Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2020 | Nov. 04, 2020 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2020 | |
Entity File Number | 1-10312 | |
Entity Registrant Name | SYNOVUS FINANCIAL CORP | |
Entity Incorporation, State or Country Code | GA | |
Entity Tax Identification Number | 58-1134883 | |
Entity Address, Address Line One | 1111 Bay Avenue, Suite 500 | |
Entity Address, City or Town | Columbus, | |
Entity Address, State or Province | GA | |
Entity Address, Postal Zip Code | 31901 | |
City Area Code | 706 | |
Local Phone Number | 641-6500 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 147,806,270 | |
Entity Central Index Key | 0000018349 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Common Stock | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Common Stock, $1.00 Par Value | |
Trading Symbol | SNV | |
Security Exchange Name | NYSE | |
Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D | |
Trading Symbol | SNV - PrD | |
Security Exchange Name | NYSE | |
Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E | |
Trading Symbol | SNV - PrE | |
Security Exchange Name | NYSE |
CONSOLIDATED BALANCE SHEETS (un
CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Assets [Abstract] | ||
Cash and due from banks | $ 578,026 | $ 535,846 |
Interest-bearing funds with Federal Reserve Bank | 1,266,313 | 553,390 |
Interest earning deposits with banks | 20,929 | 20,635 |
Federal funds sold and securities purchased under resale agreements | 120,095 | 77,047 |
Total cash, cash equivalents, restricted cash, and restricted cash equivalents | 1,985,363 | 1,186,918 |
Investment securities available for sale, at fair value | 7,566,525 | 6,778,670 |
Loans held for sale (includes $285,899 and $115,173 measured at fair value, respectively) | 745,160 | 115,173 |
Loans, net of deferred fees and costs | 39,549,847 | 37,162,450 |
Allowance for loan losses | (603,800) | (281,402) |
Cash surrender value of bank-owned life insurance | 1,044,046 | 775,665 |
Premises and equipment, net | 471,208 | 493,940 |
Goodwill | 452,390 | 497,267 |
Other intangible assets, net | 47,752 | 55,671 |
Other assets | 1,782,047 | 1,418,930 |
Total assets | 53,040,538 | 48,203,282 |
Deposits: | ||
Non-interest-bearing deposits | 13,075,081 | 9,439,485 |
Interest-bearing deposits | 31,590,823 | 28,966,019 |
Total deposits | 44,665,904 | 38,405,504 |
Federal funds purchased and securities sold under repurchase agreements | 202,344 | 165,690 |
Other short-term borrowings | 400,000 | 1,753,560 |
Long-term debt | 1,628,385 | 2,153,897 |
Other liabilities | 1,079,363 | 782,941 |
Total liabilities | 47,975,996 | 43,261,592 |
Shareholders' Equity | ||
Preferred stock - no par value; authorized 100,000,000 shares; issued 22,000,000 | 537,145 | 537,145 |
Common stock - $1.00 par value; authorized 342,857,143 shares; issued 167,410,950 and 166,800,623; outstanding 147,317,923 and 147,157,596 | 167,411 | 166,801 |
Additional paid-in capital | 3,832,142 | 3,819,336 |
Treasury stock, at cost; 20,093,027 and 19,643,027 shares | (731,806) | (715,560) |
Accumulated other comprehensive income, net | 174,914 | 65,641 |
Retained earnings | 1,084,736 | 1,068,327 |
Total shareholders' equity | 5,064,542 | 4,941,690 |
Total liabilities and shareholders' equity | $ 53,040,538 | $ 48,203,282 |
CONSOLIDATED BALANCE SHEETS (_2
CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Loans held-for-sale, fair value disclosure | $ 285,899 | $ 115,173 |
Preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Preferred stock, shares issued (in shares) | 22,000,000 | 22,000,000 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 342,857,143 | 342,857,143 |
Common stock, shares issued (in shares) | 167,410,950 | 166,800,623 |
Common stock, shares outstanding (in shares) | 147,317,923 | 147,157,596 |
Treasury stock, shares at cost (in shares) | 20,093,027 | 19,643,027 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||
Interest income: | |||||
Loans, including fees | $ 384,275 | $ 463,437 | $ 1,213,609 | $ 1,368,769 | |
Investment securities available for sale | 43,196 | 53,761 | 139,784 | 156,493 | |
Interest and Fee Income, Loans and Leases Held-for-sale | 6,341 | 978 | 9,047 | 2,144 | |
Federal Reserve Bank balances | 285 | 2,288 | 2,187 | 8,659 | |
Other earning assets | 1,453 | 2,951 | 6,389 | 8,320 | |
Total interest income | 435,550 | 523,415 | 1,371,016 | 1,544,385 | |
Interest expense: | |||||
Deposits | 43,194 | 94,082 | 185,670 | 274,466 | |
Federal funds purchased, securities sold under repurchase agreements, and other short-term borrowings | 176 | 7,843 | 7,885 | 18,599 | |
Long-term debt | 15,190 | 19,393 | 50,645 | 54,785 | |
Total interest expense | 58,560 | 121,318 | 244,200 | 347,850 | |
Net interest income | 376,990 | 402,097 | 1,126,816 | 1,196,535 | |
Provision for credit losses | [1] | 43,383 | 27,562 | 343,956 | 63,250 |
Net interest income after provision for credit losses | 333,607 | 374,535 | 782,860 | 1,133,285 | |
Non-interest revenue: | |||||
Service charges on deposit accounts | 17,813 | 22,952 | 54,069 | 65,805 | |
Fiduciary and asset management fees | 15,885 | 14,686 | 46,009 | 42,743 | |
Card fees | 10,823 | 12,297 | 30,959 | 34,334 | |
Brokerage revenue | 10,604 | 11,071 | 32,987 | 30,502 | |
Mortgage banking income | 31,229 | 10,351 | 66,987 | 23,313 | |
Capital markets income | 5,690 | 7,396 | 22,984 | 21,557 | |
Income from bank-owned life insurance | 7,778 | 5,139 | 21,572 | 15,605 | |
Investment securities (losses) gains, net | (1,550) | (3,731) | 76,594 | (5,502) | |
Other non-interest revenue | 16,139 | 8,599 | 39,591 | 29,588 | |
Total non-interest revenue | 114,411 | 88,760 | 391,752 | 257,945 | |
Non-interest expense: | |||||
Salaries and other personnel expense | 154,994 | 142,516 | 464,268 | 424,952 | |
Net occupancy, equipment, and software expense | 41,554 | 41,017 | 125,475 | 119,262 | |
Third-party processing and other services | 20,620 | 18,528 | 63,466 | 55,403 | |
Professional fees | 13,377 | 9,719 | 39,358 | 25,379 | |
FDIC insurance and other regulatory fees | 6,793 | 7,242 | 18,922 | 21,872 | |
Goodwill impairment | 44,877 | 0 | 44,877 | 0 | |
Merger-related expense | 0 | 353 | 0 | 57,493 | |
Other operating expenses | 34,440 | 56,935 | 120,710 | 128,486 | |
Total non-interest expense | 316,655 | 276,310 | 877,076 | 832,847 | |
Income before income taxes | 131,363 | 186,985 | 297,536 | 558,383 | |
Income tax expense | 39,789 | 51,259 | 74,250 | 146,287 | |
Net income | 91,574 | 135,726 | 223,286 | 412,096 | |
Less: Preferred stock dividends | 8,291 | 8,291 | 24,872 | 14,591 | |
Net income available to common shareholders | $ 83,283 | $ 127,435 | $ 198,414 | $ 397,505 | |
Net income per common share, basic (in dollars per share) | $ 0.57 | $ 0.84 | $ 1.35 | $ 2.53 | |
Net income per common share, diluted (in dollars per share) | $ 0.56 | $ 0.83 | $ 1.34 | $ 2.51 | |
Weighted average common shares outstanding, basic (in shares) | 147,314 | 152,238 | 147,304 | 156,819 | |
Weighted average common shares outstanding, diluted (in shares) | 147,976 | 154,043 | 148,037 | 158,595 | |
[1] | Beginning January 1, 2020, provision calculation is based on current expected credit loss methodology. Prior to January 1, 2020, calculation was based on incurred loss methodology. |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income, Before-tax Amount | $ 131,363 | $ 186,985 | $ 297,536 | $ 558,383 |
Net income, Tax Effect | (39,789) | (51,259) | (74,250) | (146,287) |
Net income | 91,574 | 135,726 | 223,286 | 412,096 |
Net unrealized gains (losses) on investment securities available for sale: Before-tax Amount | ||||
Net unrealized holding gains (losses) arising during the period, Before-tax Amount | (29,428) | 33,919 | 116,975 | 226,160 |
Reclassification adjustment for net losses realized in net income, Before-tax Amount | 1,550 | 3,731 | (76,594) | 5,502 |
Net unrealized gains (losses), Before-tax Amount | (27,878) | 37,650 | 40,381 | 231,662 |
Net unrealized gains (losses) on investment securities available for sale: Tax Effect | ||||
Net unrealized holding gains (losses) arising during the period, Tax Effect | 7,622 | (8,786) | (30,297) | (58,574) |
Reclassification adjustment for net losses realized in net income, Tax Effect | (401) | (966) | 19,838 | (1,425) |
Net unrealized gains (losses), Tax Effect | 7,221 | (9,752) | (10,459) | (59,999) |
Net unrealized gains (losses) on investment securities available for sale: Net of Tax Amount | ||||
Net unrealized holding gains (losses) arising during the period, Net of Tax Amount | (21,806) | 25,133 | 86,678 | 167,586 |
Reclassification adjustment for net losses realized in net income, Net of Tax Amount | 1,149 | 2,765 | (56,756) | 4,077 |
