Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 26, 2020 | Jun. 28, 2019 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2019 | ||
Entity File Number | 1-10312 | ||
Entity Registrant Name | SYNOVUS FINANCIAL CORP | ||
Entity Incorporation, State or Country Code | GA | ||
Entity Tax Identification Number | 58-1134883 | ||
Entity Address, Address Line One | 1111 Bay Avenue | ||
Entity Address, Address Line Two | Suite 500, | ||
Entity Address, City or Town | Columbus, | ||
Entity Address, State or Province | GA | ||
Entity Address, Postal Zip Code | 31901 | ||
City Area Code | 706 | ||
Local Phone Number | 644-2738 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 5,227,154,205 | ||
Entity Common Stock, Shares Outstanding | 147,256,201 | ||
Documents Incorporated by Reference | Incorporated Documents Form 10-K Reference Locations Portions of the Proxy Statement for the Annual Meeting of Shareholders to be held April 22, 2020 (“Proxy Statement”) Part III | ||
Entity Central Index Key | 0000018349 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Common Stock, $1.00 Par Value | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Common Stock, $1.00 Par Value | ||
Trading Symbol | SNV | ||
Security Exchange Name | NYSE | ||
Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D | ||
Trading Symbol | SNV - PrD | ||
Security Exchange Name | NYSE | ||
Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E | ||
Trading Symbol | SNV - PrE | ||
Security Exchange Name | NYSE |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |
ASSETS | |||
Cash and due from banks | $ 535,846 | $ 468,426 | |
Interest-bearing funds with Federal Reserve Bank | 553,390 | 641,476 | |
Interest earning deposits with banks | 20,635 | 19,841 | |
Federal funds sold and securities purchased under resale agreements | 77,047 | 13,821 | |
Total cash, cash equivalents, restricted cash, and restricted cash equivalents | [1] | 1,186,918 | 1,143,564 |
Investment securities available for sale, at fair value | 6,778,670 | 3,991,632 | |
Mortgage loans held for sale, at fair value | 115,173 | 37,129 | |
Loans, net of deferred fees and costs | 37,162,450 | 25,946,573 | |
Allowance for loan losses | (281,402) | (250,555) | |
Loans, net | 36,881,048 | 25,696,018 | |
Cash surrender value of bank-owned life insurance | 775,665 | 554,134 | |
Premises and equipment | 493,940 | ||
Premises and equipment | 434,307 | ||
Goodwill | 497,267 | 57,315 | |
Other intangible assets | 55,671 | 9,875 | |
Other assets | 1,418,930 | 745,218 | |
Total assets | 48,203,282 | 32,669,192 | |
Deposits: | |||
Non-interest-bearing deposits | 9,439,485 | 7,650,967 | |
Interest-bearing deposits | 28,966,019 | 19,069,355 | |
Total deposits | 38,405,504 | 26,720,322 | |
Federal funds purchased and securities sold under repurchase agreements | 165,690 | 237,692 | |
Other short-term borrowings | 1,753,560 | 650,000 | |
Long-term debt | 2,153,897 | 1,657,157 | |
Other liabilities | 782,941 | 270,419 | |
Total liabilities | 43,261,592 | 29,535,590 | |
Shareholders' Equity | |||
Preferred Stock - no par value; authorized 100,000,000 shares; issued 22,000,000 and 8,000,000 | 537,145 | 195,140 | |
Common stock - $1.00 par value; authorized 342,857,143 shares; issued 166,800,623 and 143,300,449; outstanding 147,157,596 and 115,865,510 | 166,801 | 143,300 | |
Additional paid-in capital | 3,819,336 | 3,060,561 | |
Treasury stock, at cost; 19,643,027 and 27,434,939 shares | (715,560) | (1,014,746) | |
Accumulated other comprehensive income (loss), net | 65,641 | (94,420) | |
Retained earnings | 1,068,327 | 843,767 | |
Total shareholders’ equity | 4,941,690 | 3,133,602 | |
Total liabilities and shareholders' equity | $ 48,203,282 | $ 32,669,192 | |
[1] | Where applicable, changes for balances as of December 31, 2019 , compared to December 31, 2018 , exclude amounts acquired on the Acquisition Date. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Preferred stock, shares issued (in shares) | 22,000,000 | 8,000,000 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 342,857,143 | 342,857,143 |
Common stock, shares issued (in shares) | 166,800,623 | 143,300,449 |
Common stock, shares outstanding (in shares) | 147,157,596 | 115,865,510 |
Treasury stock, shares at cost (in shares) | 19,643,027 | 27,434,939 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Income Statement [Abstract] | ||||
Loans, including fees | $ 1,817,285 | $ 1,226,648 | $ 1,064,276 | |
Investment securities available for sale | 208,826 | 96,928 | 82,699 | |
Mortgage loans held for sale | 3,233 | 1,950 | 1,926 | |
Federal Reserve Bank balances | 10,384 | 10,156 | 6,470 | |
Other earning assets | 10,910 | 8,623 | 7,126 | |
Total interest income | 2,050,638 | 1,344,305 | 1,162,497 | |
Interest expense: | ||||
Deposits | 356,949 | 143,871 | 81,325 | |
Federal funds purchased, securities sold under repurchase agreements, and other short-term borrowings | 26,185 | 3,553 | 950 | |
Long-term debt | 71,701 | 48,468 | 56,913 | |
Total interest expense | 454,835 | 195,892 | 139,188 | |
Net interest income | 1,595,803 | 1,148,413 | 1,023,309 | |
Provision for loan losses | 87,720 | [1] | 51,697 | 67,185 |
Net interest income after provision for loan losses | 1,508,083 | 1,096,716 | 956,124 | |
Non-interest income: | ||||
Service charges on deposit accounts | 88,190 | 80,840 | 81,419 | |
Fiduciary and asset management fees | 58,388 | 54,685 | 50,485 | |
Card fees | 45,659 | 42,503 | 39,376 | |
Brokerage revenue | 41,608 | 35,366 | 29,266 | |
Mortgage banking income | 32,599 | 18,958 | 22,798 | |
Capital markets income | 30,529 | 5,803 | 5,632 | |
Income from bank-owned life insurance | 21,226 | 15,403 | 13,460 | |
Cabela's Transaction Fee | 0 | 0 | 75,000 | |
Investment securities losses, net | (7,659) | (1,296) | (289) | |
Other non-interest income | 45,360 | 27,831 | 28,180 | |
Total non-interest income | 355,900 | 280,093 | 345,327 | |
Non-interest expense: | ||||
Salaries and other personnel expense | 570,036 | 453,420 | 433,321 | |
Net occupancy and equipment expense | 161,906 | 130,482 | 119,964 | |
Third-party processing and other services | 75,696 | 58,625 | 54,708 | |
Professional fees | 35,300 | 26,737 | 26,232 | |
FDIC insurance and other regulatory fees | 31,696 | 24,494 | 27,011 | |
Advertising expense | 21,371 | 20,881 | 22,948 | |
Merger-related expense | 56,580 | 10,065 | 110 | |
Loss on early extinguishment of debt, net | 4,592 | [1] | 0 | 23,160 |
Other operating expenses | 141,791 | 104,751 | 113,859 | |
Total non-interest expense | 1,098,968 | 829,455 | 821,313 | |
Income before income taxes | 765,015 | 547,354 | 480,138 | |
Income tax expense | 201,235 | 118,878 | 204,664 | |
Net income | 563,780 | [1] | 428,476 | 275,474 |
Less: Preferred stock dividends and redemption charge | 22,881 | 17,998 | 10,238 | |
Net income available to common shareholders | $ 540,899 | $ 410,478 | $ 265,236 | |
Net income per common share, basic (in dollars per share) | $ 3.50 | $ 3.49 | $ 2.19 | |
Net income per common share, diluted (in dollars per share) | $ 3.47 | $ 3.47 | $ 2.17 | |
Weighted average common shares outstanding, basic (in shares) | 154,331 | 117,644 | 121,162 | |
Weighted average common shares outstanding, diluted (in shares) | 156,058 | 118,378 | 122,012 | |
[1] | Where applicable, changes for balances as of December 31, 2019 , compared to December 31, 2018 , exclude amounts acquired on the Acquisition Date. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Statement of Comprehensive Income [Abstract] | ||||
Net income, Before-tax Amount | $ 765,015 | $ 547,354 | $ 480,138 | |
Net income, Income Tax | (201,235) | (118,878) | (204,664) | |
Net income | 563,780 | [1] | 428,476 | 275,474 |
Before-tax Amount | ||||
Net unrealized gains (losses) arising during the period | (8,570) | 0 | 0 | |
Reclassification adjustment for realized (gains) losses included in net income | 0 | 0 | 130 | |
Net change | (8,570) | 0 | 130 | |
Income Tax | ||||
Net unrealized gains (losses) arising during the period | (2,220) | 0 | 0 | |
Reclassification adjustment for realized (gains) losses included in net income | 0 | 0 | (50) | |
Net change | 2,220 | 0 | (50) | |
Net of Tax Amount | ||||
Net unrealized gains (losses) arising during the period | (6,350) | 0 | 0 | |
Reclassification adjustment for realized (gains) losses included in net income | 0 | 0 | 80 | |
Net change | (6,350) | 0 | 80 | |
Before-tax Amount | ||||
Net unrealized gains (losses) arising during the period | 217,501 | (44,565) | 1,038 | |
Reclassification adjustment for realized (gains) losses included in net income | 7,659 | 1,296 | 289 | |
Net change | 225,160 | (43,269) | 1,327 | |
Income Tax | ||||
Net unrealized gains (losses) arising during the period | (56,331) | 11,542 | (362) | |
Reclassification adjustment for realized (gains) losses included in net income | (1,984) | (336) | (111) | |
Net change | (58,315) | 11,206 | (473) | |
Net of Tax Amount | ||||
Net unrealized gains (losses) arising during the period | 161,170 | (33,023) | 676 | |
Reclassification adjustment for realized (gains) losses included in net income | 5,675 | 960 | 178 | |
Net change | 166,845 | (32,063) | 854 | |
Before-tax Amount | ||||
Actuarial gains (losses), net arising during the period | (510) | (46) | 61 | |
Reclassification adjustment for realized (gains) losses included in net income | (70) | (132) | (110) | |
Net change | (580) | (178) | (49) | |
Income Tax | ||||
Actuarial gains (losses), net arising during the period | 132 | 12 | (23) | |
Reclassification adjustment for realized (gains) losses included in net income | 14 | 34 | 43 | |
Net change | 146 | 46 | 20 | |
Net of Tax Amount | ||||
Actuarial gains (losses), net arising during the period | (378) | (34) | 38 | |
Reclassification adjustment for realized (gains) losses included in net income | (56) | (98) | (67) | |
Net change | (434) | (132) | (29) | |
Other comprehensive income (loss), Before-tax Amount | 216,010 | (43,447) | 1,408 | |
Other comprehensive income (loss), Income Tax | (55,949) | 11,252 | (503) | |
Net current period other comprehensive income (loss) | 160,061 | (32,195) | 905 | |
Comprehensive income | $ 723,841 | $ 396,281 | $ 276,379 | |
[1] | Where applicable, changes for balances as of December 31, 2019 , compared to December 31, 2018 , exclude amounts acquired on the Acquisition Date. |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | FCB Financial Holdings, Inc. | Series C Preferred Stock | Series D Preferred Stock | Series E Preferred Stock | Preferred Stock | Preferred StockSeries C Preferred Stock | Preferred StockSeries D Preferred Stock | Preferred StockSeries E Preferred Stock | Common Stock | Common StockFCB Financial Holdings, Inc. | Additional Paid-in Capital | Additional Paid-in CapitalFCB Financial Holdings, Inc. | Treasury Stock | Treasury StockFCB Financial Holdings, Inc. | AOCI | Retained Earnings | Retained EarningsFCB Financial Holdings, Inc. | Retained EarningsSeries C Preferred Stock | ||
Beginning balance at Dec. 31, 2016 | $ 2,927,924 | $ 125,980 | $ 142,026 | $ 3,028,405 | $ (664,595) | $ (55,659) | $ 351,767 | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||
Reclassification from adoption of ASU 2018-02 | 7,600 | ||||||||||||||||||||
Net income | 275,474 | 275,474 | |||||||||||||||||||
Other comprehensive income (loss), net of income taxes | 905 | 905 | |||||||||||||||||||
Cash dividends declared on common stock | (72,506) | (72,506) | |||||||||||||||||||
Cash dividends paid on Preferred Stock | [1] | (10,238) | (10,238) | ||||||||||||||||||
Repurchases of common stock including costs to repurchase | (175,079) | (175,000) | (175,079) | ||||||||||||||||||
Issuance of common stock for earnout payment | 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 expense | 14,179 | 14,179 | |||||||||||||||||||
Ending balance at Dec. 31, 2017 | 2,961,566 | 125,980 | 142,678 | 3,043,129 | (839,674) | (54,754) | 544,207 | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||
Adoption of new accounting pronouncements | Cumulative-effect adjustment from adoption of ASU 2014-09 | (685) | (685) | |||||||||||||||||||
Adoption of new accounting pronouncements | Cumulative effect adjustment from adoption of ASU 2016-01 | 0 | 117 | (117) | ||||||||||||||||||
Reclassification from adoption of ASU 2018-02 | 0 | (7,588) | 7,588 | ||||||||||||||||||
Net income | 428,476 | 428,476 | |||||||||||||||||||
Other comprehensive income (loss), net of income taxes | (32,195) | (32,195) | |||||||||||||||||||
Cash dividends declared on common stock | (117,355) | (117,355) | |||||||||||||||||||
Cash dividends paid on Preferred Stock | [1] | (13,978) | (13,978) | ||||||||||||||||||
Repurchases of common stock including costs to repurchase | (175,072) | $ (130,000) | $ (125,980) | (175,000) | (175,072) | $ (4,020) | |||||||||||||||
Issuance of Preferred Stock, net of issuance costs | $ 195,140 | $ 195,140 | |||||||||||||||||||
Issuance of common stock for earnout payment | 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 expense | 16,643 | 16,643 | |||||||||||||||||||
Ending balance at Dec. 31, 2018 | 3,133,602 | 195,140 | 143,300 | 3,060,561 | (1,014,746) | (94,420) | 843,767 | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||
Adoption of new accounting pronouncements | Cumulative-effect adjustment from adoption of ASU 2016-02 | 4,270 | 4,270 | |||||||||||||||||||
Net income | 563,780 | [2] | 563,780 | ||||||||||||||||||
Other comprehensive income (loss), net of income taxes | 160,061 | 160,061 | |||||||||||||||||||
Cash dividends declared on common stock | (183,091) | (183,091) | |||||||||||||||||||
Cash dividends paid on Preferred Stock | [1] | (22,881) | $ (22,881) | ||||||||||||||||||
Repurchases of common stock including costs to repurchase | (725,398) | (725,000) | (725,398) | ||||||||||||||||||
Issuance of Preferred Stock, net of issuance costs | $ 342,005 | $ 342,005 | |||||||||||||||||||
Issuance of common stock for earnout payment | 11,846 | $ 704,146 | 344 | $ 22,043 | 11,502 | $ 682,103 | |||||||||||||||
Common stock reissued | 877,570 | $ 1,014,746 | $ (137,176) | ||||||||||||||||||
Fair value of exchanged equity awards and warrants attributed to purchase price | $ 43,972 | $ 43,972 | |||||||||||||||||||
Restricted share unit vesting and taxes paid related to net share settlement | (8,855) | 302 | (8,831) | (326) | |||||||||||||||||
Stock options exercised | 16,176 | 812 | 15,364 | ||||||||||||||||||
Warrants exercised with net settlement and common stock reissued | 0 | (9,822) | 9,838 | (16) | |||||||||||||||||
Share-based compensation expense | 24,487 | 24,487 | |||||||||||||||||||
Ending balance at Dec. 31, 2019 | $ 4,941,690 | $ 537,145 | $ 166,801 | $ 3,819,336 | $ (715,560) | $ 65,641 | $ 1,068,327 | ||||||||||||||
[1] | For the year ended December 31, 2019 , dividends per share were $1.58 and $0.73 for Series D and Series E Preferred Stock, respectively. For the year ended December 31, 2018 , dividends per share were $1.48 and $0.79 for Series C and Series D Preferred Stock, respectively. For the year ended December 31, 2017 , dividends per share were $1.97 for Series C Preferred Stock. | ||||||||||||||||||||
[2] | Where applicable, changes for balances as of December 31, 2019 , compared to December 31, 2018 , exclude amounts acquired on the Acquisition Date. |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Stockholders' Equity [Abstract] | |||
Common stock, dividends (in dollars per share) | $ 1.20 | $ 1 | $ 0.6 |
Series D Preferred Stock | |||
Dividends declared on preferred stock during the year but paid after year-end (in dollars per share) | 1.58 | 0.79 | |
Series E Preferred Stock | |||
Dividends declared on preferred stock during the year but paid after year-end (in dollars per share) | $ 0.73 | ||
Series C Preferred Stock | |||
Dividends declared on preferred stock during the year but paid after year-end (in dollars per share) | $ 1.48 | $ 1.97 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2019USD ($) | [1] | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | ||
Operating Activities | |||||
Net income | $ 563,780 | $ 428,476 | $ 275,474 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||
Provision for loan losses | 87,720 | 51,697 | 67,185 | ||
Depreciation, amortization, and accretion, net | 8,079 | 55,172 | 59,121 | ||
Deferred income tax expense | 86,633 | 36,215 | 231,056 | ||
Originations of mortgage loans held for sale | (872,105) | (543,073) | (622,564) | ||
Proceeds from sales of mortgage loans held for sale | 816,223 | 565,672 | 642,193 | ||
Gain on sales of mortgage loans held for sale, net | (21,448) | (12,291) | (13,450) | ||
Increase in other assets | (127,636) | (83,957) | (74,090) | ||
Increase in other liabilities | 43,066 | 22,202 | 28,651 | ||
Investment securities losses, net | 7,659 | 1,296 | 289 | ||
Loss on early extinguishment of debt, net | 4,592 | 0 | 23,160 | ||
Share-based compensation expense | 24,487 | 16,643 | 14,179 | ||
Net cash provided by operating activities | 621,050 | 538,052 | 631,204 | ||
Investing Activities | |||||
Net cash received in business combination, net of cash paid | 201,100 | 0 | 0 | ||
Proceeds from maturities and principal collections of investment securities available for sale | 1,102,651 | 603,099 | 632,875 | ||
Proceeds from sales of investment securities available for sale | 2,923,787 | 35,066 | 812,293 | ||
Purchases of investment securities available for sale | (4,300,021) | (700,194) | (1,729,902) | ||
Proceeds from sales of loans | 74,123 | 22,915 | 42,726 | ||
Purchases of loans | (667,954) | (265,934) | (494,687) | ||
Proceeds from sales of other real estate and other assets | 19,907 | 12,854 | 17,480 | ||
Net increase in loans excluding loans acquired in business combination | (1,361,693) | (969,326) | (565,895) | ||
Net (purchases) redemptions of Federal Home Loan Bank stock | (55,335) | (25,500) | 7,438 | ||
Net (purchases) redemptions of Federal Reserve Bank stock | (45,856) | (282) | 2,984 | ||
Proceeds from settlement (purchases) of bank-owned life insurance policies | 16,637 | 2,412 | (148,110) | ||
Net increase in premises and equipment | (61,208) | (53,159) | (51,106) | ||
Net cash used in investing activities | (2,153,862) | (1,338,049) | (1,473,904) | ||
Financing Activities | |||||
Net increase in deposits | 797,612 | 571,897 | 1,499,085 | ||
Net (decrease) increase in federal funds purchased and securities sold under repurchase agreements | (101,142) | 76,502 | 1,491 | ||
Net increase in other short-term borrowings | 1,103,560 | 550,000 | 100,000 | ||
Repayments and redemption of long-term debt | (157,226) | (2,230,052) | (2,350,422) | ||
Proceeds from issuance of long-term debt, net | 497,045 | 2,280,000 | 1,771,866 | ||
Dividends paid to common shareholders | (167,923) | (106,224) | (54,670) | ||
Dividends paid to preferred shareholders | (17,741) | (13,978) | (10,238) | ||
Proceeds from issuance of preferred stock | 342,005 | 195,140 | 0 | ||
Redemption of preferred stock | 0 | (130,000) | 0 | ||
Stock options and warrants exercised | 16,176 | 2,139 | 3,440 | ||
Earnout payment | (1,947) | (1,220) | (892) | ||
Repurchase of common stock | (725,398) | (175,072) | (175,079) | ||
Taxes paid related to net share settlement of equity awards | (8,855) | (8,504) | (7,993) | ||
Net cash provided by financing activities | 1,576,166 | 1,010,628 | 776,588 | ||
Increase (decrease) in cash and cash equivalents including restricted cash | 43,354 | 210,631 | (66,112) | ||
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of year | 1,143,564 | 932,933 | 999,045 | ||
Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of year | 1,186,918 | 1,143,564 | [1] | 932,933 | |
Supplemental Disclosures: | |||||
Income taxes paid | 101,781 | 41,008 | 18,040 | ||
Interest paid | 464,712 | 180,241 | 143,237 | ||
Non-cash Activities: | |||||
Common stock issued, treasury stock reissued, equity awards/warrants exchanged to acquire FCB | 1,625,688 | 0 | 0 | ||
Loans foreclosed and transferred to other real estate | 19,423 | 13,168 | 7,154 | ||
Premises and equipment transferred to other assets held for sale | 6,139 | 896 | 7,733 | ||
Loans transferred to (from) other loans held for sale at fair value, net | 72,707 | 12,568 | 52,829 | ||
Dividends declared on common stock during the year but paid after year-end | 44,143 | 28,966 | 17,835 | ||
Dividends declared on preferred stock during the year but paid after year-end | 5,141 | 0 | 0 | ||
Settlement of earnout payment with shares of common stock | 11,846 | 7,427 | 5,460 | ||
ASU 2016-01 equity investment securities available for sale transferred to other assets | $ 0 | $ 3,162 | $ 0 | ||
[1] | Where applicable, changes for balances as of December 31, 2019 , compared to December 31, 2018 , exclude amounts acquired on the Acquisition Date. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 1 - Summary of Significant Accounting Policies Business Operations Synovus provides commercial and retail banking in addition to a full suite of specialized products and services including treasury management, mortgage services, premium finance and international banking to its customers through its wholly-owned subsidiary bank, Synovus Bank, in offices located throughout Alabama, Florida, Georgia, South Carolina 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; and Synovus Trust, headquartered in Columbus, Georgia, which provides trust, asset management, and financial planning 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 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. No reclassifications of prior period balances were material to the consolidated financial statements unless specifically disclosed. The Company’s consolidated financial statements include all entities in which the Company has a controlling financial interest. A 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. The Company uses the hypothetical liquidation book value (HLBV) method for equity investments when the liquidation rights and priorities as defined by an equity investment agreement differ from what is reflected by the underlying percentage ownership interests. Investments in VIEs 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 16 - Commitments and Contingencies" of this Report for additional details regarding Synovus' involvement with VIEs. Use of Estimates In preparing the consolidated financial statements in accordance with GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the respective consolidated balance sheets and the reported amounts of 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 or other credit losses; estimates of fair value; income taxes; and contingent liabilities including legal matters, 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" of this Report. 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, 2019 , required deposits with the Federal Reserve Bank amounted to $111.5 million and at December 31, 2018 no cash balances were required to be on deposit with the Federal Reserve Bank. Cash and cash equivalents included $87.8 million at December 31, 2019 and $25.6 million at December 31, 2018 , which were pledged to collateralize certain derivative instruments and letters of credit. 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. 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 AOCI 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 unless the premium is related to callable debt securities. For these securities, the amortization period is shortened to the earliest call date. 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. 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. Loans Held for Investment and Interest Income 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 costs. Interest income and deferred fees, net of costs 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 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, 2019 and 2018 , 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 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 Alabama, Florida, Georgia, South Carolina and Tennessee. Accordingly, the ultimate collectability of a substantial portion of the loan portfolio is susceptible to changes in market conditions in these areas. Purchased loans Loans acquired through a business combination are recorded at fair value in accordance with ASC Topic 820, Fair Value Measurement , consistent with the exit price concept on the date of acquisition. Credit risk assumptions and resulting credit discounts are included in the determination of fair value; therefore, no allowance for loan losses is recorded at the acquisition date. Pursuant to an AICPA letter dated December 18, 2009, the AICPA summarized the SEC staff's view regarding the accounting in subsequent periods for discount accretion associated with loan receivables acquired in a business combination or asset purchase. Regarding the accounting for such loan receivables, in the absence of further standard setting, the AICPA understands the SEC staff would not object to an accounting policy based on contractual cash flows (ASC Topic 310-20, Nonrefundable Fees and Other Costs ) or an accounting policy based on expected cash flows (ASC Topic 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality ). Synovus analogizes to ASC 310-30 to account for the fair value discount. Purchased loans are evaluated upon acquisition as following the ASC 310-30 approach or ASC 310-20. Loans meeting the scope exception of ASC 310-30 (e.g. loans with revolving components) are not permitted to be analogized and will be accounted for in accordance with ASC 310-20. ASC 310-30 loans acquired in the same fiscal quarter are aggregated into pools according to the nature of the loan and risk rating (similar to non-impaired originated loans). A pool is then accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows. For ASC 310-30 loans, expected cash flows at the acquisition date in excess of the fair value of loans are recorded as interest income over the life of the loans using a level yield method if the timing and amount of the future cash flows is reasonably estimable. Subsequent to the acquisition date, increases in cash flows over those expected at the acquisition date are recognized prospectively as interest income. Decreases in expected cash flows due to credit deterioration are recognized by recording an ALL. Loan removals from pools due to pay-off or charge-off are removed at their carrying amount. The difference between the carrying amount and the amount received to satisfy the loan is recorded in interest income. For ASC 310-20 loans, the difference between the fair value and UPB of the loan at the acquisition date is amortized or accreted to interest income over the contractual life of the loans using the effective interest method. In the event of prepayment, the remaining unamortized amount is recognized in interest income in the quarter of prepayment. Due to the significant difference in accounting for ASC 310-30 loans, Synovus believes inclusion of these loans in certain asset quality ratios that reflect NPAs in the numerator or denominator (or both) results in significant distortion to these ratios. In addition, because loan level charge-offs related to ASC 310-30 loans are not recognized in the financial statements until the cumulative amounts exceed the original loss projections on a pool basis, the net charge-off ratio is inconsistent with the net charge-off ratio for other loan portfolios. The inclusion of ASC 310-30 loans in certain asset quality ratios could result in a lack of comparability across quarters or years and could impact comparability with other portfolios that were not impacted by ASC 310-30 accounting. Synovus believes that presenting certain loan and asset quality disclosures separately for ASC 310-20 and ASC 310-30 loans, and/or excluding ASC 310-30 loans, where appropriate and indicated within each table, provides better perspective into underlying trends related to the quality of its loan portfolio. 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. 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 metrics within the following categories: • 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 qualitatively adjusted EL factors by portfolio are then further 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 is based upon a 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 IPRE loans. At December 31, 2019 and 2018 , approximately 47.7% and 41.7% of total C&I and IPRE loans were 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 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 subject to uniform lending policies and consist primarily of loans with strong borrower credit scores. Synovus makes consumer lending decisions based upon a number of key credit risk determinants including FICO scores as well as loan-to-value and debt-to-income ratios. Consumer loans are generally assigned a risk rating on a 9-point scale 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. At least annually, the consumer loan portfolio is sent to a consumer credit reporting agency for a refresh of customers' credit scores so that management can evaluate ongoing consistency or negative migration in the quality of the portfolio, which impacts the ALL. Revolving lines of credit are reviewed for a material change in financial circumstances, and when appropriate, the line of credit may be suspended for further advances. FICO scores within the residential real estate portfolio have generally remained stable over the last several years. As of December 31, 2019 and 2018 , weighted average FICO scores within the residential real estate portfolio based on committed balances were 787 and 785 for HELOCs and 778 and 786 for Consumer Mortgages, respectively. 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. Certain BOLI contracts contain endorsement split-dollar life agreements. In these circumstances, Synovus accrues a reserve liability and related expense for this obligation. 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 asset's 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. For instance, the reorganization of the Company during 2019, which resulted in changes in operating segment determination, similarly changed the composition of Synovus' reporting units. As such, Synovus conducted a goodwill impairment evaluation to assess the impact of those changes as of December 31, 2019. Refer to "Part II - Item 8. Financial Statements and Supplementary Data - Note 6 - Goodwill and Other Intangible Assets" of this Report for additional details. Synovus applies judgment when assessing goodwill for impairment. ASC Topic 350-20-35-3A, Goodwill Subsequent Measurement - Qualitative Assessment, provides the option to perform a qualitative assessment to determine whether the quantitative portion of the 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 a core deposit intangible and borrower relationships resulting from business acquisitions. The core deposit intangible is amortized over its estimated useful life of approximately ten years utilizing an accelerated method. The remaining intangible assets are amortized using straight line methods based on the remaining lives of the assets with amortization periods ranging 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 the carrying amount of an asset may not be recoverable. Recoverability of the intangible assets is measured by a comparison of the asset's carrying amount to future undiscounted cash flows expected to be generated by the asset. Any resulting impairment is measured by the amount by which the carrying value exceeds the fair value of the asset (based on the undiscounted cash flows expected to be generated by the asset). 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 as those revenue-producing component |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Acquisitions | Note 2 - Acquisitions Acquisition of FCB Financial Holdings, Inc. Effective January 1, 2019 (the "Acquisition Date"), Synovus completed its acquisition of all of the outstanding stock of FCB, a bank holding company based in Weston, Florida, for total consideration of $1.63 billion . Effective January 1, 2019, FCB's wholly-owned banking subsidiary, Florida Community Bank, National Association, merged into Synovus Bank. The acquisition of FCB included $9.29 billion in loans and $10.93 billion in deposits. With the addition of FCB and its 51 full service banking centers, Synovus expanded its deposit base in the Southeast. The addition of FCB elevated Synovus' growth profile through a deepened presence in high-growth Florida markets. The results of FCB's operations are included in Synovus' consolidated financial statements since the Acquisition Date. Under the terms of the Merger Agreement, each outstanding share of FCB common stock was converted into the right to receive 1.055 Synovus common shares and cash in lieu of fractional shares. Additionally, under the terms of the Merger Agreement, certain outstanding FCB non-vested equity awards with a fair value of $7.5 million on the Acquisition Date accelerated vesting and converted automatically into the right to receive merger consideration at the merger exchange ratio of 1.055 , or an equivalent amount in cash, of which $3.5 million was allocated to purchase price and the remaining to merger-related compensation expense. In the aggregate, on the Acquisition Date, FCB stockholders received 49.5 million shares of Synovus common stock valued at $1.58 billion and $601 thousand in cash. Also, under the terms of the Merger Agreement, FCB employee and non-employee director outstanding stock options and non-vested restricted share units as well as outstanding FCB warrants were converted into options, restricted share units, and warrants, respectively, to purchase and receive Synovus common stock. The converted options and restricted share units had a fair value of $41.5 million on the Acquisition Date, of which $37.3 million was allocated to purchase price and the remaining to compensation expense and the converted warrants had a fair value of $6.7 million attributed to purchase price. The estimated fair value of the converted restricted share units was based on Synovus' closing stock price on December 31, 2018 of $31.99 , and the estimated fair value of the converted stock options was determined using a Hull-White model in a binomial lattice option pricing framework. The estimated fair value of the converted warrants was determined using the Black-Scholes-Merton model. The acquisition of FCB constituted a business combination and was accounted for under the acquisition method of accounting in accordance with ASC Topic 805, Business Combinations . Accordingly, assets acquired, liabilities assumed, and consideration exchanged were recorded at their estimated fair values on the Acquisition Date. The determination of estimated fair values requires management to make certain estimates about discount rates, future expected cash flows, market conditions, and other future events that are highly subjective in nature and may require adjustments, which can be updated for up to one year following the acquisition. During 2019, within the measurement period, Synovus recorded immaterial fair value adjustments, the most significant of which consisted of a decrease in core deposit intangibles of $10.8 million , with offsetting increases in goodwill and net deferred tax assets. As of December 31, 2019, management had completed its review of information relating to events and circumstances existing at the Acquisition Date and the measurement period is now closed. Goodwill of $440.0 million was recorded as a result of the transaction and is not-deductible for tax purposes. FCB's $19.6 million of merger-based success fees payable to third-party advisors and investment bankers were accounted for as part of the business combination and an assumed liability. Since the success fees payable by FCB were contingent upon the consummation of the merger, the expense was recognized as an "on the line" expense with no expense recognition in either the pre- or post-acquisition financials of FCB or Synovus. The following table reflects the final purchase price calculation as of the Acquisition Date for FCB's net assets and the identifiable assets purchased and liabilities assumed on January 1, 2019. These fair value measurement estimates were based on third-party and internal valuations. (in thousands) Consideration transferred: Synovus common stock issued and reissued from treasury attributed to purchase price (1) $ 1,582,133 Cash payments to FCB stockholders attributed to purchase price (2) 173 Fair value of exchanged employee and director equity awards and FCB warrants attributed to purchase price (1) 43,972 Total purchase price $ 1,626,278 Statement of Net Assets Acquired at Fair Value: Assets Cash and cash equivalents $ 201,689 Investment securities available for sale 2,301,001 Loans 9,288,028 Cash surrender value of bank-owned life insurance 216,848 Premises and equipment 49,537 Core deposit intangible 57,400 Other assets 264,110 Total Assets $ 12,378,613 Liabilities Deposits $ 10,930,724 Federal funds purchased and securities sold under repurchase agreements 29,139 Long-term debt 153,236 Other liabilities 79,188 Total Liabilities $ 11,192,287 Fair value of net identifiable assets acquired 1,186,326 Goodwill $ 439,952 (1) Based on Synovus' closing stock price of $31.99 on December 31, 2018. (2) $173 thousand of cash payment of $601 thousand attributed to purchase price with remaining allocated to compensation expense. Information regarding the allocation of goodwill recorded as a result of the acquisition to Synovus' reporting units, as well as the carrying amount and amortization of the core deposit intangible asset, is provided in "Part II - Item 8. Financial Statements and Supplementary Data - Note 6 - Goodwill and Other Intangible Assets" of this Report. The following is a description of the methods used to determine the fair values of significant assets acquired and liabilities assumed presented above. Investment Securities Available for Sale : Fair values of securities were based on quoted market prices from multiple third-party pricing services as well as realized proceeds upon sale of certain corporate bonds. Loans : The Income Approach was utilized in accordance with ASC Topic 820 to estimate the fair value of the loans as of the Acquisition Date. The Income Approach utilizes a discounted cash flow method, to present-value the expected cash flows using a market-based discount rate. The discounted cash flow model utilized the contractual loan data and market-based assumptions for prepayment rates, loss rates, and servicing fees, at the loan group level, to project expected loan cash flows as of the Acquisition Date. The acquired loans were grouped together based on the terms of the loans, variable or fixed interest rate, variable index rate, interest or principal only loans, payment plans and amortizing or non-amortizing loans. Core Deposit Intangible : This intangible asset represents the value of the relationships with deposit customers. The fair value of the core deposit intangible asset was estimated based on a discounted cash flow methodology that gave appropriate consideration to expected customer attrition rates, net maintenance cost of the deposit base, alternative costs of funds, and the projected interest costs associated with the customer deposits. The CDI is being amortized over its estimated useful life of approximately ten years utilizing an accelerated method. Deposits : Certificates of deposit were valued by projecting out the expected cash flows based on the contractual terms of the certificates of deposit. These cash flows were discounted based on a market rate for a certificate of deposit with a corresponding maturity. The fair values for demand and savings deposits were assumed to approximate the carrying value as these accounts have no stated maturity and are payable on demand. Long-term Debt : Fair values for FHLB borrowings were based on market values and market rates provided by the FHLB. The following table presents consolidated financial information included in Synovus' consolidated statements of income from the Acquisition Date through December 31, 2019 under the column "Actual from Acquisition Date." Synovus does not provide separate summary financial information of FCB from the Acquisition Date since it would be impracticable to do so as certain systems and processes were integrated during the second quarter of 2019. The following table also presents unaudited pro forma information as if the acquisition occurred on January 1, 2018 under the "Pro Forma" column. The unaudited pro forma results include the estimated impact of amortizing and accreting certain estimated purchase accounting adjustments such as intangible assets as well as fair value adjustments to loans and deposits. 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 year 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. (in thousands) Actual from Acquisition Date (January 1, 2019) through December 31, 2019 (1) Pro Forma for the Year Ended December 31, 2018 (unaudited) Net interest income $ 1,595,803 $ 1,570,928 Non-interest income 355,900 313,584 Income before income taxes 765,015 817,212 Net income available to common shareholders 540,899 617,812 (1) Actual results for the year ended December 31, 2019 include pre-tax merger-related expense of $56.6 million . In connection with the FCB acquisition, Synovus incurred merger-related expense totaling $56.6 million for the year ended December 31, 2019 , primarily related to employment compensation agreements, severance, professional services, and contract termination charges, including the payment of $21.8 million related to employment agreements of certain FCB executives. Additionally, Synovus incurred merger-related expense totaling $10.1 million for the year ended December 31, 2018, primarily related to professional services. Merger-related expense for the years ended December 31, 2019 and 2018 is presented in the table below: Years Ended December 31, (in thousands) 2019 2018 Employment compensation agreements, severance, and other employee benefit costs $ 33,127 $ 325 Professional fees 17,453 8,207 All other expense (1) 6,000 1,533 Total merger-related expense $ 56,580 $ 10,065 (1) Primarily relates to fees associated with lease exit accruals, asset impairments related to the integration, and contract termination charges. 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. 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. 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, the purchase price included 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, second, and third annual Earnout Payments were made during November of 2017, 2018, and 2019, consisting of the issuance of 118 thousand , 199 thousand , and 344 thousand shares, respectively, of Synovus common stock valued at $5.5 million , $7.4 million , and $11.8 million , respectively, and $892 thousand , $1.2 million , and $1.9 million in cash, respectively. During 2017, 2018, and 2019, Synovus recorded $5.5 million , $11.7 million , and $10.5 million , respectively, in increases to the earnout liability due to increased earnings and earnings projections of Global One. The total fair value of the earnout liability at December 31, 2019 was $11.0 million . |
Investment Securities Available
Investment Securities Available for Sale | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 and 2018 are summarized below. December 31, 2019 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury securities $ 19,855 $ — $ — $ 19,855 U.S. Government agency securities 35,499 1,042 — 36,541 Mortgage-backed securities issued by U.S. Government agencies 56,328 560 (72 ) 56,816 Mortgage-backed securities issued by U.S. Government sponsored enterprises 5,079,396 103,495 (2,076 ) 5,180,815 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 629,706 7,349 (204 ) 636,851 Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises 357,291 14,301 — 371,592 State and municipal securities 2,069 6 — 2,075 Asset-backed securities 323,237 4,315 (152 ) 327,400 Corporate debt and other debt securities 144,410 2,317 (2 ) 146,725 Total investment securities available for sale $ 6,647,791 $ 133,385 $ (2,506 ) $ 6,778,670 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 agencies or 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 At December 31, 2019 and 2018 , investment securities with a carrying value of $1.71 billion and $1.56 billion , respectively, were pledged to secure certain deposits and other liabilities, as required by law or contractual agreements. Synovus has reviewed investment securities that are in an unrealized loss position as of December 31, 2019 and 2018 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, 2019 , Synovus had 26 investment securities in a loss position for less than twelve months and 5 investment securities in a loss position for twelve months or longer. Asset-backed securities and corporate bonds and other debt securities are generally underwritten in accordance with Synovus' credit extension standards, without relying on a bond issuer's guidance in making the investment decision. These investments are investment grade and will continue to be monitored as part of Synovus' ongoing impairment analysis but are expected to perform in accordance with their terms. 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, 2019 and December 31, 2018 are presented below. December 31, 2019 Less than 12 Months 12 Months or Longer Total (in thousands) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Mortgage-backed securities issued by U.S. Government agencies $ 19,543 $ (70 ) $ 355 $ (2 ) $ 19,898 $ (72 ) Mortgage-backed securities issued by U.S. Government sponsored enterprises 768,040 (2,076 ) — — 768,040 (2,076 ) Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 57,670 (204 ) — — 57,670 (204 ) Asset-backed securities 37,156 (116 ) 4,954 (36 ) 42,110 (152 ) Corporate debt and other debt securities 9,505 (2 ) — — 9,505 (2 ) Total $ 891,914 $ (2,468 ) $ 5,309 $ (38 ) $ 897,223 $ (2,506 ) 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 agencies or 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 ) The amortized cost and fair value by contractual maturity of investment securities available for sale at December 31, 2019 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, 2019 (in thousands) Within One Year 1 to 5 Years 5 to 10 Years More Than 10 Years Total Amortized Cost U.S. Treasury securities $ 19,855 $ — $ — $ — $ 19,855 U.S. Government agency securities 585 4,927 29,987 — 35,499 Mortgage-backed securities issued by U.S. Government agencies — 1,625 1,022 53,681 56,328 Mortgage-backed securities issued by U.S. Government sponsored enterprises — 622 100,462 4,978,312 5,079,396 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — — 320 629,386 629,706 Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises — 141,867 129,205 86,219 357,291 State and municipal securities — — 1,059 1,010 2,069 Asset-backed securities — — 281,429 41,808 323,237 Corporate debt and other debt securities 24,204 109,601 8,605 2,000 144,410 Total amortized cost $ 44,644 $ 258,642 $ 552,089 $ 5,792,416 $ 6,647,791 Fair Value U.S. Treasury securities $ 19,855 $ — $ — $ — $ 19,855 U.S. Government agency securities 587 4,951 31,003 — 36,541 Mortgage-backed securities issued by U.S. Government agencies — 1,649 1,046 54,121 56,816 Mortgage-backed securities issued by U.S. Government sponsored enterprises — 639 102,866 5,077,310 5,180,815 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — — 327 636,524 636,851 Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises — 145,129 135,899 90,564 371,592 State and municipal securities — — 1,060 1,015 2,075 Asset-backed securities — — 284,976 42,424 327,400 Corporate debt and other debt securities 24,266 111,511 8,843 2,105 146,725 Total fair value $ 44,708 $ 263,879 $ 566,020 $ 5,904,063 $ 6,778,670 Proceeds from sales, gross gains, and gross losses on sales of securities available for sale for the years ended December 31, 2019 , 2018 , and 2017 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) 2019 2018 2017 Proceeds from sales of investment securities available for sale $ 2,923,787 $ 35,066 $ 812,293 Gross realized gains on sales $ 10,370 $ — $ 7,942 Gross realized losses on sales (18,029 ) (1,296 ) (8,231 ) Investment securities (losses) gains, net $ (7,659 ) $ (1,296 ) $ (289 ) |
Loans And Allowance For Loan Lo
Loans And Allowance For Loan Losses | 12 Months Ended |
Dec. 31, 2019 | |
Loans and Allowance for Loan Losses [Abstract] | |
