax Amount | |||
Reclassification adjustment for losses realized in net income, Net of Tax Amount | 0 | 80 | 287 |
Net unrealized (losses) gains on investment securities available for sale: Before-tax Amount | |||
Reclassification adjustment for net losses (gains) realized in net income, Before-tax Amount | 1,296 | 289 | (6,011) |
Net unrealized (losses) gains arising during the period, Before-tax Amount | (44,565) | 1,038 | (36,432) |
Net unrealized (losses) gains, Before-tax Amount | (43,269) | 1,327 | (42,443) |
Net unrealized (losses) gains on investment securities available for sale: Tax (Expense) Benefit | |||
Reclassification adjustment for net losses (gains) realized in net income, Tax (Expense) Benefit | (336) | (111) | 2,314 |
Net unrealized (losses) gains arising during the period, Tax (Expense) Benefit | 11,542 | (362) | 14,027 |
Net unrealized (losses) gains, Tax (Expense) Benefit | 11,206 | (473) | 16,341 |
Net unrealized (losses) gains on investment securities available for sale: Net of Tax Amount | |||
Reclassification adjustment for net losses (gains) realized in net income, Net of Tax Amount | 960 | 178 | (3,697) |
Net unrealized gains (losses) arising during the period, Net of Tax Amount | (33,023) | 676 | (22,405) |
Net unrealized (losses) gains, Net of Tax Amount | (32,063) | 854 | (26,102) |
Post-retirement unfunded health benefit: Before-tax Amount | |||
Reclassification adjustment for gains realized in net income, Before-tax Amount | (132) | (110) | (144) |
Actuarial (losses) gains arising during the period, Before-tax Amount | (46) | 61 | 102 |
Net decrease in unrealized gains, net, Before-tax Amount | (178) | (49) | (42) |
Post-retirement unfunded health benefit: Tax (Expense) Benefit | |||
Reclassification adjustment for gains realized in net income, Tax (Expense) Benefit | 34 | 43 | 56 |
Actuarial (losses) gains arising during the period, Tax (Expense) Benefit | 12 | (23) | (39) |
Net decrease in unrealized gains, net, Tax (Expense) Benefit | 46 | 20 | 17 |
Post-retirement unfunded health benefit: Net of Tax Amount | |||
Reclassification adjustment for gains realized in net income, Net of Tax Amount | (98) | (67) | (88) |
Actuarial (losses) gains arising during the period, Net of Tax Amount | (34) | 38 | 63 |
Net decrease in unrealized gains, net, Net of Tax Amount | (132) | (29) | (25) |
Other comprehensive (loss) income, Before-tax Amount | (43,447) | 1,408 | (42,018) |
Other comprehensive (loss) income, Tax (Expense) Benefit | 11,252 | (503) | 16,178 |
Net current period other comprehensive income (loss) | (32,195) | 905 | (25,840) |
Comprehensive income, Net of Tax Amount | $ 396,281 | $ 276,379 | $ 220,944 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Series C Preferred Stock | Series D Preferred Stock | Preferred StockSeries C Preferred Stock | Preferred StockSeries D Preferred Stock | Common Stock | Additional Paid-in Capital | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Retained EarningsSeries C Preferred Stock | Retained EarningsSeries D Preferred Stock |
Beginning balance at Dec. 31, 2015 | $ 3,000,196 | $ 125,980 | $ 0 | $ 140,592 | $ 2,989,981 | $ (401,511) | $ (29,819) | $ 174,973 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net income | 246,784 | 246,784 | ||||||||||
Other comprehensive (loss) income, net of income taxes | (25,840) | (25,840) | ||||||||||
Cash dividends declared on common stock | (59,425) | (59,425) | ||||||||||
Cash dividends paid on Preferred Stock | $ (10,238) | $ (10,238) | ||||||||||
Repurchases of common stock | (263,084) | (262,900) | (263,084) | |||||||||
Issuance of common stock for acquisition | 26,592 | 821 | 25,771 | |||||||||
Restricted share unit vesting and taxes paid related to net share settlement | (5,041) | 316 | (5,030) | (327) | ||||||||
Stock options exercised | 5,155 | 297 | 4,858 | |||||||||
Share-based compensation net tax deficiency | (790) | (790) | ||||||||||
Share-based compensation expense | 13,615 | 13,615 | ||||||||||
Ending balance at Dec. 31, 2016 | 2,927,924 | 125,980 | 0 | 142,026 | 3,028,405 | (664,595) | (55,659) | 351,767 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Adoption | 0 | |||||||||||
Net income | 275,474 | 275,474 | ||||||||||
Other comprehensive (loss) income, net of income taxes | 905 | 905 | ||||||||||
Cash dividends declared on common stock | (72,506) | (72,506) | ||||||||||
Cash dividends paid on Preferred Stock | (10,238) | (10,238) | ||||||||||
Repurchases of common stock | (175,079) | (175,000) | (175,079) | |||||||||
Issuance of common stock for acquisition | 5,460 | 118 | 5,342 | |||||||||
Restricted share unit vesting and taxes paid related to net share settlement | (7,993) | 336 | (8,039) | (290) | ||||||||
Stock options exercised | 3,440 | 198 | 3,242 | |||||||||
Share-based compensation net tax deficiency | 5,000 | |||||||||||
Share-based compensation expense | 14,179 | 14,179 | ||||||||||
Ending balance at Dec. 31, 2017 | 2,961,566 | 125,980 | 0 | 142,678 | 3,043,129 | (839,674) | (54,754) | 544,207 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Adoption | 0 | |||||||||||
Adoption | Cumulative-effect adjustment from adoption of ASU 2014-09 | (685) | (685) | ||||||||||
Adoption | Reclassification from adoption of ASU 2018-02 | 0 | (7,588) | 7,588 | |||||||||
Adoption | Cumulative-effect adjustment from adoption of ASU 2016-01 | 0 | 117 | (117) | |||||||||
Net income | 428,476 | 428,476 | ||||||||||
Other comprehensive (loss) income, net of income taxes | (32,195) | (32,195) | ||||||||||
Cash dividends declared on common stock | (117,355) | (117,355) | ||||||||||
Cash dividends paid on Preferred Stock | (7,678) | $ (6,300) | (7,678) | $ (6,300) | ||||||||
Repurchases of common stock | (175,072) | $ (130,000) | (125,980) | (175,000) | (175,072) | $ (4,020) | ||||||
Issuance of Series D Preferred Stock, net of issuance costs | 195,140 | 195,140 | ||||||||||
Issuance of common stock for acquisition | 7,427 | 199 | 7,228 | |||||||||
Restricted share unit vesting and taxes paid related to net share settlement | (8,504) | 297 | (8,452) | (349) | ||||||||
Stock options exercised | 2,139 | 126 | 2,013 | |||||||||
Share-based compensation net tax deficiency | 3,300 | |||||||||||
Share-based compensation expense | 16,643 | 16,643 | ||||||||||
Ending balance at Dec. 31, 2018 | 3,133,602 | $ 0 | $ 195,140 | $ 143,300 | $ 3,060,561 | $ (1,014,746) | $ (94,420) | $ 843,767 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Adoption | $ (685) |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Stockholders' Equity [Abstract] | |||
Cash dividends declared on common stock, per share | $ 1 | $ 0.60 | $ 0.48 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | ||||
Operating Activities | ||||||
Net income | $ 428,476 | $ 275,474 | $ 246,784 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Provision for loan losses | 51,697 | 67,185 | 28,000 | |||
Depreciation, amortization, and accretion, net | 55,172 | 59,121 | 58,228 | |||
Deferred income tax expense | 36,215 | 231,056 | 128,837 | |||
Originations of mortgage loans held for sale | (543,073) | (622,564) | (705,394) | |||
Proceeds from sales of mortgage loans held for sale | 565,672 | 642,193 | 724,712 | |||
Gain on sales of mortgage loans held for sale, net | (12,291) | (13,450) | (13,780) | |||
Increase in other assets | (83,957) | (74,090) | (9,600) | |||
Increase (decrease) in other liabilities | 22,202 | 28,651 | (4,239) | |||
Investment securities losses (gains), net | 1,296 | 289 | (6,011) | |||
Loss on early extinguishment of debt, net | 0 | 23,160 | 4,735 | |||
Share-based compensation expense | 16,643 | 14,179 | 13,615 | |||
Net cash provided by operating activities | 538,052 | 631,204 | 465,887 | |||
Investing Activities | ||||||
Net cash received in acquisition | 0 | 0 | 6,146 | |||
Proceeds from maturities and principal collections of investment securities available for sale | 603,099 | 632,875 | 894,123 | |||
Proceeds from sales of investment securities available for sale | 35,066 | 812,293 | 968,606 | |||
Purchases of investment securities available for sale | (700,194) | (1,729,902) | (2,051,283) | |||
Proceeds from sales of loans | 22,915 | 42,726 | 15,046 | |||
Proceeds from sales of other real estate and other assets | 12,854 | 17,480 | 43,834 | |||
Net increase in loans including purchases of loans | (1,235,260) | (1,060,582) | (1,129,422) | |||
Net (purchases) redemptions of Federal Home Loan Bank stock | (25,500) | 7,438 | (4,250) | |||
Net (purchases) redemptions of Federal Reserve Bank stock | (282) | 2,984 | (97,293) | |||
Purchases of bank-owned life insurance policies, net of settlements | 2,412 | (148,110) | (28,126) | |||
Net increase in premises and equipment | (53,159) | (51,106) | (34,317) | |||
Net cash used in investing activities | (1,338,049) | (1,473,904) | (1,416,936) | |||
Financing Activities | ||||||
Net increase in deposits | 571,897 | 1,499,085 | 1,404,558 | |||
Net increase (decrease) in federal funds purchased and securities sold under repurchase agreements | 76,502 | 1,491 | (17,326) | |||
Net increase (decrease) in other short-term borrowings | 550,000 | 100,000 | (50,000) | |||
Repayments and redemption of long-term debt | (2,230,052) | (2,350,422) | (2,213,688) | |||
Proceeds from issuance of long-term debt | 2,280,000 | 1,771,866 | 1,875,000 | |||
Dividends paid to common shareholders | (106,224) | (54,670) | (59,425) | |||
Dividends paid to preferred shareholders | (13,978) | (10,238) | (10,238) | |||
Net proceeds from issuance of Series D Preferred Stock | 195,140 | 0 | 0 | |||
Redemption of Series C Preferred Stock | (130,000) | 0 | 0 | |||
Stock options exercised | 2,139 | 3,440 | 5,155 | |||
Earnout payment | (1,220) | (892) | 0 | |||
Repurchase of common stock | (175,072) | (175,079) | (263,084) | |||
Taxes paid related to net share settlement of equity awards | (8,504) | (7,993) | (5,041) | |||
Net cash provided by financing activities | 1,010,628 | 776,588 | 665,911 | |||
Increase (decrease) in cash and cash equivalents including restricted cash | 210,631 | (66,112) | (285,138) | |||
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of year | 932,933 | [1],[2] | 999,045 | [2] | 1,284,183 | [2] |
Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of year | 1,143,564 | [1],[2] | 932,933 | [1],[2] | 999,045 | [2] |
Supplemental Cash Flow Information | ||||||
Income taxes, net | 41,008 | 18,040 | 9,340 | |||
Interest | 180,241 | 143,237 | 123,560 | |||
Non-cash Activities: | ||||||
Loans foreclosed and transferred to other real estate | 13,168 | 7,154 | 16,214 | |||
Premises and equipment transferred to/(from) other assets, net | 896 | 7,733 | 25,231 | |||
Topic 606 cumulative-effect adjustment to opening balance of retained earnings | (685) | 0 | 0 | |||
Subtopic 825-10 equity investment securities available for sale transferred to other assets at fair value | 3,162 | 0 | 0 | |||
Loans transferred to (from) other loans held for sale at fair value, net | 12,568 | 52,829 | 14,621 | |||
Dividends declared on common stock during the year but paid after year-end | 28,966 | 17,835 | 0 | |||
Settlement of earnout payment with shares of common stock | 7,427 | 5,460 | 0 | |||
Acquisition: | ||||||
Fair value of non-cash assets acquired | 0 | 0 | 408,054 | |||
Fair value of liabilities assumed | 0 | 0 | 387,608 | |||
Fair value of common stock issued | $ 0 | $ 0 | $ 26,592 | |||
[1] | See "Note 1 - Summary of Significant Accounting Policies" of this Report for information on Synovus' change in presentation of cash and cash equivalents. | |||||
[2] | See "Note 1 - Summary of Significant Accounting Policies" of this Report for information on Synovus' change in presentation of cash and cash equivalents.See accompanying notes to the audited consolidated financial statements. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 1 - Summary of Significant Accounting Policies Business Operations Synovus provides integrated financial services, including commercial and retail banking, financial management, insurance, and mortgage services to its customers through 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, 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, headquartered in Columbus, Georgia, which provides trust, asset management, and financial planning services; and Synovus Mortgage, headquartered in Birmingham, Alabama, which offers mortgage services. Principles of Consolidation and Basis of Presentation The consolidated financial statements of Synovus include the accounts of the Parent Company and its consolidated subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. 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. Prior periods' consolidated financial statements are reclassified whenever necessary to conform to the current periods' presentation. The Company’s consolidated financial statements include all entities in which the Company has a controlling financial interest. A variable interest entity (VIE) for which Synovus or a subsidiary has been determined to be the primary beneficiary is also consolidated. 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. Investments in VIEs, where Synovus is not the primary beneficiary, are accounted for using either the proportional amortization method or equity method of accounting. These investments are included in other assets in the consolidated balance sheets, and the Company's proportionate share of income or loss is included as either a component of income tax expense (proportional amortization method) or non-interest income (equity method). The maximum potential exposure to losses relative to investments in VIEs is generally limited to the sum of the outstanding balance, future funding commitments and any related loans to the entity. The assessment of whether or not the Company has a controlling interest (i.e., the primary beneficiary) in a VIE is performed on an on-going basis. Refer to "Part II - Item 8. Financial Statements and Supplementary Data - Note 15 - Commitments and Contingencies" for additional details regarding Synovus' involvement with VIEs. Use of Estimates 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; estimates of fair value; income taxes; and contingent liabilities including legal matters and the Global One Earnout Payments, among others. Business Combinations Assets and liabilities acquired in business combinations are recorded at their acquisition date fair values, except as provided for by the applicable accounting guidance, with any excess recorded as goodwill. The results of operations of the acquired company are combined with Synovus’ results from the acquisition date forward. In accordance with ASC Topic 805, Business Combinations , the Company generally records provisional amounts at the time of acquisition based on the information available to the Company. The provisional estimates of fair values may be adjusted for a period of up to one year (“measurement period”) from the date of acquisition if new information is obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement of the amounts recognized as of that date. Subsequently, adjustments recorded during the measurement period are recognized in the current reporting period. Acquisition costs are expensed when incurred. Additional information regarding acquisitions is provided in "Part II - Item 8. Financial Statements and Supplementary Data - Note 2 - Acquisitions" . Cash and Cash Equivalents Cash and cash equivalents consist of cash and due from banks as well as interest-bearing funds with Federal Reserve Bank, interest earning deposits with banks, and federal funds sold and securities purchased under resale agreements, which are inclusive of any restricted cash and restricted cash equivalents. At December 31, 2018 , no cash balances were required to be on deposit with the Federal Reserve Bank to meet reserve requirements and at December 31, 2017 , required deposits with the Federal Reserve Bank amounted to $8.6 million . Cash and cash equivalents included $25.6 million at December 31, 2018 and $49.7 million at December 31, 2017 , which were pledged to collateralize certain derivative instruments and letters of credit. Federal funds sold and securities purchased under resale agreements, and federal funds purchased and securities sold under repurchase agreements generally mature in one day. In connection with the adoption of ASU 2016-18 , Statement of Cash Flows-Restricted Cash, Synovus changed its presentation of cash and cash equivalents, effective January 1, 2018, to include cash and due from banks as well as interest-bearing funds with Federal Reserve Bank, interest earning deposits with banks, and federal funds sold and securities purchased under resale agreements, which are inclusive of any restricted cash and restricted cash equivalents. Prior to 2018, cash and cash equivalents only included cash and due from banks. Prior periods have been revised to maintain comparability. Mortgage Loans Held for Sale and Mortgage Banking Income Mortgage Loans Held for Sale Mortgage loans held for sale are initially measured at fair value under the fair value option election with subsequent changes in fair value recognized as a component of mortgage banking income in the consolidated statements of income. 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 sold servicing released, without recourse or continuing involvement, and meet ASC Topic 860, Transfers and Servicing criteria for sale accounting. 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) Synovus 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) Synovus 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 the Company has the intent and ability to hold for the foreseeable future 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 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 include all loans modified in a troubled debt restructuring (TDR). Impaired loans do not include smaller-balance homogeneous loans that are collectively evaluated for impairment, which consist of most consumer loans and commercial loan relationships lower than $1.0 million . Impairment is measured as described below under "allowance for loan losses." Interest income on non-accrual impaired loans is recognized as described above under "non-accrual loans." At December 31, 2018 and 2017 , substantially all non-accrual impaired loans were collateral-dependent and secured by real estate. Impaired accruing loans generally consist of those TDRs for which management has concluded that the collectability of the loan is not in doubt. 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, renewals, and refinances are evaluated for TDR classification. All TDRs are considered to be impaired loans, and the amount of impairment, if any, is determined in accordance with ASC Topic 310-10-35 . 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). 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. 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 in accordance with the agreement. In the fiscal year subsequent to a loan's initial reporting as a TDR, a TDR that has been renewed for a borrower who is no longer experiencing financial difficulty (as evidenced by a period of performance), which yields a market rate of interest at the time of a renewal, and for which no principal was forgiven, is no longer considered a TDR. Concentrations of Credit Risk A substantial portion of the loan portfolio is secured by real estate in markets located throughout Georgia, Alabama, South Carolina, Florida, and Tennessee. Accordingly, the ultimate collectability of a substantial portion of the loan portfolio is susceptible to changes in market conditions in these areas. Allowance for Loan Losses The allowance for loan losses represents management's estimate of probable losses inherent in the funded loan portfolio. Changes to the allowance are recorded through a provision for loan losses and reduced by loans charged-off, net of recoveries. Impaired Loans 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: i) discounted cash flow based upon the loan's contractual effective interest rate, ii) at the loan's observable market price, or iii) at the fair value of the collateral, less costs to sell if the loan is collateral-dependent. Under the discounted cash flow method, impairment is recorded as a specific reserve with a charge-off for any portion of the impairment. The reserve is reassessed each quarter and adjusted as appropriate based on changes in estimated cash flows. Additionally, 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. If the loan is collateral-dependent, then the fair value of the loan's collateral, less estimated selling costs, is compared to the loan's carrying amount to determine impairment. Fair value is estimated using appraisals performed by a certified or licensed appraiser. Management also considers other factors or recent developments, such as changes in absorption rates or market conditions at the time of valuation, 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. 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. Non-impaired Loans For loans that are not considered impaired, the allocated allowance for loan losses is determined based upon EL factors, which are applied to groupings of specific loan types by loan risk ratings. The EL is determined based upon a PD, which is the probability that a borrower, segregated by loan type and loan risk grade, will default, and 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 graded 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 at least annually. Commercial Loans - Risk Ratings Synovus utilizes two primary methods for risk assessment of the commercial loan portfolio: SRR Assessment and DRR Assessment. DRR is a statistical model approach to risk rating that includes a PD and a LGD. The SRR model is an expert judgment based model that results in a blended (i.e. single) rating. 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 SRR loans, this process begins with a loan rating recommendation from the loan officer responsible for originating the loan. Commercial SRR loans are graded on a 10-point scale and include classifications of special mention, substandard, doubtful, and loss consistent with bank regulatory classifications. The primary determinants of the risk ratings for commercial SRR 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. The DRR methodology is used for larger relationships within the C&I loan portfolio as well as certain income-producing real estate loans. At December 31, 2018 and 2017 , approximately $7.6 billion of C&I loans was rated using the DRR methodology. The DRR includes sixteen PD categories and nine categories for estimating losses given an event of default. The result is an EL rate established for each borrower. The loan rating (for both SRR and DRR loans) 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. Consumer Loans – Risk Ratings Consumer loans are generally assigned a risk rating on a 9-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. No loans graded higher than a 6 at origination are approved for funding. At 90-119 days past due, a loan grade of 7-substandard non-accrual 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. Transfers of Financial Assets Transfers of financial assets in which Synovus has surrendered control over the transferred assets are accounted for as sales. Control over transferred assets is considered to be surrendered when 1) the assets have been legally isolated from Synovus or any consolidated affiliates, even in bankruptcy or other receivership, 2) the transferee has the right to pledge or exchange the assets with no conditions that constrain the transferee and provide more than a trivial benefit to Synovus, and 3) Synovus does not maintain effective control over the transferred assets. If the transfer is accounted for as a sale, the transferred assets are derecognized from the balance sheet and a gain or loss on sale is recognized in the consolidated statements of income. If the sale criteria are not met, the transfer is accounted for as a secured borrowing and the transferred assets remain on Synovus' consolidated balance sheets and the proceeds from the transaction are recognized as a liability. Cash Surrender Value of Bank-Owned Life Insurance Investments in bank-owned life insurance policies on certain current and former officers and employees of Synovus are recorded at the net realizable value of the policies. 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. Changes in the cash surrender value of the policies as well as proceeds from insurance benefits are recorded in income from bank-owned life insurance in the consolidated statements of income. 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. Buildings and improvements are depreciated over an average of 10 to 40 years, while furniture and equipment are depreciated over a range of 3 to 10 years. 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. Maintenance and repairs are charged to non-interest expense and improvements that extend the useful life of the asset are capitalized to the carrying value and depreciated. Goodwill and Other Intangible Assets Goodwill represents the excess purchase price over the fair value of identifiable net assets of acquired businesses. Goodwill is tested for impairment at the reporting unit 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. Synovus applies judgment when assessing goodwill for impairment. ASC 350-20-35-3A, Goodwill Subsequent Measurement - Qualitative Assessment, provides the option to perform a qualitative assessment to determine whether the two-step goodwill impairment test is necessary. Synovus applies the qualitative assessment guidance to determine if the following factors indicate that goodwill is more likely than not impaired: macroeconomic conditions, industry and market considerations, cost factors, overall financial performance, other relevant entity-specific events, events affecting the reporting unit, and common stock share price. Management applies judgment when weighing the factors most likely to impact a reporting unit's fair value. Other intangible assets relate primarily to borrower relationships, trade name, and a distribution network resulting from a business acquisition. These intangible assets are amortized using straight line methods based on the remaining lives of the assets. Amortization periods range from eight to ten years. Amortization periods for intangible assets are monitored to determine if events and circumstances require such periods to be reduced. Intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of the intangible assets is measured by a comparison of the carrying amount of the asset to future undiscounted cash flows expected to be generated by the asset. If such assets are considered impaired, the amount of the impairment to be recognized is measured by the amount by which the carrying value of the assets exceeds the fair value of the assets based on the discounted expected future cash flows to be generated by the assets. Segment Disclosures ASC Topic 280, Segment Reporting , requires information be reported about a company’s operating segments using a “management approach.” Reportable segments are identified in these standards as those revenue-producing components for which discrete financial information is produced internally and which are subject to evaluation by the chief operating decision maker in deciding how to allocate resources to segments. Based on this guidance, Synovus identified its overall banking operations as its only reportable segment. As the overall banking operations comprise substantially all of Synovus' consolidated operations, no separate segment disclosures are presented. Other Assets Other assets include FRB and FHLB stock, accrued interest receivable, investments in LIHTC, accounts receivable, prepaid expenses and other balances as shown in "Part II - Item 8. Financial Statements and Supplementary Data - Note 7 - Other Assets" of this Report. FRB and FHLB stock is recorded at amortized cost, which approximates 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. 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. 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, in the same income statement line as the offsetting unrealized loss or gain on the hedged item attributable to the risk being hedged. If the hedged exposure is a cash flow exposure, the effective portion of the gain or loss on the derivative instrument is reported initially as a component of accumulated other comprehensive income (loss), net of the tax impact, and subsequently reclassified into earnings when the hedged transaction affects earnings with the impacts recorded in the same income statement line item used to present the earnings effect of the hedged item. Any amounts excluded from the assessment of hedge effectiveness, are reported in earnings immediately as a component of other non-interest income on the consolidated statements of income or recorded to other comprehensive income and recognized in earnings over the life of the hedging instrument. 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. Synovus also holds derivative instruments, which consist of interest 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. Advertising Expense 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 or separate entity basis with the various taxing jurisdictions based on its taxable presence. The current income tax payable or receivable is an estimate of the amounts currently 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 |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Acquisition | Note 2 - Acquisitions Cabela's Transaction On September 25, 2017 , Synovus' wholly owned subsidiary, Synovus Bank, completed the acquisition of certain assets and assumption of certain liabilities of WFB. Immediately following the closing of this transaction, Synovus Bank sold WFB’s credit card assets and related liabilities to Capital One Bank (USA), National Association, a bank subsidiary of Capital One Financial Corporation. Synovus retained WFB’s $1.10 billion brokered time deposits portfolio, which had a weighted average remaining maturity of 2.53 years and a weighted average rate of 1.83% as of September 25, 2017 . The transaction was accounted for as an assumption of a liability (accounted for under the asset acquisition model). In accordance with ASC 820, Fair Value Measurements and Disclosures, the brokered time deposit portfolio was recorded at $1.10 billion , which was the amount of cash received for the deposits and represented the estimated fair value of the deposits at the transaction date. Additionally, Synovus received a $75.0 million transaction fee from Cabela’s Incorporated and Capital One, which was recognized into earnings on September 25, 2017 upon closing of the transaction, based on having achieved the recognition criteria outlined in SEC SAB Topic 13.A, Revenue Recognition . Acquisition of Global One On October 1, 2016, Synovus completed its acquisition of all of the outstanding stock of Global One. Under the terms of the merger agreement, Synovus acquired Global One for an up-front payment of $30 million , consisting of the issuance of 821 thousand shares of Synovus common stock valued at $26.6 million and $3.4 million in cash, with additional payments to Global One's former shareholders over a three to five year period based on earnings from the Global One business, as further discussed below. The acquisition of Global One constituted a business combination. Accordingly, the assets acquired and liabilities assumed were recorded at their estimated fair values on October 1, 2016. The determination of fair value required management to make estimates about discount rates, future expected earnings and cash flows, market conditions, future loan growth, and other future events that are highly subjective in nature and subject to change. Under the terms of the merger agreement, the purchase price includes additional annual payments ("Earnout Payments") to Global One's former shareholders over a three to five year period, with amounts based on a percentage of "Global One Earnings," as defined in the merger agreement. The Earnout Payments consist of shares of Synovus common stock as well as a smaller cash consideration component. The first and second annual Earnout Payments were made during November 2017 and November 2018, consisting of the issuance of 118 thousand and 199 thousand shares, respectively, of Synovus common stock valued at $5.5 million and $7.4 million , respectively, and $892 thousand and $1.2 million in cash, respectively. During 2018, Synovus recorded an $11.7 million increase to the earnout liability driven by increased earnings projections of Global One. The total fair value of the earnout liability at December 31, 2018 was $14.4 million based on the estimated fair value of the remaining Earnout Payments. |
Investment Securities Available
Investment Securities Available for Sale | 12 Months Ended |
Dec. 31, 2018 | |
Investments [Abstract] | |
Investment Securities Available for Sale | Note 3 - 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, 2018 and 2017 are summarized below. December 31, 2018 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury securities $ 123,436 $ — $ (1,359 ) $ 122,077 U.S. Government agency securities 38,021 361 — 38,382 Mortgage-backed securities issued by U.S. Government agencies 100,060 172 (3,027 ) 97,205 Mortgage-backed securities issued by U.S. Government sponsored enterprises 2,460,498 1,981 (63,829 ) 2,398,650 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 1,215,406 2,997 (29,885 ) 1,188,518 Commercial mortgage-backed securities issued by U.S. Government sponsored enterprises 131,492 613 (2,240 ) 129,865 Corporate debt and other debt securities 17,000 150 (215 ) 16,935 Total investment securities available for sale $ 4,085,913 $ 6,274 $ (100,555 ) $ 3,991,632 December 31, 2017 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury securities $ 83,608 $ — $ (934 ) $ 82,674 U.S. Government agency securities 10,771 91 — 10,862 Mortgage-backed securities issued by U.S. Government agencies 121,283 519 (1,362 ) 120,440 Mortgage-backed securities issued by U.S. Government sponsored enterprises 2,621,694 5,037 (31,105 ) 2,595,626 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 1,135,259 144 (23,404 ) 1,111,999 Commercial mortgage-backed securities issued by U.S. Government sponsored enterprises 45,124 22 (249 ) 44,897 State and municipal securities 180 — — 180 Corporate debt and other securities 20,320 294 (223 ) 20,391 Total investment securities available for sale $ 4,038,239 $ 6,107 $ (57,277 ) $ 3,987,069 At December 31, 2018 and 2017 , investment securities with a carrying value of $1.56 billion and $2.00 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, 2018 and 2017 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 earnings. Synovus does not intend to sell investment securities in an unrealized loss position prior to the recovery of the unrealized loss, which may not be until maturity, and has the ability and intent to hold those securities for that period of time. Additionally, Synovus is not currently aware of any circumstances which will require it to sell any of the securities that are in an unrealized loss position prior to the respective securities' recovery of all such unrealized losses. For investment securities that Synovus does not expect to sell, or it is not more likely than not it will be required to sell prior to recovery of its amortized cost basis, the credit component of an OTTI would be recognized in earnings and the non-credit component would be recognized in OCI. 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, 2018 , Synovus had 9 investment securities in a loss position for less than twelve months and 123 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, 2018 and December 31, 2017 are presented below. December 31, 2018 Less than 12 Months 12 Months or Longer Total (in thousands) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses U.S. Treasury securities $ 39,031 $ (118 ) $ 63,570 $ (1,241 ) $ 102,601 $ (1,359 ) Mortgage-backed securities issued by U.S. Government agencies 2,059 (2 ) 79,736 (3,025 ) 81,795 (3,027 ) Mortgage-backed securities issued by U.S. Government sponsored enterprises 130,432 (700 ) 2,105,358 (63,129 ) 2,235,790 (63,829 ) Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — — 964,732 (29,885 ) 964,732 (29,885 ) Commercial mortgage-backed securities issued by U.S. Government sponsored enterprises 58,998 (1,298 ) 44,220 (942 ) 103,218 (2,240 ) Corporate debt and other debt securities — — 1,785 (215 ) 1,785 (215 ) Total $ 230,520 $ (2,118 ) $ 3,259,401 $ (98,437 ) $ 3,489,921 $ (100,555 ) December 31, 2017 Less than 12 Months 12 Months or Longer Total (in thousands) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses U.S Treasury securities $ 34,243 $ (443 ) $ 29,562 $ (491 ) $ 63,805 $ (934 ) Mortgage-backed securities issued by U.S. Government agencies 36,810 (357 ) 55,740 (1,005 ) 92,550 (1,362 ) Mortgage-backed securities issued by U.S. Government sponsored enterprises 1,238,464 (10,014 ) 929,223 (21,091 ) 2,167,687 (31,105 ) Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 653,781 (9,497 ) 426,237 (13,907 ) 1,080,018 (23,404 ) Commercial mortgage-backed securities issued by U.S. Government sponsored enterprises 32,548 (249 ) — — 32,548 (249 ) Corporate debt and other securities — — 5,097 (223 ) 5,097 (223 ) Total $ 1,995,846 $ (20,560 ) $ 1,445,859 $ (36,717 ) $ 3,441,705 $ (57,277 ) The amortized cost and fair value by contractual maturity of investment securities available for sale at December 31, 2018 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, 2018 (in thousands) Within One Year 1 to 5 Years 5 to 10 Years More Than 10 Years Total Amortized Cost U.S. Treasury securities $ 19,476 $ 103,960 $ — $ — $ 123,436 U.S. Government agency securities 1,917 6,118 29,986 — 38,021 Mortgage-backed securities issued by U.S. Government agencies — — 24,076 75,984 100,060 Mortgage-backed securities issued by U.S. Government sponsored enterprises — 52,656 414,265 1,993,577 2,460,498 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — — 26,950 1,188,456 1,215,406 Commercial mortgage-backed securities issued by U.S. Government sponsored enterprises — — 131,492 — 131,492 Corporate debt and other debt securities — — 15,000 2,000 17,000 Total amortized cost $ 21,393 $ 162,734 $ 641,769 $ 3,260,017 $ 4,085,913 Fair Value U.S. Treasury securities $ 19,476 $ 102,601 $ — $ — $ 122,077 U.S. Government agency securities 1,922 6,161 30,299 — 38,382 Mortgage-backed securities issued by U.S. Government agencies — — 23,698 73,507 97,205 Mortgage-backed securities issued by U.S. Government sponsored enterprises — 52,316 404,554 1,941,780 2,398,650 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — — 26,291 1,162,227 1,188,518 Commercial mortgage-backed securities issued by U.S. Government sponsored enterprises — — 129,865 — 129,865 Corporate debt and other securities — — 15,150 1,785 16,935 Total fair value $ 21,398 $ 161,078 $ 629,857 $ 3,179,299 $ 3,991,632 Proceeds from sales, gross gains, and gross losses on sales of securities available for sale for the years ended December 31, 2018 , 2017 , and 2016 are presented below. The specific identification method is used to reclassify gains and losses out of other comprehensive income at the time of sale. (in thousands) 2018 2017 2016 Proceeds from sales of investment securities available for sale $ 35,066 $ 812,293 $ 968,606 Gross realized gains on sales $ — $ 7,942 $ 9,586 Gross realized losses on sales (1,296 ) (8,231 ) (3,575 ) Investment securities (losses) gains, net $ (1,296 ) $ (289 ) $ 6,011 |
Loans And Allowance For Loan Lo
Loans And Allowance For Loan Losses | 12 Months Ended |
Dec. 31, 2018 | |
Loans and Allowance for Loan Losses [Abstract] | |
Loans And Allowance For Loan Losses | Note 4 - Loans and Allowance for Loan Losses Loans outstanding, by classification, at December 31, 2018 and 2017 are summarized below. December 31, (in thousands) 2018 2017 Commercial, financial, and agricultural $ 7,449,698 $ 7,179,487 Owner-occupied 5,331,508 4,844,163 Total commercial and industrial 12,781,206 12,023,650 Investment properties 5,560,951 5,670,065 1-4 family properties 679,870 781,619 Land and development 323,670 483,604 Total commercial real estate 6,564,491 6,935,288 Consumer mortgages 2,934,235 2,633,503 Home equity lines 1,515,796 1,514,227 Credit cards 258,245 232,676 Other consumer loans 1,916,743 1,473,451 Total consumer 6,625,019 5,853,857 Total loans 25,970,716 24,812,795 Deferred fees and costs, net (24,143 ) (25,331 ) Total loans, net of deferred fees and costs $ 25,946,573 $ 24,787,464 The following is a summary of current, accruing past due, and non-accrual loans by class as of December 31, 2018 and 2017 . Current, Accruing Past Due, and Non-accrual Loans December 31, 2018 ( in thousands) Current Accruing 30-89 Days Past Due Accruing 90 Days or Greater Past Due Total Accruing Past Due Non-accrual Total Commercial, financial, and agricultural $ 7,372,301 $ 7,988 $ 114 $ 8,102 $ 69,295 $ 7,449,698 Owner-occupied 5,317,023 5,433 81 5,514 8,971 5,331,508 Total commercial and industrial 12,689,324 13,421 195 13,616 78,266 12,781,206 Investment properties 5,557,224 1,312 34 1,346 2,381 5,560,951 1-4 family properties 674,648 2,745 96 2,841 2,381 679,870 Land and development 319,978 739 — 739 2,953 323,670 Total commercial real estate 6,551,850 4,796 130 4,926 7,715 6,564,491 Consumer mortgages 2,922,136 7,150 — 7,150 4,949 2,934,235 Home equity lines 1,496,562 7,092 28 7,120 12,114 1,515,796 Credit cards 252,832 3,066 2,347 5,413 — 258,245 Other consumer loans 1,894,352 17,604 1,098 18,702 3,689 1,916,743 Total consumer 6,565,882 34,912 3,473 38,385 20,752 6,625,019 Total loans $ 25,807,056 $ 53,129 $ 3,798 $ 56,927 $ 106,733 $ 25,970,716 (1) December 31, 2017 ( in thousands) Current Accruing 30-89 Days Past Due Accruing 90 Days or Greater Past Due Total Accruing Past Due Non-accrual Total Commercial, financial, and agricultural $ 7,097,127 $ 11,214 $ 1,016 $ 12,230 $ 70,130 $ 7,179,487 Owner-occupied 4,830,150 6,880 479 7,359 6,654 4,844,163 Total commercial and industrial 11,927,277 18,094 1,495 19,589 76,784 12,023,650 Investment properties 5,663,665 2,506 90 2,596 3,804 5,670,065 1-4 family properties 775,023 3,545 202 3,747 2,849 781,619 Land and development 476,131 1,609 67 1,676 5,797 483,604 Total commercial real estate 6,914,819 7,660 359 8,019 12,450 6,935,288 Consumer mortgages 2,622,061 3,971 268 4,239 7,203 2,633,503 Home equity lines 1,490,808 5,629 335 5,964 17,455 1,514,227 Credit cards 229,015 1,930 1,731 3,661 — 232,676 Other consumer loans 1,461,223 10,333 226 10,559 1,669 1,473,451 Total consumer 5,803,107 21,863 2,560 24,423 26,327 5,853,857 Total loans $ 24,645,203 $ 47,617 $ 4,414 $ 52,031 $ 115,561 $ 24,812,795 (2) (1) Total before net deferred fees and costs of $24.1 million . (2) Total before net deferred fees and costs of $25.3 million . Interest income recorded on non-accrual loans outstanding at December 31, 2018 and 2017 was $3.2 million and $2.7 million during 2018 and 2017 , respectively. Interest income that would have been recorded on these non-accrual loans if the loans were performing in accordance with their contractual terms was $7.3 million and $9.1 million during 2018 and 2017 , respectively. Loans with carrying values of $8.40 billion and $7.93 billion were pledged as collateral for borrowings and capacity at December 31, 2018 and 2017 respectively, to the FHLB and Federal Reserve Bank. The credit quality of the loan portfolio is reviewed and updated at least 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 in a timely manner, of any underlying collateral. Special Mention - loans which have potential weaknesses that deserve management's close attention. These loans are not adversely classified and do not expose an institution to sufficient risk to warrant an adverse classification. Substandard - loans which are inadequately protected by the current net worth and paying capacity of the obligor or by the collateral pledged, if any. Loans with this classification are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Doubtful - loans which have all the weaknesses inherent in loans 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 their continuance on the institution's books as an asset, without establishment of a specific valuation allowance or charge-off, is not warranted. Synovus fully reserves for any loans rated as Loss. In the following tables, consumer loans are generally assigned a risk grade similar to the classifications described above; however, upon reaching 90 days and 120 days past due, they are generally downgraded to Substandard and Loss, respectively, in accordance with the FFIEC Retail Credit Classification Policy. Additionally, in accordance with Interagency Supervisory Guidance, the risk grade classifications of consumer loans (consumer mortgages and home equity lines) 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, 2018 (in thousands) Pass Special Mention Substandard (1) Doubtful (2) Loss (3) Total Commercial, financial, and agricultural $ 7,190,517 $ 118,188 $ 140,218 $ 775 $ — $ 7,449,698 Owner-occupied 5,212,473 55,038 63,572 425 — 5,331,508 Total commercial and industrial 12,402,990 173,226 203,790 1,200 — 12,781,206 Investment properties 5,497,344 40,516 23,091 — — 5,560,951 1-4 family properties 663,692 6,424 9,754 — — 679,870 Land and development 297,855 12,786 13,029 — — 323,670 Total commercial real estate 6,458,891 59,726 45,874 — — 6,564,491 Consumer mortgages 2,926,712 — 7,425 98 — 2,934,235 Home equity lines 1,501,316 — 13,130 174 1,176 1,515,796 Credit cards 255,904 — 858 — 1,483 (4) 258,245 Other consumer loans 1,912,902 — 3,841 — — 1,916,743 Total consumer 6,596,834 — 25,254 272 2,659 6,625,019 Total loans $ 25,458,715 $ 232,952 $ 274,918 $ 1,472 $ 2,659 $ 25,970,716 (5) December 31, 2017 (in thousands) Pass Special Mention Substandard (1) Doubtful (2) Loss (3) Total Commercial, financial, and agricultural $ 6,929,506 $ 115,912 $ 132,818 $ 1,251 $ — $ 7,179,487 Owner-occupied 4,713,877 50,140 80,073 73 — 4,844,163 Total commercial and industrial 11,643,383 166,052 212,891 1,324 — 12,023,650 Investment properties 5,586,792 64,628 18,645 — — 5,670,065 1-4 family properties 745,299 19,419 16,901 — — 781,619 Land and development 431,759 33,766 14,950 3,129 — 483,604 Total commercial real estate 6,763,850 117,813 50,496 3,129 — 6,935,288 Consumer mortgages 2,622,499 — 10,607 291 106 2,633,503 Home equity lines 1,491,105 — 21,079 285 1,758 1,514,227 Credit cards 230,945 — 399 — 1,332 (4) 232,676 Other consumer loans 1,470,944 — 2,168 329 10 1,473,451 Total consumer 5,815,493 — 34,253 905 3,206 5,853,857 Total loans $ 24,222,726 $ 283,865 $ 297,640 $ 5,358 $ 3,206 $ 24,812,795 (6) (1) Includes $172.3 million and $190.6 million of Substandard accruing loans at December 31, 2018 and December 31, 2017 , respectively. (2) The loans within this risk grade are on non-accrual status and generally have an allowance for loan losses equal to 50% of the loan amount. (3) The loans within this risk grade 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 Retail Credit Classification Policy. (5) Total before net deferred fees and costs of $24.1 million . (6) Total before net deferred fees and costs of $25.3 million . The following table details the change in the allowance for loan losses by loan segment for the years ended December 31, 2018 , 2017 and 2016 . As Of and For The Year Ended December 31, 2018 (in thousands) Commercial & Industrial Commercial Real Estate Consumer Total Allowance for loan losses Beginning balance $ 126,803 $ 74,998 $ 47,467 $ 249,268 Charge-offs (48,775 ) (4,408 ) (20,871 ) (74,054 ) Recoveries 7,165 10,188 6,291 23,644 Provision for loan losses 47,930 (11,982 ) 15,749 51,697 Ending balance (4) $ 