Net unrealized gains (losses), Net of Tax Amount | (20,657) | 27,898 | 29,922 | 171,663 |
Unrealized gains (losses) on derivative instruments designated as cash flow hedges, Before-tax Amount | ||||
Net unrealized gains (losses) arising during the period, Before-tax Amount | (8,954) | (1,182) | 108,508 | (1,182) |
Reclassification adjustment for realized (gains) losses included in net income, Before-tax Amount | (1,031) | 0 | (1,421) | 0 |
Net change, Before-tax Amount | (9,985) | (1,182) | 107,087 | (1,182) |
Unrealized gains (losses) on derivative instruments designated as cash flow hedges, Tax Effect | ||||
Net unrealized gains (losses) arising during the period, Income Tax | 2,319 | 306 | (28,104) | 306 |
Reclassification adjustment for realized (gains) losses included in net income, Income Tax | 267 | 0 | 368 | 0 |
Net change, Income Tax | 2,586 | 306 | (27,736) | 306 |
Unrealized gains (losses) on derivative instruments designated as cash flow hedges, Net of Tax Amount | ||||
Net unrealized gains (losses) arising during the period, Net of Tax Amount | (6,635) | (876) | 80,404 | (876) |
Reclassification adjustment for realized (gains) losses included in net income, Net of Tax Amount | (764) | 0 | (1,053) | 0 |
Net change, Net of Tax Amount | (7,399) | (876) | 79,351 | (876) |
Post-retirement unfunded health benefit: Before-tax Amount | ||||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax | 0 | (510) | 0 | (510) |
Reclassification adjustment for realized (gains) losses included in net income, Before-tax Amount | 0 | 0 | 0 | (70) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax | 0 | (510) | 0 | (580) |
Post-retirement unfunded health benefit: Tax Effect | ||||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, Tax | 0 | (132) | 0 | (132) |
Reclassification adjustment for realized (gains) losses included in net income, Tax Effect | 0 | 0 | 0 | 14 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | 0 | 132 | 0 | 146 |
Post-retirement unfunded health benefit: Net of Tax Amount | ||||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax | 0 | (378) | 0 | (378) |
Reclassification adjustment for realized (gains) losses included in net income, Net of Tax Amount | 0 | 0 | 0 | (56) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | 0 | (378) | 0 | (434) |
Other comprehensive income (loss), Before-tax Amount | (37,863) | 35,958 | 147,468 | 229,900 |
Other comprehensive income (loss), Tax Effect | 9,807 | (9,314) | (38,195) | (59,547) |
Other comprehensive income (loss), net of income taxes | (28,056) | 26,644 | 109,273 | 170,353 |
Comprehensive income, Net of Tax Amount | $ 63,518 | $ 162,370 | $ 332,559 | $ 582,449 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (unaudited) - USD ($) $ in Thousands | Total | Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E | FCB Financial Holdings, Inc. | Impact from Adoption | Preferred Stock | Preferred StockFixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E | 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. | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Retained EarningsFCB Financial Holdings, Inc. | Retained EarningsImpact from Adoption | |||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201602Member | ||||||||||||||||||
Balance at Dec. 31, 2018 | $ 3,133,602 | $ 4,270 | $ 195,140 | $ 143,300 | $ 3,060,561 | $ (1,014,746) | $ (94,420) | $ 843,767 | $ 4,270 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||
Net income | 412,096 | 412,096 | |||||||||||||||||
Other comprehensive income (loss), net of income taxes | 170,353 | 170,353 | |||||||||||||||||
Issuance of common stock, net of issuance costs | $ 704,146 | $ 22,043 | $ 682,103 | ||||||||||||||||
Common stock issued | 877,570 | $ 1,014,746 | $ (137,176) | ||||||||||||||||
Fair value of exchanged equity awards and warrants attributed to purchase price | $ 43,972 | $ 43,972 | |||||||||||||||||
Cash dividends declared on common stock | (138,947) | (138,947) | |||||||||||||||||
Cash dividends declared on preferred stock | [1] | (14,591) | (14,591) | ||||||||||||||||
Stock Issued During Period, Value, New Issues | $ 341,410 | $ 341,410 | |||||||||||||||||
Repurchases of stock including costs to repurchase | (688,860) | (688,860) | |||||||||||||||||
Restricted share unit vesting and taxes paid related to net share settlement | (8,741) | 294 | (8,709) | (326) | |||||||||||||||
Stock options/warrants exercised, net | 11,162 | 564 | 10,598 | 0 | |||||||||||||||
Warrants exercised with net settlement and common stock reissued | 0 | (8,763) | 8,779 | (16) | |||||||||||||||
Share-based compensation expense | 21,396 | 21,396 | |||||||||||||||||
Balance at Sep. 30, 2019 | 4,868,838 | 536,550 | 166,201 | 3,801,158 | (680,081) | 75,933 | 969,077 | ||||||||||||
Balance at Jun. 30, 2019 | 4,753,816 | 195,140 | 166,080 | 3,801,748 | (344,901) | 49,289 | 886,460 | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||
Net income | 135,726 | 135,726 | |||||||||||||||||
Other comprehensive income (loss), net of income taxes | 26,644 | 26,644 | |||||||||||||||||
Cash dividends declared on common stock | (44,476) | (44,476) | |||||||||||||||||
Cash dividends declared on preferred stock | [2] | (8,291) | (8,291) | ||||||||||||||||
Stock Issued During Period, Value, New Issues | $ 341,410 | $ 341,410 | |||||||||||||||||
Repurchases of stock including costs to repurchase | (343,690) | (343,690) | |||||||||||||||||
Restricted share unit vesting and taxes paid related to net share settlement | (98) | 9 | 219 | (326) | |||||||||||||||
Stock options/warrants exercised, net | 2,626 | 112 | 2,514 | ||||||||||||||||
Warrants exercised with net settlement and common stock reissued | 0 | (8,494) | 8,510 | (16) | |||||||||||||||
Share-based compensation expense | 5,171 | 5,171 | |||||||||||||||||
Balance at Sep. 30, 2019 | $ 4,868,838 | 536,550 | 166,201 | 3,801,158 | (680,081) | 75,933 | 969,077 | ||||||||||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | ||||||||||||||||||
Balance at Dec. 31, 2019 | $ 4,941,690 | (35,721) | [3] | 537,145 | 166,801 | 3,819,336 | (715,560) | 65,641 | 1,068,327 | (35,721) | [3] | ||||||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | ||||||||||||||||||
Balance at Dec. 31, 2019 | $ 4,941,690 | $ (35,721) | [3] | 537,145 | 166,801 | 3,819,336 | (715,560) | 65,641 | 1,068,327 | $ (35,721) | [3] | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||
Net income | 223,286 | 223,286 | |||||||||||||||||
Other comprehensive income (loss), net of income taxes | 109,273 | 109,273 | |||||||||||||||||
Cash dividends declared on common stock | (145,824) | (145,824) | |||||||||||||||||
Cash dividends declared on preferred stock | [1] | (24,872) | (24,872) | ||||||||||||||||
Repurchases of stock including costs to repurchase | (16,246) | (16,246) | |||||||||||||||||
Restricted share unit vesting and taxes paid related to net share settlement | (7,428) | 381 | (7,349) | (460) | |||||||||||||||
Stock options/warrants exercised, net | 6,511 | 229 | 6,282 | ||||||||||||||||
Share-based compensation expense | 13,873 | 13,873 | |||||||||||||||||
Balance at Sep. 30, 2020 | 5,064,542 | 537,145 | 167,411 | 3,832,142 | (731,806) | 174,914 | 1,084,736 | ||||||||||||
Balance at Jun. 30, 2020 | 5,052,968 | 537,145 | 167,406 | 3,826,726 | (731,806) | 202,970 | 1,050,527 | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||
Net income | 91,574 | 91,574 | |||||||||||||||||
Other comprehensive income (loss), net of income taxes | (28,056) | (28,056) | |||||||||||||||||
Cash dividends declared on common stock | (48,614) | (48,614) | |||||||||||||||||
Cash dividends declared on preferred stock | [2] | (8,291) | (8,291) | ||||||||||||||||
Restricted share unit vesting and taxes paid related to net share settlement | (24) | 2 | 434 | (460) | |||||||||||||||
Stock options/warrants exercised, net | 33 | 3 | 30 | ||||||||||||||||
Share-based compensation expense | 4,952 | 4,952 | |||||||||||||||||
Balance at Sep. 30, 2020 | $ 5,064,542 | $ 537,145 | $ 167,411 | $ 3,832,142 | $ (731,806) | $ 174,914 | $ 1,084,736 | ||||||||||||
[1] | For the nine months ended September 30, 2020, dividends per share were $1.17 and $1.11 for Series D and Series E Preferred Stock, respectively. For the nine months ended September 30, 2019, dividends per share were $1.17 and $0.37 for Series D and Series E Preferred Stock, respectively. | ||||||||||||||||||
[2] | For the three months ended September 30, 2020, dividends per share were $0.39 and $0.37 for Series D and Series E Preferred Stock, respectively. For the three months ended September 30, 2019, dividends per share were $0.39 and $0.37 for Series D and Series E Preferred Stock, respectively. | ||||||||||||||||||