Loans And Allowance For Loan Losses | Note 4 - Loans and Allowance for Loan Losses The following tables provide a summary of loans outstanding, current, accruing past due, and non-accrual loans separately reported by originated (loans originated, renewed, refinanced, modified, or otherwise underwritten by Synovus) and acquired loans from business combinations by portfolio class as of December 31, 2019 and December 31, 2018. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" in this Report for more information on Synovus' accounting for purchased loans. December 31, 2019 2018 (in thousands) Total Loans Total Originated Loans Total Acquired Loans (1) Total Loans Commercial, financial, and agricultural $ 10,252,859 $ 8,587,087 $ 1,665,772 $ 7,449,698 Owner-occupied 6,529,811 5,610,592 919,219 5,331,508 Total commercial and industrial 16,782,670 14,197,679 2,584,991 12,781,206 Investment properties 9,042,679 6,495,903 2,546,776 5,560,951 1-4 family properties 780,015 627,182 152,833 679,870 Land and development 657,790 461,691 196,099 323,670 Total commercial real estate 10,480,484 7,584,776 2,895,708 6,564,491 Consumer mortgages 5,546,368 3,629,633 1,916,735 2,934,235 Home equity lines 1,713,157 1,655,096 58,061 1,515,796 Credit cards 268,841 268,841 — 258,245 Other consumer loans 2,396,294 2,387,749 8,545 1,916,743 Total consumer 9,924,660 7,941,319 1,983,341 6,625,019 Total loans 37,187,814 29,723,774 7,464,040 25,970,716 Deferred fees and costs, net (25,364 ) (25,364 ) — (24,143 ) Total loans, net of deferred fees and costs $ 37,162,450 $ 29,698,410 $ 7,464,040 $ 25,946,573 (1) Represents $9.29 billion (at fair value) of loans acquired from FCB, net of paydowns and payoffs including maturities since Acquisition Date. Current, Accruing Past Due, and Non-accrual Originated Loans December 31, 2019 ( 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 $ 8,511,218 $ 20,180 $ 1,206 $ 21,386 $ 54,483 $ 8,587,087 Owner-occupied 5,595,072 5,164 576 5,740 9,780 5,610,592 Total commercial and industrial 14,106,290 25,344 1,782 27,126 64,263 14,197,679 Investment properties 6,492,978 1,344 — 1,344 1,581 6,495,903 1-4 family properties 622,552 2,073 304 2,377 2,253 627,182 Land and development 459,773 808 — 808 1,110 461,691 Total commercial real estate 7,575,303 4,225 304 4,529 4,944 7,584,776 Consumer mortgages 3,613,311 4,223 730 4,953 11,369 3,629,633 Home equity lines 1,636,786 6,105 171 6,276 12,034 1,655,096 Credit cards 263,065 3,076 2,700 5,776 — 268,841 Other consumer loans 2,362,741 18,688 616 19,304 5,704 2,387,749 Total consumer 7,875,903 32,092 4,217 36,309 29,107 7,941,319 Total loans $ 29,557,496 $ 61,661 $ 6,303 $ 67,964 $ 98,314 $ 29,723,774 (1) Current, Accruing Past Due, and Non-accrual Acquired Loans December 31, 2019 (in thousands) Current Accruing 30-89 Days Past Due Accruing 90 Days or Greater Past Due Total Accruing Past Due Non-accrual ASC 310-30 Loans (2) Discount/Premium Total Commercial, financial and agricultural $ 623,539 $ 18,736 $ — $ 18,736 $ 1,534 $ 1,029,125 $ (7,162 ) $ 1,665,772 Owner-occupied 96,513 — — — — 828,483 (5,777 ) 919,219 Total commercial and industrial 720,052 18,736 — 18,736 1,534 1,857,608 (12,939 ) 2,584,991 Investment properties 810,713 — — — — 1,750,706 (14,643 ) 2,546,776 1-4 family properties 111,374 — — — — 41,671 (212 ) 152,833 Land and development 119,948 — — — — 78,203 (2,052 ) 196,099 Total commercial real estate 1,042,035 — — — — 1,870,580 (16,907 ) 2,895,708 Consumer mortgages 69,847 — — — — 1,908,168 (61,280 ) 1,916,735 Home equity lines 58,211 933 — 933 — 2,306 (3,389 ) 58,061 Other consumer loans 355 — — — — 8,941 (751 ) 8,545 Total consumer 128,413 933 — 933 — 1,919,415 (65,420 ) 1,983,341 Total loans $ 1,890,500 $ 19,669 $ — $ 19,669 $ 1,534 $ 5,647,603 $ (95,266 ) $ 7,464,040 (3) 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 (4) (1) Total before net deferred fees and costs of $25.4 million . (2) Acquired loans accounted for under ASC 310-30 include $1.8 million in non-accruing loans, $9.6 million in accruing 90 days or greater past due loans, and $42.5 million in accruing 30-89 days past due loans. (3) Represents $9.29 billion (at fair value) of loans acquired from FCB, net of paydowns and payoffs including maturities since Acquisition Date. (4) Total before net deferred fees and costs of $24.1 million . Interest income recorded on non-accrual loans outstanding at December 31, 2019 and 2018 was $3.3 million and $3.2 million during 2019 and 2018 , 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 $5.6 million and $7.3 million during 2019 and 2018 , respectively. During 2019 and 2018 , Synovus purchased $668.0 million and $265.9 million , respectively, in other consumer loans. Loans with carrying values of $12.11 billion and $8.40 billion were pledged as collateral for borrowings and capacity at December 31, 2019 and 2018 respectively, to the FHLB and Federal Reserve Bank. The credit quality of the loan portfolio is monitored on an ongoing basis and updated as warranted 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 HELOCs) 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. Originated Loan Portfolio Credit Exposure by Risk Grade December 31, 2019 (in thousands) Pass Special Mention Substandard (1) Doubtful (2) Loss (3) Total Commercial, financial, and agricultural $ 8,335,964 $ 82,519 $ 167,441 $ 1,163 $ — $ 8,587,087 Owner-occupied 5,507,345 21,588 81,659 — — 5,610,592 Total commercial and industrial 13,843,309 104,107 249,100 1,163 — 14,197,679 Investment properties 6,449,797 13,918 32,188 — — 6,495,903 1-4 family properties 614,015 3,249 9,918 — — 627,182 Land and development 439,956 11,939 9,796 — — 461,691 Total commercial real estate 7,503,768 29,106 51,902 — — 7,584,776 Consumer mortgages 3,617,284 — 12,103 97 149 3,629,633 Home equity lines 1,639,072 — 14,759 21 1,244 1,655,096 Credit cards 266,146 — 818 — 1,877 (4) 268,841 Other consumer loans 2,381,654 — 6,095 — — 2,387,749 Total consumer 7,904,156 — 33,775 118 3,270 7,941,319 Total loans $ 29,251,233 $ 133,213 $ 334,777 $ 1,281 $ 3,270 $ 29,723,774 (5) Acquired Loan Portfolio Credit Exposure by Risk Grade December 31, 2019 Pass Special Mention Substandard (1) Doubtful Loss Total Commercial, financial, and agricultural $ 1,604,395 $ 45,987 $ 15,390 $ — $ — $ 1,665,772 Owner-occupied 878,710 36,742 3,767 — — 919,219 Total commercial and industrial 2,483,105 82,729 19,157 — — 2,584,991 Investment properties 2,518,915 2,572 25,289 — — 2,546,776 1-4 family properties 152,514 — 319 — — 152,833 Land and development 189,395 6,704 — — — 196,099 Total commercial real estate 2,860,824 9,276 25,608 — — 2,895,708 Consumer mortgages 1,910,462 — 6,273 — — 1,916,735 Home equity lines 58,014 — 47 — — 58,061 Other consumer loans 8,545 — — — — 8,545 Total consumer 1,977,021 — 6,320 — — 1,983,341 Total loans $ 7,320,950 $ 92,005 $ 51,085 $ — $ — $ 7,464,040 (6) 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 (7) (1) Includes $288.8 million and $172.3 million of Substandard accruing loans at December 31, 2019 and December 31, 2018 , respectively. (2) The loans within this risk grade are on non-accrual status and generally have an ALL equal to 50% of the loan amount. (3) The loans within this risk grade are on non-accrual status and have an ALL equal to the full loan amount. (4) Represent amounts that were 120 days past due. These credits are downgraded to the Loss category with an ALL equal to the full loan amount and are generally charged off upon reaching 181 days past due in accordance with the FFIEC Retail Credit Classification Policy. (5) Total before net deferred fees and costs of $25.4 million . (6) Represents $9.29 billion (at fair value) of loans acquired from FCB, net of paydowns and payoffs including maturities since Acquisition Date. (7) Total before net deferred fees and costs of $24.1 million . Acquired loans As discussed in "Part II - Item 8. Financial Statements and Supplementary Data - Note 2 - Acquisitions" in this Report, on January 1, 2019, Synovus acquired loans from FCB with fair values of $9.29 billion net of total discount of $169.2 million . At the Acquisition Date, the contractual required payments receivable on the purchased loans accounted for under ASC 310-20 totaled $2.45 billion , with a corresponding fair value of $2.15 billion . The estimated cash flows not expected to be collected at the Acquisition Date were $39.5 million . Information about the acquired FCB loan portfolio accounted for under ASC 310-30 as of the Acquisition Date is in the following table. (in thousands) ASC 310-30 Loans Contractually required principal and interest at acquisition $ 8,377,942 Non-accretable difference (expected losses and foregone interest) (163,147 ) Cash flows expected to be collected at acquisition 8,214,795 Accretable yield (1,066,689 ) Basis in ASC 310-30 loans at acquisition $ 7,148,106 The following table is a summary of changes in the accretable yield for all loans accounted for under ASC 310-30 for the year ended December 31, 2019 . (in thousands) Year Ended December 31, 2019 Beginning balance $ — Additions 1,066,689 Transfers from non-accretable difference to accretable yield (1) 28,001 Accretion (346,820 ) Changes in expected cash flows not affecting non-accretable differences (2) (10,739 ) Ending balance $ 737,131 (1) Represents improvement in the credit component of expected cash flows. (2) Includes changes in cash flows expected to be collected due to the impact of changes in actual or expected timing of liquidation events, modifications, interest rates, and prepayments. The following tables detail the changes in the ALL by loan category for the years ended December 31, 2019 , 2018 , and 2017 . Allowance for Loan Losses and Recorded Investment in Loans As Of and For The Year Ended December 31, 2019 (in thousands) Commercial & Industrial Commercial Real Estate Consumer Total Allowance for loan losses Beginning balance $ 133,123 $ 68,796 $ 48,636 $ 250,555 Charge-offs (49,572 ) (5,540 ) (24,023 ) (79,135 ) Recoveries 7,827 8,618 5,078 21,523 Provision for (reversal of) loan losses 53,665 (4,444 ) 38,499 87,720 Transfer of unfunded commitment reserve 739 — — 739 Ending balance $ 145,782 $ 67,430 $ 68,190 $ 281,402 Ending balance: individually evaluated for impairment $ 12,326 $ 1,047 $ 777 $ 14,150 Ending balance: collectively evaluated for impairment $ 132,871 $ 66,383 $ 67,290 $ 266,544 Ending balance: allowance for acquired loans accounted under ASC 310-30 $ 585 $ — 123 $ 708 Loans Ending balance: total loans (1) $ 16,782,670 $ 10,480,484 $ 9,924,660 $ 37,187,814 Ending balance: individually evaluated for impairment $ 128,385 $ 24,862 $ 31,837 $ 185,084 Ending balance: collectively evaluated for impairment (2) $ 14,811,954 $ 8,599,452 $ 8,033,990 $ 31,445,396 Ending balance: acquired loans accounted for under ASC 310-30 (3) $ 1,842,331 $ 1,856,170 $ 1,858,833 $ 5,557,334 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 (reversal of) 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 (4)(5) $ 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 (reversal of) 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 (4)(6) $ 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 (1) Total before net deferred fees and costs of $25.4 million . (2) These loans are presented net of remaining fair value discount of $5.0 million at December 31, 2019. (3) These loans are presented net of remaining fair value discount of $90.3 million at December 31, 2019. (4) As of and for the years ended December 31, 2018 , and 2017 , there were no PCI loans and no ALL for PCI loans. (5) Total before net deferred fees and costs of $24.1 million . (6) Total before net deferred fees and costs of $25.3 million . Below is a detailed summary of impaired loans (including accruing TDRs and excluding acquired loans accounted for under ASC 310-30 that are currently accruing income) by class as of December 31, 2019 and 2018 and for the years ended December 31, 2019 , 2018 , and 2017 . At December 31, 2019 , 2018 , and 2017 , impaired loans of $51.9 million , $51.3 million , and $49.0 million , respectively, were on non-accrual status. Impaired Loans (including accruing TDRs) December 31, 2019 December 31, 2018 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 $ 88,321 $ 21,774 $ 56,660 $ 9,268 $ 65,150 $ 22,298 $ 34,222 $ 7,133 Owner-occupied 50,136 1,169 48,782 3,058 49,588 — 48,902 3,074 Total commercial and industrial 138,457 22,943 105,442 12,326 114,738 22,298 83,124 10,207 Investment properties 9,552 — 9,552 422 13,916 — 13,916 1,523 1-4 family properties 4,727 — 4,669 130 5,586 — 5,586 131 Land and development 11,545 265 10,376 495 16,283 265 13,431 944 Total commercial real estate 25,824 265 24,597 1,047 35,785 265 32,933 2,598 Consumer mortgages 18,624 — 18,624 383 19,506 — 19,506 343 Home equity lines 6,092 — 6,092 178 3,264 — 3,235 224 Other consumer loans 6,864 257 6,864 216 5,565 — 5,565 177 Total consumer 31,580 257 31,580 777 28,335 — 28,306 744 Total impaired loans $ 195,861 $ 23,465 $ 161,619 $ 14,150 $ 178,858 $ 22,563 $ 144,363 $ 13,549 Years Ended December 31, 2019 2018 2017 (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 $ 81,960 $ 2,962 $ 65,976 $ 2,316 $ 72,154 $ 2,127 Owner-occupied 50,085 2,209 42,341 1,851 40,498 1,509 Total commercial and industrial 132,045 5,171 108,317 4,167 112,652 3,636 Investment properties 12,561 565 18,564 767 28,749 1,178 1-4 family properties 5,125 525 9,813 782 16,099 1,021 Land and development 11,137 139 16,841 249 24,637 404 Total commercial real estate 28,823 1,229 45,218 1,798 69,485 2,603 Consumer mortgages 19,292 843 19,516 134 18,319 376 Home equity lines 4,954 136 3,491 820 7,748 896 Other consumer loans 6,129 373 5,327 297 4,765 266 Total consumer 30,375 1,352 28,334 1,251 30,832 1,538 Total impaired loans $ 191,243 $ 7,752 $ 181,869 $ 7,216 $ 212,969 $ 7,777 (1) Of the interest income recognized during the years ended December 31, 2019 , 2018 , and 2017 , cash-basis interest income was $2.1 million , $1.8 million , and $815 thousand , respectively. Information about Synovus' TDRs is presented in the following tables. Modifications of loans that are accounted for within a pool under ASC 310-30 are excluded as TDRs. Accordingly, such modifications do not result in the removal of those loans from the pool, even if the modification of these loans would otherwise be considered a TDR. As a result, all such acquired loans that would otherwise meet the criteria for classification as a TDR are excluded from the tables below. The following tables represent, by concession type, the post-modification balance for loans modified or renewed during the years ended December 31, 2019 , 2018 , and 2017 that were reported as accruing or non-accruing TDRs. TDRs by Concession Type Year Ended December 31, 2019 (in thousands, except contract data) Number of Contracts Below Market Interest Rate Other Concessions (1) Total Commercial, financial, and agricultural 127 $ 9,042 $ 9,873 $ 18,915 Owner-occupied 22 9,017 861 9,878 Total commercial and industrial 149 18,059 10,734 28,793 Investment properties 8 1,548 — 1,548 1-4 family properties 18 2,182 643 2,825 Land and development 8 1,187 30 1,217 Total commercial real estate 34 4,917 673 5,590 Consumer mortgages 18 1,587 1,361 2,948 Home equity lines 70 3,024 2,522 5,546 Other consumer loans 109 1,712 5,270 6,982 Total consumer 197 6,323 9,153 15,476 Total loans 380 $ 29,299 $ 20,560 $ 49,859 (2) 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 (3) TDRs by Concession Type (continued) 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 (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, 2019 , 2018 , and 2017 . (2) No charge-offs were recorded during 2019 upon restructuring of these loans. (3) Net charge-offs of $403 thousand were recorded during 2018 upon restructuring of these loans. (4) No charge-offs were recorded during 2017 upon restructuring of these loans. For the years ended December 31, 2019 , 2018 and 2017 , there were four defaults with a recorded investment of $326 thousand , eight defaults with a recorded investment of $10.5 million , and eight defaults with a recorded investment of $4.0 million , 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 closely approximates the reserve derived through specific measurement of impairment in accordance with ASC 310-10-35. Generally, the change in the ALL resulting from such a TDR is not significant. At December 31, 2019 , the ALL allocated to accruing TDRs totaling $133.1 million was $6.4 million compared to accruing TDRs of $115.6 million with an allocated ALL of $6.1 million at December 31, 2018 . 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. As of December 31, 2019, there were no commitments to lend a material amount of additional funds to any customers whose loans were classified as TDRs. |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | Note 5 - Premises and Equipment Premises and equipment at December 31, 2019 and 2018 consist of the following: (in thousands) 2019 2018 Land $ 118,866 $ 96,310 Buildings and improvements 418,915 392,952 Leasehold improvements 49,088 39,832 Furniture and equipment 474,397 435,223 Construction in progress 11,905 16,608 Total premises and equipment 1,073,171 980,925 Less: Accumulated depreciation and amortization (579,231 ) (546,618 ) Net premises and equipment $ 493,940 $ 434,307 Net premises and equipment included $4.6 million and $1.5 million related to net finance leases at December 31, 2019 and 2018 , respectively. Depreciation and amortization expense for the years ended December 31, 2019 , 2018 , and 2017 totaled $49.2 million , $42.6 million , and $42.2 million , respectively. During the years ended December 31, 2019 and 2018 , Synovus transferred premises and equipment with a net book value of $6.1 million and $911 thousand , respectively, to other properties held for sale, a component of other assets. |
Goodwill And Other Intangible A
Goodwill And Other Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Note 6 - Goodwill and Other Intangible Assets Refer to "Part II - Item 8. Financial Statements and Supplementary Data - Note 19 - Segment Reporting" of this Report for discussion of Synovus' reorganization of its management reporting structure during the fourth quarter of 2019 and, accordingly, its segment reporting structure and goodwill reporting units. Goodwill is allocated to each of Synovus’ reporting units (Community Banking, Wholesale Banking, Consumer Mortgages, and Wealth Management). In connection with the reorganization, management reallocated goodwill to the new reporting units based on a relative fair value approach. Prior to the fourth quarter of 2019, Synovus identified its overall banking operations as its only reportable segment and identified Synovus Bank and Trust Services as its two reporting units for goodwill allocation. Goodwill allocated to each reporting unit at December 31, 2019 is presented as follows (the FMS reportable segment includes two reporting units of Consumer Mortgages and Wealth Management): (in thousands) Community Banking Reporting Unit Wholesale Banking Reporting Unit Consumer Mortgages Reporting Unit Wealth Management Reporting Unit Total Balance at December 31, 2018 $ 17,825 $ 11,936 $ 3,123 $ 24,431 $ 57,315 Goodwill acquired during the year 238,498 159,700 41,754 — $ 439,952 Balance at December 31, 2019 $ 256,323 $ 171,636 $ 44,877 $ 24,431 $ 497,267 Goodwill allocated to each reporting unit at December 31, 2018 is presented as follows: (in thousands) Synovus Bank Reporting Unit Trust Services Reporting Unit Total Balance at December 31, 2018 and 2017 $ 32,884 $ 24,431 $ 57,315 Effective January 1, 2019, Synovus acquired FCB. In connection with the acquisition, Synovus recorded $440.0 million of goodwill based on Acquisition Date fair value estimates of the assets acquired and liabilities assumed in the business combination, including measurement period adjustments. Additionally, Synovus recorded a $57.4 million core deposit intangible asset on the Acquisition Date, including a measurement period adjustment. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 2 - Acquisitions" in this Report for additional information on the FCB acquisition. Goodwill is not amortized but is evaluated for impairment on an annual basis each year or whenever events or changes in circumstances indicate the carrying value may not be recoverable. For instance, the reorganization of the Company during 2019, which resulted in changes in segment determination, similarly changed the composition of Synovus' reporting units. As such, Synovus conducted a goodwill impairment evaluation to assess the impact of those changes as of December 31, 2019, in addition to the prior annual evaluation date of June 30, 2019 , applying ASC 350-20-35-3A Goodwill Subsequent Measurement - Qualitative Assessment Approach and concluded that goodwill was not impaired. No events or circumstances have occurred since that date to warrant a subsequent evaluation. The following table shows the gross carrying amount and accumulated amortization of other intangible assets as of December 31, 2019 and 2018 , which primarily consist of core deposit intangible assets acquired in the FCB acquisition. Core deposit intangible assets were $47.0 million at December 31, 2019 . The CDI is being amortized over its estimated useful life of approximately ten years utilizing an accelerated method. Aggregate other intangible assets amortization expense for the years ended December 31, 2019 , 2018 , and 2017 was $11.6 million , $1.2 million , and $1.1 million , respectively. (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Value December 31, 2019 CDI $ 57,400 $ (10,436 ) $ 46,964 Other 12,500 (3,793 ) 8,707 Total other intangible assets $ 69,900 $ (14,229 ) $ 55,671 December 31, 2018 Other 12,500 (2,625 ) 9,875 Total other intangible assets $ 12,500 $ (2,625 ) $ 9,875 The estimated amortization expense of other intangible assets for the next five years is as follows: (in thousands) Amortization Expense 2020 $ 10,560 2021 9,516 2022 8,472 2023 7,429 2024 6,366 |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2019 | |
Other Assets [Abstract] | |
Other Assets | Note 7 - Other Assets Significant balances included in other assets at December 31, 2019 and 2018 are presented below. (in thousands) 2019 2018 ROU assets $ 374,716 $ — Federal Reserve Bank and FHLB Stock 286,447 185,225 Investments in low income housing, solar energy tax credit, and other CRA partnerships 146,612 84,486 Derivative asset positions 140,016 19,332 Accrued interest receivable 127,641 89,425 Accounts receivable 77,193 57,339 Deferred tax asset, net 65,102 141,134 Prepaid expenses 42,285 38,035 Mutual funds and mutual funds held in rabbi trusts 32,348 16,012 MPS receivable (1) 21,437 22,932 Private equity investments 19,389 11,028 Other real estate 14,373 6,220 Taxes receivable 8,648 13,150 Trading account assets, at fair value 7,212 3,130 Miscellaneous other assets 55,511 57,770 Total other assets $ 1,418,930 $ 745,218 (1) See "Part II - Item 8. Financial Statements and Supplementary Data - Note 16 - Commitments and Contingencies" in this Report for more information on this receivable which is classified as a NPA at December 31, 2019. |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2019 | |
Interest-bearing Deposit Liabilities [Abstract] | |
Deposits | Note 8 - Deposits A summary of interest-bearing deposits at December 31, 2019 and 2018 is presented below. ( in thousands) 2019 2018 Interest-bearing demand deposits (1) $ 6,470,570 $ 4,756,239 Money market accounts (1) 11,227,134 8,143,975 Savings accounts 918,109 817,385 Time deposits (1) 6,920,213 3,803,726 Brokered deposits 3,429,993 1,548,030 Total interest-bearing deposits $ 28,966,019 $ 19,069,355 (1) Excluding brokered deposits The aggregate amount of time deposits of $250,000 or more was $2.63 billion at December 31, 2019 and $1.10 billion at December 31, 2018 . The following table presents contractual maturities of all time deposits at December 31, 2019 . (in thousands) Maturing within one year $ 7,752,948 Between 1 - 2 years 938,688 2 - 3 years 95,944 3 - 4 years 236,001 4 - 5 years 43,627 Thereafter 7,100 Total $ 9,074,308 |
Long-term Debt and Short-term B
Long-term Debt and Short-term Borrowings | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 and 2018 consisted of the following: 2019 2018 (dollars in thousands) Federal funds purchased $ — $ 628 Securities sold under repurchase agreements 165,690 237,064 Trading liability for short positions 1,560 — FHLB advances with original maturities of one year or less 1,752,000 650,000 Total short-term borrowings $ 1,919,250 $ 887,692 The following table sets forth additional information on Synovus' short-term borrowings for the years indicated. (dollars in thousands) 2019 2018 2017 Total balance at December 31, $ 1,919,250 $ 887,692 $ 261,190 Weighted average interest rate at December 31, 1.60 % 1.93 % 0.65 % Maximum month-end balance during the year $ 2,431,012 $ 887,692 $ 390,044 Average amount outstanding during the year 1,360,214 371,933 256,011 Weighted average interest rate during the year 1.93 % 0.96 % 0.37 % Long-term Debt Long-term debt at December 31, 2019 and 2018 is presented in the following table: (dollars in thousands) 2019 2018 Parent Company: 3.125% senior notes, due November 1, 2022, $300.0 million par value with semi-annual interest payments and principal to be paid at maturity $ 298,228 $ 297,603 5.90% Fixed-to-Fixed Rate Subordinated Notes issued February 7, 2019, due February 7, 2029, $300.0 million par value with semi-annual interest payments at 5.90% for the first five years and semi-annual payments thereafter at a fixed rate of 3.379% above the 5-Year Mid-Swap Rate as of the reset date 297,250 — 5.75% fixed to adjustable rate subordinated notes issued December 7, 2015, due December 15, 2025, $250.0 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 248,419 248,101 LIBOR + 1.80% debentures, due April 19, 2035, $10.0 million par value with quarterly interest payments and principal to be paid at maturity (rate of 3.69% at December 31, 2019 and 4.59% at December 31, 2018) 10,000 10,000 Total long-term debt — Parent Company 853,897 555,704 Synovus Bank: FHLB advances with interest and principal payments due at various maturity dates through 2022 and interest rates ranging from 1.66% to 1.97% at December 31, 2019 (weighted average interest rate of 1.76% and 2.53% at December 31, 2019 and 2018, respectively) 1,300,000 1,100,000 Capital lease with interest and principal payments due at various dates through 2031 (rate of 1.59% at December 31, 2018) (1) — 1,453 Total long-term debt — Synovus Bank 1,300,000 1,101,453 Total long-term debt $ 2,153,897 $ 1,657,157 (1) Capital leases are reported in other liabilities at December 31, 2019, following adoption of ASU 2016-02 (Leases) on January 1, 2019. 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 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. On September 19, 2019, Synovus terminated an assumed $150.0 million long-term FHLB obligation from the FCB acquisition, which resulted in a pre-tax net loss on early extinguishment of debt of $4.6 million . The provisions of the indentures governing Synovus’ long-term debt contain certain restrictions within specified limits on mergers, sales of all or substantially all of Synovus' assets and limitations on sales and issuances of voting stock of subsidiaries and Synovus’ ability to pay dividends on its capital stock if there is an event of default under the applicable indenture. As of December 31, 2019 and 2018 , 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 $6.19 billion at December 31, 2019 and $3.76 billion at December 31, 2018 . Contractual annual principal payments on long-term debt for the next five years and thereafter are shown in the following table. These maturities are based upon the par value of the long-term debt. (in thousands) Parent Synovus Bank Total 2020 $ — $ 600,000 $ 600,000 2021 — 450,000 450,000 2022 300,000 250,000 550,000 2023 — — — 2024 — — — Thereafter 560,000 — 560,000 Total $ 860,000 $ 1,300,000 $ 2,160,000 |
Shareholders' Equity and Other
Shareholders' Equity and Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2019 | |
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 years ended December 31, 2019 , 2018 , and 2017 . (shares in thousands) Series C Preferred Stock Issued (Redeemed) Series D Preferred Stock Issued Series E Preferred Stock Issued Total Preferred Stock Issued (Redeemed) Common Stock Issued Treasury Stock Held Common Stock Outstanding Balance at December 31, 2016 5,200 — — 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 — — 5,200 142,678 23,781 118,897 Issuance of preferred stock — 8,000 — 8,000 — — — Redemption of preferred stock (5,200 ) — — (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 — 8,000 143,300 27,434 115,866 FCB acquisition: — Issuance of common stock — — — — 22,043 — 22,043 Common stock reissued — — — — — (27,434 ) 27,434 Warrants exercised and common stock reissued — — — — — (260 ) 260 Issuance of preferred stock — — 14,000 14,000 — — — Issuance of common stock for earnout payment — — — — 344 — 344 Restricted share unit activity — — — — 302 — 302 Stock options exercised — — — — 812 — 812 Repurchase of common stock — — — — — 19,903 (19,903 ) Balance at December 31, 2019 — 8,000 14,000 22,000 166,801 19,643 147,158 Stock issued for acquisition of FCB On January 1, 2019, as part of the FCB acquisition, Synovus issued 22.0 million shares of common stock and reissued 27.4 million shares of treasury stock and incurred $417 thousand in costs related to the issuance. FCB stockholders received 1.055 shares of Synovus common stock for each outstanding share of FCB common stock. Also, under the terms of the Merger Agreement, outstanding stock options, non-vested restricted share units, and warrants were converted into options, restricted share units, and warrants, respectively, to purchase and receive Synovus common stock. The total value of the acquisition consideration transferred by Synovus was $1.63 billion . See "Part II - Item 8. Financial Statements and Supplementary Data - Note 2 - Acquisitions" in this Report for more information on the FCB acquisition. Issuance of Series E Preferred Stock On July 1, 2019, Synovus completed a $350.0 million public offering of Series E Preferred Stock. The offering generated net proceeds of $342.0 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 5.875 % for each dividend period from the original issue date to, but excluding, July 1, 2024. From and including July 1, 2024, the dividend rate will change and reset every five years on July 1 at a rate equal to the five-year U.S. Treasury Rate plus 4.127% per annum. The Series E Preferred Stock is redeemable at Synovus' option in whole or in part, from time to time, on July 1, 2024 or any subsequent reset date, or in whole but not in part, at any time within 90 days following a regulatory capital treatment event, in each case, at a redemption price equal to $25 per share, plus any declared and unpaid dividends, without accumulation of any undeclared dividends. The Series E Preferred Stock has no preemptive or conversion rights. Except in limited circumstances, the Series E Preferred Stock does not have any voting rights. Issuance of Series D Preferred Stock On June 21, 2018, Synovus completed a $200.0 million public offering of Series D Preferred Stock, $25 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 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 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. Concurrent with the redemption, Synovus recognized a one-time, non-cash redemption charge of $4.0 million . Repurchases of Common Stock Synovus repurchased $725.0 million , or 19.9 million shares, of common stock through open market transactions under the $725.0 million share repurchase program, with $400.0 million authorized during the fourth quarter of 2018 for execution in 2019 and $325.0 million authorized in 2019. During 2018 , Synovus repurchased $175.0 million , or 3.7 million shares, of common stock through open market transactions under the $150.0 million and $25.0 million share repurchase programs authorized during the fourth quarter of 2017 and the 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 $200.0 million share repurchase program authorized during the fourth quarter of 2016 for execution in 2017. Warrants In connection with the acquisition of FCB on January 1, 2019, outstanding FCB warrants were converted into 913 thousand warrants to purchase shares of Synovus common stock. At December 31, 2019, all warrants had been exercised, converting into 263 thousand shares of Synovus common; common stock to settle the warrants was reissued from treasury. Accumulated Other Comprehensive Income (Loss) The following table illustrates activity within the balances in AOCI by component, and is shown for the years ended December 31, 2019 , 2018 , and 2017 . Changes in Accumulated Other Comprehensive Income (Loss) by Component (Net of Income Taxes) (in thousands) Net Unrealized Gains (Losses) on Cash Flow Hedges (1) Net Unrealized Gains (Losses) on Investment Securities Available for Sale (1) Post-Retirement Unfunded Health Benefit Total 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 income (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 ) Other comprehensive income (loss) before reclassifications (6,350 ) 161,170 (378 ) 154,442 Amounts reclassified from accumulated other comprehensive income (loss) — 5,675 (56 ) 5,619 Net current period other comprehensive income (loss) (6,350 ) 166,845 (434 ) 160,061 Balance at December 31, 2019 $ (18,487 ) $ 83,666 $ 462 $ 65,641 (1) In accordance with ASC 740-20-45-11(b), in 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 which treats derivative instruments and available for sale securities as a single portfolio. For all periods presented, 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, 2019 | |
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. Regulatory capital rules include a capital conservation buffer of 2.5% that is added on top of each of the minimum risk-based capital ratios. 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, 2019 and 2018 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) 2019 2018 2019 2018 2019 2018 Synovus Financial Corp. CET1 capital $ 3,743,459 $ 2,897,997 $ 1,882,424 $ 1,310,460 N/A N/A Tier 1 risk-based capital 4,280,604 3,090,416 2,509,899 1,747,280 N/A N/A Total risk-based capital 5,123,381 3,601,376 3,346,531 2,329,706 N/A N/A CET1 capital ratio 8.95 % 9.95 % 4.50 % 4.50 % N/A N/A Tier 1 risk-based capital ratio 10.23 10.61 6.00 6.00 N/A N/A Total risk-based capital ratio 12.25 12.37 8.00 8.00 N/A N/A Leverage ratio 9.16 9.60 4.00 4.00 N/A N/A Synovus Bank CET1 capital $ 4,640,501 $ 3,382,497 $ 1,881,199 $ 1,309,527 $ 2,717,287 $ 1,891,538 Tier 1 risk-based capital 4,640,501 3,382,497 2,508,265 1,746,035 3,344,354 2,328,047 Total risk-based capital 4,923,279 3,633,457 3,344,354 2,328,047 4,180,442 2,910,059 CET1 capital ratio 11.10 % 11.62 % 4.50 % 4.50 % 6.50 % 6.50 % Tier 1 risk-based capital ratio 11.10 11.62 6.00 6.00 8.00 8.00 Total risk-based capital ratio 11.78 12.49 8.00 8.00 10.00 10.00 Leverage ratio 9.94 10.51 4.00 4.00 5.00 5.00 (1) The additional capital conservation buffer in effect in 2019 and 2018 was 2.5% and 1.9% , 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, 2019 | |
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, 2019 , 2018 , and 2017 . Years Ended December 31, (in thousands, except per share data) 2019 2018 2017 Net income $ 563,780 $ 428,476 $ 275,474 Preferred stock dividends and redemption charge 22,881 17,998 10,238 Net income available to common shareholders $ 540,899 $ 410,478 $ 265,236 Weighted average common shares outstanding 154,331 117,644 121,162 Potentially dilutive shares from outstanding equity-based awards, warrants, and earnout payments 1,727 734 850 Weighted average diluted common shares 156,058 118,378 122,012 Net income per common share, basic $ 3.50 $ 3.49 $ 2.19 Net income per common share, diluted $ 3.47 $ 3.47 $ 2.17 For the years ended December 31, 2019 , 2018, and 2017, there were 40 thousand , 1.7 million , and 2.2 million , respectively, potentially dilutive shares related to stock options and TARP Warrant to purchase shares of common stock that were outstanding 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, 2019 | |
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 (an "exit price") in the principal or most advantageous market available to the entity in an orderly transaction between market participants, on the measurement date. See "Part II - Item 8. Financial Statements and Supplementary Data - 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, 2019 and 2018 . December 31, 2019 (in thousands) Level 1 Level 2 Level 3 Total Assets and Liabilities at Fair Value Assets Trading securities: Commercial mortgage-backed securities issued by U.S. Government sponsored enterprises $ — $ 2,486 $ — $ 2,486 Other mortgage-backed securities — 1,284 — 1,284 State and municipal securities — 65 — 65 Asset-backed securities — 3,227 — 3,227 Other investments — 150 — 150 Total trading securities $ — $ 7,212 $ — $ 7,212 Investment securities available for sale: U.S. Treasury securities $ 19,855 $ — $ — $ 19,855 U.S. Government agency securities — 36,541 — 36,541 Mortgage-backed securities issued by U.S. Government agencies — 56,816 — 56,816 Mortgage-backed securities issued by U.S. Government sponsored enterprises — 5,180,815 — 5,180,815 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — 636,851 — 636,851 Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises — 371,592 — 371,592 State and municipal securities — 2,075 — 2,075 Asset-backed securities — 327,400 — 327,400 Corporate debt and other debt securities — 144,620 2,105 146,725 Total investment securities available for sale $ 19,855 $ 6,756,710 $ 2,105 $ 6,778,670 Mortgage loans held for sale — 115,173 — 115,173 Private equity investments 15,502 — 3,887 19,389 Mutual funds and mutual funds held in rabbi trusts 32,348 — — 32,348 GGL/SBA loans servicing asset — — 3,040 3,040 Derivative assets — 140,016 — 140,016 Liabilities Trading liability for short positions 1,560 — — 1,560 Earnout liability (1) — — 11,016 11,016 Derivative liabilities $ — $ 34,732 $ 2,339 $ 37,071 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 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 sponsored agencies or enterprises — 1,188,518 — 1,188,518 Commercial mortgage-backed securities issued by U.S. Government agencies or 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 Mortgage loans held for sale — 37,129 — 37,129 Private equity investments — — 11,028 11,028 Mutual funds and mutual funds held in rabbi trusts 16,012 — — 16,012 GGL/SBA loans servicing asset — — 3,729 3,729 Derivative assets — 19,332 — 19,332 Liabilities Earnout liability (1) — — 14,353 14,353 Derivative liabilities $ — $ 16,535 $ 1,673 $ 18,208 (1) 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) 2019 2018 2017 Changes in fair value included in net income: Mortgage loans held for sale $ 1,675 $ 95 $ 754 Mortgage loans held for sale: Fair value 115,173 37,129 48,024 Unpaid principal balance 112,218 35,848 46,839 Fair value less aggregate unpaid principal balance $ 2,955 $ 1,281 $ 1,185 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) During 2019 , Synovus had transfers out of Level 3 into Level 1 in the fair value hierarchy as certain funds within private equity investments became public with traded securities. These transfers were accounted for as if they occurred at the beginning of the reporting period. For the years ended December 31, 2019 and 2018 , total net losses included in earnings attributable to the change in net unrealized losses relating to assets/liabilities still held at December 31, 2019 and 2018 was $10.9 million and $18.1 million , respectively. 2019 (in thousands) Investment Securities Available for Sale Private Equity Investments GGL/SBA Loans Servicing Asset Earnout Liability Visa Derivative Liability Beginning balance, January 1, 2019 $ 1,785 $ 11,028 $ 3,729 $ (14,353 ) $ (1,673 ) Total (losses) gains realized/unrealized: Included in earnings — 230 (1,631 ) (10,457 ) (3,611 ) Unrealized gains (losses) included in other comprehensive income 320 — — — — Additions — — 942 — — Sales — (1,437 ) — — — Settlements — — — 13,794 2,945 Transfers out of Level 3 — (5,934 ) — — — Ending balance, December 31, 2019 $ 2,105 $ 3,887 $ 3,040 $ (11,016 ) $ (2,339 ) Total net gains (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, 2019 $ — $ 230 $ — $ (10,457 ) $ (666 ) 2018 (in thousands) Investment Securities Available for Sale Private Equity Investments GGL/SBA Loans Servicing Asset Earnout Liability 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 gains (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 ) Assets Measured at Fair Value on a Non-recurring Basis Certain assets are required to be measured at fair value on a nonrecurring basis in periods subsequent to their initial recognition. These assets and liabilities are not measured at fair value on an ongoing basis; however, they are subject to fair value adjustments in certain circumstances, such as when there is evidence of impairment. 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. Balance at December 31, 2019 Fair Value Adjustments for the Year Ended December 31, 2019 Location in Consolidated Statements of Income (in thousands) Level 1 Level 2 Level 3 Impaired loans* $ — $ — $ 1,461 $ 683 Provision for loan losses Other real estate — — 8,023 1,342 Other operating expenses Other assets held for sale — — 1,238 513 Other operating expenses Balance at December 31, 2018 Fair Value Adjustments for the Year Ended December 31, 2018 Location in Consolidated Statements of Income Level 1 Level 2 Level 3 Impaired loans* $ — $ — $ 21,742 $ 7,575 Provision for loan losses Other loans held for sale — — 1,494 809 Other operating expenses Other real estate — — 3,827 523 Other operating expenses Other assets held for sale — — 1,104 482 Other operating expenses * 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, 2019 and 2018 . The fair values represent management’s best estimates based on a range of methodologies and assumptions. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" of this Report for a description of how fair value measurements are determined. December 31, 2019 (in thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Financial assets Total cash, cash equivalents, restricted cash, and restricted cash equivalents $ 1,186,918 $ 1,186,918 $ 1,186,918 $ — $ — Trading securities 7,212 7,212 — 7,212 — Investment securities available for sale 6,778,670 6,778,670 19,855 6,756,710 2,105 Mortgage loans held for sale 115,173 115,173 — 115,173 — Private equity investments 19,389 19,389 15,502 — 3,887 Mutual funds and mutual funds held in rabbi trusts 32,348 32,348 32,348 — — Loans, net 36,881,048 36,931,256 — — 36,931,256 GGL/SBA loans servicing asset 3,040 3,040 — — 3,040 Derivative assets 140,016 140,016 — 140,016 — Financial Liabilities Non-interest-bearing deposits $ 9,439,485 $ 9,439,485 $ — $ 9,439,485 $ — Non-time interest-bearing deposits 19,891,711 19,891,711 — 19,891,711 — Time deposits 9,074,308 9,112,459 — 9,112,459 — Total deposits $ 38,405,504 $ 38,443,655 $ — $ 38,443,655 $ — Federal funds purchased and securities sold under repurchase agreements 165,690 165,690 165,690 — — Trading liability for short positions 1,560 1,560 1,560 — — Other short-term borrowings 1,752,000 1,752,000 — 1,752,000 — Long-term debt 2,153,897 2,185,717 — 2,185,717 — Earnout liability 11,016 11,016 — — 11,016 Derivative liabilities 37,071 37,071 — 34,732 2,339 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 securities 3,130 3,130 1,128 2,002 — Investment securities available for sale 3,991,632 3,991,632 122,077 3,867,770 1,785 Mortgage loans held for sale 37,129 37,129 — 37,129 — Other loans held for sale 1,506 1,506 — — 1,506 Private equity investments 11,028 11,028 — — 11,028 Mutual funds and mutual funds held in rabbi trusts 16,012 16,012 16,012 — — 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 |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Summary of Derivative Instruments [Abstract] | |
Derivative Instruments | Note 14 - Derivative Instruments Synovus utilizes derivative instruments to manage its exposure to various types of interest rate risk, exposures related to liquidity and credit risk, and to facilitate customer transactions. The primary types of derivative instruments utilized by Synovus consist of interest rate swaps, interest rate lock commitments made to prospective mortgage loan customers, commitments to sell fixed-rate mortgage loans, and foreign currency exchange forwards. Interest rate lock commitments represent derivative instruments since it is intended that such loans will be sold. Synovus 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. Hedging Derivatives Cash flow hedge relationships mitigate exposure to the variability of future cash flows or other forecasted transactions. Synovus has entered into interest rate swap contracts to manage overall cash flow changes related to interest rate risk exposure on index-based variable rate loans. The contracts effectively modify Synovus' exposure to interest rate risk by utilizing receive fixed/pay index-based variable rate interest rate swaps. For cash flow hedges, the effective portion of the gain or loss related to the derivative instrument is initially reported as a component of other comprehensive income and subsequently reclassified into earnings when the forecasted transaction affects earnings. As of December 31, 2019 , the maximum length of time over which Synovus is hedging its exposure to the variability in future cash flows is through the first quarter of 2024. As of December 31, 2019 , Synovus expects to reclassify approximately $2 million of pre-tax losses from AOCI into interest income on cash flow hedges over the next twelve months. For derivative instruments that are not designated as hedging instruments, changes in the fair value of the derivatives are recognized in earnings immediately. Counterparty Credit Risk and Collateral Entering into derivative contracts potentially exposes Synovus to the risk of counterparties’ failure to fulfill their legal obligations, including, but not limited to, potential amounts due or payable under each derivative contract. Notional principal amounts are often used to express the volume of these transactions, but the amounts potentially subject to credit risk are much smaller. Synovus assesses the credit risk of its dealer counterparties by regularly monitoring publicly available credit rating information, evaluating other market indicators, and periodically reviewing detailed financials. Dealer collateral requirements are determined via risk-based policies and procedures and in accordance with existing agreements. Synovus seeks to minimize dealer credit risk by dealing with highly rated counterparties and by obtaining collateral for exposures above certain predetermined limits. Management closely monitors credit conditions within the 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 certain 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. The credit risk to these customers is evaluated and included in the calculation of fair value. Fair value changes including credit-related adjustments are recorded as a component of capital markets income. Mortgage Derivatives Synovus originates first lien residential mortgage loans for sale into the secondary market. Mortgage loans are sold either individually or in a bulk sale by Synovus on a whole loan servicing release basis to third-party servicing aggregators for potential conversion into mortgage backed securities which can be traded in the secondary market or retained on their respective balance sheet. 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 and the eventual commitment for sale into the secondary market. 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. 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. Fair value changes are recorded as a component of other non-interest expense. Management believes that the estimate of Synovus' exposure to the Visa indemnification including 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. 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, 2019 and 2018 , collateral totaling $84.6 million and $22.4 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, 2019 and 2018 , Synovus had a variation margin of $113.7 million and $3.1 million , respectively, each reducing the derivative liability. The following table reflects the notional amount and fair value of derivative instruments included on the consolidated balance sheets at December 31, 2019 and 2018 . December 31, 2019 December 31, 2018 Fair Value Fair Value (in thousands) Notional Amount Derivative Assets (1) Derivative Liabilities (2) Notional Amount Derivative Assets (1) Derivative Liabilities (2) Derivatives in cash flow hedging relationships: Interest rate contracts $ 2,000,000 $ 54 $ 8,624 $ — $ — $ — Total derivatives designated as hedging instruments $ 54 $ 8,624 $ — $ — Derivatives not designated Interest rate contracts (3) $ 7,258,159 $ 138,672 $ 25,849 $ 1,840,288 $ 18,388 $ 15,716 Mortgage derivatives - interest rate lock commitments 70,481 1,290 — 52,420 944 — Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans 107,000 — 168 65,500 — 819 Other contracts (4) 145,764 — 91 69,902 — — Visa derivative — — 2,339 — — 1,673 Total derivatives not designated as hedging instruments $ 139,962 $ 28,447 $ 19,332 $ 18,208 (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. (4) Includes risk participation agreements sold. Synovus has entered into risk participation agreements with counterparties to transfer or assume credit exposures related to interest rate derivatives. The notional amount of risk participation agreements sold was $145.8 million and $69.9 million at December 31, 2019 and 2018 , respectively. The notional amount of risk participation agreements purchased was $3.0 million at December 31, 2019 . Assuming all underlying third-party customers referenced in the swap contracts defaulted at December 31, 2019 and 2018 , the exposure from these agreements would not be material based on the fair value of the underlying swaps. Synovus also provides foreign currency exchange services, primarily forward contracts, with counterparties to allow commercial customers to mitigate exchange rate risk. Synovus covers its risk by entering into an offsetting foreign currency exchange forward contract. The notional amount of foreign currency exchange forwards was $32.9 million and $28.8 million at December 31, 2019 and 2018 , respectively. The fair value of foreign currency exchange forwards was negligible at December 31, 2019 and 2018 due to the very short duration of these contracts. The pre-tax effect of changes in fair value from derivative instruments not designated as hedging instruments on the consolidated statements of income for the years ended December 31, 2019 , 2018 and 2017 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 2019 2018 2017 Derivatives not designated as hedging instruments: Interest rate contracts (1) Capital markets income $ (338 ) $ (29 ) $ 20 Mortgage derivatives - interest rate lock commitments Mortgage banking income 346 8 (634 ) Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans Mortgage banking income 651 (691 ) (2,025 ) Visa derivative Other non-interest expense (3,611 ) (2,328 ) — Other contracts (2) Capital markets income (91 ) — — Total derivatives not designated as hedging instruments $ (3,043 ) $ (3,040 ) $ (2,639 ) (1) Gain (loss) represents net fair value adjustments (including credit related adjustments) for customer swaps and offsetting positions. (2) Includes risk participation agreements sold. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | Note 15 - Leases Synovus’ leasing activities are primarily comprised of real estate leases used for retail branch locations and office space for core administrative and operating activities of Synovus’ banking and financial services business, and to a significantly lesser extent, certain equipment. The majority of these leases provide for fixed lease payments, including periodic escalators which are fixed at lease inception, however, a number of leases provide for variable lease payments where periodic increases in payment amounts are indexed to a consumer price index. Many leases include one or more options to renew which generally range from one to five years . Optional extension periods which are reasonably certain to be exercised in the future were included in the measurement of ROU assets and lease liabilities. Synovus’ leasing arrangements do not contain any material residual value guarantees, material restrictive covenants, or material end of lease purchase options. The following table summarizes the operating lease balances within the consolidated balance sheet as of December 31, 2019 . The difference between the asset and liability balance is primarily the result of lease liabilities that existed prior to the January 1, 2019 adoption of the new accounting guidance for leases. (in thousands) December 31, 2019 Right-of-use assets $ 374,716 Lease liabilities 383,892 Weighted-average remaining lease term (years) 21.05 Weighted-average discount rate (percentage) 3.54 % Operating lease expense, net of sublease income, for the year ended December 31, 2019 was $32.1 million . During the year ended December 31, 2019, cash paid for lease liabilities was $29.9 million . The following table presents the maturity of Synovus' operating lease liabilities as of December 31, 2019 : (in thousands) 2020 $ 30,190 2021 29,002 2022 28,261 2023 26,461 2024 26,105 After 2024 417,177 Total lease payments $ 557,196 Less: Imputed interest 173,304 Present value of lease liabilities $ 383,892 As of December 31, 2019 , minimum lease payments related to operating leases that had not yet commenced were $20.9 million . |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 16 - 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, solar energy, and CRA 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 at December 31, 2019 and 2018 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 LIHTC partnerships which are engaged in the development and operation of affordable multi-family housing pursuant to Section 42 of the Code. Additionally, Synovus invests in certain solar energy tax credit partnerships pursuant to Section 48 of the Code. Synovus typically acts as a limited partner in these investments and does not exert control over the operating or financial policies of the partnerships and as such, is not considered the primary beneficiary of the partnership. For certain of its LIHTC investments, Synovus provides financing during the construction and development of the properties and is at risk for the funded amount of its equity investment plus the outstanding amount of any construction loans in excess of the fair value of the collateral for the loan but has no obligation to fund the operations or working capital of the partnerships and is not exposed to losses beyond Synovus’ investment. Synovus receives tax credits related to these investments which are subject to recapture by taxing authorities based on compliance provisions required to be met at the project level. Synovus also invests in certain other CRA partnerships including SBIC programs. The SBIC is a program initiated by the SBA in 1958 to assist in the funding of small business loans. December 31, (in thousands) 2019 2018 Letters of credit * $ 202,614 $ 157,675 Commitments to fund commercial and industrial loans 7,018,152 5,527,017 Commitments to fund commercial real estate, construction, and land development loans 3,032,252 2,034,223 Commitments under home equity lines of credit 1,501,452 1,258,657 Unused credit card lines 877,929 775,003 Other loan commitments 485,371 400,983 Total letters of credit and unfunded lending commitments $ 13,117,770 $ 10,153,558 Investments in low income housing, solar energy tax credit, and other CRA partnerships: Carrying amount included in other assets $ 146,612 $ 84,486 Amount of future funding commitments included in carrying amount 78,266 47,123 Short-term construction loans and letter of credit commitments 2,124 1,585 Funded portion of short-term loans and letters of credit 3,196 5,595 * Represent the contractual amount net of risk participations purchased of approximately $33 million and $46 million at December 31, 2019 and December 31, 2018 , respectively. Merchant Services In accordance with credit and debit card association rules, Synovus sponsors various MPS businesses that process credit and debit card transactions on behalf of merchants. In connection with these services, a liability may arise in the event of a billing dispute between the merchant and a cardholder that is ultimately resolved in the cardholder's favor. If the merchant defaults on its obligations, the cardholder, through its issuing bank, generally has until six months after the date of the transaction to present a chargeback to the MPS, which is primarily liable for any losses on covered transactions. However, if the MPS fails to meet its obligations, then Synovus, as the sponsor, could be held liable for the disputed amount. Synovus seeks to mitigate this risk through its contractual arrangements with the MPS and the merchants by withholding future settlements, retaining cash reserve accounts and/or obtaining other security. For the years ended December 31, 2019 and 2018 , the sponsored entities processed and settled $74.20 billion and $68.99 billion of transactions, respectively. Synovus covered chargebacks related to a particular MPS during 2019 and 2018 where the MPS’s cash reserve account was unavailable to support the chargebacks. As of December 31, 2019 , the remaining amount due to Synovus from the MPS is $21.4 million , which is included in other assets and classified in NPAs, compared to $22.9 million at December 31, 2018 . While Synovus has contractual protections to mitigate against loss, repayment of the amounts owed to Synovus will depend in large part upon the continued financial viability and/or valuation of the MPS and the availability of any cash reserve accounts. Legal Proceedings Synovus and its subsidiaries are subject to various legal proceedings, claims and disputes that arise in the ordinary course of its business. Additionally, in the ordinary course of business, Synovus and its subsidiaries are subject to regulatory examinations, information gathering requests, inquiries and investigations. Synovus, like many other financial institutions, has been the target of legal actions and other proceedings asserting claims for damages and related relief for losses. These actions include mortgage loan and other loan put-back claims, claims and counterclaims asserted by individual borrowers related to their loans and allegations of violations of state and federal laws and regulations relating to banking practices, including putative class action matters. In addition to actual damages, if Synovus does not prevail in such asserted legal actions, credit-related litigation could result in additional write-downs or charge-offs of assets, which could adversely affect Synovus' results of operations during the period in which the write-down or charge-off were to occur. Synovus carefully examines and considers each legal matter, and, in those situations where Synovus determines that a particular legal matter presents loss contingencies that are both probable and reasonably estimable, Synovus establishes an appropriate reserve. An event is considered to be probable if the future event is likely to occur. While the final outcome of any legal proceeding is inherently uncertain, based on the information currently available, advice of counsel and available insurance coverage, management believes that the amounts accrued with respect to legal matters as of December 31, 2019 are adequate. The actual costs of resolving legal claims may be higher or lower than the amounts accrued. In addition, where Synovus determines that there is a reasonable possibility of a loss in respect of legal matters, Synovus considers whether it is able to estimate the total reasonably possible loss or range of loss. An event is “reasonably possible” if “the chance of the future event or events occurring is more than remote but less than likely.” An event is “remote” if “the chance of the future event or events occurring is more than slight but less than reasonably possible." In many situations, Synovus may be unable to estimate reasonably possible losses due to the preliminary nature of the legal matters, as well as a variety of other factors and uncertainties. For those legal matters where Synovus is able to estimate a range of reasonably possible losses, management currently estimates the aggregate range from our outstanding litigation is from zero to $5 million in excess of the amounts accrued, if any, related to those matters. This estimated aggregate range is based upon information currently available to Synovus, and the actual losses could prove to be lower or higher. As there are further developments in these legal matters, Synovus will reassess these matters, and the estimated range of reasonably possible losses may change as a result of this assessment. Based on Synovus' current knowledge and advice of counsel, management presently does not believe that the liabilities arising from these legal matters will have a material adverse effect on Synovus' consolidated financial condition, results of operations or cash flows. However, it is possible that the ultimate resolution of these legal matters could have a material adverse effect on Synovus' results of operations or financial condition for any particular period. 