133,123 $ 68,796 $ 48,636 $ 250,555 Ending balance: individually evaluated for impairment $ 10,207 $ 2,598 $ 744 $ 13,549 Ending balance: collectively evaluated for impairment $ 122,916 $ 66,198 $ 47,892 $ 237,006 Loans Ending balance: total loans (1) (4) $ 12,781,206 $ 6,564,491 $ 6,625,019 $ 25,970,716 Ending balance: individually evaluated for impairment $ 105,422 $ 33,198 $ 28,306 $ 166,926 Ending balance: collectively evaluated for impairment $ 12,675,784 $ 6,531,293 $ 6,596,713 $ 25,803,790 As Of and For The Year Ended December 31, 2017 (in thousands) Commercial & Industrial Commercial Real Estate Consumer Total Allowance for loan losses Beginning balance $ 125,778 $ 81,816 $ 44,164 $ 251,758 Charge-offs (49,244 ) (12,193 ) (28,982 ) (90,419 ) Recoveries 6,685 8,026 6,033 20,744 Provision for loan losses 43,584 (2,651 ) 26,252 67,185 Ending balance (4) $ 126,803 $ 74,998 $ 47,467 $ 249,268 Ending balance: individually evaluated for impairment $ 9,515 $ 4,240 $ 1,153 $ 14,908 Ending balance: collectively evaluated for impairment $ 117,288 $ 70,758 $ 46,314 $ 234,360 Loans Ending balance: total loans (2) (4) $ 12,023,650 $ 6,935,288 $ 5,853,857 $ 24,812,795 Ending balance: individually evaluated for impairment $ 111,334 $ 56,896 $ 32,056 $ 200,286 Ending balance: collectively evaluated for impairment $ 11,912,316 $ 6,878,392 $ 5,821,801 $ 24,612,509 As Of and For The Year Ended December 31, 2016 (in thousands) Commercial & Industrial Commercial Real Estate Consumer Total Allowance for loan losses Beginning balance $ 122,989 $ 87,133 $ 42,374 $ 252,496 Charge-offs (25,039 ) (18,216 ) (14,705 ) (57,960 ) Recoveries 9,071 15,226 4,925 $ 29,222 Provision for loan losses 18,757 (2,327 ) 11,570 28,000 Ending balance (4) $ 125,778 $ 81,816 $ 44,164 $ 251,758 Ending balance: individually evaluated for impairment $ 8,384 $ 7,916 $ 1,811 $ 18,111 Ending balance: collectively evaluated for impairment $ 117,394 $ 73,900 $ 42,353 $ 233,647 Loans Ending balance: total loans (3) (4) $ 11,543,806 $ 7,374,112 $ 4,964,464 $ 23,882,382 Ending balance: individually evaluated for impairment $ 120,560 $ 91,410 $ 37,526 $ 249,496 Ending balance: collectively evaluated for impairment $ 11,423,246 $ 7,282,702 $ 4,926,938 $ 23,632,886 (1) Total before net deferred fees and costs of $24.1 million . (2) Total before net deferred fees and costs of $25.3 million . (3) Total before net deferred fees and costs of $26.0 million . (4) As of and for the years ended December 31, 2018 , 2017 , and 2016 , there were no purchased credit-impaired loans and no allowance for loan losses for purchased credit-impaired loans. Below is a detailed summary of impaired loans (including accruing TDRs) by class as of December 31, 2018 and 2017 and for the years ended December 31, 2018 , 2017 and 2016 . At December 31, 2018 , 2017 , and 2016 , impaired loans of $51.3 million , $49.0 million , and $53.7 million , respectively, were on non-accrual status. Impaired Loans (including accruing TDRs) December 31, 2018 December 31, 2017 Recorded Investment Recorded Investment (in thousands) Unpaid Principal Balance Without an ALL With an ALL Related Allowance Unpaid Principal Balance Without an ALL With an ALL Related Allowance Commercial, financial, and agricultural $ 65,150 $ 22,298 $ 34,222 $ 7,133 $ 75,427 $ 8,220 $ 65,715 $ 7,406 Owner-occupied 49,588 — 48,902 3,074 37,441 — 37,399 2,109 Total commercial and industrial 114,738 22,298 83,124 10,207 112,868 8,220 103,114 9,515 Investment properties 13,916 — 13,916 1,523 23,364 — 23,364 1,100 1-4 family properties 5,586 — 5,586 131 15,056 — 15,056 504 Land and development 16,283 265 13,431 944 20,216 56 18,420 2,636 Total commercial real estate 35,785 265 32,933 2,598 58,636 56 56,840 4,240 Consumer mortgages 19,506 — 19,506 343 18,668 — 18,668 569 Home equity lines 3,264 — 3,235 224 8,039 2,746 5,096 114 Other consumer loans 5,565 — 5,565 177 5,546 — 5,546 470 Total consumer 28,335 — 28,306 744 32,253 2,746 29,310 1,153 Total impaired loans $ 178,858 $ 22,563 $ 144,363 $ 13,549 $ 203,757 $ 11,022 $ 189,264 $ 14,908 Years Ended December 31, 2018 2017 2016 (in thousands) Average Recorded Investment Interest Income Recognized (1) Average Recorded Investment Interest Income Recognized (1) Average Recorded Investment Interest Income Recognized (1) Commercial, financial and agricultural $ 65,976 $ 2,316 $ 72,154 $ 2,127 $ 58,289 $ 1,876 Owner-occupied 42,341 1,851 40,498 1,509 60,694 2,133 Total commercial and industrial 108,317 4,167 112,652 3,636 118,983 4,009 Investment properties 18,564 767 28,749 1,178 38,373 1,485 1-4 family properties 9,813 782 16,099 1,021 40,723 919 Land and development 16,841 249 24,637 404 28,891 1,026 Total commercial real estate 45,218 1,798 69,485 2,603 107,987 3,430 Consumer mortgages 19,516 134 18,319 376 21,863 1,014 Home equity lines 3,491 820 7,748 896 10,713 451 Other consumer loans 5,327 297 4,765 266 5,062 303 Total consumer 28,334 1,251 30,832 1,538 37,638 1,768 Total impaired loans $ 181,869 $ 7,216 $ 212,969 $ 7,777 $ 264,608 $ 9,207 (1) Of the interest income recognized during the years ended December 31, 2018, 2017, or 2016, cash-basis interest income was $1.8 million , $815 thousand , and $1.0 million , respectively. The following tables represent, by concession type, the post-modification balance for loans restructured during the years ended December 31, 2018 , 2017 , and 2016 that were reported as accruing or non-accruing TDRs. TDRs by Concession Type Year Ended December 31, 2018 (in thousands, except contract data) Number of Contracts Below Market Interest Rate Other Concessions (1) Total Commercial, financial, and agricultural 46 $ 3,807 $ 3,957 $ 7,764 Owner-occupied 16 7,589 5,705 13,294 Total commercial and industrial 62 11,396 9,662 21,058 Investment properties 10 8,070 2,215 10,285 1-4 family properties 25 2,481 2,014 4,495 Land and development 5 122 1,856 1,978 Total commercial real estate 40 10,673 6,085 16,758 Consumer mortgages 19 5,590 93 5,683 Home equity lines 4 172 339 511 Other consumer loans 92 1,834 3,983 5,817 Total consumer 115 7,596 4,415 12,011 Total loans 217 $ 29,665 $ 20,162 $ 49,827 (2) Year Ended December 31, 2017 (in thousands, except contract data) Number of Contracts Below Market Interest Rate Other Concessions (1) Total Commercial, financial, and agricultural 56 $ 9,434 $ 12,145 $ 21,579 Owner-occupied 4 35 1,705 1,740 Total commercial and industrial 60 9,469 13,850 23,319 Investment properties 1 — 121 121 1-4 family properties 35 2,786 2,040 4,826 Land and development 6 157 1,614 1,771 Total commercial real estate 42 2,943 3,775 6,718 Consumer mortgages 11 2,539 1,190 3,729 Other consumer loans 38 1,624 1,333 2,957 Total consumer 49 4,163 2,523 6,686 Total loans 151 $ 16,575 $ 20,148 $ 36,723 (3) TDRs by Concession Type (continued) Year Ended December 31, 2016 (in thousands, except contract data) Number of Contracts Below Market Interest Rate Other Concessions (1) Total Commercial, financial, and agricultural 63 $ 17,509 $ 7,160 $ 24,669 Owner-occupied 9 7,884 550 8,434 Total commercial and industrial 72 25,393 7,710 33,103 Investment properties 4 1,825 3,518 5,343 1-4 family properties 39 5,499 1,488 6,987 Land and development 14 — 4,099 4,099 Total commercial real estate 57 7,324 9,105 16,429 Consumer mortgages 7 413 51 464 Home equity lines 5 225 123 348 Credit cards — — — — Other consumer loans 28 394 2,256 2,650 Total consumer 40 1,032 2,430 3,462 Total loans 169 $ 33,749 $ 19,245 $ 52,994 (4) (1) Other concessions generally include term extensions, interest only payments for a period of time, or principal forgiveness, but there was no principal forgiveness for the years ended December 31, 2018, 2017, or 2016. (2) Net charge-offs of $403 thousand were recorded during 2018 upon restructuring of these loans. (3) No charge-offs were recorded during 2017 upon restructuring of these loans. (4) No charge-offs were recorded during 2016 upon restructuring of these loans. For the years ended December 31, 2018 , 2017 and 2016 , there were eight defaults with a recorded investment of $10.5 million , eight defaults with a recorded investment of $4.0 million , and two defaults with a recorded investment of $181 thousand , respectively, on accruing TDRs restructured during the previous twelve months (defaults are defined as the earlier of the TDR being placed on non-accrual status or reaching 90 days past due with respect to principal and/or interest payments). 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. Generally, the change in the allowance for loan losses resulting from such a TDR is not significant. At December 31, 2018 , the allowance for loan losses allocated to accruing TDRs totaling $115.6 million was $6.1 million compared to accruing TDRs of $151.3 million with an allocated allowance for loan losses of $8.7 million at December 31, 2017 . Non-accrual 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. |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | Note 5 - Premises and Equipment Premises and equipment at December 31, 2018 and 2017 consist of the following: (in thousands) 2018 2017 Land $ 96,310 $ 96,759 Buildings and improvements 392,952 388,254 Leasehold improvements 39,832 38,970 Furniture and equipment 435,223 413,876 Construction in progress 16,608 15,956 Total premises and equipment 980,925 953,815 Less: Accumulated depreciation and amortization (546,618 ) (527,002 ) Premises and equipment, net $ 434,307 $ 426,813 Net premises and equipment included $1.45 million and $1.55 million related to net capital leases at December 31, 2018 and 2017 , respectively. Aggregate rent expense (principally for offices) net of sublease income, totaled $25.4 million , $22.0 million , and $21.4 million for the years ended December 31, 2018 , 2017 , and 2016 , respectively. Depreciation and amortization expense for the years ended December 31, 2018 , 2017 , and 2016 totaled $42.6 million , $42.2 million , and $37.1 million , respectively. During the years ended December 31, 2018 and 2017 , Synovus transferred premises and equipment with a net book value of $911 thousand and $3.3 million , respectively, to other properties held for sale, a component of other assets. 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, 2018 , minimum rental commitments under all such non-cancelable leases for the next five years and thereafter are presented below. (in thousands) 2019 $ 27,539 2020 27,474 2021 27,498 2022 28,097 2023 25,096 Thereafter 83,316 Total $ 219,020 |
Goodwill And Other Intangible A
Goodwill And Other Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Note 6 - Goodwill and Other Intangible Assets At both December 31, 2018 and 2017 , the net carrying value of goodwill was $57.3 million , consisting of goodwill associated with two reporting units. Aggregate other intangible assets amortization expense for the years ended December 31, 2018 , 2017 , and 2016 was $1.2 million , $1.1 million , and $521 thousand, respectively. As of December 31, 2018 , estimated amortization expense associated with other intangible asset balances over each of the next five years is $1.2 million . As of June 30, 2018 , Synovus completed its annual goodwill impairment evaluation applying ASC 350-20-35-3A Goodwill Subsequent Measurement - Qualitative Assessment Approach and concluded that goodwill was not impaired. The following table shows the carrying amount of goodwill by reporting unit for the year ended December 31, 2018 : (in thousands) Synovus Bank Reporting Unit Trust Services Reporting Unit Total Balance as of December 31, 2017 Goodwill $ 32,884 $ 24,431 $ 57,315 Accumulated impairment losses — — — Balance as of December 31, 2018 $ 32,884 $ 24,431 $ 57,315 The following table shows the gross carrying amount and accumulated amortization of other intangible assets as of December 31, 2018 and 2017 . Other intangible assets primarily consist of customer relationship intangibles. (in thousands) 2018 2017 Other intangible assets, gross carrying amount $ 13,140 $ 13,140 Other intangible assets, adjustment (212 ) — Other intangible assets, accumulated amortization (3,053 ) (1,886 ) Other intangible assets, net carrying amount $ 9,875 $ 11,254 |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2018 | |
Other Assets [Abstract] | |
Other Assets | Note 7 - Other Assets Significant balances included in other assets at December 31, 2018 and 2017 are presented below. (in thousands) 2018 2017 Federal Reserve Bank and FHLB Stock $ 185,225 $ 159,443 Accrued interest receivable 89,425 80,036 Investments in low income housing tax credit partnerships 83,736 60,068 Accounts receivable 80,271 43,878 Prepaid expenses 38,035 33,298 Derivative asset positions 19,332 11,722 Taxes receivable 13,150 46,330 Private equity investments 11,028 15,771 Other real estate 6,220 3,758 Trading account assets, at fair value 3,130 3,820 Miscellaneous other assets 74,532 55,363 Total other assets $ 604,084 $ 513,487 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2018 | |
Interest-bearing Deposit Liabilities [Abstract] | |
Deposits | Note 8 - Deposits A summary of interest-bearing deposits at December 31, 2018 and 2017 is presented below. ( in thousands) 2018 2017 Interest-bearing demand deposits $ 4,756,239 $ 5,157,175 Money market accounts, excluding brokered deposits 8,143,975 7,435,941 Savings accounts 817,385 798,935 Time deposits, excluding brokered deposits 3,803,726 3,108,385 Brokered deposits 1,548,030 1,961,125 Total interest-bearing deposits $ 19,069,355 $ 18,461,561 The aggregate amount of time deposits of $250,000 or more was $1.10 billion at December 31, 2018 and $921.8 million at December 31, 2017 . The following table presents contractual maturities of all time deposits at December 31, 2018 . (in thousands) Maturing within one year $ 3,323,071 Between 1 - 2 years 973,732 2 - 3 years 426,823 3 - 4 years 57,347 4 - 5 years 217,622 Thereafter 4,801 $ 5,003,396 |
Long-term Debt and Short-term B
Long-term Debt and Short-term Borrowings | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Long-term Debt and Short-term Borrowings | Note 9 - Long-term Debt and Short-term Borrowings Short-term Borrowings Short-term borrowings at December 31, 2018 and 2017 consisted of the following: 2018 2017 (dollars in thousands) Federal funds purchased $ 628 $ — Securities sold under repurchase agreements 237,064 161,190 FHLB advances with original maturities of one year or less 650,000 100,000 Total short-term borrowings $ 887,692 $ 261,190 The following table sets forth additional information on Synovus' short-term borrowings for the years indicated. (dollars in thousands) 2018 2017 2016 Total balance at December 31, $ 887,692 $ 261,190 $ 159,699 Weighted average interest rate at December 31, 1.93 % 0.65 % 0.08 % Maximum month-end balance during the year $ 887,692 $ 390,044 $ 414,245 Average amount outstanding during the year 371,933 256,011 278,273 Weighted average interest rate during the year 0.96 % 0.37 % 0.18 % Long-term Debt Long-term debt at December 31, 2018 and 2017 is presented in the following table: (dollars in thousands) 2018 2017 Parent Company: 3.125% senior notes, due November 1, 2022, $300 million par value with semi-annual interest payments and principal to be paid at maturity $ 297,603 $ 296,971 5.75% fixed to adjustable rate subordinated notes issued December 7, 2015, 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 248,101 247,618 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 4.59% at December 31, 2018 and 3.39% at December 31, 2017) 10,000 10,000 Total long-term debt — Parent Company 555,704 554,589 Synovus Bank: FHLB advances with interest and principal payments due at various maturity dates through 2022 and interest rates ranging from 2.49% to 2.56% at December 31, 2018 (weighted average interest rate of 2.53% and 1.43% at December 31, 2018 and 2017, respectively) 1,100,000 1,050,000 Capital lease with interest and principal payments due at various dates through 2031 (rate of 1.59% at both December 31, 2018 and 2017) 1,453 1,549 Total long-term debt — Synovus Bank 1,101,453 1,051,549 Total long-term debt $ 1,657,157 $ 1,606,138 On November 1, 2017, Synovus issued $300.0 million aggregate principal amount of 3.125% senior notes maturing in 2022 in a public offering with aggregate proceeds of $296.9 million , net of discount and debt issuance costs. On November 9, 2017, Synovus redeemed all of the $300.0 million aggregate principal amount of its 7.875% senior notes due 2019 at a "make whole" premium. 2017 results included a loss of $23.2 million related to early extinguishment of these notes. Additionally, during 2017, Synovus paid off the remaining balance of $278.6 million of its subordinated notes at their maturity date of June 15, 2017. 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, 2018 and 2017 , 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 $3.76 billion at December 31, 2018 and $3.40 billion at December 31, 2017 . Contractual annual principal payments on long-term debt for the next five years and thereafter are shown in the following table. (in thousands) Parent Synovus Bank Total 2019 $ — $ 90 $ 90 2020 — 400,092 400,092 2021 — 450,096 450,096 2022 300,000 250,107 550,107 2023 — 109 109 Thereafter 260,000 959 260,959 Total $ 560,000 $ 1,101,453 $ 1,661,453 |
Shareholders' Equity and Other
Shareholders' Equity and Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2018 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity and Other Comprehensive Income | Note 10 - Shareholders' Equity and Other Comprehensive Income The following table shows the changes in shares of preferred and common stock issued and common stock held as treasury shares for the three years ended December 31, 2018 . (shares in thousands) Series C Preferred Stock Issued (Redeemed) Series D Preferred Stock Issued Common Stock Issued Treasury Stock Held Common Stock Outstanding Balance at December 31, 2015 5,200 — 140,592 11,045 129,547 Issuance of common stock for acquisition — — 821 — 821 Restricted share unit activity — — 316 — 316 Stock options exercised — — 297 — 297 Repurchase of common stock — — — 8,715 (8,715 ) Balance at December 31, 2016 5,200 — 142,026 19,760 122,266 Issuance of common stock for earnout payment — — 118 — 118 Restricted share unit activity — — 336 — 336 Stock options exercised — — 198 — 198 Repurchase of common stock — — — 4,021 (4,021 ) Balance at December 31, 2017 5,200 — 142,678 23,781 118,897 Issuance of preferred stock — 8,000 — — — Redemption of preferred stock (5,200 ) — — — — Issuance of common stock for earnout payment — — 199 — 199 Restricted share unit activity — — 297 — 297 Stock options exercised — — 126 — 126 Repurchase of common stock — — — 3,653 (3,653 ) Balance at December 31, 2018 — 8,000 143,300 27,434 115,866 Issuance of Series D Preferred Stock On June 21, 2018, Synovus completed a $200 million public offering of Series D Preferred Stock, $25.00 per share liquidation preference. The offering generated net proceeds of $195.1 million . Dividends on the shares are non-cumulative and, if declared, will accrue and be payable, in arrears, quarterly at a rate per annum equal to 6.300% for each dividend period from the original issue date to, but excluding, June 21, 2023. From and including June 21, 2023, the dividend rate will change to a floating rate equal to the three-month LIBOR plus a spread of 3.352% per annum. The Series D Preferred Stock is redeemable at Synovus' option in whole or in part, from time to time, on any dividend payment date on or after June 21, 2023, or in whole, but not in part, at any time within 90 days following a regulatory capital treatment event at a redemption price equal to $25.00 per share, plus any declared and unpaid dividends, without accumulation of any undeclared dividends. The Series D Preferred Stock has no preemptive or conversion rights. Except in limited circumstances, the Series D Preferred Stock does not have any voting rights. Redemption of Series C Preferred Stock On August 1, 2018, Synovus redeemed all 5,200,000 outstanding shares of Series C Preferred Stock for a cash price of $25.00 per share, without interest, for an aggregate redemption price of $130.0 million and paid a dividend of $2.6 million on the Series C Preferred Stock. The redemption of the Series C Preferred Stock was funded primarily with proceeds from Synovus' public offering of $200 million of Series D Preferred Stock completed in June 2018. Concurrent with the redemption, Synovus recognized a one-time, non-cash redemption charge of $4.0 million . Repurchases of Common Stock During 2018 , Synovus repurchased $175.0 million , or 3.7 million shares, of common stock through open market transactions under the $150 million and $25 million share repurchase programs authorized during the fourth quarter of 2017 and fourth quarter of 2018, respectively, for execution during 2018. During 2017, Synovus repurchased $175.0 million , or 4.0 million shares, of common stock through open market transactions under the $200 million share repurchase program authorized during the fourth quarter of 2016 for execution during 2017. During 2016, Synovus completed its $300 million share repurchase program with repurchases of $262.9 million , or 8.7 million shares, of common stock. This program was authorized during the third quarter of 2015 and was executed over a 15 month period through a combination of open market transactions and an ASR. Share repurchases of common stock during 2016 executed through open market transactions totaled $212.9 million , or 7.3 million shares, and $50.0 million , or 1.4 million shares, were executed through an ASR. Warrant At December 31, 2017 and 2016 , Synovus had warrants outstanding issued to Treasury to purchase up to 2.2 million shares of Synovus common stock at a per share exercise price of $65.52 . These warrants expired unexercised on December 19, 2018 and therefore were not outstanding as of December 31, 2018. The warrants were issued by Synovus to Treasury in 2008 in connection with the Capital Purchase Program, promulgated under the Emergency Economic Stabilization Act of 2008. Accumulated 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, 2018 , 2017 , and 2016 . 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, 2015 $ (12,504 ) $ (18,222 ) $ 907 $ (29,819 ) Other comprehensive loss before reclassifications — (22,405 ) 63 (22,342 ) Amounts reclassified from accumulated other comprehensive income (loss) 287 (3,697 ) (88 ) (3,498 ) Net current period other comprehensive income (loss) 287 (26,102 ) (25 ) (25,840 ) Balance at December 31, 2016 $ (12,217 ) $ (44,324 ) $ 882 $ (55,659 ) Other comprehensive income before reclassifications — 676 38 714 Amounts reclassified from accumulated other comprehensive income (loss) 80 178 (67 ) 191 Net current period other comprehensive income (loss) 80 854 (29 ) 905 Balance at December 31, 2017 $ (12,137 ) $ (43,470 ) $ 853 $ (54,754 ) Other comprehensive loss before reclassifications — (33,023 ) (34 ) (33,057 ) Amounts reclassified from accumulated other comprehensive income (loss) — 960 (98 ) 862 Net current period other comprehensive loss — (32,063 ) (132 ) (32,195 ) Reclassification from adoption of ASU 2018-02 — (7,763 ) 175 (7,588 ) Cumulative-effect adjustment from adoption of ASU 2016-01 — 117 — 117 Balance at December 31, 2018 $ (12,137 ) $ (83,179 ) $ 896 $ (94,420 ) 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 net unrealized 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 and available for sale securities as a single portfolio. As of December 31, 2018 , 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. |
Regulatory Capital
Regulatory Capital | 12 Months Ended |
Dec. 31, 2018 | |
Regulatory Capital Disclosure [Abstract] | |
Regulatory Capital | Note 11 - Regulatory Capital Synovus and Synovus Bank are 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 and Synovus Bank 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 became effective January 1, 2015, for Synovus and Synovus Bank, subject to a transition period for several aspects, including the capital conservation buffer. 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 capital conservation buffer in effect in 2018 is 1.9% ). 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 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 inclusive of the capital conservation buffer. The following table summarizes regulatory capital information at December 31, 2018 and 2017 for Synovus and Synovus Bank. Actual Capital Minimum Requirement For Capital Adequacy (1) To Be Well-Capitalized Under Prompt Corrective Action Provisions (2) (dollars in thousands) 2018 2017 2018 2017 2018 2017 Synovus Financial Corp. CET1 capital $ 2,897,997 $ 2,763,168 $ 1,310,460 $ 1,250,488 N/A N/A Tier 1 risk-based capital 3,090,416 2,872,001 1,747,280 1,660,074 N/A N/A Total risk-based capital 3,601,376 3,383,081 2,329,706 2,213,432 N/A N/A CET1 capital ratio 9.95 % 9.99 % 4.50 % 4.50 % N/A N/A Tier 1 risk-based capital ratio 10.61 10.38 6.00 6.00 N/A N/A Total risk-based capital ratio 12.37 12.23 8.00 8.00 N/A N/A Leverage ratio 9.60 9.19 4.00 4.00 N/A N/A Synovus Bank CET1 capital $ 3,382,497 $ 3,155,163 $ 1,309,527 $ 1,247,462 $ 1,891,538 $ 1,795,004 Tier 1 risk-based capital 3,382,497 3,155,163 1,746,035 1,656,927 2,328,047 2,209,236 Total risk-based capital 3,633,457 3,406,243 2,328,047 2,209,236 2,910,059 2,761,545 CET1 capital ratio 11.62 % 11.43 % 4.50 % 4.50 % 6.50 % 6.50 % Tier 1 risk-based capital ratio 11.62 11.43 6.00 6.00 8.00 8.00 Total risk-based capital ratio 12.49 12.33 8.00 8.00 10.00 10.00 Leverage ratio 10.51 10.12 4.00 4.00 5.00 5.00 (1) The additional capital conservation buffer in effect in 2018 and 2017 was 1.9% , and 1.3% , respectively. (2) The prompt corrective action provisions are applicable at the bank level only. |
Net Income Per Common Share
Net Income Per Common Share | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Net Income Per Common Share | Note 12 - 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, 2018 , 2017 , and 2016 . Years Ended December 31, (in thousands, except per share data) 2018 2017 2016 Net income $ 428,476 $ 275,474 $ 246,784 Preferred stock dividends and redemption charge 17,998 10,238 10,238 Net income available to common shareholders $ 410,478 $ 265,236 $ 236,546 Weighted average common shares outstanding 117,644 121,162 124,389 Potentially dilutive shares from outstanding equity-based awards and Earnout Payments 734 850 689 Weighted average diluted common shares 118,378 122,012 125,078 Net income per common share, basic $ 3.49 $ 2.19 $ 1.90 Net income per common share, diluted $ 3.47 $ 2.17 $ 1.89 For the years ended December 31, 2018 , 2017 , and 2016 , there were 1.7 million , 2.2 million , and 2.2 million potentially dilutive shares, respectively, related to Warrant and stock options to purchase shares of common stock that were outstanding during 2018, 2017 , and 2016 , respectively, but were not included in the computation of diluted net income per common share because the effect would have been anti-dilutive. The outstanding warrants, issued to Treasury by Synovus to purchase up to 2.2 million shares of Synovus common stock at a per share exercise price of $65.52 , expired on December 19, 2018. |
Fair Value Accounting
Fair Value Accounting | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Accounting | Note 13 - Fair Value Accounting Fair value accounting guidance defines fair value as the exchange price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market available to the entity in an orderly transaction between market participants, on the measurement date. See " Note 1 - Summary of Significant Accounting Policies " of this Report for a description of how fair value measurements are determined. 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, 2018 and 2017 . December 31, 2018 (in thousands) Level 1 Level 2 Level 3 Total Assets and Liabilities at Fair Value Assets Trading securities: U.S. Government agency securities $ — $ 44 $ — $ 44 State and municipal securities — 1,064 — 1,064 Other investments 1,128 894 — 2,022 Total trading securities $ 1,128 $ 2,002 $ — $ 3,130 Mortgage loans held for sale — 37,129 — 37,129 Investment securities available for sale: U.S. Treasury securities $ 122,077 $ — $ — $ 122,077 U.S. Government agency securities — 38,382 — 38,382 Mortgage-backed securities issued by U.S. Government agencies — 97,205 — 97,205 Mortgage-backed securities issued by U.S. Government sponsored enterprises — 2,398,650 — 2,398,650 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — 1,188,518 — 1,188,518 Commercial mortgage-backed securities issued by U.S. Government sponsored enterprises — 129,865 — 129,865 Corporate debt and other debt securities — 15,150 1,785 16,935 Total investment securities available for sale $ 122,077 $ 3,867,770 $ 1,785 $ 3,991,632 Private equity investments — — 11,028 11,028 Mutual funds 3,168 — — 3,168 Mutual funds held in rabbi trusts 12,844 — — 12,844 GGL/SBA loans servicing asset — — 3,729 3,729 Derivative assets: Interest rate contracts $ — $ 18,388 $ — $ 18,388 Mortgage derivatives (1) — 944 — 944 Total derivative assets $ — $ 19,332 $ — $ 19,332 Liabilities Earnout liability (2) — — 14,353 14,353 Derivative liabilities: — Interest rate contracts $ — $ 15,716 $ — $ 15,716 Mortgage derivatives (1) — 819 — 819 Visa derivative — — 1,673 1,673 Total derivative liabilities $ — $ 16,535 $ 1,673 $ 18,208 December 31, 2017 (in thousands) Level 1 Level 2 Level 3 Total Assets and Liabilities at Fair Value Assets Trading securities: U.S. Government agency securities $ — $ 3,002 $ — $ 3,002 Collateralized mortgage obligations issued by U.S. Government sponsored agencies or enterprises — 296 — 296 Other investments 522 — — 522 Total trading securities $ 522 $ 3,298 $ — $ 3,820 Mortgage loans held for sale — 48,024 — 48,024 Investment securities available for sale: U.S. Treasury securities $ 82,674 $ — $ — $ 82,674 U.S. Government agency securities — 10,862 — 10,862 Mortgage-backed securities issued by U.S.Government agencies — 120,440 — 120,440 Mortgage-backed securities issued by U.S. Government sponsored enterprises — 2,595,626 — 2,595,626 Collateralized mortgage obligations issued by U.S. Government sponsored agencies or enterprises — 1,111,999 — 1,111,999 Commercial mortgage-backed securities issued by U.S. Government sponsored enterprises — 44,897 — 44,897 State and municipal securities — 180 — 180 Corporate debt and other securities 3,162 15,294 1,935 20,391 Total investment securities available for sale $ 85,836 $ 3,899,298 $ 1,935 $ 3,987,069 Private equity investments — — 15,771 15,771 Mutual funds held in rabbi trusts 14,140 — — 14,140 GGL/SBA loans servicing asset — — 4,101 4,101 Derivative assets: Interest rate contracts $ — $ 10,786 $ — $ 10,786 Mortgage derivatives (1) — 936 — 936 Total derivative assets $ — $ 11,722 $ — $ 11,722 Liabilities Trading account liabilities — 1,000 — 1,000 Earnout liability (2) — — 11,348 11,348 Derivative liabilities: Interest rate contracts $ — $ 12,638 $ — $ 12,638 Mortgage derivatives (1) — 129 — 129 Visa derivative — — 4,330 4,330 Total derivative liabilities $ — $ 12,767 $ 4,330 $ 17,097 (1 ) 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. (2 ) Earnout liability consists of contingent consideration obligation related to Global One acquisition. Fair Value Option Synovus has elected the fair value option for mortgage loans held for sale primarily to ease the operational burden required to maintain hedge accounting for these loans. Synovus is still able to achieve effective economic hedges on mortgage loans held for sale without the time and expense needed to manage a hedge accounting program. The following table summarizes the difference between the fair value and the unpaid principal balance of mortgage loans held for sale and the changes in fair value of these loans. An immaterial portion of these changes in fair value was attributable to instrument-specific credit risk. Years Ended December 31, (in thousands) 2018 2017 2016 Changes in fair value included in net income: Mortgage loans held for sale $ 95 $ 754 $ (667 ) Mortgage loans held for sale: Fair value 37,129 48,024 51,545 Unpaid principal balance 35,848 46,839 51,114 Fair value less aggregate unpaid principal balance $ 1,281 $ 1,185 $ 431 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) During 2018 and 2017 , Synovus did not have any transfers in or out of Level 3 in the fair value hierarchy. For the years ended December 31, 2018 and 2017 , total net losses included in earnings attributable to the change in net unrealized losses relating to assets/liabilities still held at December 31, 2018 and 2017 was $18.1 million and $8.6 million , respectively. 2018 (in thousands) Investment Securities Available for Sale Private Equity Investments GGL/SBA Loans Servicing Asset (1) Earnout Liability (2) Visa Derivative Liability Beginning balance, January 1, 2018 $ 1,935 $ 15,771 $ 4,101 $ (11,348 ) $ (4,330 ) Total (losses) gains realized/unrealized: Included in earnings — (4,743 ) (1,752 ) (11,652 ) (2,328 ) Unrealized (losses) gains included in other comprehensive income (150 ) — — — — Additions — — 1,380 — — Settlements — — — 8,647 4,985 Ending balance, December 31, 2018 $ 1,785 $ 11,028 $ 3,729 $ (14,353 ) $ (1,673 ) Total net losses for the year included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at December 31, 2018 $ — $ (4,743 ) $ — $ (11,652 ) $ (1,673 ) 2017 (in thousands) Investment Securities Available for Sale Private Equity Investments GGL/SBA Loans Servicing Asset (1) Earnout Liability (2) Visa Derivative Liability Beginning balance, January 1, 2017 $ 1,796 $ 25,493 $ — $ (14,000 ) $ (5,768 ) Total (losses) gains realized/unrealized: Included in earnings — (3,093 ) (1,681 ) (5,466 ) — Unrealized gains included in other comprehensive income 139 — — — — Additions — — 1,330 — — Sales — (6,629 ) — — — Settlements — — — 6,352 1,438 Transfer from amortization method to fair value — — 4,452 — — Measurement period adjustments related to Global One acquisition — — — 1,766 — Ending balance, December 31, 2017 $ 1,935 $ 15,771 $ 4,101 $ (11,348 ) $ (4,330 ) Total net losses for the year included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at December 31, 2017 $ — $ (3,093 ) $ — $ (5,466 ) $ — (1) Effective January 1, 2017, Synovus elected the fair value option for determining the value of the GGL/SBA loans servicing asset. Prior to 2017, Synovus accounted for the GGL/SBA loans servicing asset using the amortization method. (2) Earnout liability consists of contingent consideration obligation related to the Global One acquisition. 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 occurring during the period recorded as a charge-off with associated provision expense or write-down in non-interest expense. 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 tables present 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, 2018 Fair Value Adjustments for the Year Ended December 31, 2018 (in thousands) Level 1 Level 2 Level 3 Impaired loans* $ — $ — $ 21,742 $ 7,575 Other loans held for sale — — 1,494 809 Other real estate — — 3,827 523 Other assets held for sale — — 1,104 482 As of December 31, 2017 Fair Value Adjustments for the Year Ended December 31, 2017 Level 1 Level 2 Level 3 Impaired loans* $ — $ — $ 3,603 $ 991 Other loans held for sale — — 10,197 13,004 Other real estate — — 3,363 2,413 Other assets held for sale — — 5,334 2,491 * Collateral-dependent impaired loans that are written down to fair value during the period. Fair Value of Financial Instruments The following table presents the carrying and estimated fair values of financial instruments at December 31, 2018 and 2017 . The fair values represent management’s best estimates based on a range of methodologies and assumptions. See Note 1 - "Summary of Significant Accounting Policies" of this Report for a description of how fair value measurements are determined. December 31, 2018 (in thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Financial assets Total cash, cash equivalents, restricted cash, and restricted cash equivalents $ 1,143,564 $ 1,143,564 $ 1,143,564 $ — $ — Trading account assets 3,130 3,130 1,128 2,002 — Mortgage loans held for sale 37,129 37,129 — 37,129 — Other loans held for sale 1,506 1,506 — — 1,506 Investment securities available for sale 3,991,632 3,991,632 122,077 3,867,770 1,785 Private equity investments 11,028 11,028 — — 11,028 Mutual funds 3,168 3,168 3,168 — — Mutual funds held in rabbi trusts 12,844 12,844 12,844 — — Loans, net 25,696,018 25,438,890 — — 25,438,890 GGL/SBA loans servicing asset 3,729 3,729 — — 3,729 Derivative assets 19,332 19,332 — 19,332 — Financial Liabilities Non-interest-bearing deposits $ 7,650,967 $ 7,650,967 $ — $ 7,650,967 $ — Non-time interest-bearing deposits 14,065,959 14,065,959 — 14,065,959 — Time deposits 5,003,396 4,989,570 — 4,989,570 — Total deposits $ 26,720,322 $ 26,706,496 $ — $ 26,706,496 $ — Federal funds purchased and securities sold under repurchase agreements 237,692 237,692 237,692 — — Other short-term borrowings 650,000 650,000 — 650,000 — Long-term debt 1,657,157 1,649,642 — 1,649,642 — Earnout liability 14,353 14,353 — — 14,353 Derivative liabilities 18,208 18,208 — 16,535 1,673 December 31, 2017 (in thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Financial assets Total cash, cash equivalents, restricted cash, and restricted cash equivalents $ 932,933 $ 932,933 $ 932,933 $ — $ — Trading account assets 3,820 3,820 522 3,298 — Mortgage loans held for sale 48,024 48,024 — 48,024 — Other loans held for sale 11,356 11,356 — — 11,356 Investment securities available for sale 3,987,069 3,987,069 85,836 3,899,298 1,935 Private equity investments 15,771 15,771 — — 15,771 Mutual funds held in rabbi trusts 14,140 14,140 14,140 — — Loans, net 24,538,196 24,507,141 — — 24,507,141 GGL/SBA loans servicing asset 4,101 4,101 — — 4,101 Derivative assets 11,722 11,722 — 11,722 — Financial Liabilities Trading account liabilities 1,000 1,000 — 1,000 — Non-interest-bearing deposits $ 7,686,339 $ 7,686,339 $ — $ 7,686,339 $ — Non-time interest-bearing deposits 13,941,814 13,941,814 — 13,941,814 — Time deposits 4,519,747 4,523,661 — 4,523,661 — Total deposits $ 26,147,900 $ 26,151,814 $ — $ 26,151,814 $ — Federal funds purchased and securities sold under repurchase agreements 161,190 161,190 161,190 — — Other short-term borrowings 100,000 100,000 — 100,000 — Long-term debt 1,606,138 1,621,814 — 1,621,814 — Earnout liability 11,348 11,348 — — 11,348 Derivative liabilities 17,097 17,097 — 12,767 4,330 |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2018 | |
Summary of Derivative Instruments [Abstract] | |
Derivative Instruments | Note 14 - 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 forward 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. As of December 31, 2018 and 2017 , Synovus had no outstanding interest rate swap contracts utilized to manage interest rate risk related to core banking activities. 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 periodically reviewing detailed financials. Dealer collateral requirements are determined via risk-based policies and procedures and in accordance with existing agreements. Synovus seeks to minimize dealer credit risk by dealing with highly rated counterparties and by obtaining collateral for exposures above certain predetermined limits. Management closely monitors credit conditions within the 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. 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 sheets. Fair value changes are recorded as a component of non-interest income. 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 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. 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 changes to Synovus' estimate. 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 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 into 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. Forward commitments to sell primarily fixed-rate mortgage loans 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. Collateral Requirements Pursuant to the Dodd-Frank Act, certain derivative transactions have collateral requirements, both at the inception of the trade, and as the value of each derivative position changes. As of December 31, 2018 and 2017 , collateral totaling $22.4 million and $43.8 million, respectively, was pledged to the derivative counterparties to comply with collateral requirements. For derivatives cleared through central clearing houses, the variation margin payments made are legally characterized as settlements of the derivatives. As a result, these variation margin payments are netted against the fair value of the respective derivative contracts in the consolidated balance sheets and related disclosures. At December 31, 2018 , Synovus had a variation margin of $3.1 million, which reduced the derivative liability, and at December 31, 2017 , the variation margin of $1.5 million reduced the derivative asset. The following table reflects the notional amount and fair value of derivative instruments included on the consolidated balance sheets at December 31, 2018 and 2017 . December 31, 2018 December 31, 2017 Fair Value Fair Value (in thousands) Notional Amount Derivative Assets (1) Derivative Liabilities (2) Notional Amount Derivative Assets (1) Derivative Liabilities (2) Derivatives not designated Interest rate contracts (3) $ 1,840,288 $ 18,388 $ 15,716 $ 1,466,059 $ 10,786 $ 12,638 Mortgage derivatives - interest rate lock commitments 52,420 944 — 49,304 936 — Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans 65,500 — 819 72,500 — 129 Visa derivative — — 1,673 — — 4,330 Total derivatives not designated as hedging instruments $ 19,332 $ 18,208 $ 11,722 $ 17,097 (1) Derivative assets are recorded in other assets on the consolidated balance sheets. (2) Derivative liabilities are recorded in other liabilities on the consolidated balance sheets. (3) Includes interest rate contracts for customer swaps and offsetting positions, net of variation margin payments. Pre-tax effect of changes in fair value from derivative instruments not designated as hedging instruments on the consolidated statements of income for the years ended December 31, 2018 , 2017 and 2016 is presented below. Gain (Loss) Recognized in Consolidated Statements of Income For The Years Ended December 31, (in thousands) Location in Consolidated Statements of Income 2018 2017 2016 Derivatives not designated as hedging instruments: Interest rate contracts (1) Other non-interest income $ (29 ) $ 20 $ 76 Mortgage derivatives - interest rate lock commitments Mortgage banking income 8 (634 ) 182 Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans Mortgage banking income (691 ) (2,025 ) 1,725 Visa derivative Other non-interest expense (2,328 ) — (5,795 ) Total derivatives not designated as hedging instruments $ (3,040 ) $ (2,639 ) $ (3,812 ) (1) Gain (loss) represents net fair value adjustments (including credit related adjustments) for customer swaps and offsetting positions. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 15 - Commitments and Contingencies In the normal course of business, Synovus enters into commitments to extend credit such as loan commitments and letters of credit to meet the financing needs of its customers. Synovus uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Synovus also has commitments to fund certain low income housing investments. The contractual amount of these financial instruments represents Synovus' maximum credit risk should the counterparty draw upon the commitment, and should the counterparty subsequently fail to perform according to the terms of the contract. Since many of the commitments are expected to expire without being drawn upon, total commitment amounts do not necessarily represent future cash requirements. Additionally, certain commitments (primarily consumer) can generally be canceled by providing notice to the borrower. The allowance for credit losses associated with unfunded commitments and letters of credit is a component of the unfunded commitments reserve recorded within other liabilities on the consolidated balance sheets. Additionally, unearned fees relating to letters of credit are recorded within other liabilities on the consolidated balance sheets. These amounts are not material to Synovus' consolidated balance sheets. Synovus invests in certain low income housing tax credit partnerships which are engaged in the development and operation of affordable multi-family housing utilizing the LIHTC pursuant to Section 42 of the Code. Synovus typically acts as a limited partner in these investments and does not exert control over the operating or financial policies of the partnerships and as such, is not considered the primary beneficiary of the partnership. Synovus typically provides financing during the construction and development of the properties and 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 and are not exposed to losses beyond Synovus’ investment. Synovus receives tax credits related to these investments which are subject to recapture by taxing authorities based on compliance features required to be met at the project level. December 31, (in thousands) 2018 2017 Letters of credit * $ 157,675 $ 153,372 Commitments to fund commercial and industrial loans 5,527,017 5,090,827 Commitments to fund commercial real estate, construction, and land development loans 2,034,223 1,567,583 Commitments under home equity lines of credit 1,258,657 1,137,714 Unused credit card lines 775,003 779,254 Other loan commitments 400,983 351,358 Total letters of credit and unfunded lending commitments $ 10,153,558 $ 9,080,108 Investments in low income housing tax credit partnerships: Carrying amount included in other assets $ 83,736 $ 60,068 Amount of future funding commitments included in carrying amount 47,123 39,994 Short-term construction loans and letter of credit commitments 1,585 7,180 Funded portion of short-term loans and letters of credit 5,595 — * Represent the contractual amount net of risk participations of $46.0 million . Merchant Services In accordance with credit and debit card association rules, Synovus sponsors MPS that process credit and debit card transactions on behalf of various merchants. In connection with these services, a liability may arise in the event of a billing dispute between the merchant and a cardholder that is ultimately resolved in the cardholder's favor. If the merchant defaults on its obligations, the cardholder, through its issuing bank, generally has until six months after the date of the transaction to present a chargeback to the merchant processor, which is primarily liable for any losses on covered transactions. However, if the merchant processor fails to meet its obligations, then Synovus, as the sponsor, could be held liable for the disputed amount. Synovus seeks to mitigate this risk through its contractual arrangements with the MPS and the merchants by withholding future settlements, by retaining cash reserve accounts and/or by obtaining other security. For the years ended December 31, 2018 and 2017 , the sponsored entities processed and settled $68.99 billion and $62.08 billion of transactions, respectively. Synovus began covering and has continued to cover chargebacks related to a particular MPS during 2018 where the MPS’s cash reserve account was unavailable to support the chargebacks. As of December 31, 2018, Synovus had advanced $22.9 million to the MPS to cover these chargebacks. While Synovus has contractual protections against loss, repayment of such amounts will depend upon the continued financial viability of the MPS and the favorable resolution of any resulting disputes over the funds. 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, tax matters, 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 individuals related to loans and allegations of violations of state and federal laws and regulations relating to banking practices, including putative class action matters and also claims asserted by shareholders or purported shareholders against Synovus, members of Synovus' Board of Directors, and members of Synovus' management team. In addition to actual damages, if Synovus does not prevail in asserted legal actions, credit-related litigation could result in additional write-downs or charge-offs of loans, which could adversely affect Synovus' results of operations during the period in which the write-down or charge-off were to occur. In addition, on February 15, 2019, a shareholder derivative action, LeMay v. Synovus Financial Corp., Civil Action No. 19-A-01389-9, was filed in the Superior Court of Gwinnett County, Georgia against the Company and certain of its directors and officers alleging breach of fiduciary duties, unjust enrichment, gross mismanagement, corporate waste, disgorgement of compensation, injunctive relief, attorney’s fees and expenses, and punitive damages. Synovus believes that the allegations are without merit and intends to defend against this matter vigorously. Synovus carefully examines and considers each legal matter, and, in those situations where Synovus determines that a particular legal matter presents loss contingencies that are both probable and reasonably estimable, Synovus establishes an appropriate reserve. An event is considered to be probable if the future event is likely to occur. While the final outcome of any legal proceeding is inherently uncertain, based on the information currently available, advice of counsel and available insurance coverage, management believes that the amounts accrued with respect to legal matters as of December 31, 2018 are adequate. The actual costs of resolving legal claims may be higher or lower than the amounts accrued. In addition, where Synovus determines that there is a reasonable possibility of a loss in respect of legal matters, Synovus considers whether it is able to estimate the total reasonably possible loss or range of loss. An event is “reasonably possible” if “the chance of the future event or events occurring is more than remote but less than likely.” An event is “remote” if “the chance of the future event or events occurring is more than slight but less than reasonably possible." In many situations, Synovus may be unable to estimate reasonably possible losses due to the preliminary nature of the legal matters, as well as a variety of other factors and uncertainties. For those legal matters where Synovus is able to estimate a range of reasonably possible losses, management currently estimates the aggregate range from our outstanding litigation is from zero to $5 million in excess of the amounts accrued, if any, related to those matters. This estimated aggregate range is based upon information currently available to Synovus, and the actual losses could prove to be lower or higher. As there are further developments in these legal matters, Synovus will reassess these matters, and the estimated range of reasonably possible losses may change as a result of this assessment. Based on Synovus' current knowledge and advice of counsel, management presently does not believe that the liabilities arising from these legal matters will have a material adverse effect on Synovus' consolidated financial condition, results of operations or cash flows. However, it is possible that the ultimate resolution of these legal matters could have a material adverse effect on Synovus' results of operations 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 maintains insurance coverage, which may be available to cover legal fees, or potential losses that might be incurred in connection with such legal matters. 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. |