[3] | For additional information, see "Part I - Item 1. Financial Statements and Supplementary Data - Note 1 - Basis of Presentation" in this Report. |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Statement of Stockholders' Equity [Abstract] | ||||
Cash dividends on common stock (in dollars per share) | $ 0.33 | $ 0.30 | $ 0.99 | $ 0.90 |
Preferred Stock | Series D Preferred Stock | ||||
Cash dividends on preferred stock (in dollars per share) | 0.39 | 0.39 | 1.17 | 1.17 |
Preferred Stock | Series E Preferred Stock | ||||
Cash dividends on preferred stock (in dollars per share) | $ 0.37 | $ 0.37 | $ 1.11 | $ 0.37 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | ||
Operating Activities | |||
Net income | $ 223,286 | $ 412,096 | |
Adjustments to reconcile net income to net cash (used) provided by operating activities: | |||
Provision for credit losses | [1] | 343,956 | 63,250 |
Depreciation, amortization, and accretion, net | 77,385 | 8,969 | |
Deferred income tax (benefit) expense | (60,433) | 42,594 | |
Originations of loans held for sale | 2,221,302 | 603,086 | |
Proceeds from sales of loans held for sale | 1,657,738 | 527,354 | |
Gain on sales of loans held for sale, net | 50,001 | 15,453 | |
Gain on sales of loans held for sale, net | (397,220) | (135,448) | |
Increase (decrease) in other liabilities | 234,018 | 32,345 | |
Investment securities (gains) losses, net | (76,594) | 5,502 | |
Goodwill impairment | 44,877 | 0 | |
Loss on early extinguishment of debt | 2,057 | 4,592 | |
Share-based compensation expense | 13,873 | 21,396 | |
Net cash (used in) provided by operating activities | (208,360) | 364,111 | |
Investing Activities | |||
Net cash received in business combination, net of cash paid | 0 | 201,100 | |
Proceeds from maturities and principal collections of investment securities available for sale | 1,567,889 | 780,538 | |
Proceeds from sales of investment securities available for sale | 3,932,368 | 2,456,137 | |
Purchases of investment securities available for sale | (6,180,812) | (3,614,139) | |
Proceeds from sales of equity securities | 23,141 | 0 | |
Proceeds from sales of loans | 1,293,366 | 71,530 | |
Proceeds from sales of other real estate and other assets | 18,204 | 15,859 | |
Net increase in loans | (3,703,203) | (1,278,772) | |
Net redemptions (purchases) of Federal Home Loan Bank stock | 96,772 | (75,735) | |
Net purchases of Federal Reserve Bank stock | (454) | (45,856) | |
Net (purchases) proceeds from settlement of bank-owned life insurance policies | (248,023) | 15,208 | |
Net increase in premises and equipment | (22,786) | (40,195) | |
Net cash used in investing activities | (3,223,538) | (1,514,325) | |
Financing Activities | |||
Net increase in deposits | 6,259,108 | (185,362) | |
Net increase in federal funds purchased and securities sold under repurchase agreements | 36,655 | (69,412) | |
Net change in other short-term borrowings | (1,353,560) | 1,582,000 | |
Repayments and redemption of long-term debt | (1,776,913) | (157,226) | |
Proceeds from issuance of long-term debt, net | 1,248,441 | 497,045 | |
Dividends paid to common shareholders | (141,353) | (123,446) | |
Dividends paid to preferred shareholders | (24,872) | (9,450) | |
Proceeds from issuance of Preferred stock | 0 | 341,410 | |
Stock options and warrants exercised | 6,511 | 11,162 | |
Repurchase of common stock | (16,246) | (688,860) | |
Taxes paid related to net share settlement of equity awards | (7,428) | (8,741) | |
Net cash provided by financing activities | 4,230,343 | 1,189,120 | |
Increase in cash and cash equivalents including restricted cash | 798,445 | 38,906 | |
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period | 1,186,918 | 1,143,564 | |
Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period | 1,985,363 | 1,182,470 | |
Supplemental Disclosures: | |||
Income taxes paid | 68,253 | 88,480 | |
Interest paid | 268,046 | 350,388 | |
Non-cash Activities | |||
Common stock issued, treasury stock reissued, equity awards/warrants exchanged to acquire FCB | 0 | 1,625,688 | |
Loans foreclosed and transferred to other real estate | 2,163 | 14,084 | |
Loans transferred to loans held for sale at fair value | 46,178 | 0 | |
Dividends declared on common stock during the period but paid after period-end | 48,614 | 44,476 | |
Dividends declared on preferred stock during the period but paid after period-end | $ 5,141 | $ 5,141 | |
[1] | Beginning January 1, 2020, provision calculation is based on current expected credit loss methodology. Prior to January 1, 2020, calculation was based on incurred loss methodology. |
Basis of Presentation and Accou
Basis of Presentation and Accounting Policies | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Accounting Policies | Note 1 - Basis of Presentation and Accounting Policies General The accompanying unaudited interim consolidated financial statements of Synovus Financial Corp. include the accounts of the Parent Company and its consolidated subsidiaries. Synovus Financial Corp. is a financial services company based in Columbus, Georgia. Through its wholly-owned subsidiary, Synovus Bank, a Georgia state-chartered bank that is a member of the Federal Reserve System, the Company provides commercial and retail banking in addition to a full suite of specialized products and services including private banking, treasury management, wealth management, premium finance, asset-based lending, structured lending, and international banking. Synovus Bank is positioned in markets in the Southeast, with 292 branches and 389 ATMs in Alabama, Florida, Georgia, South Carolina, and Tennessee. The accompanying unaudited interim consolidated financial statements have been prepared in accordance with the instructions to the SEC Form 10-Q and Article 10 of Regulation S-X; therefore, they do not include all information and footnotes necessary for a fair presentation of financial position, results of operations, comprehensive income, and cash flows in conformity with GAAP. All adjustments consisting of normally recurring accruals that, in the opinion of management, are necessary for a fair presentation of the consolidated financial position and results of operations for the periods covered by this Report have been included. The accompanying unaudited interim consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes appearing in Synovus' 2019 Form 10-K. Reclassifications Prior periods' consolidated financial statements are reclassified whenever necessary to conform to the current periods' presentation. Use of Estimates in the Preparation of Financial Statements In preparing the consolidated financial statements in accordance with GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the respective consolidated balance sheets and the reported amounts of revenues and expenses for the periods presented. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to change relate to the determination of the ACL; estimates of fair value, including goodwill impairment assessment; income taxes; and contingent liabilities. Non-TDR Modifications due to COVID-19 Coronavirus Aid, Relief, and Economic Security Act (CARES Act) The U.S. has been operating under a presidentially declared state of emergency since March 13, 2020 ("National Emergency"). On March 27, 2020, the CARES Act was signed into law. Among other emergency measures aimed to lessen the impact of COVID-19, the CARES Act creates a forbearance program for federally backed mortgage loans, protects borrowers from negative credit reporting due to loan accommodations related to the National Emergency, and provides financial institutions the option to temporarily suspend certain requirements under GAAP related to TDRs for a limited period of time to account for the effects of COVID-19. Regulatory agencies encouraged financial institutions to work prudently with borrowers who are or may be unable to meet their contractual payment obligations because of COVID-19. In the Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus (initially issued on March 22, 2020 and revised on April 7, 2020), for example, the regulatory agencies expressed their view of loan modification programs as positive actions that may mitigate adverse effects on borrowers due to COVID-19 and their unwillingness to criticize institutions for working with borrowers in a safe and sound manner. Moreover, the Interagency Statement provided that eligible loan modifications related to COVID-19 may be accounted for under section 4013 of the CARES Act or in accordance with ASC 310-40. Section 4013 of the CARES Act allows banks to elect to not consider loan modifications related to COVID-19 that are made between March 1, 2020 and the earlier of December 31, 2020, or 60 days after the National Emergency ends to borrowers that are current (i.e., less than 30 days past due as of December 31, 2019) as TDRs. The regulatory agencies further stated that performing loans granted payment deferrals due to COVID-19 are not considered past due or non-accrual. FASB confirmed the foregoing regulatory agencies' view, that such short-term m odifications (e.g., six months) made on a good-faith basis in response to COVID-19 for borrowers who are current are not TDR s. As such, beginning in late March 2020, Synovus provided relief programs consisting primarily of 90-day payment deferral relief of P&I to borrowers negatively impacted by COVID-19 and has primarily accounted for these loan modifications in accordance with ASC 310-40. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" to the consolidated financial statements of Synovus' 2019 Form 10-K for information on Synovus' TDR policy. During the third quarter, upon evaluation of facts and circumstances, the CARES Act was elected for certain loan modifications that met the criteria of section 4013 of the CARES Act. The deferred payments along with interest accrued during the deferral period are generally due and payable on the maturity date of the ex isting loan. Based on the terms of the deferral relief program which did not provide for forgiveness of interest, Synovus has recognized interest income on loans during the deferral period. U.S. Small Business Administration Paycheck Protection Program (PPP) Synovus is participating in the Paycheck Protection Program, which is a loan program that originated from the CARES Act and was subsequently expanded by the Paycheck Protection Program and Health Care Enhancement Act ("PPPHCEA Act"). The PPP is designed to provide U.S. small businesses with cash-flow assistance through loans guaranteed by the SBA. If the borrower meets certain criteria and uses the proceeds toward certain eligible expenses in accordance with the requirements of the PPP, the borrower's obligation to repay the loan can be forgiven up to the full principal amount of the loan and any accrued interest. Upon borrower forgiveness, the SBA pays the Company for the principal and accrued interest owed on the loan. If the full principal of the loan is not forgiven, the loan will operate according to the original loan terms with the SBA guaranty remaining. Under this program, Synovus provided nearly $2.9 billion in funding to close to 19,000 customers. The average PPP loan was approximately $150 thousand, and the customers that received those loans employ over 335 thousand individuals. As compensation for originating the loans, the Company receives lender processing fees from the SBA ranging from 1% to 5%, based on the size of the loan, which are deferred and will b e amortized over the loans' contractual lives and recognized as interest income. Upon forgiveness of a loan by the SBA, any unrecognized net deferred fees related to the loan will be recognized as interest income in the period the SBA forgiveness payment is received. Recently Adopted Accounting Standards ASU 2016-13 Financial Instruments-Credit Losses (ASC 326). On January 1, 2020, Synovus adopted ASU 2016-13 (and all subsequent ASUs on this topic), which replaces the existing incurred loss impairment guidance with an expected credit loss methodology (referred to as CECL). CECL requires management’s estimate of credit losses over the full remaining expected life of loans and other financial instruments and for Synovus, applies to loans, unfunded loan commitments, accrued interest receivable, and available for sale debt securities. Upon adoption, Synovus applied the modified retrospective approach and recorded an after-tax cumulative-effect adjustment to beginning retained earnings for non-PCD assets (formerly non-PCI assets) and unfunded commitments of $35.7 million. Additionally, an initial estimate of expected credit losses on PCD assets (formerly PCI or ASC 310-30) was recognized with an offset to the cost basis of the related loans of $62.2 million. As permitted by transition guidance, Synovus did not reassess whether PCI assets met the criteria of PCD assets as of the adoption date. The remaining non-credit discount (based on the adjusted amortized cost basis) will be accreted into interest income. Results for reporting periods after adoption are presented under ASC 326 while prior period amounts continue to be reported in accordance with previously applicable GAAP. The following table illustrates the impact of ASC 326 adoption: As of January 1, 2020 in thousands Pre-ASC 326 Adoption Impact of ASC 326 Adoption As Reported under ASC 326 Assets Allowance for loan losses: Commercial and industrial $ 145,782 $ (2,310) $ 143,472 Commercial real estate 67,430 (651) 66,779 Consumer 68,190 85,955 154,145 Total allowance for loan losses $ 281,402 $ 82,994 $ 364,396 Liabilities Reserve for unfunded commitments $ 1,375 $ 27,440 $ 28,815 Allowance for credit losses $ 282,777 $ 110,434 $ 393,211 The following table illustrates the distribution of the ASC 326 adoption impact to loans and equity: As of January 1, 2020 in thousands Pre-ASC 326 Adoption Impact of ASC 326 Adoption As Reported under ASC 326 Loans, net $ 36,881,048 $ (20,767) $ 36,860,281 Retained earnings 1,068,327 (35,721) 1,032,606 On August 26, 2020, the federal banking regulators issued a final rule (following an interim final rule issued on March 27, 2020) that allows electing banking organizations that adopt CECL during 2020 to mitigate the estimated effects of CECL on regulatory capital for two years, followed by a three-year phase-in transition period. Regulatory capital ratios in 2020 reflect Synovus' election of the five-year transition provision. In conjunction with the adoption of ASC 326, the following are additional disclosures about our significant accounting policies related to CECL. Investment Securities Available for Sale Investment securities available for sale are carried at fair value with unrealized gains and losses, net of the related tax effect, excluded from earnings and reported as a separate component of shareholders' equity within accumulated other comprehensive income (loss) until realized. For investment securities available for sale in an unrealized loss position, if Synovus has an intention to sell the security, or it is more likely than not that the security will be required to be sold prior to recovery, the security is written down to its fair value. The write down is charged against the ACL with any additional impairment recorded in earnings. If the aforementioned criteria is not met, Synovus performs a quarterly assessment of its available for sale debt securities to determine if the decline in fair value of a security below its amortized cost is related to credit losses or other factors. Management cons iders the extent to which fair value is less than amortized cost, the issuer of the security, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. In assessing whether credit related impairment exists, the present value of cash flows expected to be collected from the security is compared to the security's amortized cos t. If the present value of cash flows expected to be collected is less than the security's amortized cost basis, the difference is attributable to credit losses. For such differences, Synovus records an ACL with an offset to provision for credit losses expense. Synovus limits the ACL recorded to the amount the security's fair value is less than the amortized cost basis. Impairment losses related to other factors are recognized in other comprehensive income (loss). Accrued interest on available for sale debt securities is excluded from the ACL determination and is recognized within other assets on the consolidated balance sheets. Available-for-sale debt securities are placed on non-accrual status when we no longer expect to receive all contractual amounts due, which is generally at 90 days past due. Accrued interest receivable is reversed against interest income when a security is placed on non-accrual status. Accordingly, we do not recognize an allowance for credit loss against accrued interest receivable. 