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, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Share-based Compensation and Other Employment Benefit Plans | Note 17 - 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, 2019 , Synovus had a total of 3.3 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 for performance share units, 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. Awards assumed and converted in Merger As a result of the Merger on January 1, 2019, Synovus assumed 3.2 million outstanding FCB stock option awards and 136 thousand outstanding FCB restricted stock unit awards. Pursuant to the Merger Agreement, each stock option and restricted share unit outstanding on the Acquisition Date was assumed and converted into a stock option or restricted stock unit award relating to shares of Synovus common stock, with the same terms and conditions as were applicable under such award prior to the acquisition. The converted options and restricted share units had a fair value of $41.5 million on the Acquisition Date, of which $4.2 million was allocated to compensation expense and the remaining to purchase price. The estimated fair value of the converted restricted share units was based on Synovus' closing stock price on December 31, 2018, and the estimated fair value of the converted stock options was determined using a Hull-White model in a binomial lattice option pricing framework. Additionally, under the terms of the Merger Agreement, certain outstanding FCB non-vested equity awards with a fair value of $7.5 million on the Acquisition Date, accelerated vesting and converted automatically into the right to receive merger consideration at the merger exchange ratio of 1.055 , or an equivalent amount in cash, of which $3.9 million was allocated to merger-related compensation expense consisting of $3.5 million settled in equity and $400 thousand settled in cash with the remaining allocated to purchase price. Share-based Compensation Expense Total share-based compensation expense recognized for 2019 , 2018 , and 2017 is presented in the following table by its classification within total non-interest expense. Years Ended December 31, (in thousands) 2019 2018 2017 Salaries and other personnel expense $ 19,618 $ 15,712 $ 13,370 Merger-related expense 4,219 — — Other operating expenses 650 931 809 Total share-based compensation expense included in non-interest expense $ 24,487 $ 16,643 $ 14,179 The total income tax benefit recognized in the consolidated statements of income related to share-based compensation expense was approximately $6.3 million , $4.3 million , and $5.2 million for 2019 , 2018 , and 2017 , respectively. No share-based compensation costs have been capitalized for the years ended December 31, 2019 , 2018 , and 2017 . As of December 31, 2019 , total unrecognized compensation cost related to the unvested portion of share-based compensation arrangements involving shares of Synovus stock was $20.4 million consisting of unrecognized compensation cost related to restricted share units of $15.5 million , market restricted share units of $3.9 million , and performance share units of $1.0 million . This cost is expected to be recognized over a weighted average remaining period of 1.42 years . Stock Options There were no stock option grants in 2019 , 2018 , or 2017 ; however, Synovus assumed 3.2 million outstanding employee and director stock options in the Merger. The estimated fair value of the converted stock options was determined using a Hull-White model in a binomial lattice option pricing framework with the following weighted average assumptions: 2019 Stock price (Synovus' closing stock price on December 31, 2018) $ 31.99 Weighted average fair value of converted stock options 11.50 Risk-free interest rate 2.51 % Expected stock price volatility 26.4 % Dividend yield 3.13 % Term to expiration 5.1 years A summary of stock option activity and changes during the years ended December 31, 2019 , 2018 , and 2017 is presented below. Stock Options 2019 2018 2017 (in thousands, except per share data) Quantity Weighted-Average Exercise Price Quantity Weighted-Average Exercise Price Quantity Weighted-Average Exercise Price Outstanding at beginning of year 640 $ 16.93 775 $ 17.85 973 $ 17.76 Assumed in acquisition 3,230 23.22 — — — — Options exercised (820 ) 19.91 (126 ) 16.92 (198 ) 17.41 Options forfeited (13 ) 34.23 — — — — Options expired/canceled — — (9 ) 92.26 — — Options outstanding at end of year 3,037 $ 22.74 640 $ 16.93 775 $ 17.85 Options exercisable at end of year 2,399 $ 19.52 640 $ 16.93 775 $ 17.85 The aggregate intrinsic value for outstanding stock options at December 31, 2019 was $50.2 million with a weighted average remaining contractual life of 4.03 years . The aggregate intrinsic value for exercisable stock options at December 31, 2019 was $47.2 million with a weighted average remaining contractual life of 3.33 years . The intrinsic value of stock options exercised during the years ended December 31, 2019 , 2018 , and 2017 was $13.6 million , $4.4 million , and $5.1 million , respectively. 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: 2019 2018 2017 Risk-free interest rate 2.40 % 2.32 % 1.48 % Expected stock price volatility 24.4 22.5 22.9 Dividend yield 2.9 1.3 1.2 Simulation period 3.0 years 3.0 years 3.0 years The stock price expected volatility was based on Synovus' historical volatility for the 2019 grants and Synovus' historical and implied volatility for the 2018 and 2017 grants. The Monte Carlo model estimates fair value based on 100,000 simulations of future share price using a theoretical model of stock price behavior. Synovus granted market restricted share units to senior management during the years ended December 31, 2019 , 2018 , and 2017 . 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). Synovus also granted performance share units to senior management during the years ended December 31, 2019 , 2018 , and 2017 . These units vest upon meeting certain service and performance conditions. Beginning in 2018, adjusted return on average assets (ROAA), and adjusted 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. A summary of restricted share units, market restricted share units, and performance share units outstanding and changes during the years ended December 31, 2019 , 2018 , and 2017 is presented below. Restricted Share Units Market Restricted Share Units Performance Share Units (in thousands, except per share data) Quantity Weighted-Average Grant Date Fair Value Quantity Weighted-Average Grant Date Fair Value Quantity Weighted-Average Grant Date Fair Value Outstanding at December 31, 2016 706 $ 26.38 182 $ 27.25 238 $ 25.99 Granted 243 41.82 78 43.52 73 41.61 Dividend equivalents granted 6 41.82 3 43.52 3 41.61 Quantity change by TSR factor — — 22 27.25 — — Vested (342 ) 26.25 (114 ) 26.78 (69 ) 23.47 Forfeited (47 ) 26.28 — — — — Outstanding at December 31, 2017 566 33.25 171 35.24 245 31.54 Granted 249 47.34 58 48.46 86 47.23 Dividend equivalents granted 7 44.10 3 41.91 4 28.06 Quantity change by TSR factor — — 18 33.21 — — Vested (280 ) 30.86 (105 ) 33.21 (84 ) 28.06 Adjustment for performance vs. target — — — — (1 ) 28.06 Forfeited (16 ) 38.60 (1 ) 38.32 (2 ) 33.52 Outstanding at December 31, 2018 526 41.18 144 41.91 248 38.29 Granted 550 36.27 163 37.20 140 37.34 Assumed in acquisition 136 31.99 — — — — Dividend equivalents granted 23 36.27 6 37.20 9 37.34 Quantity change by TSR factor — — (19 ) 37.99 — — Vested (304 ) 37.04 (59 ) 37.99 (93 ) 26.35 Adjustment for performance vs. target — — — — 6 37.34 Forfeited (114 ) 37.04 (19 ) 37.99 (31 ) 40.34 Outstanding at December 31, 2019 817 $ 38.32 216 $ 39.99 279 $ 41.52 The total fair value of restricted share units vested during 2019 , 2018 , and 2017 was $11.2 million , $13.6 million , and $14.4 million , respectively. The total fair value of market restricted share units vested during 2019 , 2018 , and 2017 was $2.2 million , $5.1 million , and $4.8 million , respectively, and the total fair value of performance share units vested during 2019 and 2018 was $3.5 million and $4.3 million, respectively. The following table provides aggregate information regarding grants under all Synovus equity compensation plans at December 31, 2019 . Plan Category (1) (a) Number of Securities to be Issued (2) (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 1,312 3,037 $ 22.74 3,309 (1) Does not include information for equity compensation plans assumed by Synovus in mergers. A total of 2.6 million shares of common stock was issuable upon exercise of options and vesting of restricted share units granted under plans assumed in mergers and outstanding at December 31, 2019. The weighted average exercise price of all options granted under plans assumed in mergers and outstanding at December 31, 2019 was $24.02 . Synovus cannot grant additional awards under these assumed plans. (2) 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 (as defined) over the measurement period. Other Employment Benefit Plans For the years ended December 31, 2019 and 2018 , Synovus provided a 100% matching contribution on the first 5% of eligible employee 401(k) contributions for a total annual contribution of $18.8 million and $15.7 million , respectively. For the year ended December 31, 2017 , 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 . Effective December 29, 2017, Synovus' non-contributory profit sharing plan was merged into the 401(k) plan. For the years ended December 31, 2019 , 2018 , and 2017 , 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 $1.1 million , $942 thousand , and $860 thousand for contributions to these plans in 2019 , 2018 , and 2017 , respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 18 - Income Taxes The components of income tax expense (benefit) included in the consolidated statements of income for the years ended December 31, 2019 , 2018 , and 2017 are presented below: (in thousands) 2019 2018 2017 Current Federal $ 112,517 $ 75,582 $ (32,341 ) State 2,085 7,081 5,949 Total current income tax expense (benefit) 114,602 82,663 (26,392 ) Deferred Federal 46,182 24,894 229,917 State 40,451 11,321 1,139 Total deferred income tax expense 86,633 36,215 231,056 Total income tax expense $ 201,235 $ 118,878 $ 204,664 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 included $9.8 million in tax benefits associated with 2017 Federal Tax Reform. 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 years ended December 31, 2019 and 2018 and 35 percent for the year ended December 31, 2017 . A reconciliation of the differences is presented below: Years Ended December 31, (dollars in thousands) 2019 2018 2017 Income tax expense at statutory federal income tax rate $ 160,653 $ 114,944 $ 168,048 Increase (decrease) resulting from: State income tax expense, net of federal income tax benefit 33,764 17,270 11,961 Adjustment related to reduction in U.S. federal statutory income tax rate (1)(2) — (9,865 ) 46,573 Low income housing tax credits and other tax benefits (8,454 ) (6,421 ) (2,759 ) Low income housing tax credit amortization 6,871 5,316 268 Executive compensation 6,385 443 — FDIC premiums 5,802 2,529 — Bank-owned life insurance (4,226 ) (3,055 ) (4,702 ) Excess tax benefit from share-based compensation (1,337 ) (2,801 ) (4,318 ) General business tax credits (3) (678 ) (1,163 ) (4,615 ) Change in valuation allowance (4) — (3,431 ) (6,227 ) Other, net 2,455 5,112 435 Total income tax expense $ 201,235 $ 118,878 $ 204,664 Effective tax rate 26.3 % 21.7 % 42.6 % (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 AOCI. ASU 2018-02, issued in February 2018, provided 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 research and development tax credits for the tax years 2013-2017 totaling $4.6 million . (4) 2017 includes provisional federal income tax expense of $608 thousand related to Federal Tax Reform. Details for significant portions of the deferred tax assets and liabilities at December 31, 2019 and 2018 are presented below: (in thousands) 2019 2018 Deferred tax assets Lease liability $ 99,053 $ 2,526 Allowance for loan losses 73,929 63,952 Net operating loss carryforwards 38,972 33,008 Employee benefits and deferred compensation 28,874 20,363 Tax credit carryforwards 21,076 20,088 Deferred revenue 8,237 10,189 Non-performing loan interest 5,232 2,442 Net unrealized losses on investment securities available for sale — 24,419 Other 15,101 9,415 Total gross deferred tax assets 290,474 186,402 Less valuation allowance (18,445 ) — Total deferred tax assets 272,029 186,402 Deferred tax liabilities Right-of-use asset (97,400 ) — Excess tax over financial statement depreciation (41,097 ) (31,260 ) Net unrealized gains (losses) on investment securities available for sale and cash flow hedges (31,678 ) — Purchase accounting intangibles (15,184 ) (2,968 ) Fair value of investment securities and loans (8,602 ) — Other properties held for sale (3,884 ) (5,469 ) Other (9,082 ) (5,571 ) Total gross deferred tax liabilities (206,927 ) (45,268 ) Net deferred tax assets $ 65,102 $ 141,134 The increase in the valuation allowance for the year ended December 31, 2019 was $18.4 million and relates to federal and state NOLs acquired with the acquisition of FCB. These acquired NOLs are subject to IRC Section 382 restrictions imposing limits on utilization of these tax benefits for federal and specific state purposes. 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, 2019 , 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, 2019 includes generation of taxable income in 2019 , 2018 , and 2017 , 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 $65.1 million net deferred tax asset at December 31, 2019 . Synovus expects to realize its net deferred tax asset of $65.1 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, 2019 , 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 $65.1 million in net deferred tax assets well in advance of the statutory carryforward period. At December 31, 2019 , $23.4 million of existing net deferred tax assets are not related to NOLs or credits and therefore, have no expiration dates. $39.0 million of the deferred tax assets relate to federal and state NOLs which will expire in installments annually through the tax year 2036. State tax credits at December 31, 2019 total $21.1 million and have expiration dates through the tax year 2029. State NOLs and tax credit carryforwards as of December 31, 2019 are summarized in the following table. Tax Carryforwards As of December 31, 2019 (in thousands) Expiration Dates Deferred Tax Asset Balance, Gross Valuation Allowance Net Deferred Tax Asset Balance Pre-Tax Earnings Necessary to Realize (1) Net operating losses - federal 2029-2032 $ 19,902 $ (15,852 ) $ 4,050 $ 19,286 Net operating losses - states 2023-2028 558 — 558 379,402 Net operating losses - states 2029-2033 24,998 (2,593 ) 22,405 889,150 Net operating losses - states 2034-2036 372 — 372 6,973 Other credits - states 2020-2024 21,408 — 21,408 N/A Other credits - states 2025-2029 1,269 — 1,269 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 2016, 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 NOLs 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) 2019 2018 2017 Balance at January 1, $ 18,586 $ 15,117 $ 14,745 Additions based on income tax positions related to current year 550 1,165 152 Additions for income tax positions of prior years (1) — 2,321 934 Additions from acquisition 3,464 — — Reductions for income tax positions of prior years (1,589 ) — (706 ) Statute of limitation expirations (17 ) (17 ) (8 ) Balance at December 31, $ 20,994 $ 18,586 $ 15,117 (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 $3.3 million , $227 thousand , and $105 thousand as of December 31, 2019 , 2018 and 2017 , respectively. Unrecognized income tax benefits as of December 31, 2019 , 2018 and 2017 that, if recognized, would affect the effective income tax rate totaled $20.4 million , $15.2 million and $12.3 million (net of the federal benefit on state income tax issues). Accrued interest and penalties during 2019 and 2018 totaled $1.4 million and $193 thousand , respectively. Synovus expects that $857 thousand |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Reporting | Note 19 - Segment Reporting During 2019, Synovus announced changes in its organizational structure and executive leadership team and segmented its business into three major reportable business segments: Community Banking, Wholesale Banking, and Financial Management Services (FMS), with functional activities such as treasury, technology, operations, marketing, finance, enterprise risk, legal, human resources, corporate communications, executive management, among others, included in Treasury and Corporate Other. The monitoring and assessment of segment performance became effective in the fourth quarter of 2019. Prior to the fourth quarter of 2019, Synovus identified its overall banking operations as its only reportable segment. The business segments are determined based on the products and services provided, or the type of customer served, and as of the fourth quarter of 2019, reflect the manner in which financial information is currently evaluated by the CODM. Business segment results are determined based upon Synovus' management reporting system, which assigns balance sheet and income statement items to each of the business segments. Certain assets, liabilities, revenues, and expenses not allocated or attributable to a particular business segment are included in Treasury and Corporate Other. The management accounting policies and processes utilized in compiling segment financial information are highly subjective and, unlike financial accounting, are not based on authoritative guidance similar to GAAP. As a result, reported segment results are not necessarily comparable with similar information reported by other financial institutions. The Community Banking business segment serves customers using a relationship-based approach through its branch, ATM, commercial, and private wealth network in addition to mobile, Internet, and telephone banking. This segment primarily provides individual, small business, and corporate customers with an array of comprehensive banking products and services including commercial, home equity, and other consumer loans, credit and debit cards, and deposit accounts. The Wholesale Banking business segment serves primarily larger corporate customers by providing commercial lending and deposit services through specialty teams including middle market, CRE, senior housing, national accounts, premium finance, structured lending, healthcare, and asset-based lending. The Financial Management Services (FMS) business segment serves its customers by providing mortgage and trust services and also specializing in professional portfolio management for fixed-income securities, investment banking, the execution of securities transactions as a broker/dealer, asset management, and financial planning services, as well as the provision of individual investment advice on equity and other securities. Synovus uses a centralized FTP methodology to attribute appropriate net interest income to the business segments. The intent of the FTP methodology is to transfer interest rate risk from the business segments by providing matched duration funding of assets and liabilities. The result is to centralize the financial impact, management, and reporting of interest rate risk in the Treasury and Corporate Other function where it can be centrally monitored and managed. Treasury and Corporate Other charges (credits) an internal cost of funds for assets held in (or pays for funding provided by) each business segment. The FTP rate is based on prevailing market interest rates for comparable duration assets (or liabilities). The following table presents certain financial information for each reportable business segment for the fourth quarter of 2019, which was the first financial period in which the new segment reporting became effective. Additionally, to provide comparable information, Synovus has included proforma business segment financial information for the first three quarters of 2019 and the full year 2019 utilizing various allocation methodologies based on balance sheet and income statement items assigned to each business segment. Management concluded prior year information presented in this format would not include the results of operations from FCB and therefore, would not be comparable. The application and development of management reporting methodologies is a dynamic process and is subject to periodic enhancements. As these enhancements are made, financial results presented by each reportable business segment may be periodically revised. (in thousands) Community Banking Wholesale Banking Financial Management Services Treasury and Corporate Other Synovus Consolidated 2019 Proforma Net interest income $ 825,219 $ 518,033 $ 112,431 $ 140,120 $ 1,595,803 Non-interest income 136,657 28,948 154,166 36,129 355,900 Non-interest expense 302,327 71,393 152,115 573,133 1,098,968 Pre-provision net revenue $ 659,549 $ 475,588 $ 114,482 $ (396,884 ) $ 852,735 Fourth Quarter (unaudited) Net interest income $ 199,770 $ 129,792 $ 26,006 $ 43,701 $ 399,269 Non-interest income 34,686 7,161 42,293 13,815 97,955 Non-interest expense 77,187 16,252 40,976 131,707 266,122 Pre-provision net revenue $ 157,269 $ 120,701 $ 27,323 $ (74,191 ) $ 231,102 Third Quarter Proforma (unaudited) Net interest income $ 203,197 $ 133,773 $ 26,582 $ 38,545 $ 402,097 Non-interest income 35,145 7,092 40,966 5,557 88,760 Non-interest expense 76,414 25,413 40,413 134,070 276,310 Pre-provision net revenue $ 161,928 $ 115,452 $ 27,135 $ (89,968 ) $ 214,547 Second Quarter Proforma (unaudited) Net interest income $ 207,493 $ 128,857 $ 30,978 $ 29,934 $ 397,262 Non-interest income 34,050 7,937 38,628 9,192 89,807 Non-interest expense 73,910 14,709 37,508 137,999 264,126 Pre-provision net revenue $ 167,633 $ 122,085 $ 32,098 $ (98,873 ) $ 222,943 First Quarter Proforma (unaudited) Net interest income $ 214,759 $ 125,611 $ 28,865 $ 27,940 $ 397,175 Non-interest income 32,776 6,758 32,279 7,565 79,378 Non-interest expense 74,816 15,019 33,218 169,357 292,410 Pre-provision net revenue $ 172,719 $ 117,350 $ 27,926 $ (133,852 ) $ 184,143 December 31, 2019 (dollars in thousands) Community Banking Wholesale Banking Financial Management Services Treasury and Corporate Other Synovus Consolidated Total loans net of deferred fees and costs $ 12,170,914 $ 17,643,509 $ 5,285,455 $ 2,062,572 $ 37,162,450 Total deposits $ 25,610,777 $ 8,314,184 $ 284,716 $ 4,195,827 $ 38,405,504 Total full-time equivalent employees 2,301 213 839 1,911 5,264 |
Condensed Financial Information
Condensed Financial Information Of Synovus Financial Corp. (Parent Company Only) | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Financial Information Of Synovus Financial Corp. (Parent Company Only) | Note 20 - Condensed Financial Information of Synovus Financial Corp. (Parent Company only) Condensed Balance Sheets December 31, (in thousands) 2019 2018 Assets Cash due from bank subsidiary $ 365,111 $ 213,096 Funds due from other depository institutions 9,277 9,927 Total cash, cash equivalents, restricted cash, and restricted cash equivalents 374,388 223,023 Investment in consolidated bank subsidiary, at equity 5,303,005 3,418,471 Investment in consolidated nonbank subsidiaries, at equity 43,370 34,586 Note receivable from bank subsidiary 100,000 — Other assets 54,142 62,915 Total assets $ 5,874,905 $ 3,738,995 Liabilities and Shareholders' Equity Liabilities: Long-term debt $ 853,897 $ 555,704 Other liabilities 79,318 49,689 Total liabilities 933,215 605,393 Shareholders’ equity: Preferred stock 537,145 195,140 Common stock 166,801 143,300 Additional paid-in capital 3,819,336 3,060,561 Treasury stock (715,560 ) (1,014,746 ) Accumulated other comprehensive income (loss), net 65,641 (94,420 ) Retained earnings 1,068,327 843,767 Total shareholders’ equity 4,941,690 3,133,602 Total liabilities and shareholders’ equity $ 5,874,905 $ 3,738,995 Condensed Statements of Income Years Ended December 31, (in thousands) 2019 2018 2017 Income Cash dividends received from subsidiaries (1) $ 400,000 $ 250,000 $ 283,210 Cash distributions received from subsidiaries (1) — 10,000 167,790 Interest income 5,920 1,703 1,443 Other income (loss) 11,590 (3,904 ) 345 Total income 417,510 257,799 452,788 Expenses Interest expense 41,328 25,287 43,922 Other expenses 13,528 21,455 33,955 Total expenses 54,856 46,742 77,877 Income before income taxes and equity in undistributed income (loss) of subsidiaries 362,654 211,057 374,911 Allocated income tax benefit (9,753 ) (13,690 ) (30,421 ) Income before equity in undistributed income (loss) of subsidiaries 372,407 224,747 405,332 Equity in undistributed income (loss) of subsidiaries 191,373 203,729 (129,858 ) Net income 563,780 428,476 275,474 Dividends and redemption charge on preferred stock 22,881 17,998 10,238 Net income available to common shareholders $ 540,899 $ 410,478 $ 265,236 (1) Substantially all cash dividends and distributions are from Synovus Bank. Condensed Statements of Comprehensive Income December 31, 2019 December 31, 2018 December 31, 2017 (in thousands) Before-tax Amount Income Tax Net of Tax Amount Before-tax Amount Income Tax Net of Tax Amount Before-tax Amount Income Tax Net of Tax Amount Net income $ 765,015 $ (201,235 ) $ 563,780 $ 547,354 $ (118,878 ) $ 428,476 $ 480,138 $ (204,664 ) $ 275,474 Reclassification adjustment for realized (gains) losses included in net income on cash flow hedges — — — — — — 130 (50 ) 80 Reclassification adjustment for realized (gains) losses included in net income on investment securities available for sale (22 ) 6 (16 ) — — — (5,506 ) 2,120 (3,386 ) Other comprehensive gain (loss) of bank subsidiary 216,032 (55,955 ) 160,077 (43,447 ) 11,252 (32,195 ) 6,784 (2,573 ) 4,211 Other comprehensive income (loss) $ 216,010 $ (55,949 ) $ 160,061 $ (43,447 ) $ 11,252 $ (32,195 ) $ 1,408 $ (503 ) $ 905 Comprehensive income $ 723,841 $ 396,281 $ 276,379 Condensed Statements of Cash Flows Years Ended December 31, (in thousands) 2019 2018 2017 Operating Activities Net income $ 563,780 $ 428,476 $ 275,474 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed (income) loss of subsidiaries (191,373 ) (203,729 ) 129,858 Deferred income tax expense 1,775 1,055 60,931 Net increase (decrease) in other liabilities 43,617 9,551 (1,095 ) Net decrease (increase) in other assets 3,367 6,723 (8 ) Other, net 1,037 1,115 (3,330 ) Net cash provided by operating activities 422,203 243,191 461,830 Investing Activities Proceeds from sales of investment securities available for sale 97,389 — 4,305 Advance of long-term note receivable due from bank subsidiary (100,000 ) — — Net decrease in short-term notes receivable from non-bank subsidiaries — — 35,200 Return of investment non-bank subsidiary 790 — — Net cash received in business combination, net of cash paid 4,813 — — Net cash provided by investing activities 2,992 — 39,505 Financing Activities Dividends paid to common and preferred shareholders (185,664 ) (120,202 ) (64,908 ) Repurchases of common stock (725,398 ) (175,072 ) (175,079 ) Repayments and redemption of long-term debt — — (600,386 ) Proceeds from issuance of long-term debt 297,174 — 296,866 Proceeds from issuance of preferred stock 342,005 195,140 — Redemption of preferred stock — (130,000 ) — Earnout payment (1,947 ) (1,220 ) (892 ) Net cash used in financing activities (273,830 ) (231,354 ) (544,399 ) Increase (decrease) in cash and cash equivalents including restricted cash 151,365 11,837 (43,064 ) Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of year 223,023 211,186 254,250 Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of year $ 374,388 $ 223,023 $ 211,186 See accompanying notes to the audited consolidated financial statements. For the years ended December 31, 2019 , 2018 , and 2017 , the Parent Company paid income taxes of $101.6 million , $41.7 million , and $18.0 million , respectively. For the years ended December 31, 2019 , 2018 , and 2017 , the Parent Company paid interest of $33.1 million , $24.2 million , and $51.0 million , respectively. |
Subsequent Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Event | Note 21 - Subsequent Event On February 12, 2020, Synovus Bank issued $400.0 million aggregate principal amount of 2.289% Fixed-to-Floating Rate Senior Bank Notes due 2023. From and including the original issue date to, but excluding, February 10, 2022, the Notes will bear interest at a fixed rate of 2.289% per annum, payable semi-annually in arrears on each February 10 and August 10, beginning on August 10, 2020. Unless redeemed, from and including February 10, 2022 to but excluding the Maturity Date, the interest rate on the Notes will be computed quarterly using an interest rate based on the SOFR with a daily index maturity plus a spread of 94.5 basis points per annum, payable quarterly in arrears. Synovus Bank may redeem the Notes, at its option, on February 10, 2022 (which is the date that is one year prior to the Maturity Date) upon not less than 10 nor more than 60 days ’ prior notice given to holders of the Notes. The redemption price for any redemption is 100% of the principal amount of the Notes, plus accrued and unpaid interest thereon to but excluding the date of redemption. The Notes are not redeemable at the option or election of holders. |
Summary of Quarterly Financial
Summary of Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Data [Abstract] | |
Summary of Quarterly Financial Data (Unaudited) | Summary of Quarterly Financial Data Presented below is a summary of the unaudited consolidated quarterly financial data for the years ended December 31, 2019 and 2018 . Table 30 - Quarterly Financial Data 2019 (in thousands, except per share data) Fourth Quarter Third Quarter Second Quarter First Quarter Interest income $ 506,253 $ 523,415 $ 516,131 $ 504,839 Interest expense 106,984 121,318 118,869 107,664 Net interest income 399,269 402,097 397,262 397,175 Provision for loan losses 24,470 27,562 12,119 23,569 Non-interest income 97,955 88,760 89,807 79,378 Non-interest expense 266,122 276,310 264,126 292,410 Income before income taxes 206,632 186,985 210,824 160,574 Income tax expense 54,948 51,259 54,640 40,388 Net income 151,684 135,726 156,184 120,186 Preferred stock dividends 8,290 8,291 3,150 3,150 Net income available to common shareholders 143,394 127,435 153,034 117,036 Net income per common share, basic 0.98 0.84 0.97 0.73 Net income per common share, diluted 0.97 0.83 0.96 0.72 2018 Fourth Quarter Third Quarter Second Quarter First Quarter Interest income $ 357,395 $ 343,942 $ 329,834 $ 313,134 Interest expense 59,462 52,323 45,257 38,850 Net interest income 297,933 291,619 284,577 274,284 Provision for loan losses 12,149 14,982 11,790 12,776 Non-interest income 67,992 71,668 73,387 67,046 Non-interest expense 209,922 220,297 204,057 195,179 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 Preferred stock dividends and redemption charge 3,151 9,729 2,559 2,559 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 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
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 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. No reclassifications of prior period balances were material to the consolidated financial statements unless specifically disclosed. The Company’s consolidated financial statements include all entities in which the Company has a controlling financial interest. A 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. The Company uses the hypothetical liquidation book value (HLBV) method for equity investments when the liquidation rights and priorities as defined by an equity investment agreement differ from what is reflected by the underlying percentage ownership interests. |
Use of Estimates | In preparing the consolidated financial statements in accordance with GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the respective consolidated balance sheets and the reported amounts of 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 or other credit losses; estimates of fair value; income taxes; and contingent liabilities including legal matters, 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 |
Cash and Cash Equivalents | In connection with the adoption of ASU 2016-18 , Statement of Cash Flows-Restricted Cash, |
Short-term Investment | At December 31, 2019 , required deposits with the Federal Reserve Bank amounted to $111.5 million and at December 31, 2018 no cash balances were required to be on deposit with the Federal Reserve Bank. Cash and cash equivalents included $87.8 million at December 31, 2019 and $25.6 million at December 31, 2018 , which were pledged to collateralize certain derivative instruments and letters of credit. |
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 AOCI 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 unless the premium is related to callable debt securities. For these securities, the amortization period is shortened to the earliest call date. 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. |
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. |
Loans Held for Investments and Interest Income | 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 costs. Interest income and deferred fees, net of costs 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 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, 2019 and 2018 , 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 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 Alabama, Florida, Georgia, South Carolina and Tennessee. Accordingly, the ultimate collectability of a substantial portion of the loan portfolio is susceptible to changes in market conditions in these areas. |
Purchased loans | Loans acquired through a business combination are recorded at fair value in accordance with ASC Topic 820, Fair Value Measurement , consistent with the exit price concept on the date of acquisition. Credit risk assumptions and resulting credit discounts are included in the determination of fair value; therefore, no allowance for loan losses is recorded at the acquisition date. Pursuant to an AICPA letter dated December 18, 2009, the AICPA summarized the SEC staff's view regarding the accounting in subsequent periods for discount accretion associated with loan receivables acquired in a business combination or asset purchase. Regarding the accounting for such loan receivables, in the absence of further standard setting, the AICPA understands the SEC staff would not object to an accounting policy based on contractual cash flows (ASC Topic 310-20, Nonrefundable Fees and Other Costs ) or an accounting policy based on expected cash flows (ASC Topic 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality ). Synovus analogizes to ASC 310-30 to account for the fair value discount. Purchased loans are evaluated upon acquisition as following the ASC 310-30 approach or ASC 310-20. Loans meeting the scope exception of ASC 310-30 (e.g. loans with revolving components) are not permitted to be analogized and will be accounted for in accordance with ASC 310-20. ASC 310-30 loans acquired in the same fiscal quarter are aggregated into pools according to the nature of the loan and risk rating (similar to non-impaired originated loans). A pool is then accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows. For ASC 310-30 loans, expected cash flows at the acquisition date in excess of the fair value of loans are recorded as interest income over the life of the loans using a level yield method if the timing and amount of the future cash flows is reasonably estimable. Subsequent to the acquisition date, increases in cash flows over those expected at the acquisition date are recognized prospectively as interest income. Decreases in expected cash flows due to credit deterioration are recognized by recording an ALL. Loan removals from pools due to pay-off or charge-off are removed at their carrying amount. The difference between the carrying amount and the amount received to satisfy the loan is recorded in interest income. For ASC 310-20 loans, the difference between the fair value and UPB of the loan at the acquisition date is amortized or accreted to interest income over the contractual life of the loans using the effective interest method. In the event of prepayment, the remaining unamortized amount is recognized in interest income in the quarter of prepayment. Due to the significant difference in accounting for ASC 310-30 loans, Synovus believes inclusion of these loans in certain asset quality ratios that reflect NPAs in the numerator or denominator (or both) results in significant distortion to these ratios. In addition, because loan level charge-offs related to ASC 310-30 loans are not recognized in the financial statements until the cumulative amounts exceed the original loss projections on a pool basis, the net charge-off ratio is inconsistent with the net charge-off ratio for other loan portfolios. The inclusion of ASC 310-30 loans in certain asset quality ratios could result in a lack of comparability across quarters or years and could impact comparability with other portfolios that were not impacted by ASC 310-30 accounting. Synovus believes that presenting certain loan and asset quality disclosures separately for ASC 310-20 and ASC 310-30 loans, and/or excluding ASC 310-30 loans, where appropriate and indicated within each table, provides better perspective into underlying trends related to the quality of its loan portfolio. |
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. 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 metrics within the following categories: • 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 qualitatively adjusted EL factors by portfolio are then further 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 is based upon a 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 IPRE loans. At December 31, 2019 and 2018 , approximately 47.7% and 41.7% of total C&I and IPRE loans were 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 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 subject to uniform lending policies and consist primarily of loans with strong borrower credit scores. Synovus makes consumer lending decisions based upon a number of key credit risk determinants including FICO scores as well as loan-to-value and debt-to-income ratios. Consumer loans are generally assigned a risk rating on a 9-point scale 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. At least annually, the consumer loan portfolio is sent to a consumer credit reporting agency for a refresh of customers' credit scores so that management can evaluate ongoing consistency or negative migration in the quality of the portfolio, which impacts the ALL. Revolving lines of credit are reviewed for a material change in financial circumstances, and when appropriate, the line of credit may be suspended for further advances. FICO scores within the residential real estate portfolio have generally remained stable over the last several years. As of December 31, 2019 and 2018 , weighted average FICO scores within the residential real estate portfolio based on committed balances were 787 and 785 for HELOCs and 778 and 786 for Consumer Mortgages, respectively. |
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. Certain BOLI contracts contain endorsement split-dollar life agreements. In these circumstances, Synovus accrues a reserve liability and related expense for this obligation. |
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 asset's 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. For instance, the reorganization of the Company during 2019, which resulted in changes in operating segment determination, similarly changed the composition of Synovus' reporting units. As such, Synovus conducted a goodwill impairment evaluation to assess the impact of those changes as of December 31, 2019. Refer to "Part II - Item 8. Financial Statements and Supplementary Data - Note 6 - Goodwill and Other Intangible Assets" of this Report for additional details. Synovus applies judgment when assessing goodwill for impairment. ASC Topic 350-20-35-3A, Goodwill Subsequent Measurement - Qualitative Assessment, provides the option to perform a qualitative assessment to determine whether the quantitative portion of the 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 a core deposit intangible and borrower relationships resulting from business acquisitions. The core deposit intangible is amortized over its estimated useful life of approximately ten years utilizing an accelerated method. The remaining intangible assets are amortized using straight line methods based on the remaining lives of the assets with amortization periods ranging 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 the carrying amount of an asset may not be recoverable. Recoverability of the intangible assets is measured by a comparison of the asset's carrying amount to future undiscounted cash flows expected to be generated by the asset. Any resulting impairment is measured by the amount by which the carrying value exceeds the fair value of the asset (based on the undiscounted cash flows expected to be generated by the asset). |
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 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 making resource allocation decisions. Based on this guidance, Synovus identified three major reportable business segments: Community Banking, Wholesale Banking, and Financial Management Services (FMS), with functional activities such as treasury, technology, operations, marketing, finance, enterprise risk, legal, human resources, corporate communications, executive management, among others, included in Treasury and Corporate Other. The monitoring and assessment of segment performance became effective in the fourth quarter of 2019. Prior to the fourth quarter of 2019, Synovus identified its overall banking operations as its only reportable segment. Refer to "Part II - Item 8. Financial Statements and Supplementary Data - Note 19 - Segment Reporting" of this Report for additional details. The application and development of management reporting methodologies is a dynamic process and is subject to periodic enhancements. As these enhancements are made, financial results presented by each reportable segment may be periodically revised. |
Other Assets | Other assets include ROU assets, FRB and FHLB stock, derivative asset positions, accrued interest receivable and investments in LIHTC and solar energy tax credits and other balances as shown in "Part II - Item 8. Financial Statements and Supplementary Data - Note 7 - Other Assets" of this Report. As a member of the Federal Reserve System, Synovus is currently required to purchase and hold shares of capital stock in the Federal Reserve Bank (recorded at amortized cost, which approximates fair value, of $141.7 million and $95.9 million at December 31, 2019 and 2018, respectively) in an amount equal to the greater of 6% of its capital and surplus or 0.6% of deposits. As a member of the FHLB , Synovus is also required to purchase and hold shares or capital stock in the FHLB (recorded at amortized cost, which approximates fair value, of $144.7 million and $89.4 million at December 31, 2019 and 2018, respectively) in an amount equal to its membership base investment plus an activity-based investment determined according to the level of outstanding FHLB advances. |
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 qualifies and has been designated as part of a hedging relationship in accordance with ASC Topic 815, Derivatives and Hedging . Synovus formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative instruments that are used are highly effective in offsetting changes in fair values or cash flows of the hedged items. Fair value hedges - 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. When a fair value hedge is discontinued, the remaining cumulative adjustments to the hedged item and accumulated amounts in OCI are accounted for in the same manner as other components of the carrying amount of the asset or liability. If the hedged item is derecognized, the accumulated amounts in OCI are immediately reclassified to net income. Cash flow hedges - 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. When a cash flow hedge is discontinued but the hedged cash flows or forecasted transactions are still expected to occur, gains or losses that were accumulated in other comprehensive income are amortized into earnings over the same periods which the hedged transactions would have affected earnings. If, however, it is probable the forecasted transactions will no longer occur, the accumulated amounts in OCI at the de-designation date are immediately recognized in earnings. 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. |
Non-interest Income | Synovus' contracts with customers generally do not contain terms that require significant judgment to determine the amount of revenue to recognize. Synovus' policies for recognizing non-interest income within the scope of ASC Topic 606, Revenue from Contracts with Customers , including the nature and timing of such revenue streams, are included below. 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, NSF, 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. 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. 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. Capital Markets Income : Investment banking income, a component of capital markets income, is comprised primarily of securities underwriting fees and remarketing fees. Synovus assists corporate clients in raising capital by offering equity or debt securities to potential investors. The transaction fees are based on a percentage of the total transaction amount. The underwriting and remarketing fees are recognized on the trade date when the securities are sold to third-party investors with payment received on the settlement date. Insurance Revenue (included in other non-interest income on the consolidated statements of income) : 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. Other Fees (included in other non-interest income on the consolidated statements of income) : Other fees within the scope of ASC Topic 606 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. |
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. 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 NOLs, 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 beginning in 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 |