Share-based Compensation and Ot
Share-based Compensation and Other Employment Benefit Plans | 12 Months Ended |
Dec. 31, 2018 | |
Share-based Compensation [Abstract] | |
Share-based Compensation and Other Employment Benefit Plans | 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 8.6 million 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, 2018 , Synovus had a total of 4.8 million common share equivalents 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 of three years. The restricted share units and the market restricted share units contain a service-based vesting period of three years with most awards vesting pro-rata over three years. As further discussed below, market restricted share units and performance share units are granted at a defined target level and are compared annually to required market and performance metrics to determine actual units vested and compensation expense. 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. The restricted share units and the market restricted share units granted during 2018 , 2017 , and 2016 contain a service-based vesting period of three years with most awards vesting pro-rata over three years. Share-based Compensation Expense Total share-based compensation expense was $16.6 million , $14.2 million , and $13.6 million for 2018 , 2017 , and 2016 , respectively. The total income tax benefit recognized in the consolidated statements of income related to share-based compensation expense was $3.9 million , $5.2 million , and $5.0 million for 2018 , 2017 , and 2016 , respectively. No share-based compensation costs have been capitalized for the years ended December 31, 2018 , 2017 , and 2016 . As of December 31, 2018 , unrecognized compensation cost related to the unvested portion of share-based compensation arrangements involving shares of Synovus stock was $20.5 million . Stock Options There were no stock option grants in 2018 , 2017 , or 2016 . A summary of stock option activity and changes during the years ended December 31, 2018 , 2017 , and 2016 is presented below. Stock Options 2018 2017 2016 Shares Weighted-Average Exercise Price Shares Weighted-Average Exercise Price Shares Weighted-Average Exercise Price Outstanding at beginning of year 775,730 $ 17.85 973,361 $ 17.76 1,741,975 $ 37.88 Options exercised (126,344 ) 16.92 (197,631 ) 17.41 (297,225 ) 17.35 Options forfeited — — — — (1,597 ) 17.64 Options expired/canceled (9,485 ) 92.26 — — (469,792 ) 92.62 Options outstanding at end of year 639,901 $ 16.93 775,730 $ 17.85 973,361 $ 17.76 Options exercisable at end of year 639,901 $ 16.93 775,730 $ 17.85 973,361 $ 17.76 The aggregate intrinsic value for outstanding and exercisable stock options at December 31, 2018 was $9.6 million and their weighted average remaining contractual life was 3.36 years years. The intrinsic value of stock options exercised during the years ended December 31, 2018 , 2017 , and 2016 was $4.4 million , $5.1 million , and $4.7 million , respectively. Cash received from option exercises of common stock for the years ended December 31, 2018 , 2017 , and 2016 was $2.1 million , $3.4 million , and $5.2 million , respectively. The total grant date fair value of stock options vested during 2016 was $7.4 million . 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: 2018 2017 2016 Risk-free interest rate 2.32 % 1.48 % 0.81 % Expected stock price volatility 22.5 22.9 25.7 Dividend yield 1.3 1.2 1.8 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. A summary of restricted share units outstanding and changes during the years ended December 31, 2018 , 2017 , and 2016 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, 2015 762,767 $ 24.57 Granted 350,458 26.43 Dividend equivalents granted 11,105 26.43 Vested (406,496 ) 23.10 Forfeited (12,067 ) 23.96 Outstanding at December 31, 2016 705,767 26.38 Granted 242,804 41.82 Dividend equivalents granted 5,839 41.82 Vested (341,825 ) 26.25 Forfeited (46,637 ) 26.28 Outstanding at December 31, 2017 565,948 33.25 Granted 248,697 47.34 Dividend equivalents granted 7,259 44.10 Vested (280,459 ) 30.86 Forfeited (15,652 ) 38.60 Outstanding at December 31, 2018 525,793 $ 41.18 The total fair value of restricted share units vested during 2018 , 2017 , and 2016 was $13.6 million , $14.4 million , and $11.4 million , respectively. As of December 31, 2018 , total unrecognized compensation cost related to restricted share units was $11.0 million . This cost is expected to be recognized over a weighted average remaining period of 1.44 years. Synovus granted market restricted share units to senior management during the years ended December 31, 2018 , 2017 , and 2016 . 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 a defined target based on Synovus' total shareholder return (TSR). The total fair value of market restricted share units vested during 2018 , 2017 , and 2016 was $5.1 million , $4.8 million , and $2.6 million , respectively. At December 31, 2018 , total unrecognized compensation cost related to market restricted share units was $3.4 million with a weighted average remaining period of 1.35 years. A summary of market restricted share units outstanding and changes during the years ended December 31, 2018 , 2017 , and 2016 is presented below. Market Restricted Share Units Share Units Weighted-Average Grant Date Fair Value Outstanding at December 31, 2015 158,248 $ 27.02 Granted 93,913 26.93 Dividend equivalents granted 3,095 26.93 Quantity change by TSR factor 9,970 26.93 Vested (82,817 ) 26.40 Outstanding at December 31, 2016 182,409 27.25 Granted 78,174 43.52 Dividend equivalents granted 2,811 43.52 Quantity change by TSR factor 22,182 27.25 Vested (114,013 ) 26.78 Outstanding at December 31, 2017 171,563 35.24 Granted 57,851 48.46 Dividend equivalents granted 3,204 41.91 Quantity change by TSR factor 17,882 33.21 Vested (105,459 ) 33.21 Forfeited (952 ) 38.32 Outstanding at December 31, 2018 144,089 $ 41.91 Synovus granted performance share units to senior management during the years ended December 31, 2018 , 2017 , and 2016 . These units vest upon meeting certain service and performance conditions. Beginning in 2018, return on average assets (ROAA) and return on average tangible common equity (ROATCE) 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 defined targets based on Synovus' three-year weighted average ROAA and ROATCE (as defined). Prior to 2018, performance was evaluated using only ROAA. The total fair value of performance share units vested during 2018 was $4.3 million . At December 31, 2018 , total unrecognized compensation cost related to performance share units was $6.0 million with a weighted average remaining period of 1.40 years . A summary of performance share units outstanding and changes during the years ended December 31, 2018 , 2017 , and 2016 is presented below. Performance Share Units Share Units Weighted-Average Grant Date Fair Value Outstanding at December 31, 2015 151,567 $ 26.01 Granted 83,529 25.95 Dividend equivalents granted 3,384 25.95 Outstanding at December 31, 2016 238,480 25.99 Granted 72,825 41.61 Dividend equivalents granted 2,562 41.61 Vested (69,326 ) 23.47 Outstanding at December 31, 2017 244,541 31.54 Granted 86,774 47.23 Dividend equivalents granted 4,418 28.06 Vested (84,326 ) 28.06 Adjustment for performance vs. target (1,250 ) 28.06 Forfeited (1,900 ) 33.52 Outstanding at December 31, 2018 248,257 $ 38.29 Excess tax benefit/deficiency During 2018 , Synovus recognized $3.3 million of income tax benefits through the income statement from share-based compensation excess tax benefits upon the vesting of restricted share units, market restricted share units, performance share units, and exercise of stock options. During 2017 , Synovus recognized $5.0 million of income tax benefits through the income statement from share-based compensation excess tax benefits upon the vesting of restricted share units, market restricted share units, performance share units, and exercise of stock options. During 2016 , Synovus recognized a share-based compensation net tax deficiency of $790 thousand associated primarily with expired and canceled stock options. The net deficiency was recorded as a reduction of additional paid-in-capital within shareholders' equity. The following table provides aggregate information regarding grants under all Synovus equity compensation plans at December 31, 2018 . Plan Category (a) Number of Securities to be Issued (1) (b) Number of Securities to be Issued (c) Weighted-Average (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 918,139 639,901 $ 16.93 4,849,161 (1) Market restricted and performance share units included at defined target levels. Actual shares issued upon vesting may differ based on actual TSR and ROAA and ROATCE over the measurement period. Other Employment Benefit Plans For the year ended December 31, 2018 , Synovus provided a 100% matching contribution on the first 5% of eligible employee 401(k) contributions for a total annual contribution of $15.7 million . For the years ended December 31, 2017 and 2016 , Synovus provided a 100% matching contribution on the first 4% of eligible employee 401(k) contributions for a total annual contribution of $11.5 million and $10.8 million , respectively. Effective December 29, 2017, Synovus' non-contributory profit sharing plan was merged into the 401(k) plan. For the years ended December 31, 2018 , 2017 , and 2016 , Synovus sponsored a stock purchase plan for directors and employees whereby Synovus made contributions equal to 15% of employee and director voluntary contributions, subject to certain maximum contribution limitations. The funds are used to purchase outstanding shares of Synovus common stock. Synovus recorded as expense $942 thousand , $860 thousand , and $826 thousand for contributions to these plans in 2018 , 2017 , and 2016 , resp |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 17 - Income Taxes The components of income tax expense (benefit) included in the consolidated statements of income for the years ended December 31, 2018 , 2017 , and 2016 are presented below: (in thousands) 2018 2017 2016 Current Federal $ 75,582 $ (32,341 ) $ 7,329 State 7,081 5,949 5,501 Total current income tax expense (benefit) 82,663 (26,392 ) 12,830 Deferred Federal 24,894 229,917 117,463 State 11,321 1,139 11,374 Total deferred income tax expense 36,215 231,056 128,837 Total income tax expense $ 118,878 $ 204,664 $ 141,667 Income tax expense does not reflect the tax effects of net unrealized gains (losses) on investment securities available for sale and post-retirement unfunded health benefits. These effects are presented in the consolidated statements of comprehensive income. The 2018 financial results reflect a $9.8 million tax benefit resulting from the completion of the remeasurement of the deferred tax assets and liabilities from Federal Tax Reform in accordance with ASC Topic 740, Income Taxes . This included a $3.9 million tax benefit for the refinement of provisional amounts previously reported under SEC Staff Accounting Bulletin No. 118, Income Tax Accounting Implications of the Tax Cuts and Jobs Act (SAB 118) and a $5.9 million return to provision benefit associated with the 2017 tax return. In 2017, Synovus made a reasonable estimate, based on the information available, of the impact from the reduction in the corporate tax rate on the remeasurement of applicable deferred tax assets and liabilities, which resulted in an additional provisional federal income tax expense of $47.2 million . 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 21 percent to income before income taxes for the year ended December 31, 2018 , and 35 percent for the years ended 2017 and 2016 . A reconciliation of the differences is presented below: Years Ended December 31, (dollars in thousands) 2018 2017 2016 Income tax expense at statutory federal income tax rate $ 114,944 $ 168,048 $ 135,957 Increase (decrease) resulting from: State income tax expense, net of federal income tax benefit 17,270 11,961 13,256 Adjustment related to reduction in U.S. federal statutory income tax rate (1)(2) (9,865 ) 46,573 — Non-deductible expenses 7,556 2,435 813 Low income housing tax credits and other tax benefits (6,421 ) (2,759 ) — Low income housing tax credit amortization 5,316 268 — Change in valuation allowance (3) (3,431 ) (6,227 ) (2,055 ) Bank-owned life insurance (3,055 ) (4,702 ) (3,402 ) Excess tax benefit from share-based compensation (2,801 ) (4,318 ) — General business tax credits (4) (1,163 ) (4,615 ) (1,213 ) Other, net 528 (2,000 ) (1,689 ) Total income tax expense $ 118,878 $ 204,664 $ 141,667 Effective tax rate 21.7 % 42.6 % 36.5 % (1) Does not include a 2017 provisional tax expense adjustment of $608 thousand which is included as a component of the change in the valuation allowance. The 2017 income tax effect of the provisional federal income tax expense of $47.2 million relating to Federal Tax Reform represents 9.8% of income before taxes. (2) 2017 includes a $7.6 million expense from remeasurement of deferred tax assets relating to unrealized losses on available for sale securities which were initially recorded through accumulated other comprehensive income (AOCI). As further described in Note 1, ASU 2018-02, issued in February 2018, provides for the reclassification of the tax effects stranded in AOCI resulting from Federal Tax Reform to retained earnings. As a result, Synovus elected to apply the ASU 2018-02 guidance during the reporting period ending on March 31, 2018 and reclassified $7.6 million from AOCI to retained earnings. (3) 2017 includes provisional federal income tax expense of $608 thousand related to Federal Tax Reform. (4) 2017 includes research and development tax credits for the tax years 2013-2017 totaling $4.6 million . Details for significant portions of the deferred tax assets and liabilities at December 31, 2018 and 2017 are presented below: (in thousands) 2018 2017 Deferred tax assets Allowance for loan losses $ 63,952 $ 66,034 Net operating loss carryforwards 33,008 41,059 Net unrealized losses on investment securities available for sale 24,419 13,253 Employee benefits and deferred compensation 20,363 18,333 Tax credit carryforwards 20,088 19,175 Deferred revenue 10,189 12,311 Lease rental 2,526 2,549 Non-performing loan interest 2,442 10,388 Other 9,415 6,343 Total gross deferred tax assets 186,402 189,445 Less valuation allowance — (3,431 ) Total deferred tax assets 186,402 186,014 Deferred tax liabilities Excess tax over financial statement depreciation (31,260 ) (8,080 ) Other properties held for sale (5,469 ) (5,447 ) Other (8,539 ) (6,699 ) Total gross deferred income tax liabilities (45,268 ) (20,226 ) Net deferred tax assets $ 141,134 $ 165,788 The net decrease in the valuation allowance for the years ended December 31, 2018 and 2017 was $ 3.4 million and $ 6.2 million , respectively. The decrease in 2018 related to the expiration of unused state tax credits which had a valuation allowance recorded. The decrease in 2017 was related to the expiration of unused state tax credits which had a valuation allowance and the reversal of valuation allowance on state tax credits that now have been determined to be utilized before they expire. 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, 2018 , 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, 2018 includes generation of taxable income in 2018 , 2017 , and 2016 , continued improvement in credit quality, strong capital position, as well as sufficient amounts of projected future taxable income, of the appropriate character, to support the realization of the $141.1 million net deferred tax asset at December 31, 2018 . Synovus expects to realize its net deferred tax asset of $141.1 million through the reversal of existing taxable temporary differences and projected future taxable income. Based on the assessment of all the positive and negative evidence at December 31, 2018 , 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 $141.1 million in net deferred tax assets well in advance of the statutory carryforward period. At December 31, 2018 , $88.0 million of existing net deferred tax assets are not related to net operating losses or credits and therefore, have no expiration dates. $33.0 million of the deferred tax assets relate to state net operating losses which will expire in installments annually through the tax year 2036. State tax credits at December 31, 2018 total $20.1 million and have expiration dates through the tax year 2028. State NOL and tax credit carryforwards as of December 31, 2018 are summarized in the following table. Tax Carryforwards As of December 31, 2018 (in thousands) Expiration Dates Deferred Tax Asset Balance Valuation Allowance Net Deferred Tax Asset Balance Pre-Tax Earnings Necessary to Realize (1) Net operating losses - states 2023-2027 $ 1,431 $ — $ 1,431 $ 1,429,499 Net operating losses - states 2028-2032 39,483 — 39,483 914,384 Net operating losses - states 2033-2036 356 — 356 7,356 Other credits - states 2019-2023 20,164 — 20,164 N/A Other credits - states 2024-2028 2,388 — 2,388 N/A (1) N/A indicates credits are not measured on a pre-tax earnings basis. 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. Additionally, Synovus is no longer subject to income tax examinations by the IRS for years before 2015, and excluding certain limited exceptions, Synovus is no longer subject to income tax examinations by state and local income tax authorities for years before 2015. However, amounts reported as net operating losses and tax credit carryovers from closed tax periods remain subject to review by most tax 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) 2018 2017 2016 Balance at January 1, $ 15,117 $ 14,745 $ 12,745 Additions based on income tax positions related to current year 1,165 152 — Additions for income tax positions of prior years (1) 2,321 934 1,811 Additions from acquisition — — 608 Reductions for income tax positions of prior years — (706 ) — Statute of limitation expirations (17 ) (8 ) (419 ) Balance at December 31, $ 18,586 $ 15,117 $ 14,745 (1) 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 $227 thousand , $105 thousand , and $38 thousand as of December 31, 2018 , 2017 and 2016 , respectively. Unrecognized income tax benefits as of December 31, 2018 , 2017 and 2016 that, if recognized, would affect the effective income tax rate totaled $15.2 million , $12.3 million and $9.9 million (net of the federal benefit on state income tax issues). Accrued interest and penalties during 2018 and 2017 totaled $193 thousand and $76 thousand , respectively. Synovus expects that $316 thousand of uncertain income tax positions will be either settled or resolved during the next twelve months. |
Non-interest Income
Non-interest Income | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Non-interest Income | Note 18 - Non-interest Income Non-interest income includes revenue from various types of transactions and services provided to customers. The following table reflects non-interest income disaggregated by revenue type, line of business, and the amount of revenue that is in scope and out of scope of Topic 606 for the year ended December 31, 2018. Non-interest Income by Line of Business For the Year Ended December 31, 2018 (in thousands) Community Banking Corporate Banking Retail Banking Financial Management Services Other Total Revenues in scope of Topic 606 Service charges on deposit accounts $ 22,633 $ 1,932 $ 54,123 $ — $ 2,152 $ 80,840 Fiduciary and asset management fees — — — 54,685 — 54,685 Card fees 834 — 41,669 — — 42,503 Brokerage revenue — — — 36,567 — 36,567 Insurance revenue — — — 5,410 — 5,410 Other fees — — 1,943 — 1,084 3,027 $ 23,467 $ 1,932 $ 97,735 $ 96,662 $ 3,236 $ 223,032 Revenues out of scope of Topic 606 (1 ) 9,098 7,598 6,656 22,786 10,923 57,061 Total non-interest income $ 32,565 $ 9,530 $ 104,391 $ 119,448 $ 14,159 $ 280,093 ( 1) Out of scope non-interest income is presented for the purpose of reconciling non-interest income amounts within the scope of Topic 606 to non-interest income amounts presented on Synovus' consolidated statements of income. Following is a discussion of key revenues within the scope of Topic 606: Service Charges on Deposit Accounts : Revenue from service charges on deposit accounts is earned through cash management, wire transfer, and other deposit-related services, as well as overdraft, non-sufficient funds, account management and other deposit-related fees. Revenue is recognized for these services either over time, corresponding with deposit accounts' monthly cycle, or at a point in time for transaction-related services and fees. Payment for service charges on deposit accounts is primarily received immediately or in the following month through a direct charge to customers' accounts. Fiduciary and Asset Management Fees : Fiduciary and asset management fees are primarily comprised of fees earned from the management and administration of trusts and other customer assets. Synovus' performance obligation is generally satisfied over time and the resulting fees are recognized monthly, based upon the month-end market value of the assets under management and the applicable fee rate. Payment is generally received a few days after month-end through a direct charge to customers' accounts. Synovus does not earn performance-based incentives. Card Fees: Card fees consist primarily of interchange fees from consumer credit and debit cards processed by card association networks, as well as merchant discounts, and other card-related services. Interchange rates are generally set by the credit card associations and based on purchase volumes and other factors. Interchange fees and merchant discounts are recognized concurrently with the delivery of service on a daily basis as transactions occur. Payment is typically received immediately or in the following month. Card fees are reported net of certain associated expense items including loyalty program expenses and network expenses. Brokerage Revenue: Brokerage revenue consists primarily of commissions. Additionally, brokerage revenue includes advisory fees earned from the management of customer assets. Advisory fees for brokerage services are recognized and collected monthly and are based upon the month-end market value of the assets under management at a rate predetermined in the contract. Transactional revenues are based on the size and number of transactions executed at the client's direction and are generally recognized on the trade date with payment received on the settlement date. Insurance Revenue: Insurance revenue primarily consists of commissions received on annuity and life product sales. The commissions are recognized as revenue when the customer executes an insurance policy with the insurance carrier. In some cases, Synovus receives payment of trailing commissions each year when the customer pays its annual premium. For the years ended December 31, 2018 and 2017 , Synovus recognized an immaterial amount of insurance trailing commissions. Other Fees: Other fees primarily consist of revenues generated from safe deposit box rental fees and lockbox services. Fees are recognized over time, on a monthly basis, as Synovus' performance obligation for services is satisfied. Payment is received upfront for safe deposit box rentals and in the following month for lockbox services. |
Condensed Financial Information
Condensed Financial Information Of Synovus Financial Corp. (Parent Company Only) | 12 Months Ended |
Dec. 31, 2018 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Financial Information Of Synovus Financial Corp. (Parent Company Only) | Note 19 - Condensed Financial Information of Synovus Financial Corp. (Parent Company only) Condensed Balance Sheets December 31, (in thousands) 2018 2017 Assets Cash due from bank subsidiary $ 213,096 $ 191,275 Funds due from other depository institutions 9,927 19,911 Total cash, cash equivalents, restricted cash, and restricted cash equivalents (1) 223,023 211,186 Investment in consolidated bank subsidiary, at equity 3,418,471 3,232,129 Investment in consolidated nonbank subsidiaries, at equity 34,586 40,731 Other assets 62,915 69,762 Total assets $ 3,738,995 $ 3,553,808 Liabilities and Shareholders' Equity Liabilities: Long-term debt $ 555,704 $ 554,589 Other liabilities 49,689 37,653 Total liabilities 605,393 592,242 Shareholders’ equity: Series C Preferred Stock — 125,980 Series D Preferred Stock 195,140 — Common stock 143,300 142,678 Additional paid-in capital 3,060,561 3,043,129 Treasury stock (1,014,746 ) (839,674 ) Accumulated other comprehensive loss, net (94,420 ) (54,754 ) Retained earnings 843,767 544,207 Total shareholders’ equity 3,133,602 2,961,566 Total liabilities and shareholders’ equity $ 3,738,995 $ 3,553,808 (1) See "Note 1 - Summary of Significant Accounting Policies" of this Report for information on Synovus' change in presentation of cash and cash equivalents. Condensed Statements of Income Years Ended December 31, (in thousands) 2018 2017 2016 Income Cash dividends received from subsidiaries (1) $ 250,000 $ 283,210 $ 325,000 Cash distributions received from subsidiaries (1) 10,000 167,790 — Interest income 1,703 1,443 2,565 Other (loss) income (3,904 ) 345 4,595 Total income 257,799 452,788 332,160 Expenses Interest expense 25,287 43,922 52,831 Other expenses 21,455 33,955 20,652 Total expenses 46,742 77,877 73,483 Income before income taxes and equity in undistributed income (loss) of subsidiaries 211,057 374,911 258,677 Allocated income tax benefit (13,690 ) (30,421 ) (25,628 ) Income before equity in undistributed income (loss) of subsidiaries 224,747 405,332 284,305 Equity in undistributed income (loss) of subsidiaries 203,729 (129,858 ) (37,521 ) Net income 428,476 275,474 246,784 Dividends and redemption charge on preferred stock 17,998 10,238 10,238 Net income available to common shareholders $ 410,478 $ 265,236 $ 236,546 (1) Substantially all cash dividends and distributions are from Synovus Bank. Condensed Statements of Comprehensive Income December 31, 2018 December 31, 2017 December 31, 2016 (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 $ 547,354 $ (118,878 ) $ 428,476 $ 480,138 $ (204,664 ) $ 275,474 $ 388,451 $ (141,667 ) $ 246,784 Reclassification adjustment for losses realized in net income on cash flow hedges — — — 130 (50 ) 80 467 (180 ) 287 Reclassification adjustment for net gains realized in net income on investment securities available for sale — — — (5,506 ) 2,120 (3,386 ) (5,763 ) 2,219 (3,544 ) Net unrealized gains on investment securities available for sale — — — — — — 2,358 (908 ) 1,450 Other comprehensive (loss) gain of bank subsidiary (43,447 ) 11,252 (32,195 ) 6,784 (2,573 ) 4,211 (39,080 ) 15,047 (24,033 ) Other comprehensive (loss) income $ (43,447 ) $ 11,252 $ (32,195 ) $ 1,408 $ (503 ) $ 905 $ (42,018 ) $ 16,178 $ (25,840 ) Comprehensive income $ 396,281 $ 276,379 $ 220,944 Condensed Statements of Cash Flows Years Ended December 31, (in thousands) 2018 2017 2016 Operating Activities Net income $ 428,476 $ 275,474 $ 246,784 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed (income) loss of subsidiaries (203,729 ) 129,858 37,521 Deferred income tax expense 1,055 60,931 17,989 Net increase (decrease) in other liabilities 9,551 (1,095 ) 7,746 Net decrease (increase) in other assets 6,723 (8 ) (9,214 ) Other, net 1,115 (3,330 ) (1,648 ) Net cash provided by operating activities 243,191 461,830 299,178 Investing Activities Proceeds from sales of investment securities available for sale — 4,305 — Outlays for business combinations — — (3,408 ) Net decrease in short-term notes receivable from non-bank subsidiaries — 35,200 31,800 Net cash provided by investing activities — 39,505 28,392 Financing Activities Dividends paid to common and preferred shareholders (120,202 ) (64,908 ) (69,663 ) Repurchases of common stock (175,072 ) (175,079 ) (263,084 ) Repayments and redemption of long-term debt — (600,386 ) (130,048 ) Proceeds from issuance of long-term debt — 296,866 — Net proceeds from issuance of Series D Preferred Stock 195,140 — — Redemption of Series C Preferred Stock (130,000 ) — — Earnout payment (1,220 ) (892 ) — Net cash used in financing activities (231,354 ) (544,399 ) (462,795 ) Increase (decrease) in cash and cash equivalents including restricted cash 11,837 (43,064 ) (135,225 ) Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of year (1) 211,186 254,250 389,475 Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of year (1) $ 223,023 $ 211,186 $ 254,250 (1) See "Note 1 - Summary of Significant Accounting Policies" of this Report for information on Synovus' change in presentation of cash and cash equivalents. See accompanying notes to the audited consolidated financial statements. For the years ended December 31, 2018 , 2017 , and 2016 , the Parent Company paid income taxes of $41.7 million , $18.0 million , and $9.5 million , respectively. For the years ended December 31, 2018 , 2017 , and 2016 , the Parent Company paid interest of $24.2 million , $51.0 million , and $53.1 million , respectively. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 20 - Subsequent Events Acquisition of FCB Financial Holdings, Inc. Effective January 1, 2019, Synovus completed its acquisition of all of the outstanding stock of FCB Financial Holdings, Inc. (FCB), a bank holding company based in Weston, Florida. The fair value of the consideration transferred totaled approximately $1.60 billion . Effective January 1, 2019, Florida Community Bank merged into Synovus Bank. At the acquisition date, FCB had total loans of $9.42 billion , total deposits of $10.89 billion and operated 51 full service banking centers through its wholly-owned banking subsidiary, Florida Community Bank. With the addition of FCB, Synovus will become a top five regional bank by deposits in the Southeast region. The addition of FCB will elevate Synovus' growth profile through a deepened presence in high-growth Florida markets. Conversion of FCB systems is expected during the second quarter of 2019. As the acquisition of FCB was completed after December 31, 2018, Synovus' consolidated financial statements as of and for the years ended December 31, 2018 do not include amounts for FCB. Merger-related expenses totaling $10.1 million relating to this transaction were recorded during the year ended December 31, 2018. Given the timing of the closing of this transaction, Synovus is currently in the process of valuing the assets acquired and liabilities assumed in the business combination. As a result, we are not yet able to provide the amounts to be recognized as of the closing date for the major classes of assets acquired and liabilities assumed and other related disclosures. If the acquisition of FCB had been completed on January 1, 2018, unaudited pro forma total revenue, net of interest expense would have been approximately $ 1.9 billion for 2018, and unaudited pro forma net income available to common shareholders would have been approximately $ 613 million. The unaudited pro forma results include the impact of amortizing and accreting certain estimated purchase accounting adjustments such as intangible assets as well as fair value adjustments to loans, deposits, and long-term debt. Merger-related expenses that occurred at the effective time of the merger or subsequent to the merger are not reflected in the unaudited pro forma amounts. Cost savings are also not reflected in the unaudited pro forma amounts for the twelve months ended December 31, 2018. The pro forma information does not necessarily reflect the results of operations that would have occurred had Synovus merged with FCB at the beginning of 2018. Issuance of Subordinated Debt On February 7, 2019, Synovus completed a public offering of $300.0 million aggregate principal amount of 5.900% fixed-to-fixed rate subordinated notes due in 2029. Subject to any redemption prior to February 7, 2029, the notes will bear interest at the rate of 5.900% per annum for the first five years and, thereafter, at a fixed rate which will be 3.379% above the 5-Year Mid-Swap Rate as of the reset date. Interest on the notes will be payable semi-annually in arrears. The notes will mature on February 7, 2029. |
Summary of Quarterly Financial
Summary of Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 and 2017 . 2018 (in thousands, except per share data) Fourth Quarter Third Quarter Second Quarter First Quarter Interest income $ 357,395 $ 343,942 $ 329,834 $ 313,134 Net interest income 297,933 291,619 284,577 274,284 Provision for loan losses 12,149 14,982 11,790 12,776 Income before income taxes 143,854 128,008 142,117 133,375 Income tax expense 38,784 18,949 30,936 30,209 Net income 105,070 109,059 111,181 103,166 Net income available to common shareholders 101,919 99,330 108,622 100,607 Net income per common share, basic 0.88 0.85 0.92 0.85 Net income per common share, diluted 0.87 0.84 0.91 0.84 2017 Fourth Quarter Third Quarter Second Quarter First Quarter Interest income $ 306,934 $ 297,652 $ 285,510 $ 272,401 Net interest income 269,713 262,572 251,097 239,927 Provision for loan losses 8,565 39,686 10,260 8,674 Income before income taxes 103,966 152,675 117,791 105,704 Income tax expense 74,361 54,668 41,788 33,847 Net income 29,605 98,007 76,003 71,857 Net income available to common shareholders 27,046 95,448 73,444 69,298 Net income per common share, basic 0.23 0.79 0.60 0.57 Net income per common share, diluted 0.23 0.78 0.60 0.56 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Principles of Consolidation and Basis of Presentation | The consolidated financial statements of Synovus include the accounts of the Parent Company and its consolidated subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. 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. Prior periods' consolidated financial statements are reclassified whenever necessary to conform to the current periods' presentation. The Company’s consolidated financial statements include all entities in which the Company has a controlling financial interest. A variable interest entity (VIE) for which Synovus or a subsidiary has been determined to be the primary beneficiary is also consolidated. 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. Investments in VIEs, where Synovus is not the primary beneficiary, are accounted for using either the proportional amortization method or equity method of accounting. These investments are included in other assets in the consolidated balance sheets, and the Company's proportionate share of income or loss is included as either a component of income tax expense (proportional amortization method) or non-interest income (equity method). The maximum potential exposure to losses relative to investments in VIEs is generally limited to the sum of the outstanding balance, future funding commitments and any related loans to the entity. The assessment of whether or not the Company has a controlling interest (i.e., the primary beneficiary) in a VIE is performed on an on-going basis. Refer to "Part II - Item 8. Financial Statements and Supplementary Data - Note 15 - Commitments and Contingencies" for additional details regarding Synovus' involvement with VIEs. |
Use of Estimates | 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; estimates of fair value; income taxes; and contingent liabilities including legal matters and the Global One Earnout Payments, among others. |
Business Combinations | Assets and liabilities acquired in business combinations are recorded at their acquisition date fair values, except as provided for by the applicable accounting guidance, with any excess recorded as goodwill. The results of operations of the acquired company are combined with Synovus’ results from the acquisition date forward. In accordance with ASC Topic 805, Business Combinations , the Company generally records provisional amounts at the time of acquisition based on the information available to the Company. The provisional estimates of fair values may be adjusted for a period of up to one year (“measurement period”) from the date of acquisition if new information is obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement of the amounts recognized as of that date. Subsequently, adjustments recorded during the measurement period are recognized in the current reporting period. Acquisition costs are expensed when incurred. Additional information regarding acquisitions is provided in |
Cash and Cash Equivalents | Cash and cash equivalents consist of cash and due from banks as well as interest-bearing funds with Federal Reserve Bank, interest earning deposits with banks, and federal funds sold and securities purchased under resale agreements, which are inclusive of any restricted cash and restricted cash equivalents. In connection with the adoption of ASU 2016-18 , Statement of Cash Flows-Restricted Cash, Synovus changed its presentation of cash and cash equivalents, effective January 1, 2018, to include cash and due from banks as well as interest-bearing funds with Federal Reserve Bank, interest earning deposits with banks, and federal funds sold and securities purchased under resale agreements, which are inclusive of any restricted cash and restricted cash equivalents. Prior to 2018, cash and cash equivalents only included cash and due from banks. Prior periods have been revised to maintain comparability. |
Short-term Investment | At December 31, 2018 , no cash balances were required to be on deposit with the Federal Reserve Bank to meet reserve requirements and at December 31, 2017 , required deposits with the Federal Reserve Bank amounted to $8.6 million . Cash and cash equivalents included $25.6 million at December 31, 2018 and $49.7 million at December 31, 2017 , which were pledged to collateralize certain derivative instruments and letters of credit. Federal funds sold and securities purchased under resale agreements, and federal funds purchased and securities sold under repurchase agreements generally mature in one day. |
Mortgage Loans Held for Sale and Mortgage Banking Income | Mortgage Loans Held for Sale Mortgage loans held for sale are initially measured at fair value under the fair value option election with subsequent changes in fair value recognized as a component of mortgage banking income in the consolidated statements of income. 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 sold servicing released, without recourse or continuing involvement, and meet ASC Topic 860, Transfers and Servicing criteria for sale accounting. |
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) Synovus 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) Synovus 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 the Company has the intent and ability to hold for the foreseeable future 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 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 include all loans modified in a troubled debt restructuring (TDR). Impaired loans do not include smaller-balance homogeneous loans that are collectively evaluated for impairment, which consist of most consumer loans and commercial loan relationships lower than $1.0 million . Impairment is measured as described below under "allowance for loan losses." Interest income on non-accrual impaired loans is recognized as described above under "non-accrual loans." At December 31, 2018 and 2017 , substantially all non-accrual impaired loans were collateral-dependent and secured by real estate. Impaired accruing loans generally consist of those TDRs for which management has concluded that the collectability of the loan is not in doubt. 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, renewals, and refinances are evaluated for TDR classification. All TDRs are considered to be impaired loans, and the amount of impairment, if any, is determined in accordance with ASC Topic 310-10-35 . 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). 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. 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 in accordance with the agreement. In the fiscal year subsequent to a loan's initial reporting as a TDR, a TDR that has been renewed for a borrower who is no longer experiencing financial difficulty (as evidenced by a period of performance), which yields a market rate of interest at the time of a renewal, and for which no principal was forgiven, is no longer considered a TDR. Concentrations of Credit Risk A substantial portion of the loan portfolio is secured by real estate in markets located throughout Georgia, Alabama, South Carolina, Florida, and Tennessee. Accordingly, the ultimate collectability of a substantial portion of the loan portfolio is susceptible to changes in market conditions in these areas. |
Allowance for Loan Losses | The allowance for loan losses represents management's estimate of probable losses inherent in the funded loan portfolio. Changes to the allowance are recorded through a provision for loan losses and reduced by loans charged-off, net of recoveries. Impaired Loans 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: i) discounted cash flow based upon the loan's contractual effective interest rate, ii) at the loan's observable market price, or iii) at the fair value of the collateral, less costs to sell if the loan is collateral-dependent. Under the discounted cash flow method, impairment is recorded as a specific reserve with a charge-off for any portion of the impairment. The reserve is reassessed each quarter and adjusted as appropriate based on changes in estimated cash flows. Additionally, 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. If the loan is collateral-dependent, then the fair value of the loan's collateral, less estimated selling costs, is compared to the loan's carrying amount to determine impairment. Fair value is estimated using appraisals performed by a certified or licensed appraiser. Management also considers other factors or recent developments, such as changes in absorption rates or market conditions at the time of valuation, 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. 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. Non-impaired Loans For loans that are not considered impaired, the allocated allowance for loan losses is determined based upon EL factors, which are applied to groupings of specific loan types by loan risk ratings. The EL is determined based upon a PD, which is the probability that a borrower, segregated by loan type and loan risk grade, will default, and 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 graded 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 at least annually. Commercial Loans - Risk Ratings Synovus utilizes two primary methods for risk assessment of the commercial loan portfolio: SRR Assessment and DRR Assessment. DRR is a statistical model approach to risk rating that includes a PD and a LGD. The SRR model is an expert judgment based model that results in a blended (i.e. single) rating. 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 SRR loans, this process begins with a loan rating recommendation from the loan officer responsible for originating the loan. Commercial SRR loans are graded on a 10-point scale and include classifications of special mention, substandard, doubtful, and loss consistent with bank regulatory classifications. The primary determinants of the risk ratings for commercial SRR 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. The DRR methodology is used for larger relationships within the C&I loan portfolio as well as certain income-producing real estate loans. At December 31, 2018 and 2017 , approximately $7.6 billion of C&I loans was rated using the DRR methodology. The DRR includes sixteen PD categories and nine categories for estimating losses given an event of default. The result is an EL rate established for each borrower. The loan rating (for both SRR and DRR loans) 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. Consumer Loans – Risk Ratings Consumer loans are generally assigned a risk rating on a 9-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. No loans graded higher than a 6 at origination are approved for funding. At 90-119 days past due, a loan grade of 7-substandard non-accrual 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. |