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, and purchase premiums/discounts. Interest income, net deferred fees, and purchase premium/discount amortization/accretion on loans, are recognized on a level yield basis. Allowance for Credit Losses for Loans Held for Investment (ALL) The allowance for credit losses on loans held for investment are included in the ALL and represent management's estimate of credit losses expected over the life of the loans included in Synovus' existing loans held for investment portfolio. Changes to the allowance are recorded through a provision for credit losses and reduced by loans charged-off, net of recoveries. Determining the appropriateness of the allowance is complex and requires judgment by management about the effect of matters that are inherently uncertain. Accrued but uncollected interest is recorded in other assets on the consolidated balance sheets. In general, the Company does not record an ACL for accrued interest receivables as allowable per ASC 326-20-30-5A as Synovus' non-accrual policies result in the timely write-off of accrued but uncollected interest. Credit loss measurement Synovus' loan loss estimation process includes procedures to appropriately consider the unique characteristics of its loan portfolio segments (C&I, CRE and consumer). These segments are further disaggregated into loan classes, the level at which credit quality is assessed and monitored (as described in the subsequent sections). The ALL is measured on a collective (pool) basis when similar risk characteristics exist. Loans are grouped based upon the nature of the loan type and are further segregated based upon the individual loan risk ratings. Credit loss assumptions are primarily estimated using a DCF model applied to the aforementioned loan groupings. This model calculates an expected life-of-loan loss percentage for each loan category by considering the forecasted PD, which is the probability that a borrower will default, adjusted for relevant forecasted macroeconomic factors, and LGD, which is the estimate of the amount of net loss in the event of default. Expected credit losses are estimated over the contractual term of the loan, adjusted for expected prepayments and curtailments when appropriate. Management's determination of the contract term excludes expected extensions, renewals, and modifications unless either of the following applies: there is a reasonable expectation at the reporting date that a TDR will be executed with an individual borrower, or an extension or renewal option is included in the contract at the reporting date that is not unconditionally cancellable by Synovus. To the extent the lives of the loans in the portfolio extend beyond the period for which a reasonable and supportable forecast can be made (which is one year for Synovus), the Company reverts, on a straight-line basis back to the historical rates over a one year period. Life-of-loan loss percentages may also be adjusted, as necessary, for certain quantitative and qualitative factors that in management's judgment are necessary to reflect losses expected in the portfolio. These adjustments address inherent limitations in the quantitative model including uncertainty and limitations, among others. The above reflects the ALL estimation process for most commercial and consume r sub-pools. In some cases, Synovus may apply other acceptable loss rate models to smaller subpools. Loans that do not share risk characteristics are individually evaluated on a loan by loan basis with specific reserves, if any, recorded as appropriate. Specific reserves are determined based on two methods: discounted cash flow based upon the loan's contractual effective interest rate or at the fair value of the collateral, less costs to sell if the loan is collateral-dependent. For individually evaluated loans, under the DCF method, resulting expected credit losses are recorded as a specific reserve with a charge-off for any portion of the expected credit loss that is determined not to be recoverable. 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. For individually evaluated loans, 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. Troubled debt restructurings The ALL on a TDR is measured using the same method as all other loans held for investment, except that the original interest rate, and not the rate specified with the restructuring, is used to discount the expected cash flows. Purchased Loans with Credit Deterioration Purchased loans are evaluated upon acquisition in order to determine if the loan, or pool of loans, has experienced more-than-insignificant deterioration in credit quality since origination or issuance. In the performance of this evaluation, Synovus considers migration of the credit quality of the loans at origination in comparison to the credit quality at acquisition. Purchased loans classified as PCD are recognized in accordance with ASC 326-20-30, whereby the amortized cost basis of the PCD asset is ‘grossed-up’ by the initial estimate of credit losses with an offset to the ALL. This acquisition date allowance has no income statement effect. Post-acquisition, any changes in estimates of expected credit losses are recorded through the provision for credit losses. Non-credit discounts or premiums are accreted or amortized, respectively into interest income using the interest method. Loans formerly accounted for as purchased credit-impaired in accordance with ASC 310-30 were automatically transitioned to PCD classification. The Company did not maintain ASC 310-30 pools. PCD loans were integrated into existing pool structures based upon the nature of the loan type and are further segregated based upon the individual loan risk ratings as noted above. The accounting treatment for purchased loans classified as non-PCD is the same as loans held for investment as detailed in the above section. Allowance for Credit Losses on Off-balance-sheet Credit Exposures Synovus maintains a separate ACL for off-balance-sheet credit exposures, including unfunded loan commitments, unless the associated obligation is unconditionally cancellable by the Company. This allowance is included in other liabilities on the consolidated balance sheets with offsetting expense recognized as a component of the provision for credit losses on the consolidated statements of income. The reserve for off-balance-sheet credit exposures considers the likelihood that funding will occur and estimates the expected credit losses on resulting commitments expected to be funded over its estimated life using the estimated loss rates on loans held for investment. Recently Issued Accounting Standards Not Yet Adopted ASU 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting (ASC 848). Facilitation of the Effects of Reference Rate Reform on Financial Reporting, provides temporary, optional guidance to ease the potential burden in accounting for, or recognizing the effects of, the transition away from the LIBOR or other interbank offered rate on financial reporting. To help with the transition to new reference rates, the ASU provides optional expedients and exceptions for applying GAAP to affected contract modifications and hedge accounting relationships. The main provisions include: • A change in a contract’s reference interest rate would be accounted for as a continuation of that contract rather than as the creation of a new one for contracts, including loans, debt, leases, and other arrangements, that meet specific criteria. • When updating its hedging strategies in response to reference rate reform, an entity would be allowed to preserve its hedge accounting. The guidance is applicable only to contracts or hedge accounting relationships that reference LIBOR or another reference rate expected to be discontinued. Because the guidance is meant to help entities through the transition period, it will be in effect for a limited time and will not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, for which an entity has elected certain optional expedients that are retained through the end of the hedging relationship. The amendments in this ASU are effective March 12, 2020 through December 31, 2022. We are evaluating the impact of adopting the new guidance on the consolidated financial statements on an ongoing basis with no material expected impac t at this time. ASU 2020-08, Codification Improvements to Subtopic 310-20, Receivables – Nonrefundable Fees and Other Costs . The guidance in this ASU pertains to the shortened amortization period for certain purchased callable debt securities held a t a premium, which premium is amortized to the earliest call date in accordance with ASC 310-20-25-33, and clarifies that an entity should reevaluate whether a callable debt security is within the scope of paragraph 310-20-25-33 for each reporting period. The amendments in this ASU are effective for fiscal years beginning after December 15, 2020. Early adoption is not permitted. We are evaluating the impact of adopting the new guidance on the consolidated financial statements. |