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 Topic 820, Fair Value Measurements, and ASC Topic 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 820-10-35, 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 and marketable equity securities. 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, asset-backed securities, and state and municipal securities. 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. 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 Level 3 investment securities available for sale consists of a trust preferred security issued by a financial institutions. Management determines the fair value of this holding by calculating the net present value of projected cash flow based on the debt terms using a discount rate that includes a credit spread. Mortgage Loans Held for Sale Synovus elected to apply the fair value option for mortgage loans originated with the intent to sell to investors in the secondary market. When loans are not committed to an investor at a set price, fair value is derived from a hypothetical bulk sale model using current market pricing indicators. A best execution valuation model is used for loan pricing for similar assets 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 methodology attempts to reflect the pricing execution available to Synovus’ principal market. Mortgage loans held for sale are classified within Level 2 of the valuation hierarchy. Private equity instruments The private equity investments in which Synovus holds a limited partner interest consist of i) funds that invest in privately held companies and ii) funds previously invested in privately held companies which are now publicly traded securities. Funds invested in privately held companies are classified as Level 3 and the estimated fair value of the company is the estimated fair value as an exit price the fund would receive if it were to sell the company in the marketplace. The fair value of the fund's underlying investments is estimated through the use of valuation models, such as option pricing or a discounted cash flow model. Synovus typically sells shares in any investment after initial public offering (IPO) lock-up periods have ended. Previously invested funds which are now publicly traded securities are classified as Level 1 and shares are valued based on quoted market prices. 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 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. Fair values of interest rate swaps are provided by the clearing house, or centralized counter party (CCP). An independent third-party valuation is used to verify and confirm these values. 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 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. 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 2016-02, Leases (ASC 842) . Synovus adopted ASC 842 prospectively as of January 1, 2019 for existing leasing arrangements. As such, financial information was not updated and the disclosures required under the new standard are not presented for dates and periods prior to January 1, 2019. Refer to the 2018 10-K for lease disclosures surrounding prior period information reported under ASC Topic 840, Leases. For leases that commenced prior to the effective date of ASC 842, Synovus elected the package of practical expedients not to 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, Synovus did not elect the practical expedient to combine lease and non-lease components for all of our leases. Adoption of the new standard resulted in the recording of ROU assets and lease liabilities of $381.1 million and $391.0 million , respectively, as of January 1, 2019. These amounts were based on the present value of the remaining rental payments for existing leases and include consideration for renewal and termination options available that we were reasonably certain of exercising. The difference between the asset and liability balance is primarily the result of lease liabilities that existed prior to adoption of the new guidance. The adoption of the standard also resulted in a cumulative-effect adjustment, net of income taxes, to the beginning balance of retained earnings of $4.3 million ( $3.9 million of which consisted of deferred gains associated with sale-leaseback transactions that previously did not qualify for recognition). The ROU assets are included in other assets (other than $4.0 million of finance leases included in premises and equipment) on the consolidated balance sheet and the lease liabilities are included in other liabilities. Adoption of the standard did not materially impact our consolidated statements of income and had no impact on cash flows. Synovus determines if an arrangement is a lease at inception in accordance with ASC 842-10-15-3 and classifies leases as either operating or financing from a lessee perspective and operating or direct financing and sales-type from a lessor perspective based on criteria that are largely similar to those applied under ASC Topic 840, Leases , but without explicit bright lines. ROU assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. The determination of future minimum lease payments includes consideration for extension or termination options when it is reasonably certain Synovus will exercise that option as well as rent escalation clauses (including market or index-based escalations) and abatements, capital improvement funding or other lease concessions. As most leases in Synovus' portfolio do not provide an implicit rate, Synovus utilizes a collateralized incremental borrowing rate, referenced to the Federal Home Loan Bank rates for borrowings of similar terms, based on the information available at lease commencement date in determining the present value of future payments. Additionally, for all real estate leases, Synovus applies a portfolio approach (based on lease term) in the application of the discount rate. Determination of the ROU asset also includes prepaid lease payments and amounts recognized relating to favorable or unfavorable lease terms from leases acquired through business combinations. For operating leases, minimum rental expense is recognized on a straight-line basis based on the fixed components of leasing arrangements. Variable lease components represent amounts that are not fixed in nature and are not tied to an index or rate, and are recognized as expense when incurred. For financing leases, rent expense is recognized as amortization expense on a straight-line basis and interest expense using the effective interest method. Additionally, leases with an initial term of 12 months or less are not recorded on the balance sheet; lease expense for these leases is recognized on a straight-line basis over the lease term. Net lease cost is recorded net of sublease income. For leases beginning in 2019 and later, lease components (e.g., base rent) are accounted for separately from non-lease components (e.g., common-area maintenance costs, real estate taxes and insurance costs). 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 elected to early adopt the guidance, effective January 1, 2019. Synovus performed a qualitative assessment as allowed under ASC 350-20-35-3A during its annual impairment test as of June 30, 2019 and at October 1, 2019 and based on the assessments performed, management concluded goodwill was not impaired. As such, the adoption of this ASU had no impact. Recently Issued Accounting Standards Updates ASU 2016-13, Financial Instruments-Credit Losses (CECL). In June 2016, the FASB issued new guidance (CECL) related to credit losses. CECL (and all subsequent ASUs on this topic) replaces the existing incurred loss impairment guidance with an expected credit loss methodology. CECL will require management’s estimate of credit losses over the full remaining expected life of loans and other financial instruments. For Synovus, CECL will apply to loans, unfunded loan commitments, and debt securities available for sale and will be adopted on January 1, 2020 using a modified retrospective approach. Upon adoption, for non-PCI (non-PCD under CECL) assets, Synovus will record a cumulative-effect adjustment to beginning retained earnings. In addition, CECL provides for a simplified accounting model for purchased financial assets with a more-than-insignificant amount of credit deterioration since their origination (PCD assets). The initial estimate of expected credit losses on PCD assets will be recognized through the ACL with an offset to the cost basis of the related financial asset at adoption. As of December 31, 2019, Synovus is finalizing its implementation efforts which are led by a cross-functional steering committee. The committee meets periodically to discuss the latest developments and ensure progress compared to the planned timeline. Synovus conducted our final parallel testing during the fourth quarter of 2019. The results continue to be utilized to refine our models and estimation techniques. Documentation of new methodologies and internal controls that will be implemented as part of CECL as well as model validation is also being finalized. Implementation status updates are provided quarterly to executive management and the Audit Committee of Synovus' Board of Directors. Synovus' planned approach for estimating lifetime expected credit losses includes the following key components: • a Discounted Cash Flow methodology with pool level annualized probability of default/ loss given default; • an internally developed macroeconomic forecast for the reasonable and supportable ("R&S") forecast period; • an initial R&S forecast period of two years; • a reversion period of one year (applied after the R&S period) using a straight-line approach; and • expected prepayment rates based on historical experience. Upon adoption of CECL, Synovus expects the ACL (allowance for credit losses which will apply to debt securities and loans, as well as unfunded loan commitments included in other liabilities) may increase by 40% to 60% compared to the incurred loss method. The increase is primarily driven by the following factors: • the establishment of reserves for acquired loans independent of the fair value discount; • longer duration consumer loans, due to the difference between loss emergence periods currently used versus the remaining life of the asset required under CECL; and • additions to existing reserves, included in other liabilities, for unfunded lending-related commitments due to the consideration under CECL of expected utilization over the life of such commitments. We expect the adoption impact of classifying PCI assets as PCD assets to represent a majority of the ACL increase, but as previously noted, there is no expected impact to equity for this component of the ACL increase. Additionally, the regulatory transition rules allow for a three-year phase-in of the day-one regulatory capital effects. Due to the combination of these factors, Synovus does not expect CECL adoption to have a material impact on regulatory capital ratios. |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisition | The following table reflects the final purchase price calculation as of the Acquisition Date for FCB's net assets and the identifiable assets purchased and liabilities assumed on January 1, 2019. These fair value measurement estimates were based on third-party and internal valuations. (in thousands) Consideration transferred: Synovus common stock issued and reissued from treasury attributed to purchase price (1) $ 1,582,133 Cash payments to FCB stockholders attributed to purchase price (2) 173 Fair value of exchanged employee and director equity awards and FCB warrants attributed to purchase price (1) 43,972 Total purchase price $ 1,626,278 Statement of Net Assets Acquired at Fair Value: Assets Cash and cash equivalents $ 201,689 Investment securities available for sale 2,301,001 Loans 9,288,028 Cash surrender value of bank-owned life insurance 216,848 Premises and equipment 49,537 Core deposit intangible 57,400 Other assets 264,110 Total Assets $ 12,378,613 Liabilities Deposits $ 10,930,724 Federal funds purchased and securities sold under repurchase agreements 29,139 Long-term debt 153,236 Other liabilities 79,188 Total Liabilities $ 11,192,287 Fair value of net identifiable assets acquired 1,186,326 Goodwill $ 439,952 (1) Based on Synovus' closing stock price of $31.99 on December 31, 2018. (2) $173 thousand of cash payment of $601 thousand attributed to purchase price with remaining allocated to compensation expense. |
Business Acquisition, Pro Forma Information | The following table presents consolidated financial information included in Synovus' consolidated statements of income from the Acquisition Date through December 31, 2019 under the column "Actual from Acquisition Date." Synovus does not provide separate summary financial information of FCB from the Acquisition Date since it would be impracticable to do so as certain systems and processes were integrated during the second quarter of 2019. The following table also presents unaudited pro forma information as if the acquisition occurred on January 1, 2018 under the "Pro Forma" column. The unaudited pro forma results include the estimated impact of amortizing and accreting certain estimated purchase accounting adjustments such as intangible assets as well as fair value adjustments to loans and deposits. 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 year 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. (in thousands) Actual from Acquisition Date (January 1, 2019) through December 31, 2019 (1) Pro Forma for the Year Ended December 31, 2018 (unaudited) Net interest income $ 1,595,803 $ 1,570,928 Non-interest income 355,900 313,584 Income before income taxes 765,015 817,212 Net income available to common shareholders 540,899 617,812 (1) Actual results for the year ended December 31, 2019 include pre-tax merger-related expense of $56.6 million . |
Schedule of Acquisition Related Costs | In connection with the FCB acquisition, Synovus incurred merger-related expense totaling $56.6 million for the year ended December 31, 2019 , primarily related to employment compensation agreements, severance, professional services, and contract termination charges, including the payment of $21.8 million related to employment agreements of certain FCB executives. Additionally, Synovus incurred merger-related expense totaling $10.1 million for the year ended December 31, 2018, primarily related to professional services. Merger-related expense for the years ended December 31, 2019 and 2018 is presented in the table below: Years Ended December 31, (in thousands) 2019 2018 Employment compensation agreements, severance, and other employee benefit costs $ 33,127 $ 325 Professional fees 17,453 8,207 All other expense (1) 6,000 1,533 Total merger-related expense $ 56,580 $ 10,065 (1) Primarily relates to fees associated with lease exit accruals, asset impairments related to the integration, and contract termination charges. |
Investment Securities Availab_2
Investment Securities Available for Sale (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 and 2018 are summarized below. December 31, 2019 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury securities $ 19,855 $ — $ — $ 19,855 U.S. Government agency securities 35,499 1,042 — 36,541 Mortgage-backed securities issued by U.S. Government agencies 56,328 560 (72 ) 56,816 Mortgage-backed securities issued by U.S. Government sponsored enterprises 5,079,396 103,495 (2,076 ) 5,180,815 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 629,706 7,349 (204 ) 636,851 Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises 357,291 14,301 — 371,592 State and municipal securities 2,069 6 — 2,075 Asset-backed securities 323,237 4,315 (152 ) 327,400 Corporate debt and other debt securities 144,410 2,317 (2 ) 146,725 Total investment securities available for sale $ 6,647,791 $ 133,385 $ (2,506 ) $ 6,778,670 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 agencies or 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 |
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, 2019 and December 31, 2018 are presented below. December 31, 2019 Less than 12 Months 12 Months or Longer Total (in thousands) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Mortgage-backed securities issued by U.S. Government agencies $ 19,543 $ (70 ) $ 355 $ (2 ) $ 19,898 $ (72 ) Mortgage-backed securities issued by U.S. Government sponsored enterprises 768,040 (2,076 ) — — 768,040 (2,076 ) Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 57,670 (204 ) — — 57,670 (204 ) Asset-backed securities 37,156 (116 ) 4,954 (36 ) 42,110 (152 ) Corporate debt and other debt securities 9,505 (2 ) — — 9,505 (2 ) Total $ 891,914 $ (2,468 ) $ 5,309 $ (38 ) $ 897,223 $ (2,506 ) 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 agencies or 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 ) |
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, 2019 (in thousands) Within One Year 1 to 5 Years 5 to 10 Years More Than 10 Years Total Amortized Cost U.S. Treasury securities $ 19,855 $ — $ — $ — $ 19,855 U.S. Government agency securities 585 4,927 29,987 — 35,499 Mortgage-backed securities issued by U.S. Government agencies — 1,625 1,022 53,681 56,328 Mortgage-backed securities issued by U.S. Government sponsored enterprises — 622 100,462 4,978,312 5,079,396 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — — 320 629,386 629,706 Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises — 141,867 129,205 86,219 357,291 State and municipal securities — — 1,059 1,010 2,069 Asset-backed securities — — 281,429 41,808 323,237 Corporate debt and other debt securities 24,204 109,601 8,605 2,000 144,410 Total amortized cost $ 44,644 $ 258,642 $ 552,089 $ 5,792,416 $ 6,647,791 Fair Value U.S. Treasury securities $ 19,855 $ — $ — $ — $ 19,855 U.S. Government agency securities 587 4,951 31,003 — 36,541 Mortgage-backed securities issued by U.S. Government agencies — 1,649 1,046 54,121 56,816 Mortgage-backed securities issued by U.S. Government sponsored enterprises — 639 102,866 5,077,310 5,180,815 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — — 327 636,524 636,851 Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises — 145,129 135,899 90,564 371,592 State and municipal securities — — 1,060 1,015 2,075 Asset-backed securities — — 284,976 42,424 327,400 Corporate debt and other debt securities 24,266 111,511 8,843 2,105 146,725 Total fair value $ 44,708 $ 263,879 $ 566,020 $ 5,904,063 $ 6,778,670 |
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) 2019 2018 2017 Proceeds from sales of investment securities available for sale $ 2,923,787 $ 35,066 $ 812,293 Gross realized gains on sales $ 10,370 $ — $ 7,942 Gross realized losses on sales (18,029 ) (1,296 ) (8,231 ) Investment securities (losses) gains, net $ (7,659 ) $ (1,296 ) $ (289 ) |
Loans And Allowance For Loan _2
Loans And Allowance For Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Loans and Allowance for Loan Losses [Abstract] | |
Loans Outstanding by Classification | The following tables provide a summary of loans outstanding, current, accruing past due, and non-accrual loans separately reported by originated (loans originated, renewed, refinanced, modified, or otherwise underwritten by Synovus) and acquired loans from business combinations by portfolio class as of December 31, 2019 and December 31, 2018. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" in this Report for more information on Synovus' accounting for purchased loans. December 31, 2019 2018 (in thousands) Total Loans Total Originated Loans Total Acquired Loans (1) Total Loans Commercial, financial, and agricultural $ 10,252,859 $ 8,587,087 $ 1,665,772 $ 7,449,698 Owner-occupied 6,529,811 5,610,592 919,219 5,331,508 Total commercial and industrial 16,782,670 14,197,679 2,584,991 12,781,206 Investment properties 9,042,679 6,495,903 2,546,776 5,560,951 1-4 family properties 780,015 627,182 152,833 679,870 Land and development 657,790 461,691 196,099 323,670 Total commercial real estate 10,480,484 7,584,776 2,895,708 6,564,491 Consumer mortgages 5,546,368 3,629,633 1,916,735 2,934,235 Home equity lines 1,713,157 1,655,096 58,061 1,515,796 Credit cards 268,841 268,841 — 258,245 Other consumer loans 2,396,294 2,387,749 8,545 1,916,743 Total consumer 9,924,660 7,941,319 1,983,341 6,625,019 Total loans 37,187,814 29,723,774 7,464,040 25,970,716 Deferred fees and costs, net (25,364 ) (25,364 ) — (24,143 ) Total loans, net of deferred fees and costs $ 37,162,450 $ 29,698,410 $ 7,464,040 $ 25,946,573 (1) Represents $9.29 billion (at fair value) of loans acquired from FCB, net of paydowns and payoffs including maturities since Acquisition Date. |
Schedule of Current, Accruing Past Due, and Nonaccrual Loans | Current, Accruing Past Due, and Non-accrual Originated Loans December 31, 2019 ( 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 $ 8,511,218 $ 20,180 $ 1,206 $ 21,386 $ 54,483 $ 8,587,087 Owner-occupied 5,595,072 5,164 576 5,740 9,780 5,610,592 Total commercial and industrial 14,106,290 25,344 1,782 27,126 64,263 14,197,679 Investment properties 6,492,978 1,344 — 1,344 1,581 6,495,903 1-4 family properties 622,552 2,073 304 2,377 2,253 627,182 Land and development 459,773 808 — 808 1,110 461,691 Total commercial real estate 7,575,303 4,225 304 4,529 4,944 7,584,776 Consumer mortgages 3,613,311 4,223 730 4,953 11,369 3,629,633 Home equity lines 1,636,786 6,105 171 6,276 12,034 1,655,096 Credit cards 263,065 3,076 2,700 5,776 — 268,841 Other consumer loans 2,362,741 18,688 616 19,304 5,704 2,387,749 Total consumer 7,875,903 32,092 4,217 36,309 29,107 7,941,319 Total loans $ 29,557,496 $ 61,661 $ 6,303 $ 67,964 $ 98,314 $ 29,723,774 (1) Current, Accruing Past Due, and Non-accrual Acquired Loans December 31, 2019 (in thousands) Current Accruing 30-89 Days Past Due Accruing 90 Days or Greater Past Due Total Accruing Past Due Non-accrual ASC 310-30 Loans (2) Discount/Premium Total Commercial, financial and agricultural $ 623,539 $ 18,736 $ — $ 18,736 $ 1,534 $ 1,029,125 $ (7,162 ) $ 1,665,772 Owner-occupied 96,513 — — — — 828,483 (5,777 ) 919,219 Total commercial and industrial 720,052 18,736 — 18,736 1,534 1,857,608 (12,939 ) 2,584,991 Investment properties 810,713 — — — — 1,750,706 (14,643 ) 2,546,776 1-4 family properties 111,374 — — — — 41,671 (212 ) 152,833 Land and development 119,948 — — — — 78,203 (2,052 ) 196,099 Total commercial real estate 1,042,035 — — — — 1,870,580 (16,907 ) 2,895,708 Consumer mortgages 69,847 — — — — 1,908,168 (61,280 ) 1,916,735 Home equity lines 58,211 933 — 933 — 2,306 (3,389 ) 58,061 Other consumer loans 355 — — — — 8,941 (751 ) 8,545 Total consumer 128,413 933 — 933 — 1,919,415 (65,420 ) 1,983,341 Total loans $ 1,890,500 $ 19,669 $ — $ 19,669 $ 1,534 $ 5,647,603 $ (95,266 ) $ 7,464,040 (3) 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 (4) (1) Total before net deferred fees and costs of $25.4 million . (2) Acquired loans accounted for under ASC 310-30 include $1.8 million in non-accruing loans, $9.6 million in accruing 90 days or greater past due loans, and $42.5 million in accruing 30-89 days past due loans. (3) Represents $9.29 billion (at fair value) of loans acquired from FCB, net of paydowns and payoffs including maturities since Acquisition Date. (4) Total before net deferred fees and costs of $24.1 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 HELOCs) 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. Originated Loan Portfolio Credit Exposure by Risk Grade December 31, 2019 (in thousands) Pass Special Mention Substandard (1) Doubtful (2) Loss (3) Total Commercial, financial, and agricultural $ 8,335,964 $ 82,519 $ 167,441 $ 1,163 $ — $ 8,587,087 Owner-occupied 5,507,345 21,588 81,659 — — 5,610,592 Total commercial and industrial 13,843,309 104,107 249,100 1,163 — 14,197,679 Investment properties 6,449,797 13,918 32,188 — — 6,495,903 1-4 family properties 614,015 3,249 9,918 — — 627,182 Land and development 439,956 11,939 9,796 — — 461,691 Total commercial real estate 7,503,768 29,106 51,902 — — 7,584,776 Consumer mortgages 3,617,284 — 12,103 97 149 3,629,633 Home equity lines 1,639,072 — 14,759 21 1,244 1,655,096 Credit cards 266,146 — 818 — 1,877 (4) 268,841 Other consumer loans 2,381,654 — 6,095 — — 2,387,749 Total consumer 7,904,156 — 33,775 118 3,270 7,941,319 Total loans $ 29,251,233 $ 133,213 $ 334,777 $ 1,281 $ 3,270 $ 29,723,774 (5) Acquired Loan Portfolio Credit Exposure by Risk Grade December 31, 2019 Pass Special Mention Substandard (1) Doubtful Loss Total Commercial, financial, and agricultural $ 1,604,395 $ 45,987 $ 15,390 $ — $ — $ 1,665,772 Owner-occupied 878,710 36,742 3,767 — — 919,219 Total commercial and industrial 2,483,105 82,729 19,157 — — 2,584,991 Investment properties 2,518,915 2,572 25,289 — — 2,546,776 1-4 family properties 152,514 — 319 — — 152,833 Land and development 189,395 6,704 — — — 196,099 Total commercial real estate 2,860,824 9,276 25,608 — — 2,895,708 Consumer mortgages 1,910,462 — 6,273 — — 1,916,735 Home equity lines 58,014 — 47 — — 58,061 Other consumer loans 8,545 — — — — 8,545 Total consumer 1,977,021 — 6,320 — — 1,983,341 Total loans $ 7,320,950 $ 92,005 $ 51,085 $ — $ — $ 7,464,040 (6) 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 (7) (1) Includes $288.8 million and $172.3 million of Substandard accruing loans at December 31, 2019 and December 31, 2018 , respectively. (2) The loans within this risk grade are on non-accrual status and generally have an ALL equal to 50% of the loan amount. (3) The loans within this risk grade are on non-accrual status and have an ALL equal to the full loan amount. (4) Represent amounts that were 120 days past due. These credits are downgraded to the Loss category with an ALL equal to the full loan amount and are generally charged off upon reaching 181 days past due in accordance with the FFIEC Retail Credit Classification Policy. (5) Total before net deferred fees and costs of $25.4 million . (6) Represents $9.29 billion (at fair value) of loans acquired from FCB, net of paydowns and payoffs including maturities since Acquisition Date. (7) Total before net deferred fees and costs of $24.1 million . |
Schedule of Acquired Loan Portfolio | Information about the acquired FCB loan portfolio accounted for under ASC 310-30 as of the Acquisition Date is in the following table. (in thousands) ASC 310-30 Loans Contractually required principal and interest at acquisition $ 8,377,942 Non-accretable difference (expected losses and foregone interest) (163,147 ) Cash flows expected to be collected at acquisition 8,214,795 Accretable yield (1,066,689 ) Basis in ASC 310-30 loans at acquisition $ 7,148,106 |
Schedule of Changes in Accretable Difference | The following table is a summary of changes in the accretable yield for all loans accounted for under ASC 310-30 for the year ended December 31, 2019 . (in thousands) Year Ended December 31, 2019 Beginning balance $ — Additions 1,066,689 Transfers from non-accretable difference to accretable yield (1) 28,001 Accretion (346,820 ) Changes in expected cash flows not affecting non-accretable differences (2) (10,739 ) Ending balance $ 737,131 (1) Represents improvement in the credit component of expected cash flows. (2) Includes changes in cash flows expected to be collected due to the impact of changes in actual or expected timing of liquidation events, modifications, interest rates, and prepayments. |
Schedule of Allowances for Loan Losses and Recorded Investment in Loans | The following tables detail the changes in the ALL by loan category for the years ended December 31, 2019 , 2018 , and 2017 . Allowance for Loan Losses and Recorded Investment in Loans As Of and For The Year Ended December 31, 2019 (in thousands) Commercial & Industrial Commercial Real Estate Consumer Total Allowance for loan losses Beginning balance $ 133,123 $ 68,796 $ 48,636 $ 250,555 Charge-offs (49,572 ) (5,540 ) (24,023 ) (79,135 ) Recoveries 7,827 8,618 5,078 21,523 Provision for (reversal of) loan losses 53,665 (4,444 ) 38,499 87,720 Transfer of unfunded commitment reserve 739 — — 739 Ending balance $ 145,782 $ 67,430 $ 68,190 $ 281,402 Ending balance: individually evaluated for impairment $ 12,326 $ 1,047 $ 777 $ 14,150 Ending balance: collectively evaluated for impairment $ 132,871 $ 66,383 $ 67,290 $ 266,544 Ending balance: allowance for acquired loans accounted under ASC 310-30 $ 585 $ — 123 $ 708 Loans Ending balance: total loans (1) $ 16,782,670 $ 10,480,484 $ 9,924,660 $ 37,187,814 Ending balance: individually evaluated for impairment $ 128,385 $ 24,862 $ 31,837 $ 185,084 Ending balance: collectively evaluated for impairment (2) $ 14,811,954 $ 8,599,452 $ 8,033,990 $ 31,445,396 Ending balance: acquired loans accounted for under ASC 310-30 (3) $ 1,842,331 $ 1,856,170 $ 1,858,833 $ 5,557,334 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 (reversal of) 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 (4)(5) $ 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 (reversal of) 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 (4)(6) $ 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 (1) Total before net deferred fees and costs of $25.4 million . (2) These loans are presented net of remaining fair value discount of $5.0 million at December 31, 2019. (3) These loans are presented net of remaining fair value discount of $90.3 million at December 31, 2019. (4) As of and for the years ended December 31, 2018 , and 2017 , there were no PCI loans and no ALL for PCI loans. (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 Impaired Loans | Below is a detailed summary of impaired loans (including accruing TDRs and excluding acquired loans accounted for under ASC 310-30 that are currently accruing income) by class as of December 31, 2019 and 2018 and for the years ended December 31, 2019 , 2018 , and 2017 . At December 31, 2019 , 2018 , and 2017 , impaired loans of $51.9 million , $51.3 million , and $49.0 million , respectively, were on non-accrual status. Impaired Loans (including accruing TDRs) December 31, 2019 December 31, 2018 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 $ 88,321 $ 21,774 $ 56,660 $ 9,268 $ 65,150 $ 22,298 $ 34,222 $ 7,133 Owner-occupied 50,136 1,169 48,782 3,058 49,588 — 48,902 3,074 Total commercial and industrial 138,457 22,943 105,442 12,326 114,738 22,298 83,124 10,207 Investment properties 9,552 — 9,552 422 13,916 — 13,916 1,523 1-4 family properties 4,727 — 4,669 130 5,586 — 5,586 131 Land and development 11,545 265 10,376 495 16,283 265 13,431 944 Total commercial real estate 25,824 265 24,597 1,047 35,785 265 32,933 2,598 Consumer mortgages 18,624 — 18,624 383 19,506 — 19,506 343 Home equity lines 6,092 — 6,092 178 3,264 — 3,235 224 Other consumer loans 6,864 257 6,864 216 5,565 — 5,565 177 Total consumer 31,580 257 31,580 777 28,335 — 28,306 744 Total impaired loans $ 195,861 $ 23,465 $ 161,619 $ 14,150 $ 178,858 $ 22,563 $ 144,363 $ 13,549 Years Ended December 31, 2019 2018 2017 (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 $ 81,960 $ 2,962 $ 65,976 $ 2,316 $ 72,154 $ 2,127 Owner-occupied 50,085 2,209 42,341 1,851 40,498 1,509 Total commercial and industrial 132,045 5,171 108,317 4,167 112,652 3,636 Investment properties 12,561 565 18,564 767 28,749 1,178 1-4 family properties 5,125 525 9,813 782 16,099 1,021 Land and development 11,137 139 16,841 249 24,637 404 Total commercial real estate 28,823 1,229 45,218 1,798 69,485 2,603 Consumer mortgages 19,292 843 19,516 134 18,319 376 Home equity lines 4,954 136 3,491 820 7,748 896 Other consumer loans 6,129 373 5,327 297 4,765 266 Total consumer 30,375 1,352 28,334 1,251 30,832 1,538 Total impaired loans $ 191,243 $ 7,752 $ 181,869 $ 7,216 $ 212,969 $ 7,777 (1) Of the interest income recognized during the years ended December 31, 2019 , 2018 , and 2017 , cash-basis interest income was $2.1 million , $1.8 million , and $815 thousand , respectively. |
Troubled Debt Restructurings | The following tables represent, by concession type, the post-modification balance for loans modified or renewed during the years ended December 31, 2019 , 2018 , and 2017 that were reported as accruing or non-accruing TDRs. TDRs by Concession Type Year Ended December 31, 2019 (in thousands, except contract data) Number of Contracts Below Market Interest Rate Other Concessions (1) Total Commercial, financial, and agricultural 127 $ 9,042 $ 9,873 $ 18,915 Owner-occupied 22 9,017 861 9,878 Total commercial and industrial 149 18,059 10,734 28,793 Investment properties 8 1,548 — 1,548 1-4 family properties 18 2,182 643 2,825 Land and development 8 1,187 30 1,217 Total commercial real estate 34 4,917 673 5,590 Consumer mortgages 18 1,587 1,361 2,948 Home equity lines 70 3,024 2,522 5,546 Other consumer loans 109 1,712 5,270 6,982 Total consumer 197 6,323 9,153 15,476 Total loans 380 $ 29,299 $ 20,560 $ 49,859 (2) 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 (3) TDRs by Concession Type (continued) 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 (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, 2019 , 2018 , and 2017 . (2) No charge-offs were recorded during 2019 upon restructuring of these loans. (3) Net charge-offs of $403 thousand were recorded during 2018 upon restructuring of these loans. (4) No charge-offs were recorded during 2017 upon restructuring of these loans. |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Premises and Equipment | Premises and equipment at December 31, 2019 and 2018 consist of the following: (in thousands) 2019 2018 Land $ 118,866 $ 96,310 Buildings and improvements 418,915 392,952 Leasehold improvements 49,088 39,832 Furniture and equipment 474,397 435,223 Construction in progress 11,905 16,608 Total premises and equipment 1,073,171 980,925 Less: Accumulated depreciation and amortization (579,231 ) (546,618 ) Net premises and equipment $ 493,940 $ 434,307 |
Goodwill And Other Intangible_2
Goodwill And Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | Goodwill allocated to each reporting unit at December 31, 2019 is presented as follows (the FMS reportable segment includes two reporting units of Consumer Mortgages and Wealth Management): (in thousands) Community Banking Reporting Unit Wholesale Banking Reporting Unit Consumer Mortgages Reporting Unit Wealth Management Reporting Unit Total Balance at December 31, 2018 $ 17,825 $ 11,936 $ 3,123 $ 24,431 $ 57,315 Goodwill acquired during the year 238,498 159,700 41,754 — $ 439,952 Balance at December 31, 2019 $ 256,323 $ 171,636 $ 44,877 $ 24,431 $ 497,267 Goodwill allocated to each reporting unit at December 31, 2018 is presented as follows: (in thousands) Synovus Bank Reporting Unit Trust Services Reporting Unit Total Balance at December 31, 2018 and 2017 $ 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, 2019 and 2018 , which primarily consist of core deposit intangible assets acquired in the FCB acquisition. Core deposit intangible assets were $47.0 million at December 31, 2019 . The CDI is being amortized over its estimated useful life of approximately ten years utilizing an accelerated method. Aggregate other intangible assets amortization expense for the years ended December 31, 2019 , 2018 , and 2017 was $11.6 million , $1.2 million , and $1.1 million , respectively. (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Value December 31, 2019 CDI $ 57,400 $ (10,436 ) $ 46,964 Other 12,500 (3,793 ) 8,707 Total other intangible assets $ 69,900 $ (14,229 ) $ 55,671 December 31, 2018 Other 12,500 (2,625 ) 9,875 Total other intangible assets $ 12,500 $ (2,625 ) $ 9,875 |
Schedule of Finite-lived Intangible Assets Amortization Expense | The estimated amortization expense of other intangible assets for the next five years is as follows: (in thousands) Amortization Expense 2020 $ 10,560 2021 9,516 2022 8,472 2023 7,429 2024 6,366 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other Assets [Abstract] | |
Schedule of Other Assets | Significant balances included in other assets at December 31, 2019 and 2018 are presented below. (in thousands) 2019 2018 ROU assets $ 374,716 $ — Federal Reserve Bank and FHLB Stock 286,447 185,225 Investments in low income housing, solar energy tax credit, and other CRA partnerships 146,612 84,486 Derivative asset positions 140,016 19,332 Accrued interest receivable 127,641 89,425 Accounts receivable 77,193 57,339 Deferred tax asset, net 65,102 141,134 Prepaid expenses 42,285 38,035 Mutual funds and mutual funds held in rabbi trusts 32,348 16,012 MPS receivable (1) 21,437 22,932 Private equity investments 19,389 11,028 Other real estate 14,373 6,220 Taxes receivable 8,648 13,150 Trading account assets, at fair value 7,212 3,130 Miscellaneous other assets 55,511 57,770 Total other assets $ 1,418,930 $ 745,218 (1) See "Part II - Item 8. Financial Statements and Supplementary Data - Note 16 - Commitments and Contingencies" in this Report for more information on this receivable which is classified as a NPA at December 31, 2019. |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Interest-bearing Deposit Liabilities [Abstract] | |
Schedule of Interest Bearing Deposits | A summary of interest-bearing deposits at December 31, 2019 and 2018 is presented below. ( in thousands) 2019 2018 Interest-bearing demand deposits (1) $ 6,470,570 $ 4,756,239 Money market accounts (1) 11,227,134 8,143,975 Savings accounts 918,109 817,385 Time deposits (1) 6,920,213 3,803,726 Brokered deposits 3,429,993 1,548,030 Total interest-bearing deposits $ 28,966,019 $ 19,069,355 (1) Excluding brokered deposits |
Schedule of Cash Maturities of Time Deposits | The following table presents contractual maturities of all time deposits at December 31, 2019 . (in thousands) Maturing within one year $ 7,752,948 Between 1 - 2 years 938,688 2 - 3 years 95,944 3 - 4 years 236,001 4 - 5 years 43,627 Thereafter 7,100 Total $ 9,074,308 |
Long-term Debt and Short-term_2
Long-term Debt and Short-term Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Short-term Borrowings | Short-term borrowings at December 31, 2019 and 2018 consisted of the following: 2019 2018 (dollars in thousands) Federal funds purchased $ — $ 628 Securities sold under repurchase agreements 165,690 237,064 Trading liability for short positions 1,560 — FHLB advances with original maturities of one year or less 1,752,000 650,000 Total short-term borrowings $ 1,919,250 $ 887,692 The following table sets forth additional information on Synovus' short-term borrowings for the years indicated. (dollars in thousands) 2019 2018 2017 Total balance at December 31, $ 1,919,250 $ 887,692 $ 261,190 Weighted average interest rate at December 31, 1.60 % 1.93 % 0.65 % Maximum month-end balance during the year $ 2,431,012 $ 887,692 $ 390,044 Average amount outstanding during the year 1,360,214 371,933 256,011 Weighted average interest rate during the year 1.93 % 0.96 % 0.37 % |
Schedule of Long-term Debt Instruments | Long-term debt at December 31, 2019 and 2018 is presented in the following table: (dollars in thousands) 2019 2018 Parent Company: 3.125% senior notes, due November 1, 2022, $300.0 million par value with semi-annual interest payments and principal to be paid at maturity $ 298,228 $ 297,603 5.90% Fixed-to-Fixed Rate Subordinated Notes issued February 7, 2019, due February 7, 2029, $300.0 million par value with semi-annual interest payments at 5.90% for the first five years and semi-annual payments thereafter at a fixed rate of 3.379% above the 5-Year Mid-Swap Rate as of the reset date 297,250 — 5.75% fixed to adjustable rate subordinated notes issued December 7, 2015, due December 15, 2025, $250.0 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 248,419 248,101 LIBOR + 1.80% debentures, due April 19, 2035, $10.0 million par value with quarterly interest payments and principal to be paid at maturity (rate of 3.69% at December 31, 2019 and 4.59% at December 31, 2018) 10,000 10,000 Total long-term debt — Parent Company 853,897 555,704 Synovus Bank: FHLB advances with interest and principal payments due at various maturity dates through 2022 and interest rates ranging from 1.66% to 1.97% at December 31, 2019 (weighted average interest rate of 1.76% and 2.53% at December 31, 2019 and 2018, respectively) 1,300,000 1,100,000 Capital lease with interest and principal payments due at various dates through 2031 (rate of 1.59% at December 31, 2018) (1) — 1,453 Total long-term debt — Synovus Bank 1,300,000 1,101,453 Total long-term debt $ 2,153,897 $ 1,657,157 (1) Capital leases are reported in other liabilities at December 31, 2019, following adoption of ASU 2016-02 (Leases) on January 1, 2019. |
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. These maturities are based upon the par value of the long-term debt. (in thousands) Parent Synovus Bank Total 2020 $ — $ 600,000 $ 600,000 2021 — 450,000 450,000 2022 300,000 250,000 550,000 2023 — — — 2024 — — — Thereafter 560,000 — 560,000 Total $ 860,000 $ 1,300,000 $ 2,160,000 |
Shareholders' Equity and Othe_2
Shareholders' Equity and Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 years ended December 31, 2019 , 2018 , and 2017 . (shares in thousands) Series C Preferred Stock Issued (Redeemed) Series D Preferred Stock Issued Series E Preferred Stock Issued Total Preferred Stock Issued (Redeemed) Common Stock Issued Treasury Stock Held Common Stock Outstanding Balance at December 31, 2016 5,200 — — 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 — — 5,200 142,678 23,781 118,897 Issuance of preferred stock — 8,000 — 8,000 — — — Redemption of preferred stock (5,200 ) — — (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 — 8,000 143,300 27,434 115,866 FCB acquisition: — Issuance of common stock — — — — 22,043 — 22,043 Common stock reissued — — — — — (27,434 ) 27,434 Warrants exercised and common stock reissued — — — — — (260 ) 260 Issuance of preferred stock — — 14,000 14,000 — — — Issuance of common stock for earnout payment — — — — 344 — 344 Restricted share unit activity — — — — 302 — 302 Stock options exercised — — — — 812 — 812 Repurchase of common stock — — — — — 19,903 (19,903 ) Balance at December 31, 2019 — 8,000 14,000 22,000 166,801 19,643 147,158 |
Schedule of Changes in Accumulated Other Comprehensive Income (Loss) | The following table illustrates activity within the balances in AOCI by component, and is shown for the years ended December 31, 2019 , 2018 , and 2017 . Changes in Accumulated Other Comprehensive Income (Loss) by Component (Net of Income Taxes) (in thousands) Net Unrealized Gains (Losses) on Cash Flow Hedges (1) Net Unrealized Gains (Losses) on Investment Securities Available for Sale (1) Post-Retirement Unfunded Health Benefit Total 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 income (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 ) Other comprehensive income (loss) before reclassifications (6,350 ) 161,170 (378 ) 154,442 Amounts reclassified from accumulated other comprehensive income (loss) — 5,675 (56 ) 5,619 Net current period other comprehensive income (loss) (6,350 ) 166,845 (434 ) 160,061 Balance at December 31, 2019 $ (18,487 ) $ 83,666 $ 462 $ 65,641 (1) In accordance with ASC 740-20-45-11(b), in 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 which treats derivative instruments and available for sale securities as a single portfolio. For all periods presented, 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 (Tables)
Regulatory Capital (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Regulatory Capital Disclosure [Abstract] | |
Schedule of Compliance with Regulatory Capital | The following table summarizes regulatory capital information at December 31, 2019 and 2018 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) 2019 2018 2019 2018 2019 2018 Synovus Financial Corp. CET1 capital $ 3,743,459 $ 2,897,997 $ 1,882,424 $ 1,310,460 N/A N/A Tier 1 risk-based capital 4,280,604 3,090,416 2,509,899 1,747,280 N/A N/A Total risk-based capital 5,123,381 3,601,376 3,346,531 2,329,706 N/A N/A CET1 capital ratio 8.95 % 9.95 % 4.50 % 4.50 % N/A N/A Tier 1 risk-based capital ratio 10.23 10.61 6.00 6.00 N/A N/A Total risk-based capital ratio 12.25 12.37 8.00 8.00 N/A N/A Leverage ratio 9.16 9.60 4.00 4.00 N/A N/A Synovus Bank CET1 capital $ 4,640,501 $ 3,382,497 $ 1,881,199 $ 1,309,527 $ 2,717,287 $ 1,891,538 Tier 1 risk-based capital 4,640,501 3,382,497 2,508,265 1,746,035 3,344,354 2,328,047 Total risk-based capital 4,923,279 3,633,457 3,344,354 2,328,047 4,180,442 2,910,059 CET1 capital ratio 11.10 % 11.62 % 4.50 % 4.50 % 6.50 % 6.50 % Tier 1 risk-based capital ratio 11.10 11.62 6.00 6.00 8.00 8.00 Total risk-based capital ratio 11.78 12.49 8.00 8.00 10.00 10.00 Leverage ratio 9.94 10.51 4.00 4.00 5.00 5.00 (1) The additional capital conservation buffer in effect in 2019 and 2018 was 2.5% and 1.9% , 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, 2019 | |
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, 2019 , 2018 , and 2017 . Years Ended December 31, (in thousands, except per share data) 2019 2018 2017 Net income $ 563,780 $ 428,476 $ 275,474 Preferred stock dividends and redemption charge 22,881 17,998 10,238 Net income available to common shareholders $ 540,899 $ 410,478 $ 265,236 Weighted average common shares outstanding 154,331 117,644 121,162 Potentially dilutive shares from outstanding equity-based awards, warrants, and earnout payments 1,727 734 850 Weighted average diluted common shares 156,058 118,378 122,012 Net income per common share, basic $ 3.50 $ 3.49 $ 2.19 Net income per common share, diluted $ 3.47 $ 3.47 $ 2.17 |
Fair Value Accounting (Tables)
Fair Value Accounting (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 and 2018 . December 31, 2019 (in thousands) Level 1 Level 2 Level 3 Total Assets and Liabilities at Fair Value Assets Trading securities: Commercial mortgage-backed securities issued by U.S. Government sponsored enterprises $ — $ 2,486 $ — $ 2,486 Other mortgage-backed securities — 1,284 — 1,284 State and municipal securities — 65 — 65 Asset-backed securities — 3,227 — 3,227 Other investments — 150 — 150 Total trading securities $ — $ 7,212 $ — $ 7,212 Investment securities available for sale: U.S. Treasury securities $ 19,855 $ — $ — $ 19,855 U.S. Government agency securities — 36,541 — 36,541 Mortgage-backed securities issued by U.S. Government agencies — 56,816 — 56,816 Mortgage-backed securities issued by U.S. Government sponsored enterprises — 5,180,815 — 5,180,815 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — 636,851 — 636,851 Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises — 371,592 — 371,592 State and municipal securities — 2,075 — 2,075 Asset-backed securities — 327,400 — 327,400 Corporate debt and other debt securities — 144,620 2,105 146,725 Total investment securities available for sale $ 19,855 $ 6,756,710 $ 2,105 $ 6,778,670 Mortgage loans held for sale — 115,173 — 115,173 Private equity investments 15,502 — 3,887 19,389 Mutual funds and mutual funds held in rabbi trusts 32,348 — — 32,348 GGL/SBA loans servicing asset — — 3,040 3,040 Derivative assets — 140,016 — 140,016 Liabilities Trading liability for short positions 1,560 — — 1,560 Earnout liability (1) — — 11,016 11,016 Derivative liabilities $ — $ 34,732 $ 2,339 $ 37,071 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 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 sponsored agencies or enterprises — 1,188,518 — 1,188,518 Commercial mortgage-backed securities issued by U.S. Government agencies or 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 Mortgage loans held for sale — 37,129 — 37,129 Private equity investments — — 11,028 11,028 Mutual funds and mutual funds held in rabbi trusts 16,012 — — 16,012 GGL/SBA loans servicing asset — — 3,729 3,729 Derivative assets — 19,332 — 19,332 Liabilities Earnout liability (1) — — 14,353 14,353 Derivative liabilities $ — $ 16,535 $ 1,673 $ 18,208 (1) 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) 2019 2018 2017 Changes in fair value included in net income: Mortgage loans held for sale $ 1,675 $ 95 $ 754 Mortgage loans held for sale: Fair value 115,173 37,129 48,024 Unpaid principal balance 112,218 35,848 46,839 Fair value less aggregate unpaid principal balance $ 2,955 $ 1,281 $ 1,185 |
Changes in Level 3 Fair Value Measurements | During 2019 , Synovus had transfers out of Level 3 into Level 1 in the fair value hierarchy as certain funds within private equity investments became public with traded securities. These transfers were accounted for as if they occurred at the beginning of the reporting period. For the years ended December 31, 2019 and 2018 , total net losses included in earnings attributable to the change in net unrealized losses relating to assets/liabilities still held at December 31, 2019 and 2018 was $10.9 million and $18.1 million , respectively. 2019 (in thousands) Investment Securities Available for Sale Private Equity Investments GGL/SBA Loans Servicing Asset Earnout Liability Visa Derivative Liability Beginning balance, January 1, 2019 $ 1,785 $ 11,028 $ 3,729 $ (14,353 ) $ (1,673 ) Total (losses) gains realized/unrealized: Included in earnings — 230 (1,631 ) (10,457 ) (3,611 ) Unrealized gains (losses) included in other comprehensive income 320 — — — — Additions — — 942 — — Sales — (1,437 ) — — — Settlements — — — 13,794 2,945 Transfers out of Level 3 — (5,934 ) — — — Ending balance, December 31, 2019 $ 2,105 $ 3,887 $ 3,040 $ (11,016 ) $ (2,339 ) Total net gains (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, 2019 $ — $ 230 $ — $ (10,457 ) $ (666 ) 2018 (in thousands) Investment Securities Available for Sale Private Equity Investments GGL/SBA Loans Servicing Asset Earnout Liability 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 gains (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 ) |
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. Balance at December 31, 2019 Fair Value Adjustments for the Year Ended December 31, 2019 Location in Consolidated Statements of Income (in thousands) Level 1 Level 2 Level 3 Impaired loans* $ — $ — $ 1,461 $ 683 Provision for loan losses Other real estate — — 8,023 1,342 Other operating expenses Other assets held for sale — — 1,238 513 Other operating expenses Balance at December 31, 2018 Fair Value Adjustments for the Year Ended December 31, 2018 Location in Consolidated Statements of Income Level 1 Level 2 Level 3 Impaired loans* $ — $ — $ 21,742 $ 7,575 Provision for loan losses Other loans held for sale — — 1,494 809 Other operating expenses Other real estate — — 3,827 523 Other operating expenses Other assets held for sale — — 1,104 482 Other operating expenses * 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 | The following table presents the carrying and estimated fair values of financial instruments at December 31, 2019 and 2018 . The fair values represent management’s best estimates based on a range of methodologies and assumptions. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" of this Report for a description of how fair value measurements are determined. December 31, 2019 (in thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Financial assets Total cash, cash equivalents, restricted cash, and restricted cash equivalents $ 1,186,918 $ 1,186,918 $ 1,186,918 $ — $ — Trading securities 7,212 7,212 — 7,212 — Investment securities available for sale 6,778,670 6,778,670 19,855 6,756,710 2,105 Mortgage loans held for sale 115,173 115,173 — 115,173 — Private equity investments 19,389 19,389 15,502 — 3,887 Mutual funds and mutual funds held in rabbi trusts 32,348 32,348 32,348 — — Loans, net 36,881,048 36,931,256 — — 36,931,256 GGL/SBA loans servicing asset 3,040 3,040 — — 3,040 Derivative assets 140,016 140,016 — 140,016 — Financial Liabilities Non-interest-bearing deposits $ 9,439,485 $ 9,439,485 $ — $ 9,439,485 $ — Non-time interest-bearing deposits 19,891,711 19,891,711 — 19,891,711 — Time deposits 9,074,308 9,112,459 — 9,112,459 — Total deposits $ 38,405,504 $ 38,443,655 $ — $ 38,443,655 $ — Federal funds purchased and securities sold under repurchase agreements 165,690 165,690 165,690 — — Trading liability for short positions 1,560 1,560 1,560 — — Other short-term borrowings 1,752,000 1,752,000 — 1,752,000 — Long-term debt 2,153,897 2,185,717 — 2,185,717 — Earnout liability 11,016 11,016 — — 11,016 Derivative liabilities 37,071 37,071 — 34,732 2,339 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 securities 3,130 3,130 1,128 2,002 — Investment securities available for sale 3,991,632 3,991,632 122,077 3,867,770 1,785 Mortgage loans held for sale 37,129 37,129 — 37,129 — Other loans held for sale 1,506 1,506 — — 1,506 Private equity investments 11,028 11,028 — — 11,028 Mutual funds and mutual funds held in rabbi trusts 16,012 16,012 16,012 — — 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 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 and 2018 . December 31, 2019 December 31, 2018 Fair Value Fair Value (in thousands) Notional Amount Derivative Assets (1) Derivative Liabilities (2) Notional Amount Derivative Assets (1) Derivative Liabilities (2) Derivatives in cash flow hedging relationships: Interest rate contracts $ 2,000,000 $ 54 $ 8,624 $ — $ — $ — Total derivatives designated as hedging instruments $ 54 $ 8,624 $ — $ — Derivatives not designated Interest rate contracts (3) $ 7,258,159 $ 138,672 $ 25,849 $ 1,840,288 $ 18,388 $ 15,716 Mortgage derivatives - interest rate lock commitments 70,481 1,290 — 52,420 944 — Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans 107,000 — 168 65,500 — 819 Other contracts (4) 145,764 — 91 69,902 — — Visa derivative — — 2,339 — — 1,673 Total derivatives not designated as hedging instruments $ 139,962 $ 28,447 $ 19,332 $ 18,208 (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. (4) Includes risk participation agreements sold. |
Effect of Fair Value Hedges on Consolidated Statements of Income | The pre-tax effect of changes in fair value from derivative instruments not designated as hedging instruments on the consolidated statements of income for the years ended December 31, 2019 , 2018 and 2017 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 2019 2018 2017 Derivatives not designated as hedging instruments: Interest rate contracts (1) Capital markets income $ (338 ) $ (29 ) $ 20 Mortgage derivatives - interest rate lock commitments Mortgage banking income 346 8 (634 ) Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans Mortgage banking income 651 (691 ) (2,025 ) Visa derivative Other non-interest expense (3,611 ) (2,328 ) — Other contracts (2) Capital markets income (91 ) — — Total derivatives not designated as hedging instruments $ (3,043 ) $ (3,040 ) $ (2,639 ) (1) Gain (loss) represents net fair value adjustments (including credit related adjustments) for customer swaps and offsetting positions. (2) Includes risk participation agreements sold. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Schedule of Lease Assets and Liabilities | The following table summarizes the operating lease balances within the consolidated balance sheet as of December 31, 2019 . The difference between the asset and liability balance is primarily the result of lease liabilities that existed prior to the January 1, 2019 adoption of the new accounting guidance for leases. (in thousands) December 31, 2019 Right-of-use assets $ 374,716 Lease liabilities 383,892 Weighted-average remaining lease term (years) 21.05 Weighted-average discount rate (percentage) 3.54 % |
Maturity of Lease Liabilities, Operating Leases | The following table presents the maturity of Synovus' operating lease liabilities as of December 31, 2019 : (in thousands) 2020 $ 30,190 2021 29,002 2022 28,261 2023 26,461 2024 26,105 After 2024 417,177 Total lease payments $ 557,196 Less: Imputed interest 173,304 Present value of lease liabilities $ 383,892 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Loan Commitments and Letters of Credit | Synovus also invests in certain other CRA partnerships including SBIC programs. The SBIC is a program initiated by the SBA in 1958 to assist in the funding of small business loans. December 31, (in thousands) 2019 2018 Letters of credit * $ 202,614 $ 157,675 Commitments to fund commercial and industrial loans 7,018,152 5,527,017 Commitments to fund commercial real estate, construction, and land development loans 3,032,252 2,034,223 Commitments under home equity lines of credit 1,501,452 1,258,657 Unused credit card lines 877,929 775,003 Other loan commitments 485,371 400,983 Total letters of credit and unfunded lending commitments $ 13,117,770 $ 10,153,558 Investments in low income housing, solar energy tax credit, and other CRA partnerships: Carrying amount included in other assets $ 146,612 $ 84,486 Amount of future funding commitments included in carrying amount 78,266 47,123 Short-term construction loans and letter of credit commitments 2,124 1,585 Funded portion of short-term loans and letters of credit 3,196 5,595 * Represent the contractual amount net of risk participations purchased of approximately $33 million and $46 million at December 31, 2019 and December 31, 2018 |