Transfers of Financial Assets | Transfers of financial assets in which Synovus has surrendered control over the transferred assets are accounted for as sales. Control over transferred assets is considered to be surrendered when 1) the assets have been legally isolated from Synovus or any consolidated affiliates, even in bankruptcy or other receivership, 2) the transferee has the right to pledge or exchange the assets with no conditions that constrain the transferee and provide more than a trivial benefit to Synovus, and 3) Synovus does not maintain effective control over the transferred assets. If the transfer is accounted for as a sale, the transferred assets are derecognized from the balance sheet and a gain or loss on sale is recognized in the consolidated statements of income. If the sale criteria are not met, the transfer is accounted for as a secured borrowing and the transferred assets remain on Synovus' consolidated balance sheets and the proceeds from the transaction are recognized as a liability. |
Cash Surrender Value of Bank-Owned Life Insurance | Investments in bank-owned life insurance policies on certain current and former officers and employees of Synovus are recorded at the net realizable value of the policies. 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. Changes in the cash surrender value of the policies as well as proceeds from insurance benefits are recorded in income from bank-owned life insurance in the consolidated statements of income. |
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. Buildings and improvements are depreciated over an average of 10 to 40 years, while furniture and equipment are depreciated over a range of 3 to 10 years. 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. Maintenance and repairs are charged to non-interest expense and improvements that extend the useful life of the asset are capitalized to the carrying value and depreciated. |
Goodwill and Other Intangible Assets | Goodwill represents the excess purchase price over the fair value of identifiable net assets of acquired businesses. Goodwill is tested for impairment at the reporting unit 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. Synovus applies judgment when assessing goodwill for impairment. ASC 350-20-35-3A, Goodwill Subsequent Measurement - Qualitative Assessment, provides the option to perform a qualitative assessment to determine whether the two-step goodwill impairment test is necessary. Synovus applies the qualitative assessment guidance to determine if the following factors indicate that goodwill is more likely than not impaired: macroeconomic conditions, industry and market considerations, cost factors, overall financial performance, other relevant entity-specific events, events affecting the reporting unit, and common stock share price. Management applies judgment when weighing the factors most likely to impact a reporting unit's fair value. Other intangible assets relate primarily to borrower relationships, trade name, and a distribution network resulting from a business acquisition. These intangible assets are amortized using straight line methods based on the remaining lives of the assets. Amortization periods range from eight to ten years. Amortization periods for intangible assets are monitored to determine if events and circumstances require such periods to be reduced. Intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of the intangible assets is measured by a comparison of the carrying amount of the asset to future undiscounted cash flows expected to be generated by the asset. If such assets are considered impaired, the amount of the impairment to be recognized is measured by the amount by which the carrying value of the assets exceeds the fair value of the assets based on the discounted expected future cash flows to be generated by the assets. |
Segment Disclosure | ASC Topic 280, Segment Reporting , requires information be reported about a company’s operating segments using a “management approach.” Reportable segments are identified in these standards as those revenue-producing components for which discrete financial information is produced internally and which are subject to evaluation by the chief operating decision maker in deciding how to allocate resources to segments. Based on this guidance, Synovus identified its overall banking operations as its only reportable segment. As the overall banking operations comprise substantially all of Synovus' consolidated operations, no separate segment disclosures are presented. |
Other Assets | Other assets include FRB and FHLB stock, accrued interest receivable, investments in LIHTC, accounts receivable, prepaid expenses and other balances as shown in "Part II - Item 8. Financial Statements and Supplementary Data - Note 7 - Other Assets" of this Report. FRB and FHLB stock is recorded at amortized cost, which approximates 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. 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. 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, in the same income statement line as the offsetting unrealized loss or gain on the hedged item attributable to the risk being hedged. If the hedged exposure is a cash flow exposure, the effective portion of the gain or loss on the derivative instrument is reported initially as a component of accumulated other comprehensive income (loss), net of the tax impact, and subsequently reclassified into earnings when the hedged transaction affects earnings with the impacts recorded in the same income statement line item used to present the earnings effect of the hedged item. Any amounts excluded from the assessment of hedge effectiveness, are reported in earnings immediately as a component of other non-interest income on the consolidated statements of income or recorded to other comprehensive income and recognized in earnings over the life of the hedging instrument. 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. Synovus also holds derivative instruments, which consist of interest 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. |
Advertising Expenses | 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 or separate entity basis with the various taxing jurisdictions based on its taxable presence. The current income tax payable or receivable is an estimate of the amounts currently 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. Synovus characterizes its AMT tax credit carryforward as an income tax receivable and is expected to be realized over time either through a reduction in taxes currently payable or cash collection. Accordingly, it is classified as a current asset. 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. Vesting for grants of share-based awards granted to Synovus employees during 2018 accelerates upon retirement for plan participants who have reached age 65 and who also have no less than ten years of service at the date of their election to retire. 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 shorter of the requisite service period for the entire award or the period until reaching retirement eligibility. The non-employee director restricted share units become fully vested and transferable upon the earlier to occur of the completion of three years of service or the date the holder reaches the mandatory retirement age, as set forth in the Company's Corporate Governance Guidelines. Thus, share-based compensation expense for non-employee awards is recognized over the shorter of three years or mandatory retirement. Synovus records all tax effects associated with share-based compensation through the income statement. |
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. |
Share Repurchases | Common stock repurchases are recorded at cost. At the date of repurchase, stockholders' equity is reduced by the repurchase price and includes commissions and other transaction expenses that arise from the repurchases. The Company has not historically retired shares repurchased, but Synovus' policy is to record retirement of shares in accordance with ASC 505-30-30. If treasury shares are subsequently reissued, treasury stock is reduced by the cost of such stock with differences recorded in additional paid-in capital or retained earnings, as applicable. |
Fair Value Measurements and Disclosures | 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. 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 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 3 Unobservable inputs that are supported by little, if any, market activity for the asset or liability. Valuation Methodology by Instrument - Recurring Basis The following is a description of the valuation methodologies used for the major categories of financial assets and liabilities measured at fair value on a recurring basis. Investment Securities Available for Sale and Trading Account Assets/Liabilities 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, 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 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. To determine the fair value of the trust preferred securities, management uses a measurement technique 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 are reasonable. Such validation procedures include reference to 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. 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. Mutual Funds Mutual funds (including those 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. Derivative Assets and Liabilities Fair values of interest rate swaps, interest rate lock commitments and forward commitments are estimated based on an internally developed model that uses readily observable market data such as, interest rates, prices and indices to generate continuous yield or pricing curves, volatility factors, and customer credit-related adjustments. These fair value estimates are classified as Level 2 within the valuation hierarchy. Valuation Methodology by Instrument - Non-recurring Basis The following is a description of the valuation methodologies used for the major categories of financial assets and liabilities measured at fair value on a non-recurring basis. 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 gains/losses on other loans held for sale, net, as a component of non-interest expense on the consolidated statements of income (Level 3). 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. 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 (Level 3). Any adjustments are recorded as a component of foreclosed real estate expense, net within our consolidated statements of income. Other Assets Held for Sale Other assets held for sale consist of certain premises and equipment held for sale. The fair value of these assets is determined primarily on the basis of appraisals or BOV, as circumstances warrant, adjusted for estimated selling costs. Both techniques engage licensed or certified professionals that use inputs such as absorption rates, capitalization rates, and market comparables (Level 3). Fair Value of Financial Instruments Cash and Cash Equivalents Cash and cash equivalents, interest bearing funds with the Federal Reserve Bank, interest earning deposits with banks, and federal funds sold and securities purchased under resale agreements are repriced on a short-term basis; as such, the carrying value closely approximates fair value. Since these amounts relate to highly liquid assets, these are considered a Level 1 measurement. Loans, net of Deferred Fees and Costs ASU 2016-01, adopted during 2018, emphasized the existing requirement to use an exit price concept to measure fair value for disclosure purposes in determining the fair value of loans. Synovus' exit price methodology, adopted during 2018, estimates the fair value of loans based on the present value of the future cash flows using the interest rate that would be charged for a similar loan to a borrower with similar risk, adjusted for a liquidity discount based on the estimated time period to complete a sale transaction with a market participant. Prior to 2018, Synovus' method to estimate the fair value of its loan portfolio did not incorporate the exit price concept of fair value. Loans are considered a Level 3 fair value measurement. Deposits The fair value of deposits with no stated maturity, such as non-interest bearing demand accounts, interest bearing demand deposits, money market accounts, and savings accounts, is estimated to be equal to the amount payable on demand as of that respective date. The fair value of time deposits is based on the discounted value of contractual cash flows. The discount rate is estimated using the rates currently offered for deposits of similar remaining maturities. Synovus has determined that the appropriate classification for deposits is Level 2 due to the ability to reasonably measure all inputs to valuation based on observable market variables. Short-term and Long-term Debt Short-term and long-term debt is considered a Level 2 valuation, as management relies on market prices for bonds or debt that is similar, but not necessarily identical, to the debt being valued. Short-term debt that matures within ten days is assumed to be at fair value, and is considered a Level 1 measurement. |
Long-term Debt | Long-term debt balances are presented net of discounts and premiums as well as debt issuance costs that arise from the issuance of long-term debt. Discounts, premiums and debt issuance costs are amortized using the effective interest rate method or straight-line method (when the financial statement impacts of this method are not materially different from the former method). |
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. 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 ASU 2014-09, Revenue from Contracts with Customers (Topic 606) issued by the FASB in May 2014, and all subsequent ASUs that modified Topic 606. ASU 2014-09 implements a common revenue standard that establishes principles for reporting information about the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts to provide goods or services to customers. 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 scope of the guidance explicitly excludes net interest income as well as many other revenues from financial assets. Management reviewed its revenue streams and contracts with customers and did not identify material changes to the timing or amount of revenue recognition. Synovus adopted these ASUs on the required effective date of January 1, 2018 utilizing the modified retrospective method of adoption. The adoption resulted in a cumulative effect adjustment of $685 thousand to the opening balance of retained earnings. Beginning January 1, 2018, in connection with the adoption of this standard, Synovus began including merchant discounts and other card-related fees in card fees. For periods prior to January 1, 2018, these amounts were previously presented in other non-interest income and have been reclassified for comparability. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 18 - Non-interest Income" for the required disclosures in accordance with this ASU. ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. In February 2018, the FASB issued final guidance on reclassification of tax effects stranded in other comprehensive income due to Federal Tax Reform. The guidance provides entities the option to reclassify the tax effects that are stranded in accumulated other comprehensive income, or AOCI, as a result of Federal Tax Reform to retained earnings. The guidance is effective for fiscal years beginning after December 15, 2018; early adoption is permitted. Synovus elected to early adopt ASU 2018-02 as of January 1, 2018 and elected to reclassify the income tax effects of Federal Tax Reform from AOCI to retained earnings. For Synovus, tax effects stranded in AOCI due to Federal Tax Reform totaled $7.6 million at December 31, 2017 and primarily related to unrealized losses on the available-for-sale investment securities portfolio. The reclassification adjustment resulted in an increase to retained earnings as of January 1, 2018 of $7.6 million and a corresponding decrease to AOCI for the same amount. ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. In January 2016, the FASB issued ASU 2016-01, which included targeted amendments to accounting guidance for recognition, measurement, presentation, and disclosure of financial instruments. ASU 2016-01 requires equity investments (except those accounted for under the equity method of accounting or those that are consolidated) to be measured at fair value with changes in fair value recognized in net income. This ASU requires a cumulative-effect adjustment to retained earnings as of the beginning of the reporting period of adoption to reclassify the cumulative change in fair value of equity securities previously recognized in AOCI. ASU 2016-01 became effective for Synovus on January 1, 2018. The adoption of the guidance resulted in a transfer of investments in mutual funds of $3.2 million , at fair value, from investment securities available for sale to other assets and a $117 thousand cumulative-effect adjustment that decreased retained earnings, with offsetting related adjustments to deferred taxes and AOCI. ASU 2016-01 also emphasizes the existing requirement to use an exit price concept to measure fair value for disclosure purposes in determining the fair value of loans. Determination of the fair value under the exit price method requires judgment because substantially all of the loans within the loan portfolio do not have observable market prices. Synovus' exit price methodology, adopted during 2018, estimates the fair value of loans based on the present value of the future cash flows using the interest rate that would be charged for a similar loan to a borrower with similar risk, adjusted for a liquidity discount based on the estimated time period to complete a sale transaction with a market participant. The adoption of this guidance did not have a significant impact on Synovus' fair value disclosures. ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. In August 2018, the FASB issued ASU 2018-13, which changes the fair value measurement disclosure requirements of ASC 820. The amendments in this ASU remove, modify, and add certain required disclosures on fair value measurements. The guidance is effective for fiscal years beginning after December 15, 2019; early adoption is permitted. Synovus elected to early adopt ASU 2018-13 for eliminated and modified disclosures upon issuance of this ASU. Synovus will delay adoption of the additional disclosures until their effective date. The adoption of this guidance did not have a significant impact on Synovus' fair value disclosures. ASU 2018-15, Intangibles - Goodwill and Other - Internal Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract. In August 2018, the FASB issued ASU 2018-15, which amends ASC 350-40. The ASU aligns the requirements for capitalizing implementation costs for a hosting arrangement that is a service contract with those incurred for hosting arrangements that contain a software license as well as those incurred to develop or implement software for internal use. This guidance is effective for fiscal years beginning after December 15, 2019; early adoption is permitted. Synovus elected to early adopt ASU 2018-15, on a prospective basis, upon issuance of this ASU. As of December 31, 2018, approximately $500 thousand of certain qualifying implementation costs related to hosting arrangements under a service contract were capitalized in accordance with this guidance. ASU 2017-12, Derivatives and Hedging (Topic 815) - Targeted Improvements to Accounting for Hedging Activities. In August 2017, the FASB issued ASU 2017-12 which amends the hedge accounting model to enable entities to better portray the economics of their risk management activities in the financial statements and enhance the transparency and understandability of hedge results. A modified retrospective transition method of adoption is required. The Company elected to early adopt the amendments effective October 1, 2018. As Synovus had no designated hedges during 2018, the adoption of the amendments did not impact the Company’s consolidated financial statements during this period. Recently Issued Accounting Standards Updates The following ASUs will be implemented effective January 1, 2019 or later: ASU 2016-13, Financial Instruments-Credit Losses (CECL) . In June 2016, the FASB issued new guidance related to credit losses. The new guidance (and all subsequent ASUs) replaces the existing incurred loss impairment guidance with an expected credit loss methodology. The new guidance will require management’s estimate of credit losses over the full remaining expected life of loans and other financial instruments. For Synovus, the standard will apply to loans, unfunded loan commitments, and debt securities available for sale. The standard is effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years with early adoption permitted on January 1, 2019. Synovus will adopt the guidance on January 1, 2020. Upon adoption, Synovus will record a cumulative-effect adjustment to retained earnings as of the beginning of the reporting period of adoption. In addition, the amendments provide for a simplified accounting model for purchased financial assets with a more-than-insignificant amount of credit deterioration since their acquisition ("PCD assets"). The initial estimate of expected credit losses on PCD assets will be recognized through the ALL with an offset to the cost basis of the related financial asset at acquisition. Synovus is in the process of implementing the new credit loss standard, with efforts being led by a cross-functional steering committee. Management expects that the allowance for loan losses will be higher under the new standard; however, management is still in the process of determining the magnitude of the impact on its financial statements and regulatory capital ratios. Additionally, the extent of the expected increase on the allowance for loan losses will depend upon the composition of the loan portfolio upon adoption of the standard, as well as economic conditions and forecasts at that time. ASU 2016-02, Leases (ASC 842) . In February 2016, the FASB issued ASU 2016-02, its new standard on lease accounting. ASU 2016-02 introduces a lessee model that brings most leases on the balance sheet and disclose key information about leasing arrangements. Under the new standard, all lessees will recognize a right-of-use asset and a lease liability, including operating leases, with a lease term greater than 12 months. Leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. From a lessor perspective, the accounting model is largely unchanged from existing GAAP. Additional amendments include, but are not limited to, the elimination of leveraged leases; modification to the definition of a lease; amendments on sale and leaseback transactions; and disclosure of additional qualitative and quantitative information. In July 2018, the FASB issued ASU 2018-11, Leases (ASC 842), Targeted Improvements . The ASU 2018-11 amendments include an optional transition method to apply ASU 2016-02 on a prospective basis as of the effective date, with a cumulative- effect adjustment to retained earnings in the period of adoption, instead of applying the guidance using the modified retrospective approach as originally required under ASU 2016-02. ASU 2018-11 also provides lessors with a practical expedient, by class of underlying asset, to not separate lease and non-lease components under certain circumstances, and clarifies which guidance (ASC 842 or ASC 606) to apply to the combined lease and non-lease components. Synovus will elect the optional transition method provided through ASU 2018-11 and will adopt ASU 2016-02 prospectively on January 1, 2019. As such, financial information will not be updated and the disclosures required under the new standard will not be provided for dates and periods before January 1, 2019. Synovus will elect the package of practical expedients to not reassess (a) whether existing contracts contain leases, (b) lease classification for existing leases, and (c) initial direct cost for any existing leases as well as the short-term lease recognition exemption for all leases that qualify. Additionally, we will not elect the practical expedient to not separate lease and non-lease components for all of our leases. On adoption, we currently expect to: • Recognize additional operating liabilities estimated at 1.1% of total assets, with corresponding ROU assets of the same amount based on the present value of the remaining rental payments under current leasing standards for existing operating leases; • Recognize deferred gains, net of income taxes, of $3.9 million associated with sale-leaseback transactions that previously did not qualify for recognition as a cumulative-effect adjustment to the beginning balance of retained earnings; and • Provide significant new disclosures about our leasing activities. Synovus does not expect this ASU to have a material impact on the timing of expense recognition in its consolidated statements of income. ASU 2017-04, Intangibles-Goodwill and Other, Simplifying the Test for Goodwill Impairment: In January 2017, the FASB issued ASU 2017-04, which simplifies how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Therefore, any carrying amount which exceeds the reporting unit’s fair value (up to the amount of goodwill recorded) will be recognized as an impairment loss. The ASU is effective for annual reporting periods beginning after December 15, 2019, including interim periods within those periods. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. Synovus plans to early adopt the guidance, effective January 1, 2019 and will apply the guidance prospectively, beginning with its annual impairment test as of June 30, 2019. Based on recent goodwill impairment tests, which did not require the application of Step 2, Synovus does not expect the adoption of this ASU to have an immediate impact. |
Revenue from Contract with Customer | Following is a discussion of key revenues within the scope of Topic 606: Service Charges on Deposit Accounts : Revenue from service charges on deposit accounts is earned through cash management, wire transfer, and other deposit-related services, as well as overdraft, non-sufficient funds, account management and other deposit-related fees. Revenue is recognized for these services either over time, corresponding with deposit accounts' monthly cycle, or at a point in time for transaction-related services and fees. Payment for service charges on deposit accounts is primarily received immediately or in the following month through a direct charge to customers' accounts. Fiduciary and Asset Management Fees : Fiduciary and asset management fees are primarily comprised of fees earned from the management and administration of trusts and other customer assets. Synovus' performance obligation is generally satisfied over time and the resulting fees are recognized monthly, based upon the month-end market value of the assets under management and the applicable fee rate. Payment is generally received a few days after month-end through a direct charge to customers' accounts. Synovus does not earn performance-based incentives. Card Fees: Card fees consist primarily of interchange fees from consumer credit and debit cards processed by card association networks, as well as merchant discounts, and other card-related services. Interchange rates are generally set by the credit card associations and based on purchase volumes and other factors. Interchange fees and merchant discounts are recognized concurrently with the delivery of service on a daily basis as transactions occur. Payment is typically received immediately or in the following month. Card fees are reported net of certain associated expense items including loyalty program expenses and network expenses. Brokerage Revenue: Brokerage revenue consists primarily of commissions. Additionally, brokerage revenue includes advisory fees earned from the management of customer assets. Advisory fees for brokerage services are recognized and collected monthly and are based upon the month-end market value of the assets under management at a rate predetermined in the contract. Transactional revenues are based on the size and number of transactions executed at the client's direction and are generally recognized on the trade date with payment received on the settlement date. Insurance Revenue: Insurance revenue primarily consists of commissions received on annuity and life product sales. The commissions are recognized as revenue when the customer executes an insurance policy with the insurance carrier. In some cases, Synovus receives payment of trailing commissions each year when the customer pays its annual premium. For the years ended December 31, 2018 and 2017 , Synovus recognized an immaterial amount of insurance trailing commissions. Other Fees: Other fees primarily consist of revenues generated from safe deposit box rental fees and lockbox services. Fees are recognized over time, on a monthly basis, as Synovus' performance obligation for services is satisfied. Payment is received upfront for safe deposit box rentals and in the following month for lockbox services. |
Investment Securities Availab_2
Investment Securities Available for Sale (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 and 2017 are summarized below. December 31, 2018 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury securities $ 123,436 $ — $ (1,359 ) $ 122,077 U.S. Government agency securities 38,021 361 — 38,382 Mortgage-backed securities issued by U.S. Government agencies 100,060 172 (3,027 ) 97,205 Mortgage-backed securities issued by U.S. Government sponsored enterprises 2,460,498 1,981 (63,829 ) 2,398,650 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 1,215,406 2,997 (29,885 ) 1,188,518 Commercial mortgage-backed securities issued by U.S. Government sponsored enterprises 131,492 613 (2,240 ) 129,865 Corporate debt and other debt securities 17,000 150 (215 ) 16,935 Total investment securities available for sale $ 4,085,913 $ 6,274 $ (100,555 ) $ 3,991,632 December 31, 2017 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury securities $ 83,608 $ — $ (934 ) $ 82,674 U.S. Government agency securities 10,771 91 — 10,862 Mortgage-backed securities issued by U.S. Government agencies 121,283 519 (1,362 ) 120,440 Mortgage-backed securities issued by U.S. Government sponsored enterprises 2,621,694 5,037 (31,105 ) 2,595,626 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 1,135,259 144 (23,404 ) 1,111,999 Commercial mortgage-backed securities issued by U.S. Government sponsored enterprises 45,124 22 (249 ) 44,897 State and municipal securities 180 — — 180 Corporate debt and other securities 20,320 294 (223 ) 20,391 Total investment securities available for sale $ 4,038,239 $ 6,107 $ (57,277 ) $ 3,987,069 |
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, 2018 and December 31, 2017 are presented below. December 31, 2018 Less than 12 Months 12 Months or Longer Total (in thousands) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses U.S. Treasury securities $ 39,031 $ (118 ) $ 63,570 $ (1,241 ) $ 102,601 $ (1,359 ) Mortgage-backed securities issued by U.S. Government agencies 2,059 (2 ) 79,736 (3,025 ) 81,795 (3,027 ) Mortgage-backed securities issued by U.S. Government sponsored enterprises 130,432 (700 ) 2,105,358 (63,129 ) 2,235,790 (63,829 ) Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — — 964,732 (29,885 ) 964,732 (29,885 ) Commercial mortgage-backed securities issued by U.S. Government sponsored enterprises 58,998 (1,298 ) 44,220 (942 ) 103,218 (2,240 ) Corporate debt and other debt securities — — 1,785 (215 ) 1,785 (215 ) Total $ 230,520 $ (2,118 ) $ 3,259,401 $ (98,437 ) $ 3,489,921 $ (100,555 ) December 31, 2017 Less than 12 Months 12 Months or Longer Total (in thousands) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses U.S Treasury securities $ 34,243 $ (443 ) $ 29,562 $ (491 ) $ 63,805 $ (934 ) Mortgage-backed securities issued by U.S. Government agencies 36,810 (357 ) 55,740 (1,005 ) 92,550 (1,362 ) Mortgage-backed securities issued by U.S. Government sponsored enterprises 1,238,464 (10,014 ) 929,223 (21,091 ) 2,167,687 (31,105 ) Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 653,781 (9,497 ) 426,237 (13,907 ) 1,080,018 (23,404 ) Commercial mortgage-backed securities issued by U.S. Government sponsored enterprises 32,548 (249 ) — — 32,548 (249 ) Corporate debt and other securities — — 5,097 (223 ) 5,097 (223 ) Total $ 1,995,846 $ (20,560 ) $ 1,445,859 $ (36,717 ) $ 3,441,705 $ (57,277 ) |
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, 2018 (in thousands) Within One Year 1 to 5 Years 5 to 10 Years More Than 10 Years Total Amortized Cost U.S. Treasury securities $ 19,476 $ 103,960 $ — $ — $ 123,436 U.S. Government agency securities 1,917 6,118 29,986 — 38,021 Mortgage-backed securities issued by U.S. Government agencies — — 24,076 75,984 100,060 Mortgage-backed securities issued by U.S. Government sponsored enterprises — 52,656 414,265 1,993,577 2,460,498 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — — 26,950 1,188,456 1,215,406 Commercial mortgage-backed securities issued by U.S. Government sponsored enterprises — — 131,492 — 131,492 Corporate debt and other debt securities — — 15,000 2,000 17,000 Total amortized cost $ 21,393 $ 162,734 $ 641,769 $ 3,260,017 $ 4,085,913 Fair Value U.S. Treasury securities $ 19,476 $ 102,601 $ — $ — $ 122,077 U.S. Government agency securities 1,922 6,161 30,299 — 38,382 Mortgage-backed securities issued by U.S. Government agencies — — 23,698 73,507 97,205 Mortgage-backed securities issued by U.S. Government sponsored enterprises — 52,316 404,554 1,941,780 2,398,650 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — — 26,291 1,162,227 1,188,518 Commercial mortgage-backed securities issued by U.S. Government sponsored enterprises — — 129,865 — 129,865 Corporate debt and other securities — — 15,150 1,785 16,935 Total fair value $ 21,398 $ 161,078 $ 629,857 $ 3,179,299 $ 3,991,632 |
Summary of Sales Transactions in the Investment Securities Available-for-Sale Portfolio | The specific identification method is used to reclassify gains and losses out of other comprehensive income at the time of sale. (in thousands) 2018 2017 2016 Proceeds from sales of investment securities available for sale $ 35,066 $ 812,293 $ 968,606 Gross realized gains on sales $ — $ 7,942 $ 9,586 Gross realized losses on sales (1,296 ) (8,231 ) (3,575 ) Investment securities (losses) gains, net $ (1,296 ) $ (289 ) $ 6,011 |
Loans And Allowance For Loan _2
Loans And Allowance For Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Loans and Allowance for Loan Losses [Abstract] | |
Loans Outstanding by Classification | Loans outstanding, by classification, at December 31, 2018 and 2017 are summarized below. December 31, (in thousands) 2018 2017 Commercial, financial, and agricultural $ 7,449,698 $ 7,179,487 Owner-occupied 5,331,508 4,844,163 Total commercial and industrial 12,781,206 12,023,650 Investment properties 5,560,951 5,670,065 1-4 family properties 679,870 781,619 Land and development 323,670 483,604 Total commercial real estate 6,564,491 6,935,288 Consumer mortgages 2,934,235 2,633,503 Home equity lines 1,515,796 1,514,227 Credit cards 258,245 232,676 Other consumer loans 1,916,743 1,473,451 Total consumer 6,625,019 5,853,857 Total loans 25,970,716 24,812,795 Deferred fees and costs, net (24,143 ) (25,331 ) Total loans, net of deferred fees and costs $ 25,946,573 $ 24,787,464 |
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, 2018 and 2017 . Current, Accruing Past Due, and Non-accrual Loans December 31, 2018 ( in thousands) Current Accruing 30-89 Days Past Due Accruing 90 Days or Greater Past Due Total Accruing Past Due Non-accrual Total Commercial, financial, and agricultural $ 7,372,301 $ 7,988 $ 114 $ 8,102 $ 69,295 $ 7,449,698 Owner-occupied 5,317,023 5,433 81 5,514 8,971 5,331,508 Total commercial and industrial 12,689,324 13,421 195 13,616 78,266 12,781,206 Investment properties 5,557,224 1,312 34 1,346 2,381 5,560,951 1-4 family properties 674,648 2,745 96 2,841 2,381 679,870 Land and development 319,978 739 — 739 2,953 323,670 Total commercial real estate 6,551,850 4,796 130 4,926 7,715 6,564,491 Consumer mortgages 2,922,136 7,150 — 7,150 4,949 2,934,235 Home equity lines 1,496,562 7,092 28 7,120 12,114 1,515,796 Credit cards 252,832 3,066 2,347 5,413 — 258,245 Other consumer loans 1,894,352 17,604 1,098 18,702 3,689 1,916,743 Total consumer 6,565,882 34,912 3,473 38,385 20,752 6,625,019 Total loans $ 25,807,056 $ 53,129 $ 3,798 $ 56,927 $ 106,733 $ 25,970,716 (1) December 31, 2017 ( in thousands) Current Accruing 30-89 Days Past Due Accruing 90 Days or Greater Past Due Total Accruing Past Due Non-accrual Total Commercial, financial, and agricultural $ 7,097,127 $ 11,214 $ 1,016 $ 12,230 $ 70,130 $ 7,179,487 Owner-occupied 4,830,150 6,880 479 7,359 6,654 4,844,163 Total commercial and industrial 11,927,277 18,094 1,495 19,589 76,784 12,023,650 Investment properties 5,663,665 2,506 90 2,596 3,804 5,670,065 1-4 family properties 775,023 3,545 202 3,747 2,849 781,619 Land and development 476,131 1,609 67 1,676 5,797 483,604 Total commercial real estate 6,914,819 7,660 359 8,019 12,450 6,935,288 Consumer mortgages 2,622,061 3,971 268 4,239 7,203 2,633,503 Home equity lines 1,490,808 5,629 335 5,964 17,455 1,514,227 Credit cards 229,015 1,930 1,731 3,661 — 232,676 Other consumer loans 1,461,223 10,333 226 10,559 1,669 1,473,451 Total consumer 5,803,107 21,863 2,560 24,423 26,327 5,853,857 Total loans $ 24,645,203 $ 47,617 $ 4,414 $ 52,031 $ 115,561 $ 24,812,795 (2) (1) Total before net deferred fees and costs of $24.1 million . (2) Total before net deferred fees and costs of $25.3 million . |
Loan Portfolio Credit Exposure | In the following tables, consumer loans are generally assigned a risk grade similar to the classifications described above; however, upon reaching 90 days and 120 days past due, they are generally downgraded to Substandard and Loss, respectively, in accordance with the FFIEC Retail Credit Classification Policy. Additionally, in accordance with Interagency Supervisory Guidance, the risk grade classifications of consumer loans (consumer mortgages and home equity lines) 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, 2018 (in thousands) Pass Special Mention Substandard (1) Doubtful (2) Loss (3) Total Commercial, financial, and agricultural $ 7,190,517 $ 118,188 $ 140,218 $ 775 $ — $ 7,449,698 Owner-occupied 5,212,473 55,038 63,572 425 — 5,331,508 Total commercial and industrial 12,402,990 173,226 203,790 1,200 — 12,781,206 Investment properties 5,497,344 40,516 23,091 — — 5,560,951 1-4 family properties 663,692 6,424 9,754 — — 679,870 Land and development 297,855 12,786 13,029 — — 323,670 Total commercial real estate 6,458,891 59,726 45,874 — — 6,564,491 Consumer mortgages 2,926,712 — 7,425 98 — 2,934,235 Home equity lines 1,501,316 — 13,130 174 1,176 1,515,796 Credit cards 255,904 — 858 — 1,483 (4) 258,245 Other consumer loans 1,912,902 — 3,841 — — 1,916,743 Total consumer 6,596,834 — 25,254 272 2,659 6,625,019 Total loans $ 25,458,715 $ 232,952 $ 274,918 $ 1,472 $ 2,659 $ 25,970,716 (5) December 31, 2017 (in thousands) Pass Special Mention Substandard (1) Doubtful (2) Loss (3) Total Commercial, financial, and agricultural $ 6,929,506 $ 115,912 $ 132,818 $ 1,251 $ — $ 7,179,487 Owner-occupied 4,713,877 50,140 80,073 73 — 4,844,163 Total commercial and industrial 11,643,383 166,052 212,891 1,324 — 12,023,650 Investment properties 5,586,792 64,628 18,645 — — 5,670,065 1-4 family properties 745,299 19,419 16,901 — — 781,619 Land and development 431,759 33,766 14,950 3,129 — 483,604 Total commercial real estate 6,763,850 117,813 50,496 3,129 — 6,935,288 Consumer mortgages 2,622,499 — 10,607 291 106 2,633,503 Home equity lines 1,491,105 — 21,079 285 1,758 1,514,227 Credit cards 230,945 — 399 — 1,332 (4) 232,676 Other consumer loans 1,470,944 — 2,168 329 10 1,473,451 Total consumer 5,815,493 — 34,253 905 3,206 5,853,857 Total loans $ 24,222,726 $ 283,865 $ 297,640 $ 5,358 $ 3,206 $ 24,812,795 (6) (1) Includes $172.3 million and $190.6 million of Substandard accruing loans at December 31, 2018 and December 31, 2017 , respectively. (2) The loans within this risk grade are on non-accrual status and generally have an allowance for loan losses equal to 50% of the loan amount. (3) The loans within this risk grade 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 Retail Credit Classification Policy. (5) Total before net deferred fees and costs of $24.1 million . (6) Total before net deferred fees and costs of $25.3 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, 2018 , 2017 and 2016 . As Of and For The Year Ended December 31, 2018 (in thousands) Commercial & Industrial Commercial Real Estate Consumer Total Allowance for loan losses Beginning balance $ 126,803 $ 74,998 $ 47,467 $ 249,268 Charge-offs (48,775 ) (4,408 ) (20,871 ) (74,054 ) Recoveries 7,165 10,188 6,291 23,644 Provision for loan losses 47,930 (11,982 ) 15,749 51,697 Ending balance (4) $ 133,123 $ 68,796 $ 48,636 $ 250,555 Ending balance: individually evaluated for impairment $ 10,207 $ 2,598 $ 744 $ 13,549 Ending balance: collectively evaluated for impairment $ 122,916 $ 66,198 $ 47,892 $ 237,006 Loans Ending balance: total loans (1) (4) $ 12,781,206 $ 6,564,491 $ 6,625,019 $ 25,970,716 Ending balance: individually evaluated for impairment $ 105,422 $ 33,198 $ 28,306 $ 166,926 Ending balance: collectively evaluated for impairment $ 12,675,784 $ 6,531,293 $ 6,596,713 $ 25,803,790 As Of and For The Year Ended December 31, 2017 (in thousands) Commercial & Industrial Commercial Real Estate Consumer Total Allowance for loan losses Beginning balance $ 125,778 $ 81,816 $ 44,164 $ 251,758 Charge-offs (49,244 ) (12,193 ) (28,982 ) (90,419 ) Recoveries 6,685 8,026 6,033 20,744 Provision for loan losses 43,584 (2,651 ) 26,252 67,185 Ending balance (4) $ 126,803 $ 74,998 $ 47,467 $ 249,268 Ending balance: individually evaluated for impairment $ 9,515 $ 4,240 $ 1,153 $ 14,908 Ending balance: collectively evaluated for impairment $ 117,288 $ 70,758 $ 46,314 $ 234,360 Loans Ending balance: total loans (2) (4) $ 12,023,650 $ 6,935,288 $ 5,853,857 $ 24,812,795 Ending balance: individually evaluated for impairment $ 111,334 $ 56,896 $ 32,056 $ 200,286 Ending balance: collectively evaluated for impairment $ 11,912,316 $ 6,878,392 $ 5,821,801 $ 24,612,509 As Of and For The Year Ended December 31, 2016 (in thousands) Commercial & Industrial Commercial Real Estate Consumer Total Allowance for loan losses Beginning balance $ 122,989 $ 87,133 $ 42,374 $ 252,496 Charge-offs (25,039 ) (18,216 ) (14,705 ) (57,960 ) Recoveries 9,071 15,226 4,925 $ 29,222 Provision for loan losses 18,757 (2,327 ) 11,570 28,000 Ending balance (4) $ 125,778 $ 81,816 $ 44,164 $ 251,758 Ending balance: individually evaluated for impairment $ 8,384 $ 7,916 $ 1,811 $ 18,111 Ending balance: collectively evaluated for impairment $ 117,394 $ 73,900 $ 42,353 $ 233,647 Loans Ending balance: total loans (3) (4) $ 11,543,806 $ 7,374,112 $ 4,964,464 $ 23,882,382 Ending balance: individually evaluated for impairment $ 120,560 $ 91,410 $ 37,526 $ 249,496 Ending balance: collectively evaluated for impairment $ 11,423,246 $ 7,282,702 $ 4,926,938 $ 23,632,886 (1) Total before net deferred fees and costs of $24.1 million . (2) Total before net deferred fees and costs of $25.3 million . (3) Total before net deferred fees and costs of $26.0 million . (4) As of and for the years ended December 31, 2018 , 2017 , and 2016 , there were no purchased credit-impaired loans and no allowance for loan losses for purchased credit-impaired loans. |
Schedule of Impaired Loans | Below is a detailed summary of impaired loans (including accruing TDRs) by class as of December 31, 2018 and 2017 and for the years ended December 31, 2018 , 2017 and 2016 . At December 31, 2018 , 2017 , and 2016 , impaired loans of $51.3 million , $49.0 million , and $53.7 million , respectively, were on non-accrual status. Impaired Loans (including accruing TDRs) December 31, 2018 December 31, 2017 Recorded Investment Recorded Investment (in thousands) Unpaid Principal Balance Without an ALL With an ALL Related Allowance Unpaid Principal Balance Without an ALL With an ALL Related Allowance Commercial, financial, and agricultural $ 65,150 $ 22,298 $ 34,222 $ 7,133 $ 75,427 $ 8,220 $ 65,715 $ 7,406 Owner-occupied 49,588 — 48,902 3,074 37,441 — 37,399 2,109 Total commercial and industrial 114,738 22,298 83,124 10,207 112,868 8,220 103,114 9,515 Investment properties 13,916 — 13,916 1,523 23,364 — 23,364 1,100 1-4 family properties 5,586 — 5,586 131 15,056 — 15,056 504 Land and development 16,283 265 13,431 944 20,216 56 18,420 2,636 Total commercial real estate 35,785 265 32,933 2,598 58,636 56 56,840 4,240 Consumer mortgages 19,506 — 19,506 343 18,668 — 18,668 569 Home equity lines 3,264 — 3,235 224 8,039 2,746 5,096 114 Other consumer loans 5,565 — 5,565 177 5,546 — 5,546 470 Total consumer 28,335 — 28,306 744 32,253 2,746 29,310 1,153 Total impaired loans $ 178,858 $ 22,563 $ 144,363 $ 13,549 $ 203,757 $ 11,022 $ 189,264 $ 14,908 Years Ended December 31, 2018 2017 2016 (in thousands) Average Recorded Investment Interest Income Recognized (1) Average Recorded Investment Interest Income Recognized (1) Average Recorded Investment Interest Income Recognized (1) Commercial, financial and agricultural $ 65,976 $ 2,316 $ 72,154 $ 2,127 $ 58,289 $ 1,876 Owner-occupied 42,341 1,851 40,498 1,509 60,694 2,133 Total commercial and industrial 108,317 4,167 112,652 3,636 118,983 4,009 Investment properties 18,564 767 28,749 1,178 38,373 1,485 1-4 family properties 9,813 782 16,099 1,021 40,723 919 Land and development 16,841 249 24,637 404 28,891 1,026 Total commercial real estate 45,218 1,798 69,485 2,603 107,987 3,430 Consumer mortgages 19,516 134 18,319 376 21,863 1,014 Home equity lines 3,491 820 7,748 896 10,713 451 Other consumer loans 5,327 297 4,765 266 5,062 303 Total consumer 28,334 1,251 30,832 1,538 37,638 1,768 Total impaired loans $ 181,869 $ 7,216 $ 212,969 $ 7,777 $ 264,608 $ 9,207 (1) Of the interest income recognized during the years ended December 31, 2018, 2017, or 2016, cash-basis interest income was $1.8 million , $815 thousand , and $1.0 million , respectively. |