Recently Adopted Accounting Standards and Recently Issued Accounting Standards Not Yet Adopted | Recently Issued Accounting Standards Not Yet Adopted ASU 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting (ASC 848). Facilitation of the Effects of Reference Rate Reform on Financial Reporting, provides temporary, optional guidance to ease the potential burden in accounting for, or recognizing the effects of, the transition away from the LIBOR or other interbank offered rate on financial reporting. To help with the transition to new reference rates, the ASU provides optional expedients and exceptions for applying GAAP to affected contract modifications and hedge accounting relationships. The main provisions include: • A change in a contract’s reference interest rate would be accounted for as a continuation of that contract rather than as the creation of a new one for contracts, including loans, debt, leases, and other arrangements, that meet specific criteria. • When updating its hedging strategies in response to reference rate reform, an entity would be allowed to preserve its hedge accounting. The guidance is applicable only to contracts or hedge accounting relationships that reference LIBOR or another reference rate expected to be discontinued. Because the guidance is meant to help entities through the transition period, it will be in effect for a limited time and will not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, for which an entity has elected certain optional expedients that are retained through the end of the hedging relationship. The amendments in this ASU are effective March 12, 2020 through December 31, 2022. We are evaluating the impact of adopting the new guidance on the consolidated financial statements on an ongoing basis with no material expected impac t at this time. ASU 2020-08, Codification Improvements to Subtopic 310-20, Receivables – Nonrefundable Fees and Other Costs . The guidance in this ASU pertains to the shortened amortization period for certain purchased callable debt securities held a t a premium, which premium is amortized to the earliest call date in accordance with ASC 310-20-25-33, and clarifies that an entity should reevaluate whether a callable debt security is within the scope of paragraph 310-20-25-33 for each reporting period. The amendments in this ASU are effective for fiscal years beginning after December 15, 2020. Early adoption is not permitted. We are evaluating the impact of adopting the new guidance on the consolidated financial statements. |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2020 | |
Business Combinations [Abstract] | |
Acquisitions | Note 2 - Acquisitions Acquisition of FCB Financial Holdings, Inc. Effective January 1, 2019, 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 expanded Synovus' presence in Florida and the Southeast, adding $9.29 billion in loans and $10.93 billion in deposits on the Acquisition Date. 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, with the valuation finalized as of December 31, 2019 . The results of FCB's operations are included in Synovus' consolidated financial statements since the Acquisition Date. During 2019, in connection with the FCB acquisition, Synovus incurred merger-related expense totaling $0.4 million and $57.5 million for the three and nine months ended September 30, 2019, respectively, primarily related to employment compensation agreements, severance, professional services, and contract termination charges. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 2 - Acquisitions" to the consolidated financial statements of Synovus' 2019 Form 10-K for additional information on Synovus' acquisition of FCB. 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 period not to extend beyond June 30, 2021, 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. During the three months ended September 30, 2020, Synovus did not record any adjustments to the earnout liability and during the nine months ended September 30, 2020, Synovus recorded a $4.9 million increase to the earnout liability driven by increased earnings and earnings projections of Global One. The total fair value of the earnout liability at September 30, 2020 was $15.9 million. |
Investment Securities Available
Investment Securities Available for Sale | 3 Months Ended |
Jun. 30, 2020 | |
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 September 30, 2020 and December 31, 2019 are summarized below. September 30, 2020 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury securities $ 20,254 $ — $ — $ 20,254 U.S. Government agency securities 153,984 3,056 (426) 156,614 Mortgage-backed securities issued by U.S. Government agencies 1,132,816 2,655 (6,079) 1,129,392 Mortgage-backed securities issued by U.S. Government sponsored enterprises 4,402,051 138,611 (276) 4,540,386 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 1,331,011 18,495 (4,222) 1,345,284 Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises 334,463 19,694 — 354,157 State and municipal securities 500 1 — 501 Corporate debt securities and other debt securities 20,186 141 (390) 19,937 Total investment securities available for sale $ 7,395,265 $ 182,653 $ (11,393) $ 7,566,525 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 securities 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 At September 30, 2020 and December 31, 2019, investment securities with a carrying value of $2.34 billion and $1.71 billion, respectively, were pledged to secure certain deposits and other liabilities, as required by law or contractual agreements. 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 September 30, 2020 and December 31, 2019 are presented below. September 30, 2020 Less than 12 Months 12 Months of Longer Total (in thousands) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses U.S. Government agency securities $ 48,921 $ (426) $ — $ — $ 48,921 $ (426) Mortgage-backed securities issued by U.S. Government agencies 800,908 (6,079) — — 800,908 (6,079) Mortgage-backed securities issued by U.S. Government sponsored enterprises 180,899 (276) — — 180,899 (276) Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 609,208 (4,222) — — 609,208 (4,222) Corporate debt securities and other debt securities 11,115 (390) — — 11,115 (390) Total $ 1,651,051 $ (11,393) $ — $ — $ 1,651,051 $ (11,393) December 31, 2019 Less than 12 Months 12 Months of 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 securities and other debt securities 9,505 (2) — — 9,505 (2) Total $ 891,914 $ (2,468) $ 5,309 $ (38) $ 897,223 $ (2,506) As of September 30, 2020, Synovus had 28 investment securities in a loss position for less than twelve months and no investment securities in a loss position for twelve months or longer. At 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. 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. As such, no write-downs to the amortized cost basis of the portfolio were recorded in the current period. During the latter part of the second quarter of 2020, as part of an overall strategic repositioning of the investment securities portfolio, Synovus realized net gains of $69.4 million from sales of investment securities, including losses of $5.7 million related to the sale of Synovus' remaining portfolio of asset-backed securities. At September 30, 2020, no ACL was established for investment securities. Substantially all of the unrealized losses on the securities portfolio were the result of changes in market interest rates compared to the date the securities were acquired rather than the credit quality of the issuers or underlying loans. The amortized cost and fair value by contractual maturity of investment securities available for sale at September 30, 2020 are shown below. The expected life of MBSs or CMOs may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. For purposes of the maturity table, MBSs and CMOs, which are not due at a single maturity date, have been classified based on the final contractual maturity date. Distribution of Maturities at September 30, 2020 (in thousands) Within One 1 to 5 5 to 10 More Than Total Amortized Cost U.S. Treasury securities $ 20,254 $ — $ — $ — $ 20,254 U.S. Government agency securities 430 26,432 127,122 — 153,984 Mortgage-backed securities issued by U.S. Government agencies — 1,585 311 1,130,920 1,132,816 Mortgage-backed securities issued by U.S. Government sponsored enterprises — 310 73,420 4,328,321 4,402,051 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — — 248 1,330,763 1,331,011 Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises — 109,731 112,089 112,643 334,463 State and municipal securities — — — 500 500 Corporate debt securities and other debt securities — 9,505 8,681 2,000 20,186 Total amortized cost $ 20,684 $ 147,563 $ 321,871 $ 6,905,147 $ 7,395,265 Fair Value U.S. Treasury securities $ 20,254 $ — $ — $ — $ 20,254 U.S. Government agency securities 438 26,243 129,933 — 156,614 Mortgage-backed securities issued by U.S. Government agencies — 1,641 324 1,127,427 1,129,392 Mortgage-backed securities issued by U.S. Government sponsored enterprises — 319 76,148 4,463,919 4,540,386 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — — 259 1,345,025 1,345,284 Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises — 116,705 118,468 118,984 354,157 State and municipal securities — — — 501 501 Corporate debt securities and other debt securities — 9,315 8,822 1,800 19,937 Total fair value $ 20,692 $ 154,223 $ 333,954 $ 7,057,656 $ 7,566,525 Proceeds from sales, gross gains, and gross losses on sales of securities available for sale for the three and nine months ended September 30, 2020 and 2019 are presented below. The specific identification method is used to reclassify gains and losses out of other comprehensive income at the time of sale. Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Proceeds from sales of investment securities available for sale $ 1,249,507 $ 709,464 $ 3,932,368 $ 2,456,137 Gross realized gains on sales — 140 83,840 9,270 Gross realized losses on sales (1) (1,550) (3,871) (7,246) (14,772) Investment securities gains (losses), net $ (1,550) $ (3,731) $ 76,594 $ (5,502) |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses | 9 Months Ended |