Share-based Compensation and _2
Share-based Compensation and Other Employment Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Share-based Compensation, Allocation of Recognized Period Costs | Total share-based compensation expense recognized for 2019 , 2018 , and 2017 is presented in the following table by its classification within total non-interest expense. Years Ended December 31, (in thousands) 2019 2018 2017 Salaries and other personnel expense $ 19,618 $ 15,712 $ 13,370 Merger-related expense 4,219 — — Other operating expenses 650 931 809 Total share-based compensation expense included in non-interest expense $ 24,487 $ 16,643 $ 14,179 |
Schedule of 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: 2019 2018 2017 Risk-free interest rate 2.40 % 2.32 % 1.48 % Expected stock price volatility 24.4 22.5 22.9 Dividend yield 2.9 1.3 1.2 Simulation period 3.0 years 3.0 years 3.0 years 2019 Stock price (Synovus' closing stock price on December 31, 2018) $ 31.99 Weighted average fair value of converted stock options 11.50 Risk-free interest rate 2.51 % Expected stock price volatility 26.4 % Dividend yield 3.13 % Term to expiration 5.1 years |
Schedule of Stock Options Activity | A summary of stock option activity and changes during the years ended December 31, 2019 , 2018 , and 2017 is presented below. Stock Options 2019 2018 2017 (in thousands, except per share data) Quantity Weighted-Average Exercise Price Quantity Weighted-Average Exercise Price Quantity Weighted-Average Exercise Price Outstanding at beginning of year 640 $ 16.93 775 $ 17.85 973 $ 17.76 Assumed in acquisition 3,230 23.22 — — — — Options exercised (820 ) 19.91 (126 ) 16.92 (198 ) 17.41 Options forfeited (13 ) 34.23 — — — — Options expired/canceled — — (9 ) 92.26 — — Options outstanding at end of year 3,037 $ 22.74 640 $ 16.93 775 $ 17.85 Options exercisable at end of year 2,399 $ 19.52 640 $ 16.93 775 $ 17.85 |
Schedule of Restricted Stock Units Activity | A summary of restricted share units, market restricted share units, and performance share units outstanding and changes during the years ended December 31, 2019 , 2018 , and 2017 is presented below. Restricted Share Units Market Restricted Share Units Performance Share Units (in thousands, except per share data) Quantity Weighted-Average Grant Date Fair Value Quantity Weighted-Average Grant Date Fair Value Quantity Weighted-Average Grant Date Fair Value Outstanding at December 31, 2016 706 $ 26.38 182 $ 27.25 238 $ 25.99 Granted 243 41.82 78 43.52 73 41.61 Dividend equivalents granted 6 41.82 3 43.52 3 41.61 Quantity change by TSR factor — — 22 27.25 — — Vested (342 ) 26.25 (114 ) 26.78 (69 ) 23.47 Forfeited (47 ) 26.28 — — — — Outstanding at December 31, 2017 566 33.25 171 35.24 245 31.54 Granted 249 47.34 58 48.46 86 47.23 Dividend equivalents granted 7 44.10 3 41.91 4 28.06 Quantity change by TSR factor — — 18 33.21 — — Vested (280 ) 30.86 (105 ) 33.21 (84 ) 28.06 Adjustment for performance vs. target — — — — (1 ) 28.06 Forfeited (16 ) 38.60 (1 ) 38.32 (2 ) 33.52 Outstanding at December 31, 2018 526 41.18 144 41.91 248 38.29 Granted 550 36.27 163 37.20 140 37.34 Assumed in acquisition 136 31.99 — — — — Dividend equivalents granted 23 36.27 6 37.20 9 37.34 Quantity change by TSR factor — — (19 ) 37.99 — — Vested (304 ) 37.04 (59 ) 37.99 (93 ) 26.35 Adjustment for performance vs. target — — — — 6 37.34 Forfeited (114 ) 37.04 (19 ) 37.99 (31 ) 40.34 Outstanding at December 31, 2019 817 $ 38.32 216 $ 39.99 279 $ 41.52 |
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, 2019 . Plan Category (1) (a) Number of Securities to be Issued (2) (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 1,312 3,037 $ 22.74 3,309 (1) Does not include information for equity compensation plans assumed by Synovus in mergers. A total of 2.6 million shares of common stock was issuable upon exercise of options and vesting of restricted share units granted under plans assumed in mergers and outstanding at December 31, 2019. The weighted average exercise price of all options granted under plans assumed in mergers and outstanding at December 31, 2019 was $24.02 . Synovus cannot grant additional awards under these assumed plans. (2) 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 (as defined) over the measurement period. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 , 2018 , and 2017 are presented below: (in thousands) 2019 2018 2017 Current Federal $ 112,517 $ 75,582 $ (32,341 ) State 2,085 7,081 5,949 Total current income tax expense (benefit) 114,602 82,663 (26,392 ) Deferred Federal 46,182 24,894 229,917 State 40,451 11,321 1,139 Total deferred income tax expense 86,633 36,215 231,056 Total income tax expense $ 201,235 $ 118,878 $ 204,664 |
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 years ended December 31, 2019 and 2018 and 35 percent for the year ended December 31, 2017 . A reconciliation of the differences is presented below: Years Ended December 31, (dollars in thousands) 2019 2018 2017 Income tax expense at statutory federal income tax rate $ 160,653 $ 114,944 $ 168,048 Increase (decrease) resulting from: State income tax expense, net of federal income tax benefit 33,764 17,270 11,961 Adjustment related to reduction in U.S. federal statutory income tax rate (1)(2) — (9,865 ) 46,573 Low income housing tax credits and other tax benefits (8,454 ) (6,421 ) (2,759 ) Low income housing tax credit amortization 6,871 5,316 268 Executive compensation 6,385 443 — FDIC premiums 5,802 2,529 — Bank-owned life insurance (4,226 ) (3,055 ) (4,702 ) Excess tax benefit from share-based compensation (1,337 ) (2,801 ) (4,318 ) General business tax credits (3) (678 ) (1,163 ) (4,615 ) Change in valuation allowance (4) — (3,431 ) (6,227 ) Other, net 2,455 5,112 435 Total income tax expense $ 201,235 $ 118,878 $ 204,664 Effective tax rate 26.3 % 21.7 % 42.6 % (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 AOCI. ASU 2018-02, issued in February 2018, provided 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 research and development tax credits for the tax years 2013-2017 totaling $4.6 million . (4) 2017 includes provisional federal income tax expense of $608 thousand related to Federal Tax Reform. |
Schedule of Deferred Tax Assets and Liabilities | Details for significant portions of the deferred tax assets and liabilities at December 31, 2019 and 2018 are presented below: (in thousands) 2019 2018 Deferred tax assets Lease liability $ 99,053 $ 2,526 Allowance for loan losses 73,929 63,952 Net operating loss carryforwards 38,972 33,008 Employee benefits and deferred compensation 28,874 20,363 Tax credit carryforwards 21,076 20,088 Deferred revenue 8,237 10,189 Non-performing loan interest 5,232 2,442 Net unrealized losses on investment securities available for sale — 24,419 Other 15,101 9,415 Total gross deferred tax assets 290,474 186,402 Less valuation allowance (18,445 ) — Total deferred tax assets 272,029 186,402 Deferred tax liabilities Right-of-use asset (97,400 ) — Excess tax over financial statement depreciation (41,097 ) (31,260 ) Net unrealized gains (losses) on investment securities available for sale and cash flow hedges (31,678 ) — Purchase accounting intangibles (15,184 ) (2,968 ) Fair value of investment securities and loans (8,602 ) — Other properties held for sale (3,884 ) (5,469 ) Other (9,082 ) (5,571 ) Total gross deferred tax liabilities (206,927 ) (45,268 ) Net deferred tax assets $ 65,102 $ 141,134 |
Schedule of Net Operating Loss and Tax Credit Carryforward | State NOLs and tax credit carryforwards as of December 31, 2019 are summarized in the following table. Tax Carryforwards As of December 31, 2019 (in thousands) Expiration Dates Deferred Tax Asset Balance, Gross Valuation Allowance Net Deferred Tax Asset Balance Pre-Tax Earnings Necessary to Realize (1) Net operating losses - federal 2029-2032 $ 19,902 $ (15,852 ) $ 4,050 $ 19,286 Net operating losses - states 2023-2028 558 — 558 379,402 Net operating losses - states 2029-2033 24,998 (2,593 ) 22,405 889,150 Net operating losses - states 2034-2036 372 — 372 6,973 Other credits - states 2020-2024 21,408 — 21,408 N/A Other credits - states 2025-2029 1,269 — 1,269 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) 2019 2018 2017 Balance at January 1, $ 18,586 $ 15,117 $ 14,745 Additions based on income tax positions related to current year 550 1,165 152 Additions for income tax positions of prior years (1) — 2,321 934 Additions from acquisition 3,464 — — Reductions for income tax positions of prior years (1,589 ) — (706 ) Statute of limitation expirations (17 ) (17 ) (8 ) Balance at December 31, $ 20,994 $ 18,586 $ 15,117 (1) Includes deferred tax benefits that could reduce future tax liabilities. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following table presents certain financial information for each reportable business segment for the fourth quarter of 2019, which was the first financial period in which the new segment reporting became effective. Additionally, to provide comparable information, Synovus has included proforma business segment financial information for the first three quarters of 2019 and the full year 2019 utilizing various allocation methodologies based on balance sheet and income statement items assigned to each business segment. Management concluded prior year information presented in this format would not include the results of operations from FCB and therefore, would not be comparable. The application and development of management reporting methodologies is a dynamic process and is subject to periodic enhancements. As these enhancements are made, financial results presented by each reportable business segment may be periodically revised. (in thousands) Community Banking Wholesale Banking Financial Management Services Treasury and Corporate Other Synovus Consolidated 2019 Proforma Net interest income $ 825,219 $ 518,033 $ 112,431 $ 140,120 $ 1,595,803 Non-interest income 136,657 28,948 154,166 36,129 355,900 Non-interest expense 302,327 71,393 152,115 573,133 1,098,968 Pre-provision net revenue $ 659,549 $ 475,588 $ 114,482 $ (396,884 ) $ 852,735 Fourth Quarter (unaudited) Net interest income $ 199,770 $ 129,792 $ 26,006 $ 43,701 $ 399,269 Non-interest income 34,686 7,161 42,293 13,815 97,955 Non-interest expense 77,187 16,252 40,976 131,707 266,122 Pre-provision net revenue $ 157,269 $ 120,701 $ 27,323 $ (74,191 ) $ 231,102 Third Quarter Proforma (unaudited) Net interest income $ 203,197 $ 133,773 $ 26,582 $ 38,545 $ 402,097 Non-interest income 35,145 7,092 40,966 5,557 88,760 Non-interest expense 76,414 25,413 40,413 134,070 276,310 Pre-provision net revenue $ 161,928 $ 115,452 $ 27,135 $ (89,968 ) $ 214,547 Second Quarter Proforma (unaudited) Net interest income $ 207,493 $ 128,857 $ 30,978 $ 29,934 $ 397,262 Non-interest income 34,050 7,937 38,628 9,192 89,807 Non-interest expense 73,910 14,709 37,508 137,999 264,126 Pre-provision net revenue $ 167,633 $ 122,085 $ 32,098 $ (98,873 ) $ 222,943 First Quarter Proforma (unaudited) Net interest income $ 214,759 $ 125,611 $ 28,865 $ 27,940 $ 397,175 Non-interest income 32,776 6,758 32,279 7,565 79,378 Non-interest expense 74,816 15,019 33,218 169,357 292,410 Pre-provision net revenue $ 172,719 $ 117,350 $ 27,926 $ (133,852 ) $ 184,143 December 31, 2019 (dollars in thousands) Community Banking Wholesale Banking Financial Management Services Treasury and Corporate Other Synovus Consolidated Total loans net of deferred fees and costs $ 12,170,914 $ 17,643,509 $ 5,285,455 $ 2,062,572 $ 37,162,450 Total deposits $ 25,610,777 $ 8,314,184 $ 284,716 $ 4,195,827 $ 38,405,504 Total full-time equivalent employees 2,301 213 839 1,911 5,264 |
Condensed Financial Informati_2
Condensed Financial Information Of Synovus Financial Corp. (Parent Company Only) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule of Condensed Balance Sheets | Condensed Balance Sheets December 31, (in thousands) 2019 2018 Assets Cash due from bank subsidiary $ 365,111 $ 213,096 Funds due from other depository institutions 9,277 9,927 Total cash, cash equivalents, restricted cash, and restricted cash equivalents 374,388 223,023 Investment in consolidated bank subsidiary, at equity 5,303,005 3,418,471 Investment in consolidated nonbank subsidiaries, at equity 43,370 34,586 Note receivable from bank subsidiary 100,000 — Other assets 54,142 62,915 Total assets $ 5,874,905 $ 3,738,995 Liabilities and Shareholders' Equity Liabilities: Long-term debt $ 853,897 $ 555,704 Other liabilities 79,318 49,689 Total liabilities 933,215 605,393 Shareholders’ equity: Preferred stock 537,145 195,140 Common stock 166,801 143,300 Additional paid-in capital 3,819,336 3,060,561 Treasury stock (715,560 ) (1,014,746 ) Accumulated other comprehensive income (loss), net 65,641 (94,420 ) Retained earnings 1,068,327 843,767 Total shareholders’ equity 4,941,690 3,133,602 Total liabilities and shareholders’ equity $ 5,874,905 $ 3,738,995 |
Schedule of Condensed Statements of Operations | Condensed Statements of Income Years Ended December 31, (in thousands) 2019 2018 2017 Income Cash dividends received from subsidiaries (1) $ 400,000 $ 250,000 $ 283,210 Cash distributions received from subsidiaries (1) — 10,000 167,790 Interest income 5,920 1,703 1,443 Other income (loss) 11,590 (3,904 ) 345 Total income 417,510 257,799 452,788 Expenses Interest expense 41,328 25,287 43,922 Other expenses 13,528 21,455 33,955 Total expenses 54,856 46,742 77,877 Income before income taxes and equity in undistributed income (loss) of subsidiaries 362,654 211,057 374,911 Allocated income tax benefit (9,753 ) (13,690 ) (30,421 ) Income before equity in undistributed income (loss) of subsidiaries 372,407 224,747 405,332 Equity in undistributed income (loss) of subsidiaries 191,373 203,729 (129,858 ) Net income 563,780 428,476 275,474 Dividends and redemption charge on preferred stock 22,881 17,998 10,238 Net income available to common shareholders $ 540,899 $ 410,478 $ 265,236 (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, 2019 December 31, 2018 December 31, 2017 (in thousands) Before-tax Amount Income Tax Net of Tax Amount Before-tax Amount Income Tax Net of Tax Amount Before-tax Amount Income Tax Net of Tax Amount Net income $ 765,015 $ (201,235 ) $ 563,780 $ 547,354 $ (118,878 ) $ 428,476 $ 480,138 $ (204,664 ) $ 275,474 Reclassification adjustment for realized (gains) losses included in net income on cash flow hedges — — — — — — 130 (50 ) 80 Reclassification adjustment for realized (gains) losses included in net income on investment securities available for sale (22 ) 6 (16 ) — — — (5,506 ) 2,120 (3,386 ) Other comprehensive gain (loss) of bank subsidiary 216,032 (55,955 ) 160,077 (43,447 ) 11,252 (32,195 ) 6,784 (2,573 ) 4,211 Other comprehensive income (loss) $ 216,010 $ (55,949 ) $ 160,061 $ (43,447 ) $ 11,252 $ (32,195 ) $ 1,408 $ (503 ) $ 905 Comprehensive income $ 723,841 $ 396,281 $ 276,379 |
Schedule of Condensed Statements of Cash Flows | Condensed Statements of Cash Flows Years Ended December 31, (in thousands) 2019 2018 2017 Operating Activities Net income $ 563,780 $ 428,476 $ 275,474 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed (income) loss of subsidiaries (191,373 ) (203,729 ) 129,858 Deferred income tax expense 1,775 1,055 60,931 Net increase (decrease) in other liabilities 43,617 9,551 (1,095 ) Net decrease (increase) in other assets 3,367 6,723 (8 ) Other, net 1,037 1,115 (3,330 ) Net cash provided by operating activities 422,203 243,191 461,830 Investing Activities Proceeds from sales of investment securities available for sale 97,389 — 4,305 Advance of long-term note receivable due from bank subsidiary (100,000 ) — — Net decrease in short-term notes receivable from non-bank subsidiaries — — 35,200 Return of investment non-bank subsidiary 790 — — Net cash received in business combination, net of cash paid 4,813 — — Net cash provided by investing activities 2,992 — 39,505 Financing Activities Dividends paid to common and preferred shareholders (185,664 ) (120,202 ) (64,908 ) Repurchases of common stock (725,398 ) (175,072 ) (175,079 ) Repayments and redemption of long-term debt — — (600,386 ) Proceeds from issuance of long-term debt 297,174 — 296,866 Proceeds from issuance of preferred stock 342,005 195,140 — Redemption of preferred stock — (130,000 ) — Earnout payment (1,947 ) (1,220 ) (892 ) Net cash used in financing activities (273,830 ) (231,354 ) (544,399 ) Increase (decrease) in cash and cash equivalents including restricted cash 151,365 11,837 (43,064 ) Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of year 223,023 211,186 254,250 Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of year $ 374,388 $ 223,023 $ 211,186 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, 2019 | |
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, 2019 and 2018 . Table 30 - Quarterly Financial Data 2019 (in thousands, except per share data) Fourth Quarter Third Quarter Second Quarter First Quarter Interest income $ 506,253 $ 523,415 $ 516,131 $ 504,839 Interest expense 106,984 121,318 118,869 107,664 Net interest income 399,269 402,097 397,262 397,175 Provision for loan losses 24,470 27,562 12,119 23,569 Non-interest income 97,955 88,760 89,807 79,378 Non-interest expense 266,122 276,310 264,126 292,410 Income before income taxes 206,632 186,985 210,824 160,574 Income tax expense 54,948 51,259 54,640 40,388 Net income 151,684 135,726 156,184 120,186 Preferred stock dividends 8,290 8,291 3,150 3,150 Net income available to common shareholders 143,394 127,435 153,034 117,036 Net income per common share, basic 0.98 0.84 0.97 0.73 Net income per common share, diluted 0.97 0.83 0.96 0.72 2018 Fourth Quarter Third Quarter Second Quarter First Quarter Interest income $ 357,395 $ 343,942 $ 329,834 $ 313,134 Interest expense 59,462 52,323 45,257 38,850 Net interest income 297,933 291,619 284,577 274,284 Provision for loan losses 12,149 14,982 11,790 12,776 Non-interest income 67,992 71,668 73,387 67,046 Non-interest expense 209,922 220,297 204,057 195,179 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 Preferred stock dividends and redemption charge 3,151 9,729 2,559 2,559 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 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) | Jan. 01, 2020 | Dec. 31, 2019USD ($)pointsegment | Jan. 01, 2019USD ($) | Dec. 31, 2018USD ($)point |
Basis Of Presentation [Line Items] | ||||
Cash and cash equivalents | $ 111,500,000 | $ 0 | ||
Federal funds sold | 87,800,000 | 25,600,000 | ||
Purchased Loans, Valuation Allowance | $ 0 | |||
Number of reportable segments | segment | 3 | |||
Federal Reserve Bank stock | $ 141,700,000 | 95,900,000 | ||
Required percent of capital or surplus | 6.00% | |||
Required percent of deposits | 0.60% | |||
Federal Home Loan Bank stock | $ 144,700,000 | 89,400,000 | ||
Vesting period | 3 years | |||
Operating lease, right-of-use asset | $ 374,716,000 | $ 381,100,000 | ||
Operating lease, liability | $ 383,892,000 | 391,000,000 | ||
Sale leaseback gains | 3,900,000 | |||
Premises and Equipment | ||||
Basis Of Presentation [Line Items] | ||||
Finance lease, right-of-use asset | 4,000,000 | |||
Cumulative-effect adjustment from adoption of ASU 2016-02 | ||||
Basis Of Presentation [Line Items] | ||||
Cumulative effect of new accounting principle in period of adoption | 4,270,000 | |||
Cumulative-effect adjustment from adoption of ASU 2016-02 | Retained Earnings | ||||
Basis Of Presentation [Line Items] | ||||
Cumulative effect of new accounting principle in period of adoption | $ 4,300,000 | $ 4,270,000 | ||
Non-employee Director | ||||
Basis Of Presentation [Line Items] | ||||
Vesting period | 3 years | |||
Non-employee | ||||
Basis Of Presentation [Line Items] | ||||
Vesting period | 3 years | |||
Home equity lines | ||||
Basis Of Presentation [Line Items] | ||||
Weighted average FICO score points | point | 787 | 785 | ||
Consumer mortgages | ||||
Basis Of Presentation [Line Items] | ||||
Weighted average FICO score points | point | 778 | 786 | ||
DRR Methodology | ||||
Basis Of Presentation [Line Items] | ||||
Loans, net | 47.70% | 41.70% | ||
Maximum | ||||
Basis Of Presentation [Line Items] | ||||
Retail loans and commercial loans, evaluated for impairment | $ 1,000,000 | |||
Other intangible assets, useful life | 10 years | |||
Maximum | Buildings and improvements | ||||
Basis Of Presentation [Line Items] | ||||
Premises and equipment, useful life | 40 years | |||
Maximum | Furniture and equipment | ||||
Basis Of Presentation [Line Items] | ||||
Premises and equipment, useful life | 10 years | |||
Minimum | ||||
Basis Of Presentation [Line Items] | ||||
Other intangible assets, useful life | 8 years | |||
Minimum | Buildings and improvements | ||||
Basis Of Presentation [Line Items] | ||||
Premises and equipment, useful life | 10 years | |||
Minimum | Furniture and equipment | ||||
Basis Of Presentation [Line Items] | ||||
Premises and equipment, useful life | 3 years | |||
Forecast | Maximum | Accounting Standards Update 2016-13 | ||||
Basis Of Presentation [Line Items] | ||||
Increase (decrease) in allowance for credit loss, percentage | 60.00% | |||
Forecast | Minimum | Accounting Standards Update 2016-13 | ||||
Basis Of Presentation [Line Items] | ||||
Increase (decrease) in allowance for credit loss, percentage | 40.00% |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) $ / shares in Units, $ in Thousands | Jan. 01, 2019USD ($)branchshares | Sep. 25, 2017USD ($) | Oct. 01, 2016 | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($) | Nov. 30, 2019USD ($)shares | Nov. 30, 2018USD ($)shares | Nov. 30, 2017USD ($)shares |
Business Acquisition [Line Items] | |||||||||
Stock price (Synovus' closing stock price on December 31, 2018) (in dollars per share) | $ / shares | $ 31.99 | ||||||||
Decrease in core deposits intangible assets | $ 10,800 | ||||||||
Goodwill | 497,267 | $ 57,315 | $ 57,315 | ||||||
Merger-related expense | 56,580 | 10,065 | 110 | ||||||
Brokered deposits | $ 3,429,993 | $ 1,548,030 | |||||||
Common stock, shares issued (in shares) | shares | 166,800,623 | 143,300,449 | |||||||
Common stock | $ 166,801 | $ 143,300 | |||||||
CDI | |||||||||
Business Acquisition [Line Items] | |||||||||
Finite-lived intangible asset, useful life | 10 years | ||||||||
FCB Financial Holdings, Inc. | |||||||||
Business Acquisition [Line Items] | |||||||||
Consideration transferred | $ 1,626,278 | ||||||||
Loans | 9,288,028 | ||||||||
Deposits | $ 10,930,724 | ||||||||
Service banking centers acquired | branch | 51 | ||||||||
Cash equivalents | $ 3,500 | ||||||||
Stock issued in acquisitions (in shares) | shares | 49,500,000 | ||||||||
Synovus common stock issued and reissued from treasury | $ 1,582,133 | ||||||||
Cash paid | 601 | ||||||||
Converted options and restricted share units, fair value | 41,500 | ||||||||
Share based awards allocated to purchase price | 37,300 | ||||||||
Warrants converted fair value | 6,700 | ||||||||
Goodwill | $ 439,952 | ||||||||
Merger-related expense | $ 56,580 | 10,065 | |||||||
FCB Financial Holdings, Inc. | Executives | |||||||||
Business Acquisition [Line Items] | |||||||||
Merger-related expense | $ 21,800 | ||||||||
FCB Financial Holdings, Inc. | CDI | |||||||||
Business Acquisition [Line Items] | |||||||||
Finite-lived intangible asset, useful life | 10 years | ||||||||
FCB Financial Holdings, Inc. | FCB Financial Holdings, Inc. | |||||||||
Business Acquisition [Line Items] | |||||||||
Merger exchange ratio | 1.055 | ||||||||
Other equity compensation, non-vested shares outstanding, fair value | $ 7,500 | ||||||||
Merger-related expense | $ 19,600 | ||||||||
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] | |||||||||
Common stock, shares issued (in shares) | shares | 344,000 | 199,000 | 118,000 | ||||||
Common stock | $ 11,800 | $ 7,400 | $ 5,500 | ||||||
Earnout payments, cash | $ 1,900 | $ 1,200 | $ 892 | ||||||
Increase (decrease) in earnout liabilities | 10,500 | $ 11,700 | $ 5,500 | ||||||
Earnout liability | $ 11,000 | ||||||||
Global One | Minimum | |||||||||
Business Acquisition [Line Items] | |||||||||
Period of additional annual payments | 3 years | ||||||||
Global One | Maximum | |||||||||
Business Acquisition [Line Items] | |||||||||
Period of additional annual payments | 5 years |
Acquisitions (Assets Acquired a
Acquisitions (Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ / shares in Units, $ in Thousands | Jan. 01, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Liabilities | ||||
Goodwill | $ 497,267 | $ 57,315 | $ 57,315 | |
Stock price (Synovus' closing stock price on December 31, 2018) (in dollars per share) | $ 31.99 | |||
FCB Financial Holdings, Inc. | ||||
Business Acquisition [Line Items] | ||||
Synovus common stock issued and reissued from treasury attributed to purchase price | $ 1,582,133 | |||
Cash payments to FCB stockholders attributed to purchase price | 173 | |||
Fair value of exchanged employee and director equity awards and FCB warrants attributed to purchase price | 43,972 | |||
Total purchase price | 1,626,278 | |||
Assets | ||||
Cash and cash equivalents | 201,689 | |||
Investment securities available for sale | 2,301,001 | |||
Loans | 9,288,028 | |||
Cash surrender value of bank-owned life insurance | 216,848 | |||
Premises and equipment | 49,537 | |||
Core deposit intangible | 57,400 | |||
Other assets | 264,110 | |||
Total Assets | 12,378,613 | |||
Liabilities | ||||
Deposits | 10,930,724 | |||
Federal funds purchased and securities sold under repurchase agreements | 29,139 | |||
Long-term debt | 153,236 | |||
Other liabilities | 79,188 | |||
Total Liabilities | 11,192,287 | |||
Fair value of net identifiable assets acquired | 1,186,326 | |||
Goodwill | 439,952 | |||
Cash paid | $ 601 |
Acquisitions (Pro Forma) (Detai
Acquisitions (Pro Forma) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Business Acquisition [Line Items] | |||||||||||
Net interest income | $ 399,269 | $ 402,097 | $ 397,262 | $ 397,175 | $ 297,933 | $ 291,619 | $ 284,577 | $ 274,284 | $ 1,595,803 | $ 1,148,413 | $ 1,023,309 |
Actual, Non-interest income | 97,955 | 88,760 | 89,807 | 79,378 | 67,992 | 71,668 | 73,387 | 67,046 | 355,900 | 280,093 | 345,327 |
Actual, Income before income taxes | 206,632 | 186,985 | 210,824 | 160,574 | 143,854 | 128,008 | 142,117 | 133,375 | 765,015 | 547,354 | 480,138 |
Actual, Net income available to common shareholders | $ 143,394 | $ 127,435 | $ 153,034 | $ 117,036 | $ 101,919 | $ 99,330 | $ 108,622 | $ 100,607 | 540,899 | 410,478 | $ 265,236 |
FCB Financial Holdings, Inc. | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Net interest income | 1,595,803 | ||||||||||
Pro Forma, Net interest income | 1,570,928 | ||||||||||
Actual, Non-interest income | 355,900 | ||||||||||
Pro Forma, Non-interest income | 313,584 | ||||||||||
Actual, Income before income taxes | 765,015 | ||||||||||
Pro Forma, Income before income taxes | 817,212 | ||||||||||
Actual, Net income available to common shareholders | 540,899 | ||||||||||
Pro Forma, Net income available to common shareholders | $ 617,812 | ||||||||||
Business Combination, Acquisition Related Costs, Before Tax | $ 56,600 |
Acquisitions (Acquisition Relat
Acquisitions (Acquisition Related Costs) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Business Acquisition [Line Items] | |||
Total merger-related expense | $ 56,580 | $ 10,065 | $ 110 |
FCB Financial Holdings, Inc. | |||
Business Acquisition [Line Items] | |||
Total merger-related expense | 56,580 | 10,065 | |
FCB Financial Holdings, Inc. | Employment compensation agreements, severance, and other employee benefit costs | |||
Business Acquisition [Line Items] | |||
Total merger-related expense | 33,127 | 325 | |
FCB Financial Holdings, Inc. | Professional fees | |||
Business Acquisition [Line Items] | |||
Total merger-related expense | 17,453 | 8,207 | |
FCB Financial Holdings, Inc. | All other expense | |||
Business Acquisition [Line Items] | |||
Total merger-related expense | $ 6,000 | $ 1,533 |
Investment Securities Availab_3
Investment Securities Available for Sale (Summary Of Available For Sale Investment Securities) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 6,647,791 | $ 4,085,913 |
Gross Unrealized Gains | 133,385 | 6,274 |
Gross Unrealized Losses | (2,506) | (100,555) |
Fair Value | 6,778,670 | 3,991,632 |
U.S. Treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 19,855 | 123,436 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | (1,359) |
Fair Value | 19,855 | 122,077 |
U.S. Government agency securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 35,499 | 38,021 |
Gross Unrealized Gains | 1,042 | 361 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 36,541 | 38,382 |
Mortgage-backed securities issued by U.S. Government agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 56,328 | 100,060 |
Gross Unrealized Gains | 560 | 172 |
Gross Unrealized Losses | (72) | (3,027) |
Fair Value | 56,816 | 97,205 |
Mortgage-backed securities issued by U.S. Government sponsored enterprises | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 5,079,396 | 2,460,498 |
Gross Unrealized Gains | 103,495 | 1,981 |
Gross Unrealized Losses | (2,076) | (63,829) |
Fair Value | 5,180,815 | 2,398,650 |
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 629,706 | 1,215,406 |
Gross Unrealized Gains | 7,349 | 2,997 |
Gross Unrealized Losses | (204) | (29,885) |
Fair Value | 636,851 | 1,188,518 |
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 357,291 | 131,492 |
Gross Unrealized Gains | 14,301 | 613 |
Gross Unrealized Losses | 0 | (2,240) |
Fair Value | 371,592 | 129,865 |
State and municipal securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 2,069 | |
Gross Unrealized Gains | 6 | |
Gross Unrealized Losses | 0 | |
Fair Value | 2,075 | |
Asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 323,237 | |
Gross Unrealized Gains | 4,315 | |
Gross Unrealized Losses | (152) | |
Fair Value | 327,400 | |
Corporate debt and other debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 144,410 | 17,000 |
Gross Unrealized Gains | 2,317 | 150 |
Gross Unrealized Losses | (2) | (215) |
Fair Value | $ 146,725 | $ 16,935 |
Investment Securities Availab_4
Investment Securities Available for Sale (Narrative) (Details) $ in Millions | Dec. 31, 2019USD ($)securities | Dec. 31, 2018USD ($) |
Financing Receivable, Impaired [Line Items] | ||
Securities in a loss position for less than twelve months | 26 | |
Securities in a loss position for more than twelve months | 5 | |
Collateral Pledged | ||
Financing Receivable, Impaired [Line Items] | ||
Pledged to secure deposits | $ | $ 1,710 | $ 1,560 |
Investment Securities Availab_5
Investment Securities Available for Sale (Schedule Of Unrealized Loss On Investments) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Fair Value | $ 891,914 | $ 230,520 |
Less than 12 Months, Gross Unrealized Losses | (2,468) | (2,118) |
12 Months or Longer, Fair Value | 5,309 | 3,259,401 |
12 Months or Longer, Gross Unrealized Losses | (38) | (98,437) |
Total, Fair Value | 897,223 | 3,489,921 |
Total, Gross Unrealized Losses | (2,506) | (100,555) |
U.S. Treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Fair Value | 39,031 | |
Less than 12 Months, Gross Unrealized Losses | (118) | |
12 Months or Longer, Fair Value | 63,570 | |
12 Months or Longer, Gross Unrealized Losses | (1,241) | |
Total, Fair Value | 102,601 | |
Total, Gross Unrealized Losses | (1,359) | |
Mortgage-backed securities issued by U.S. Government agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Fair Value | 19,543 | 2,059 |
Less than 12 Months, Gross Unrealized Losses | (70) | (2) |
12 Months or Longer, Fair Value | 355 | 79,736 |
12 Months or Longer, Gross Unrealized Losses | (2) | (3,025) |
Total, Fair Value | 19,898 | 81,795 |
Total, Gross Unrealized Losses | (72) | (3,027) |
Mortgage-backed securities issued by U.S. Government sponsored enterprises | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Fair Value | 768,040 | 130,432 |
Less than 12 Months, Gross Unrealized Losses | (2,076) | (700) |
12 Months or Longer, Fair Value | 0 | 2,105,358 |
12 Months or Longer, Gross Unrealized Losses | 0 | (63,129) |
Total, Fair Value | 768,040 | 2,235,790 |
Total, Gross Unrealized Losses | (2,076) | (63,829) |
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 | 57,670 | 0 |
Less than 12 Months, Gross Unrealized Losses | (204) | 0 |
12 Months or Longer, Fair Value | 0 | 964,732 |
12 Months or Longer, Gross Unrealized Losses | 0 | (29,885) |
Total, Fair Value | 57,670 | 964,732 |
Total, Gross Unrealized Losses | (204) | (29,885) |
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Fair Value | 58,998 | |
Less than 12 Months, Gross Unrealized Losses | (1,298) | |
12 Months or Longer, Fair Value | 44,220 | |
12 Months or Longer, Gross Unrealized Losses | (942) | |
Total, Fair Value | 103,218 | |
Total, Gross Unrealized Losses | (2,240) | |
Asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Fair Value | 37,156 | |
Less than 12 Months, Gross Unrealized Losses | (116) | |
12 Months or Longer, Fair Value | 4,954 | |
12 Months or Longer, Gross Unrealized Losses | (36) | |
Total, Fair Value | 42,110 | |
Total, Gross Unrealized Losses | (152) | |
Corporate debt and other debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Fair Value | 9,505 | 0 |
Less than 12 Months, Gross Unrealized Losses | (2) | 0 |
12 Months or Longer, Fair Value | 0 | 1,785 |
12 Months or Longer, Gross Unrealized Losses | 0 | (215) |
Total, Fair Value | 9,505 | 1,785 |
Total, Gross Unrealized Losses | $ (2) | $ (215) |
Investment Securities Availab_6
Investment Securities Available for Sale (Amortized Cost And Estimated Fair Value By Contractual Maturity Of Investment Securities Available For Sale) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost, Within One year | $ 44,644 | |
Amortized Cost, 1 to 5 Years | 258,642 | |
Amortized Cost, 5 to 10 Years | 552,089 | |
Amortized Cost, More Than 10 years | 5,792,416 | |
Amortized Cost | 6,647,791 | $ 4,085,913 |
Fair Value, Within One year | 44,708 | |
Fair Value, 1 to 5 Years | 263,879 | |
Fair Value, 5 to 10 Years | 566,020 | |
Fair Value, More Than 10 years | 5,904,063 | |
Total Fair Value | 6,778,670 | 3,991,632 |
U.S. Treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost, Within One year | 19,855 | |
Amortized Cost, 1 to 5 Years | 0 | |
Amortized Cost, 5 to 10 Years | 0 | |
Amortized Cost, More Than 10 years | 0 | |
Amortized Cost | 19,855 | 123,436 |
Fair Value, Within One year | 19,855 | |
Fair Value, 1 to 5 Years | 0 | |
Fair Value, 5 to 10 Years | 0 | |
Fair Value, More Than 10 years | 0 | |
Total Fair Value | 19,855 | 122,077 |
U.S. Government agency securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost, Within One year | 585 | |
Amortized Cost, 1 to 5 Years | 4,927 | |
Amortized Cost, 5 to 10 Years | 29,987 | |
Amortized Cost, More Than 10 years | 0 | |
Amortized Cost | 35,499 | 38,021 |
Fair Value, Within One year | 587 | |
Fair Value, 1 to 5 Years | 4,951 | |
Fair Value, 5 to 10 Years | 31,003 | |
Fair Value, More Than 10 years | 0 | |
Total Fair Value | 36,541 | 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 | 1,625 | |
Amortized Cost, 5 to 10 Years | 1,022 | |
Amortized Cost, More Than 10 years | 53,681 | |
Amortized Cost | 56,328 | 100,060 |
Fair Value, Within One year | 0 | |
Fair Value, 1 to 5 Years | 1,649 | |
Fair Value, 5 to 10 Years | 1,046 | |
Fair Value, More Than 10 years | 54,121 | |
Total Fair Value | 56,816 | 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 | 622 | |
Amortized Cost, 5 to 10 Years | 100,462 | |
Amortized Cost, More Than 10 years | 4,978,312 | |
Amortized Cost | 5,079,396 | 2,460,498 |
Fair Value, Within One year | 0 | |
Fair Value, 1 to 5 Years | 639 | |
Fair Value, 5 to 10 Years | 102,866 | |
Fair Value, More Than 10 years | 5,077,310 | |
Total Fair Value | 5,180,815 | 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 | 320 | |
Amortized Cost, More Than 10 years | 629,386 | |
Amortized Cost | 629,706 | 1,215,406 |
Fair Value, Within One year | 0 | |
Fair Value, 1 to 5 Years | 0 | |
Fair Value, 5 to 10 Years | 327 | |
Fair Value, More Than 10 years | 636,524 | |
Total Fair Value | 636,851 | 1,188,518 |
Commercial mortgage-backed securities 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 | 141,867 | |
Amortized Cost, 5 to 10 Years | 129,205 | |
Amortized Cost, More Than 10 years | 86,219 | |
Amortized Cost | 357,291 | 131,492 |
Fair Value, Within One year | 0 | |
Fair Value, 1 to 5 Years | 145,129 | |
Fair Value, 5 to 10 Years | 135,899 | |
Fair Value, More Than 10 years | 90,564 | |
Total Fair Value | 371,592 | 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 | 1,059 | |
Amortized Cost, More Than 10 years | 1,010 | |
Amortized Cost | 2,069 | |
Fair Value, Within One year | 0 | |
Fair Value, 1 to 5 Years | 0 | |
Fair Value, 5 to 10 Years | 1,060 | |
Fair Value, More Than 10 years | 1,015 | |
Total Fair Value | 2,075 | |
Asset-backed 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 | 281,429 | |
Amortized Cost, More Than 10 years | 41,808 | |
Amortized Cost | 323,237 | |
Fair Value, Within One year | 0 | |
Fair Value, 1 to 5 Years | 0 | |
Fair Value, 5 to 10 Years | 284,976 | |
Fair Value, More Than 10 years | 42,424 | |
Total Fair Value | 327,400 | |
Corporate debt and other debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost, Within One year | 24,204 | |
Amortized Cost, 1 to 5 Years | 109,601 | |
Amortized Cost, 5 to 10 Years | 8,605 | |
Amortized Cost, More Than 10 years | 2,000 | |
Amortized Cost | 144,410 | 17,000 |
Fair Value, Within One year | 24,266 | |
Fair Value, 1 to 5 Years | 111,511 | |
Fair Value, 5 to 10 Years | 8,843 | |
Fair Value, More Than 10 years | 2,105 | |
Total Fair Value | $ 146,725 | $ 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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Investments [Abstract] | ||||
Proceeds from sales of investment securities available for sale | $ 2,923,787 | [1] | $ 35,066 | $ 812,293 |
Gross realized gains on sales | 10,370 | 0 | 7,942 | |
Gross realized losses on sales | (18,029) | (1,296) | (8,231) | |
Investment securities (losses) gains, net | $ (7,659) | $ (1,296) | $ (289) | |
[1] | Where applicable, changes for balances as of December 31, 2019 , compared to December 31, 2018 , exclude amounts acquired on the Acquisition Date. |
Loans And Allowance For Loan _3
Loans And Allowance For Loan Losses (Loans Outstanding By Classification) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Financing Receivable, Past Due [Line Items] | ||||
Total loans | $ 37,187,814 | $ 25,970,716 | $ 24,812,795 | |
Deferred fees and costs, net | (25,364) | (24,143) | $ (25,300) | |
Total loans, net of deferred fees and costs | 37,162,450 | 25,946,573 | ||
FCB Financial Holdings, Inc. | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total loans | 7,464,040 | |||
Deferred fees and costs, net | 0 | |||
Total loans, net of deferred fees and costs | 7,464,040 | |||
Loans | $ 9,288,028 | |||
Parent Company | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total loans | 29,723,774 | |||
Deferred fees and costs, net | (25,364) | |||
Total loans, net of deferred fees and costs | 29,698,410 | |||
Total commercial and industrial | ||||
Financing Receivable, Past Due [Line Items] | ||||
Loans outstanding | 16,782,670 | 12,781,206 | ||
Total loans | 12,781,206 | |||
Total commercial and industrial | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Past Due [Line Items] | ||||
Loans outstanding | 2,584,991 | |||
Total loans | 2,584,991 | |||
Total commercial and industrial | Parent Company | ||||
Financing Receivable, Past Due [Line Items] | ||||
Loans outstanding | 14,197,679 | |||
Total loans | 14,197,679 | |||
Total commercial and industrial | Commercial, financial, and agricultural | ||||
Financing Receivable, Past Due [Line Items] | ||||
Loans outstanding | 10,252,859 | 7,449,698 | ||
Total loans | 7,449,698 | |||
Total commercial and industrial | Commercial, financial, and agricultural | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Past Due [Line Items] | ||||
Loans outstanding | 1,665,772 | |||
Total loans | 1,665,772 | |||
Total commercial and industrial | Commercial, financial, and agricultural | Parent Company | ||||
Financing Receivable, Past Due [Line Items] | ||||
Loans outstanding | 8,587,087 | |||
Total loans | 8,587,087 | |||
Total commercial and industrial | Owner-occupied | ||||
Financing Receivable, Past Due [Line Items] | ||||
Loans outstanding | 6,529,811 | 5,331,508 | ||
Total loans | 5,331,508 | |||
Total commercial and industrial | Owner-occupied | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Past Due [Line Items] | ||||
Loans outstanding | 919,219 | |||
Total loans | 919,219 | |||
Total commercial and industrial | Owner-occupied | Parent Company | ||||
Financing Receivable, Past Due [Line Items] | ||||
Loans outstanding | 5,610,592 | |||
Total loans | 5,610,592 | |||
Total commercial real estate | ||||
Financing Receivable, Past Due [Line Items] | ||||
Loans outstanding | 10,480,484 | 6,564,491 | ||
Total loans | 6,564,491 | |||
Total commercial real estate | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Past Due [Line Items] | ||||
Loans outstanding | 2,895,708 | |||
Total loans | 2,895,708 | |||
Total commercial real estate | Parent Company | ||||
Financing Receivable, Past Due [Line Items] | ||||
Loans outstanding | 7,584,776 | |||
Total loans | 7,584,776 | |||
Total commercial real estate | Investment properties | ||||
Financing Receivable, Past Due [Line Items] | ||||
Loans outstanding | 9,042,679 | 5,560,951 | ||
Total loans | 5,560,951 | |||
Total commercial real estate | Investment properties | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Past Due [Line Items] | ||||
Loans outstanding | 2,546,776 | |||
Total loans | 2,546,776 | |||
Total commercial real estate | Investment properties | Parent Company | ||||
Financing Receivable, Past Due [Line Items] | ||||
Loans outstanding | 6,495,903 | |||
Total loans | 6,495,903 | |||
Total commercial real estate | 1-4 family properties | ||||
Financing Receivable, Past Due [Line Items] | ||||
Loans outstanding | 780,015 | 679,870 | ||
Total loans | 679,870 | |||
Total commercial real estate | 1-4 family properties | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Past Due [Line Items] | ||||
Loans outstanding | 152,833 | |||
Total loans | 152,833 | |||
Total commercial real estate | 1-4 family properties | Parent Company | ||||
Financing Receivable, Past Due [Line Items] | ||||
Loans outstanding | 627,182 | |||
Total loans | 627,182 | |||
Total commercial real estate | Land and development | ||||
Financing Receivable, Past Due [Line Items] | ||||
Loans outstanding | 657,790 | 323,670 | ||
Total loans | 323,670 | |||
Total commercial real estate | Land and development | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Past Due [Line Items] | ||||
Loans outstanding | 196,099 | |||
Total loans | 196,099 | |||
Total commercial real estate | Land and development | Parent Company | ||||
Financing Receivable, Past Due [Line Items] | ||||
Loans outstanding | 461,691 | |||
Total loans | 461,691 | |||
Total consumer | ||||
Financing Receivable, Past Due [Line Items] | ||||
Loans outstanding | 9,924,660 | 6,625,019 | ||
Total loans | 6,625,019 | |||
Total consumer | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Past Due [Line Items] | ||||
Loans outstanding | 1,983,341 | |||
Total loans | 1,983,341 | |||
Total consumer | Parent Company | ||||
Financing Receivable, Past Due [Line Items] | ||||
Loans outstanding | 7,941,319 | |||
Total loans | 7,941,319 | |||
Total consumer | Consumer mortgages | ||||
Financing Receivable, Past Due [Line Items] | ||||
Loans outstanding | 5,546,368 | 2,934,235 | ||
Total loans | 2,934,235 | |||
Total consumer | Consumer mortgages | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Past Due [Line Items] | ||||
Loans outstanding | 1,916,735 | |||
Total loans | 1,916,735 | |||
Total consumer | Consumer mortgages | Parent Company | ||||
Financing Receivable, Past Due [Line Items] | ||||
Loans outstanding | 3,629,633 | |||
Total loans | 3,629,633 | |||
Total consumer | Home equity lines | ||||
Financing Receivable, Past Due [Line Items] | ||||
Loans outstanding | 1,713,157 | 1,515,796 | ||
Total loans | 1,515,796 | |||
Total consumer | Home equity lines | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Past Due [Line Items] | ||||
Loans outstanding | 58,061 | |||
Total loans | 58,061 | |||
Total consumer | Home equity lines | Parent Company | ||||
Financing Receivable, Past Due [Line Items] | ||||
Loans outstanding | 1,655,096 | |||
Total loans | 1,655,096 | |||
Total consumer | Credit cards | ||||
Financing Receivable, Past Due [Line Items] | ||||
Loans outstanding | 268,841 | 258,245 | ||
Total loans | 258,245 | |||
Total consumer | Credit cards | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Past Due [Line Items] | ||||
Loans outstanding | 0 | |||
Total consumer | Credit cards | Parent Company | ||||
Financing Receivable, Past Due [Line Items] | ||||
Loans outstanding | 268,841 | |||
Total loans | 268,841 | |||
Total consumer | Other consumer loans | ||||
Financing Receivable, Past Due [Line Items] | ||||
Loans outstanding | 2,396,294 | 1,916,743 | ||
Total loans | $ 1,916,743 | |||
Total consumer | Other consumer loans | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Past Due [Line Items] | ||||
Loans outstanding | 8,545 | |||
Total loans | 8,545 | |||
Total consumer | Other consumer loans | Parent Company | ||||
Financing Receivable, Past Due [Line Items] | ||||
Loans outstanding | 2,387,749 | |||
Total loans | $ 2,387,749 |
Loans And Allowance For Loan _4
Loans And Allowance For Loan Losses (Schedule Of Current, Accruing Past Due And Nonaccrual Loans) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | $ 37,162,450 | $ 25,946,573 | ||
Non-accrual | 106,733 | |||
Total loans | 37,187,814 | 25,970,716 | $ 24,812,795 | |
Deferred fees and costs, net | (25,364) | (24,143) | $ (25,300) | |
FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 7,464,040 | |||
Non-accrual | 1,534 | |||
ASC 310-30 Loans(2) | 5,647,603 | $ 1,066,689 | ||
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums | (95,266) | |||
Total loans | 7,464,040 | |||
Deferred fees and costs, net | 0 | |||
Loans | $ 9,288,028 | |||
Parent Company | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 29,698,410 | |||
Non-accrual | 98,314 | |||
Total loans | 29,723,774 | |||
Deferred fees and costs, net | (25,364) | |||
Acquired Loans, ASC 310-30 | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Non-accrual | 1,800 | |||
Total commercial and industrial | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Non-accrual | 78,266 | |||
Total loans | 12,781,206 | |||
Total commercial and industrial | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Non-accrual | 1,534 | |||
ASC 310-30 Loans(2) | 1,857,608 | |||
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums | (12,939) | |||
Total loans | 2,584,991 | |||
Total commercial and industrial | Parent Company | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Non-accrual | 64,263 | |||
Total loans | 14,197,679 | |||
Total commercial and industrial | Commercial, financial, and agricultural | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Non-accrual | 69,295 | |||
Total loans | 7,449,698 | |||
Total commercial and industrial | Commercial, financial, and agricultural | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Non-accrual | 1,534 | |||
ASC 310-30 Loans(2) | 1,029,125 | |||
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums | (7,162) | |||
Total loans | 1,665,772 | |||
Total commercial and industrial | Commercial, financial, and agricultural | Parent Company | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Non-accrual | 54,483 | |||
Total loans | 8,587,087 | |||
Total commercial and industrial | Owner-occupied | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Non-accrual | 8,971 | |||
Total loans | 5,331,508 | |||
Total commercial and industrial | Owner-occupied | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Non-accrual | 0 | |||
ASC 310-30 Loans(2) | 828,483 | |||
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums | (5,777) | |||
Total loans | 919,219 | |||
Total commercial and industrial | Owner-occupied | Parent Company | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Non-accrual | 9,780 | |||
Total loans | 5,610,592 | |||
Total commercial real estate | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Non-accrual | 7,715 | |||
Total loans | 6,564,491 | |||
Total commercial real estate | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Non-accrual | 0 | |||
ASC 310-30 Loans(2) | 1,870,580 | |||
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums | (16,907) | |||
Total loans | 2,895,708 | |||
Total commercial real estate | Parent Company | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Non-accrual | 4,944 | |||
Total loans | 7,584,776 | |||
Total commercial real estate | Investment properties | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Non-accrual | 2,381 | |||
Total loans | 5,560,951 | |||
Total commercial real estate | Investment properties | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Non-accrual | 0 | |||
ASC 310-30 Loans(2) | 1,750,706 | |||
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums | (14,643) | |||
Total loans | 2,546,776 | |||
Total commercial real estate | Investment properties | Parent Company | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Non-accrual | 1,581 | |||
Total loans | 6,495,903 | |||
Total commercial real estate | 1-4 family properties | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Non-accrual | 2,381 | |||
Total loans | 679,870 | |||
Total commercial real estate | 1-4 family properties | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Non-accrual | 0 | |||
ASC 310-30 Loans(2) | 41,671 | |||
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums | (212) | |||
Total loans | 152,833 | |||
Total commercial real estate | 1-4 family properties | Parent Company | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Non-accrual | 2,253 | |||
Total loans | 627,182 | |||
Total commercial real estate | Land and development | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Non-accrual | 2,953 | |||
Total loans | 323,670 | |||
Total commercial real estate | Land and development | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Non-accrual | 0 | |||
ASC 310-30 Loans(2) | 78,203 | |||
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums | (2,052) | |||
Total loans | 196,099 | |||
Total commercial real estate | Land and development | Parent Company | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Non-accrual | 1,110 | |||
Total loans | 461,691 | |||
Total consumer | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Non-accrual | 20,752 | |||
Total loans | 6,625,019 | |||
Total consumer | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Non-accrual | 0 | |||
ASC 310-30 Loans(2) | 1,919,415 | |||
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums | (65,420) | |||
Total loans | 1,983,341 | |||
Total consumer | Parent Company | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Non-accrual | 29,107 | |||
Total loans | 7,941,319 | |||
Total consumer | Consumer mortgages | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Non-accrual | 4,949 | |||
Total loans | 2,934,235 | |||
Total consumer | Consumer mortgages | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Non-accrual | 0 | |||
ASC 310-30 Loans(2) | 1,908,168 | |||
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums | (61,280) | |||
Total loans | 1,916,735 | |||
Total consumer | Consumer mortgages | Parent Company | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Non-accrual | 11,369 | |||
Total loans | 3,629,633 | |||
Total consumer | Home equity lines | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Non-accrual | 12,114 | |||
Total loans | 1,515,796 | |||
Total consumer | Home equity lines | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Non-accrual | 0 | |||
ASC 310-30 Loans(2) | 2,306 | |||
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums | (3,389) | |||
Total loans | 58,061 | |||
Total consumer | Home equity lines | Parent Company | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Non-accrual | 12,034 | |||
Total loans | 1,655,096 | |||
Total consumer | Credit cards | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Non-accrual | 0 | |||
Total loans | 258,245 | |||
Total consumer | Credit cards | Parent Company | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Non-accrual | 0 | |||
Total loans | 268,841 | |||
Total consumer | Other consumer loans | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Non-accrual | 3,689 | |||
Total loans | 1,916,743 | |||
Total consumer | Other consumer loans | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Non-accrual | 0 | |||