Troubled Debt Restructurings | The following tables represent, by concession type, the post-modification balance for loans restructured during the years ended December 31, 2018 , 2017 , and 2016 that were reported as accruing or non-accruing TDRs. TDRs by Concession Type Year Ended December 31, 2018 (in thousands, except contract data) Number of Contracts Below Market Interest Rate Other Concessions (1) Total Commercial, financial, and agricultural 46 $ 3,807 $ 3,957 $ 7,764 Owner-occupied 16 7,589 5,705 13,294 Total commercial and industrial 62 11,396 9,662 21,058 Investment properties 10 8,070 2,215 10,285 1-4 family properties 25 2,481 2,014 4,495 Land and development 5 122 1,856 1,978 Total commercial real estate 40 10,673 6,085 16,758 Consumer mortgages 19 5,590 93 5,683 Home equity lines 4 172 339 511 Other consumer loans 92 1,834 3,983 5,817 Total consumer 115 7,596 4,415 12,011 Total loans 217 $ 29,665 $ 20,162 $ 49,827 (2) Year Ended December 31, 2017 (in thousands, except contract data) Number of Contracts Below Market Interest Rate Other Concessions (1) Total Commercial, financial, and agricultural 56 $ 9,434 $ 12,145 $ 21,579 Owner-occupied 4 35 1,705 1,740 Total commercial and industrial 60 9,469 13,850 23,319 Investment properties 1 — 121 121 1-4 family properties 35 2,786 2,040 4,826 Land and development 6 157 1,614 1,771 Total commercial real estate 42 2,943 3,775 6,718 Consumer mortgages 11 2,539 1,190 3,729 Other consumer loans 38 1,624 1,333 2,957 Total consumer 49 4,163 2,523 6,686 Total loans 151 $ 16,575 $ 20,148 $ 36,723 (3) TDRs by Concession Type (continued) Year Ended December 31, 2016 (in thousands, except contract data) Number of Contracts Below Market Interest Rate Other Concessions (1) Total Commercial, financial, and agricultural 63 $ 17,509 $ 7,160 $ 24,669 Owner-occupied 9 7,884 550 8,434 Total commercial and industrial 72 25,393 7,710 33,103 Investment properties 4 1,825 3,518 5,343 1-4 family properties 39 5,499 1,488 6,987 Land and development 14 — 4,099 4,099 Total commercial real estate 57 7,324 9,105 16,429 Consumer mortgages 7 413 51 464 Home equity lines 5 225 123 348 Credit cards — — — — Other consumer loans 28 394 2,256 2,650 Total consumer 40 1,032 2,430 3,462 Total loans 169 $ 33,749 $ 19,245 $ 52,994 (4) (1) Other concessions generally include term extensions, interest only payments for a period of time, or principal forgiveness, but there was no principal forgiveness for the years ended December 31, 2018, 2017, or 2016. (2) Net charge-offs of $403 thousand were recorded during 2018 upon restructuring of these loans. (3) No charge-offs were recorded during 2017 upon restructuring of these loans. (4) No charge-offs were recorded during 2016 upon restructuring of these loans. |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Premises and Equipment | Premises and equipment at December 31, 2018 and 2017 consist of the following: (in thousands) 2018 2017 Land $ 96,310 $ 96,759 Buildings and improvements 392,952 388,254 Leasehold improvements 39,832 38,970 Furniture and equipment 435,223 413,876 Construction in progress 16,608 15,956 Total premises and equipment 980,925 953,815 Less: Accumulated depreciation and amortization (546,618 ) (527,002 ) Premises and equipment, net $ 434,307 $ 426,813 |
Schedule of Future Minimum Rental Payments for Operating Leases | At December 31, 2018 , minimum rental commitments under all such non-cancelable leases for the next five years and thereafter are presented below. (in thousands) 2019 $ 27,539 2020 27,474 2021 27,498 2022 28,097 2023 25,096 Thereafter 83,316 Total $ 219,020 |
Goodwill And Other Intangible_2
Goodwill And Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The following table shows the carrying amount of goodwill by reporting unit for the year ended December 31, 2018 : (in thousands) Synovus Bank Reporting Unit Trust Services Reporting Unit Total Balance as of December 31, 2017 Goodwill $ 32,884 $ 24,431 $ 57,315 Accumulated impairment losses — — — Balance as of December 31, 2018 $ 32,884 $ 24,431 $ 57,315 |
Schedule of Other Intangible Assets | The following table shows the gross carrying amount and accumulated amortization of other intangible assets as of December 31, 2018 and 2017 . Other intangible assets primarily consist of customer relationship intangibles. (in thousands) 2018 2017 Other intangible assets, gross carrying amount $ 13,140 $ 13,140 Other intangible assets, adjustment (212 ) — Other intangible assets, accumulated amortization (3,053 ) (1,886 ) Other intangible assets, net carrying amount $ 9,875 $ 11,254 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Assets [Abstract] | |
Schedule of Other Assets | Significant balances included in other assets at December 31, 2018 and 2017 are presented below. (in thousands) 2018 2017 Federal Reserve Bank and FHLB Stock $ 185,225 $ 159,443 Accrued interest receivable 89,425 80,036 Investments in low income housing tax credit partnerships 83,736 60,068 Accounts receivable 80,271 43,878 Prepaid expenses 38,035 33,298 Derivative asset positions 19,332 11,722 Taxes receivable 13,150 46,330 Private equity investments 11,028 15,771 Other real estate 6,220 3,758 Trading account assets, at fair value 3,130 3,820 Miscellaneous other assets 74,532 55,363 Total other assets $ 604,084 $ 513,487 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Interest-bearing Deposit Liabilities [Abstract] | |
Schedule of Interest Bearing Deposits | A summary of interest-bearing deposits at December 31, 2018 and 2017 is presented below. ( in thousands) 2018 2017 Interest-bearing demand deposits $ 4,756,239 $ 5,157,175 Money market accounts, excluding brokered deposits 8,143,975 7,435,941 Savings accounts 817,385 798,935 Time deposits, excluding brokered deposits 3,803,726 3,108,385 Brokered deposits 1,548,030 1,961,125 Total interest-bearing deposits $ 19,069,355 $ 18,461,561 |
Schedule of Cash Maturities of Time Deposits | The following table presents contractual maturities of all time deposits at December 31, 2018 . (in thousands) Maturing within one year $ 3,323,071 Between 1 - 2 years 973,732 2 - 3 years 426,823 3 - 4 years 57,347 4 - 5 years 217,622 Thereafter 4,801 $ 5,003,396 |
Long-term Debt and Short-term_2
Long-term Debt and Short-term Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Short-term Borrowings | Short-term borrowings at December 31, 2018 and 2017 consisted of the following: 2018 2017 (dollars in thousands) Federal funds purchased $ 628 $ — Securities sold under repurchase agreements 237,064 161,190 FHLB advances with original maturities of one year or less 650,000 100,000 Total short-term borrowings $ 887,692 $ 261,190 The following table sets forth additional information on Synovus' short-term borrowings for the years indicated. (dollars in thousands) 2018 2017 2016 Total balance at December 31, $ 887,692 $ 261,190 $ 159,699 Weighted average interest rate at December 31, 1.93 % 0.65 % 0.08 % Maximum month-end balance during the year $ 887,692 $ 390,044 $ 414,245 Average amount outstanding during the year 371,933 256,011 278,273 Weighted average interest rate during the year 0.96 % 0.37 % 0.18 % |
Schedule of Long-term Debt Instruments | Long-term debt at December 31, 2018 and 2017 is presented in the following table: (dollars in thousands) 2018 2017 Parent Company: 3.125% senior notes, due November 1, 2022, $300 million par value with semi-annual interest payments and principal to be paid at maturity $ 297,603 $ 296,971 5.75% fixed to adjustable rate subordinated notes issued December 7, 2015, 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 248,101 247,618 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 4.59% at December 31, 2018 and 3.39% at December 31, 2017) 10,000 10,000 Total long-term debt — Parent Company 555,704 554,589 Synovus Bank: FHLB advances with interest and principal payments due at various maturity dates through 2022 and interest rates ranging from 2.49% to 2.56% at December 31, 2018 (weighted average interest rate of 2.53% and 1.43% at December 31, 2018 and 2017, respectively) 1,100,000 1,050,000 Capital lease with interest and principal payments due at various dates through 2031 (rate of 1.59% at both December 31, 2018 and 2017) 1,453 1,549 Total long-term debt — Synovus Bank 1,101,453 1,051,549 Total long-term debt $ 1,657,157 $ 1,606,138 |
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 in the following table. (in thousands) Parent Synovus Bank Total 2019 $ — $ 90 $ 90 2020 — 400,092 400,092 2021 — 450,096 450,096 2022 300,000 250,107 550,107 2023 — 109 109 Thereafter 260,000 959 260,959 Total $ 560,000 $ 1,101,453 $ 1,661,453 |
Shareholders' Equity and Othe_2
Shareholders' Equity and Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 shares of preferred and common stock issued and common stock held as treasury shares for the three years ended December 31, 2018 . (shares in thousands) Series C Preferred Stock Issued (Redeemed) Series D Preferred Stock Issued Common Stock Issued Treasury Stock Held Common Stock Outstanding Balance at December 31, 2015 5,200 — 140,592 11,045 129,547 Issuance of common stock for acquisition — — 821 — 821 Restricted share unit activity — — 316 — 316 Stock options exercised — — 297 — 297 Repurchase of common stock — — — 8,715 (8,715 ) Balance at December 31, 2016 5,200 — 142,026 19,760 122,266 Issuance of common stock for earnout payment — — 118 — 118 Restricted share unit activity — — 336 — 336 Stock options exercised — — 198 — 198 Repurchase of common stock — — — 4,021 (4,021 ) Balance at December 31, 2017 5,200 — 142,678 23,781 118,897 Issuance of preferred stock — 8,000 — — — Redemption of preferred stock (5,200 ) — — — — Issuance of common stock for earnout payment — — 199 — 199 Restricted share unit activity — — 297 — 297 Stock options exercised — — 126 — 126 Repurchase of common stock — — — 3,653 (3,653 ) Balance at December 31, 2018 — 8,000 143,300 27,434 115,866 |
Schedule of Changes in Accumulated 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, 2018 , 2017 , and 2016 . 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, 2015 $ (12,504 ) $ (18,222 ) $ 907 $ (29,819 ) Other comprehensive loss before reclassifications — (22,405 ) 63 (22,342 ) Amounts reclassified from accumulated other comprehensive income (loss) 287 (3,697 ) (88 ) (3,498 ) Net current period other comprehensive income (loss) 287 (26,102 ) (25 ) (25,840 ) Balance at December 31, 2016 $ (12,217 ) $ (44,324 ) $ 882 $ (55,659 ) Other comprehensive income before reclassifications — 676 38 714 Amounts reclassified from accumulated other comprehensive income (loss) 80 178 (67 ) 191 Net current period other comprehensive income (loss) 80 854 (29 ) 905 Balance at December 31, 2017 $ (12,137 ) $ (43,470 ) $ 853 $ (54,754 ) Other comprehensive loss before reclassifications — (33,023 ) (34 ) (33,057 ) Amounts reclassified from accumulated other comprehensive income (loss) — 960 (98 ) 862 Net current period other comprehensive loss — (32,063 ) (132 ) (32,195 ) Reclassification from adoption of ASU 2018-02 — (7,763 ) 175 (7,588 ) Cumulative-effect adjustment from adoption of ASU 2016-01 — 117 — 117 Balance at December 31, 2018 $ (12,137 ) $ (83,179 ) $ 896 $ (94,420 ) |
Regulatory Capital (Tables)
Regulatory Capital (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Regulatory Capital Disclosure [Abstract] | |
Schedule of Compliance with Regulatory Capital | The following table summarizes regulatory capital information at December 31, 2018 and 2017 for Synovus and Synovus Bank. Actual Capital Minimum Requirement For Capital Adequacy (1) To Be Well-Capitalized Under Prompt Corrective Action Provisions (2) (dollars in thousands) 2018 2017 2018 2017 2018 2017 Synovus Financial Corp. CET1 capital $ 2,897,997 $ 2,763,168 $ 1,310,460 $ 1,250,488 N/A N/A Tier 1 risk-based capital 3,090,416 2,872,001 1,747,280 1,660,074 N/A N/A Total risk-based capital 3,601,376 3,383,081 2,329,706 2,213,432 N/A N/A CET1 capital ratio 9.95 % 9.99 % 4.50 % 4.50 % N/A N/A Tier 1 risk-based capital ratio 10.61 10.38 6.00 6.00 N/A N/A Total risk-based capital ratio 12.37 12.23 8.00 8.00 N/A N/A Leverage ratio 9.60 9.19 4.00 4.00 N/A N/A Synovus Bank CET1 capital $ 3,382,497 $ 3,155,163 $ 1,309,527 $ 1,247,462 $ 1,891,538 $ 1,795,004 Tier 1 risk-based capital 3,382,497 3,155,163 1,746,035 1,656,927 2,328,047 2,209,236 Total risk-based capital 3,633,457 3,406,243 2,328,047 2,209,236 2,910,059 2,761,545 CET1 capital ratio 11.62 % 11.43 % 4.50 % 4.50 % 6.50 % 6.50 % Tier 1 risk-based capital ratio 11.62 11.43 6.00 6.00 8.00 8.00 Total risk-based capital ratio 12.49 12.33 8.00 8.00 10.00 10.00 Leverage ratio 10.51 10.12 4.00 4.00 5.00 5.00 (1) The additional capital conservation buffer in effect in 2018 and 2017 was 1.9% , and 1.3% , respectively. (2) The prompt corrective action provisions are applicable at the bank level only. |
Net Income Per Common Share (Ta
Net Income Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 , 2017 , and 2016 . Years Ended December 31, (in thousands, except per share data) 2018 2017 2016 Net income $ 428,476 $ 275,474 $ 246,784 Preferred stock dividends and redemption charge 17,998 10,238 10,238 Net income available to common shareholders $ 410,478 $ 265,236 $ 236,546 Weighted average common shares outstanding 117,644 121,162 124,389 Potentially dilutive shares from outstanding equity-based awards and Earnout Payments 734 850 689 Weighted average diluted common shares 118,378 122,012 125,078 Net income per common share, basic $ 3.49 $ 2.19 $ 1.90 Net income per common share, diluted $ 3.47 $ 2.17 $ 1.89 |
Fair Value Accounting (Tables)
Fair Value Accounting (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 and 2017 . December 31, 2018 (in thousands) Level 1 Level 2 Level 3 Total Assets and Liabilities at Fair Value Assets Trading securities: U.S. Government agency securities $ — $ 44 $ — $ 44 State and municipal securities — 1,064 — 1,064 Other investments 1,128 894 — 2,022 Total trading securities $ 1,128 $ 2,002 $ — $ 3,130 Mortgage loans held for sale — 37,129 — 37,129 Investment securities available for sale: U.S. Treasury securities $ 122,077 $ — $ — $ 122,077 U.S. Government agency securities — 38,382 — 38,382 Mortgage-backed securities issued by U.S. Government agencies — 97,205 — 97,205 Mortgage-backed securities issued by U.S. Government sponsored enterprises — 2,398,650 — 2,398,650 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — 1,188,518 — 1,188,518 Commercial mortgage-backed securities issued by U.S. Government sponsored enterprises — 129,865 — 129,865 Corporate debt and other debt securities — 15,150 1,785 16,935 Total investment securities available for sale $ 122,077 $ 3,867,770 $ 1,785 $ 3,991,632 Private equity investments — — 11,028 11,028 Mutual funds 3,168 — — 3,168 Mutual funds held in rabbi trusts 12,844 — — 12,844 GGL/SBA loans servicing asset — — 3,729 3,729 Derivative assets: Interest rate contracts $ — $ 18,388 $ — $ 18,388 Mortgage derivatives (1) — 944 — 944 Total derivative assets $ — $ 19,332 $ — $ 19,332 Liabilities Earnout liability (2) — — 14,353 14,353 Derivative liabilities: — Interest rate contracts $ — $ 15,716 $ — $ 15,716 Mortgage derivatives (1) — 819 — 819 Visa derivative — — 1,673 1,673 Total derivative liabilities $ — $ 16,535 $ 1,673 $ 18,208 December 31, 2017 (in thousands) Level 1 Level 2 Level 3 Total Assets and Liabilities at Fair Value Assets Trading securities: U.S. Government agency securities $ — $ 3,002 $ — $ 3,002 Collateralized mortgage obligations issued by U.S. Government sponsored agencies or enterprises — 296 — 296 Other investments 522 — — 522 Total trading securities $ 522 $ 3,298 $ — $ 3,820 Mortgage loans held for sale — 48,024 — 48,024 Investment securities available for sale: U.S. Treasury securities $ 82,674 $ — $ — $ 82,674 U.S. Government agency securities — 10,862 — 10,862 Mortgage-backed securities issued by U.S.Government agencies — 120,440 — 120,440 Mortgage-backed securities issued by U.S. Government sponsored enterprises — 2,595,626 — 2,595,626 Collateralized mortgage obligations issued by U.S. Government sponsored agencies or enterprises — 1,111,999 — 1,111,999 Commercial mortgage-backed securities issued by U.S. Government sponsored enterprises — 44,897 — 44,897 State and municipal securities — 180 — 180 Corporate debt and other securities 3,162 15,294 1,935 20,391 Total investment securities available for sale $ 85,836 $ 3,899,298 $ 1,935 $ 3,987,069 Private equity investments — — 15,771 15,771 Mutual funds held in rabbi trusts 14,140 — — 14,140 GGL/SBA loans servicing asset — — 4,101 4,101 Derivative assets: Interest rate contracts $ — $ 10,786 $ — $ 10,786 Mortgage derivatives (1) — 936 — 936 Total derivative assets $ — $ 11,722 $ — $ 11,722 Liabilities Trading account liabilities — 1,000 — 1,000 Earnout liability (2) — — 11,348 11,348 Derivative liabilities: Interest rate contracts $ — $ 12,638 $ — $ 12,638 Mortgage derivatives (1) — 129 — 129 Visa derivative — — 4,330 4,330 Total derivative liabilities $ — $ 12,767 $ 4,330 $ 17,097 (1 ) 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. (2 ) Earnout liability consists of contingent consideration obligation related to Global One acquisition. |
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 and the changes in fair value of these loans. An immaterial portion of these changes in fair value was attributable to instrument-specific credit risk. Years Ended December 31, (in thousands) 2018 2017 2016 Changes in fair value included in net income: Mortgage loans held for sale $ 95 $ 754 $ (667 ) Mortgage loans held for sale: Fair value 37,129 48,024 51,545 Unpaid principal balance 35,848 46,839 51,114 Fair value less aggregate unpaid principal balance $ 1,281 $ 1,185 $ 431 |
Changes in Level 3 Fair Value Measurements | During 2018 and 2017 , Synovus did not have any transfers in or out of Level 3 in the fair value hierarchy. For the years ended December 31, 2018 and 2017 , total net losses included in earnings attributable to the change in net unrealized losses relating to assets/liabilities still held at December 31, 2018 and 2017 was $18.1 million and $8.6 million , respectively. 2018 (in thousands) Investment Securities Available for Sale Private Equity Investments GGL/SBA Loans Servicing Asset (1) Earnout Liability (2) Visa Derivative Liability Beginning balance, January 1, 2018 $ 1,935 $ 15,771 $ 4,101 $ (11,348 ) $ (4,330 ) Total (losses) gains realized/unrealized: Included in earnings — (4,743 ) (1,752 ) (11,652 ) (2,328 ) Unrealized (losses) gains included in other comprehensive income (150 ) — — — — Additions — — 1,380 — — Settlements — — — 8,647 4,985 Ending balance, December 31, 2018 $ 1,785 $ 11,028 $ 3,729 $ (14,353 ) $ (1,673 ) Total net losses for the year included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at December 31, 2018 $ — $ (4,743 ) $ — $ (11,652 ) $ (1,673 ) 2017 (in thousands) Investment Securities Available for Sale Private Equity Investments GGL/SBA Loans Servicing Asset (1) Earnout Liability (2) Visa Derivative Liability Beginning balance, January 1, 2017 $ 1,796 $ 25,493 $ — $ (14,000 ) $ (5,768 ) Total (losses) gains realized/unrealized: Included in earnings — (3,093 ) (1,681 ) (5,466 ) — Unrealized gains included in other comprehensive income 139 — — — — Additions — — 1,330 — — Sales — (6,629 ) — — — Settlements — — — 6,352 1,438 Transfer from amortization method to fair value — — 4,452 — — Measurement period adjustments related to Global One acquisition — — — 1,766 — Ending balance, December 31, 2017 $ 1,935 $ 15,771 $ 4,101 $ (11,348 ) $ (4,330 ) Total net losses for the year included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at December 31, 2017 $ — $ (3,093 ) $ — $ (5,466 ) $ — (1) Effective January 1, 2017, Synovus elected the fair value option for determining the value of the GGL/SBA loans servicing asset. Prior to 2017, Synovus accounted for the GGL/SBA loans servicing asset using the amortization method. (2) Earnout liability consists of contingent consideration obligation related to the Global One acquisition. |
Assets and Liabilities Measured at Fair Value on Non-Recurring Basis | The following tables present 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, 2018 Fair Value Adjustments for the Year Ended December 31, 2018 (in thousands) Level 1 Level 2 Level 3 Impaired loans* $ — $ — $ 21,742 $ 7,575 Other loans held for sale — — 1,494 809 Other real estate — — 3,827 523 Other assets held for sale — — 1,104 482 As of December 31, 2017 Fair Value Adjustments for the Year Ended December 31, 2017 Level 1 Level 2 Level 3 Impaired loans* $ — $ — $ 3,603 $ 991 Other loans held for sale — — 10,197 13,004 Other real estate — — 3,363 2,413 Other assets held for sale — — 5,334 2,491 * Collateral-dependent impaired loans that are written down to fair value during the period. |
Carrying and Estimated Fair Values of Financial Instruments Carried on Balance Sheet | December 31, 2018 (in thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Financial assets Total cash, cash equivalents, restricted cash, and restricted cash equivalents $ 1,143,564 $ 1,143,564 $ 1,143,564 $ — $ — Trading account assets 3,130 3,130 1,128 2,002 — Mortgage loans held for sale 37,129 37,129 — 37,129 — Other loans held for sale 1,506 1,506 — — 1,506 Investment securities available for sale 3,991,632 3,991,632 122,077 3,867,770 1,785 Private equity investments 11,028 11,028 — — 11,028 Mutual funds 3,168 3,168 3,168 — — Mutual funds held in rabbi trusts 12,844 12,844 12,844 — — Loans, net 25,696,018 25,438,890 — — 25,438,890 GGL/SBA loans servicing asset 3,729 3,729 — — 3,729 Derivative assets 19,332 19,332 — 19,332 — Financial Liabilities Non-interest-bearing deposits $ 7,650,967 $ 7,650,967 $ — $ 7,650,967 $ — Non-time interest-bearing deposits 14,065,959 14,065,959 — 14,065,959 — Time deposits 5,003,396 4,989,570 — 4,989,570 — Total deposits $ 26,720,322 $ 26,706,496 $ — $ 26,706,496 $ — Federal funds purchased and securities sold under repurchase agreements 237,692 237,692 237,692 — — Other short-term borrowings 650,000 650,000 — 650,000 — Long-term debt 1,657,157 1,649,642 — 1,649,642 — Earnout liability 14,353 14,353 — — 14,353 Derivative liabilities 18,208 18,208 — 16,535 1,673 December 31, 2017 (in thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Financial assets Total cash, cash equivalents, restricted cash, and restricted cash equivalents $ 932,933 $ 932,933 $ 932,933 $ — $ — Trading account assets 3,820 3,820 522 3,298 — Mortgage loans held for sale 48,024 48,024 — 48,024 — Other loans held for sale 11,356 11,356 — — 11,356 Investment securities available for sale 3,987,069 3,987,069 85,836 3,899,298 1,935 Private equity investments 15,771 15,771 — — 15,771 Mutual funds held in rabbi trusts 14,140 14,140 14,140 — — Loans, net 24,538,196 24,507,141 — — 24,507,141 GGL/SBA loans servicing asset 4,101 4,101 — — 4,101 Derivative assets 11,722 11,722 — 11,722 — Financial Liabilities Trading account liabilities 1,000 1,000 — 1,000 — Non-interest-bearing deposits $ 7,686,339 $ 7,686,339 $ — $ 7,686,339 $ — Non-time interest-bearing deposits 13,941,814 13,941,814 — 13,941,814 — Time deposits 4,519,747 4,523,661 — 4,523,661 — Total deposits $ 26,147,900 $ 26,151,814 $ — $ 26,151,814 $ — Federal funds purchased and securities sold under repurchase agreements 161,190 161,190 161,190 — — Other short-term borrowings 100,000 100,000 — 100,000 — Long-term debt 1,606,138 1,621,814 — 1,621,814 — Earnout liability 11,348 11,348 — — 11,348 Derivative liabilities 17,097 17,097 — 12,767 4,330 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Summary of Derivative Instruments [Abstract] | |
Impact of Derivatives on Balance Sheet | The following table reflects the notional amount and fair value of derivative instruments included on the consolidated balance sheets at December 31, 2018 and 2017 . December 31, 2018 December 31, 2017 Fair Value Fair Value (in thousands) Notional Amount Derivative Assets (1) Derivative Liabilities (2) Notional Amount Derivative Assets (1) Derivative Liabilities (2) Derivatives not designated Interest rate contracts (3) $ 1,840,288 $ 18,388 $ 15,716 $ 1,466,059 $ 10,786 $ 12,638 Mortgage derivatives - interest rate lock commitments 52,420 944 — 49,304 936 — Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans 65,500 — 819 72,500 — 129 Visa derivative — — 1,673 — — 4,330 Total derivatives not designated as hedging instruments $ 19,332 $ 18,208 $ 11,722 $ 17,097 (1) Derivative assets are recorded in other assets on the consolidated balance sheets. (2) Derivative liabilities are recorded in other liabilities on the consolidated balance sheets. (3) Includes interest rate contracts for customer swaps and offsetting positions, net of variation margin payments. |
Effect of Fair Value Hedges on Consolidated Statements of Income | Pre-tax effect of changes in fair value from derivative instruments not designated as hedging instruments on the consolidated statements of income for the years ended December 31, 2018 , 2017 and 2016 is presented below. Gain (Loss) Recognized in Consolidated Statements of Income For The Years Ended December 31, (in thousands) Location in Consolidated Statements of Income 2018 2017 2016 Derivatives not designated as hedging instruments: Interest rate contracts (1) Other non-interest income $ (29 ) $ 20 $ 76 Mortgage derivatives - interest rate lock commitments Mortgage banking income 8 (634 ) 182 Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans Mortgage banking income (691 ) (2,025 ) 1,725 Visa derivative Other non-interest expense (2,328 ) — (5,795 ) Total derivatives not designated as hedging instruments $ (3,040 ) $ (2,639 ) $ (3,812 ) (1) Gain (loss) represents net fair value adjustments (including credit related adjustments) for customer swaps and offsetting positions. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Loan Commitments and Letters of Credit | December 31, (in thousands) 2018 2017 Letters of credit * $ 157,675 $ 153,372 Commitments to fund commercial and industrial loans 5,527,017 5,090,827 Commitments to fund commercial real estate, construction, and land development loans 2,034,223 1,567,583 Commitments under home equity lines of credit 1,258,657 1,137,714 Unused credit card lines 775,003 779,254 Other loan commitments 400,983 351,358 Total letters of credit and unfunded lending commitments $ 10,153,558 $ 9,080,108 Investments in low income housing tax credit partnerships: Carrying amount included in other assets $ 83,736 $ 60,068 Amount of future funding commitments included in carrying amount 47,123 39,994 Short-term construction loans and letter of credit commitments 1,585 7,180 Funded portion of short-term loans and letters of credit 5,595 — * Represent the contractual amount net of risk participations of $46.0 million . |
Share-based Compensation and _2
Share-based Compensation and Other Employment Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Share-based Compensation [Abstract] | |
Schedule of Stock Options Activity | A summary of stock option activity and changes during the years ended December 31, 2018 , 2017 , and 2016 is presented below. Stock Options 2018 2017 2016 Shares Weighted-Average Exercise Price Shares Weighted-Average Exercise Price Shares Weighted-Average Exercise Price Outstanding at beginning of year 775,730 $ 17.85 973,361 $ 17.76 1,741,975 $ 37.88 Options exercised (126,344 ) 16.92 (197,631 ) 17.41 (297,225 ) 17.35 Options forfeited — — — — (1,597 ) 17.64 Options expired/canceled (9,485 ) 92.26 — — (469,792 ) 92.62 Options outstanding at end of year 639,901 $ 16.93 775,730 $ 17.85 973,361 $ 17.76 Options exercisable at end of year 639,901 $ 16.93 775,730 $ 17.85 973,361 $ 17.76 |
Fair Value of Option Grants Used in Measuring Compensation Expense | 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: 2018 2017 2016 Risk-free interest rate 2.32 % 1.48 % 0.81 % Expected stock price volatility 22.5 22.9 25.7 Dividend yield 1.3 1.2 1.8 Simulation period 3.0 years 3.0 years 3.0 years |
Schedule of Restricted Stock Units Activity | A summary of market restricted share units outstanding and changes during the years ended December 31, 2018 , 2017 , and 2016 is presented below. Market Restricted Share Units Share Units Weighted-Average Grant Date Fair Value Outstanding at December 31, 2015 158,248 $ 27.02 Granted 93,913 26.93 Dividend equivalents granted 3,095 26.93 Quantity change by TSR factor 9,970 26.93 Vested (82,817 ) 26.40 Outstanding at December 31, 2016 182,409 27.25 Granted 78,174 43.52 Dividend equivalents granted 2,811 43.52 Quantity change by TSR factor 22,182 27.25 Vested (114,013 ) 26.78 Outstanding at December 31, 2017 171,563 35.24 Granted 57,851 48.46 Dividend equivalents granted 3,204 41.91 Quantity change by TSR factor 17,882 33.21 Vested (105,459 ) 33.21 Forfeited (952 ) 38.32 Outstanding at December 31, 2018 144,089 $ 41.91 A summary of performance share units outstanding and changes during the years ended December 31, 2018 , 2017 , and 2016 is presented below. Performance Share Units Share Units Weighted-Average Grant Date Fair Value Outstanding at December 31, 2015 151,567 $ 26.01 Granted 83,529 25.95 Dividend equivalents granted 3,384 25.95 Outstanding at December 31, 2016 238,480 25.99 Granted 72,825 41.61 Dividend equivalents granted 2,562 41.61 Vested (69,326 ) 23.47 Outstanding at December 31, 2017 244,541 31.54 Granted 86,774 47.23 Dividend equivalents granted 4,418 28.06 Vested (84,326 ) 28.06 Adjustment for performance vs. target (1,250 ) 28.06 Forfeited (1,900 ) 33.52 Outstanding at December 31, 2018 248,257 $ 38.29 A summary of restricted share units outstanding and changes during the years ended December 31, 2018 , 2017 , and 2016 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, 2015 762,767 $ 24.57 Granted 350,458 26.43 Dividend equivalents granted 11,105 26.43 Vested (406,496 ) 23.10 Forfeited (12,067 ) 23.96 Outstanding at December 31, 2016 705,767 26.38 Granted 242,804 41.82 Dividend equivalents granted 5,839 41.82 Vested (341,825 ) 26.25 Forfeited (46,637 ) 26.28 Outstanding at December 31, 2017 565,948 33.25 Granted 248,697 47.34 Dividend equivalents granted 7,259 44.10 Vested (280,459 ) 30.86 Forfeited (15,652 ) 38.60 Outstanding at December 31, 2018 525,793 $ 41.18 |
Schedule of Grants Under All Synovus Equity Compensation Plans | The following table provides aggregate information regarding grants under all Synovus equity compensation plans at December 31, 2018 . Plan Category (a) Number of Securities to be Issued (1) (b) Number of Securities to be Issued (c) Weighted-Average (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 918,139 639,901 $ 16.93 4,849,161 (1) Market restricted and performance share units included at defined target levels. Actual shares issued upon vesting may differ based on actual TSR and ROAA and ROATCE over the measurement period. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The components of income tax expense (benefit) included in the consolidated statements of income for the years ended December 31, 2018 , 2017 , and 2016 are presented below: (in thousands) 2018 2017 2016 Current Federal $ 75,582 $ (32,341 ) $ 7,329 State 7,081 5,949 5,501 Total current income tax expense (benefit) 82,663 (26,392 ) 12,830 Deferred Federal 24,894 229,917 117,463 State 11,321 1,139 11,374 Total deferred income tax expense 36,215 231,056 128,837 Total income tax expense $ 118,878 $ 204,664 $ 141,667 |
Schedule of Effective Income Tax Rate Reconciliation | 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 21 percent to income before income taxes for the year ended December 31, 2018 , and 35 percent for the years ended 2017 and 2016 . A reconciliation of the differences is presented below: Years Ended December 31, (dollars in thousands) 2018 2017 2016 Income tax expense at statutory federal income tax rate $ 114,944 $ 168,048 $ 135,957 Increase (decrease) resulting from: State income tax expense, net of federal income tax benefit 17,270 11,961 13,256 Adjustment related to reduction in U.S. federal statutory income tax rate (1)(2) (9,865 ) 46,573 — Non-deductible expenses 7,556 2,435 813 Low income housing tax credits and other tax benefits (6,421 ) (2,759 ) — Low income housing tax credit amortization 5,316 268 — Change in valuation allowance (3) (3,431 ) (6,227 ) (2,055 ) Bank-owned life insurance (3,055 ) (4,702 ) (3,402 ) Excess tax benefit from share-based compensation (2,801 ) (4,318 ) — General business tax credits (4) (1,163 ) (4,615 ) (1,213 ) Other, net 528 (2,000 ) (1,689 ) Total income tax expense $ 118,878 $ 204,664 $ 141,667 Effective tax rate 21.7 % 42.6 % 36.5 % (1) Does not include a 2017 provisional tax expense adjustment of $608 thousand which is included as a component of the change in the valuation allowance. The 2017 income tax effect of the provisional federal income tax expense of $47.2 million relating to Federal Tax Reform represents 9.8% of income before taxes. (2) 2017 includes a $7.6 million expense from remeasurement of deferred tax assets relating to unrealized losses on available for sale securities which were initially recorded through accumulated other comprehensive income (AOCI). As further described in Note 1, ASU 2018-02, issued in February 2018, provides for the reclassification of the tax effects stranded in AOCI resulting from Federal Tax Reform to retained earnings. As a result, Synovus elected to apply the ASU 2018-02 guidance during the reporting period ending on March 31, 2018 and reclassified $7.6 million from AOCI to retained earnings. (3) 2017 includes provisional federal income tax expense of $608 thousand related to Federal Tax Reform. (4) 2017 includes research and development tax credits for the tax years 2013-2017 totaling $4.6 million . |
Schedule of Deferred Tax Assets and Liabilities | Details for significant portions of the deferred tax assets and liabilities at December 31, 2018 and 2017 are presented below: (in thousands) 2018 2017 Deferred tax assets Allowance for loan losses $ 63,952 $ 66,034 Net operating loss carryforwards 33,008 41,059 Net unrealized losses on investment securities available for sale 24,419 13,253 Employee benefits and deferred compensation 20,363 18,333 Tax credit carryforwards 20,088 19,175 Deferred revenue 10,189 12,311 Lease rental 2,526 2,549 Non-performing loan interest 2,442 10,388 Other 9,415 6,343 Total gross deferred tax assets 186,402 189,445 Less valuation allowance — (3,431 ) Total deferred tax assets 186,402 186,014 Deferred tax liabilities Excess tax over financial statement depreciation (31,260 ) (8,080 ) Other properties held for sale (5,469 ) (5,447 ) Other (8,539 ) (6,699 ) Total gross deferred income tax liabilities (45,268 ) (20,226 ) Net deferred tax assets $ 141,134 $ 165,788 |
Schedule of Net Operating Loss and Tax Credit Carryforward | State NOL and tax credit carryforwards as of December 31, 2018 are summarized in the following table. Tax Carryforwards As of December 31, 2018 (in thousands) Expiration Dates Deferred Tax Asset Balance Valuation Allowance Net Deferred Tax Asset Balance Pre-Tax Earnings Necessary to Realize (1) Net operating losses - states 2023-2027 $ 1,431 $ — $ 1,431 $ 1,429,499 Net operating losses - states 2028-2032 39,483 — 39,483 914,384 Net operating losses - states 2033-2036 356 — 356 7,356 Other credits - states 2019-2023 20,164 — 20,164 N/A Other credits - states 2024-2028 2,388 — 2,388 N/A (1) N/A indicates credits are not measured on a pre-tax earnings basis. |
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) 2018 2017 2016 Balance at January 1, $ 15,117 $ 14,745 $ 12,745 Additions based on income tax positions related to current year 1,165 152 — Additions for income tax positions of prior years (1) 2,321 934 1,811 Additions from acquisition — — 608 Reductions for income tax positions of prior years — (706 ) — Statute of limitation expirations (17 ) (8 ) (419 ) Balance at December 31, $ 18,586 $ 15,117 $ 14,745 (1) Includes deferred tax benefits that could reduce future tax liabilities. |
Non-interest Income (Tables)
Non-interest Income (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Non-interest Income | The following table reflects non-interest income disaggregated by revenue type, line of business, and the amount of revenue that is in scope and out of scope of Topic 606 for the year ended December 31, 2018. Non-interest Income by Line of Business For the Year Ended December 31, 2018 (in thousands) Community Banking Corporate Banking Retail Banking Financial Management Services Other Total Revenues in scope of Topic 606 Service charges on deposit accounts $ 22,633 $ 1,932 $ 54,123 $ — $ 2,152 $ 80,840 Fiduciary and asset management fees — — — 54,685 — 54,685 Card fees 834 — 41,669 — — 42,503 Brokerage revenue — — — 36,567 — 36,567 Insurance revenue — — — 5,410 — 5,410 Other fees — — 1,943 — 1,084 3,027 $ 23,467 $ 1,932 $ 97,735 $ 96,662 $ 3,236 $ 223,032 Revenues out of scope of Topic 606 (1 ) 9,098 7,598 6,656 22,786 10,923 57,061 Total non-interest income $ 32,565 $ 9,530 $ 104,391 $ 119,448 $ 14,159 $ 280,093 ( 1) Out of scope non-interest income is presented for the purpose of reconciling non-interest income amounts within the scope of Topic 606 to non-interest income amounts presented on Synovus' consolidated statements of income. |
Condensed Financial Informati_2
Condensed Financial Information Of Synovus Financial Corp. (Parent Company Only) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule of Condensed Balance Sheets | Condensed Balance Sheets December 31, (in thousands) 2018 2017 Assets Cash due from bank subsidiary $ 213,096 $ 191,275 Funds due from other depository institutions 9,927 19,911 Total cash, cash equivalents, restricted cash, and restricted cash equivalents (1) 223,023 211,186 Investment in consolidated bank subsidiary, at equity 3,418,471 3,232,129 Investment in consolidated nonbank subsidiaries, at equity 34,586 40,731 Other assets 62,915 69,762 Total assets $ 3,738,995 $ 3,553,808 Liabilities and Shareholders' Equity Liabilities: Long-term debt $ 555,704 $ 554,589 Other liabilities 49,689 37,653 Total liabilities 605,393 592,242 Shareholders’ equity: Series C Preferred Stock — 125,980 Series D Preferred Stock 195,140 — Common stock 143,300 142,678 Additional paid-in capital 3,060,561 3,043,129 Treasury stock (1,014,746 ) (839,674 ) Accumulated other comprehensive loss, net (94,420 ) (54,754 ) Retained earnings 843,767 544,207 Total shareholders’ equity 3,133,602 2,961,566 Total liabilities and shareholders’ equity $ 3,738,995 $ 3,553,808 (1) See "Note 1 - Summary of Significant Accounting Policies" of this Report for information on Synovus' change in presentation of cash and cash equivalents. Condensed Statements of Income Years Ended December 31, (in thousands) 2018 2017 2016 Income Cash dividends received from subsidiaries (1) $ 250,000 $ 283,210 $ 325,000 Cash distributions received from subsidiaries (1) 10,000 167,790 — Interest income 1,703 1,443 2,565 Other (loss) income (3,904 ) 345 4,595 Total income 257,799 452,788 332,160 Expenses Interest expense 25,287 43,922 52,831 Other expenses 21,455 33,955 20,652 Total expenses 46,742 77,877 73,483 Income before income taxes and equity in undistributed income (loss) of subsidiaries 211,057 374,911 258,677 Allocated income tax benefit (13,690 ) (30,421 ) (25,628 ) Income before equity in undistributed income (loss) of subsidiaries 224,747 405,332 284,305 Equity in undistributed income (loss) of subsidiaries 203,729 (129,858 ) (37,521 ) Net income 428,476 275,474 246,784 Dividends and redemption charge on preferred stock 17,998 10,238 10,238 Net income available to common shareholders $ 410,478 $ 265,236 $ 236,546 |
Schedule of Condensed Statements of Operations | Condensed Statements of Income Years Ended December 31, (in thousands) 2018 2017 2016 Income Cash dividends received from subsidiaries (1) $ 250,000 $ 283,210 $ 325,000 Cash distributions received from subsidiaries (1) 10,000 167,790 — Interest income 1,703 1,443 2,565 Other (loss) income (3,904 ) 345 4,595 Total income 257,799 452,788 332,160 Expenses Interest expense 25,287 43,922 52,831 Other expenses 21,455 33,955 20,652 Total expenses 46,742 77,877 73,483 Income before income taxes and equity in undistributed income (loss) of subsidiaries 211,057 374,911 258,677 Allocated income tax benefit (13,690 ) (30,421 ) (25,628 ) Income before equity in undistributed income (loss) of subsidiaries 224,747 405,332 284,305 Equity in undistributed income (loss) of subsidiaries 203,729 (129,858 ) (37,521 ) Net income 428,476 275,474 246,784 Dividends and redemption charge on preferred stock 17,998 10,238 10,238 Net income available to common shareholders $ 410,478 $ 265,236 $ 236,546 (1) Substantially all cash dividends and distributions are from Synovus Bank. |
Schedule of Condensed Statements of Comprehensive Income (Loss) | Condensed Statements of Comprehensive Income December 31, 2018 December 31, 2017 December 31, 2016 (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 $ 547,354 $ (118,878 ) $ 428,476 $ 480,138 $ (204,664 ) $ 275,474 $ 388,451 $ (141,667 ) $ 246,784 Reclassification adjustment for losses realized in net income on cash flow hedges — — — 130 (50 ) 80 467 (180 ) 287 Reclassification adjustment for net gains realized in net income on investment securities available for sale — — — (5,506 ) 2,120 (3,386 ) (5,763 ) 2,219 (3,544 ) Net unrealized gains on investment securities available for sale — — — — — — 2,358 (908 ) 1,450 Other comprehensive (loss) gain of bank subsidiary (43,447 ) 11,252 (32,195 ) 6,784 (2,573 ) 4,211 (39,080 ) 15,047 (24,033 ) Other comprehensive (loss) income $ (43,447 ) $ 11,252 $ (32,195 ) $ 1,408 $ (503 ) $ 905 $ (42,018 ) $ 16,178 $ (25,840 ) Comprehensive income $ 396,281 $ 276,379 $ 220,944 Condensed Statements of Cash Flows Years Ended December 31, (in thousands) 2018 2017 2016 Operating Activities Net income $ 428,476 $ 275,474 $ 246,784 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed (income) loss of subsidiaries (203,729 ) 129,858 37,521 Deferred income tax expense 1,055 60,931 17,989 Net increase (decrease) in other liabilities 9,551 (1,095 ) 7,746 Net decrease (increase) in other assets 6,723 (8 ) (9,214 ) Other, net 1,115 (3,330 ) (1,648 ) Net cash provided by operating activities 243,191 461,830 299,178 Investing Activities Proceeds from sales of investment securities available for sale — 4,305 — Outlays for business combinations — — (3,408 ) Net decrease in short-term notes receivable from non-bank subsidiaries — 35,200 31,800 Net cash provided by investing activities — 39,505 28,392 Financing Activities Dividends paid to common and preferred shareholders (120,202 ) (64,908 ) (69,663 ) Repurchases of common stock (175,072 ) (175,079 ) (263,084 ) Repayments and redemption of long-term debt — (600,386 ) (130,048 ) Proceeds from issuance of long-term debt — 296,866 — Net proceeds from issuance of Series D Preferred Stock 195,140 — — Redemption of Series C Preferred Stock (130,000 ) — — Earnout payment (1,220 ) (892 ) — Net cash used in financing activities (231,354 ) (544,399 ) (462,795 ) Increase (decrease) in cash and cash equivalents including restricted cash 11,837 (43,064 ) (135,225 ) Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of year (1) 211,186 254,250 389,475 Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of year (1) $ 223,023 $ 211,186 $ 254,250 |
Schedule of Condensed Statements of Cash Flows | Condensed Statements of Cash Flows Years Ended December 31, (in thousands) 2018 2017 2016 Operating Activities Net income $ 428,476 $ 275,474 $ 246,784 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed (income) loss of subsidiaries (203,729 ) 129,858 37,521 Deferred income tax expense 1,055 60,931 17,989 Net increase (decrease) in other liabilities 9,551 (1,095 ) 7,746 Net decrease (increase) in other assets 6,723 (8 ) (9,214 ) Other, net 1,115 (3,330 ) (1,648 ) Net cash provided by operating activities 243,191 461,830 299,178 Investing Activities Proceeds from sales of investment securities available for sale — 4,305 — Outlays for business combinations — — (3,408 ) Net decrease in short-term notes receivable from non-bank subsidiaries — 35,200 31,800 Net cash provided by investing activities — 39,505 28,392 Financing Activities Dividends paid to common and preferred shareholders (120,202 ) (64,908 ) (69,663 ) Repurchases of common stock (175,072 ) (175,079 ) (263,084 ) Repayments and redemption of long-term debt — (600,386 ) (130,048 ) Proceeds from issuance of long-term debt — 296,866 — Net proceeds from issuance of Series D Preferred Stock 195,140 — — Redemption of Series C Preferred Stock (130,000 ) — — Earnout payment (1,220 ) (892 ) — Net cash used in financing activities (231,354 ) (544,399 ) (462,795 ) Increase (decrease) in cash and cash equivalents including restricted cash 11,837 (43,064 ) (135,225 ) Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of year (1) 211,186 254,250 389,475 Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of year (1) $ 223,023 $ 211,186 $ 254,250 (1) See "Note 1 - Summary of Significant Accounting Policies" of this Report for information on Synovus' change in presentation of cash and cash equivalents. See accompanying notes to the audited consolidated financial statements. |
Summary of Quarterly Financia_2
Summary of Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 and 2017 . 2018 (in thousands, except per share data) Fourth Quarter Third Quarter Second Quarter First Quarter Interest income $ 357,395 $ 343,942 $ 329,834 $ 313,134 Net interest income 297,933 291,619 284,577 274,284 Provision for loan losses 12,149 14,982 11,790 12,776 Income before income taxes 143,854 128,008 142,117 133,375 Income tax expense 38,784 18,949 30,936 30,209 Net income 105,070 109,059 111,181 103,166 Net income available to common shareholders 101,919 99,330 108,622 100,607 Net income per common share, basic 0.88 0.85 0.92 0.85 Net income per common share, diluted 0.87 0.84 0.91 0.84 2017 Fourth Quarter Third Quarter Second Quarter First Quarter Interest income $ 306,934 $ 297,652 $ 285,510 $ 272,401 Net interest income 269,713 262,572 251,097 239,927 Provision for loan losses 8,565 39,686 10,260 8,674 Income before income taxes 103,966 152,675 117,791 105,704 Income tax expense 74,361 54,668 41,788 33,847 Net income 29,605 98,007 76,003 71,857 Net income available to common shareholders 27,046 95,448 73,444 69,298 Net income per common share, basic 0.23 0.79 0.60 0.57 Net income per common share, diluted 0.23 0.78 0.60 0.56 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | Jan. 01, 2018 | Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 | Dec. 31, 2016 |
Basis Of Presentation [Line Items] | ||||||
Cash and cash equivalents | $ 8,600 | |||||
Federal funds sold | $ 25,600 | 49,700 | ||||
Loans, net | $ 25,696,018 | 24,538,196 | ||||
Separate account life insurance | 15,000 | |||||
Tax Cuts and Jobs Act of 2017, provisional income tax expense | 47,200 | |||||
Vesting period | 3 years | |||||
Increase in retained earnings | $ 7,600 | $ 7,600 | 7,600 | |||
Cumulative effect of new accounting principle in period of adoption | $ (685) | 0 | $ 0 | |||
Hosting arrangements under service contract, costs capitalized | $ 500 | |||||
Cumulative-effect adjustment from adoption of ASU 2014-09 | ||||||
Basis Of Presentation [Line Items] | ||||||
Cumulative effect of new accounting principle in period of adoption | (685) | |||||
Cumulative-effect adjustment from adoption of ASU 2014-09 | Retained Earnings | ||||||
Basis Of Presentation [Line Items] | ||||||
Cumulative effect of new accounting principle in period of adoption | (685) | |||||
Cumulative-effect adjustment from adoption of ASU 2016-01 | ||||||
Basis Of Presentation [Line Items] | ||||||
Cumulative effect of new accounting principle in period of adoption | 3,200 | 0 | ||||
Cumulative-effect adjustment from adoption of ASU 2016-01 | Accumulated Other Comprehensive Income (Loss) | ||||||
Basis Of Presentation [Line Items] | ||||||
Cumulative effect of new accounting principle in period of adoption | $ 117 | 117 | ||||
Cumulative-effect adjustment from adoption of ASU 2016-01 | Retained Earnings | ||||||
Basis Of Presentation [Line Items] | ||||||
Cumulative effect of new accounting principle in period of adoption | (117) | |||||
Accounting Standards Update 2016-02 | Forecast | ||||||
Basis Of Presentation [Line Items] | ||||||
Additional operating liabilities recognized as percent of total assets | 1.10% | |||||
Sale leaseback gains | $ 3,900 | |||||
Non-employee Director | ||||||
Basis Of Presentation [Line Items] | ||||||
Vesting period | 3 years | |||||
Non-employee | ||||||
Basis Of Presentation [Line Items] | ||||||
Vesting period | 3 years | |||||
DRR Methodology | ||||||
Basis Of Presentation [Line Items] | ||||||
Loans, net | $ 7,600,000 | $ 7,600,000 | ||||
Maximum | ||||||
Basis Of Presentation [Line Items] | ||||||
Retail loans and commercial loans, evaluated for impairment | $ 1,000 | |||||
Useful life | 10 years | |||||
Maximum | Buildings and improvements | ||||||
Basis Of Presentation [Line Items] | ||||||
Useful life | 40 years | |||||
Maximum | Furniture and equipment | ||||||
Basis Of Presentation [Line Items] | ||||||
Useful life | 10 years | |||||
Minimum | ||||||
Basis Of Presentation [Line Items] | ||||||