Sep. 30, 2020 | |
Loans and Allowance for Loan Losses [Abstract] | |
Loans and Allowance for Loan Losses | Note 4 - Loans and Allowance for Loan Losses Aging and Non-Accrual Analysis The following tables provide a summary of current, accruing past due, and non-accrual loans by portfolio class as of September 30, 2020 and December 31, 2019. September 30, 2020 (in thousands) Current Accruing 30-89 Days Past Due Accruing 90 Days or Greater Past Due Total Accruing Past Due Non-accrual with an ALL Non-accrual without an ALL Total Commercial, financial and agricultural $ 13,009,877 $ 13,967 $ 829 $ 14,796 $ 67,415 $ 27,950 $ 13,120,038 Owner-occupied 6,869,346 4,131 375 4,506 10,623 9,638 6,894,113 Total commercial and industrial 19,879,223 18,098 1,204 19,302 78,038 37,588 20,014,151 Investment properties 9,628,029 5,620 538 6,158 28,260 — 9,662,447 1-4 family properties 649,225 2,092 350 2,442 2,135 1,236 655,038 Land and development 645,148 583 268 851 2,126 265 648,390 Total commercial real estate 10,922,402 8,295 1,156 9,451 32,521 1,501 10,965,875 Consumer mortgages 5,643,745 6,475 872 7,347 7,433 — 5,658,525 Home equity lines 1,601,705 3,176 29 3,205 10,297 — 1,615,207 Credit cards 259,262 1,894 3,673 5,567 — — 264,829 Other consumer loans 1,116,334 11,866 578 12,444 1,459 — 1,130,237 Total consumer 8,621,046 23,411 5,152 28,563 19,189 — 8,668,798 Total loans $ 39,422,671 $ 49,804 $ 7,512 $ 57,316 $ 129,748 $ 39,089 $ 39,648,824 (1) 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) Total Commercial, financial and agricultural $ 9,124,285 $ 38,916 $ 1,206 $ 40,122 $ 56,017 $ 1,019,135 $ 10,239,559 Owner-occupied 5,691,095 5,164 576 5,740 9,780 823,196 6,529,811 Total commercial and industrial 14,815,380 44,080 1,782 45,862 65,797 1,842,331 16,769,370 Investment properties 7,264,794 1,344 — 1,344 1,581 1,736,608 9,004,327 1-4 family properties 733,984 2,073 304 2,377 2,253 41,401 780,015 Land and development 629,363 808 — 808 1,110 78,161 709,442 Total commercial real estate 8,628,141 4,225 304 4,529 4,944 1,856,170 10,493,784 Consumer mortgages 3,681,553 4,223 730 4,953 11,369 1,848,493 5,546,368 Home equity lines 1,691,759 7,038 171 7,209 12,034 2,155 1,713,157 Credit cards 263,065 3,076 2,700 5,776 — — 268,841 Other consumer loans 2,363,101 18,688 616 19,304 5,704 8,185 2,396,294 Total consumer 7,999,478 33,025 4,217 37,242 29,107 1,858,833 9,924,660 Total loans $ 31,442,999 $ 81,330 $ 6,303 $ 87,633 $ 99,848 $ 5,557,334 $ 37,187,814 (3) (1) Total before net deferred fees and costs of $99.0 million. (2) Represents loans (at fair value) acquired from FCB accounted for under ASC 310-30, net of discount of $90.3 million and payments since Acquisition Date and also include $1.8 million in non-accrual loans, $9.6 million in accruing 90 days or greater past due loans, and $26.5 million in 30-89 days past due loans. (3) Total before net deferred fees and costs of $25.4 million. Interest income on non-accrual loans outstanding that would have been recorded if the loans had been current and performing in accordance with their original terms was $4.3 million and $2.5 million for the three months ended September 30, 2020 and 2019, respectively, and $9.2 million and $8.0 million for the nine months ended September 30, 2020 and 2019, respectively. Of the interest income recognized during the three months ended September 30, 2020 and 2019, cash-basis interest income was $1.3 million and $363 thousand, respectively. Cash-basis interest income was $2.7 million and $2.0 million for the nine months ended September 30, 2020 and 2019, respectively. Pledged Loans Loans with carrying values of $15.29 billion and $12.11 billion, respectively, were pledged as collateral for borrowings and capacity at September 30, 2020 and December 31, 2019, respectively, to the FHLB and Federal Reserve Bank. Portfolio Segment Risk Factors The risk characteristics and collateral information of each portfolio segment are as follows: Commercial and Industrial Loans - The C&I loan portfolio is comprised of general middle market and commercial banking clients across a diverse set of industries. In accordance with Synovus' lending policy, each loan undergoes a detailed underwriting process which incorporates uniform underwriting standards and oversight in proportion to the size and complexity of the lending relationship. These loans are secured by collateral such as business equipment, inventory, and real estate. Whether for real estate or non-real estate purpose, credit decisions on loans in the C&I portfolio are based on cash flow from the operations of the business as the primary source of repayment of the debt, with underlying real estate or other collateral being the secondary source of repayment . PPP loans, which are categorized as C&I loans, were $2.71 billion net of unearned fees at September 30, 2020 and are guaranteed by the SBA. Commercial Real Estate Loans - CRE loans primarily consist of income-producing investment properties loans. Additionally, CRE loans include 1-4 family properties loans as well as land and development loans. Investment properties loans consist of construction and mortgage loans for income-producing properties and are primarily made to finance multi-family properties, hotels, office buildings, shopping centers, warehouses and other commercial development properties. 1-4 family properties loans include construction loans to homebuilders and commercial mortgage loans related to 1-4 family rental properties and are almost always secured by the underlying property being financed by such loans. These properties are primarily located in the markets served by Synovus. Land and development loans include commercial and residential development as well as land acquisition loans and are secured by land held for future development, typically in excess of one year. Properties securing these loans are substantially within markets served by Synovus, and loan terms generally include personal guarantees from the principals. Loans in this portfolio are underwritten based on the LTV of the collateral and the capacity of the guarantor(s). Consumer Loans - The consumer loan portfolio consists of a wide variety of loan products offered through Synovus' banking network including first and second residential mortgages, HELOCs, and credit card loans, as well as home improvement loans, student, and personal loans from third-party lending partnerships. The majority of Synovus' consumer loans are consumer mortgages and HELOCs secured by first and second liens on residential real estate primarily located in the markets served by Synovus. The primary source of repayment for all consumer loans is generally the personal income of the borrower(s). Credit Quality Indicators The credit quality of the loan portfolio is reviewed and updated no less frequently than quarterly using the standard asset classification system utilized by the federal banking agencies. These classifications are divided into three groups: Not Criticized (Pass), Special Mention, and Classified or Adverse rating (Substandard, Doubtful, and Loss) and are defined as follows: Pass - loans which are well protected by the current net worth and paying capacity of the obligor (or guarantors, if any) or by the fair value, less cost to acquire and sell in a timely manner, of any underlying collateral. Special Mention - loans which have potential weaknesses that deserve management's close attention. These loans are not adversely classified and do not expose an institution to sufficient risk to warrant an adverse classification. Substandard - loans which