ASC 310-30 Loans(2) | 8,941 | |||
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums | (751) | |||
Total loans | 8,545 | |||
Total consumer | Other consumer loans | Parent Company | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Non-accrual | 5,704 | |||
Total loans | 2,387,749 | |||
Current | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 25,807,056 | |||
Current | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 1,890,500 | |||
Current | Parent Company | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 29,557,496 | |||
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 | |||
Current | Total commercial and industrial | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 720,052 | |||
Current | Total commercial and industrial | Parent Company | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 14,106,290 | |||
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 | |||
Current | Total commercial and industrial | Commercial, financial, and agricultural | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 623,539 | |||
Current | Total commercial and industrial | Commercial, financial, and agricultural | Parent Company | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 8,511,218 | |||
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 | |||
Current | Total commercial and industrial | Owner-occupied | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 96,513 | |||
Current | Total commercial and industrial | Owner-occupied | Parent Company | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 5,595,072 | |||
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 | |||
Current | Total commercial real estate | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 1,042,035 | |||
Current | Total commercial real estate | Parent Company | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 7,575,303 | |||
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 | |||
Current | Total commercial real estate | Investment properties | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 810,713 | |||
Current | Total commercial real estate | Investment properties | Parent Company | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 6,492,978 | |||
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 | |||
Current | Total commercial real estate | 1-4 family properties | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 111,374 | |||
Current | Total commercial real estate | 1-4 family properties | Parent Company | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 622,552 | |||
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 | |||
Current | Total commercial real estate | Land and development | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 119,948 | |||
Current | Total commercial real estate | Land and development | Parent Company | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 459,773 | |||
Current | Total consumer | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 6,565,882 | |||
Current | Total consumer | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 128,413 | |||
Current | Total consumer | Parent Company | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 7,875,903 | |||
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 | |||
Current | Total consumer | Consumer mortgages | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 69,847 | |||
Current | Total consumer | Consumer mortgages | Parent Company | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 3,613,311 | |||
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 | |||
Current | Total consumer | Home equity lines | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 58,211 | |||
Current | Total consumer | Home equity lines | Parent Company | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 1,636,786 | |||
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 | |||
Current | Total consumer | Credit cards | Parent Company | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 263,065 | |||
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 | |||
Current | Total consumer | Other consumer loans | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 355 | |||
Current | Total consumer | Other consumer loans | Parent Company | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 2,362,741 | |||
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 | |||
Accruing 30-89 Days Past Due | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 19,669 | |||
Accruing 30-89 Days Past Due | Parent Company | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 61,661 | |||
Accruing 30-89 Days Past Due | Acquired Loans, ASC 310-30 | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 42,500 | |||
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 | |||
Accruing 30-89 Days Past Due | Total commercial and industrial | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 18,736 | |||
Accruing 30-89 Days Past Due | Total commercial and industrial | Parent Company | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 25,344 | |||
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 | |||
Accruing 30-89 Days Past Due | Total commercial and industrial | Commercial, financial, and agricultural | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 18,736 | |||
Accruing 30-89 Days Past Due | Total commercial and industrial | Commercial, financial, and agricultural | Parent Company | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 20,180 | |||
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 | |||
Accruing 30-89 Days Past Due | Total commercial and industrial | Owner-occupied | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 0 | |||
Accruing 30-89 Days Past Due | Total commercial and industrial | Owner-occupied | Parent Company | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 5,164 | |||
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 | |||
Accruing 30-89 Days Past Due | Total commercial real estate | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 0 | |||
Accruing 30-89 Days Past Due | Total commercial real estate | Parent Company | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 4,225 | |||
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 | |||
Accruing 30-89 Days Past Due | Total commercial real estate | Investment properties | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 0 | |||
Accruing 30-89 Days Past Due | Total commercial real estate | Investment properties | Parent Company | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 1,344 | |||
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 | |||
Accruing 30-89 Days Past Due | Total commercial real estate | 1-4 family properties | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 0 | |||
Accruing 30-89 Days Past Due | Total commercial real estate | 1-4 family properties | Parent Company | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 2,073 | |||
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 | |||
Accruing 30-89 Days Past Due | Total commercial real estate | Land and development | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 0 | |||
Accruing 30-89 Days Past Due | Total commercial real estate | Land and development | Parent Company | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 808 | |||
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 | |||
Accruing 30-89 Days Past Due | Total consumer | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 933 | |||
Accruing 30-89 Days Past Due | Total consumer | Parent Company | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 32,092 | |||
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 | |||
Accruing 30-89 Days Past Due | Total consumer | Consumer mortgages | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 0 | |||
Accruing 30-89 Days Past Due | Total consumer | Consumer mortgages | Parent Company | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 4,223 | |||
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 | |||
Accruing 30-89 Days Past Due | Total consumer | Home equity lines | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 933 | |||
Accruing 30-89 Days Past Due | Total consumer | Home equity lines | Parent Company | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 6,105 | |||
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 | |||
Accruing 30-89 Days Past Due | Total consumer | Credit cards | Parent Company | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 3,076 | |||
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 | |||
Accruing 30-89 Days Past Due | Total consumer | Other consumer loans | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 0 | |||
Accruing 30-89 Days Past Due | Total consumer | Other consumer loans | Parent Company | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 18,688 | |||
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 | |||
Accruing 90 Days or Greater Past Due | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 0 | |||
Accruing 90 Days or Greater Past Due | Parent Company | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 6,303 | |||
Accruing 90 Days or Greater Past Due | Acquired Loans, ASC 310-30 | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 9,600 | |||
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 | |||
Accruing 90 Days or Greater Past Due | Total commercial and industrial | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 0 | |||
Accruing 90 Days or Greater Past Due | Total commercial and industrial | Parent Company | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 1,782 | |||
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 | |||
Accruing 90 Days or Greater Past Due | Total commercial and industrial | Commercial, financial, and agricultural | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 0 | |||
Accruing 90 Days or Greater Past Due | Total commercial and industrial | Commercial, financial, and agricultural | Parent Company | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 1,206 | |||
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 | |||
Accruing 90 Days or Greater Past Due | Total commercial and industrial | Owner-occupied | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 0 | |||
Accruing 90 Days or Greater Past Due | Total commercial and industrial | Owner-occupied | Parent Company | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 576 | |||
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 | |||
Accruing 90 Days or Greater Past Due | Total commercial real estate | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 0 | |||
Accruing 90 Days or Greater Past Due | Total commercial real estate | Parent Company | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 304 | |||
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 | |||
Accruing 90 Days or Greater Past Due | Total commercial real estate | Investment properties | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 0 | |||
Accruing 90 Days or Greater Past Due | Total commercial real estate | Investment properties | Parent Company | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 0 | |||
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 | |||
Accruing 90 Days or Greater Past Due | Total commercial real estate | 1-4 family properties | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 0 | |||
Accruing 90 Days or Greater Past Due | Total commercial real estate | 1-4 family properties | Parent Company | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 304 | |||
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 | |||
Accruing 90 Days or Greater Past Due | Total commercial real estate | Land and development | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 0 | |||
Accruing 90 Days or Greater Past Due | Total commercial real estate | Land and development | Parent Company | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 0 | |||
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 | |||
Accruing 90 Days or Greater Past Due | Total consumer | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 0 | |||
Accruing 90 Days or Greater Past Due | Total consumer | Parent Company | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 4,217 | |||
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 | |||
Accruing 90 Days or Greater Past Due | Total consumer | Consumer mortgages | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 0 | |||
Accruing 90 Days or Greater Past Due | Total consumer | Consumer mortgages | Parent Company | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 730 | |||
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 | |||
Accruing 90 Days or Greater Past Due | Total consumer | Home equity lines | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 0 | |||
Accruing 90 Days or Greater Past Due | Total consumer | Home equity lines | Parent Company | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 171 | |||
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 | |||
Accruing 90 Days or Greater Past Due | Total consumer | Credit cards | Parent Company | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 2,700 | |||
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 | |||
Accruing 90 Days or Greater Past Due | Total consumer | Other consumer loans | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 0 | |||
Accruing 90 Days or Greater Past Due | Total consumer | Other consumer loans | Parent Company | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 616 | |||
Total Accruing Past Due | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 56,927 | |||
Total Accruing Past Due | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 19,669 | |||
Total Accruing Past Due | Parent Company | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 67,964 | |||
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 | |||
Total Accruing Past Due | Total commercial and industrial | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 18,736 | |||
Total Accruing Past Due | Total commercial and industrial | Parent Company | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 27,126 | |||
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 | |||
Total Accruing Past Due | Total commercial and industrial | Commercial, financial, and agricultural | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 18,736 | |||
Total Accruing Past Due | Total commercial and industrial | Commercial, financial, and agricultural | Parent Company | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 21,386 | |||
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 | |||
Total Accruing Past Due | Total commercial and industrial | Owner-occupied | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 0 | |||
Total Accruing Past Due | Total commercial and industrial | Owner-occupied | Parent Company | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 5,740 | |||
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 | |||
Total Accruing Past Due | Total commercial real estate | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 0 | |||
Total Accruing Past Due | Total commercial real estate | Parent Company | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 4,529 | |||
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 | |||
Total Accruing Past Due | Total commercial real estate | Investment properties | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 0 | |||
Total Accruing Past Due | Total commercial real estate | Investment properties | Parent Company | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 1,344 | |||
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 | |||
Total Accruing Past Due | Total commercial real estate | 1-4 family properties | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 0 | |||
Total Accruing Past Due | Total commercial real estate | 1-4 family properties | Parent Company | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 2,377 | |||
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 | |||
Total Accruing Past Due | Total commercial real estate | Land and development | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 0 | |||
Total Accruing Past Due | Total commercial real estate | Land and development | Parent Company | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 808 | |||
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 | |||
Total Accruing Past Due | Total consumer | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 933 | |||
Total Accruing Past Due | Total consumer | Parent Company | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 36,309 | |||
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 | |||
Total Accruing Past Due | Total consumer | Consumer mortgages | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 0 | |||
Total Accruing Past Due | Total consumer | Consumer mortgages | Parent Company | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 4,953 | |||
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 | |||
Total Accruing Past Due | Total consumer | Home equity lines | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 933 | |||
Total Accruing Past Due | Total consumer | Home equity lines | Parent Company | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 6,276 | |||
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 | |||
Total Accruing Past Due | Total consumer | Credit cards | Parent Company | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 5,776 | |||
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 | |||
Total Accruing Past Due | Total consumer | Other consumer loans | FCB Financial Holdings, Inc. | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | 0 | |||
Total Accruing Past Due | Total consumer | Other consumer loans | Parent Company | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans, net of deferred fees and costs | $ 19,304 |
Loans And Allowance For Loan _5
Loans And Allowance For Loan Losses (Narrative) (Details) | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2019USD ($)contract | Dec. 31, 2018USD ($)contract | Dec. 31, 2017USD ($)contract | Jan. 01, 2019USD ($) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||
Interest income recognized | $ 7,752,000 | $ 7,216,000 | $ 7,777,000 | ||||||||||
Loans and leases receivable, impaired, interest lost on nonaccrual loans | 5,600,000 | 7,300,000 | |||||||||||
Purchases of loans | 667,954,000 | [1] | 265,934,000 | 494,687,000 | |||||||||
Loans pledged as collateral | $ 12,110,000,000 | $ 8,400,000,000 | 12,110,000,000 | 8,400,000,000 | |||||||||
Impaired financing receivable, recorded investment, nonaccrual status | 51,900,000 | 51,300,000 | 51,900,000 | 51,300,000 | 49,000,000 | ||||||||
Modifications, post-modification recorded investment | 49,859,000 | 49,827,000 | 36,723,000 | ||||||||||
Provision for losses on loans | 24,470,000 | $ 27,562,000 | $ 12,119,000 | $ 23,569,000 | 12,149,000 | $ 14,982,000 | $ 11,790,000 | $ 12,776,000 | 87,720,000 | [1] | 51,697,000 | 67,185,000 | |
Investments income recognized in impairment loans, excluding TDRs | 0 | $ 0 | |||||||||||
Accruing TDRs With Modifications And Renewals Completed | |||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||
Accruing troubled debt restructuring | $ 133,100,000 | $ 115,600,000 | 133,100,000 | 115,600,000 | |||||||||
Provision for losses on loans | $ 6,400,000 | $ 6,100,000 | |||||||||||
Troubled Debt Restructuring That Subsequently Defaulted | |||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||
Subsequent default, number of contracts | contract | 4,000 | 8 | 8 | ||||||||||
Modifications, post-modification recorded investment | $ 326,000 | $ 10,500,000 | $ 4,000,000 | ||||||||||
Minimum | |||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||
Commercial-type impaired loans | 1,000,000 | ||||||||||||
FCB Financial Holdings, Inc. | |||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||
Loans | $ 9,288,028,000 | ||||||||||||
Loans acquired at fair value, discount | 169,200,000 | ||||||||||||
Contractual required payments | 2,450,000,000 | ||||||||||||
Contractual required payments at fair value | 2,150,000,000 | ||||||||||||
Cash flows expected not to be collected | $ 39,500,000 | ||||||||||||
Interest Income Recorded | |||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||
Interest income recognized | $ 3,300,000 | 3,200,000 | |||||||||||
Substandard | |||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||
Retail loan substandard period (in days) | 90 days | ||||||||||||
Loss And Charged Off | |||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||
Retail loan charge-off period (in days) | 120 days | ||||||||||||
Total consumer | |||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||
Interest income recognized | $ 1,352,000 | 1,251,000 | 1,538,000 | ||||||||||
Modifications, post-modification recorded investment | 15,476,000 | 12,011,000 | 6,686,000 | ||||||||||
Total consumer | Other consumer loans | |||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||
Interest income recognized | 373,000 | 297,000 | 266,000 | ||||||||||
Purchases of loans | 668,000,000 | 265,900,000 | |||||||||||
Modifications, post-modification recorded investment | $ 6,982,000 | $ 5,817,000 | $ 2,957,000 | ||||||||||
[1] | Where applicable, changes for balances as of December 31, 2019 , compared to December 31, 2018 , exclude amounts acquired on the Acquisition Date. |
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, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | $ 37,187,814 | $ 25,970,716 | $ 24,812,795 | |
Performing, accrual of interest | $ 288,800 | 172,300 | ||
Allowance for loan and lease losses, percent of loan amount | 50.00% | |||
Deferred fees and costs, net | $ 25,364 | 24,143 | $ 25,300 | |
FCB Financial Holdings, Inc. | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 7,464,040 | |||
Deferred fees and costs, net | 0 | |||
Paydowns and payoffs | $ 9,288,028 | |||
Total commercial and industrial | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 12,781,206 | |||
Total commercial and industrial | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 2,584,991 | |||
Total commercial and industrial | Commercial, financial, and agricultural | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 7,449,698 | |||
Total commercial and industrial | Commercial, financial, and agricultural | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 1,665,772 | |||
Total commercial and industrial | Owner-occupied | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 5,331,508 | |||
Total commercial and industrial | Owner-occupied | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 919,219 | |||
Total commercial real estate | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 6,564,491 | |||
Total commercial real estate | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 2,895,708 | |||
Total commercial real estate | Investment properties | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 5,560,951 | |||
Total commercial real estate | Investment properties | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 2,546,776 | |||
Total commercial real estate | 1-4 family properties | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 679,870 | |||
Total commercial real estate | 1-4 family properties | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 152,833 | |||
Total commercial real estate | Land and development | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 323,670 | |||
Total commercial real estate | Land and development | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 196,099 | |||
Total consumer | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 6,625,019 | |||
Total consumer | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 1,983,341 | |||
Total consumer | Consumer mortgages | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 2,934,235 | |||
Total consumer | Consumer mortgages | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 1,916,735 | |||
Total consumer | Home equity lines | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 1,515,796 | |||
Total consumer | Home equity lines | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 58,061 | |||
Total consumer | Credit cards | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 258,245 | |||
Total consumer | Other consumer loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 1,916,743 | |||
Total consumer | Other consumer loans | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 8,545 | |||
Pass | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 25,458,715 | |||
Pass | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 7,320,950 | |||
Pass | Total commercial and industrial | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 12,402,990 | |||
Pass | Total commercial and industrial | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 2,483,105 | |||
Pass | Total commercial and industrial | Commercial, financial, and agricultural | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 7,190,517 | |||
Pass | Total commercial and industrial | Commercial, financial, and agricultural | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 1,604,395 | |||
Pass | Total commercial and industrial | Owner-occupied | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 5,212,473 | |||
Pass | Total commercial and industrial | Owner-occupied | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 878,710 | |||
Pass | Total commercial real estate | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 6,458,891 | |||
Pass | Total commercial real estate | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 2,860,824 | |||
Pass | Total commercial real estate | Investment properties | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 5,497,344 | |||
Pass | Total commercial real estate | Investment properties | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 2,518,915 | |||
Pass | Total commercial real estate | 1-4 family properties | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 663,692 | |||
Pass | Total commercial real estate | 1-4 family properties | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 152,514 | |||
Pass | Total commercial real estate | Land and development | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 297,855 | |||
Pass | Total commercial real estate | Land and development | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 189,395 | |||
Pass | Total consumer | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 6,596,834 | |||
Pass | Total consumer | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 1,977,021 | |||
Pass | Total consumer | Consumer mortgages | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 2,926,712 | |||
Pass | Total consumer | Consumer mortgages | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 1,910,462 | |||
Pass | Total consumer | Home equity lines | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 1,501,316 | |||
Pass | Total consumer | Home equity lines | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 58,014 | |||
Pass | Total consumer | Credit cards | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 255,904 | |||
Pass | Total consumer | Other consumer loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 1,912,902 | |||
Pass | Total consumer | Other consumer loans | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 8,545 | |||
Special Mention | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 232,952 | |||
Special Mention | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 92,005 | |||
Special Mention | Total commercial and industrial | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 173,226 | |||
Special Mention | Total commercial and industrial | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 82,729 | |||
Special Mention | Total commercial and industrial | Commercial, financial, and agricultural | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 118,188 | |||
Special Mention | Total commercial and industrial | Commercial, financial, and agricultural | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 45,987 | |||
Special Mention | Total commercial and industrial | Owner-occupied | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 55,038 | |||
Special Mention | Total commercial and industrial | Owner-occupied | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 36,742 | |||
Special Mention | Total commercial real estate | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 59,726 | |||
Special Mention | Total commercial real estate | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 9,276 | |||
Special Mention | Total commercial real estate | Investment properties | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 40,516 | |||
Special Mention | Total commercial real estate | Investment properties | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 2,572 | |||
Special Mention | Total commercial real estate | 1-4 family properties | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 6,424 | |||
Special Mention | Total commercial real estate | 1-4 family properties | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 0 | |||
Special Mention | Total commercial real estate | Land and development | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 12,786 | |||
Special Mention | Total commercial real estate | Land and development | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 6,704 | |||
Special Mention | Total consumer | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 0 | |||
Special Mention | Total consumer | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 0 | |||
Special Mention | Total consumer | Consumer mortgages | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 0 | |||
Special Mention | Total consumer | Consumer mortgages | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 0 | |||
Special Mention | Total consumer | Home equity lines | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 0 | |||
Special Mention | Total consumer | Home equity lines | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 0 | |||
Special Mention | Total consumer | Credit cards | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 0 | |||
Special Mention | Total consumer | Other consumer loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 0 | |||
Special Mention | Total consumer | Other consumer loans | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 0 | |||
Substandard | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 274,918 | |||
Substandard | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 51,085 | |||
Substandard | Total commercial and industrial | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 203,790 | |||
Substandard | Total commercial and industrial | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 19,157 | |||
Substandard | Total commercial and industrial | Commercial, financial, and agricultural | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 140,218 | |||
Substandard | Total commercial and industrial | Commercial, financial, and agricultural | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 15,390 | |||
Substandard | Total commercial and industrial | Owner-occupied | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 63,572 | |||
Substandard | Total commercial and industrial | Owner-occupied | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 3,767 | |||
Substandard | Total commercial real estate | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 45,874 | |||
Substandard | Total commercial real estate | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 25,608 | |||
Substandard | Total commercial real estate | Investment properties | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 23,091 | |||
Substandard | Total commercial real estate | Investment properties | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 25,289 | |||
Substandard | Total commercial real estate | 1-4 family properties | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 9,754 | |||
Substandard | Total commercial real estate | 1-4 family properties | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 319 | |||
Substandard | Total commercial real estate | Land and development | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 13,029 | |||
Substandard | Total commercial real estate | Land and development | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 0 | |||
Substandard | Total consumer | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 25,254 | |||
Substandard | Total consumer | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 6,320 | |||
Substandard | Total consumer | Consumer mortgages | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 7,425 | |||
Substandard | Total consumer | Consumer mortgages | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 6,273 | |||
Substandard | Total consumer | Home equity lines | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 13,130 | |||
Substandard | Total consumer | Home equity lines | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 47 | |||
Substandard | Total consumer | Credit cards | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 858 | |||
Substandard | Total consumer | Other consumer loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 3,841 | |||
Substandard | Total consumer | Other consumer loans | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 0 | |||
Doubtful | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 1,472 | |||
Doubtful | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 0 | |||
Doubtful | Total commercial and industrial | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 1,200 | |||
Doubtful | Total commercial and industrial | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 0 | |||
Doubtful | Total commercial and industrial | Commercial, financial, and agricultural | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 775 | |||
Doubtful | Total commercial and industrial | Commercial, financial, and agricultural | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 0 | |||
Doubtful | Total commercial and industrial | Owner-occupied | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 425 | |||
Doubtful | Total commercial and industrial | Owner-occupied | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 0 | |||
Doubtful | Total commercial real estate | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 0 | |||
Doubtful | Total commercial real estate | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 0 | |||
Doubtful | Total commercial real estate | Investment properties | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 0 | |||
Doubtful | Total commercial real estate | Investment properties | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 0 | |||
Doubtful | Total commercial real estate | 1-4 family properties | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 0 | |||
Doubtful | Total commercial real estate | 1-4 family properties | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 0 | |||
Doubtful | Total commercial real estate | Land and development | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 0 | |||
Doubtful | Total commercial real estate | Land and development | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 0 | |||
Doubtful | Total consumer | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 272 | |||
Doubtful | Total consumer | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 0 | |||
Doubtful | Total consumer | Consumer mortgages | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 98 | |||
Doubtful | Total consumer | Consumer mortgages | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 0 | |||
Doubtful | Total consumer | Home equity lines | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 174 | |||
Doubtful | Total consumer | Home equity lines | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 0 | |||
Doubtful | Total consumer | Credit cards | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 0 | |||
Doubtful | Total consumer | Other consumer loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 0 | |||
Doubtful | Total consumer | Other consumer loans | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 0 | |||
Loss | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 2,659 | |||
Loss | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 0 | |||
Loss | Total commercial and industrial | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 0 | |||
Loss | Total commercial and industrial | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 0 | |||
Loss | Total commercial and industrial | Commercial, financial, and agricultural | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 0 | |||
Loss | Total commercial and industrial | Commercial, financial, and agricultural | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 0 | |||
Loss | Total commercial and industrial | Owner-occupied | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 0 | |||
Loss | Total commercial and industrial | Owner-occupied | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 0 | |||
Loss | Total commercial real estate | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 0 | |||
Loss | Total commercial real estate | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 0 | |||
Loss | Total commercial real estate | Investment properties | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 0 | |||
Loss | Total commercial real estate | Investment properties | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 0 | |||
Loss | Total commercial real estate | 1-4 family properties | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 0 | |||
Loss | Total commercial real estate | 1-4 family properties | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 0 | |||
Loss | Total commercial real estate | Land and development | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 0 | |||
Loss | Total commercial real estate | Land and development | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 0 | |||
Loss | Total consumer | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 2,659 | |||
Loss | Total consumer | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 0 | |||
Loss | Total consumer | Consumer mortgages | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 0 | |||
Loss | Total consumer | Consumer mortgages | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 0 | |||
Loss | Total consumer | Home equity lines | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 1,176 | |||
Loss | Total consumer | Home equity lines | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 0 | |||
Loss | Total consumer | Credit cards | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 1,483 | |||
Loss | Total consumer | Other consumer loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | $ 0 | |||
Loss | Total consumer | Other consumer loans | FCB Financial Holdings, Inc. | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 0 | |||
Parent Company | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 29,723,774 | |||
Deferred fees and costs, net | 25,364 | |||
Parent Company | Total commercial and industrial | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 14,197,679 | |||
Parent Company | Total commercial and industrial | Commercial, financial, and agricultural | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 8,587,087 | |||
Parent Company | Total commercial and industrial | Owner-occupied | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 5,610,592 | |||
Parent Company | Total commercial real estate | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 7,584,776 | |||
Parent Company | Total commercial real estate | Investment properties | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 6,495,903 | |||
Parent Company | Total commercial real estate | 1-4 family properties | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 627,182 | |||
Parent Company | Total commercial real estate | Land and development | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 461,691 | |||
Parent Company | Total consumer | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 7,941,319 | |||
Parent Company | Total consumer | Consumer mortgages | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 3,629,633 | |||
Parent Company | Total consumer | Home equity lines | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 1,655,096 | |||
Parent Company | Total consumer | Credit cards | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 268,841 | |||
Parent Company | Total consumer | Other consumer loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 2,387,749 | |||
Parent Company | Pass | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 29,251,233 | |||
Parent Company | Pass | Total commercial and industrial | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 13,843,309 | |||
Parent Company | Pass | Total commercial and industrial | Commercial, financial, and agricultural | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 8,335,964 | |||
Parent Company | Pass | Total commercial and industrial | Owner-occupied | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 5,507,345 | |||
Parent Company | Pass | Total commercial real estate | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 7,503,768 | |||
Parent Company | Pass | Total commercial real estate | Investment properties | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 6,449,797 | |||
Parent Company | Pass | Total commercial real estate | 1-4 family properties | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 614,015 | |||
Parent Company | Pass | Total commercial real estate | Land and development | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 439,956 | |||
Parent Company | Pass | Total consumer | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 7,904,156 | |||
Parent Company | Pass | Total consumer | Consumer mortgages | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 3,617,284 | |||
Parent Company | Pass | Total consumer | Home equity lines | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 1,639,072 | |||
Parent Company | Pass | Total consumer | Credit cards | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 266,146 | |||
Parent Company | Pass | Total consumer | Other consumer loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 2,381,654 | |||
Parent Company | Special Mention | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 133,213 | |||
Parent Company | Special Mention | Total commercial and industrial | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 104,107 | |||
Parent Company | Special Mention | Total commercial and industrial | Commercial, financial, and agricultural | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 82,519 | |||
Parent Company | Special Mention | Total commercial and industrial | Owner-occupied | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 21,588 | |||
Parent Company | Special Mention | Total commercial real estate | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 29,106 | |||
Parent Company | Special Mention | Total commercial real estate | Investment properties | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 13,918 | |||
Parent Company | Special Mention | Total commercial real estate | 1-4 family properties | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 3,249 | |||
Parent Company | Special Mention | Total commercial real estate | Land and development | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 11,939 | |||
Parent Company | Special Mention | Total consumer | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 0 | |||
Parent Company | Special Mention | Total consumer | Consumer mortgages | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 0 | |||
Parent Company | Special Mention | Total consumer | Home equity lines | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 0 | |||
Parent Company | Special Mention | Total consumer | Credit cards | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 0 | |||
Parent Company | Special Mention | Total consumer | Other consumer loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 0 | |||
Parent Company | Substandard | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 334,777 | |||
Parent Company | Substandard | Total commercial and industrial | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 249,100 | |||
Parent Company | Substandard | Total commercial and industrial | Commercial, financial, and agricultural | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 167,441 | |||
Parent Company | Substandard | Total commercial and industrial | Owner-occupied | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 81,659 | |||
Parent Company | Substandard | Total commercial real estate | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 51,902 | |||
Parent Company | Substandard | Total commercial real estate | Investment properties | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 32,188 | |||
Parent Company | Substandard | Total commercial real estate | 1-4 family properties | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 9,918 | |||
Parent Company | Substandard | Total commercial real estate | Land and development | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 9,796 | |||
Parent Company | Substandard | Total consumer | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 33,775 | |||
Parent Company | Substandard | Total consumer | Consumer mortgages | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 12,103 | |||
Parent Company | Substandard | Total consumer | Home equity lines | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 14,759 | |||
Parent Company | Substandard | Total consumer | Credit cards | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 818 | |||
Parent Company | Substandard | Total consumer | Other consumer loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 6,095 | |||
Parent Company | Doubtful | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 1,281 | |||
Parent Company | Doubtful | Total commercial and industrial | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 1,163 | |||
Parent Company | Doubtful | Total commercial and industrial | Commercial, financial, and agricultural | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 1,163 | |||
Parent Company | Doubtful | Total commercial and industrial | Owner-occupied | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 0 | |||
Parent Company | Doubtful | Total commercial real estate | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 0 | |||
Parent Company | Doubtful | Total commercial real estate | Investment properties | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 0 | |||
Parent Company | Doubtful | Total commercial real estate | 1-4 family properties | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 0 | |||
Parent Company | Doubtful | Total commercial real estate | Land and development | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 0 | |||
Parent Company | Doubtful | Total consumer | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 118 | |||
Parent Company | Doubtful | Total consumer | Consumer mortgages | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 97 | |||
Parent Company | Doubtful | Total consumer | Home equity lines | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 21 | |||
Parent Company | Doubtful | Total consumer | Credit cards | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 0 | |||
Parent Company | Doubtful | Total consumer | Other consumer loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 0 | |||
Parent Company | Loss | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 3,270 | |||
Parent Company | Loss | Total commercial and industrial | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 0 | |||
Parent Company | Loss | Total commercial and industrial | Commercial, financial, and agricultural | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 0 | |||
Parent Company | Loss | Total commercial and industrial | Owner-occupied | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 0 | |||
Parent Company | Loss | Total commercial real estate | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 0 | |||
Parent Company | Loss | Total commercial real estate | Investment properties | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 0 | |||
Parent Company | Loss | Total commercial real estate | 1-4 family properties | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 0 | |||
Parent Company | Loss | Total commercial real estate | Land and development | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 0 | |||
Parent Company | Loss | Total consumer | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 3,270 | |||
Parent Company | Loss | Total consumer | Consumer mortgages | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 149 | |||
Parent Company | Loss | Total consumer | Home equity lines | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 1,244 | |||
Parent Company | Loss | Total consumer | Credit cards | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 1,877 | |||
Parent Company | Loss | Total consumer | Other consumer loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | $ 0 |
Loans And Allowance For Loan _7
Loans And Allowance For Loan Losses (Acquired Loans Portfolio) (Details) - FCB Financial Holdings, Inc. - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 |
Business Acquisition [Line Items] | ||
Contractually required principal and interest at acquisition | $ 8,377,942 | |
Non-accretable difference (expected losses and foregone interest) | (163,147) | |
Cash flows expected to be collected at acquisition | 8,214,795 | |
Accretable yield | $ (5,647,603) | (1,066,689) |
Basis in ASC 310-30 loans at acquisition | $ 7,148,106 |
Loans And Allowance For Loan _8
Loans And Allowance For Loan Losses (Change in Accretable Difference) (Details) - FCB Financial Holdings, Inc. $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |
Beginning balance | $ 0 |
Additions | 1,066,689 |
Transfers from non-accretable difference to accretable yield | 28,001 |
Accretion | (346,820) |
Changes in expected cash flows not affecting non-accretable differences | (10,739) |
Ending balance | $ 737,131 |
Loans And Allowance For Loan _9
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, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||||||
Beginning balance | $ 250,555,000 | $ 249,268,000 | $ 250,555,000 | $ 249,268,000 | $ 251,758,000 | |||||||
Charge-offs | (79,135,000) | (74,054,000) | (90,419,000) | |||||||||
Recoveries | 21,523,000 | 23,644,000 | 20,744,000 | |||||||||
Provision for loan losses | $ 24,470,000 | $ 27,562,000 | $ 12,119,000 | 23,569,000 | $ 12,149,000 | $ 14,982,000 | $ 11,790,000 | 12,776,000 | 87,720,000 | [1] | 51,697,000 | 67,185,000 |
Transfer of unfunded commitment reserve | 739,000 | |||||||||||
Ending balance | 281,402,000 | 250,555,000 | 281,402,000 | 250,555,000 | 249,268,000 | |||||||
Ending balance: individually evaluated for impairment | 14,150,000 | 13,549,000 | 14,150,000 | 13,549,000 | 14,908,000 | |||||||
Ending balance: collectively evaluated for impairment | 266,544,000 | 237,006,000 | 266,544,000 | 237,006,000 | 234,360,000 | |||||||
Ending balance: allowance for acquired loans accounted under ASC 310-30 | 708,000 | 708,000 | ||||||||||
Total loans | 37,187,814,000 | 25,970,716,000 | 37,187,814,000 | 25,970,716,000 | 24,812,795,000 | |||||||
Ending balance: individually evaluated for impairment | 185,084,000 | 166,926,000 | 185,084,000 | 166,926,000 | 200,286,000 | |||||||
Ending balance: collectively evaluated for impairment | 31,445,396,000 | 25,803,790,000 | 31,445,396,000 | 25,803,790,000 | 24,612,509,000 | |||||||
Ending balance: acquired loans accounted for under ASC 310-30 | 5,557,334,000 | 5,557,334,000 | ||||||||||
Deferred fees and costs, net | (25,364,000) | (24,143,000) | (25,364,000) | (24,143,000) | (25,300,000) | |||||||
Acquired collectively evaluated for impairment loan discount | 5,000,000 | 5,000,000 | ||||||||||
Acquired loans under 310-30 loan discount | 90,300,000 | 90,300,000 | ||||||||||
Purchased credit-impaired loans | 0 | 0 | ||||||||||
Allowance for purchased credit-impaired loans | 0 | 0 | ||||||||||
Total commercial and industrial | ||||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||||||
Beginning balance | 133,123,000 | 126,803,000 | 133,123,000 | 126,803,000 | 125,778,000 | |||||||
Charge-offs | (49,572,000) | (48,775,000) | (49,244,000) | |||||||||
Recoveries | 7,827,000 | 7,165,000 | 6,685,000 | |||||||||
Provision for loan losses | 53,665,000 | 47,930,000 | 43,584,000 | |||||||||
Transfer of unfunded commitment reserve | 739,000 | |||||||||||
Ending balance | 145,782,000 | 133,123,000 | 145,782,000 | 133,123,000 | 126,803,000 | |||||||
Ending balance: individually evaluated for impairment | 12,326,000 | 10,207,000 | 12,326,000 | 10,207,000 | 9,515,000 | |||||||
Ending balance: collectively evaluated for impairment | 132,871,000 | 122,916,000 | 132,871,000 | 122,916,000 | 117,288,000 | |||||||
Ending balance: allowance for acquired loans accounted under ASC 310-30 | 585,000 | 585,000 | ||||||||||
Total loans | 16,782,670,000 | 12,781,206,000 | 16,782,670,000 | 12,781,206,000 | 12,023,650,000 | |||||||
Ending balance: individually evaluated for impairment | 128,385,000 | 105,422,000 | 128,385,000 | 105,422,000 | 111,334,000 | |||||||
Ending balance: collectively evaluated for impairment | 14,811,954,000 | 12,675,784,000 | 14,811,954,000 | 12,675,784,000 | 11,912,316,000 | |||||||
Ending balance: acquired loans accounted for under ASC 310-30 | 1,842,331,000 | 1,842,331,000 | ||||||||||
Total commercial real estate | ||||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||||||