Useful life | 8 years | |||||
Minimum | Buildings and improvements | ||||||
Basis Of Presentation [Line Items] | ||||||
Useful life | 10 years | |||||
Minimum | Furniture and equipment | ||||||
Basis Of Presentation [Line Items] | ||||||
Useful life | 3 years |
Acquisitions (Details)
Acquisitions (Details) - USD ($) $ in Thousands | Sep. 25, 2017 | Oct. 01, 2016 | Dec. 31, 2018 | Nov. 30, 2018 | Dec. 31, 2017 | Nov. 30, 2017 |
Business Acquisition [Line Items] | ||||||
Brokered deposits | $ 1,548,030 | $ 1,961,125 | ||||
Common stock, shares issued (in shares) | 143,300,449 | 142,677,449 | ||||
Fair value of common stock issued | $ 143,300 | $ 142,678 | ||||
Minimum | ||||||
Business Acquisition [Line Items] | ||||||
Period of additional annual payments | 3 years | |||||
Maximum | ||||||
Business Acquisition [Line Items] | ||||||
Period of additional annual payments | 5 years | |||||
World's Foremost Bank (WFB) | ||||||
Business Acquisition [Line Items] | ||||||
Deposits portfolio, weighted average maturity, period | 2 years 6 months 11 days | |||||
Weighted average rate of deposit, brokered | 1.83% | |||||
World's Foremost Bank (WFB) | ||||||
Business Acquisition [Line Items] | ||||||
Brokered deposits | $ 1,100,000 | |||||
Proceeds from fees | $ 75,000 | |||||
Global One | ||||||
Business Acquisition [Line Items] | ||||||
Consideration transferred | $ 30,000 | |||||
Common stock, shares issued (in shares) | 821,000 | 199,000 | 118,000 | |||
Fair value of common stock issued | $ 26,600 | $ 7,400 | $ 5,500 | |||
Cash paid | $ 3,400 | |||||
Earnout payments, cash | $ 1,200 | $ 892 | ||||
Increase (decrease) in earnout liabilities | 11,700 | |||||
Earnout liability | $ 14,400 | |||||
Global One | Minimum | ||||||
Business Acquisition [Line Items] | ||||||
Potential additional payments based on earnings, period | 3 years | |||||
Global One | Maximum | ||||||
Business Acquisition [Line Items] | ||||||
Potential additional payments based on earnings, period | 5 years |
Investment Securities Availab_3
Investment Securities Available for Sale (Narrative) (Details) $ in Millions | Dec. 31, 2018USD ($)securities | Dec. 31, 2017USD ($) |
Financing Receivable, Impaired [Line Items] | ||
Securities in a loss position for less than twelve months | 9 | |
Securities in a loss position for more than twelve months | 123 | |
Collateral Pledged | ||
Financing Receivable, Impaired [Line Items] | ||
Pledged to secure deposits | $ | $ 1,560 | $ 2,000 |
Investment Securities Availab_4
Investment Securities Available for Sale (Summary Of Available For Sale Investment Securities) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 4,085,913 | $ 4,038,239 |
Gross Unrealized Gains | 6,274 | 6,107 |
Gross Unrealized Losses | (100,555) | (57,277) |
Fair Value | 3,991,632 | 3,987,069 |
U.S. Treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 123,436 | 83,608 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (1,359) | (934) |
Fair Value | 122,077 | 82,674 |
U.S. Government agency securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 38,021 | 10,771 |
Gross Unrealized Gains | 361 | 91 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 38,382 | 10,862 |
Mortgage-backed securities issued by U.S. Government agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 100,060 | 121,283 |
Gross Unrealized Gains | 172 | 519 |
Gross Unrealized Losses | (3,027) | (1,362) |
Fair Value | 97,205 | 120,440 |
Mortgage-backed securities issued by U.S. Government sponsored enterprises | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 2,460,498 | 2,621,694 |
Gross Unrealized Gains | 1,981 | 5,037 |
Gross Unrealized Losses | (63,829) | (31,105) |
Fair Value | 2,398,650 | 2,595,626 |
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,215,406 | 1,135,259 |
Gross Unrealized Gains | 2,997 | 144 |
Gross Unrealized Losses | (29,885) | (23,404) |
Fair Value | 1,188,518 | 1,111,999 |
Commercial mortgage-backed securities issued by U.S. Government sponsored enterprises | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 131,492 | 45,124 |
Gross Unrealized Gains | 613 | 22 |
Gross Unrealized Losses | (2,240) | (249) |
Fair Value | 129,865 | 44,897 |
State and municipal securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 180 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 0 | |
Fair Value | 180 | |
Corporate debt and other debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 17,000 | 20,320 |
Gross Unrealized Gains | 150 | 294 |
Gross Unrealized Losses | (215) | (223) |
Fair Value | $ 16,935 | $ 20,391 |
Investment Securities Availab_5
Investment Securities Available for Sale (Schedule Of Unrealized Loss On Investments) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Fair Value | $ 230,520 | $ 1,995,846 |
Less than 12 Months, Gross Unrealized Losses | (2,118) | (20,560) |
12 Months or Longer, Fair Value | 3,259,401 | 1,445,859 |
12 Months or Longer, Gross Unrealized Losses | (98,437) | (36,717) |
Total Fair Value | 3,489,921 | 3,441,705 |
Total Gross Unrealized Losses | (100,555) | (57,277) |
U.S. Treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Fair Value | 39,031 | 34,243 |
Less than 12 Months, Gross Unrealized Losses | (118) | (443) |
12 Months or Longer, Fair Value | 63,570 | 29,562 |
12 Months or Longer, Gross Unrealized Losses | (1,241) | (491) |
Total Fair Value | 102,601 | 63,805 |
Total Gross Unrealized Losses | (1,359) | (934) |
Mortgage-backed securities issued by U.S. Government agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Fair Value | 2,059 | 36,810 |
Less than 12 Months, Gross Unrealized Losses | (2) | (357) |
12 Months or Longer, Fair Value | 79,736 | 55,740 |
12 Months or Longer, Gross Unrealized Losses | (3,025) | (1,005) |
Total Fair Value | 81,795 | 92,550 |
Total Gross Unrealized Losses | (3,027) | (1,362) |
Mortgage-backed securities issued by U.S. Government sponsored enterprises | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Fair Value | 130,432 | 1,238,464 |
Less than 12 Months, Gross Unrealized Losses | (700) | (10,014) |
12 Months or Longer, Fair Value | 2,105,358 | 929,223 |
12 Months or Longer, Gross Unrealized Losses | (63,129) | (21,091) |
Total Fair Value | 2,235,790 | 2,167,687 |
Total Gross Unrealized Losses | (63,829) | (31,105) |
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Fair Value | 0 | 653,781 |
Less than 12 Months, Gross Unrealized Losses | 0 | (9,497) |
12 Months or Longer, Fair Value | 964,732 | 426,237 |
12 Months or Longer, Gross Unrealized Losses | (29,885) | (13,907) |
Total Fair Value | 964,732 | 1,080,018 |
Total Gross Unrealized Losses | (29,885) | (23,404) |
Commercial mortgage-backed securities issued by U.S. Government sponsored enterprises | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Fair Value | 58,998 | 32,548 |
Less than 12 Months, Gross Unrealized Losses | (1,298) | (249) |
12 Months or Longer, Fair Value | 44,220 | 0 |
12 Months or Longer, Gross Unrealized Losses | (942) | 0 |
Total Fair Value | 103,218 | 32,548 |
Total Gross Unrealized Losses | (2,240) | (249) |
Corporate debt and other debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Fair Value | 0 | 0 |
Less than 12 Months, Gross Unrealized Losses | 0 | 0 |
12 Months or Longer, Fair Value | 1,785 | 5,097 |
12 Months or Longer, Gross Unrealized Losses | (215) | (223) |
Total Fair Value | 1,785 | 5,097 |
Total Gross Unrealized Losses | $ (215) | $ (223) |
Investment Securities Availab_6
Investment Securities Available for Sale (Amortized Cost And Estimated Fair Value By Contractual Maturity Of Investment Securities Available For Sale) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Debt Securities, Available-for-sale [Line Items] | |
Amortized Cost, Within One year | $ 21,393 |
Amortized Cost, 1 to 5 Years | 162,734 |
Amortized Cost, 5 to 10 Years | 641,769 |
Amortized Cost, More Than 10 years | 3,260,017 |
Total Amortized Cost | 4,085,913 |
Fair Value, Within One year | 21,398 |
Fair Value, 1 to 5 Years | 161,078 |
Fair Value, 5 to 10 Years | 629,857 |
Fair Value, More Than 10 years | 3,179,299 |
Total Fair Value | 3,991,632 |
U.S. Treasury securities | |
Debt Securities, Available-for-sale [Line Items] | |
Amortized Cost, Within One year | 19,476 |
Amortized Cost, 1 to 5 Years | 103,960 |
Amortized Cost, 5 to 10 Years | 0 |
Amortized Cost, More Than 10 years | 0 |
Total Amortized Cost | 123,436 |
Fair Value, Within One year | 19,476 |
Fair Value, 1 to 5 Years | 102,601 |
Fair Value, 5 to 10 Years | 0 |
Fair Value, More Than 10 years | 0 |
Total Fair Value | 122,077 |
U.S. Government agency securities | |
Debt Securities, Available-for-sale [Line Items] | |
Amortized Cost, Within One year | 1,917 |
Amortized Cost, 1 to 5 Years | 6,118 |
Amortized Cost, 5 to 10 Years | 29,986 |
Amortized Cost, More Than 10 years | 0 |
Total Amortized Cost | 38,021 |
Fair Value, Within One year | 1,922 |
Fair Value, 1 to 5 Years | 6,161 |
Fair Value, 5 to 10 Years | 30,299 |
Fair Value, More Than 10 years | 0 |
Total Fair Value | 38,382 |
Mortgage-backed securities issued by U.S. Government agencies | |
Debt Securities, Available-for-sale [Line Items] | |
Amortized Cost, Within One year | 0 |
Amortized Cost, 1 to 5 Years | 0 |
Amortized Cost, 5 to 10 Years | 24,076 |
Amortized Cost, More Than 10 years | 75,984 |
Total Amortized Cost | 100,060 |
Fair Value, Within One year | 0 |
Fair Value, 1 to 5 Years | 0 |
Fair Value, 5 to 10 Years | 23,698 |
Fair Value, More Than 10 years | 73,507 |
Total Fair Value | 97,205 |
Mortgage-backed securities issued by U.S. Government sponsored enterprises | |
Debt Securities, Available-for-sale [Line Items] | |
Amortized Cost, Within One year | 0 |
Amortized Cost, 1 to 5 Years | 52,656 |
Amortized Cost, 5 to 10 Years | 414,265 |
Amortized Cost, More Than 10 years | 1,993,577 |
Total Amortized Cost | 2,460,498 |
Fair Value, Within One year | 0 |
Fair Value, 1 to 5 Years | 52,316 |
Fair Value, 5 to 10 Years | 404,554 |
Fair Value, More Than 10 years | 1,941,780 |
Total Fair Value | 2,398,650 |
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | |
Debt Securities, Available-for-sale [Line Items] | |
Amortized Cost, Within One year | 0 |
Amortized Cost, 1 to 5 Years | 0 |
Amortized Cost, 5 to 10 Years | 26,950 |
Amortized Cost, More Than 10 years | 1,188,456 |
Total Amortized Cost | 1,215,406 |
Fair Value, Within One year | 0 |
Fair Value, 1 to 5 Years | 0 |
Fair Value, 5 to 10 Years | 26,291 |
Fair Value, More Than 10 years | 1,162,227 |
Total Fair Value | 1,188,518 |
Commercial mortgage-backed securities issued by U.S. Government sponsored enterprises | |
Debt Securities, Available-for-sale [Line Items] | |
Amortized Cost, Within One year | 0 |
Amortized Cost, 1 to 5 Years | 0 |
Amortized Cost, 5 to 10 Years | 131,492 |
Amortized Cost, More Than 10 years | 0 |
Total Amortized Cost | 131,492 |
Fair Value, Within One year | 0 |
Fair Value, 1 to 5 Years | 0 |
Fair Value, 5 to 10 Years | 129,865 |
Fair Value, More Than 10 years | 0 |
Total Fair Value | 129,865 |
State and municipal securities | |
Debt Securities, Available-for-sale [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 |
Total Amortized Cost | 17,000 |
Fair Value, Within One year | 0 |
Fair Value, 1 to 5 Years | 0 |
Fair Value, 5 to 10 Years | 15,150 |
Fair Value, More Than 10 years | 1,785 |
Total Fair Value | $ 16,935 |
Investment Securities Availab_7
Investment Securities Available for Sale (Summary Of Sales Transactions In The Investment Securities Available For Sale Portfolio) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Investments [Abstract] | |||
Proceeds from sales of investment securities available for sale | $ 35,066 | $ 812,293 | $ 968,606 |
Gross realized gains on sales | 0 | 7,942 | 9,586 |
Gross realized losses on sales | (1,296) | (8,231) | (3,575) |
Investment securities (losses) gains, net | $ (1,296) | $ (289) | $ 6,011 |
Loans And Allowance For Loan _3
Loans And Allowance For Loan Losses (Narrative) (Details) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2018USD ($)contract | Dec. 31, 2017USD ($)contract | Dec. 31, 2016USD ($)contract | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Loans and leases receivable, impaired, interest lost on nonaccrual loans | $ 7,300,000 | $ 9,100,000 | |||||||||
Interest income recognized | 7,216,000 | 7,777,000 | $ 9,207,000 | ||||||||
Loans pledged as collateral | $ 8,400,000,000 | $ 7,930,000,000 | 8,400,000,000 | 7,930,000,000 | |||||||
Average recorded investment in impaired loans | 181,869,000 | 212,969,000 | 264,608,000 | ||||||||
Investments income recognized in impairment loans, excluding TDRs | 0 | 0 | |||||||||
Impaired financing receivable, recorded investment, nonaccrual status | 51,300,000 | 49,000,000 | 51,300,000 | 49,000,000 | 53,700,000 | ||||||
Modifications, post-modification recorded investment | 49,827,000 | 36,723,000 | 52,994,000 | ||||||||
Provision for losses on loans | 12,149,000 | $ 14,982,000 | $ 11,790,000 | $ 12,776,000 | 8,565,000 | $ 39,686,000 | $ 10,260,000 | $ 8,674,000 | 51,697,000 | 67,185,000 | $ 28,000,000 |
Accruing TDRs With Modifications And Renewals Completed | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Accruing troubled debt restructuring | $ 115,600,000 | $ 151,300,000 | 115,600,000 | 151,300,000 | |||||||
Provision for losses on loans | $ 6,100,000 | $ 8,700,000 | |||||||||
Troubled Debt Restructuring That Subsequently Defaulted | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Subsequent default, number of contracts | contract | 8 | 8 | 2 | ||||||||
Modifications, post-modification recorded investment | $ 10,500,000 | $ 4,000,000 | $ 181,000 | ||||||||
Minimum | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Commercial-type impaired loans | 1,000,000 | ||||||||||
Interest Income Recorded | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Interest income recognized | $ 3,200,000 | $ 2,700,000 | |||||||||
Loss And Charged Off | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Retail loan charge-off period (in days) | 120 days | ||||||||||
Substandard | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Retail loan substandard period (in days) | 90 days |
Loans And Allowance For Loan _4
Loans And Allowance For Loan Losses (Loans Outstanding By Classification) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | $ 25,970,716 | $ 24,812,795 | $ 23,882,382 |
Deferred fees and costs, net | (24,143) | (25,331) | $ (26,000) |
Total loans, net of deferred fees and costs | 25,946,573 | 24,787,464 | |
Total commercial and industrial | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total commercial and industrial | 12,781,206 | 12,023,650 | |
Total loans | 12,781,206 | 12,023,650 | |
Total commercial and industrial | Commercial, financial, and agricultural | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total commercial and industrial | 7,449,698 | 7,179,487 | |
Total loans | 7,449,698 | 7,179,487 | |
Total commercial and industrial | Owner-occupied | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total commercial and industrial | 5,331,508 | 4,844,163 | |
Total loans | 5,331,508 | 4,844,163 | |
Total commercial real estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total commercial real estate | 6,564,491 | 6,935,288 | |
Total loans | 6,564,491 | 6,935,288 | |
Total commercial real estate | Investment properties | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total commercial real estate | 5,560,951 | 5,670,065 | |
Total loans | 5,560,951 | 5,670,065 | |
Total commercial real estate | 1-4 family properties | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total commercial real estate | 679,870 | 781,619 | |
Total loans | 679,870 | 781,619 | |
Total commercial real estate | Land and development | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total commercial real estate | 323,670 | 483,604 | |
Total loans | 323,670 | 483,604 | |
Total consumer | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total consumer | 6,625,019 | 5,853,857 | |
Total loans | 6,625,019 | 5,853,857 | |
Total consumer | Consumer mortgages | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total consumer | 2,934,235 | 2,633,503 | |
Total loans | 2,934,235 | 2,633,503 | |
Total consumer | Home equity lines | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total consumer | 1,515,796 | 1,514,227 | |
Total loans | 1,515,796 | 1,514,227 | |
Total consumer | Credit cards | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total consumer | 258,245 | 232,676 | |
Total loans | 258,245 | 232,676 | |
Total consumer | Other consumer loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total consumer | 1,916,743 | 1,473,451 | |
Total loans | $ 1,916,743 | $ 1,473,451 |
Loans And Allowance For Loan _5
Loans And Allowance For Loan Losses (Schedule Of Current, Accruing Past Due And Nonaccrual Loans) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Loans, net of deferred fees and costs | $ 25,946,573 | $ 24,787,464 | |
Non-accrual | 106,733 | 115,561 | |
Total loans | 25,970,716 | 24,812,795 | $ 23,882,382 |
Deferred fees and costs, net | 24,143 | 25,331 | $ 26,000 |
Total commercial and industrial | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Non-accrual | 78,266 | 76,784 | |
Total loans | 12,781,206 | 12,023,650 | |
Total commercial and industrial | Commercial, financial, and agricultural | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Non-accrual | 69,295 | 70,130 | |
Total loans | 7,449,698 | 7,179,487 | |
Total commercial and industrial | Owner-occupied | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Non-accrual | 8,971 | 6,654 | |
Total loans | 5,331,508 | 4,844,163 | |
Total commercial real estate | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Non-accrual | 7,715 | 12,450 | |
Total loans | 6,564,491 | 6,935,288 | |
Total commercial real estate | Investment properties | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Non-accrual | 2,381 | 3,804 | |
Total loans | 5,560,951 | 5,670,065 | |
Total commercial real estate | 1-4 family properties | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Non-accrual | 2,381 | 2,849 | |
Total loans | 679,870 | 781,619 | |
Total commercial real estate | Land and development | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Non-accrual | 2,953 | 5,797 | |
Total loans | 323,670 | 483,604 | |
Total consumer | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Non-accrual | 20,752 | 26,327 | |
Total loans | 6,625,019 | 5,853,857 | |
Total consumer | Consumer mortgages | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Non-accrual | 4,949 | 7,203 | |
Total loans | 2,934,235 | 2,633,503 | |
Total consumer | Home equity lines | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Non-accrual | 12,114 | 17,455 | |
Total loans | 1,515,796 | 1,514,227 | |
Total consumer | Credit cards | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Non-accrual | 0 | 0 | |
Total loans | 258,245 | 232,676 | |
Total consumer | Other consumer loans | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Non-accrual | 3,689 | 1,669 | |
Total loans | 1,916,743 | 1,473,451 | |
Current | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Loans, net of deferred fees and costs | 25,807,056 | 24,645,203 | |
Current | Total commercial and industrial | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Loans, net of deferred fees and costs | 12,689,324 | 11,927,277 | |
Current | Total commercial and industrial | Commercial, financial, and agricultural | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Loans, net of deferred fees and costs | 7,372,301 | 7,097,127 | |
Current | Total commercial and industrial | Owner-occupied | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Loans, net of deferred fees and costs | 5,317,023 | 4,830,150 | |
Current | Total commercial real estate | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Loans, net of deferred fees and costs | 6,551,850 | 6,914,819 | |
Current | Total commercial real estate | Investment properties | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Loans, net of deferred fees and costs | 5,557,224 | 5,663,665 | |
Current | Total commercial real estate | 1-4 family properties | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Loans, net of deferred fees and costs | 674,648 | 775,023 | |
Current | Total commercial real estate | Land and development | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Loans, net of deferred fees and costs | 319,978 | 476,131 | |
Current | Total consumer | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Loans, net of deferred fees and costs | 6,565,882 | 5,803,107 | |
Current | Total consumer | Consumer mortgages | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Loans, net of deferred fees and costs | 2,922,136 | 2,622,061 | |
Current | Total consumer | Home equity lines | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Loans, net of deferred fees and costs | 1,496,562 | 1,490,808 | |
Current | Total consumer | Credit cards | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Loans, net of deferred fees and costs | 252,832 | 229,015 | |
Current | Total consumer | Other consumer loans | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Loans, net of deferred fees and costs | 1,894,352 | 1,461,223 | |
Accruing 30-89 Days Past Due | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Loans, net of deferred fees and costs | 53,129 | 47,617 | |
Accruing 30-89 Days Past Due | Total commercial and industrial | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Loans, net of deferred fees and costs | 13,421 | 18,094 | |
Accruing 30-89 Days Past Due | Total commercial and industrial | Commercial, financial, and agricultural | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Loans, net of deferred fees and costs | 7,988 | 11,214 | |
Accruing 30-89 Days Past Due | Total commercial and industrial | Owner-occupied | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Loans, net of deferred fees and costs | 5,433 | 6,880 | |
Accruing 30-89 Days Past Due | Total commercial real estate | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Loans, net of deferred fees and costs | 4,796 | 7,660 | |
Accruing 30-89 Days Past Due | Total commercial real estate | Investment properties | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Loans, net of deferred fees and costs | 1,312 | 2,506 | |
Accruing 30-89 Days Past Due | Total commercial real estate | 1-4 family properties | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Loans, net of deferred fees and costs | 2,745 | 3,545 | |
Accruing 30-89 Days Past Due | Total commercial real estate | Land and development | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Loans, net of deferred fees and costs | 739 | 1,609 | |
Accruing 30-89 Days Past Due | Total consumer | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Loans, net of deferred fees and costs | 34,912 | 21,863 | |
Accruing 30-89 Days Past Due | Total consumer | Consumer mortgages | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Loans, net of deferred fees and costs | 7,150 | 3,971 | |
Accruing 30-89 Days Past Due | Total consumer | Home equity lines | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Loans, net of deferred fees and costs | 7,092 | 5,629 | |
Accruing 30-89 Days Past Due | Total consumer | Credit cards | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Loans, net of deferred fees and costs | 3,066 | 1,930 | |
Accruing 30-89 Days Past Due | Total consumer | Other consumer loans | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Loans, net of deferred fees and costs | 17,604 | 10,333 | |
Accruing 90 Days or Greater Past Due | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Loans, net of deferred fees and costs | 3,798 | 4,414 | |
Accruing 90 Days or Greater Past Due | Total commercial and industrial | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Loans, net of deferred fees and costs | 195 | 1,495 | |
Accruing 90 Days or Greater Past Due | Total commercial and industrial | Commercial, financial, and agricultural | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Loans, net of deferred fees and costs | 114 | 1,016 | |
Accruing 90 Days or Greater Past Due | Total commercial and industrial | Owner-occupied | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Loans, net of deferred fees and costs | 81 | 479 | |
Accruing 90 Days or Greater Past Due | Total commercial real estate | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Loans, net of deferred fees and costs | 130 | 359 | |
Accruing 90 Days or Greater Past Due | Total commercial real estate | Investment properties | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Loans, net of deferred fees and costs | 34 | 90 | |
Accruing 90 Days or Greater Past Due | Total commercial real estate | 1-4 family properties | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Loans, net of deferred fees and costs | 96 | 202 | |
Accruing 90 Days or Greater Past Due | Total commercial real estate | Land and development | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Loans, net of deferred fees and costs | 0 | 67 | |
Accruing 90 Days or Greater Past Due | Total consumer | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Loans, net of deferred fees and costs | 3,473 | 2,560 | |
Accruing 90 Days or Greater Past Due | Total consumer | Consumer mortgages | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Loans, net of deferred fees and costs | 0 | 268 | |
Accruing 90 Days or Greater Past Due | Total consumer | Home equity lines | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Loans, net of deferred fees and costs | 28 | 335 | |
Accruing 90 Days or Greater Past Due | Total consumer | Credit cards | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Loans, net of deferred fees and costs | 2,347 | 1,731 | |
Accruing 90 Days or Greater Past Due | Total consumer | Other consumer loans | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Loans, net of deferred fees and costs | 1,098 | 226 | |
Total Accruing Past Due | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Loans, net of deferred fees and costs | 56,927 | 52,031 | |
Total Accruing Past Due | Total commercial and industrial | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Loans, net of deferred fees and costs | 13,616 | 19,589 | |
Total Accruing Past Due | Total commercial and industrial | Commercial, financial, and agricultural | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Loans, net of deferred fees and costs | 8,102 | 12,230 | |
Total Accruing Past Due | Total commercial and industrial | Owner-occupied | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Loans, net of deferred fees and costs | 5,514 | 7,359 | |
Total Accruing Past Due | Total commercial real estate | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Loans, net of deferred fees and costs | 4,926 | 8,019 | |
Total Accruing Past Due | Total commercial real estate | Investment properties | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Loans, net of deferred fees and costs | 1,346 | 2,596 | |
Total Accruing Past Due | Total commercial real estate | 1-4 family properties | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Loans, net of deferred fees and costs | 2,841 | 3,747 | |
Total Accruing Past Due | Total commercial real estate | Land and development | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Loans, net of deferred fees and costs | 739 | 1,676 | |
Total Accruing Past Due | Total consumer | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Loans, net of deferred fees and costs | 38,385 | 24,423 | |
Total Accruing Past Due | Total consumer | Consumer mortgages | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Loans, net of deferred fees and costs | 7,150 | 4,239 | |
Total Accruing Past Due | Total consumer | Home equity lines | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Loans, net of deferred fees and costs | 7,120 | 5,964 | |
Total Accruing Past Due | Total consumer | Credit cards | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Loans, net of deferred fees and costs | 5,413 | 3,661 | |
Total Accruing Past Due | Total consumer | Other consumer loans | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Loans, net of deferred fees and costs | $ 18,702 | $ 10,559 |
Loans And Allowance For Loan _6
Loans And Allowance For Loan Losses (Loan Portfolio Credit Exposure) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | $ 25,970,716 | $ 24,812,795 | $ 23,882,382 |
Performing, accrual of interest | 172,300 | 190,600 | |
Deferred fees and costs, net | 24,143 | 25,331 | $ 26,000 |
Total commercial and industrial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 12,781,206 | 12,023,650 | |
Total commercial and industrial | Commercial, financial, and agricultural | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 7,449,698 | 7,179,487 | |
Total commercial and industrial | Owner-occupied | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 5,331,508 | 4,844,163 | |
Total commercial real estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 6,564,491 | 6,935,288 | |
Total commercial real estate | Investment properties | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 5,560,951 | 5,670,065 | |
Total commercial real estate | 1-4 family properties | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 679,870 | 781,619 | |
Total commercial real estate | Land and development | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 323,670 | 483,604 | |
Total consumer | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | $ 6,625,019 | 5,853,857 | |
Allowance for loan and lease losses, percent of loan amount | 50.00% | ||
Total consumer | Consumer mortgages | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | $ 2,934,235 | 2,633,503 | |
Total consumer | Home equity lines | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 1,515,796 | 1,514,227 | |
Total consumer | Credit cards | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 258,245 | 232,676 | |
Total consumer | Other consumer loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 1,916,743 | 1,473,451 | |
Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 25,458,715 | 24,222,726 | |
Pass | Total commercial and industrial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 12,402,990 | 11,643,383 | |
Pass | Total commercial and industrial | Commercial, financial, and agricultural | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 7,190,517 | 6,929,506 | |
Pass | Total commercial and industrial | Owner-occupied | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 5,212,473 | 4,713,877 | |
Pass | Total commercial real estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 6,458,891 | 6,763,850 | |
Pass | Total commercial real estate | Investment properties | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 5,497,344 | 5,586,792 | |
Pass | Total commercial real estate | 1-4 family properties | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 663,692 | 745,299 | |
Pass | Total commercial real estate | Land and development | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 297,855 | 431,759 | |
Pass | Total consumer | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 6,596,834 | 5,815,493 | |
Pass | Total consumer | Consumer mortgages | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 2,926,712 | 2,622,499 | |
Pass | Total consumer | Home equity lines | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 1,501,316 | 1,491,105 | |
Pass | Total consumer | Credit cards | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 255,904 | 230,945 | |
Pass | Total consumer | Other consumer loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 1,912,902 | 1,470,944 | |
Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 232,952 | 283,865 | |
Special Mention | Total commercial and industrial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 173,226 | 166,052 | |
Special Mention | Total commercial and industrial | Commercial, financial, and agricultural | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 118,188 | 115,912 | |
Special Mention | Total commercial and industrial | Owner-occupied | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 55,038 | 50,140 | |
Special Mention | Total commercial real estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 59,726 | 117,813 | |
Special Mention | Total commercial real estate | Investment properties | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 40,516 | 64,628 | |
Special Mention | Total commercial real estate | 1-4 family properties | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 6,424 | 19,419 | |
Special Mention | Total commercial real estate | Land and development | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 12,786 | 33,766 | |
Special Mention | Total consumer | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Special Mention | Total consumer | Consumer mortgages | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Special Mention | Total consumer | Home equity lines | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Special Mention | Total consumer | Credit cards | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Special Mention | Total consumer | Other consumer loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 274,918 | 297,640 | |
Substandard | Total commercial and industrial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 203,790 | 212,891 | |
Substandard | Total commercial and industrial | Commercial, financial, and agricultural | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 140,218 | 132,818 | |
Substandard | Total commercial and industrial | Owner-occupied | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 63,572 | 80,073 | |
Substandard | Total commercial real estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 45,874 | 50,496 | |
Substandard | Total commercial real estate | Investment properties | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 23,091 | 18,645 | |
Substandard | Total commercial real estate | 1-4 family properties | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 9,754 | 16,901 | |
Substandard | Total commercial real estate | Land and development | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 13,029 | 14,950 | |
Substandard | Total consumer | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 25,254 | 34,253 | |
Substandard | Total consumer | Consumer mortgages | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 7,425 | 10,607 | |
Substandard | Total consumer | Home equity lines | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 13,130 | 21,079 | |
Substandard | Total consumer | Credit cards | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 858 | 399 | |
Substandard | Total consumer | Other consumer loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 3,841 | 2,168 | |
Doubtful | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 1,472 | 5,358 | |
Doubtful | Total commercial and industrial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 1,200 | 1,324 | |
Doubtful | Total commercial and industrial | Commercial, financial, and agricultural | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 775 | 1,251 | |
Doubtful | Total commercial and industrial | Owner-occupied | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 425 | 73 | |
Doubtful | Total commercial real estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 3,129 | |
Doubtful | Total commercial real estate | Investment properties | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Doubtful | Total commercial real estate | 1-4 family properties | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Doubtful | Total commercial real estate | Land and development | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 3,129 | |
Doubtful | Total consumer | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 272 | 905 | |
Doubtful | Total consumer | Consumer mortgages | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 98 | 291 | |
Doubtful | Total consumer | Home equity lines | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 174 | 285 | |
Doubtful | Total consumer | Credit cards | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Doubtful | Total consumer | Other consumer loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 329 | |
Loss | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 2,659 | 3,206 | |
Loss | Total commercial and industrial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Loss | Total commercial and industrial | Commercial, financial, and agricultural | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Loss | Total commercial and industrial | Owner-occupied | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Loss | Total commercial real estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Loss | Total commercial real estate | Investment properties | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Loss | Total commercial real estate | 1-4 family properties | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Loss | Total commercial real estate | Land and development | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Loss | Total consumer | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 2,659 | 3,206 | |
Loss | Total consumer | Consumer mortgages | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 106 | |
Loss | Total consumer | Home equity lines | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 1,176 | 1,758 | |
Loss | Total consumer | Credit cards | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 1,483 | 1,332 | |
Loss | Total consumer | Other consumer loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | $ 0 | $ 10 |
Loans And Allowance For Loan _7
Loans And Allowance For Loan Losses (Schedule Of Allowances For Loan Losses And Recorded Investment In Loans) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Beginning balance | $ 249,268,000 | $ 251,758,000 | $ 249,268,000 | $ 251,758,000 | $ 252,496,000 | ||||||
Charge-offs | (74,054,000) | (90,419,000) | (57,960,000) | ||||||||
Recoveries | 23,644,000 | 20,744,000 | 29,222,000 | ||||||||
Provision for loan losses | $ 12,149,000 | $ 14,982,000 | $ 11,790,000 | 12,776,000 | $ 8,565,000 | $ 39,686,000 | $ 10,260,000 | 8,674,000 | 51,697,000 | 67,185,000 | 28,000,000 |
Ending balance | 250,555,000 | 249,268,000 | 250,555,000 | 249,268,000 | 251,758,000 | ||||||
Ending balance: individually evaluated for impairment | 13,549,000 | 14,908,000 | 13,549,000 | 14,908,000 | 18,111,000 | ||||||
Ending balance: collectively evaluated for impairment | 237,006,000 | 234,360,000 | 237,006,000 | 234,360,000 | 233,647,000 | ||||||
Total loans | 25,970,716,000 | 24,812,795,000 | 25,970,716,000 | 24,812,795,000 | 23,882,382,000 | ||||||
Ending balance: individually evaluated for impairment | 166,926,000 | 200,286,000 | 166,926,000 | 200,286,000 | 249,496,000 | ||||||
Ending balance: collectively evaluated for impairment | 25,803,790,000 | 24,612,509,000 | 25,803,790,000 | 24,612,509,000 | 23,632,886,000 | ||||||
Deferred fees and costs, net | 24,143,000 | 25,331,000 | 24,143,000 | 25,331,000 | 26,000,000 | ||||||
Purchased credit-impaired loans | 0 | 0 | 0 | ||||||||
Allowance for purchased credit-impaired loans | 0 | 0 | 0 | ||||||||
Total commercial and industrial | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Beginning balance | 126,803,000 | 125,778,000 | 126,803,000 | 125,778,000 | 122,989,000 | ||||||
Charge-offs | (48,775,000) | (49,244,000) | (25,039,000) | ||||||||
Recoveries | 7,165,000 | 6,685,000 | 9,071,000 | ||||||||
Provision for loan losses | 47,930,000 | 43,584,000 | 18,757,000 | ||||||||
Ending balance | 133,123,000 | 126,803,000 | 133,123,000 | 126,803,000 | 125,778,000 | ||||||
Ending balance: individually evaluated for impairment | 10,207,000 | 9,515,000 | 10,207,000 | 9,515,000 | 8,384,000 | ||||||
Ending balance: collectively evaluated for impairment | 122,916,000 | 117,288,000 | 122,916,000 | 117,288,000 | 117,394,000 | ||||||
Total loans | 12,781,206,000 | 12,023,650,000 | 12,781,206,000 | 12,023,650,000 | 11,543,806,000 | ||||||
Ending balance: individually evaluated for impairment | 105,422,000 | 111,334,000 | 105,422,000 | 111,334,000 | 120,560,000 | ||||||
Ending balance: collectively evaluated for impairment | 12,675,784,000 | 11,912,316,000 | 12,675,784,000 | 11,912,316,000 | 11,423,246,000 | ||||||
Total commercial real estate | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Beginning balance | 74,998,000 | 81,816,000 | 74,998,000 | 81,816,000 | 87,133,000 | ||||||
Charge-offs | (4,408,000) | (12,193,000) | (18,216,000) | ||||||||
Recoveries | 10,188,000 | 8,026,000 | 15,226,000 | ||||||||
Provision for loan losses | (11,982,000) | (2,651,000) | (2,327,000) | ||||||||
Ending balance | 68,796,000 | 74,998,000 | 68,796,000 | 74,998,000 | 81,816,000 | ||||||
Ending balance: individually evaluated for impairment | 2,598,000 | 4,240,000 | 2,598,000 | 4,240,000 | 7,916,000 | ||||||
Ending balance: collectively evaluated for impairment | 66,198,000 | 70,758,000 | 66,198,000 | 70,758,000 | 73,900,000 | ||||||
Total loans | 6,564,491,000 | 6,935,288,000 | 6,564,491,000 | 6,935,288,000 | 7,374,112,000 | ||||||
Ending balance: individually evaluated for impairment | 33,198,000 | 56,896,000 | 33,198,000 | 56,896,000 | 91,410,000 | ||||||
Ending balance: collectively evaluated for impairment | 6,531,293,000 | 6,878,392,000 | 6,531,293,000 | 6,878,392,000 | 7,282,702,000 | ||||||
Total consumer | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Beginning balance | $ 47,467,000 | $ 44,164,000 | 47,467,000 | 44,164,000 | 42,374,000 | ||||||
Charge-offs | (20,871,000) | (28,982,000) | (14,705,000) | ||||||||
Recoveries | 6,291,000 | 6,033,000 | 4,925,000 | ||||||||
Provision for loan losses | 15,749,000 | 26,252,000 | 11,570,000 | ||||||||
Ending balance | 48,636,000 | 47,467,000 | 48,636,000 | 47,467,000 | 44,164,000 | ||||||
Ending balance: individually evaluated for impairment | 744,000 | 1,153,000 | 744,000 | 1,153,000 | 1,811,000 | ||||||
Ending balance: collectively evaluated for impairment | 47,892,000 | 46,314,000 | 47,892,000 | 46,314,000 | 42,353,000 | ||||||
Total loans | 6,625,019,000 | 5,853,857,000 | 6,625,019,000 | 5,853,857,000 | 4,964,464,000 | ||||||
Ending balance: individually evaluated for impairment | 28,306,000 | 32,056,000 | 28,306,000 | 32,056,000 | 37,526,000 | ||||||
Ending balance: collectively evaluated for impairment | $ 6,596,713,000 | $ 5,821,801,000 | $ 6,596,713,000 | $ 5,821,801,000 | $ 4,926,938,000 |
Loans And Allowance For Loan _8
Loans And Allowance For Loan Losses (Schedule Of Impaired Loans) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | $ 178,858 | $ 203,757 | |
Recorded Investment, Without ALL | 22,563 | 11,022 | |
Recorded Investment, With an ALL | 144,363 | 189,264 | |
Related Allowance | 13,549 | 14,908 | |
Average Recorded Investment | 181,869 | 212,969 | $ 264,608 |
Interest Income Recognized | 7,216 | 7,777 | 9,207 |
Cash-basis interest income recognized | 1,800 | 815 | 1,000 |
Total commercial and industrial | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | 114,738 | 112,868 | |
Recorded Investment, Without ALL | 22,298 | 8,220 | |
Recorded Investment, With an ALL | 83,124 | 103,114 | |
Related Allowance | 10,207 | 9,515 | |
Average Recorded Investment | 108,317 | 112,652 | 118,983 |
Interest Income Recognized | 4,167 | 3,636 | 4,009 |
Total commercial and industrial | Commercial, financial, and agricultural | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | 65,150 | 75,427 | |
Recorded Investment, Without ALL | 22,298 | 8,220 | |
Recorded Investment, With an ALL | 34,222 | 65,715 | |
Related Allowance | 7,133 | 7,406 | |
Average Recorded Investment | 65,976 | 72,154 | 58,289 |
Interest Income Recognized | 2,316 | 2,127 | 1,876 |
Total commercial and industrial | Owner-occupied | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | 49,588 | 37,441 | |
Recorded Investment, Without ALL | 0 | 0 | |
Recorded Investment, With an ALL | 48,902 | 37,399 | |
Related Allowance | 3,074 | 2,109 | |
Average Recorded Investment | 42,341 | 40,498 | 60,694 |
Interest Income Recognized | 1,851 | 1,509 | 2,133 |
Total commercial real estate | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | 35,785 | 58,636 | |
Recorded Investment, Without ALL | 265 | 56 | |
Recorded Investment, With an ALL | 32,933 | 56,840 | |
Related Allowance | 2,598 | 4,240 | |
Average Recorded Investment | 45,218 | 69,485 | 107,987 |
Interest Income Recognized | 1,798 | 2,603 | 3,430 |
Total commercial real estate | Investment properties | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | 13,916 | 23,364 | |
Recorded Investment, Without ALL | 0 | 0 | |
Recorded Investment, With an ALL | 13,916 | 23,364 | |
Related Allowance | 1,523 | 1,100 | |
Average Recorded Investment | 18,564 | 28,749 | 38,373 |
Interest Income Recognized | 767 | 1,178 | 1,485 |
Total commercial real estate | 1-4 family properties | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | 5,586 | 15,056 | |
Recorded Investment, Without ALL | 0 | 0 | |
Recorded Investment, With an ALL | 5,586 | 15,056 | |
Related Allowance | 131 | 504 | |
Average Recorded Investment | 9,813 | 16,099 | 40,723 |
Interest Income Recognized | 782 | 1,021 | 919 |
Total commercial real estate | Land and development | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | 16,283 | 20,216 | |
Recorded Investment, Without ALL | 265 | 56 | |
Recorded Investment, With an ALL | 13,431 | 18,420 | |
Related Allowance | 944 | 2,636 | |
Average Recorded Investment | 16,841 | 24,637 | 28,891 |
Interest Income Recognized | 249 | 404 | 1,026 |
Total consumer | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | 28,335 | 32,253 | |
Recorded Investment, Without ALL | 0 | 2,746 | |
Recorded Investment, With an ALL | 28,306 | 29,310 | |
Related Allowance | 744 | 1,153 | |
Average Recorded Investment | 28,334 | 30,832 | 37,638 |
Interest Income Recognized | 1,251 | 1,538 | 1,768 |
Total consumer | Consumer mortgages | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | 19,506 | 18,668 | |
Recorded Investment, Without ALL | 0 | 0 | |
Recorded Investment, With an ALL | 19,506 | 18,668 | |
Related Allowance | 343 | 569 | |
Average Recorded Investment | 19,516 | 18,319 | 21,863 |
Interest Income Recognized | 134 | 376 | 1,014 |
Total consumer | Home equity lines | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | 3,264 | 8,039 | |
Recorded Investment, Without ALL | 0 | 2,746 | |
Recorded Investment, With an ALL | 3,235 | 5,096 | |
Related Allowance | 224 | 114 | |
Average Recorded Investment | 3,491 | 7,748 | 10,713 |
Interest Income Recognized | 820 | 896 | 451 |
Total consumer | Other consumer loans | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | 5,565 | 5,546 | |
Recorded Investment, Without ALL | 0 | 0 | |
Recorded Investment, With an ALL | 5,565 | 5,546 | |
Related Allowance | 177 | 470 | |
Average Recorded Investment | 5,327 | 4,765 | 5,062 |
Interest Income Recognized | $ 297 | $ 266 | $ 303 |
Loans And Allowance For Loan _9
Loans And Allowance For Loan Losses (Troubled Debt Restructurings) (Details) | 12 Months Ended | ||
Dec. 31, 2018USD ($)Contract | Dec. 31, 2017USD ($)Contract | Dec. 31, 2016USD ($)Contract | |
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 217 | 151 | 169 |
Total loans | $ 49,827,000 | $ 36,723,000 | $ 52,994,000 |
Write-down | $ 403,000 | $ 0 | $ 0 |
Total commercial and industrial | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 62 | 60 | 72 |
Total loans | $ 21,058,000 | $ 23,319,000 | $ 33,103,000 |
Total commercial and industrial | Commercial, financial, and agricultural | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 46 | 56 | 63 |
Total loans | $ 7,764,000 | $ 21,579,000 | $ 24,669,000 |
Total commercial and industrial | Owner-occupied | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 16 | 4 | 9 |
Total loans | $ 13,294,000 | $ 1,740,000 | $ 8,434,000 |
Total commercial real estate | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 40 | 42 | 57 |
Total loans | $ 16,758,000 | $ 6,718,000 | $ 16,429,000 |
Total commercial real estate | Investment properties | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 10 | 1 | 4 |
Total loans | $ 10,285,000 | $ 121,000 | $ 5,343,000 |
Total commercial real estate | 1-4 family properties | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 25 | 35 | 39 |
Total loans | $ 4,495,000 | $ 4,826,000 | $ 6,987,000 |
Total commercial real estate | Land and development | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 5 | 6 | 14 |
Total loans | $ 1,978,000 | $ 1,771,000 | $ 4,099,000 |
Total consumer | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 115 | 49 | 40 |
Total loans | $ 12,011,000 | $ 6,686,000 | $ 3,462,000 |
Total consumer | Consumer mortgages | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 19 | 11 | 7 |
Total loans | $ 5,683,000 | $ 3,729,000 | $ 464,000 |
Total consumer | Home equity lines | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 4 | 5 | |
Total loans | $ 511,000 | $ 348,000 | |
Total consumer | Credit cards | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 0 | ||
Total loans | $ 0 | ||
Total consumer | Other consumer loans | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 92 | 38 | 28 |
Total loans | $ 5,817,000 | $ 2,957,000 | $ 2,650,000 |
Below Market Interest Rate | |||
Financing Receivable, Modifications [Line Items] | |||
Total loans | 29,665,000 | 16,575,000 | 33,749,000 |
Below Market Interest Rate | Total commercial and industrial | |||
Financing Receivable, Modifications [Line Items] | |||
Total loans | 11,396,000 | 9,469,000 | 25,393,000 |
Below Market Interest Rate | Total commercial and industrial | Commercial, financial, and agricultural | |||
Financing Receivable, Modifications [Line Items] | |||
Total loans | 3,807,000 | 9,434,000 | 17,509,000 |
Below Market Interest Rate | Total commercial and industrial | Owner-occupied | |||
Financing Receivable, Modifications [Line Items] | |||
Total loans | 7,589,000 | 35,000 | 7,884,000 |
Below Market Interest Rate | Total commercial real estate | |||
Financing Receivable, Modifications [Line Items] | |||
Total loans | 10,673,000 | 2,943,000 | 7,324,000 |
Below Market Interest Rate | Total commercial real estate | Investment properties | |||
Financing Receivable, Modifications [Line Items] | |||
Total loans | 8,070,000 | 0 | 1,825,000 |
Below Market Interest Rate | Total commercial real estate | 1-4 family properties | |||
Financing Receivable, Modifications [Line Items] | |||
Total loans | 2,481,000 | 2,786,000 | 5,499,000 |
Below Market Interest Rate | Total commercial real estate | Land and development | |||
Financing Receivable, Modifications [Line Items] | |||
Total loans | 122,000 | 157,000 | 0 |
Below Market Interest Rate | Total consumer | |||
Financing Receivable, Modifications [Line Items] | |||
Total loans | 7,596,000 | 4,163,000 | 1,032,000 |
Below Market Interest Rate | Total consumer | Consumer mortgages | |||
Financing Receivable, Modifications [Line Items] | |||
Total loans | 5,590,000 | 2,539,000 | 413,000 |
Below Market Interest Rate | Total consumer | Home equity lines | |||
Financing Receivable, Modifications [Line Items] | |||
Total loans | 172,000 | 225,000 | |
Below Market Interest Rate | Total consumer | Credit cards | |||
Financing Receivable, Modifications [Line Items] | |||
Total loans | 0 | ||
Below Market Interest Rate | Total consumer | Other consumer loans | |||
Financing Receivable, Modifications [Line Items] | |||
Total loans | 1,834,000 | 1,624,000 | 394,000 |
Other Concessions | |||
Financing Receivable, Modifications [Line Items] | |||
Total loans | 20,162,000 | 20,148,000 | 19,245,000 |
Other Concessions | Total commercial and industrial | |||
Financing Receivable, Modifications [Line Items] | |||
Total loans | 9,662,000 | 13,850,000 | 7,710,000 |
Other Concessions | Total commercial and industrial | Commercial, financial, and agricultural | |||
Financing Receivable, Modifications [Line Items] | |||
Total loans | 3,957,000 | 12,145,000 | 7,160,000 |
Other Concessions | Total commercial and industrial | Owner-occupied | |||
Financing Receivable, Modifications [Line Items] | |||
Total loans | 5,705,000 | 1,705,000 | 550,000 |
Other Concessions | Total commercial real estate | |||
Financing Receivable, Modifications [Line Items] | |||
Total loans | 6,085,000 | 3,775,000 | 9,105,000 |
Other Concessions | Total commercial real estate | Investment properties | |||
Financing Receivable, Modifications [Line Items] | |||
Total loans | 2,215,000 | 121,000 | 3,518,000 |
Other Concessions | Total commercial real estate | 1-4 family properties | |||
Financing Receivable, Modifications [Line Items] | |||
Total loans | 2,014,000 | 2,040,000 | 1,488,000 |
Other Concessions | Total commercial real estate | Land and development | |||
Financing Receivable, Modifications [Line Items] | |||
Total loans | 1,856,000 | 1,614,000 | 4,099,000 |
Other Concessions | Total consumer | |||
Financing Receivable, Modifications [Line Items] | |||
Total loans | 4,415,000 | 2,523,000 | 2,430,000 |
Other Concessions | Total consumer | Consumer mortgages | |||
Financing Receivable, Modifications [Line Items] | |||
Total loans | 93,000 | 1,190,000 | 51,000 |
Other Concessions | Total consumer | Home equity lines | |||
Financing Receivable, Modifications [Line Items] | |||
Total loans | 339,000 | 123,000 | |
Other Concessions | Total consumer | Credit cards | |||
Financing Receivable, Modifications [Line Items] | |||
Total loans | 0 | ||
Other Concessions | Total consumer | Other consumer loans | |||
Financing Receivable, Modifications [Line Items] | |||
Total loans | $ 3,983,000 | $ 1,333,000 | $ 2,256,000 |
Premises and Equipment (Schedul
Premises and Equipment (Schedule of Premises and Equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||
Total premises and equipment | $ 980,925 | $ 953,815 |
Less: Accumulated depreciation and amortization | (546,618) | (527,002) |
Premises and equipment, net | 434,307 | 426,813 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Total premises and equipment | 96,310 | 96,759 |
Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total premises and equipment | 392,952 | 388,254 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total premises and equipment | 39,832 | 38,970 |
Furniture and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total premises and equipment | 435,223 | 413,876 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Total premises and equipment | $ 16,608 | $ 15,956 |
Premises and Equipment (Narrati
Premises and Equipment (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |||
Capital lease obligations | $ 1,450 | $ 1,550 | |
Operating leases, rent expense | 25,400 | 22,000 | $ 21,400 |
Depreciation and amortization expense | 42,600 | 42,200 | $ 37,100 |
Premises and equipment transferred to/(from) other assets, net | $ 911 | $ 3,300 |
Premises and Equipment (Operati
Premises and Equipment (Operating Leases) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,019 | $ 27,539 |
2,020 | 27,474 |
2,021 | 27,498 |
2,022 | 28,097 |
2,023 | 25,096 |
Thereafter | 83,316 |
Total | $ 219,020 |
Goodwill And Other Intangible_3
Goodwill And Other Intangible Assets (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($)reporting_unit | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Goodwill [Line Items] | |||
Goodwill | $ 57,315 | $ 57,315 | |
Number of reporting units | reporting_unit | 2 | ||
Aggregate estimated amortization expense in 2019 | $ 1,200 | ||
Aggregate estimated amortization expense in 2020 | 1,200 | ||
Aggregate estimated amortization expense in 2021 | 1,200 | ||
Aggregate estimated amortization expense in 2022 | 1,200 | ||
Aggregate estimated amortization expense in 2023 | 1,200 | ||
Global One | |||
Goodwill [Line Items] | |||
Accumulated amortization | 1,200 | 1,100 | $ 521 |
Synovus Bank Reporting Unit | |||
Goodwill [Line Items] | |||
Goodwill | 32,884 | 32,884 | |
Trust Services Reporting Unit | |||
Goodwill [Line Items] | |||
Goodwill | $ 24,431 | $ 24,431 |
Goodwill And Other Intangible_4
Goodwill And Other Intangible Assets (Schedule of Goodwill) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Goodwill [Roll Forward] | |
Balance as of December 31, 2017 | $ 57,315 |
Accumulated impairment losses | 0 |
Balance as of December 31, 2018 | 57,315 |
Synovus Bank Reporting Unit | |
Goodwill [Roll Forward] | |
Balance as of December 31, 2017 | 32,884 |
Accumulated impairment losses | 0 |
Balance as of December 31, 2018 | 32,884 |
Trust Services Reporting Unit | |
Goodwill [Roll Forward] | |
Balance as of December 31, 2017 | 24,431 |
Accumulated impairment losses | 0 |
Balance as of December 31, 2018 | $ 24,431 |
Goodwill And Other Intangible_5
Goodwill And Other Intangible Assets (Other Intangible Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Other intangible assets, gross carrying amount | $ 13,140 | $ 13,140 |
Other intangible assets, adjustment | (212) | 0 |
Other intangible assets, accumulated amortization | (3,053) | (1,886) |
Other intangible assets, net carrying amount | $ 9,875 | $ 11,254 |
Other Assets (Balances) (Detail
Other Assets (Balances) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Other Assets [Abstract] | ||
Federal Reserve Bank and FHLB Stock | $ 185,225 | $ 159,443 |
Accrued interest receivable | 89,425 | 80,036 |
Investments in low income housing tax credit partnerships | 83,736 | 60,068 |
Accounts receivable | 80,271 | 43,878 |
Prepaid expenses | 38,035 | 33,298 |
Derivative asset positions | 19,332 | 11,722 |
Taxes receivable | 13,150 | 46,330 |
Private equity investments | 11,028 | 15,771 |
Other real estate | 6,220 | 3,758 |
Trading account assets, at fair value | 3,130 | 3,820 |
Miscellaneous other assets | 74,532 | 55,363 |
Total other assets | $ 604,084 | $ 513,487 |
Deposits (Details)
Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Interest-bearing Deposit Liabilities [Abstract] | ||
Interest-bearing demand deposits | $ 4,756,239 | $ 5,157,175 |
Money market accounts, excluding brokered deposits | 8,143,975 | 7,435,941 |
Savings accounts | 817,385 | 798,935 |
Time deposits, excluding brokered deposits | 3,803,726 | 3,108,385 |
Brokered deposits | 1,548,030 | 1,961,125 |
Total interest-bearing deposits | 19,069,355 | 18,461,561 |
Aggregate amount of time deposits of $250,000 or more | 1,100,000 | $ 921,800 |
Time Deposits, by Maturity [Abstract] | ||
Maturing within one year | 3,323,071 | |
Between 1 - 2 years | 973,732 | |
2 - 3 years | 426,823 | |
3 - 4 years | 57,347 | |
4 - 5 years | 217,622 | |
Thereafter | 4,801 | |
Time deposits | $ 5,003,396 |
Long-term Debt and Short-term_3
Long-term Debt and Short-term Borrowings (Short Term Borrowings) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Disclosure [Abstract] | |||
Federal funds purchased | $ 628 | $ 0 | |
Securities sold under repurchase agreements | 237,064 | 161,190 | |
FHLB advances with original maturities of one year or less | 650,000 | 100,000 | |
Total short-term borrowings | $ 887,692 | $ 261,190 | $ 159,699 |
Long-term Debt and Short-term_4
Long-term Debt and Short-term Borrowings (Components of Short-term Borrowings) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |||
Total balance at December 31, | $ 887,692 | $ 261,190 | $ 159,699 |
Weighted average interest rate at December 31, | 1.93% | 0.65% | 0.08% |
Maximum month end balance during the year | $ 887,692 | $ 390,044 | $ 414,245 |
Average amount outstanding during the year | $ 371,933 | $ 256,011 | $ 278,273 |
Weighted average interest rate during the year | 0.96% | 0.37% | 0.18% |
Long-term Debt and Short-term_5
Long-term Debt and Short-term Borrowings (Schedule of Long-term Debt Instruments) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Nov. 01, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | ||||
Long-term debt | $ 1,657,157,000 | $ 1,606,138,000 | ||
Interest rate at period end | 1.93% | 0.65% | 0.08% | |
3.125% Senior Notes due November 1, 2022 | ||||
Debt Instrument [Line Items] | ||||
Stated percentage | 3.125% | 3.125% | ||
Debt, face amount | $ 300,000,000 | $ 300,000,000 | ||
Synovus Bank Reporting Unit | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 1,101,453,000 | $ 1,051,549,000 | ||
Synovus Bank Reporting Unit | FHLB Advances | ||||
Debt Instrument [Line Items] | ||||
FHLB advances with interest and principal payments due at various maturity dates through 2018 | $ 1,100,000,000 | $ 1,050,000,000 | ||
Weighted average interest rate | 2.53% | 1.43% | ||
Synovus Bank Reporting Unit | FHLB Advances | Minimum | ||||
Debt Instrument [Line Items] | ||||
Stated percentage | 2.49% | |||
Synovus Bank Reporting Unit | FHLB Advances | Maximum | ||||
Debt Instrument [Line Items] | ||||
Stated percentage | 2.56% | |||
Synovus Bank Reporting Unit | Other Notes Payable and Capital Leases | ||||
Debt Instrument [Line Items] | ||||
Other notes payable and capital leases with interest and principal payments due at various maturity dates through 2031 | $ 1,453,000 | $ 1,549,000 | ||
Weighted average interest rate | 1.59% | |||
Parent Company | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 555,704,000 | 554,589,000 | ||
Parent Company | 5.75% Subordinated Notes, due December 15, 2025 | ||||
Debt Instrument [Line Items] | ||||
Subordinated notes | $ 248,101,000 | 247,618,000 | ||
Stated percentage | 5.75% | |||
Debt, face amount | $ 250,000,000 | |||
Parent Company | 5.75% Subordinated Notes, due December 15, 2025 | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 4.182% | |||
Parent Company | LIBOR 1.80% debentures, due April 19, 2035 | ||||
Debt Instrument [Line Items] | ||||
Unsecured debt | $ 10,000,000 | $ 10,000,000 | ||
Debt, face amount | $ 10,000,000 | |||
Interest rate at period end | 4.59% | 3.39% | ||
Parent Company | LIBOR 1.80% debentures, due April 19, 2035 | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 1.80% | |||
Parent Company | Senior Notes | 3.125% Senior Notes due November 1, 2022 | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 297,603,000 | $ 296,971,000 |
Long-term Debt and Short Term B
Long-term Debt and Short Term Borrowings (Narrative) (Details) - USD ($) | Nov. 01, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Nov. 09, 2017 |
Debt Instrument [Line Items] | |||||
Loss on early extinguishment of debt | $ 0 | $ 23,160,000 | $ 4,735,000 | ||
Loans Receivable | |||||
Debt Instrument [Line Items] | |||||
Recorded balance loans receivable | 3,760,000,000 | 3,400,000,000 | |||
3.125% Senior Notes due November 1, 2022 | |||||
Debt Instrument [Line Items] | |||||
Debt, face amount | $ 300,000,000 | $ 300,000,000 | |||
Stated percentage | 3.125% | 3.125% | |||
Proceeds from issuance of debt | $ 296,900,000 | ||||
7.875% Senior Notes due February 15, 2019 | |||||
Debt Instrument [Line Items] | |||||
Debt, face amount | $ 300,000,000 | ||||
Stated percentage | 7.875% | ||||
Loss on early extinguishment of debt | 23,200,000 | ||||
5.125% Subordinated Notes due June 15, 2017 | |||||
Debt Instrument [Line Items] | |||||
Extinguishment of debt, amount | $ 278,600,000 |
Long-term Debt and Short-term_6
Long-term Debt and Short-term Borrowings (Principal Payments on Long-term Debt) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Debt Instrument [Line Items] | |
2,019 | $ 90 |
2,020 | 400,092 |
2,021 | 450,096 |
2,022 | 550,107 |
2,023 | 109 |
Thereafter | 260,959 |
Total | 1,661,453 |
Synovus Bank Reporting Unit | |
Debt Instrument [Line Items] | |
2,019 | 90 |
2,020 | 400,092 |
2,021 | 450,096 |
2,022 | 250,107 |
2,023 | 109 |
Thereafter | 959 |
Total | 1,101,453 |
Parent Company | |
Debt Instrument [Line Items] | |
2,019 | 0 |
2,020 | 0 |
2,021 | 0 |
2,022 | 300,000 |
2,023 | 0 |
Thereafter | 260,000 |
Total | $ 560,000 |
Shareholders' Equity and Othe_3
Shareholders' Equity and Other Comprehensive Income (Changes in Shares by Class) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance, Common stock, shares outstanding (in shares) | 118,897,295 | ||
Stock options exercised | 126,344 | 197,631 | 297,225 |
Repurchase of common stock | 3,653,000 | ||
Balance, Common stock, shares outstanding (in shares) | 115,865,510 | 118,897,295 | |
Preferred Shares Issued | Series C Preferred Stock | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance | 5,200,000 | 5,200,000 | 5,200,000 |
Issuance of common stock | 0 | 0 | 0 |
Restricted share unit activity | 0 | 0 | 0 |
Stock options exercised | 0 | 0 | 0 |
Repurchase of common stock | (5,200,000) | ||
Balance | 0 | 5,200,000 | 5,200,000 |
Preferred Shares Issued | Series D Preferred Stock | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance | 0 | 0 | 0 |
Issuance of preferred stock | 8,000,000 | ||
Balance | 8,000,000 | 0 | 0 |
Common Stock | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance | 142,678,000 | 142,026,000 | 140,592,000 |
Balance, Common stock, shares outstanding (in shares) | 118,897,000 | 122,266,000 | 129,547,000 |
Issuance of common stock | 199,000 | 118,000 | 821,000 |
Restricted share unit activity | 297,000 | 336,000 | 316,000 |
Stock options exercised | 126,000 | 198,000 | 297,000 |
Repurchase of common stock | (3,653,000) | (4,021,000) | (8,715,000) |
Balance | 143,300,000 | 142,678,000 | 142,026,000 |
Balance, Common stock, shares outstanding (in shares) | 115,866,000 | 118,897,000 | 122,266,000 |
Treasury Stock | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance | 23,781,000 | 19,760,000 | 11,045,000 |
Issuance of common stock | 0 | 0 | 0 |
Restricted share unit activity | 0 | 0 | 0 |
Stock options exercised | 0 | 0 | 0 |
Repurchase of common stock | 4,021,000 | 8,715,000 | |
Balance | 27,434,000 | 23,781,000 | 19,760,000 |
Shareholders' Equity and Othe_4
Shareholders' Equity and Other Comprehensive Income (Narrative) (Details) - USD ($) | Aug. 01, 2018 | Jun. 21, 2018 | Jun. 30, 2018 | Sep. 30, 2015 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Class of Stock [Line Items] | |||||||
Proceeds from issuance of stock | $ 195,140,000 | $ 0 | $ 0 | ||||
Repurchases of common stock | $ 175,072,000 | 175,079,000 | $ 263,084,000 | ||||
Repurchase of common stock | 3,653,000 | ||||||
Stock repurchase program, authorized amount | $ 150,000,000 | $ 200,000,000 | |||||
Warrant outstanding (in shares) | 0 | 2,200,000 | 2,200,000 | ||||
Warrant, exercise price (per share) | $ 0 | $ 65.52 | $ 65.52 | ||||
Fourth Quarter of 2017 | |||||||
Class of Stock [Line Items] | |||||||
Stock repurchase program, authorized amount | $ 25,000,000 | ||||||
Repurchase of Common Stock 300 Million | |||||||
Class of Stock [Line Items] | |||||||
Stock repurchase program, authorized amount | $ 300,000,000 | ||||||
Stock repurchase program, period in force | 15 months | ||||||
Series D Preferred Stock | |||||||
Class of Stock [Line Items] | |||||||
Cash dividends paid | 6,300,000 | ||||||
Proceeds from issuance of stock | $ 200,000,000 | ||||||
Series C Preferred Stock | |||||||
Class of Stock [Line Items] | |||||||
Redemption price per share (in dollars per share) | $ 25 | ||||||
Cash dividends paid | $ 2,600,000 | 7,678,000 | $ 10,238,000 | 10,238,000 | |||
Repurchases of common stock | 130,000,000 | ||||||
Preferred Stock | Series C Preferred Stock | |||||||
Class of Stock [Line Items] | |||||||
Stock redeemed or called during period (in shares) | 5,200,000 | ||||||
Stock redeemed or called during period | $ 130,000,000 | ||||||
Dividends | $ 4,000,000 | ||||||
Redemption period from regulatory capital treatment | 90 days | ||||||
Repurchases of common stock | 125,980,000 | ||||||
Sale of Stock, Price Per Share | $ 25 | ||||||
Consideration received on transaction | $ 195,100,000 | ||||||
Preferred Stock | Series C Preferred Stock | Till June 20, 2023 | |||||||
Class of Stock [Line Items] | |||||||
Dividend rate, percentage | 6.30% | ||||||
Preferred Stock | Series C Preferred Stock | From June 21, 2023 | LIBOR | |||||||
Class of Stock [Line Items] | |||||||
Dividend rate, percentage | 3.352% | ||||||
Treasury Stock | |||||||
Class of Stock [Line Items] | |||||||
Repurchases of common stock | 175,072,000 | $ 175,079,000 | $ 263,084,000 | ||||
Repurchase of common stock | 4,021,000 | 8,715,000 | |||||
Common Stock | |||||||
Class of Stock [Line Items] | |||||||
Repurchases of common stock | $ 175,000,000 | $ 175,000,000 | $ 262,900,000 | ||||
Common Stock | Open Market Transactions | |||||||
Class of Stock [Line Items] | |||||||
Stock repurchase program, repurchased amount | $ 212,900,000 | ||||||
Stock repurchase program, shares repurchased | 7,300,000 | ||||||
Common Stock | Accelerated Share Repurchase Program | |||||||
Class of Stock [Line Items] | |||||||
Stock repurchase program, repurchased amount | $ 50,000,000 | ||||||
Stock repurchase program, shares repurchased | 1,400,000 |
Shareholders' Equity and Othe_5
Shareholders' Equity and Other Comprehensive Income (OCI) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Roll Forward] | |||
Beginning balance | $ 2,961,566 | $ 2,927,924 | $ 3,000,196 |
Net current period other comprehensive income (loss) | (32,195) | 905 | (25,840) |
Ending balance | 3,133,602 | 2,961,566 | 2,927,924 |
Accumulated Other Comprehensive Income (Loss) | |||
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Roll Forward] | |||
Beginning balance | (54,754) | (55,659) | (29,819) |
Other comprehensive (loss) income before reclassifications | (33,057) | 714 | (22,342) |
Amounts reclassified from accumulated other comprehensive income (loss) | 862 | 191 | (3,498) |
Net current period other comprehensive income (loss) | (32,195) | 905 | (25,840) |
Reclassification from adoption of ASU 2018-02 | (7,588) | ||
Cumulative-effect adjustment from adoption of ASU 2016-01 | 117 | ||
Ending balance | (94,420) | (54,754) | (55,659) |
Net Unrealized Gains (Losses) on Cash Flow Hedges | |||
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Roll Forward] | |||
Beginning balance | (12,137) | (12,217) | (12,504) |
Other comprehensive (loss) income before reclassifications | 0 | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 80 | 287 |
Net current period other comprehensive income (loss) | 0 | 80 | 287 |
Reclassification from adoption of ASU 2018-02 | 0 | ||
Cumulative-effect adjustment from adoption of ASU 2016-01 | 0 | ||
Ending balance | (12,137) | (12,137) | (12,217) |
Net Unrealized Gains (Losses) on Investment Securities Available for Sale | |||
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Roll Forward] | |||
Beginning balance | (43,470) | (44,324) | (18,222) |
Other comprehensive (loss) income before reclassifications | (33,023) | 676 | (22,405) |
Amounts reclassified from accumulated other comprehensive income (loss) | 960 | 178 | (3,697) |
Net current period other comprehensive income (loss) | (32,063) | 854 | (26,102) |
Reclassification from adoption of ASU 2018-02 | (7,763) | ||
Cumulative-effect adjustment from adoption of ASU 2016-01 | 117 | ||
Ending balance | (83,179) | (43,470) | (44,324) |
Post-Retirement Unfunded Health Benefit | |||
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Roll Forward] | |||
Beginning balance | 853 | 882 | 907 |
Other comprehensive (loss) income before reclassifications | (34) | 38 | 63 |
Amounts reclassified from accumulated other comprehensive income (loss) | (98) | (67) | (88) |
Net current period other comprehensive income (loss) | (132) | (29) | (25) |
Reclassification from adoption of ASU 2018-02 | 175 | ||
Cumulative-effect adjustment from adoption of ASU 2016-01 | 0 | ||
Ending balance | $ 896 | $ 853 | $ 882 |
Shareholders' Equity and Othe_6
Shareholders' Equity and Other Comprehensive Income (OCI Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Class of Stock [Line Items] | ||
Accumulated other comprehensive loss | $ 94,420 | $ 54,754 |
Net Unrealized Gains (Losses) on Cash Flow Hedges | Valuation Allowance of Deferred Tax Assets | ||
Class of Stock [Line Items] | ||
Accumulated other comprehensive loss | 12,100 | |
Net Unrealized Gains (Losses) on Investment Securities Available for Sale | Valuation Allowance of Deferred Tax Assets | ||
Class of Stock [Line Items] | ||
Accumulated other comprehensive loss | $ 13,300 |
Regulatory Capital (Details)
Regulatory Capital (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Capital conservation buffer | 1.90% | 1.30% |
CET1 capital | ||
CET1 capital, Actual | $ 2,897,997 | $ 2,763,168 |
CET1 capital, For Capital Adequacy Purposes | 1,310,460 | 1,250,488 |
Tier 1 risk-based capital | ||
Tier I risk-based capital, Actual | 3,090,416 | 2,872,001 |
Tier I risk-based capital, For Capital Adequacy Purposes | 1,747,280 | 1,660,074 |
Total risk-based capital | ||
Total risk-based capital, Actual | 3,601,376 | 3,383,081 |
Total risk-based capital, For Capital Adequacy Purposes | $ 2,329,706 | $ 2,213,432 |
CET1 capital ratio | ||
CET1 capital ratio, Actual | 9.95% | 9.99% |
CET1 capital ratio, For Capital Adequacy Purposes | 4.50% | 4.50% |
Tier 1 risk-based capital ratio | ||
Tier I risk-based capital ratio, Actual | 10.61% | 10.38% |
Tier I risk-based capital ratio, For Capital Adequacy Purposes | 6.00% | 6.00% |
Total risk-based capital ratio | ||
Total risk-based capital ratio, Actual | 12.37% | 12.23% |
Total risk-based capital ratio, For Capital Adequacy Purposes | 8.00% | 8.00% |
Leverage ratio | ||
Leverage ratio, Actual | 9.60% | 9.19% |
Leverage ratio, For Capital Adequacy Purposes | 4.00% | 4.00% |
Synovus Bank Reporting Unit | ||
CET1 capital | ||
CET1 capital, Actual | $ 3,382,497 | $ 3,155,163 |
CET1 capital, For Capital Adequacy Purposes | 1,309,527 | 1,247,462 |
CET1 capital, To Be Well Capitalized Under Prompt Corrective Action Provisions | 1,891,538 | 1,795,004 |
Tier 1 risk-based capital | ||
Tier I risk-based capital, Actual | 3,382,497 | 3,155,163 |
Tier I risk-based capital, For Capital Adequacy Purposes | 1,746,035 | 1,656,927 |
Tier I risk-based capital, To Be Well Capitalized Under Prompt Corrective Action Provisions | 2,328,047 | 2,209,236 |
Total risk-based capital | ||
Total risk-based capital, Actual | 3,633,457 | 3,406,243 |
Total risk-based capital, For Capital Adequacy Purposes | 2,328,047 | 2,209,236 |
Total risk-based capital, To Be Well Capitalized Under Prompt Corrective Action Provisions | $ 2,910,059 | $ 2,761,545 |
CET1 capital ratio | ||
CET1 capital ratio, Actual | 11.62% | 11.43% |
CET1 capital ratio, For Capital Adequacy Purposes | 4.50% | 4.50% |
CET1 capital ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions | 6.50% | 6.50% |
Tier 1 risk-based capital ratio | ||
Tier I risk-based capital ratio, Actual | 11.62% | 11.43% |
Tier I risk-based capital ratio, For Capital Adequacy Purposes | 6.00% | 6.00% |
Tier I risk-based capital ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions | 8.00% | 8.00% |
Total risk-based capital ratio | ||
Total risk-based capital ratio, Actual | 12.49% | 12.33% |
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 | 10.51% | 10.12% |
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% |
When fully phased-in on January 1, 2019 | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Capital conservation buffer | 2.50% |
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, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |||||||||||
Net income | $ 105,070 | $ 109,059 | $ 111,181 | $ 103,166 | $ 29,605 | $ 98,007 | $ 76,003 | $ 71,857 | $ 428,476 | $ 275,474 | $ 246,784 |
Preferred stock dividends and redemption charge | 17,998 | 10,238 | 10,238 | ||||||||
Net income available to common shareholders | $ 101,919 | $ 99,330 | $ 108,622 | $ 100,607 | $ 27,046 | $ 95,448 | $ 73,444 | $ 69,298 | $ 410,478 | $ 265,236 | $ 236,546 |
Weighted average common shares outstanding | 117,644 | 121,162 | 124,389 | ||||||||
Potentially dilutive shares from outstanding equity-based awards and Earnout Payments | 734 | 850 | 689 | ||||||||
Weighted average diluted common shares | 118,378 | 122,012 | 125,078 | ||||||||
Net income per common share, basic (in dollars per share) | $ 0.88 | $ 0.85 | $ 0.92 | $ 0.85 | $ 0.23 | $ 0.79 | $ 0.60 | $ 0.57 | $ 3.49 | $ 2.19 | $ 1.90 |
Net income per common share, diluted (in dollars per share) | $ 0.87 | $ 0.84 | $ 0.91 | $ 0.84 | $ 0.23 | $ 0.78 | $ 0.60 | $ 0.56 | $ 3.47 | $ 2.17 | $ 1.89 |
Net Income Per Common Share (Na
Net Income Per Common Share (Narrative) (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 19, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Potentially dilutive shares | 1,700,000 | 2,200,000 | 2,200,000 | |
Common Stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Exercise price (in dollars per share) | $ 65.52 | |||
Common Stock | Maximum | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Maximum repurchase amount (in shares) | 2,200,000 |
Fair Value Accounting (Financia
Fair Value Accounting (Financial Instruments Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investment securities available for sale | $ 3,991,632 | |
Private equity investments | 11,028 | $ 15,771 |
Derivative asset positions | 19,332 | 11,722 |
Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 1,128 | 522 |
Total investment securities available for sale | 122,077 | 85,836 |
Private equity investments | 0 | 0 |
Mutual funds held in rabbi trusts | 12,844 | 14,140 |
GGL/SBA loans servicing asset | 0 | 0 |
Derivative asset positions | 0 | 0 |
Earnout liability | 0 | 0 |
Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 2,002 | 3,298 |
Total investment securities available for sale | 3,867,770 | 3,899,298 |
Private equity investments | 0 | 0 |
Mutual funds held in rabbi trusts | 0 | 0 |
GGL/SBA loans servicing asset | 0 | 0 |
Derivative asset positions | 19,332 | 11,722 |
Earnout liability | 0 | 0 |
Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 0 | 0 |
Total investment securities available for sale | 1,785 | 1,935 |
Private equity investments | 11,028 | 15,771 |
Mutual funds held in rabbi trusts | 0 | 0 |
GGL/SBA loans servicing asset | 3,729 | 4,101 |
Derivative asset positions | 0 | 0 |
Earnout liability | 14,353 | 11,348 |
U.S. Treasury securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investment securities available for sale | 122,077 | |
U.S. Government agency securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investment securities available for sale | 38,382 | |
Mortgage-backed securities issued by U.S. Government agencies | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investment securities available for sale | 97,205 | |
Mortgage-backed securities issued by U.S. Government sponsored enterprises | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investment securities available for sale | 2,398,650 | |
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investment securities available for sale | 1,188,518 | |
Commercial mortgage-backed securities issued by U.S. Government sponsored enterprises | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investment securities available for sale | 129,865 | |
State and municipal securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investment securities available for sale | 16,935 | |
Fair Value, Measurements, Recurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 3,130 | 3,820 |
Mortgage loans held for sale | 37,129 | 48,024 |
Total investment securities available for sale | 3,991,632 | 3,987,069 |
Private equity investments | 11,028 | 15,771 |
Mutual funds held in rabbi trusts | 12,844 | 14,140 |
GGL/SBA loans servicing asset | 3,729 | 4,101 |
Derivative asset positions | 19,332 | 11,722 |
Trading account liabilities | 1,000 | |
Earnout liability | 14,353 | 11,348 |
Derivative liabilities | 18,208 | 17,097 |
Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 1,128 | 522 |
Mortgage loans held for sale | 0 | 0 |
Total investment securities available for sale | 122,077 | 85,836 |
Private equity investments | 0 | 0 |
Mutual funds held in rabbi trusts | 12,844 | 14,140 |
GGL/SBA loans servicing asset | 0 | 0 |
Derivative asset positions | 0 | 0 |
Trading account liabilities | 0 | |
Earnout liability | 0 | 0 |
Derivative liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 2,002 | 3,298 |
Mortgage loans held for sale | 37,129 | 48,024 |
Total investment securities available for sale | 3,867,770 | 3,899,298 |
Private equity investments | 0 | 0 |
Mutual funds held in rabbi trusts | 0 | 0 |
GGL/SBA loans servicing asset | 0 | 0 |
Derivative asset positions | 19,332 | 11,722 |
Trading account liabilities | 1,000 | |
Earnout liability | 0 | 0 |
Derivative liabilities | 16,535 | 12,767 |
Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 0 | 0 |
Mortgage loans held for sale | 0 | 0 |
Total investment securities available for sale | 1,785 | 1,935 |
Private equity investments | 11,028 | 15,771 |
Mutual funds held in rabbi trusts | 0 | 0 |
GGL/SBA loans servicing asset | 3,729 | 4,101 |
Derivative asset positions | 0 | 0 |
Trading account liabilities | 0 | |
Earnout liability | 14,353 | 11,348 |
Derivative liabilities | 1,673 | 4,330 |
Fair Value, Measurements, Recurring | U.S. Treasury securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investment securities available for sale | 122,077 | 82,674 |
Fair Value, Measurements, Recurring | U.S. Treasury securities | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investment securities available for sale | 122,077 | 82,674 |
Fair Value, Measurements, Recurring | U.S. Treasury securities | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | U.S. Treasury securities | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | U.S. Government agency securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investment securities available for sale | 38,382 | 10,862 |
Fair Value, Measurements, Recurring | U.S. Government agency securities | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | U.S. Government agency securities | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investment securities available for sale | 38,382 | 10,862 |
Fair Value, Measurements, Recurring | U.S. Government agency securities | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Mortgage-backed securities issued by U.S. Government agencies | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investment securities available for sale | 97,205 | 120,440 |
Fair Value, Measurements, Recurring | Mortgage-backed securities issued by U.S. Government agencies | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Mortgage-backed securities issued by U.S. Government agencies | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investment securities available for sale | 97,205 | 120,440 |
Fair Value, Measurements, Recurring | Mortgage-backed securities issued by U.S. Government agencies | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Mortgage-backed securities issued by U.S. Government sponsored enterprises | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investment securities available for sale | 2,398,650 | 2,595,626 |
Fair Value, Measurements, Recurring | Mortgage-backed securities issued by U.S. Government sponsored enterprises | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Mortgage-backed securities issued by U.S. Government sponsored enterprises | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investment securities available for sale | 2,398,650 | 2,595,626 |
Fair Value, Measurements, Recurring | Mortgage-backed securities issued by U.S. Government sponsored enterprises | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investment securities available for sale | 1,188,518 | 1,111,999 |
Fair Value, Measurements, Recurring | Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investment securities available for sale | 1,188,518 | 1,111,999 |
Fair Value, Measurements, Recurring | Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Commercial mortgage-backed securities issued by U.S. Government sponsored enterprises | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investment securities available for sale | 129,865 | 44,897 |
Fair Value, Measurements, Recurring | Commercial mortgage-backed securities issued by U.S. Government sponsored enterprises | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Commercial mortgage-backed securities issued by U.S. Government sponsored enterprises | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investment securities available for sale | 129,865 | 44,897 |
Fair Value, Measurements, Recurring | Commercial mortgage-backed securities issued by U.S. Government sponsored enterprises | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | State and municipal securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investment securities available for sale | 180 | |
Fair Value, Measurements, Recurring | State and municipal securities | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investment securities available for sale | 0 | |
Fair Value, Measurements, Recurring | State and municipal securities | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investment securities available for sale | 180 | |
Fair Value, Measurements, Recurring | State and municipal securities | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investment securities available for sale | 0 | |
Fair Value, Measurements, Recurring | Corporate debt and other debt securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investment securities available for sale | 16,935 | 20,391 |
Fair Value, Measurements, Recurring | Corporate debt and other debt securities | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investment securities available for sale | 0 | 3,162 |
Fair Value, Measurements, Recurring | Corporate debt and other debt securities | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investment securities available for sale | 15,150 | 15,294 |
Fair Value, Measurements, Recurring | Corporate debt and other debt securities | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investment securities available for sale | 1,785 | 1,935 |
Fair Value, Measurements, Recurring | Mutual funds | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity Securities, FV-NI | 3,168 | |
Fair Value, Measurements, Recurring | Mutual funds | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity Securities, FV-NI | 3,168 | |
Fair Value, Measurements, Recurring | Mutual funds | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity Securities, FV-NI | 0 | |
Fair Value, Measurements, Recurring | Mutual funds | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity Securities, FV-NI | 0 | |
Fair Value, Measurements, Recurring | Interest rate contracts | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative asset positions | 18,388 | 10,786 |
Derivative liabilities | 15,716 | 12,638 |
Fair Value, Measurements, Recurring | Interest rate contracts | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative asset positions | 0 | 0 |
Derivative liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Interest rate contracts | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative asset positions | 18,388 | 10,786 |
Derivative liabilities | 15,716 | 12,638 |
Fair Value, Measurements, Recurring | Interest rate contracts | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative asset positions | 0 | 0 |
Derivative liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Mortgage derivatives | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative asset positions | 944 | 936 |
Derivative liabilities | 819 | 129 |
Fair Value, Measurements, Recurring | Mortgage derivatives | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative asset positions | 0 | 0 |
Derivative liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Mortgage derivatives | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative asset positions | 944 | 936 |
Derivative liabilities | 819 | 129 |
Fair Value, Measurements, Recurring | Mortgage derivatives | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative asset positions | 0 | 0 |
Derivative liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Visa derivative | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities | 1,673 | 4,330 |
Fair Value, Measurements, Recurring | Visa derivative | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Visa derivative | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Visa derivative | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities | 1,673 | 4,330 |
Fair Value, Measurements, Recurring | U.S. Government agency securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 44 | 3,002 |
Fair Value, Measurements, Recurring | U.S. Government agency securities | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 0 | 0 |
Fair Value, Measurements, Recurring | U.S. Government agency securities | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 44 | 3,002 |
Fair Value, Measurements, Recurring | U.S. Government agency securities | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 0 | 0 |
Fair Value, Measurements, Recurring | State and municipal securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 1,064 | |
Fair Value, Measurements, Recurring | State and municipal securities | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 0 | |
Fair Value, Measurements, Recurring | State and municipal securities | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 1,064 | |
Fair Value, Measurements, Recurring | State and municipal securities | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 0 | |
Fair Value, Measurements, Recurring | Collateralized mortgage obligations issued by U.S. Government sponsored agencies or enterprises | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 296 | |
Fair Value, Measurements, Recurring | Collateralized mortgage obligations issued by U.S. Government sponsored agencies or enterprises | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 0 | |
Fair Value, Measurements, Recurring | Collateralized mortgage obligations issued by U.S. Government sponsored agencies or enterprises | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 296 | |
Fair Value, Measurements, Recurring | Collateralized mortgage obligations issued by U.S. Government sponsored agencies or enterprises | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 0 | |
Fair Value, Measurements, Recurring | Other investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 2,022 | 522 |
Fair Value, Measurements, Recurring | Other investments | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 1,128 | 522 |
Fair Value, Measurements, Recurring | Other investments | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 894 | 0 |
Fair Value, Measurements, Recurring | Other investments | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | $ 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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |||
Mortgage loans held for sale | $ 95 | $ 754 | $ (667) |
Fair value | 37,129 | 48,024 | 51,545 |
Unpaid principal balance | 35,848 | 46,839 | 51,114 |
Fair value less aggregate unpaid principal balance | $ 1,281 | $ 1,185 | $ 431 |
Fair Value Accounting (Change_2
Fair Value Accounting (Changes In Level 3 Fair Value Measurements) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | ||
Gain (loss) included in earnings | $ 18,100 | $ 8,600 |
GGL/SBA Loans Servicing Asset | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Beginning balance, January 1, | 4,101 | 0 |
Included in earnings | (1,752) | (1,681) |
Unrealized (losses) gains included in other comprehensive income | 0 | 0 |
Additions | 1,380 | 1,330 |
Sales | 0 | |
Settlements | 0 | 0 |
Transfer from amortization method to fair value | 4,452 | |
Measurement period adjustments related to Global One acquisition | 0 | |
Ending balance, December 31, | 3,729 | 4,101 |
Total net (losses) for the year included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at December 31, | 0 | 0 |
Earnout Liability | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Beginning balance, January 1, | (11,348) | (14,000) |
Included in earnings | (11,652) | (5,466) |
Unrealized (losses) gains included in other comprehensive income | 0 | 0 |
Additions | 0 | 0 |
Sales | 0 | |
Settlements | 8,647 | 6,352 |
Transfer from amortization method to fair value | 0 | |
Measurement period adjustments related to Global One acquisition | 1,766 | |
Ending balance, December 31, | (14,353) | (11,348) |
Total net (losses) for the year included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at December 31, | (11,652) | (5,466) |
Visa derivative | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Beginning balance, January 1, | (4,330) | (5,768) |
Included in earnings | (2,328) | 0 |
Unrealized (losses) gains included in other comprehensive income | 0 | 0 |
Additions | 0 | 0 |
Sales | 0 | |
Settlements | 4,985 | 1,438 |
Transfer from amortization method to fair value | 0 | |
Measurement period adjustments related to Global One acquisition | 0 | |
Ending balance, December 31, | (1,673) | (4,330) |
Total net (losses) for the year included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at December 31, | (1,673) | 0 |
Investment Securities Available for Sale | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Beginning balance, January 1, | 1,935 | 1,796 |
Included in earnings | 0 | 0 |
Unrealized (losses) gains included in other comprehensive income | (150) | 139 |
Additions | 0 | 0 |
Sales | 0 | |
Settlements | 0 | 0 |
Transfer from amortization method to fair value | 0 | |
Measurement period adjustments related to Global One acquisition | 0 | |
Ending balance, December 31, | 1,785 | 1,935 |
Total net (losses) for the year included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at December 31, | 0 | 0 |
Private Equity Investments | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Beginning balance, January 1, | 15,771 | 25,493 |
Included in earnings | (4,743) | (3,093) |
Unrealized (losses) gains included in other comprehensive income | 0 | 0 |
Additions | 0 | 0 |
Sales | (6,629) | |
Settlements | 0 | 0 |
Transfer from amortization method to fair value | 0 | |
Measurement period adjustments related to Global One acquisition | 0 | |
Ending balance, December 31, | 11,028 | 15,771 |
Total net (losses) for the year included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at December 31, | $ (4,743) | $ (3,093) |
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, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate | $ 6,220 | $ 3,758 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other loans held for sale | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other loans held for sale | 0 | 0 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other loans held for sale | 1,506 | 11,356 |
Fair Value, Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 7,575 | 991 |
Other loans held for sale | 809 | 13,004 |
Other real estate | 523 | 2,413 |
Other assets held for sale | 482 | 2,491 |
Fair Value, Measurements, Nonrecurring | Level 1 | ||
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, Measurements, Nonrecurring | Level 2 | ||
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, Measurements, Nonrecurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 21,742 | 3,603 |
Other loans held for sale | 1,494 | 10,197 |
Other real estate | 3,827 | 3,363 |
Other assets held for sale | $ 1,104 | $ 5,334 |
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, 2018 | Dec. 31, 2017 |
Financial assets | ||
Mortgage loans held for sale | $ 37,129 | $ 48,024 |
Investment securities available for sale | 3,991,632 | |
Private equity investments | 11,028 | 15,771 |
Loans, net | 25,696,018 | 24,538,196 |
Derivative assets | 19,332 | 11,722 |
Financial Liabilities | ||
Non-interest-bearing deposits | 7,650,967 | 7,686,339 |
Time deposits | 5,003,396 | |
Total deposits | 26,720,322 | 26,147,900 |
Federal funds purchased and securities sold under repurchase agreements | 237,692 | 161,190 |
Other short-term borrowings | 650,000 | 100,000 |
Long-term debt | 1,657,157 | 1,606,138 |
Level 1 | ||
Financial assets | ||
Total cash, cash equivalents, restricted cash, and restricted cash equivalents | 1,143,564 | 932,933 |
Trading account assets | 1,128 | 522 |