Beginning balance | 68,796,000 | 74,998,000 | 68,796,000 | 74,998,000 | 81,816,000 | |||||||
Charge-offs | (5,540,000) | (4,408,000) | (12,193,000) | |||||||||
Recoveries | 8,618,000 | 10,188,000 | 8,026,000 | |||||||||
Provision for loan losses | (4,444,000) | (11,982,000) | (2,651,000) | |||||||||
Transfer of unfunded commitment reserve | 0 | |||||||||||
Ending balance | 67,430,000 | 68,796,000 | 67,430,000 | 68,796,000 | 74,998,000 | |||||||
Ending balance: individually evaluated for impairment | 1,047,000 | 2,598,000 | 1,047,000 | 2,598,000 | 4,240,000 | |||||||
Ending balance: collectively evaluated for impairment | 66,383,000 | 66,198,000 | 66,383,000 | 66,198,000 | 70,758,000 | |||||||
Ending balance: allowance for acquired loans accounted under ASC 310-30 | 0 | 0 | ||||||||||
Total loans | 10,480,484,000 | 6,564,491,000 | 10,480,484,000 | 6,564,491,000 | 6,935,288,000 | |||||||
Ending balance: individually evaluated for impairment | 24,862,000 | 33,198,000 | 24,862,000 | 33,198,000 | 56,896,000 | |||||||
Ending balance: collectively evaluated for impairment | 8,599,452,000 | 6,531,293,000 | 8,599,452,000 | 6,531,293,000 | 6,878,392,000 | |||||||
Ending balance: acquired loans accounted for under ASC 310-30 | 1,856,170,000 | 1,856,170,000 | ||||||||||
Total consumer | ||||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||||||
Beginning balance | $ 48,636,000 | $ 47,467,000 | 48,636,000 | 47,467,000 | 44,164,000 | |||||||
Charge-offs | (24,023,000) | (20,871,000) | (28,982,000) | |||||||||
Recoveries | 5,078,000 | 6,291,000 | 6,033,000 | |||||||||
Provision for loan losses | 38,499,000 | 15,749,000 | 26,252,000 | |||||||||
Transfer of unfunded commitment reserve | 0 | |||||||||||
Ending balance | 68,190,000 | 48,636,000 | 68,190,000 | 48,636,000 | 47,467,000 | |||||||
Ending balance: individually evaluated for impairment | 777,000 | 744,000 | 777,000 | 744,000 | 1,153,000 | |||||||
Ending balance: collectively evaluated for impairment | 67,290,000 | 47,892,000 | 67,290,000 | 47,892,000 | 46,314,000 | |||||||
Ending balance: allowance for acquired loans accounted under ASC 310-30 | 123,000 | 123,000 | ||||||||||
Total loans | 9,924,660,000 | 6,625,019,000 | 9,924,660,000 | 6,625,019,000 | 5,853,857,000 | |||||||
Ending balance: individually evaluated for impairment | 31,837,000 | 28,306,000 | 31,837,000 | 28,306,000 | 32,056,000 | |||||||
Ending balance: collectively evaluated for impairment | 8,033,990,000 | $ 6,596,713,000 | 8,033,990,000 | $ 6,596,713,000 | $ 5,821,801,000 | |||||||
Ending balance: acquired loans accounted for under ASC 310-30 | $ 1,858,833,000 | $ 1,858,833,000 | ||||||||||
[1] | Where applicable, changes for balances as of December 31, 2019 , compared to December 31, 2018 , exclude amounts acquired on the Acquisition Date. |
Loans And Allowance For Loan_10
Loans And Allowance For Loan Losses (Schedule Of Impaired Loans) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | $ 195,861 | $ 178,858 | |
Recorded Investment, Without ALL | 23,465 | 22,563 | |
Recorded Investment, With an ALL | 161,619 | 144,363 | |
Related Allowance | 14,150 | 13,549 | |
Average Recorded Investment | 191,243 | 181,869 | $ 212,969 |
Interest Income Recognized | 7,752 | 7,216 | 7,777 |
Cash-basis interest income recognized | 2,100 | 1,800 | 815 |
Total commercial and industrial | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | 138,457 | 114,738 | |
Recorded Investment, Without ALL | 22,943 | 22,298 | |
Recorded Investment, With an ALL | 105,442 | 83,124 | |
Related Allowance | 12,326 | 10,207 | |
Average Recorded Investment | 132,045 | 108,317 | 112,652 |
Interest Income Recognized | 5,171 | 4,167 | 3,636 |
Total commercial and industrial | Commercial, financial, and agricultural | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | 88,321 | 65,150 | |
Recorded Investment, Without ALL | 21,774 | 22,298 | |
Recorded Investment, With an ALL | 56,660 | 34,222 | |
Related Allowance | 9,268 | 7,133 | |
Average Recorded Investment | 81,960 | 65,976 | 72,154 |
Interest Income Recognized | 2,962 | 2,316 | 2,127 |
Total commercial and industrial | Owner-occupied | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | 50,136 | 49,588 | |
Recorded Investment, Without ALL | 1,169 | 0 | |
Recorded Investment, With an ALL | 48,782 | 48,902 | |
Related Allowance | 3,058 | 3,074 | |
Average Recorded Investment | 50,085 | 42,341 | 40,498 |
Interest Income Recognized | 2,209 | 1,851 | 1,509 |
Total commercial real estate | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | 25,824 | 35,785 | |
Recorded Investment, Without ALL | 265 | 265 | |
Recorded Investment, With an ALL | 24,597 | 32,933 | |
Related Allowance | 1,047 | 2,598 | |
Average Recorded Investment | 28,823 | 45,218 | 69,485 |
Interest Income Recognized | 1,229 | 1,798 | 2,603 |
Total commercial real estate | Investment properties | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | 9,552 | 13,916 | |
Recorded Investment, Without ALL | 0 | 0 | |
Recorded Investment, With an ALL | 9,552 | 13,916 | |
Related Allowance | 422 | 1,523 | |
Average Recorded Investment | 12,561 | 18,564 | 28,749 |
Interest Income Recognized | 565 | 767 | 1,178 |
Total commercial real estate | 1-4 family properties | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | 4,727 | 5,586 | |
Recorded Investment, Without ALL | 0 | 0 | |
Recorded Investment, With an ALL | 4,669 | 5,586 | |
Related Allowance | 130 | 131 | |
Average Recorded Investment | 5,125 | 9,813 | 16,099 |
Interest Income Recognized | 525 | 782 | 1,021 |
Total commercial real estate | Land and development | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | 11,545 | 16,283 | |
Recorded Investment, Without ALL | 265 | 265 | |
Recorded Investment, With an ALL | 10,376 | 13,431 | |
Related Allowance | 495 | 944 | |
Average Recorded Investment | 11,137 | 16,841 | 24,637 |
Interest Income Recognized | 139 | 249 | 404 |
Total consumer | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | 31,580 | 28,335 | |
Recorded Investment, Without ALL | 257 | 0 | |
Recorded Investment, With an ALL | 31,580 | 28,306 | |
Related Allowance | 777 | 744 | |
Average Recorded Investment | 30,375 | 28,334 | 30,832 |
Interest Income Recognized | 1,352 | 1,251 | 1,538 |
Total consumer | Consumer mortgages | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | 18,624 | 19,506 | |
Recorded Investment, Without ALL | 0 | 0 | |
Recorded Investment, With an ALL | 18,624 | 19,506 | |
Related Allowance | 383 | 343 | |
Average Recorded Investment | 19,292 | 19,516 | 18,319 |
Interest Income Recognized | 843 | 134 | 376 |
Total consumer | Home equity lines | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | 6,092 | 3,264 | |
Recorded Investment, Without ALL | 0 | 0 | |
Recorded Investment, With an ALL | 6,092 | 3,235 | |
Related Allowance | 178 | 224 | |
Average Recorded Investment | 4,954 | 3,491 | 7,748 |
Interest Income Recognized | 136 | 820 | 896 |
Total consumer | Other consumer loans | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | 6,864 | 5,565 | |
Recorded Investment, Without ALL | 257 | 0 | |
Recorded Investment, With an ALL | 6,864 | 5,565 | |
Related Allowance | 216 | 177 | |
Average Recorded Investment | 6,129 | 5,327 | 4,765 |
Interest Income Recognized | $ 373 | $ 297 | $ 266 |
Loans And Allowance For Loan_11
Loans And Allowance For Loan Losses (Troubled Debt Restructurings) (Details) | 12 Months Ended | ||
Dec. 31, 2019USD ($)Contract | Dec. 31, 2018USD ($)Contract | Dec. 31, 2017USD ($)Contract | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | Contract | 380 | 217 | 151 |
Total loans | $ 49,859,000 | $ 49,827,000 | $ 36,723,000 |
Write-down | $ 0 | $ 403,000 | $ 0 |
Total commercial and industrial | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | Contract | 149 | 62 | 60 |
Total loans | $ 28,793,000 | $ 21,058,000 | $ 23,319,000 |
Total commercial and industrial | Commercial, financial, and agricultural | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | Contract | 127 | 46 | 56 |
Total loans | $ 18,915,000 | $ 7,764,000 | $ 21,579,000 |
Total commercial and industrial | Owner-occupied | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | Contract | 22 | 16 | 4 |
Total loans | $ 9,878,000 | $ 13,294,000 | $ 1,740,000 |
Total commercial real estate | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | Contract | 34 | 40 | 42 |
Total loans | $ 5,590,000 | $ 16,758,000 | $ 6,718,000 |
Total commercial real estate | Investment properties | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | Contract | 8 | 10 | 1 |
Total loans | $ 1,548,000 | $ 10,285,000 | $ 121,000 |
Total commercial real estate | 1-4 family properties | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | Contract | 18 | 25 | 35 |
Total loans | $ 2,825,000 | $ 4,495,000 | $ 4,826,000 |
Total commercial real estate | Land and development | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | Contract | 8 | 5 | 6 |
Total loans | $ 1,217,000 | $ 1,978,000 | $ 1,771,000 |
Total consumer | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | Contract | 197 | 115 | 49 |
Total loans | $ 15,476,000 | $ 12,011,000 | $ 6,686,000 |
Total consumer | Consumer mortgages | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | Contract | 18 | 19 | 11 |
Total loans | $ 2,948,000 | $ 5,683,000 | $ 3,729,000 |
Total consumer | Home equity lines | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | Contract | 70 | 4 | |
Total loans | $ 5,546,000 | $ 511,000 | |
Total consumer | Other consumer loans | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | Contract | 109 | 92 | 38 |
Total loans | $ 6,982,000 | $ 5,817,000 | $ 2,957,000 |
Below Market Interest Rate | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total loans | 29,299,000 | 29,665,000 | 16,575,000 |
Below Market Interest Rate | Total commercial and industrial | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total loans | 18,059,000 | 11,396,000 | 9,469,000 |
Below Market Interest Rate | Total commercial and industrial | Commercial, financial, and agricultural | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total loans | 9,042,000 | 3,807,000 | 9,434,000 |
Below Market Interest Rate | Total commercial and industrial | Owner-occupied | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total loans | 9,017,000 | 7,589,000 | 35,000 |
Below Market Interest Rate | Total commercial real estate | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total loans | 4,917,000 | 10,673,000 | 2,943,000 |
Below Market Interest Rate | Total commercial real estate | Investment properties | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total loans | 1,548,000 | 8,070,000 | 0 |
Below Market Interest Rate | Total commercial real estate | 1-4 family properties | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total loans | 2,182,000 | 2,481,000 | 2,786,000 |
Below Market Interest Rate | Total commercial real estate | Land and development | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total loans | 1,187,000 | 122,000 | 157,000 |
Below Market Interest Rate | Total consumer | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total loans | 6,323,000 | 7,596,000 | 4,163,000 |
Below Market Interest Rate | Total consumer | Consumer mortgages | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total loans | 1,587,000 | 5,590,000 | 2,539,000 |
Below Market Interest Rate | Total consumer | Home equity lines | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total loans | 3,024,000 | 172,000 | |
Below Market Interest Rate | Total consumer | Other consumer loans | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total loans | 1,712,000 | 1,834,000 | 1,624,000 |
Other Concessions | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total loans | 20,560,000 | 20,162,000 | 20,148,000 |
Other Concessions | Total commercial and industrial | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total loans | 10,734,000 | 9,662,000 | 13,850,000 |
Other Concessions | Total commercial and industrial | Commercial, financial, and agricultural | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total loans | 9,873,000 | 3,957,000 | 12,145,000 |
Other Concessions | Total commercial and industrial | Owner-occupied | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total loans | 861,000 | 5,705,000 | 1,705,000 |
Other Concessions | Total commercial real estate | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total loans | 673,000 | 6,085,000 | 3,775,000 |
Other Concessions | Total commercial real estate | Investment properties | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total loans | 0 | 2,215,000 | 121,000 |
Other Concessions | Total commercial real estate | 1-4 family properties | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total loans | 643,000 | 2,014,000 | 2,040,000 |
Other Concessions | Total commercial real estate | Land and development | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total loans | 30,000 | 1,856,000 | 1,614,000 |
Other Concessions | Total consumer | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total loans | 9,153,000 | 4,415,000 | 2,523,000 |
Other Concessions | Total consumer | Consumer mortgages | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total loans | 1,361,000 | 93,000 | 1,190,000 |
Other Concessions | Total consumer | Home equity lines | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total loans | 2,522,000 | 339,000 | |
Other Concessions | Total consumer | Other consumer loans | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total loans | 5,270,000 | 3,983,000 | 1,333,000 |
Principal Forgiveness | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total loans | $ 0 | $ 0 | $ 0 |
Premises and Equipment (Schedul
Premises and Equipment (Schedule of Premises and Equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Total premises and equipment | $ 1,073,171 | |
Total premises and equipment | $ 980,925 | |
Less: Accumulated depreciation and amortization | (579,231) | |
Less: Accumulated depreciation and amortization | (546,618) | |
Net premises and equipment | 493,940 | |
Net premises and equipment | 434,307 | |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Total premises and equipment | 118,866 | |
Total premises and equipment | 96,310 | |
Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total premises and equipment | 418,915 | |
Total premises and equipment | 392,952 | |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total premises and equipment | 49,088 | |
Total premises and equipment | 39,832 | |
Furniture and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total premises and equipment | 474,397 | |
Total premises and equipment | 435,223 | |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Total premises and equipment | $ 11,905 | |
Total premises and equipment | $ 16,608 |
Premises and Equipment (Narrati
Premises and Equipment (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |||
Finance leases | $ 4,600 | ||
Capital lease obligations | $ 1,500 | ||
Depreciation and amortization expense | 49,200 | 42,600 | $ 42,200 |
Premises and equipment transferred to/(from) other assets, net | $ 6,100 | $ 911 |
Goodwill And Other Intangible_3
Goodwill And Other Intangible Assets (Narrative) (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($)segment | Dec. 31, 2018USD ($)reporting_unit | Dec. 31, 2017USD ($) | Jan. 01, 2019USD ($) | |
Goodwill [Line Items] | ||||
Number of reportable segments | segment | 3 | |||
Number of reporting units | reporting_unit | 2 | |||
Goodwill | $ 497,267 | $ 57,315 | $ 57,315 | |
FCB Financial Holdings, Inc. | ||||
Goodwill [Line Items] | ||||
Goodwill | $ 439,952 | |||
Finite-lived core deposits | 47,000 | $ 57,400 | ||
Global One | ||||
Goodwill [Line Items] | ||||
Amortization of intangibles | $ 11,600 | $ 1,200 | $ 1,100 | |
CDI | ||||
Goodwill [Line Items] | ||||
Finite-lived intangible asset, useful life | 10 years | |||
CDI | FCB Financial Holdings, Inc. | ||||
Goodwill [Line Items] | ||||
Finite-lived intangible asset, useful life | 10 years |
Goodwill And Other Intangible_4
Goodwill And Other Intangible Assets (Schedule of Goodwill) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Goodwill [Roll Forward] | |
Balance as of December 31, 2018 | $ 57,315 |
Goodwill acquired during the year | 439,952 |
Balance as of December 31, 2019 | 497,267 |
Community Banking Reporting Unit | |
Goodwill [Roll Forward] | |
Balance as of December 31, 2018 | 17,825 |
Goodwill acquired during the year | 238,498 |
Balance as of December 31, 2019 | 256,323 |
Wholesale Banking Reporting Unit | |
Goodwill [Roll Forward] | |
Balance as of December 31, 2018 | 11,936 |
Goodwill acquired during the year | 159,700 |
Balance as of December 31, 2019 | 171,636 |
Consumer Mortgages Reporting Unit | |
Goodwill [Roll Forward] | |
Balance as of December 31, 2018 | 3,123 |
Goodwill acquired during the year | 41,754 |
Balance as of December 31, 2019 | 44,877 |
Wealth Management Reporting Unit | |
Goodwill [Roll Forward] | |
Balance as of December 31, 2018 | 24,431 |
Goodwill acquired during the year | 0 |
Balance as of December 31, 2019 | 24,431 |
Synovus Bank Reporting Unit | |
Goodwill [Roll Forward] | |
Balance as of December 31, 2018 | 32,884 |
Wealth Management Reporting Unit | |
Goodwill [Roll Forward] | |
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, 2019 | Dec. 31, 2018 |
Finite-Lived Intangible Assets [Line Items] | ||
Other intangible assets, gross carrying amount | $ 69,900 | $ 12,500 |
Other intangible assets, accumulated amortization | (14,229) | (2,625) |
Other intangible assets, net carrying amount | 55,671 | 9,875 |
CDI | ||
Finite-Lived Intangible Assets [Line Items] | ||
Other intangible assets, gross carrying amount | 57,400 | |
Other intangible assets, accumulated amortization | (10,436) | |
Other intangible assets, net carrying amount | 46,964 | |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Other intangible assets, gross carrying amount | 12,500 | 12,500 |
Other intangible assets, accumulated amortization | (3,793) | (2,625) |
Other intangible assets, net carrying amount | $ 8,707 | $ 9,875 |
Goodwill And Other Intangible_6
Goodwill And Other Intangible Assets (Amortization Expense) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Aggregate estimated amortization expense | |
2020 | $ 10,560 |
2021 | 9,516 |
2022 | 8,472 |
2023 | 7,429 |
2024 | $ 6,366 |
Other Assets (Details)
Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Other Assets [Abstract] | ||
ROU assets | $ 374,716 | |
Federal Reserve Bank and FHLB Stock | 286,447 | $ 185,225 |
Investments in low income housing, solar energy tax credit, and other CRA partnerships | 146,612 | 84,486 |
Derivative asset positions | 140,016 | 19,332 |
Accrued interest receivable | 127,641 | 89,425 |
Accounts receivable | 77,193 | 57,339 |
Deferred tax asset, net | 65,102 | 141,134 |
Prepaid expenses | 42,285 | 38,035 |
Mutual funds and mutual funds held in rabbi trusts | 32,348 | 16,012 |
MPS receivable | 21,437 | 22,932 |
Private equity investments | 19,389 | 11,028 |
Other real estate | 14,373 | 6,220 |
Taxes receivable | 8,648 | 13,150 |
Trading account assets, at fair value | 7,212 | 3,130 |
Miscellaneous other assets | 55,511 | 57,770 |
Total other assets | $ 1,418,930 | $ 745,218 |
Deposits (Details)
Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Interest-bearing Deposit Liabilities [Abstract] | ||
Interest-bearing demand deposits | $ 6,470,570 | $ 4,756,239 |
Money market accounts | 11,227,134 | 8,143,975 |
Savings accounts | 918,109 | 817,385 |
Time deposits | 6,920,213 | 3,803,726 |
Brokered deposits | 3,429,993 | 1,548,030 |
Total interest-bearing deposits | 28,966,019 | 19,069,355 |
Aggregate amount of time deposits of $250,000 or more | 2,630,000 | $ 1,100,000 |
Time Deposits, by Maturity [Abstract] | ||
Maturing within one year | 7,752,948 | |
Between 1 - 2 years | 938,688 | |
2 - 3 years | 95,944 | |
3 - 4 years | 236,001 | |
4 - 5 years | 43,627 | |
Thereafter | 7,100 | |
Total | $ 9,074,308 |
Long-term Debt and Short-term_3
Long-term Debt and Short-term Borrowings (Short Term Borrowings) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Disclosure [Abstract] | |||
Federal funds purchased | $ 0 | $ 628 | |
Securities sold under repurchase agreements | 165,690 | 237,064 | |
Trading liability for short positions | 1,560 | 0 | |
FHLB advances with original maturities of one year or less | 1,752,000 | 650,000 | |
Total short-term borrowings | $ 1,919,250 | $ 887,692 | $ 261,190 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |||
Total balance at December 31, | $ 1,919,250 | $ 887,692 | $ 261,190 |
Weighted average interest rate at December 31, | 1.60% | 1.93% | 0.65% |
Maximum month end balance during the year | $ 2,431,012 | $ 887,692 | $ 390,044 |
Average amount outstanding during the year | $ 1,360,214 | $ 371,933 | $ 256,011 |
Weighted average interest rate during the year | 1.93% | 0.96% | 0.37% |
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, 2019 | Feb. 07, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | ||||
Long-term debt | $ 2,153,897,000 | $ 1,657,157,000 | ||
Interest rate at period end | 1.60% | 1.93% | 0.65% | |
3.125% Senior Notes due November 1, 2022 | ||||
Debt Instrument [Line Items] | ||||
Stated percentage | 3.125% | |||
Debt, face amount | $ 300,000,000 | |||
5.90% Subordinated Notes, due February 7, 2029 | ||||
Debt Instrument [Line Items] | ||||
Stated percentage | 5.90% | |||
Debt, face amount | $ 300,000,000 | |||
Synovus Bank Reporting Unit | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 1,300,000,000 | $ 1,101,453,000 | ||
Synovus Bank Reporting Unit | FHLB Advances | ||||
Debt Instrument [Line Items] | ||||
FHLB advances with interest and principal payments due at various maturity dates through 2018 | $ 1,300,000,000 | $ 1,100,000,000 | ||
Weighted average interest rate | 1.76% | 2.53% | ||
Synovus Bank Reporting Unit | FHLB Advances | Minimum | ||||
Debt Instrument [Line Items] | ||||
Stated percentage | 1.66% | |||
Synovus Bank Reporting Unit | FHLB Advances | Maximum | ||||
Debt Instrument [Line Items] | ||||
Stated percentage | 1.97% | |||
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 | $ 0 | $ 1,453,000 | ||
Weighted average interest rate | 1.59% | |||
Parent Company | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 853,897,000 | 555,704,000 | ||
Parent Company | 5.90% Subordinated Notes, due February 7, 2029 | ||||
Debt Instrument [Line Items] | ||||
Subordinated notes | $ 297,250,000 | 0 | ||
Stated percentage | 5.90% | |||
Debt, face amount | $ 300,000,000 | |||
Parent Company | 5.90% Subordinated Notes, due February 7, 2029 | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 3.379% | |||
Parent Company | 5.75% Subordinated Notes, due December 15, 2025 | ||||
Debt Instrument [Line Items] | ||||
Subordinated notes | $ 248,419,000 | 248,101,000 | ||
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 | 3.69% | 4.59% | ||
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 | $ 298,228,000 | $ 297,603,000 |
Long-term Debt and Short Term B
Long-term Debt and Short Term Borrowings (Narrative) (Details) - USD ($) | Sep. 19, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Feb. 07, 2019 | |
Debt Instrument [Line Items] | ||||||
Loss on early extinguishment of debt | $ 4,592,000 | [1] | $ 0 | $ 23,160,000 | ||
FHLB | FCB Financial Holdings, Inc. | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | $ 150,000,000 | |||||
Loss on early extinguishment of debt | $ 4,600,000 | |||||
Loans Receivable | ||||||
Debt Instrument [Line Items] | ||||||
Recorded balance loans receivable | 6,190,000,000 | $ 3,760,000,000 | ||||
5.90% Subordinated Notes, due February 7, 2029 | ||||||
Debt Instrument [Line Items] | ||||||
Debt, face amount | $ 300,000,000 | |||||
Stated percentage | 5.90% | |||||
5.90% Subordinated Notes, due February 7, 2029 | After February 7, 2029 | ||||||
Debt Instrument [Line Items] | ||||||
Stated percentage | 3.379% | |||||
3.125% Senior Notes due November 1, 2022 | ||||||
Debt Instrument [Line Items] | ||||||
Debt, face amount | $ 300,000,000 | |||||
Stated percentage | 3.125% | |||||
[1] | Where applicable, changes for balances as of December 31, 2019 , compared to December 31, 2018 , exclude amounts acquired on the Acquisition Date. |
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, 2019USD ($) |
Debt Instrument [Line Items] | |
2020 | $ 600,000 |
2021 | 450,000 |
2022 | 550,000 |
2023 | 0 |
2024 | 0 |
Thereafter | 560,000 |
Total | 2,160,000 |
Synovus Bank Reporting Unit | |
Debt Instrument [Line Items] | |
2020 | 600,000 |
2021 | 450,000 |
2022 | 250,000 |
2023 | 0 |
2024 | 0 |
Thereafter | 0 |
Total | 1,300,000 |
Parent Company | |
Debt Instrument [Line Items] | |
2020 | 0 |
2021 | 0 |
2022 | 300,000 |
2023 | 0 |
2024 | 0 |
Thereafter | 560,000 |
Total | $ 860,000 |
Shareholders' Equity and Othe_3
Shareholders' Equity and Other Comprehensive Income (Changes in Shares by Class) (Details) - shares | Jan. 01, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Balance, Common stock, shares outstanding (in shares) | 115,865,510 | 115,865,510 | ||
Warrants exercised and common stock reissued (in shares) | 263,000 | |||
Stock options exercised (in shares) | 820,000 | 126,000 | 198,000 | |
Repurchase of common stock (in shares) | 19,903,000 | 3,653,000 | ||
Balance, Common stock, shares outstanding (in shares) | 147,157,596 | 115,865,510 | ||
FCB Financial Holdings, Inc. | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Issuance of common stock (in shares) | 49,500,000 | |||
Stock options exercised (in shares) | 136,000 | |||
Preferred Shares Issued | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Balance (in shares) | 8,000,000 | 8,000,000 | 5,200,000 | 5,200,000 |
Issuance of preferred stock (in shares) | 14,000,000 | 8,000,000 | ||
Repurchase of stock (in shares) | (5,200,000) | |||
Balance (in shares) | 22,000,000 | 8,000,000 | 5,200,000 | |
Preferred Shares Issued | Series C Preferred Stock | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Balance (in shares) | 0 | 0 | 5,200,000 | 5,200,000 |
Repurchase of stock (in shares) | (5,200,000) | |||
Balance (in shares) | 0 | 0 | 5,200,000 | |
Preferred Shares Issued | Series D Preferred Stock | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Balance (in shares) | 8,000,000 | 8,000,000 | 0 | 0 |
Issuance of preferred stock (in shares) | 8,000,000 | |||
Balance (in shares) | 8,000,000 | 8,000,000 | 0 | |
Preferred Shares Issued | Series E Preferred Stock | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Balance (in shares) | 0 | 0 | 0 | 0 |
Issuance of preferred stock (in shares) | 14,000,000 | |||
Balance (in shares) | 14,000,000 | 0 | 0 | |
Common Stock | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Balance (in shares) | 143,300,000 | 143,300,000 | 142,678,000 | 142,026,000 |
Balance, Common stock, shares outstanding (in shares) | 115,866,000 | 115,866,000 | 118,897,000 | 122,266,000 |
Issuance of common stock (in shares) | 344,000 | 199,000 | 118,000 | |
Warrants exercised and common stock reissued (in shares) | 260,000 | |||
Restricted share unit activity (in shares) | 302,000 | 297,000 | 336,000 | |
Stock options exercised (in shares) | 812,000 | 126,000 | 198,000 | |
Repurchase of common stock (in shares) | 19,900,000 | 3,700,000 | 4,000,000 | |
Repurchase of stock (in shares) | (19,903,000) | (3,653,000) | (4,021,000) | |
Balance (in shares) | 166,801,000 | 143,300,000 | 142,678,000 | |
Balance, Common stock, shares outstanding (in shares) | 147,158,000 | 115,866,000 | 118,897,000 | |
Common Stock | FCB Financial Holdings, Inc. | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Issuance of common stock (in shares) | 22,043,000 | 22,043,000 | ||
Common stock reissued (in shares) | 27,434,000 | |||
Treasury Stock | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Balance (in shares) | 27,434,000 | 27,434,000 | 23,781,000 | 19,760,000 |
Warrants exercised and common stock reissued (in shares) | (260,000) | |||
Repurchase of common stock (in shares) | 4,021,000 | |||
Balance (in shares) | 19,643,000 | 27,434,000 | 23,781,000 | |
Treasury Stock | FCB Financial Holdings, Inc. | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Common stock reissued (in shares) | (27,434,000) |
Shareholders' Equity and Othe_4
Shareholders' Equity and Other Comprehensive Income (Narrative) (Details) | Jul. 01, 2019USD ($)$ / shares | Jan. 01, 2019USD ($)shares | Aug. 01, 2018USD ($)$ / sharesshares | Jun. 21, 2018USD ($)$ / shares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)shares | Jun. 17, 2019USD ($) | Jun. 16, 2019USD ($) | Jan. 15, 2019USD ($) | ||
Class of Stock [Line Items] | ||||||||||||
Proceeds from issuance of stock | $ 342,005,000 | [1] | $ 195,140,000 | $ 0 | ||||||||
Cash dividends paid | [2] | 22,881,000 | 13,978,000 | 10,238,000 | ||||||||
Dividends declared on preferred stock during the year but paid after year-end | 5,141,000 | [1] | 0 | 0 | ||||||||
Repurchases of common stock | $ 725,398,000 | $ 175,072,000 | 175,079,000 | |||||||||
Repurchase of common stock (in shares) | shares | 19,903,000 | 3,653,000 | ||||||||||
Stock repurchase program, authorized amount | $ 150,000,000 | $ 200,000,000 | $ 725,000,000 | $ 325,000,000 | $ 400,000,000 | |||||||
Warrant outstanding (in shares) | shares | 913,000 | |||||||||||
Warrants exercised and common stock reissued (in shares) | shares | 263,000 | |||||||||||
Fourth Quarter of 2017 | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Stock repurchase program, authorized amount | 25,000,000 | |||||||||||
Series E Preferred Stock | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Payments of stock issuance costs | $ 342,000,000 | |||||||||||
Redemption period from regulatory capital treatment | 90 days | |||||||||||
Redemption price per share (in dollars per share) | $ / shares | $ 25 | |||||||||||
Proceeds from issuance of stock | $ 350,000,000 | |||||||||||
Series E Preferred Stock | Until July 1, 2024 (Excluding July 1, 2024) | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Dividend rate, percentage | 587.50% | |||||||||||
Series E Preferred Stock | From July 1, 2024 (Including July 1, 2024) | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Dividend rate, percentage | 4.127% | |||||||||||
Series D Preferred Stock | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Payments of stock issuance costs | $ 195,100,000 | |||||||||||
Redemption period from regulatory capital treatment | 90 days | |||||||||||
Redemption price per share (in dollars per share) | $ / shares | $ 25 | |||||||||||
Proceeds from issuance of stock | $ 200,000,000 | |||||||||||
Liquidation preference (in dollars per share) | $ / shares | $ 25 | |||||||||||
Series D Preferred Stock | From and Excluding June 21, 2023 | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Dividend rate, percentage | 6.30% | |||||||||||
Series D Preferred Stock | From and Including June 21, 2023 | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Dividend rate, percentage | 3.352% | |||||||||||
Series C Preferred Stock | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Redemption price per share (in dollars per share) | $ / shares | $ 25 | |||||||||||
Cash dividends paid | $ 2,600,000 | |||||||||||
Repurchases of common stock | 130,000,000 | |||||||||||
FCB Financial Holdings, Inc. | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Stock issued in acquisitions (in shares) | shares | 49,500,000 | |||||||||||
Common stock reissued (in shares) | shares | 27,400,000 | |||||||||||
Payments of stock issuance costs | $ 417,000 | |||||||||||
Consideration transferred | $ 1,626,278,000 | |||||||||||
FCB Financial Holdings, Inc. | FCB Financial Holdings, Inc. | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Merger exchange ratio | 1.055 | |||||||||||
Preferred Stock | Series C Preferred Stock | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Stock redeemed or called during period (in shares) | shares | 5,200,000 | |||||||||||
Stock redeemed or called during period | $ 130,000,000 | |||||||||||
Dividends declared on preferred stock during the year but paid after year-end | $ 4,000,000 | |||||||||||
Repurchases of common stock | $ 125,980,000 | |||||||||||
Common Stock | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Stock issued in acquisitions (in shares) | shares | 344,000 | 199,000 | 118,000 | |||||||||
Repurchases of common stock | $ 725,000,000 | $ 175,000,000 | $ 175,000,000 | |||||||||
Repurchase of common stock (in shares) | shares | 19,900,000 | 3,700,000 | 4,000,000 | |||||||||
Warrants exercised and common stock reissued (in shares) | shares | 260,000 | |||||||||||
Common Stock | FCB Financial Holdings, Inc. | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Stock issued in acquisitions (in shares) | shares | 22,043,000 | 22,043,000 | ||||||||||
Treasury Stock | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Repurchases of common stock | $ 725,398,000 | $ 175,072,000 | $ 175,079,000 | |||||||||
Repurchase of common stock (in shares) | shares | 4,021,000 | |||||||||||
Warrants exercised and common stock reissued (in shares) | shares | (260,000) | |||||||||||
[1] | Where applicable, changes for balances as of December 31, 2019 , compared to December 31, 2018 , exclude amounts acquired on the Acquisition Date. | |||||||||||
[2] | For the year ended December 31, 2019 , dividends per share were $1.58 and $0.73 for Series D and Series E Preferred Stock, respectively. For the year ended December 31, 2018 , dividends per share were $1.48 and $0.79 for Series C and Series D Preferred Stock, respectively. For the year ended December 31, 2017 , dividends per share were $1.97 for Series C Preferred Stock. |
Shareholders' Equity and Othe_5
Shareholders' Equity and Other Comprehensive Income (OCI) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Roll Forward] | ||||
Beginning balance | $ 2,961,566 | $ 3,133,602 | $ 2,961,566 | $ 2,927,924 |
Other comprehensive income (loss) before reclassifications | 154,442 | (33,057) | 714 | |
Amounts reclassified from accumulated other comprehensive income (loss) | 5,619 | 862 | 191 | |
Net current period other comprehensive income (loss) | 160,061 | (32,195) | 905 | |
Reclassification from adoption of ASU 2018-02 | 7,600 | 0 | 7,600 | |
Ending balance | 4,941,690 | 3,133,602 | 2,961,566 | |
Accumulated other comprehensive income (loss), net | 65,641 | (94,420) | ||
Net Unrealized Gains (Losses) on Cash Flow Hedges(1) | ||||
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Roll Forward] | ||||
Beginning balance | (12,137) | (12,137) | (12,137) | (12,217) |
Other comprehensive income (loss) before reclassifications | (6,350) | 0 | 0 | |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 | 80 | |
Net current period other comprehensive income (loss) | (6,350) | 0 | 80 | |
Reclassification from adoption of ASU 2018-02 | 0 | |||
Cumulative-effect adjustment from adoption of ASU 2016-01 | 0 | |||
Ending balance | (18,487) | (12,137) | (12,137) | |
Net Unrealized Gains (Losses) on Investment Securities Available for Sale(1) | ||||
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Roll Forward] | ||||
Beginning balance | (43,470) | (83,179) | (43,470) | (44,324) |
Other comprehensive income (loss) before reclassifications | 161,170 | (33,023) | 676 | |
Amounts reclassified from accumulated other comprehensive income (loss) | 5,675 | 960 | 178 | |
Net current period other comprehensive income (loss) | 166,845 | (32,063) | 854 | |
Reclassification from adoption of ASU 2018-02 | (7,763) | |||
Cumulative-effect adjustment from adoption of ASU 2016-01 | 117 | |||
Ending balance | 83,666 | (83,179) | (43,470) | |
Post-Retirement Unfunded Health Benefit | ||||
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Roll Forward] | ||||
Beginning balance | 853 | 896 | 853 | 882 |
Other comprehensive income (loss) before reclassifications | (378) | (34) | 38 | |
Amounts reclassified from accumulated other comprehensive income (loss) | (56) | (98) | (67) | |
Net current period other comprehensive income (loss) | (434) | (132) | (29) | |
Reclassification from adoption of ASU 2018-02 | 175 | |||
Cumulative-effect adjustment from adoption of ASU 2016-01 | 0 | |||
Ending balance | 462 | 896 | 853 | |
AOCI | ||||
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Roll Forward] | ||||
Beginning balance | $ (54,754) | (94,420) | (54,754) | (55,659) |
Net current period other comprehensive income (loss) | 160,061 | (32,195) | 905 | |
Reclassification from adoption of ASU 2018-02 | (7,588) | |||
Cumulative-effect adjustment from adoption of ASU 2016-01 | 117 | |||
Ending balance | 65,641 | $ (94,420) | $ (54,754) | |
Valuation Allowance of Deferred Tax Assets | Net Unrealized Gains (Losses) on Investment Securities Available for Sale(1) | ||||
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Roll Forward] | ||||
Accumulated other comprehensive income (loss), net | (13,300) | |||
Valuation Allowance of Deferred Tax Assets | Net Unrealized Gains (Losses) on Cash Flow Hedges | ||||
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Roll Forward] | ||||
Accumulated other comprehensive income (loss), net | $ (12,100) |
Regulatory Capital (Details)
Regulatory Capital (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Capital conservation buffer | 2.50% | 1.90% |
CET1 capital | ||
CET1 capital, Actual | $ 3,743,459 | $ 2,897,997 |
CET1 capital, For Capital Adequacy Purposes | 1,882,424 | 1,310,460 |
Tier 1 risk-based capital | ||
Tier I risk-based capital, Actual | 4,280,604 | 3,090,416 |
Tier I risk-based capital, For Capital Adequacy Purposes | 2,509,899 | 1,747,280 |
Total risk-based capital | ||
Total risk-based capital, Actual | 5,123,381 | 3,601,376 |
Total risk-based capital, For Capital Adequacy Purposes | $ 3,346,531 | $ 2,329,706 |
CET1 capital ratio | ||
CET1 capital ratio, Actual | 8.95% | 9.95% |
CET1 capital ratio, For Capital Adequacy Purposes | 4.50% | 4.50% |
Tier 1 risk-based capital ratio | ||
Tier I risk-based capital ratio, Actual | 10.23% | 10.61% |
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 | 12.25% | 12.37% |
Total risk-based capital ratio, For Capital Adequacy Purposes | 8.00% | 8.00% |
Leverage ratio | ||
Leverage ratio, Actual | 9.16% | 9.60% |
Leverage ratio, For Capital Adequacy Purposes | 4.00% | 4.00% |
Synovus Bank Reporting Unit | ||
CET1 capital | ||
CET1 capital, Actual | $ 4,640,501 | $ 3,382,497 |
CET1 capital, For Capital Adequacy Purposes | 1,881,199 | 1,309,527 |
CET1 capital, To Be Well Capitalized Under Prompt Corrective Action Provisions | 2,717,287 | 1,891,538 |
Tier 1 risk-based capital | ||
Tier I risk-based capital, Actual | 4,640,501 | 3,382,497 |
Tier I risk-based capital, For Capital Adequacy Purposes | 2,508,265 | 1,746,035 |
Tier I risk-based capital, To Be Well Capitalized Under Prompt Corrective Action Provisions | 3,344,354 | 2,328,047 |
Total risk-based capital | ||
Total risk-based capital, Actual | 4,923,279 | 3,633,457 |
Total risk-based capital, For Capital Adequacy Purposes | 3,344,354 | 2,328,047 |
Total risk-based capital, To Be Well Capitalized Under Prompt Corrective Action Provisions | $ 4,180,442 | $ 2,910,059 |
CET1 capital ratio | ||
CET1 capital ratio, Actual | 11.10% | 11.62% |
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 | 11.10% | 11.62% |
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 | 11.78% | 12.49% |
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 | 9.94% | 10.51% |
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, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |||||||||||
Net income | $ 151,684 | $ 135,726 | $ 156,184 | $ 120,186 | $ 105,070 | $ 109,059 | $ 111,181 | $ 103,166 | $ 563,780 | $ 428,476 | $ 275,474 |
Preferred stock dividends and redemption charge | 8,290 | 8,291 | 3,150 | 3,150 | 3,151 | 9,729 | 2,559 | 2,559 | 22,881 | 17,998 | 10,238 |
Net income available to common shareholders | $ 143,394 | $ 127,435 | $ 153,034 | $ 117,036 | $ 101,919 | $ 99,330 | $ 108,622 | $ 100,607 | $ 540,899 | $ 410,478 | $ 265,236 |
Weighted average common shares outstanding | 154,331 | 117,644 | 121,162 | ||||||||
Potentially dilutive shares from outstanding equity-based awards, warrants, and earnout payments | 1,727 | 734 | 850 | ||||||||
Weighted average diluted common shares | 156,058 | 118,378 | 122,012 | ||||||||
Net income per common share, basic (in dollars per share) | $ 0.98 | $ 0.84 | $ 0.97 | $ 0.73 | $ 0.88 | $ 0.85 | $ 0.92 | $ 0.85 | $ 3.50 | $ 3.49 | $ 2.19 |
Net income per common share, diluted (in dollars per share) | $ 0.97 | $ 0.83 | $ 0.96 | $ 0.72 | $ 0.87 | $ 0.84 | $ 0.91 | $ 0.84 | $ 3.47 | $ 3.47 | $ 2.17 |
Net Income Per Common Share (Na
Net Income Per Common Share (Narrative) (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 19, 2018 | |
Earnings Per Share [Abstract] | ||||
Potentially dilutive shares (in shares) | 40,000 | 1,700,000 | 2,200,000 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Exercise price (in dollars per share) | $ 31.99 | |||
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, 2019 | Dec. 31, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investment securities available for sale | $ 6,778,670 | $ 3,991,632 |
Private equity investments | 19,389 | 11,028 |
Derivative asset positions | 140,016 | 19,332 |
Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 0 | 1,128 |
Total investment securities available for sale | 19,855 | 122,077 |
Private equity investments | 15,502 | 0 |
GGL/SBA loans servicing asset | 0 | 0 |
Derivative asset positions | 0 | 0 |
Trading liability for short positions | 1,560 | |
Earnout liability | 0 | 0 |
Derivative liabilities | 0 | 0 |
Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 7,212 | 2,002 |
Total investment securities available for sale | 6,756,710 | 3,867,770 |
Private equity investments | 0 | 0 |
GGL/SBA loans servicing asset | 0 | 0 |
Derivative asset positions | 140,016 | 19,332 |
Trading liability for short positions | 0 | |
Earnout liability | 0 | 0 |
Derivative liabilities | 34,732 | 16,535 |
Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 0 | 0 |
Total investment securities available for sale | 2,105 | 1,785 |
Private equity investments | 3,887 | 11,028 |
GGL/SBA loans servicing asset | 3,040 | 3,729 |
Derivative asset positions | 0 | 0 |
Trading liability for short positions | 0 | |
Earnout liability | 11,016 | 14,353 |
Derivative liabilities | 2,339 | 1,673 |
Commercial mortgage-backed securities 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 | 371,592 | 129,865 |
State and municipal securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investment securities available for sale | 2,075 | |
Asset-backed securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investment securities available for sale | 327,400 | |
U.S. Treasury securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investment securities available for sale | 19,855 | 122,077 |
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 | 56,816 | 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 | 5,180,815 | 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 | 636,851 | 1,188,518 |
Corporate debt and other debt securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investment securities available for sale | 146,725 | 16,935 |
Fair Value, Measurements, Recurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 7,212 | 3,130 |
Total investment securities available for sale | 6,778,670 | 3,991,632 |
Mortgage loans held for sale | 115,173 | 37,129 |
Private equity investments | 19,389 | 11,028 |
GGL/SBA loans servicing asset | 3,040 | 3,729 |
Derivative asset positions | 140,016 | 19,332 |
Trading liability for short positions | 1,560 | |
Earnout liability | 11,016 | 14,353 |
Derivative liabilities | 37,071 | 18,208 |
Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 0 | 1,128 |
Total investment securities available for sale | 19,855 | 122,077 |
Mortgage loans held for sale | 0 | 0 |
Private equity investments | 15,502 | 0 |
GGL/SBA loans servicing asset | 0 | 0 |
Derivative asset positions | 0 | 0 |
Trading liability for short positions | 1,560 | |
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 | 7,212 | 2,002 |
Total investment securities available for sale | 6,756,710 | 3,867,770 |
Mortgage loans held for sale | 115,173 | 37,129 |
Private equity investments | 0 | 0 |
GGL/SBA loans servicing asset | 0 | 0 |
Derivative asset positions | 140,016 | 19,332 |
Trading liability for short positions | 0 | |
Earnout liability | 0 | 0 |
Derivative liabilities | 34,732 | 16,535 |
Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 0 | 0 |
Total investment securities available for sale | 2,105 | 1,785 |
Mortgage loans held for sale | 0 | 0 |
Private equity investments | 3,887 | 11,028 |
GGL/SBA loans servicing asset | 3,040 | 3,729 |
Derivative asset positions | 0 | 0 |
Trading liability for short positions | 0 | |
Earnout liability | 11,016 | 14,353 |
Derivative liabilities | 2,339 | 1,673 |
Fair Value, Measurements, Recurring | Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 2,486 | |
Total investment securities available for sale | 371,592 | 129,865 |
Fair Value, Measurements, Recurring | Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 0 | |
Total investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 2,486 | |
Total investment securities available for sale | 371,592 | 129,865 |
Fair Value, Measurements, Recurring | Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 0 | |
Total investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Other mortgage-backed securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 1,284 | |
Fair Value, Measurements, Recurring | Other mortgage-backed securities | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 0 | |
Fair Value, Measurements, Recurring | Other mortgage-backed securities | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 1,284 | |
Fair Value, Measurements, Recurring | Other mortgage-backed securities | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 0 | |
Fair Value, Measurements, Recurring | State and municipal securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 65 | 1,064 |
Total investment securities available for sale | 2,075 | |
Fair Value, Measurements, Recurring | State and municipal securities | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 0 | 0 |
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] | ||
Trading securities | 65 | 1,064 |
Total investment securities available for sale | 2,075 | |
Fair Value, Measurements, Recurring | State and municipal securities | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 0 | 0 |
Total investment securities available for sale | 0 | |
Fair Value, Measurements, Recurring | Asset-backed securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 3,227 | |
Total investment securities available for sale | 327,400 | |
Fair Value, Measurements, Recurring | Asset-backed securities | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 0 | |
Total investment securities available for sale | 0 | |
Fair Value, Measurements, Recurring | Asset-backed securities | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 3,227 | |
Total investment securities available for sale | 327,400 | |
Fair Value, Measurements, Recurring | Asset-backed securities | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 0 | |
Total investment securities available for sale | 0 | |
Fair Value, Measurements, Recurring | Other investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 150 | 2,022 |
Fair Value, Measurements, Recurring | Other investments | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 0 | 1,128 |
Fair Value, Measurements, Recurring | Other investments | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 150 | 894 |
Fair Value, Measurements, Recurring | Other investments | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 0 | 0 |
Fair Value, Measurements, Recurring | U.S. Treasury securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investment securities available for sale | 19,855 | 122,077 |
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 | 19,855 | 122,077 |
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] | ||
Trading securities | 44 | |
Total investment securities available for sale | 36,541 | 38,382 |
Fair Value, Measurements, Recurring | U.S. Government agency securities | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 0 | |
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] | ||
Trading securities | 44 | |
Total investment securities available for sale | 36,541 | 38,382 |
Fair Value, Measurements, Recurring | U.S. Government agency securities | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 0 | |
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 | 56,816 | 97,205 |
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 | 56,816 | 97,205 |
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 | 5,180,815 | 2,398,650 |
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 | 5,180,815 | 2,398,650 |
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 | 636,851 | 1,188,518 |
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 | 636,851 | 1,188,518 |
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 | Corporate debt and other debt securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investment securities available for sale | 146,725 | 16,935 |
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 | 0 |
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 | 144,620 | 15,150 |
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 | 2,105 | 1,785 |
Fair Value, Measurements, Recurring | Mutual funds | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity Securities, FV-NI | 32,348 | 16,012 |
Fair Value, Measurements, Recurring | Mutual funds | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity Securities, FV-NI | 32,348 | 16,012 |
Fair Value, Measurements, Recurring | Mutual funds | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity Securities, FV-NI | 0 | 0 |
Fair Value, Measurements, Recurring | Mutual funds | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity Securities, FV-NI | $ 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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |||
Mortgage loans held for sale | $ 1,675 | $ 95 | $ 754 |
Fair value | 115,173 | 37,129 | 48,024 |
Unpaid principal balance | 112,218 | 35,848 | 46,839 |
Fair value less aggregate unpaid principal balance | $ 2,955 | $ 1,281 | $ 1,185 |
Fair Value Accounting (Change_2
Fair Value Accounting (Changes In Level 3 Fair Value Measurements) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | ||
Gain (loss) included in earnings | $ 10,900 | $ 18,100 |
GGL/SBA Loans Servicing Asset | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Beginning balance, January 1, | 3,729 | 4,101 |
Included in earnings | (1,631) | (1,752) |
Unrealized gains (losses) included in other comprehensive income | 0 | 0 |
Additions | 942 | 1,380 |
Sales | 0 | |
Settlements | 0 | 0 |
Transfers out of Level 3 | 0 | |
Ending balance, December 31, | 3,040 | 3,729 |
Total net gain (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, | (14,353) | (11,348) |
Included in earnings | (10,457) | (11,652) |
Unrealized gains (losses) included in other comprehensive income | 0 | 0 |
Additions | 0 | 0 |
Sales | 0 | |
Settlements | 13,794 | 8,647 |
Transfers out of Level 3 | 0 | |
Ending balance, December 31, | (11,016) | (14,353) |
Total net gain (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, | (10,457) | (11,652) |
Visa derivative | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Beginning balance, January 1, | (1,673) | (4,330) |
Included in earnings | (3,611) | (2,328) |
Unrealized gains (losses) included in other comprehensive income | 0 | 0 |
Additions | 0 | 0 |
Sales | 0 | |
Settlements | 2,945 | 4,985 |
Transfers out of Level 3 | 0 | |
Ending balance, December 31, | (2,339) | (1,673) |
Total net gain (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, | (666) | (1,673) |
Investment Securities Available for Sale | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Beginning balance, January 1, | 1,785 | 1,935 |
Included in earnings | 0 | 0 |
Unrealized gains (losses) included in other comprehensive income | 320 | (150) |
Additions | 0 | 0 |
Sales | 0 | |
Settlements | 0 | 0 |
Transfers out of Level 3 | 0 | |
Ending balance, December 31, | 2,105 | 1,785 |
Total net gain (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, | 11,028 | 15,771 |
Included in earnings | 230 | (4,743) |
Unrealized gains (losses) included in other comprehensive income | 0 | 0 |
Additions | 0 | 0 |
Sales | (1,437) | |
Settlements | 0 | 0 |
Transfers out of Level 3 | (5,934) | |
Ending balance, December 31, | 3,887 | 11,028 |
Total net gain (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, | $ 230 | $ (4,743) |
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, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale | $ 115,173 | $ 37,129 |
Other real estate | 14,373 | 6,220 |
Level 1 | Other Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale | 0 | |
Level 2 | Other Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale | 0 | |
Level 3 | Other Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale | 1,506 | |
Fair Value, Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 683 | 7,575 |
Other real estate | 1,342 | 523 |
Other assets held for sale | 513 | 482 |
Fair Value, Measurements, Nonrecurring | Other Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale | 809 | |