Mortgage loans held for sale | 0 | 0 |
Other loans held for sale | 0 | 0 |
Investment securities available for sale | 122,077 | 85,836 |
Private equity investments | 0 | 0 |
Mutual funds | 3,168 | |
Mutual funds held in rabbi trusts | 12,844 | 14,140 |
Loans, net | 0 | 0 |
GGL/SBA loans servicing asset | 0 | 0 |
Derivative assets | 0 | 0 |
Financial Liabilities | ||
Trading account liabilities | 0 | |
Non-interest-bearing deposits | 0 | 0 |
Non-time interest-bearing deposits | 0 | 0 |
Time deposits | 0 | 0 |
Total deposits | 0 | 0 |
Federal funds purchased and securities sold under repurchase agreements | 237,692 | 161,190 |
Other short-term borrowings | 0 | 0 |
Long-term debt | 0 | 0 |
Earnout liability | 0 | 0 |
Derivative liabilities | 0 | 0 |
Level 2 | ||
Financial assets | ||
Total cash, cash equivalents, restricted cash, and restricted cash equivalents | 0 | 0 |
Trading account assets | 2,002 | 3,298 |
Mortgage loans held for sale | 37,129 | 48,024 |
Other loans held for sale | 0 | 0 |
Investment securities available for sale | 3,867,770 | 3,899,298 |
Private equity investments | 0 | 0 |
Mutual funds | 0 | |
Mutual funds held in rabbi trusts | 0 | 0 |
Loans, net | 0 | 0 |
GGL/SBA loans servicing asset | 0 | 0 |
Derivative assets | 19,332 | 11,722 |
Financial Liabilities | ||
Trading account liabilities | 1,000 | |
Non-interest-bearing deposits | 7,650,967 | 7,686,339 |
Non-time interest-bearing deposits | 14,065,959 | 13,941,814 |
Time deposits | 4,989,570 | 4,523,661 |
Total deposits | 26,706,496 | 26,151,814 |
Federal funds purchased and securities sold under repurchase agreements | 0 | 0 |
Other short-term borrowings | 650,000 | 100,000 |
Long-term debt | 1,649,642 | 1,621,814 |
Earnout liability | 0 | 0 |
Derivative liabilities | 16,535 | 12,767 |
Level 3 | ||
Financial assets | ||
Total cash, cash equivalents, restricted cash, and restricted cash equivalents | 0 | 0 |
Trading account assets | 0 | 0 |
Mortgage loans held for sale | 0 | 0 |
Other loans held for sale | 1,506 | 11,356 |
Investment securities available for sale | 1,785 | 1,935 |
Private equity investments | 11,028 | 15,771 |
Mutual funds | 0 | |
Mutual funds held in rabbi trusts | 0 | 0 |
Loans, net | 25,438,890 | 24,507,141 |
GGL/SBA loans servicing asset | 3,729 | 4,101 |
Derivative assets | 0 | 0 |
Financial Liabilities | ||
Trading account liabilities | 0 | |
Non-interest-bearing deposits | 0 | 0 |
Non-time interest-bearing deposits | 0 | 0 |
Time deposits | 0 | 0 |
Total deposits | 0 | 0 |
Federal funds purchased and securities sold under repurchase agreements | 0 | 0 |
Other short-term borrowings | 0 | 0 |
Long-term debt | 0 | 0 |
Earnout liability | 14,353 | 11,348 |
Derivative liabilities | 1,673 | 4,330 |
Carrying Value | ||
Financial assets | ||
Total cash, cash equivalents, restricted cash, and restricted cash equivalents | 1,143,564 | 932,933 |
Trading account assets | 3,130 | 3,820 |
Mortgage loans held for sale | 37,129 | 48,024 |
Other loans held for sale | 1,506 | 11,356 |
Investment securities available for sale | 3,991,632 | 3,987,069 |
Private equity investments | 11,028 | 15,771 |
Mutual funds | 3,168 | |
Mutual funds held in rabbi trusts | 12,844 | 14,140 |
Loans, net | 25,696,018 | 24,538,196 |
GGL/SBA loans servicing asset | 3,729 | 4,101 |
Derivative assets | 19,332 | 11,722 |
Financial Liabilities | ||
Trading account liabilities | 1,000 | |
Non-interest-bearing deposits | 7,650,967 | 7,686,339 |
Non-time interest-bearing deposits | 14,065,959 | 13,941,814 |
Time deposits | 5,003,396 | 4,519,747 |
Total deposits | 26,720,322 | 26,147,900 |
Federal funds purchased and securities sold under repurchase agreements | 237,692 | 161,190 |
Other short-term borrowings | 650,000 | 100,000 |
Long-term debt | 1,657,157 | 1,606,138 |
Earnout liability | 14,353 | 11,348 |
Derivative liabilities | 18,208 | 17,097 |
Estimated Fair Value | ||
Financial assets | ||
Total cash, cash equivalents, restricted cash, and restricted cash equivalents | 1,143,564 | 932,933 |
Trading account assets | 3,130 | 3,820 |
Mortgage loans held for sale | 37,129 | 48,024 |
Other loans held for sale | 1,506 | 11,356 |
Investment securities available for sale | 3,991,632 | 3,987,069 |
Private equity investments | 11,028 | 15,771 |
Mutual funds | 3,168 | |
Mutual funds held in rabbi trusts | 12,844 | 14,140 |
Loans, net | 25,438,890 | 24,507,141 |
GGL/SBA loans servicing asset | 3,729 | 4,101 |
Derivative assets | 19,332 | 11,722 |
Financial Liabilities | ||
Trading account liabilities | 1,000 | |
Non-interest-bearing deposits | 7,650,967 | 7,686,339 |
Non-time interest-bearing deposits | 14,065,959 | 13,941,814 |
Time deposits | 4,989,570 | 4,523,661 |
Total deposits | 26,706,496 | 26,151,814 |
Federal funds purchased and securities sold under repurchase agreements | 237,692 | 161,190 |
Other short-term borrowings | 650,000 | 100,000 |
Long-term debt | 1,649,642 | 1,621,814 |
Earnout liability | 14,353 | 11,348 |
Derivative liabilities | $ 18,208 | $ 17,097 |
Derivative Instruments (Narrati
Derivative Instruments (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Summary of Derivative Instruments [Abstract] | ||
Collateral | $ 22.4 | $ 43.8 |
Variation margin, amount reducing derivative asset | $ 3.1 | $ 1.5 |
Derivative Instruments (Impact
Derivative Instruments (Impact Of Derivatives On Balance Sheet) (Details) - Not Designated As Hedging Instruments - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Derivative [Line Items] | ||
Fair Value of Derivative Assets | $ 19,332,000 | $ 11,722,000 |
Fair Value of Derivative Liabilities | 18,208,000 | 17,097,000 |
Interest rate contracts | ||
Derivative [Line Items] | ||
Notional Amount | 1,840,288,000 | 1,466,059,000 |
Fair Value of Derivative Assets | 18,388,000 | 10,786,000 |
Fair Value of Derivative Liabilities | 15,716,000 | 12,638,000 |
Mortgage derivatives | Interest Rate Lock Commitments | ||
Derivative [Line Items] | ||
Notional Amount | 52,420,000 | 49,304,000 |
Fair Value of Derivative Assets | 944,000 | 936,000 |
Fair Value of Derivative Liabilities | 0 | 0 |
Mortgage derivatives | Forward commitments to sell fixed-rate mortgage loans | ||
Derivative [Line Items] | ||
Notional Amount | 65,500,000 | 72,500,000 |
Fair Value of Derivative Assets | 0 | 0 |
Fair Value of Derivative Liabilities | 819,000 | 129,000 |
Visa Derivative | ||
Derivative [Line Items] | ||
Fair Value of Derivative Assets | 0 | 0 |
Fair Value of Derivative Liabilities | $ 1,673,000 | $ 4,330,000 |
Derivative Instruments (Effect
Derivative Instruments (Effect Of Fair Value Hedges On Consolidated Statements Of Income) (Details) - Not Designated As Hedging Instruments - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Derivative [Line Items] | |||
Total derivatives not designated as hedging instruments | $ (3,040) | $ (2,639) | $ (3,812) |
Interest rate contracts | Other non-interest income | |||
Derivative [Line Items] | |||
Total derivatives not designated as hedging instruments | (29) | 20 | 76 |
Mortgage derivatives | Mortgage banking income | Interest Rate Lock Commitments | |||
Derivative [Line Items] | |||
Total derivatives not designated as hedging instruments | 8 | (634) | 182 |
Mortgage derivatives | Mortgage banking income | Forward commitments to sell fixed-rate mortgage loans | |||
Derivative [Line Items] | |||
Total derivatives not designated as hedging instruments | (691) | (2,025) | 1,725 |
Visa Derivative | Other non-interest expense | |||
Derivative [Line Items] | |||
Total derivatives not designated as hedging instruments | $ (2,328) | $ 0 | $ (5,795) |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2018 | |
Loss Contingencies [Line Items] | |||
Carrying amount included in other assets | $ 83,736,000 | $ 60,068,000 | |
Amount of future funding commitments included in carrying amount | 47,123,000 | 39,994,000 | |
Short-term construction loans and letter of credit commitments | 1,585,000 | 7,180,000 | |
Funded portion of short-term loans and letters of credit | 5,595,000 | 0 | |
Contractual amount net of risk participations | 46,000,000 | ||
Guarantor obligations, advanced payment to merchant | 22,900,000 | ||
Minimum | |||
Loss Contingencies [Line Items] | |||
Total letters of credit and unfunded lending commitments | $ 0 | ||
Maximum | |||
Loss Contingencies [Line Items] | |||
Total letters of credit and unfunded lending commitments | $ 5,000,000 | ||
Guarantee Obligations [Member] | |||
Loss Contingencies [Line Items] | |||
Total letters of credit and unfunded lending commitments | 10,153,558,000 | 9,080,108,000 | |
Guarantor obligations, monetary amount | 68,990,000,000 | 62,080,000,000 | |
Letters of credit | |||
Loss Contingencies [Line Items] | |||
Total letters of credit and unfunded lending commitments | 157,675,000 | 153,372,000 | |
Commitments to fund commercial and industrial loans | |||
Loss Contingencies [Line Items] | |||
Total letters of credit and unfunded lending commitments | 5,527,017,000 | 5,090,827,000 | |
Commitments to fund commercial real estate, construction, and land development loans | |||
Loss Contingencies [Line Items] | |||
Total letters of credit and unfunded lending commitments | 2,034,223,000 | 1,567,583,000 | |
Commitments under home equity lines of credit | |||
Loss Contingencies [Line Items] | |||
Total letters of credit and unfunded lending commitments | 1,258,657,000 | 1,137,714,000 | |
Unused credit card lines | |||
Loss Contingencies [Line Items] | |||
Total letters of credit and unfunded lending commitments | 775,003,000 | 779,254,000 | |
Other loan commitments | |||
Loss Contingencies [Line Items] | |||
Total letters of credit and unfunded lending commitments | $ 400,983,000 | $ 351,358,000 |
Share-based Compensation and _3
Share-based Compensation and Other Employment Benefit Plans (Narrative) (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018USD ($)simulation$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Apr. 25, 2013shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Share-based compensation expense | $ 16,600 | $ 14,200 | $ 13,600 | |
Tax benefit recognized from compensation expense | 3,900 | 5,200 | 5,000 | |
Unrecognized compensation cost | 20,500 | |||
Options outstanding, aggregate intrinsic value | $ 9,600 | |||
Options outstanding, weighted average remaining contractual term (years) | 3 years 4 months 10 days | |||
Options exercised, intrinsic value | $ 4,400 | 5,100 | 4,700 | |
Cash received from option exercises | $ 2,139 | $ 3,440 | 5,155 | |
Total grant date fair value of stock options vested | $ 7,400 | |||
Options expired/canceled (in shares) | shares | 9,485 | 0 | 469,792 | |
Options expired (in dollars per share) | $ / shares | $ 92.26 | $ 0 | $ 92.62 | |
Share-based compensation net tax deficiency | $ 3,300 | $ 5,000 | $ (790) | |
Stock option grants (in shares) | shares | 0 | 0 | 0 | |
Common Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Cash received from option exercises | $ 2,100 | $ 3,400 | $ 5,200 | |
Restricted Share Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Non-option awards granted (in shares) | shares | 248,697 | 242,804 | 350,458 | |
Non-option awards granted, weighted-average grant-date fair value (in dollars per share) | $ / shares | $ 47.34 | $ 41.82 | $ 26.43 | |
Unrecognized compensation cost | $ 11,000 | |||
Non-option awards vested, total fair value | $ 13,600 | $ 14,400 | $ 11,400 | |
Unrecognized compensation cost, period of recognition (years) | 1 year 5 months 9 days | |||
Market Restricted Share Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Non-option awards granted (in shares) | shares | 57,851 | 78,174 | 93,913 | |
Non-option awards granted, weighted-average grant-date fair value (in dollars per share) | $ / shares | $ 48.46 | $ 43.52 | $ 26.93 | |
Unrecognized compensation cost | $ 3,400 | |||
Number of simulations | simulation | 100,000 | |||
Non-option awards vested, total fair value | $ 5,100 | $ 4,800 | $ 2,600 | |
Unrecognized compensation cost, period of recognition (years) | 1 year 4 months 6 days | |||
Performance Share Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Non-option awards granted (in shares) | shares | 86,774 | 72,825 | 83,529 | |
Non-option awards granted, weighted-average grant-date fair value (in dollars per share) | $ / shares | $ 47.23 | $ 41.61 | $ 25.95 | |
Unrecognized compensation cost | $ 6,000 | |||
Non-option awards vested, total fair value | $ 4,300 | |||
Unrecognized compensation cost, period of recognition (years) | 1 year 4 months 24 days | |||
Minimum | Market Restricted Share Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting range based on return on average assets (ROAA) | 75.00% | |||
Minimum | Performance Share Units | ||||
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 | Market Restricted Share Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting range based on return on average assets (ROAA) | 125.00% | |||
Maximum | Performance Share Units | ||||
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 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares of authorized but unissued common stock reserved for future grants (in shares) | shares | 4,800,000 | 8,600,000 | ||
2013 Omnibus Plan | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years |
Share-based Compensation and _4
Share-based Compensation and Other Employment Benefit Plans (Stock Option) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation [Abstract] | |||
Stock option grants (in shares) | 0 | 0 | 0 |
Shares | |||
Outstanding at beginning of year (in shares) | 775,730 | 973,361 | 1,741,975 |
Options exercised (in shares) | (126,344) | (197,631) | (297,225) |
Options forfeited (in shares) | 0 | 0 | (1,597) |
Options expired/canceled (in shares) | (9,485) | 0 | (469,792) |
Options outstanding at end of year (in shares) | 639,901 | 775,730 | 973,361 |
Options exercisable at end of year (in shares) | 775,730 | 775,730 | 973,361 |
Weighted-Average Exercise Price | |||
Outstanding at beginning of year (in dollars per share) | $ 17.85 | $ 17.76 | $ 37.88 |
Options exercised (in dollars per share) | 16.92 | 17.41 | 17.35 |
Options forfeited (in dollars per share) | 0 | 0 | 17.64 |
Options expired (in dollars per share) | 92.26 | 0 | 92.62 |
Options outstanding at end of year (in dollars per share) | 16.93 | 17.85 | 17.76 |
Options exercisable at end of year (in dollars per share) | $ 16.93 | $ 17.85 | $ 17.76 |
Share-based Compensation and _5
Share-based Compensation and Other Employment Benefit Plans (Fair Value Assumptions) (Details) - Restricted Share Units | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 2.32% | 1.48% | 0.81% |
Expected stock price volatility | 22.50% | 22.90% | 25.70% |
Dividend yield | 1.30% | 1.20% | 1.80% |
Simulation period | 3 years | 3 years | 3 years |
Share-based Compensation and _6
Share-based Compensation and Other Employment Benefit Plans (Restricted Stock Units Activity) (Details) - Restricted Share Units - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share Units | |||
Outstanding, Beginning of Period (in shares) | 565,948 | 705,767 | 762,767 |
Granted (in shares) | 248,697 | 242,804 | 350,458 |
Dividend equivalents granted (in shares) | 7,259 | 5,839 | 11,105 |
Vested (in shares) | (280,459) | (341,825) | (406,496) |
Forfeited (in shares) | (15,652) | (46,637) | (12,067) |
Outstanding, End of Period (in shares) | 525,793 | 565,948 | 705,767 |
Weighted-Average Grant Date Fair Value | |||
Outstanding, Beginning of Period, Weighted-Average Grant-date Fair Value (in dollars per share) | $ 33.25 | $ 26.38 | $ 24.57 |
Granted, Weighted-Average Grant-date Fair Value (in dollars per share) | 47.34 | 41.82 | 26.43 |
Dividend equivalents granted, Weighted-Average Grant-date Fair Value (in dollars per share) | 44.10 | 41.82 | 26.43 |
Vested, Weighted-Average Grant-date Fair Value (in dollars per share) | 30.86 | 26.25 | 23.10 |
Forfeited, Weighted-Average Grant-date Fair Value (in dollars per share) | 38.60 | 26.28 | 23.96 |
Outstanding, End of Period, Weighted-Average Grant-date Fair Value (in dollars per share) | $ 41.18 | $ 33.25 | $ 26.38 |
Share-based Compensation and _7
Share-based Compensation and Other Employment Benefit Plans (Market Restricted Share Units and Performance Share Units) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Market Restricted Share Units | |||
Share Units | |||
Outstanding, Beginning of Period (in shares) | 171,563 | 182,409 | 158,248 |
Granted (in shares) | 57,851 | 78,174 | 93,913 |
Dividend equivalents granted (in shares) | 3,204 | 2,811 | 3,095 |
Quantity change by TSR factor (in shares) | 17,882 | 22,182 | 9,970 |
Vested (in shares) | (105,459) | (114,013) | (82,817) |
Forfeited (in shares) | (952) | ||
Outstanding, End of Period (in shares) | 144,089 | 171,563 | 182,409 |
Weighted-Average Grant Date Fair Value | |||
Outstanding, Beginning of Period, Weighted-Average Grant-date Fair Value (in dollars per share) | $ 35.24 | $ 27.25 | $ 27.02 |
Granted, Weighted-Average Grant-date Fair Value (in dollars per share) | 48.46 | 43.52 | 26.93 |
Dividend equivalents granted, Weighted-Average Grant-date Fair Value (in dollars per share) | 41.91 | 43.52 | 26.93 |
Quantity change by TSR factor, Weighted-Average Grant-date Fair Value (in dollars per share) | 33.21 | 27.25 | 26.93 |
Vested, Weighted-Average Grant-date Fair Value (in dollars per share) | 33.21 | 26.78 | 26.40 |
Forfeited, Weighted-Average Grant-date Fair Value (in dollars per share) | 38.32 | ||
Outstanding, End of Period, Weighted-Average Grant-date Fair Value (in dollars per share) | $ 41.91 | $ 35.24 | $ 27.25 |
Performance Share Units | |||
Share Units | |||
Outstanding, Beginning of Period (in shares) | 244,541 | 238,480 | 151,567 |
Granted (in shares) | 86,774 | 72,825 | 83,529 |
Dividend equivalents granted (in shares) | 4,418 | 2,562 | 3,384 |
Vested (in shares) | (84,326) | (69,326) | |
Adjustment for performance (in shares) | (1,250) | ||
Forfeited (in shares) | (1,900) | ||
Outstanding, End of Period (in shares) | 248,257 | 244,541 | 238,480 |
Weighted-Average Grant Date Fair Value | |||
Outstanding, Beginning of Period, Weighted-Average Grant-date Fair Value (in dollars per share) | $ 31.54 | $ 25.99 | $ 26.01 |
Granted, Weighted-Average Grant-date Fair Value (in dollars per share) | 47.23 | 41.61 | 25.95 |
Dividend equivalents granted, Weighted-Average Grant-date Fair Value (in dollars per share) | 28.06 | 41.61 | 25.95 |
Vested, Weighted-Average Grant-date Fair Value (in dollars per share) | 28.06 | 23.47 | |
Adjustment for performance, Weighted-Average Grant-date Fair Value (in dollars per share) | 28.06 | ||
Forfeited, Weighted-Average Grant-date Fair Value (in dollars per share) | 33.52 | ||
Outstanding, End of Period, Weighted-Average Grant-date Fair Value (in dollars per share) | $ 38.29 | $ 31.54 | $ 25.99 |
Share-based Compensation and _8
Share-based Compensation and Other Employment Benefit Plans (Grants Under All Synovus Equity Compensation Plan) (Details) - Shareholder approved equity compensation plans for shares of Synovus stock | Dec. 31, 2018$ / sharesshares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of securities to be issued upon vesting of restricted share units (in shares) | 918,139 |
Number of securities to be issued upon exercise of outstanding options (in shares) | 639,901 |
Weighted-average exercise price of outstanding options (in dollars per share) | $ / shares | $ 16.93 |
Number of shares remaining available for issuance excluding shares discussed (in shares) | 4,849,161 |
Share-based Compensation and _9
Share-based Compensation and Other Employment Benefit Plans (Other Employee Benefit Plans) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation [Abstract] | |||
Employer matching contribution, percent | 100.00% | 100.00% | |
401(k) percent of match | 5.00% | 4.00% | 4.00% |
Annual contribution | $ 15,700 | $ 11,500 | $ 10,800 |
Stock purchase plan, percent of match | 15.00% | ||
Stock purchase plans compensation expense | $ 942 | $ 860 | $ 826 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Contingency [Line Items] | |||
Tax Cuts and Jobs Act of 2017, income tax benefit | $ 9,800 | ||
Tax Cuts and Jobs Act of 2017, measurement period adjustment, income tax benefit | 3,900 | ||
Tax Cuts and Jobs Act of 2017, measurement period adjustment, adjustment to prior year tax return | 5,900 | ||
Tax Cuts and Jobs Act of 2017, provisional income tax expense | $ 47,200 | ||
Deferred tax assets expected to be realized | 141,100 | ||
Valuation allowance | 0 | 3,431 | |
Deferred tax assets, not subject to expiration | 88,000 | ||
Tax credit carryforward, amount | 3,400 | 6,200 | |
Unrecognized tax benefits, income tax penalties and interest accrued | 227 | 105 | $ 38 |
Unrecognized tax benefits that would impact effective tax rate | 15,200 | 12,300 | $ 9,900 |
Unrecognized tax benefits, income tax penalties and interest accrued that would impact effective tax rate | 193 | $ 76 | |
Approximate range of uncertain income tax positions expected to be settled or resolved during the next 12 months, minimum | 316 | ||
Period through 2035 | |||
Income Tax Contingency [Line Items] | |||
Deferred tax assets, subject to expiration | 33,000 | ||
Federal and State | Period through 2027 | |||
Income Tax Contingency [Line Items] | |||
Tax credit carryforward, amount | $ 20,100 |
Income Taxes (Components of Inc
Income Taxes (Components of Income Tax Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Current | |||||||||||
Federal | $ 75,582 | $ (32,341) | $ 7,329 | ||||||||
State | 7,081 | 5,949 | 5,501 | ||||||||
Total current income tax expense (benefit) | 82,663 | (26,392) | 12,830 | ||||||||
Deferred | |||||||||||
Federal | 24,894 | 229,917 | 117,463 | ||||||||
State | 11,321 | 1,139 | 11,374 | ||||||||
Total deferred income tax expense | 36,215 | 231,056 | 128,837 | ||||||||
Total income tax expense | $ 38,784 | $ 18,949 | $ 30,936 | $ 30,209 | $ 74,361 | $ 54,668 | $ 41,788 | $ 33,847 | 118,878 | 204,664 | 141,667 |
Share-based compensation net tax deficiency | $ 3,300 | $ 5,000 | $ (790) |
Income Taxes (Effective Income
Income Taxes (Effective Income Tax Reconciliation) (Details) - USD ($) $ in Thousands | Jan. 01, 2018 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Income Tax Expense (Benefit) Reconciliation | ||||||||||||
Income tax expense at statutory federal income tax rate | $ 114,944 | $ 168,048 | $ 135,957 | |||||||||
State income tax expense, net of federal income tax benefit | 17,270 | 11,961 | 13,256 | |||||||||
Excess tax benefit from share-based compensation | (9,865) | 46,573 | 0 | |||||||||
Non-deductible expenses | 7,556 | 2,435 | 813 | |||||||||
Low income housing tax credits and other tax benefits | (6,421) | (2,759) | 0 | |||||||||
Low income housing tax credit amortization | 5,316 | 268 | 0 | |||||||||
Change in valuation allowance | (3,431) | (6,227) | (2,055) | |||||||||
Low income housing tax credit amortization | (3,055) | (4,702) | (3,402) | |||||||||
Low income housing tax credits and other tax benefits | (2,801) | (4,318) | 0 | |||||||||
General business tax credits | (1,163) | (4,615) | (1,213) | |||||||||
Other, net | 528 | (2,000) | (1,689) | |||||||||
Total income tax expense | $ 38,784 | $ 18,949 | $ 30,936 | $ 30,209 | $ 74,361 | $ 54,668 | $ 41,788 | $ 33,847 | $ 118,878 | $ 204,664 | $ 141,667 | |
Effective tax rate | 21.70% | 42.60% | 36.50% | |||||||||
Provisional income tax expense (benefit) | $ 608 | |||||||||||
Tax Cuts and Jobs Act of 2017, provisional income tax expense | $ 47,200 | |||||||||||
Change in tax rate, income tax expense (benefit) | 9.80% | |||||||||||
Increase in retained earnings | $ 7,600 | $ 7,600 | $ 7,600 | |||||||||
Tax Cuts and Jobs Act of 2017, Income Tax Expense (Benefit) | $ (9,800) | |||||||||||
Tax credit, research | $ 4,600 |
Income Taxes (Deferred Tax Asse
Income Taxes (Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred income tax assets | ||
Allowance for loan losses | $ 63,952 | $ 66,034 |
Net operating loss carryforwards | 33,008 | 41,059 |
Net unrealized losses on investment securities available for sale | 24,419 | 13,253 |
Employee benefits and deferred compensation | 20,363 | 18,333 |
Tax credit carryforwards | 20,088 | 19,175 |
Deferred revenue | 10,189 | 12,311 |
Lease rental | 2,526 | 2,549 |
Non-performing loan interest | 2,442 | 10,388 |
Other | 9,415 | 6,343 |
Total gross deferred tax assets | 186,402 | 189,445 |
Less valuation allowance | 0 | (3,431) |
Total deferred tax assets | 186,402 | 186,014 |
Deferred tax liabilities | ||
Excess tax over financial statement depreciation | (31,260) | (8,080) |
Other properties held for sale | (5,469) | (5,447) |
Other | (8,539) | (6,699) |
Total gross deferred income tax liabilities | (45,268) | (20,226) |
Net deferred tax assets | $ 141,134 | $ 165,788 |
Income Taxes (Tax Carryforwards
Income Taxes (Tax Carryforwards) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Asset Balance | $ 186,402 | $ 189,445 |
Valuation Allowance | 0 | (3,431) |
Total deferred tax assets | 186,402 | $ 186,014 |
State | Net Operating Loss | 2023-2027 | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Asset Balance | 1,431 | |
Valuation Allowance | 0 | |
Total deferred tax assets | 1,431 | |
Pre-Tax Earnings Necessary to Realize | 1,429,499 | |
State | Net Operating Loss | 2028-2032 | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Asset Balance | 39,483 | |
Valuation Allowance | 0 | |
Total deferred tax assets | 39,483 | |
Pre-Tax Earnings Necessary to Realize | 914,384 | |
State | Net Operating Loss | 2033-2036 | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Asset Balance | 356 | |
Valuation Allowance | 0 | |
Total deferred tax assets | 356 | |
Pre-Tax Earnings Necessary to Realize | 7,356 | |
State | Other Credits | 2019-2023 | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Asset Balance | 20,164 | |
Valuation Allowance | 0 | |
Total deferred tax assets | 20,164 | |
State | Other Credits | 2024-2028 | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Asset Balance | 2,388 | |
Valuation Allowance | 0 | |
Total deferred tax assets | $ 2,388 |
Income Taxes (Unrecognized Tax
Income Taxes (Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reconciliation of Unrecognized Income Tax Benefits | |||
Balance at January 1, | $ 15,117 | $ 14,745 | $ 12,745 |
Additions based on income tax positions related to current year | 1,165 | 152 | 0 |
Additions for income tax positions of prior years(1) | 2,321 | 934 | 1,811 |
Additions from acquisition | 0 | 0 | 608 |
Reductions for income tax positions of prior years | 0 | (706) | 0 |
Statute of limitation expirations | (17) | (8) | (419) |
Balance at December 31, | $ 18,586 | $ 15,117 | $ 14,745 |
Non-interest Income (Details)
Non-interest Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disaggregation of Revenue [Line Items] | |||
Non-interest income | $ 223,032 | ||
Revenues out of scope of Topic 606 | 57,061 | ||
Total non-interest income | 280,093 | $ 345,327 | $ 273,194 |
Service charges on deposit accounts | |||
Disaggregation of Revenue [Line Items] | |||
Non-interest income | 80,840 | 81,419 | 83,246 |
Fiduciary and asset management fees | |||
Disaggregation of Revenue [Line Items] | |||
Non-interest income | 54,685 | 50,485 | 46,594 |
Card fees | |||
Disaggregation of Revenue [Line Items] | |||
Non-interest income | 42,503 | 39,376 | 39,302 |
Brokerage revenue | |||
Disaggregation of Revenue [Line Items] | |||
Non-interest income | 36,567 | $ 29,705 | $ 27,028 |
Insurance revenue | |||
Disaggregation of Revenue [Line Items] | |||
Non-interest income | 5,410 | ||
Other fees | |||
Disaggregation of Revenue [Line Items] | |||
Non-interest income | 3,027 | ||
Community Banking | |||
Disaggregation of Revenue [Line Items] | |||
Non-interest income | 23,467 | ||
Revenues out of scope of Topic 606 | 9,098 | ||
Total non-interest income | 32,565 | ||
Community Banking | Service charges on deposit accounts | |||
Disaggregation of Revenue [Line Items] | |||
Non-interest income | 22,633 | ||
Community Banking | Fiduciary and asset management fees | |||
Disaggregation of Revenue [Line Items] | |||
Non-interest income | 0 | ||
Community Banking | Card fees | |||
Disaggregation of Revenue [Line Items] | |||
Non-interest income | 834 | ||
Community Banking | Brokerage revenue | |||
Disaggregation of Revenue [Line Items] | |||
Non-interest income | 0 | ||
Community Banking | Insurance revenue | |||
Disaggregation of Revenue [Line Items] | |||
Non-interest income | 0 | ||
Community Banking | Other fees | |||
Disaggregation of Revenue [Line Items] | |||
Non-interest income | 0 | ||
Corporate Banking | |||
Disaggregation of Revenue [Line Items] | |||
Non-interest income | 1,932 | ||
Revenues out of scope of Topic 606 | 7,598 | ||
Total non-interest income | 9,530 | ||
Corporate Banking | Service charges on deposit accounts | |||
Disaggregation of Revenue [Line Items] | |||
Non-interest income | 1,932 | ||
Corporate Banking | Fiduciary and asset management fees | |||
Disaggregation of Revenue [Line Items] | |||
Non-interest income | 0 | ||
Corporate Banking | Card fees | |||
Disaggregation of Revenue [Line Items] | |||
Non-interest income | 0 | ||
Corporate Banking | Brokerage revenue | |||
Disaggregation of Revenue [Line Items] | |||
Non-interest income | 0 | ||
Corporate Banking | Insurance revenue | |||
Disaggregation of Revenue [Line Items] | |||
Non-interest income | 0 | ||
Corporate Banking | Other fees | |||
Disaggregation of Revenue [Line Items] | |||
Non-interest income | 0 | ||
Retail Banking | |||
Disaggregation of Revenue [Line Items] | |||
Non-interest income | 97,735 | ||
Revenues out of scope of Topic 606 | 6,656 | ||
Total non-interest income | 104,391 | ||
Retail Banking | Service charges on deposit accounts | |||
Disaggregation of Revenue [Line Items] | |||
Non-interest income | 54,123 | ||
Retail Banking | Fiduciary and asset management fees | |||
Disaggregation of Revenue [Line Items] | |||
Non-interest income | 0 | ||
Retail Banking | Card fees | |||
Disaggregation of Revenue [Line Items] | |||
Non-interest income | 41,669 | ||
Retail Banking | Brokerage revenue | |||
Disaggregation of Revenue [Line Items] | |||
Non-interest income | 0 | ||
Retail Banking | Insurance revenue | |||
Disaggregation of Revenue [Line Items] | |||
Non-interest income | 0 | ||
Retail Banking | Other fees | |||
Disaggregation of Revenue [Line Items] | |||
Non-interest income | 1,943 | ||
Financial Management Services | |||
Disaggregation of Revenue [Line Items] | |||
Non-interest income | 96,662 | ||
Revenues out of scope of Topic 606 | 22,786 | ||
Total non-interest income | 119,448 | ||
Financial Management Services | Service charges on deposit accounts | |||
Disaggregation of Revenue [Line Items] | |||
Non-interest income | 0 | ||
Financial Management Services | Fiduciary and asset management fees | |||
Disaggregation of Revenue [Line Items] | |||
Non-interest income | 54,685 | ||
Financial Management Services | Card fees | |||
Disaggregation of Revenue [Line Items] | |||
Non-interest income | 0 | ||
Financial Management Services | Brokerage revenue | |||
Disaggregation of Revenue [Line Items] | |||
Non-interest income | 36,567 | ||
Financial Management Services | Insurance revenue | |||
Disaggregation of Revenue [Line Items] | |||
Non-interest income | 5,410 | ||
Financial Management Services | Other fees | |||
Disaggregation of Revenue [Line Items] | |||
Non-interest income | 0 | ||
Other | |||
Disaggregation of Revenue [Line Items] | |||
Non-interest income | 3,236 | ||
Revenues out of scope of Topic 606 | 10,923 | ||
Total non-interest income | 14,159 | ||
Other | Service charges on deposit accounts | |||
Disaggregation of Revenue [Line Items] | |||
Non-interest income | 2,152 | ||
Other | Fiduciary and asset management fees | |||
Disaggregation of Revenue [Line Items] | |||
Non-interest income | 0 | ||
Other | Card fees | |||
Disaggregation of Revenue [Line Items] | |||
Non-interest income | 0 | ||
Other | Brokerage revenue | |||
Disaggregation of Revenue [Line Items] | |||
Non-interest income | 0 | ||
Other | Insurance revenue | |||
Disaggregation of Revenue [Line Items] | |||
Non-interest income | 0 | ||
Other | Other fees | |||
Disaggregation of Revenue [Line Items] | |||
Non-interest income | $ 1,084 |
Condensed Financial Informati_3
Condensed Financial Information Of Synovus Financial Corp. (Parent Company Only) (Condensed Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||
ASSETS | |||||||
Cash due from bank subsidiary | $ 468,426 | $ 397,848 | |||||
Total cash, cash equivalents, restricted cash, and restricted cash equivalents | [2] | 1,143,564 | [1] | 932,933 | [1] | $ 999,045 | $ 1,284,183 |
Other assets | 604,084 | 513,487 | |||||
Total assets | 32,669,192 | 31,221,837 | |||||
Liabilities and Shareholders' Equity | |||||||
Long-term debt | 1,657,157 | 1,606,138 | |||||
Other liabilities | 270,419 | 245,043 | |||||
Total liabilities | 29,535,590 | 28,260,271 | |||||
Shareholders’ equity: | |||||||
Common stock | 143,300 | 142,678 | |||||
Additional paid-in capital | 3,060,561 | 3,043,129 | |||||
Treasury stock | (1,014,746) | (839,674) | |||||
Accumulated other comprehensive loss, net | (94,420) | (54,754) | |||||
Retained earnings | 843,767 | 544,207 | |||||
Total shareholders’ equity | 3,133,602 | 2,961,566 | 2,927,924 | 3,000,196 | |||
Total liabilities and shareholders' equity | 32,669,192 | 31,221,837 | |||||
Series C Preferred Stock | |||||||
Shareholders’ equity: | |||||||
Preferred Stock | 0 | 125,980 | |||||
Series D Preferred Stock | |||||||
Shareholders’ equity: | |||||||
Preferred Stock | 195,140 | 0 | |||||
Parent Company | |||||||
ASSETS | |||||||
Cash due from bank subsidiary | 213,096 | 191,275 | |||||
Funds due from other depository institutions | 9,927 | 19,911 | |||||
Total cash, cash equivalents, restricted cash, and restricted cash equivalents | 223,023 | 211,186 | $ 254,250 | $ 389,475 | |||
Investment in consolidated bank subsidiary, at equity | 3,418,471 | 3,232,129 | |||||
Investment in consolidated nonbank subsidiaries, at equity | 34,586 | 40,731 | |||||
Other assets | 62,915 | 69,762 | |||||
Total assets | 3,738,995 | 3,553,808 | |||||
Liabilities and Shareholders' Equity | |||||||
Long-term debt | 555,704 | 554,589 | |||||
Other liabilities | 49,689 | 37,653 | |||||
Total liabilities | 605,393 | 592,242 | |||||
Shareholders’ equity: | |||||||
Common stock | 143,300 | 142,678 | |||||
Additional paid-in capital | 3,060,561 | 3,043,129 | |||||
Treasury stock | (1,014,746) | (839,674) | |||||
Accumulated other comprehensive loss, net | (94,420) | (54,754) | |||||
Retained earnings | 843,767 | 544,207 | |||||
Total shareholders’ equity | 3,133,602 | 2,961,566 | |||||
Total liabilities and shareholders' equity | 3,738,995 | 3,553,808 | |||||
Parent Company | Series C Preferred Stock | |||||||
Shareholders’ equity: | |||||||
Preferred Stock | 0 | 125,980 | |||||
Parent Company | Series D Preferred Stock | |||||||
Shareholders’ equity: | |||||||
Preferred Stock | $ 195,140 | $ 0 | |||||
[1] | See "Note 1 - Summary of Significant Accounting Policies" of this Report for information on Synovus' change in presentation of cash and cash equivalents. | ||||||
[2] | See "Note 1 - Summary of Significant Accounting Policies" of this Report for information on Synovus' change in presentation of cash and cash equivalents.See accompanying notes to the audited consolidated financial statements. |
Condensed Financial Informati_4
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, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Expenses | |||||||||||
Interest expense | $ 195,892 | $ 139,188 | $ 123,623 | ||||||||
Other expenses | 829,455 | 821,313 | 755,923 | ||||||||
Income before income taxes | $ 143,854 | $ 128,008 | $ 142,117 | $ 133,375 | $ 103,966 | $ 152,675 | $ 117,791 | $ 105,704 | |||
Less: Preferred stock dividends and redemption charge | 17,998 | 10,238 | 10,238 | ||||||||
Net income available to common shareholders | $ 101,919 | $ 99,330 | $ 108,622 | $ 100,607 | $ 27,046 | $ 95,448 | $ 73,444 | $ 69,298 | 410,478 | 265,236 | 236,546 |
Parent Company | |||||||||||
Income | |||||||||||
Cash dividends received from subsidiaries | 250,000 | 283,210 | 325,000 | ||||||||
Cash distributions received from Synovus Bank | 10,000 | 167,790 | 0 | ||||||||
Interest income | 1,703 | 1,443 | 2,565 | ||||||||
Other (loss) income | (3,904) | 345 | 4,595 | ||||||||
Total income | 257,799 | 452,788 | 332,160 | ||||||||
Expenses | |||||||||||
Interest expense | 25,287 | 43,922 | 52,831 | ||||||||
Other expenses | 21,455 | 33,955 | 20,652 | ||||||||
Total expenses | 46,742 | 77,877 | 73,483 | ||||||||
Income before income taxes | 211,057 | 374,911 | 258,677 | ||||||||
Allocated income tax benefit | (13,690) | (30,421) | (25,628) | ||||||||
Income before equity in undistributed income (loss) of subsidiaries | 224,747 | 405,332 | 284,305 | ||||||||
Equity in undistributed income (loss) of subsidiaries | 203,729 | (129,858) | (37,521) | ||||||||
Net income (loss) available to controlling interest | 428,476 | 275,474 | 246,784 | ||||||||
Less: Preferred stock dividends and redemption charge | 17,998 | 10,238 | 10,238 | ||||||||
Net income available to common shareholders | $ 410,478 | $ 265,236 | $ 236,546 |
Condensed Financial Informati_5
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, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income, Before-tax Amount | $ 547,354 | $ 480,138 | $ 388,451 | ||||||||
Net income, Tax (Expense) Benefit | $ (38,784) | $ (18,949) | $ (30,936) | $ (30,209) | $ (74,361) | $ (54,668) | $ (41,788) | $ (33,847) | (118,878) | (204,664) | (141,667) |
Net income | $ 105,070 | $ 109,059 | $ 111,181 | $ 103,166 | $ 29,605 | $ 98,007 | $ 76,003 | $ 71,857 | 428,476 | 275,474 | 246,784 |
Reclassification adjustment for losses realized in net income on cash flow hedges, Before-tax Amount | 0 | 130 | 467 | ||||||||
Reclassification adjustment for losses realized in net income on cash flow hedges, Tax (Expense) Benefit | 0 | (50) | (180) | ||||||||
Reclassification adjustment for losses realized in net income, Net of Tax Amount | 0 | 80 | 287 | ||||||||
Reclassification adjustment for net losses (gains) realized in net income on investment securities available for sale, Before-tax Amount | 1,296 | 289 | (6,011) | ||||||||
Reclassification adjustment for net losses (gains) realized in net income on investment securities available for sale, Tax (Expense) Benefit | (336) | (111) | 2,314 | ||||||||
Reclassification adjustment for net losses (gains) realized in net income on investment securities available for sale, Net of Tax Amount | 960 | 178 | (3,697) | ||||||||
Net unrealized (losses) gains arising during the period, Before-tax Amount | (44,565) | 1,038 | (36,432) | ||||||||
Net unrealized gains (losses) arising during the period, Tax (Expense) Benefit | 11,542 | (362) | 14,027 | ||||||||
Net unrealized gains (losses) arising during the period, Net of Tax Amount | (33,023) | 676 | (22,405) | ||||||||
Other comprehensive (loss) income, Before-tax Amount | (43,447) | 1,408 | (42,018) | ||||||||
Other comprehensive (loss) income, Tax (Expense) Benefit | 11,252 | (503) | 16,178 | ||||||||
Net current period other comprehensive income (loss) | (32,195) | 905 | (25,840) | ||||||||
Comprehensive income, Net of Tax Amount | 396,281 | 276,379 | 220,944 | ||||||||
Parent Company | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income, Before-tax Amount | 547,354 | 480,138 | 388,451 | ||||||||
Net income, Tax (Expense) Benefit | (118,878) | (204,664) | (141,667) | ||||||||
Net income | 428,476 | 275,474 | 246,784 | ||||||||
Reclassification adjustment for losses realized in net income on cash flow hedges, Before-tax Amount | 0 | 130 | 467 | ||||||||
Reclassification adjustment for losses realized in net income on cash flow hedges, Tax (Expense) Benefit | 0 | (50) | (180) | ||||||||
Reclassification adjustment for losses realized in net income, Net of Tax Amount | 0 | 80 | 287 | ||||||||
Reclassification adjustment for net losses (gains) realized in net income on investment securities available for sale, Before-tax Amount | 0 | (5,506) | (5,763) | ||||||||
Reclassification adjustment for net losses (gains) realized in net income on investment securities available for sale, Tax (Expense) Benefit | 0 | 2,120 | 2,219 | ||||||||
Reclassification adjustment for net losses (gains) realized in net income on investment securities available for sale, Net of Tax Amount | 0 | (3,386) | (3,544) | ||||||||
Net unrealized (losses) gains arising during the period, Before-tax Amount | 0 | 0 | 2,358 | ||||||||
Net unrealized gains (losses) arising during the period, Tax (Expense) Benefit | 0 | 0 | (908) | ||||||||
Net unrealized gains (losses) arising during the period, Net of Tax Amount | 0 | 0 | 1,450 | ||||||||
Other comprehensive (loss) gain of bank subsidiary, Before-tax Amount | (43,447) | 6,784 | (39,080) | ||||||||
Other comprehensive (loss) gain of bank subsidiary, Tax (expense) Benefit | 11,252 | (2,573) | 15,047 | ||||||||
Other comprehensive (loss) gain of bank subsidiary, Net of Tax Amount | (32,195) | 4,211 | (24,033) | ||||||||
Other comprehensive (loss) income, Before-tax Amount | (43,447) | 1,408 | (42,018) | ||||||||
Other comprehensive (loss) income, Tax (Expense) Benefit | 11,252 | (503) | 16,178 | ||||||||
Net current period other comprehensive income (loss) | (32,195) | 905 | (25,840) | ||||||||
Comprehensive income, Net of Tax Amount | $ 396,281 | $ 276,379 | $ 220,944 |
Condensed Financial Informati_6
Condensed Financial Information Of Synovus Financial Corp. (Parent Company Only) (Condensed Statements of Cash Flows) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Net cash provided by operating activities | $ 538,052 | $ 631,204 | $ 465,887 | |||
Investing Activities | ||||||
Proceeds from sales of investment securities available for sale | 35,066 | 812,293 | 968,606 | |||
Net cash used in investing activities | (1,338,049) | (1,473,904) | (1,416,936) | |||
Financing Activities | ||||||
Repurchases of common stock | (175,072) | (175,079) | (263,084) | |||
Repayments and redemption of long-term debt | (2,230,052) | (2,350,422) | (2,213,688) | |||
Proceeds from issuance of long-term debt | 2,280,000 | 1,771,866 | 1,875,000 | |||
Net proceeds from issuance of Series D Preferred Stock | 195,140 | 0 | 0 | |||
Redemption of Series C Preferred Stock | (130,000) | 0 | 0 | |||
Earnout payment | (1,220) | (892) | 0 | |||
Net cash provided by financing activities | 1,010,628 | 776,588 | 665,911 | |||
Increase (decrease) in cash and cash equivalents including restricted cash | 210,631 | (66,112) | (285,138) | |||
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of year | [2] | 932,933 | [1] | 999,045 | 1,284,183 | |
Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of year | [2] | 1,143,564 | [1] | 932,933 | [1] | 999,045 |
Income taxes, net | 41,008 | 18,040 | 9,340 | |||
Interest | 180,241 | 143,237 | 123,560 | |||
Parent Company | ||||||
Operating Activities | ||||||
Net income | 428,476 | 275,474 | 246,784 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Equity in undistributed (income) loss of subsidiaries | (203,729) | 129,858 | 37,521 | |||
Deferred income tax expense | 1,055 | 60,931 | 17,989 | |||
Net increase (decrease) in other liabilities | 9,551 | (1,095) | 7,746 | |||
Net decrease (increase) in other assets | 6,723 | (8) | (9,214) | |||
Other, net | 1,115 | (3,330) | (1,648) | |||
Net cash provided by operating activities | 243,191 | 461,830 | 299,178 | |||
Investing Activities | ||||||
Proceeds from sales of investment securities available for sale | 0 | 4,305 | 0 | |||
Net cash received (used) in acquisitions/dispositions | 0 | 0 | (3,408) | |||
Net decrease in short-term notes receivable from non-bank subsidiaries | 0 | 35,200 | 31,800 | |||
Net cash used in investing activities | 0 | 39,505 | 28,392 | |||
Financing Activities | ||||||
Dividends paid to common and preferred shareholders | (120,202) | (64,908) | (69,663) | |||
Repurchases of common stock | (175,072) | (175,079) | (263,084) | |||
Repayments and redemption of long-term debt | 0 | (600,386) | (130,048) | |||
Proceeds from issuance of long-term debt | 0 | 296,866 | 0 | |||
Net proceeds from issuance of Series D Preferred Stock | 195,140 | 0 | 0 | |||
Redemption of Series C Preferred Stock | (130,000) | 0 | 0 | |||
Earnout payment | (1,220) | (892) | 0 | |||
Net cash provided by financing activities | (231,354) | (544,399) | (462,795) | |||
Increase (decrease) in cash and cash equivalents including restricted cash | 11,837 | (43,064) | (135,225) | |||
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of year | 211,186 | 254,250 | 389,475 | |||
Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of year | 223,023 | 211,186 | 254,250 | |||
Income taxes, net | 41,700 | 18,000 | 9,500 | |||
Interest | $ 24,200 | $ 51,000 | $ 53,100 | |||
[1] | See "Note 1 - Summary of Significant Accounting Policies" of this Report for information on Synovus' change in presentation of cash and cash equivalents. | |||||
[2] | See "Note 1 - Summary of Significant Accounting Policies" of this Report for information on Synovus' change in presentation of cash and cash equivalents.See accompanying notes to the audited consolidated financial statements. |
Subsequent Events (Details)
Subsequent Events (Details) | Jan. 01, 2019USD ($)branch | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Feb. 07, 2019USD ($) |
Subsequent Event [Line Items] | |||||
Loans, net | $ 25,696,018,000 | $ 24,538,196,000 | |||
Deposits | 26,720,322,000 | 26,147,900,000 | |||
Merger-related expense | $ 10,065,000 | $ 110,000 | $ 1,636,000 | ||
Interest rate during the year | 0.96% | 0.37% | 0.18% | ||
FCB Financial Holdings, Inc. | |||||
Subsequent Event [Line Items] | |||||
Merger-related expense | $ 10,100,000 | ||||
Pro forma total revenue, net of interest expense | 1,900,000,000 | ||||
Pro forma net income available to common shareholders | $ 613,000,000 | ||||
Subsequent Event | 5.9% Subordinated Notes | |||||
Subsequent Event [Line Items] | |||||
Debt, face amount | $ 300,000,000 | ||||
Subsequent Event | FCB Financial Holdings, Inc. | |||||
Subsequent Event [Line Items] | |||||
Consideration transferred | $ 1,600,000,000 | ||||
Loans, net | 9,420,000,000 | ||||
Deposits | $ 10,890,000,000 | ||||
Number of branches | branch | 51 | ||||
Maximum | Subsequent Event | 5.9% Subordinated Notes | |||||
Subsequent Event [Line Items] | |||||
Stated percentage | 5.90% | ||||
Minimum | Subsequent Event | 5.9% Subordinated Notes | |||||
Subsequent Event [Line Items] | |||||
Stated percentage | 3.379% |
Summary of Quarterly Financia_3
Summary of Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Quarterly Financial Data [Abstract] | |||||||||||
Interest income | $ 357,395 | $ 343,942 | $ 329,834 | $ 313,134 | $ 306,934 | $ 297,652 | $ 285,510 | $ 272,401 | $ 1,344,305 | $ 1,162,497 | $ 1,022,803 |
Net interest income | 297,933 | 291,619 | 284,577 | 274,284 | 269,713 | 262,572 | 251,097 | 239,927 | 1,148,413 | 1,023,309 | 899,180 |
Provision for loan losses | 12,149 | 14,982 | 11,790 | 12,776 | 8,565 | 39,686 | 10,260 | 8,674 | 51,697 | 67,185 | 28,000 |
Income before income taxes | 143,854 | 128,008 | 142,117 | 133,375 | 103,966 | 152,675 | 117,791 | 105,704 | |||
Income tax expense | 38,784 | 18,949 | 30,936 | 30,209 | 74,361 | 54,668 | 41,788 | 33,847 | 118,878 | 204,664 | 141,667 |
Net income | 105,070 | 109,059 | 111,181 | 103,166 | 29,605 | 98,007 | 76,003 | 71,857 | 428,476 | 275,474 | 246,784 |
Net income available common shareholders | $ 101,919 | $ 99,330 | $ 108,622 | $ 100,607 | $ 27,046 | $ 95,448 | $ 73,444 | $ 69,298 | $ 410,478 | $ 265,236 | $ 236,546 |
Net income per common share, basic (in dollars per share) | $ 0.88 | $ 0.85 | $ 0.92 | $ 0.85 | $ 0.23 | $ 0.79 | $ 0.60 | $ 0.57 | $ 3.49 | $ 2.19 | $ 1.90 |
Net income per common share, diluted (in dollars per share) | $ 0.87 | $ 0.84 | $ 0.91 | $ 0.84 | $ 0.23 | $ 0.78 | $ 0.60 | $ 0.56 | $ 3.47 | $ 2.17 | $ 1.89 |