Fair Value, Measurements, Nonrecurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Other real estate | 0 | 0 |
Other assets held for sale | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Level 1 | Other Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale | 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 real estate | 0 | 0 |
Other assets held for sale | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Level 2 | Other Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale | 0 | |
Fair Value, Measurements, Nonrecurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 1,461 | 21,742 |
Other real estate | 8,023 | 3,827 |
Other assets held for sale | $ 1,238 | 1,104 |
Fair Value, Measurements, Nonrecurring | Level 3 | Other Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale | $ 1,494 |
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, 2019 | Dec. 31, 2018 |
Financial assets | ||
Total investment securities available for sale | $ 6,778,670 | $ 3,991,632 |
Mortgage loans held for sale | 115,173 | 37,129 |
Private equity investments | 19,389 | 11,028 |
Mutual funds and mutual funds held in rabbi trusts | 32,348 | 16,012 |
Loans, net | 36,881,048 | 25,696,018 |
Derivative assets | 140,016 | 19,332 |
Financial Liabilities | ||
Non-interest-bearing deposits | 9,439,485 | 7,650,967 |
Time deposits | 9,074,308 | |
Total deposits | 38,405,504 | 26,720,322 |
Federal funds purchased and securities sold under repurchase agreements | 165,690 | 237,692 |
Other short-term borrowings | 1,753,560 | 650,000 |
Long-term debt | 2,153,897 | 1,657,157 |
Level 1 | ||
Financial assets | ||
Total cash, cash equivalents, restricted cash, and restricted cash equivalents | 1,186,918 | 1,143,564 |
Trading securities | 0 | 1,128 |
Total investment securities available for sale | 19,855 | 122,077 |
Private equity investments | 15,502 | 0 |
Mutual funds and mutual funds held in rabbi trusts | 32,348 | 16,012 |
Loans, net | 0 | 0 |
GGL/SBA loans servicing asset | 0 | 0 |
Derivative assets | 0 | 0 |
Financial Liabilities | ||
Non-interest-bearing deposits | 0 | 0 |
Non-time interest-bearing deposits | 0 | 0 |
Time deposits | 0 | 0 |
Total deposits | 0 | 0 |
Federal funds purchased and securities sold under repurchase agreements | 165,690 | 237,692 |
Trading liability for short positions | 1,560 | |
Other short-term borrowings | 0 | 0 |
Long-term debt | 0 | 0 |
Earnout liability | 0 | 0 |
Derivative liabilities | 0 | 0 |
Level 1 | Mortgage Loans | ||
Financial assets | ||
Mortgage loans held for sale | 0 | 0 |
Level 1 | Other Loans | ||
Financial assets | ||
Mortgage loans held for sale | 0 | |
Level 2 | ||
Financial assets | ||
Total cash, cash equivalents, restricted cash, and restricted cash equivalents | 0 | 0 |
Trading securities | 7,212 | 2,002 |
Total investment securities available for sale | 6,756,710 | 3,867,770 |
Private equity investments | 0 | 0 |
Mutual funds and mutual funds held in rabbi trusts | 0 | 0 |
Loans, net | 0 | 0 |
GGL/SBA loans servicing asset | 0 | 0 |
Derivative assets | 140,016 | 19,332 |
Financial Liabilities | ||
Non-interest-bearing deposits | 9,439,485 | 7,650,967 |
Non-time interest-bearing deposits | 19,891,711 | 14,065,959 |
Time deposits | 9,112,459 | 4,989,570 |
Total deposits | 38,443,655 | 26,706,496 |
Federal funds purchased and securities sold under repurchase agreements | 0 | 0 |
Trading liability for short positions | 0 | |
Other short-term borrowings | 1,752,000 | 650,000 |
Long-term debt | 2,185,717 | 1,649,642 |
Earnout liability | 0 | 0 |
Derivative liabilities | 34,732 | 16,535 |
Level 2 | Mortgage Loans | ||
Financial assets | ||
Mortgage loans held for sale | 115,173 | 37,129 |
Level 2 | Other Loans | ||
Financial assets | ||
Mortgage loans held for sale | 0 | |
Level 3 | ||
Financial assets | ||
Total cash, cash equivalents, restricted cash, and restricted cash equivalents | 0 | 0 |
Trading securities | 0 | 0 |
Total investment securities available for sale | 2,105 | 1,785 |
Private equity investments | 3,887 | 11,028 |
Mutual funds and mutual funds held in rabbi trusts | 0 | 0 |
Loans, net | 36,931,256 | 25,438,890 |
GGL/SBA loans servicing asset | 3,040 | 3,729 |
Derivative assets | 0 | 0 |
Financial Liabilities | ||
Non-interest-bearing deposits | 0 | 0 |
Non-time interest-bearing deposits | 0 | 0 |
Time deposits | 0 | 0 |
Total deposits | 0 | 0 |
Federal funds purchased and securities sold under repurchase agreements | 0 | 0 |
Trading liability for short positions | 0 | |
Other short-term borrowings | 0 | 0 |
Long-term debt | 0 | 0 |
Earnout liability | 11,016 | 14,353 |
Derivative liabilities | 2,339 | 1,673 |
Level 3 | Mortgage Loans | ||
Financial assets | ||
Mortgage loans held for sale | 0 | 0 |
Level 3 | Other Loans | ||
Financial assets | ||
Mortgage loans held for sale | 1,506 | |
Carrying Value | ||
Financial assets | ||
Total cash, cash equivalents, restricted cash, and restricted cash equivalents | 1,186,918 | 1,143,564 |
Trading securities | 7,212 | 3,130 |
Total investment securities available for sale | 6,778,670 | 3,991,632 |
Private equity investments | 19,389 | 11,028 |
Mutual funds and mutual funds held in rabbi trusts | 32,348 | 16,012 |
Loans, net | 36,881,048 | 25,696,018 |
GGL/SBA loans servicing asset | 3,040 | 3,729 |
Derivative assets | 140,016 | 19,332 |
Financial Liabilities | ||
Non-interest-bearing deposits | 9,439,485 | 7,650,967 |
Non-time interest-bearing deposits | 19,891,711 | 14,065,959 |
Time deposits | 9,074,308 | 5,003,396 |
Total deposits | 38,405,504 | 26,720,322 |
Federal funds purchased and securities sold under repurchase agreements | 165,690 | 237,692 |
Trading liability for short positions | 1,560 | |
Other short-term borrowings | 1,752,000 | 650,000 |
Long-term debt | 2,153,897 | 1,657,157 |
Earnout liability | 11,016 | 14,353 |
Derivative liabilities | 37,071 | 18,208 |
Carrying Value | Mortgage Loans | ||
Financial assets | ||
Mortgage loans held for sale | 115,173 | 37,129 |
Carrying Value | Other Loans | ||
Financial assets | ||
Mortgage loans held for sale | 1,506 | |
Estimated Fair Value | ||
Financial assets | ||
Total cash, cash equivalents, restricted cash, and restricted cash equivalents | 1,186,918 | 1,143,564 |
Trading securities | 7,212 | 3,130 |
Total investment securities available for sale | 6,778,670 | 3,991,632 |
Private equity investments | 19,389 | 11,028 |
Mutual funds and mutual funds held in rabbi trusts | 32,348 | 16,012 |
Loans, net | 36,931,256 | 25,438,890 |
GGL/SBA loans servicing asset | 3,040 | 3,729 |
Derivative assets | 140,016 | 19,332 |
Financial Liabilities | ||
Non-interest-bearing deposits | 9,439,485 | 7,650,967 |
Non-time interest-bearing deposits | 19,891,711 | 14,065,959 |
Time deposits | 9,112,459 | 4,989,570 |
Total deposits | 38,443,655 | 26,706,496 |
Federal funds purchased and securities sold under repurchase agreements | 165,690 | 237,692 |
Trading liability for short positions | 1,560 | |
Other short-term borrowings | 1,752,000 | 650,000 |
Long-term debt | 2,185,717 | 1,649,642 |
Earnout liability | 11,016 | 14,353 |
Derivative liabilities | 37,071 | 18,208 |
Estimated Fair Value | Mortgage Loans | ||
Financial assets | ||
Mortgage loans held for sale | $ 115,173 | 37,129 |
Estimated Fair Value | Other Loans | ||
Financial assets | ||
Mortgage loans held for sale | $ 1,506 |
Derivative Instruments (Narrati
Derivative Instruments (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Summary of Derivative Instruments [Abstract] | ||
Unamortized deferred net loss balance from previously terminated cash flow hedges | $ 2,000,000 | |
Collateral | 84,600,000 | $ 22,400,000 |
Variation margin, amount reducing derivative asset | 113,700,000 | 3,100,000 |
Credit Risk Contract | Short | ||
Derivative [Line Items] | ||
Notional amount | 145,800,000 | 69,900,000 |
Credit Risk Contract | Long | ||
Derivative [Line Items] | ||
Notional amount | 3,000,000 | |
Foreign Exchange Forward | ||
Derivative [Line Items] | ||
Notional amount | $ 32,900,000 | $ 28,800,000 |
Derivative Instruments (Impact
Derivative Instruments (Impact Of Derivatives On Balance Sheet) (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Not Designated As Hedging Instruments | ||
Derivative [Line Items] | ||
Fair Value of Derivative Assets | $ 139,962,000 | $ 19,332,000 |
Fair Value of Derivative Liabilities | 28,447,000 | 18,208,000 |
Not Designated As Hedging Instruments | Interest rate contracts | ||
Derivative [Line Items] | ||
Notional Amount | 7,258,159,000 | 1,840,288,000 |
Fair Value of Derivative Assets | 138,672,000 | 18,388,000 |
Fair Value of Derivative Liabilities | 25,849,000 | 15,716,000 |
Not Designated As Hedging Instruments | Mortgage derivatives | Interest Rate Lock Commitments | ||
Derivative [Line Items] | ||
Notional Amount | 70,481,000 | 52,420,000 |
Fair Value of Derivative Assets | 1,290,000 | 944,000 |
Fair Value of Derivative Liabilities | 0 | 0 |
Not Designated As Hedging Instruments | Mortgage derivatives | Forward commitments to sell fixed-rate mortgage loans | ||
Derivative [Line Items] | ||
Notional Amount | 107,000,000 | 65,500,000 |
Fair Value of Derivative Assets | 0 | 0 |
Fair Value of Derivative Liabilities | 168,000 | 819,000 |
Not Designated As Hedging Instruments | Other contracts | ||
Derivative [Line Items] | ||
Notional Amount | 145,764,000 | 69,902,000 |
Fair Value of Derivative Assets | 0 | 0 |
Fair Value of Derivative Liabilities | 91,000 | 0 |
Not Designated As Hedging Instruments | Visa derivative | ||
Derivative [Line Items] | ||
Fair Value of Derivative Assets | 0 | 0 |
Fair Value of Derivative Liabilities | 2,339,000 | 1,673,000 |
Cash Flow Hedging | ||
Derivative [Line Items] | ||
Fair Value of Derivative Assets | 54,000 | 0 |
Fair Value of Derivative Liabilities | 8,624,000 | 0 |
Cash Flow Hedging | Interest rate contracts | ||
Derivative [Line Items] | ||
Notional Amount | 2,000,000,000 | 0 |
Fair Value of Derivative Assets | 54,000 | 0 |
Fair Value of Derivative Liabilities | $ 8,624,000 | $ 0 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative [Line Items] | |||
Total derivatives not designated as hedging instruments | $ (3,043) | $ (3,040) | $ (2,639) |
Interest rate contracts | Capital markets income | |||
Derivative [Line Items] | |||
Total derivatives not designated as hedging instruments | (338) | (29) | 20 |
Mortgage derivatives | Mortgage banking income | Interest Rate Lock Commitments | |||
Derivative [Line Items] | |||
Total derivatives not designated as hedging instruments | 346 | 8 | (634) |
Mortgage derivatives | Mortgage banking income | Forward commitments to sell fixed-rate mortgage loans | |||
Derivative [Line Items] | |||
Total derivatives not designated as hedging instruments | 651 | (691) | (2,025) |
Visa derivative | Other non-interest expense | |||
Derivative [Line Items] | |||
Total derivatives not designated as hedging instruments | (3,611) | (2,328) | 0 |
Other contracts | Capital markets income | |||
Derivative [Line Items] | |||
Total derivatives not designated as hedging instruments | $ (91) | $ 0 | $ 0 |
Leases (Details)
Leases (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($)renewal_option | Jan. 01, 2019USD ($) | |
Lessee, Lease, Description [Line Items] | ||
Right-of-use assets | $ 374,716 | $ 381,100 |
Lease liabilities | $ 383,892 | 391,000 |
Weighted-average remaining lease term (years) | 21 years 18 days | |
Weighted-average discount rate (percentage) | 3.54% | |
Operating lease expense | $ 32,100 | |
Amounts included in measurement of lease liabilities | 29,900 | |
Maturity of Lease Liabilities, Operating Leases | ||
2020 | 30,190 | |
2021 | 29,002 | |
2022 | 28,261 | |
2023 | 26,461 | |
2024 | 26,105 | |
After 2024 | 417,177 | |
Total lease payments | 557,196 | |
Less: Imputed interest | 173,304 | |
Present value of lease liabilities | 383,892 | $ 391,000 |
Minimum lease payments related to operating leases that had not yet commenced | $ 20,900 | |
Minimum | ||
Lessee, Lease, Description [Line Items] | ||
Number of renewal options | renewal_option | 1 | |
Term of contract | 1 year | |
Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Term of contract | 5 years |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Loss Contingencies [Line Items] | ||
Carrying amount included in other assets | $ 146,612,000 | $ 84,486,000 |
Amount of future funding commitments included in carrying amount | 78,266,000 | 47,123,000 |
Short-term construction loans and letter of credit commitments | 2,124,000 | 1,585,000 |
Funded portion of short-term loans and letters of credit | 3,196,000 | 5,595,000 |
Contractual amount net of risk participations | 33,000,000 | 46,000,000 |
Guarantor obligations, advanced payment to merchant | 21,400,000 | 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 | 13,117,770,000 | 10,153,558,000 |
Guarantor obligations, monetary amount | 74,200,000,000 | 68,990,000,000 |
Letters of credit | ||
Loss Contingencies [Line Items] | ||
Total letters of credit and unfunded lending commitments | 202,614,000 | 157,675,000 |
Commitments to fund commercial and industrial loans | ||
Loss Contingencies [Line Items] | ||
Total letters of credit and unfunded lending commitments | 7,018,152,000 | 5,527,017,000 |
Commitments to fund commercial real estate, construction, and land development loans | ||
Loss Contingencies [Line Items] | ||
Total letters of credit and unfunded lending commitments | 3,032,252,000 | 2,034,223,000 |
Commitments under home equity lines of credit | ||
Loss Contingencies [Line Items] | ||
Total letters of credit and unfunded lending commitments | 1,501,452,000 | 1,258,657,000 |
Unused credit card lines | ||
Loss Contingencies [Line Items] | ||
Total letters of credit and unfunded lending commitments | 877,929,000 | 775,003,000 |
Other loan commitments | ||
Loss Contingencies [Line Items] | ||
Total letters of credit and unfunded lending commitments | $ 485,371,000 | $ 400,983,000 |
Share-based Compensation and _3
Share-based Compensation and Other Employment Benefit Plans (Narrative) (Details) $ in Thousands | Jan. 01, 2019USD ($)shares | Dec. 31, 2019USD ($)simulationshares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)shares | Apr. 25, 2013shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 3 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 3 years | ||||
Options exercised (in shares) | shares | 820,000 | 126,000 | 198,000 | ||
Tax benefit recognized from compensation expense | $ 6,300 | $ 4,300 | $ 5,200 | ||
Unrecognized compensation cost | $ 20,400 | ||||
Unrecognized compensation cost, period of recognition (years) | 1 year 5 months 1 day | ||||
Stock option grants (in shares) | shares | 0 | 0 | 0 | ||
Assumed in acquisition (in shares) | shares | 3,230,000 | 0 | 0 | ||
Options outstanding, intrinsic value | $ 50,200 | ||||
Options outstanding, weighted average remaining contractual term (years) | 4 years 10 days | ||||
Options exercisable, intrinsic value | $ 47,200 | ||||
Options exercisable, weighted average remaining contractual term (years) | 3 years 3 months 29 days | ||||
Options exercised, intrinsic value | $ 13,600 | $ 4,400 | $ 5,100 | ||
Performance period | 3 years | ||||
Merger-Related Expense | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation expense | $ 4,219 | 0 | 0 | ||
FCB Financial Holdings, Inc. | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options, assumed in period (in shares) | shares | 3,200,000 | ||||
Options exercised (in shares) | shares | 136,000 | ||||
Converted options and restricted share units, fair value | $ 41,500 | ||||
Assumed in acquisition (in shares) | shares | 3,200,000 | ||||
FCB Financial Holdings, Inc. | Merger-Related Expense | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation expense | 3,900 | ||||
FCB Financial Holdings, Inc. | Merger-Related Expense, Settle in Equity | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation expense | 3,500 | ||||
FCB Financial Holdings, Inc. | Merger-Related Expense, Settled in Cash | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation expense | 400 | ||||
FCB Financial Holdings, Inc. | FCB Financial Holdings, Inc. | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Other equity compensation, non-vested shares outstanding, fair value | $ 7,500 | ||||
Merger exchange ratio | 1.055 | ||||
FCB Financial Holdings, Inc. | Compensation Expense and Remaining to Purchase Price | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Converted options and restricted share units, fair value | $ 4,200 | ||||
Restricted Share Units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized compensation cost | $ 15,500 | ||||
Non-option awards vested, total fair value | 11,200 | 13,600 | 14,400 | ||
Market Restricted Share Units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized compensation cost | $ 3,900 | ||||
Number of simulations | simulation | 100,000 | ||||
Non-option awards vested, total fair value | $ 2,200 | 5,100 | $ 4,800 | ||
Performance Share Units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized compensation cost | 1,000 | ||||
Non-option awards vested, total fair value | $ 3,500 | $ 4,300 | |||
vesting | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 3 years | ||||
performance period | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 3 years | ||||
ROAA and ROATCE | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 3 years | ||||
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 | 3,300,000 | 8,600,000 | |||
Grants for option equivalent (in shares) | shares | 1 | ||||
Grants of full value awards equivalents (in shares) | shares | 2 |
Share-based Compensation and _4
Share-based Compensation and Other Employment Benefit Plans (Expenses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Labor and Related Expense | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Total share-based compensation expense included in non-interest expense | $ 19,618 | $ 15,712 | $ 13,370 |
Merger-Related Expense | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Total share-based compensation expense included in non-interest expense | 4,219 | 0 | 0 |
Other Operating Income (Expense) | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Total share-based compensation expense included in non-interest expense | 650 | 931 | 809 |
Non-interest expense | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Total share-based compensation expense included in non-interest expense | $ 24,487 | $ 16,643 | $ 14,179 |
Share-based Compensation and _5
Share-based Compensation and Other Employment Benefit Plans (Fair Value Assumptions - Options) (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock price (Synovus' closing stock price on December 31, 2018) (in dollars per share) | $ 31.99 | |
FCB Financial Holdings, Inc. | Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock price (Synovus' closing stock price on December 31, 2018) (in dollars per share) | $ 31.99 | |
Weighted average fair value of converted stock options (in dollars per share) | $ 11.50 | |
Risk-free interest rate | 2.51% | |
Expected stock price volatility | 26.40% | |
Dividend yield | 3.13% | |
Term to expiration | 5 years 1 month 6 days |
Share-based Compensation and _6
Share-based Compensation and Other Employment Benefit Plans (Stock Option) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quantity | |||
Outstanding at beginning of year (in shares) | 640,000 | 775,000 | 973,000 |
Assumed in acquisition (in shares) | 3,230,000 | 0 | 0 |
Options exercised (in shares) | (820,000) | (126,000) | (198,000) |
Options forfeited (in shares) | (13,000) | 0 | 0 |
Options expired/canceled (in shares) | 0 | (9,000) | 0 |
Options outstanding at end of year (in shares) | 3,037,000 | 640,000 | 775,000 |
Options exercisable at end of year (in shares) | 2,399,000 | 640,000 | 775,000 |
Weighted-Average Exercise Price | |||
Outstanding at beginning of year (in dollars per share) | $ 16.93 | $ 17.85 | $ 17.76 |
Assumed in acquisition (in dollars per share) | 23.22 | 0 | 0 |
Options exercised (in dollars per share) | 19.91 | 16.92 | 17.41 |
Options forfeited (in dollars per share) | 34.23 | 0 | 0 |
Options expired (in dollars per share) | 0 | 92.26 | 0 |
Options outstanding at end of year (in dollars per share) | 22.74 | 16.93 | 17.85 |
Options exercisable at end of year (in dollars per share) | $ 19.52 | $ 16.93 | $ 17.85 |
Share-based Compensation and _7
Share-based Compensation and Other Employment Benefit Plans (Fair Value Assumptions- RSUs) (Details) - Restricted Share Units | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 2.40% | 2.32% | 1.48% |
Expected stock price volatility | 24.40% | 22.50% | 22.90% |
Dividend yield | 2.90% | 1.30% | 1.20% |
Simulation period | 3 years | 3 years | 3 years |
Share-based Compensation and _8
Share-based Compensation and Other Employment Benefit Plans (Restricted Stock Units Activity) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restricted Share Units | |||
Quantity | |||
Outstanding, Beginning of Period (in shares) | 526,000 | 566,000 | 706,000 |
Granted (in shares) | 550,000 | 249,000 | 243,000 |
Assumed in acquisition (in shares) | 136,000 | ||
Dividend equivalents granted (in shares) | 23,000 | 7,000 | 6,000 |
Quantity change by TSR factor (in shares) | 0 | 0 | 0 |
Vested (in shares) | (304,000) | (280,000) | (342,000) |
Adjustment for performance vs. target (in shares) | 0 | 0 | |
Forfeited (in shares) | (114,000) | (16,000) | (47,000) |
Outstanding, End of Period (in shares) | 817,000 | 526,000 | 566,000 |
Weighted-Average Grant Date Fair Value | |||
Outstanding, Beginning of Period, Weighted-Average Grant-date Fair Value (in dollars per share) | $ 41.18 | $ 33.25 | $ 26.38 |
Granted, Weighted-Average Grant-date Fair Value (in dollars per share) | 36.27 | 47.34 | 41.82 |
Assumed in acquisition (in dollars per share) | 31.99 | ||
Dividend equivalents granted, Weighted-Average Grant-date Fair Value (in dollars per share) | 36.27 | 44.10 | 41.82 |
Quantity change by TSR factor (in dollars per share) | 0 | 0 | 0 |
Vested, Weighted-Average Grant-date Fair Value (in dollars per share) | 37.04 | 30.86 | 26.25 |
Adjustment for performance vs. target (in dollars per share) | 0 | 0 | |
Forfeited, Weighted-Average Grant-date Fair Value (in dollars per share) | 37.04 | 38.60 | 26.28 |
Outstanding, End of Period, Weighted-Average Grant-date Fair Value (in dollars per share) | $ 38.32 | $ 41.18 | $ 33.25 |
Market Restricted Share Units | |||
Quantity | |||
Outstanding, Beginning of Period (in shares) | 144,000 | 171,000 | 182,000 |
Granted (in shares) | 163,000 | 58,000 | 78,000 |
Assumed in acquisition (in shares) | 0 | ||
Dividend equivalents granted (in shares) | 6,000 | 3,000 | 3,000 |
Quantity change by TSR factor (in shares) | (19,000) | 18,000 | 22,000 |
Vested (in shares) | (59,000) | (105,000) | (114,000) |
Adjustment for performance vs. target (in shares) | 0 | 0 | |
Forfeited (in shares) | (19,000) | (1,000) | 0 |
Outstanding, End of Period (in shares) | 216,000 | 144,000 | 171,000 |
Weighted-Average Grant Date Fair Value | |||
Outstanding, Beginning of Period, Weighted-Average Grant-date Fair Value (in dollars per share) | $ 41.91 | $ 35.24 | $ 27.25 |
Granted, Weighted-Average Grant-date Fair Value (in dollars per share) | 37.20 | 48.46 | 43.52 |
Assumed in acquisition (in dollars per share) | 0 | ||
Dividend equivalents granted, Weighted-Average Grant-date Fair Value (in dollars per share) | 37.20 | 41.91 | 43.52 |
Quantity change by TSR factor (in dollars per share) | 37.99 | 33.21 | 27.25 |
Vested, Weighted-Average Grant-date Fair Value (in dollars per share) | 37.99 | 33.21 | 26.78 |
Adjustment for performance vs. target (in dollars per share) | 0 | 0 | |
Forfeited, Weighted-Average Grant-date Fair Value (in dollars per share) | 37.99 | 38.32 | 0 |
Outstanding, End of Period, Weighted-Average Grant-date Fair Value (in dollars per share) | $ 39.99 | $ 41.91 | $ 35.24 |
Performance Share Units | |||
Quantity | |||
Outstanding, Beginning of Period (in shares) | 248,000 | 245,000 | 238,000 |
Granted (in shares) | 140,000 | 86,000 | 73,000 |
Assumed in acquisition (in shares) | 0 | ||
Dividend equivalents granted (in shares) | 9,000 | 4,000 | 3,000 |
Quantity change by TSR factor (in shares) | 0 | 0 | 0 |
Vested (in shares) | (93,000) | (84,000) | (69,000) |
Adjustment for performance vs. target (in shares) | 6,000 | (1,000) | |
Forfeited (in shares) | (31,000) | (2,000) | 0 |
Outstanding, End of Period (in shares) | 279,000 | 248,000 | 245,000 |
Weighted-Average Grant Date Fair Value | |||
Outstanding, Beginning of Period, Weighted-Average Grant-date Fair Value (in dollars per share) | $ 38.29 | $ 31.54 | $ 25.99 |
Granted, Weighted-Average Grant-date Fair Value (in dollars per share) | 37.34 | 47.23 | 41.61 |
Assumed in acquisition (in dollars per share) | 0 | ||
Dividend equivalents granted, Weighted-Average Grant-date Fair Value (in dollars per share) | 37.34 | 28.06 | 41.61 |
Quantity change by TSR factor (in dollars per share) | 0 | 0 | 0 |
Vested, Weighted-Average Grant-date Fair Value (in dollars per share) | 26.35 | 28.06 | 23.47 |
Adjustment for performance vs. target (in dollars per share) | 37.34 | 28.06 | |
Forfeited, Weighted-Average Grant-date Fair Value (in dollars per share) | 40.34 | 33.52 | 0 |
Outstanding, End of Period, Weighted-Average Grant-date Fair Value (in dollars per share) | $ 41.52 | $ 38.29 | $ 31.54 |
Share-based Compensation and _9
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 | 12 Months Ended |
Dec. 31, 2019$ / 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) | 1,312,000 |
Number of securities to be issued upon exercise of outstanding options (in shares) | 3,037,000 |
Weighted-average exercise price of outstanding options (in dollars per share) | $ / shares | $ 22.74 |
Number of shares remaining available for issuance excluding shares discussed (in shares) | 3,309,000 |
FCB Financial Holdings, Inc. | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of securities to be issued upon exercise of outstanding options (in shares) | 2,600,000 |
Weighted average exercise price of options granted (in dollars per share) | $ / shares | $ 24.02 |
Share-based Compensation and_10
Share-based Compensation and Other Employment Benefit Plans (Other Employee Benefit Plans) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Payment Arrangement [Abstract] | |||
Employer matching contribution, percent | 100.00% | 100.00% | 100.00% |
401(k) percent of match | 5.00% | 5.00% | 4.00% |
Annual contribution | $ 18,800 | $ 15,700 | $ 11,500 |
Stock purchase plan, percent of match | 15.00% | 15.00% | 15.00% |
Stock purchase plans compensation expense | $ 1,100 | $ 942 | $ 860 |
Income Taxes (Components of Inc
Income Taxes (Components of Income Tax Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Current | ||||||||||||
Federal | $ 112,517 | $ 75,582 | $ (32,341) | |||||||||
State | 2,085 | 7,081 | 5,949 | |||||||||
Total current income tax expense (benefit) | 114,602 | 82,663 | (26,392) | |||||||||
Deferred | ||||||||||||
Federal | 46,182 | 24,894 | 229,917 | |||||||||
State | 40,451 | 11,321 | 1,139 | |||||||||
Total deferred income tax expense | 86,633 | [1] | 36,215 | 231,056 | ||||||||
Total income tax expense | $ 54,948 | $ 51,259 | $ 54,640 | $ 40,388 | $ 38,784 | $ 18,949 | $ 30,936 | $ 30,209 | $ 201,235 | $ 118,878 | $ 204,664 | |
[1] | Where applicable, changes for balances as of December 31, 2019 , compared to December 31, 2018 , exclude amounts acquired on the Acquisition Date. |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | |
Income Tax Contingency [Line Items] | |||
Tax Cuts and Jobs Act of 2017, income tax benefit | $ (9,800) | ||
Tax Cuts and Jobs Act of 2017, provisional income tax expense | $ 47,200 | ||
Valuation allowance | 0 | $ 18,445 | |
Deferred tax assets expected to be realized | 65,100 | ||
Deferred tax assets, not subject to expiration | 23,400 | ||
Deferred tax assets, subject to expiration | 65,100 | ||
Unrecognized tax benefits, income tax penalties and interest accrued | 227 | 105 | 3,300 |
Unrecognized tax benefits that would impact effective tax rate | 15,200 | $ 12,300 | 20,400 |
Unrecognized tax benefits, income tax penalties and interest accrued that would impact effective tax rate | $ 193 | 1,400 | |
Approximate range of uncertain income tax positions expected to be settled or resolved during the next 12 months, minimum | 857 | ||
Period through 2036 | |||
Income Tax Contingency [Line Items] | |||
Deferred tax assets, subject to expiration | 39,000 | ||
Federal and State | Period through 2029 | |||
Income Tax Contingency [Line Items] | |||
Tax credit carryforward, amount | $ 21,100 |
Income Taxes (Effective Income
Income Taxes (Effective Income Tax Reconciliation) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Expense (Benefit) Reconciliation | |||||||||||
Income tax expense at statutory federal income tax rate | $ 160,653 | $ 114,944 | $ 168,048 | ||||||||
State income tax expense, net of federal income tax benefit | 33,764 | 17,270 | 11,961 | ||||||||
Adjustment related to reduction in U.S. federal statutory income tax rate | 0 | (9,865) | 46,573 | ||||||||
Low income housing tax credits and other tax benefits | (8,454) | (6,421) | (2,759) | ||||||||
Low income housing tax credit amortization | 6,871 | 5,316 | 268 | ||||||||
Executive compensation | 6,385 | 443 | 0 | ||||||||
FDIC premiums | 5,802 | 2,529 | 0 | ||||||||
Bank-owned life insurance | (4,226) | (3,055) | (4,702) | ||||||||
Excess tax benefit from share-based compensation | (1,337) | (2,801) | (4,318) | ||||||||
General business tax credits | (678) | (1,163) | (4,615) | ||||||||
Change in valuation allowance | 0 | (3,431) | (6,227) | ||||||||
Other, net | 2,455 | 5,112 | 435 | ||||||||
Total income tax expense | $ 54,948 | $ 51,259 | $ 54,640 | $ 40,388 | $ 38,784 | $ 18,949 | $ 30,936 | $ 30,209 | $ 201,235 | $ 118,878 | $ 204,664 |
Effective tax rate | 26.30% | 21.70% | 42.60% | ||||||||
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% | ||||||||||
Reclassification from adoption of ASU 2018-02 | $ 7,600 | $ 0 | $ 7,600 | ||||||||
Tax credit, research | $ 4,600 |
Income Taxes (Deferred Tax Asse
Income Taxes (Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred income tax assets | ||
Lease liability | $ 99,053 | $ 2,526 |
Allowance for loan losses | 73,929 | 63,952 |
Net operating loss carryforwards | 38,972 | 33,008 |
Employee benefits and deferred compensation | 28,874 | 20,363 |
Tax credit carryforwards | 21,076 | 20,088 |
Deferred revenue | 8,237 | 10,189 |
Non-performing loan interest | 5,232 | 2,442 |
Net unrealized losses on investment securities available for sale | 0 | 24,419 |
Other | 15,101 | 9,415 |
Total gross deferred tax assets | 290,474 | 186,402 |
Less valuation allowance | (18,445) | 0 |
Total deferred tax assets | 272,029 | 186,402 |
Deferred tax liabilities | ||
Right-of-use asset | (97,400) | 0 |
Excess tax over financial statement depreciation | (41,097) | (31,260) |
Net unrealized gains (losses) on investment securities available for sale and cash flow hedges | (31,678) | 0 |
Purchase accounting intangibles | (15,184) | (2,968) |
Fair value of investment securities and loans | (8,602) | 0 |
Other properties held for sale | (3,884) | (5,469) |
Other | (9,082) | (5,571) |
Total gross deferred tax liabilities | (206,927) | (45,268) |
Net deferred tax assets | $ 65,102 | $ 141,134 |
Income Taxes (Tax Carryforwards
Income Taxes (Tax Carryforwards) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Asset Balance, Gross | $ 290,474 | $ 186,402 |
Valuation Allowance | (18,445) | 0 |
Total deferred tax assets | 272,029 | $ 186,402 |
Federal | Net Operating Loss | 2023-2028 | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Asset Balance, Gross | 19,902 | |
Valuation Allowance | (15,852) | |
Total deferred tax assets | 4,050 | |
Pre-Tax Earnings Necessary to Realize | 19,286 | |
State | Net Operating Loss | 2023-2028 | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Asset Balance, Gross | 558 | |
Valuation Allowance | 0 | |
Total deferred tax assets | 558 | |
Pre-Tax Earnings Necessary to Realize | 379,402 | |
State | Net Operating Loss | 2029-2033 | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Asset Balance, Gross | 24,998 | |
Valuation Allowance | (2,593) | |
Total deferred tax assets | 22,405 | |
Pre-Tax Earnings Necessary to Realize | 889,150 | |
State | Net Operating Loss | 2034-2036 | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Asset Balance, Gross | 372 | |
Valuation Allowance | 0 | |
Total deferred tax assets | 372 | |
Pre-Tax Earnings Necessary to Realize | 6,973 | |
State | Other Credits | 2020-2024 | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Asset Balance, Gross | 21,408 | |
Valuation Allowance | 0 | |
Total deferred tax assets | 21,408 | |
State | Other Credits | 2025-2029 | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Asset Balance, Gross | 1,269 | |
Valuation Allowance | 0 | |
Total deferred tax assets | $ 1,269 |
Income Taxes (Unrecognized Tax
Income Taxes (Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of Unrecognized Income Tax Benefits | |||
Balance at January 1, | $ 18,586 | $ 15,117 | $ 14,745 |
Additions based on income tax positions related to current year | 550 | 1,165 | 152 |
Additions for income tax positions of prior years | 0 | 2,321 | 934 |
Additions from acquisition | 3,464 | 0 | 0 |
Reductions for income tax positions of prior years | (1,589) | 0 | (706) |
Statute of limitation expirations | (17) | (17) | (8) |
Balance at December 31, | $ 20,994 | $ 18,586 | $ 15,117 |
Segment Reporting (Details)
Segment Reporting (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019USD ($)employee | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2019USD ($)employeesegment | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Segment Reporting [Abstract] | |||||||||||
Number of reportable segments | segment | 3 | ||||||||||
Income Statement Related Disclosures | |||||||||||
Net interest income | $ 399,269 | $ 402,097 | $ 397,262 | $ 397,175 | $ 297,933 | $ 291,619 | $ 284,577 | $ 274,284 | $ 1,595,803 | $ 1,148,413 | $ 1,023,309 |
Non-interest income | 97,955 | 88,760 | 89,807 | 79,378 | 67,992 | 71,668 | 73,387 | 67,046 | 355,900 | 280,093 | 345,327 |
Non-interest expense | 266,122 | 276,310 | 264,126 | 292,410 | 209,922 | $ 220,297 | $ 204,057 | $ 195,179 | 1,098,968 | 829,455 | $ 821,313 |
Pre-provision net revenue | 231,102 | ||||||||||
Balance Sheet Related Disclosures | |||||||||||
Total loans net of deferred fees and costs | 37,162,450 | 25,946,573 | 37,162,450 | 25,946,573 | |||||||
Total deposits | $ 38,405,504 | $ 26,720,322 | $ 38,405,504 | $ 26,720,322 | |||||||
Total full-time equivalent employees | employee | 5,264 | 5,264 | |||||||||
Treasury and Corporate Other | |||||||||||
Income Statement Related Disclosures | |||||||||||
Net interest income | $ 43,701 | ||||||||||
Non-interest income | 13,815 | ||||||||||
Non-interest expense | 131,707 | ||||||||||
Pre-provision net revenue | (74,191) | ||||||||||
Balance Sheet Related Disclosures | |||||||||||
Total loans net of deferred fees and costs | 2,062,572 | $ 2,062,572 | |||||||||
Total deposits | $ 4,195,827 | $ 4,195,827 | |||||||||
Total full-time equivalent employees | employee | 1,911 | 1,911 | |||||||||
Community Banking | Operating Segments | |||||||||||
Income Statement Related Disclosures | |||||||||||
Net interest income | $ 199,770 | ||||||||||
Non-interest income | 34,686 | ||||||||||
Non-interest expense | 77,187 | ||||||||||
Pre-provision net revenue | 157,269 | ||||||||||
Balance Sheet Related Disclosures | |||||||||||
Total loans net of deferred fees and costs | 12,170,914 | $ 12,170,914 | |||||||||
Total deposits | $ 25,610,777 | $ 25,610,777 | |||||||||
Total full-time equivalent employees | employee | 2,301 | 2,301 | |||||||||
Wholesale Banking | Operating Segments | |||||||||||
Income Statement Related Disclosures | |||||||||||
Net interest income | $ 129,792 | ||||||||||
Non-interest income | 7,161 | ||||||||||
Non-interest expense | 16,252 | ||||||||||
Pre-provision net revenue | 120,701 | ||||||||||
Balance Sheet Related Disclosures | |||||||||||
Total loans net of deferred fees and costs | 17,643,509 | $ 17,643,509 | |||||||||
Total deposits | $ 8,314,184 | $ 8,314,184 | |||||||||
Total full-time equivalent employees | employee | 213 | 213 | |||||||||
Financial Management Services | Operating Segments | |||||||||||
Income Statement Related Disclosures | |||||||||||
Net interest income | $ 26,006 | ||||||||||
Non-interest income | 42,293 | ||||||||||
Non-interest expense | 40,976 | ||||||||||
Pre-provision net revenue | 27,323 | ||||||||||
Balance Sheet Related Disclosures | |||||||||||
Total loans net of deferred fees and costs | 5,285,455 | $ 5,285,455 | |||||||||
Total deposits | $ 284,716 | $ 284,716 | |||||||||
Total full-time equivalent employees | employee | 839 | 839 | |||||||||
Pro Forma | |||||||||||
Income Statement Related Disclosures | |||||||||||
Net interest income | 402,097 | 397,262 | 397,175 | $ 1,595,803 | |||||||
Non-interest income | 88,760 | 89,807 | 79,378 | 355,900 | |||||||
Non-interest expense | 276,310 | 264,126 | 292,410 | 1,098,968 | |||||||
Pre-provision net revenue | 214,547 | 222,943 | 184,143 | 852,735 | |||||||
Pro Forma | Treasury and Corporate Other | |||||||||||
Income Statement Related Disclosures | |||||||||||
Net interest income | 38,545 | 29,934 | 27,940 | 140,120 | |||||||
Non-interest income | 5,557 | 9,192 | 7,565 | 36,129 | |||||||
Non-interest expense | 134,070 | 137,999 | 169,357 | 573,133 | |||||||
Pre-provision net revenue | (89,968) | (98,873) | (133,852) | (396,884) | |||||||
Pro Forma | Community Banking | Operating Segments | |||||||||||
Income Statement Related Disclosures | |||||||||||
Net interest income | 203,197 | 207,493 | 214,759 | 825,219 | |||||||
Non-interest income | 35,145 | 34,050 | 32,776 | 136,657 | |||||||
Non-interest expense | 76,414 | 73,910 | 74,816 | 302,327 | |||||||
Pre-provision net revenue | 161,928 | 167,633 | 172,719 | 659,549 | |||||||
Pro Forma | Wholesale Banking | Operating Segments | |||||||||||
Income Statement Related Disclosures | |||||||||||
Net interest income | 133,773 | 128,857 | 125,611 | 518,033 | |||||||
Non-interest income | 7,092 | 7,937 | 6,758 | 28,948 | |||||||
Non-interest expense | 25,413 | 14,709 | 15,019 | 71,393 | |||||||
Pre-provision net revenue | 115,452 | 122,085 | 117,350 | 475,588 | |||||||
Pro Forma | Financial Management Services | Operating Segments | |||||||||||
Income Statement Related Disclosures | |||||||||||
Net interest income | 26,582 | 30,978 | 28,865 | 112,431 | |||||||
Non-interest income | 40,966 | 38,628 | 32,279 | 154,166 | |||||||
Non-interest expense | 40,413 | 37,508 | 33,218 | 152,115 | |||||||
Pre-provision net revenue | $ 27,135 | $ 32,098 | $ 27,926 | $ 114,482 |
Condensed Financial Informati_3
Condensed Financial Information Of Synovus Financial Corp. (Parent Company Only) (Condensed Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
ASSETS | ||||||
Cash due from bank subsidiary | $ 535,846 | $ 468,426 | ||||
Total cash, cash equivalents, restricted cash, and restricted cash equivalents | 1,186,918 | [1] | 1,143,564 | [1] | $ 932,933 | $ 999,045 |
Other assets | 1,418,930 | 745,218 | ||||
Total assets | 48,203,282 | 32,669,192 | ||||
Liabilities and Shareholders' Equity | ||||||
Long-term debt | 2,153,897 | 1,657,157 | ||||
Other liabilities | 782,941 | 270,419 | ||||
Total liabilities | 43,261,592 | 29,535,590 | ||||
Shareholders’ equity: | ||||||
Preferred stock | 537,145 | 195,140 | ||||
Common stock | 166,801 | 143,300 | ||||
Additional paid-in capital | 3,819,336 | 3,060,561 | ||||
Treasury stock | (715,560) | (1,014,746) | ||||
Accumulated other comprehensive income (loss), net | 65,641 | (94,420) | ||||
Retained earnings | 1,068,327 | 843,767 | ||||
Total shareholders’ equity | 4,941,690 | 3,133,602 | 2,961,566 | 2,927,924 | ||
Total liabilities and shareholders' equity | 48,203,282 | 32,669,192 | ||||
Parent Company | ||||||
ASSETS | ||||||
Cash due from bank subsidiary | 365,111 | 213,096 | ||||
Funds due from other depository institutions | 9,277 | 9,927 | ||||
Total cash, cash equivalents, restricted cash, and restricted cash equivalents | 374,388 | 223,023 | $ 211,186 | $ 254,250 | ||
Investment in consolidated bank subsidiary, at equity | 5,303,005 | 3,418,471 | ||||
Investment in consolidated nonbank subsidiaries, at equity | 43,370 | 34,586 | ||||
Note receivable from bank subsidiary | 100,000 | 0 | ||||
Other assets | 54,142 | 62,915 | ||||
Total assets | 5,874,905 | 3,738,995 | ||||
Liabilities and Shareholders' Equity | ||||||
Long-term debt | 853,897 | 555,704 | ||||
Other liabilities | 79,318 | 49,689 | ||||
Total liabilities | 933,215 | 605,393 | ||||
Shareholders’ equity: | ||||||
Preferred stock | 537,145 | 195,140 | ||||
Common stock | 166,801 | 143,300 | ||||
Additional paid-in capital | 3,819,336 | 3,060,561 | ||||
Treasury stock | (715,560) | (1,014,746) | ||||
Accumulated other comprehensive income (loss), net | 65,641 | (94,420) | ||||
Retained earnings | 1,068,327 | 843,767 | ||||
Total shareholders’ equity | 4,941,690 | 3,133,602 | ||||
Total liabilities and shareholders' equity | $ 5,874,905 | $ 3,738,995 | ||||
[1] | Where applicable, changes for balances as of December 31, 2019 , compared to December 31, 2018 , exclude amounts acquired on the Acquisition Date. |
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, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Expenses | ||||||||||||
Interest expense | $ 106,984 | $ 121,318 | $ 118,869 | $ 107,664 | $ 59,462 | $ 52,323 | $ 45,257 | $ 38,850 | $ 454,835 | $ 195,892 | $ 139,188 | |
Other expenses | 266,122 | 276,310 | 264,126 | 292,410 | 209,922 | 220,297 | 204,057 | 195,179 | 1,098,968 | 829,455 | 821,313 | |
Income before income taxes and equity in undistributed income (loss) of subsidiaries | 206,632 | 186,985 | 210,824 | 160,574 | 143,854 | 128,008 | 142,117 | 133,375 | 765,015 | 547,354 | 480,138 | |
Net income | 563,780 | [1] | 428,476 | 275,474 | ||||||||
Less: Preferred stock dividends and redemption charge | 8,290 | 8,291 | 3,150 | 3,150 | 3,151 | 9,729 | 2,559 | 2,559 | 22,881 | 17,998 | 10,238 | |
Net income available to common shareholders | $ 143,394 | $ 127,435 | $ 153,034 | $ 117,036 | $ 101,919 | $ 99,330 | $ 108,622 | $ 100,607 | 540,899 | 410,478 | 265,236 | |
Parent Company | ||||||||||||
Income | ||||||||||||
Cash dividends received from subsidiaries | 400,000 | 250,000 | 283,210 | |||||||||
Cash distributions received from Synovus Bank | 0 | 10,000 | 167,790 | |||||||||
Interest income | 5,920 | 1,703 | 1,443 | |||||||||
Other income (loss) | 11,590 | (3,904) | 345 | |||||||||
Total income | 417,510 | 257,799 | 452,788 | |||||||||
Expenses | ||||||||||||
Interest expense | 41,328 | 25,287 | 43,922 | |||||||||
Other expenses | 13,528 | 21,455 | 33,955 | |||||||||
Total expenses | 54,856 | 46,742 | 77,877 | |||||||||
Income before income taxes and equity in undistributed income (loss) of subsidiaries | 362,654 | 211,057 | 374,911 | |||||||||
Allocated income tax benefit | (9,753) | (13,690) | (30,421) | |||||||||
Income before equity in undistributed income (loss) of subsidiaries | 372,407 | 224,747 | 405,332 | |||||||||
Equity in undistributed income (loss) of subsidiaries | 191,373 | 203,729 | (129,858) | |||||||||
Net income | 563,780 | 428,476 | 275,474 | |||||||||
Less: Preferred stock dividends and redemption charge | 22,881 | 17,998 | 10,238 | |||||||||
Net income available to common shareholders | $ 540,899 | $ 410,478 | $ 265,236 | |||||||||
[1] | Where applicable, changes for balances as of December 31, 2019 , compared to December 31, 2018 , exclude amounts acquired on the Acquisition Date. |
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, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Net income, Income Tax | $ (54,948) | $ (51,259) | $ (54,640) | $ (40,388) | $ (38,784) | $ (18,949) | $ (30,936) | $ (30,209) | $ (201,235) | $ (118,878) | $ (204,664) | |
Net income | 563,780 | [1] | 428,476 | 275,474 | ||||||||
Reclassification adjustment for net losses realized in net income, Before-tax Amount | 0 | 0 | 130 | |||||||||
Reclassification adjustment for net losses realized in net income, Income Tax | 0 | 0 | (50) | |||||||||
Reclassification adjustment for realized (gains) losses included in net income | 0 | 0 | 80 | |||||||||
Reclassification adjustment for net losses (gains) realized in net income on investment securities available for sale, Before-tax Amount | 7,659 | 1,296 | 289 | |||||||||
Reclassification adjustment for net losses (gains) realized in net income on investment securities available for sale, Income Tax | (1,984) | (336) | (111) | |||||||||
Reclassification adjustment for realized (gains) losses included in net income | 5,675 | 960 | 178 | |||||||||
Other comprehensive income (loss), Before-tax Amount | 216,010 | (43,447) | 1,408 | |||||||||
Other comprehensive income (loss), Income Tax | (55,949) | 11,252 | (503) | |||||||||
Net current period other comprehensive income (loss) | 160,061 | (32,195) | 905 | |||||||||
Comprehensive income | 723,841 | 396,281 | 276,379 | |||||||||
Parent Company | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Net income, Before-tax Amount | 765,015 | 547,354 | 480,138 | |||||||||
Net income, Income Tax | (201,235) | (118,878) | (204,664) | |||||||||
Net income | 563,780 | 428,476 | 275,474 | |||||||||
Reclassification adjustment for net losses realized in net income, Before-tax Amount | 0 | 0 | 130 | |||||||||
Reclassification adjustment for net losses realized in net income, Income Tax | 0 | 0 | (50) | |||||||||
Reclassification adjustment for realized (gains) losses included in net income | 0 | 0 | 80 | |||||||||
Reclassification adjustment for net losses (gains) realized in net income on investment securities available for sale, Before-tax Amount | (22) | 0 | (5,506) | |||||||||
Reclassification adjustment for net losses (gains) realized in net income on investment securities available for sale, Income Tax | 6 | 0 | 2,120 | |||||||||
Reclassification adjustment for realized (gains) losses included in net income | (16) | 0 | (3,386) | |||||||||
Other comprehensive (loss) gain of bank subsidiary, Before-tax Amount | 216,032 | (43,447) | 6,784 | |||||||||
Other comprehensive (loss) gain of bank subsidiary, Income Tax | (55,955) | 11,252 | (2,573) | |||||||||
Other comprehensive (loss) gain of bank subsidiary, Net of Tax Amount | 160,077 | (32,195) | 4,211 | |||||||||
Other comprehensive income (loss), Before-tax Amount | 216,010 | (43,447) | 1,408 | |||||||||
Other comprehensive income (loss), Income Tax | (55,949) | 11,252 | (503) | |||||||||
Net current period other comprehensive income (loss) | 160,061 | (32,195) | 905 | |||||||||
Comprehensive income | $ 723,841 | $ 396,281 | $ 276,379 | |||||||||
[1] | Where applicable, changes for balances as of December 31, 2019 , compared to December 31, 2018 , exclude amounts acquired on the Acquisition Date. |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Operating Activities | |||||
Net income | $ 563,780 | [1] | $ 428,476 | $ 275,474 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||
Net cash provided by operating activities | 621,050 | [1] | 538,052 | 631,204 | |
Investing Activities | |||||
Net cash used in investing activities | (2,153,862) | [1] | (1,338,049) | (1,473,904) | |
Financing Activities | |||||
Repurchases of common stock | (725,398) | [1] | (175,072) | (175,079) | |
Repayments and redemption of long-term debt | (157,226) | [1] | (2,230,052) | (2,350,422) | |
Proceeds from issuance of long-term debt, net | 497,045 | [1] | 2,280,000 | 1,771,866 | |
Proceeds from issuance of preferred stock | 342,005 | [1] | 195,140 | 0 | |
Redemption of preferred stock | 0 | [1] | (130,000) | 0 | |
Earnout payment | (1,947) | [1] | (1,220) | (892) | |
Net cash provided by financing activities | 1,576,166 | [1] | 1,010,628 | 776,588 | |
Increase (decrease) in cash and cash equivalents including restricted cash | 43,354 | [1] | 210,631 | (66,112) | |
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of year | 1,143,564 | [1] | 932,933 | 999,045 | |
Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of year | 1,186,918 | [1] | 1,143,564 | [1] | 932,933 |
Income taxes paid | 101,781 | [1] | 41,008 | 18,040 | |
Interest paid | 464,712 | [1] | 180,241 | 143,237 | |
Parent Company | |||||
Operating Activities | |||||
Net income | 563,780 | 428,476 | 275,474 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||
Equity in undistributed (income) loss of subsidiaries | (191,373) | (203,729) | 129,858 | ||
Deferred income tax expense | 1,775 | 1,055 | 60,931 | ||
Net increase (decrease) in other liabilities | 43,617 | 9,551 | (1,095) | ||
Net decrease (increase) in other assets | 3,367 | 6,723 | (8) | ||
Other, net | 1,037 | 1,115 | (3,330) | ||
Net cash provided by operating activities | 422,203 | 243,191 | 461,830 | ||
Investing Activities | |||||
Proceeds from sales of investment securities available for sale | 97,389 | 0 | 4,305 | ||
Advance of long-term note receivable due from bank subsidiary | (100,000) | 0 | 0 | ||
Net decrease in short-term notes receivable from non-bank subsidiaries | 0 | 0 | 35,200 | ||
Return of investment non-bank subsidiary | 790 | 0 | 0 | ||
Net cash received in business combination, net of cash paid | 4,813 | 0 | 0 | ||
Net cash used in investing activities | 2,992 | 0 | 39,505 | ||
Financing Activities | |||||
Dividends paid to common and preferred shareholders | (185,664) | (120,202) | (64,908) | ||
Repurchases of common stock | (725,398) | (175,072) | (175,079) | ||
Repayments and redemption of long-term debt | 0 | 0 | (600,386) | ||
Proceeds from issuance of long-term debt, net | 297,174 | 0 | 296,866 | ||
Proceeds from issuance of preferred stock | 342,005 | 195,140 | 0 | ||
Redemption of preferred stock | 0 | (130,000) | 0 | ||
Earnout payment | (1,947) | (1,220) | (892) | ||
Net cash provided by financing activities | (273,830) | (231,354) | (544,399) | ||
Increase (decrease) in cash and cash equivalents including restricted cash | 151,365 | 11,837 | (43,064) | ||
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of year | 223,023 | 211,186 | 254,250 | ||
Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of year | 374,388 | 223,023 | 211,186 | ||
Income taxes paid | 101,600 | 41,700 | 18,000 | ||
Interest paid | $ 33,100 | $ 24,200 | $ 51,000 | ||
[1] | Where applicable, changes for balances as of December 31, 2019 , compared to December 31, 2018 , exclude amounts acquired on the Acquisition Date. |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event - 2.289% Fixed-to-Floating Rate Senior Bank Notes due 2023 | Feb. 12, 2020USD ($) |
Minimum | |
Subsequent Event [Line Items] | |
Notice of redemption period | 10 days |
SOFR | |
Subsequent Event [Line Items] | |
Basis spread on variable rate | 0.945% |
Senior Notes | |
Subsequent Event [Line Items] | |
Debt, face amount | $ 400,000,000 |
Stated percentage | 2.289% |
Redemption price, percentage | 100.00% |
Senior Notes | Maximum | |
Subsequent Event [Line Items] | |
Notice of redemption period | 60 days |
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, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Quarterly Financial Data [Abstract] | ||||||||||||
Interest income | $ 506,253 | $ 523,415 | $ 516,131 | $ 504,839 | $ 357,395 | $ 343,942 | $ 329,834 | $ 313,134 | $ 2,050,638 | $ 1,344,305 | $ 1,162,497 | |
Interest expense | 106,984 | 121,318 | 118,869 | 107,664 | 59,462 | 52,323 | 45,257 | 38,850 | 454,835 | 195,892 | 139,188 | |
Net interest income | 399,269 | 402,097 | 397,262 | 397,175 | 297,933 | 291,619 | 284,577 | 274,284 | 1,595,803 | 1,148,413 | 1,023,309 | |
Provision for loan losses | 24,470 | 27,562 | 12,119 | 23,569 | 12,149 | 14,982 | 11,790 | 12,776 | 87,720 | [1] | 51,697 | 67,185 |
Non-interest income | 97,955 | 88,760 | 89,807 | 79,378 | 67,992 | 71,668 | 73,387 | 67,046 | 355,900 | 280,093 | 345,327 | |
Non-interest expense | 266,122 | 276,310 | 264,126 | 292,410 | 209,922 | 220,297 | 204,057 | 195,179 | 1,098,968 | 829,455 | 821,313 | |
Income before income taxes and equity in undistributed income (loss) of subsidiaries | 206,632 | 186,985 | 210,824 | 160,574 | 143,854 | 128,008 | 142,117 | 133,375 | 765,015 | 547,354 | 480,138 | |
Income tax expense | 54,948 | 51,259 | 54,640 | 40,388 | 38,784 | 18,949 | 30,936 | 30,209 | 201,235 | 118,878 | 204,664 | |
Net income | 563,780 | [1] | 428,476 | 275,474 | ||||||||
Preferred stock dividends and redemption charge | 8,290 | 8,291 | 3,150 | 3,150 | 3,151 | 9,729 | 2,559 | 2,559 | 22,881 | 17,998 | 10,238 | |
Net income available to common shareholders | $ 143,394 | $ 127,435 | $ 153,034 | $ 117,036 | $ 101,919 | $ 99,330 | $ 108,622 | $ 100,607 | $ 540,899 | $ 410,478 | $ 265,236 | |
Net income per common share, basic (in dollars per share) | $ 0.98 | $ 0.84 | $ 0.97 | $ 0.73 | $ 0.88 | $ 0.85 | $ 0.92 | $ 0.85 | $ 3.50 | $ 3.49 | $ 2.19 | |
Net income per common share, diluted (in dollars per share) | $ 0.97 | $ 0.83 | $ 0.96 | $ 0.72 | $ 0.87 | $ 0.84 | $ 0.91 | $ 0.84 | $ 3.47 | $ 3.47 | $ 2.17 | |
[1] | Where applicable, changes for balances as of December 31, 2019 , compared to December 31, 2018 , exclude amounts acquired on the Acquisition Date. |
Uncategorized Items - snv-12312
Label | Element | Value |
Trust Services Reporting Unit [Member] | ||
Goodwill | us-gaap_Goodwill | $ 24,431,000 |
Synovus Bank [Member] | ||
Goodwill | us-gaap_Goodwill | $ 33,884,000 |