are inadequately protected by the current net worth and paying capacity of the obligor or by the collateral pledged, if any. Loans with this classification are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Doubtful - loans which have all the weaknesses inherent in loans 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 any associated senior liens with other financial institutions. The following table summarizes each loan portfolio class by risk grade and origination year as of September 30, 2020 as required under CECL. September 30, 2020 Term Loans Amortized Cost Basis by Origination Year Revolving Loans (in thousands) 2020 2019 2018 2017 2016 Prior Amortized Cost Basis Converted to Term Loans Total Commercial, financial and agricultural Pass $ 4,056,896 $ 1,429,402 $ 974,892 $ 667,989 $ 566,178 $ 815,006 $ 4,049,741 $ 60,299 $ 12,620,403 Special Mention 49,283 39,929 21,599 33,376 8,404 7,986 63,455 506 224,538 Substandard (1) 27,247 12,646 14,879 36,007 12,373 40,342 102,364 516 246,374 Doubtful (2) — 3,721 19,778 186 915 91 4,032 — 28,723 Total commercial, financial and agricultural 4,133,426 1,485,698 1,031,148 737,558 587,870 863,425 4,219,592 61,321 13,120,038 Owner-occupied Pass 953,513 1,189,845 1,212,541 1,032,744 643,841 1,338,513 328,656 — 6,699,653 Special Mention 3,029 19,004 18,746 11,767 3,604 7,278 — — 63,428 Substandard (1) 1,788 14,686 36,319 29,794 6,521 32,286 — — 121,394 Doubtful (2) — — 9,638 — — — — — 9,638 Total owner-occupied 958,330 1,223,535 1,277,244 1,074,305 653,966 1,378,077 328,656 — 6,894,113 Total commercial and industrial 5,091,756 2,709,233 2,308,392 1,811,863 1,241,836 2,241,502 4,548,248 61,321 20,014,151 Investment properties Pass 784,989 2,241,547 2,193,526 1,376,648 606,029 1,404,524 239,503 — 8,846,766 Special Mention 1,222 66,438 147,928 141,036 166,053 129,887 30,206 — 682,770 Substandard (1) 812 2,655 24,965 14,927 821 88,693 38 — 132,911 Total investment properties 787,023 2,310,640 2,366,419 1,532,611 772,903 1,623,104 269,747 — 9,662,447 1-4 family properties Pass 139,919 125,473 80,610 94,889 49,122 100,984 49,594 — 640,591 Special Mention 419 — 524 111 800 120 — — 1,974 Substandard (1) 1,514 1,517 3,837 1,038 489 2,560 1,518 — 12,473 Total 1-4 family properties 141,852 126,990 84,971 96,038 50,411 103,664 51,112 — 655,038 September 30, 2020 Term Loans Amortized Cost Basis by Origination Year Revolving Loans (in thousands) 2020 2019 2018 2017 2016 Prior Amortized Cost Basis Converted to Term Loans Total Land and development Pass $ 56,935 $ 204,012 $ 91,630 $ 106,490 $ 12,564 $ 90,474 $ 58,092 $ — $ 620,197 Special Mention — 2,172 4,277 5,784 — 1,828 3,550 — 17,611 Substandard (1) 1,627 1,104 4,675 1,085 527 1,564 — — 10,582 Total land and development 58,562 207,288 100,582 113,359 13,091 93,866 61,642 — 648,390 Total commercial real estate 987,437 2,644,918 2,551,972 1,742,008 836,405 1,820,634 382,501 — 10,965,875 Consumer mortgages Pass 1,579,366 964,882 481,718 764,384 755,595 1,102,091 1,005 — 5,649,041 Substandard (1) 49 197 777 805 2,412 5,170 — — 9,410 Loss (3) — — — — — 74 — — 74 Total consumer mortgages 1,579,415 965,079 482,495 765,189 758,007 1,107,335 1,005 — 5,658,525 Home equity lines Pass — — — — — — 1,513,600 86,404 1,600,004 Substandard (1) — — — — — — 8,603 5,173 13,776 Doubtful (2) — — — — — — — 19 19 Loss (3) — — — — — — 1,243 165 1,408 Total home equity lines — — — — — — 1,523,446 91,761 1,615,207 Credit cards Pass — — — — — — 261,207 — 261,207 Substandard (1) — — — — — — 828 — 828 Loss (4) — — — — — — 2,794 — 2,794 Total credit cards — — — — — — 264,829 — 264,829 Other consumer loans Pass 136,944 229,039 142,260 161,717 112,805 76,244 268,840 — 1,127,849 Substandard (1) — 720 163 474 64 714 253 — 2,388 Total other consumer loans 136,944 229,759 142,423 162,191 112,869 76,958 269,093 — 1,130,237 Total consumer 1,716,359 1,194,838 624,918 927,380 870,876 1,184,293 2,058,373 91,761 8,668,798 Total loans (5) $ 7,795,552 $ 6,548,989 $ 5,485,282 $ 4,481,251 $ 2,949,117 $ 5,246,429 $ 6,989,122 $ 153,082 $ 39,648,824 (1) The majority of loans within Substandard risk grade are accruing loans at September 30, 2020. (2) Loans within Doubtful risk grade are on non-accrual status and generally have an ALL equal to 50% of the loan amount. (3) Loans within Loss 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 $99.0 million. The following table summarizes each loan portfolio class by risk grade as of December 31, 2019. December 31, 2019 (in thousands) Pass Special Mention Substandard (1) Doubtful (2) Loss (3) Total Commercial, financial and agricultural $ 9,927,059 $ 128,506 $ 182,831 $ 1,163 $ — $ 10,239,559 Owner-occupied 6,386,055 58,330 85,426 — — 6,529,811 Total commercial and industrial 16,313,114 186,836 268,257 1,163 — 16,769,370 Investment properties 8,930,360 16,490 57,477 — — 9,004,327 1-4 family properties 766,529 3,249 10,237 — — 780,015 Land and development 681,003 18,643 9,796 — — 709,442 Total commercial real estate 10,377,892 38,382 77,510 — — 10,493,784 Consumer mortgages 5,527,746 — 18,376 97 149 5,546,368 Home equity lines 1,697,086 — 14,806 21 1,244 1,713,157 Credit cards 266,146 — 818 — 1,877 (4) 268,841 Other consumer loans 2,390,199 — 6,095 — — 2,396,294 Total consumer 9,881,177 — 40,095 118 3,270 9,924,660 Total loans (5) $ 36,572,183 $ 225,218 $ 385,862 $ 1,281 $ 3,270 $ 37,187,814 (1) The majority of loans within Substandard risk grade are accruing loans at December 31, 2019. (2) Loans within Doubtful risk grade are on non-accrual status and generally have an ALL equal to 50% of the loan amount. (3) Loans within Loss 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. Collateral-Dependent Loans We classify a loan as collateral-dependent when our borrower is experiencing financial difficulty, and we expect repayment to be provided substantially through the operation or sale of collateral. Our commercial loans have collateral that is comprised of real estate and business assets. Our consumer loans have collateral that is substantially comprised of residential real estate. There were no significant changes in the extent to which collateral secures our collateral-dependent loans during the three and nine months ended September 30, 2020. Rollforward of Allowance for Loan Losses The following tables detail the changes in the ALL by loan segment for the three and nine months ended September 30, 2020 and 2019. Additionally, during the three and nine months ended September 30, 2020, Synovus reversed $6.1 million and $19.4 million, respectively, in previously established reserves for credit losses associated with the transfer to held for sale of $513.2 million and $1.31 billion, respectively, in performing loans primarily related to third-party single-service consumer loans and non-relationship consumer mortgages. As Of and For the Three Months Ended September 30, 2020 (in thousands) Commercial & Industrial Commercial Real Estate Consumer Total Allowance for loan losses: Beginning balance $ 229,915 $ 171,526 $ 187,207 $ 588,648 Charge-offs (19,367) (6,878) (9,101) (35,346) Recoveries 3,796 1,225 1,859 6,880 Provision for (reversal of) loan losses 46,256 (22,068) 19,430 43,618 Ending balance $ 260,600 $ 143,805 $ 199,395 $ 603,800 As Of and For the Three Months Ended September 30, 2019 (in thousands) Commercial & Industrial Commercial Real Estate Consumer Total Allowance for loan losses: Beginning balance $ 138,004 $ 63,463 $ 55,909 $ 257,376 Charge-offs (15,425) (3,275) (6,026) (24,726) Recoveries 2,276 1,490 1,035 4,801 Provision for loan losses 17,156 280 10,126 27,562 Ending balance $ 142,011 $ 61,958 $ 61,044 $ 265,013 As Of and For the Nine Months Ended September 30, 2020 (in thousands) Commercial & Industrial Commercial Real Estate Consumer Total Allowance for loan losses: Beginning balance, prior to adoption of ASU 2016-13 $ 145,782 $ 67,430 $ 68,190 $ 281,402 Impact from adoption of ASU 2016-13 (2,310) (651) 85,955 82,994 Charge-offs (57,497) (8,585) (23,917) (89,999) Recoveries 8,798 2,160 6,468 17,426 Provision for loan losses 165,827 83,451 62,699 311,977 Ending balance $ 260,600 $ 143,805 $ 199,395 $ 603,800 As Of and For the Nine Months Ended September 30, 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 (39,558) (5,369) (17,363) (62,290) Recoveries 6,087 3,788 3,623 13,498 Provision for (reversal of) loan losses 42,359 (5,257) 26,148 63,250 Ending balance $ 142,011 $ 61,958 $ 61,044 $ 265,013 The ALL of $603.8 million and the reserve for unfunded commitments of $60.8 million, which is recorded in other liabilities, comprise the total ACL of $664.6 million at September 30, 2020. The ACL increased during the third quarter of 2020 by $14.9 million to $664.6 million as of September 30, 2020 . Since the adoption of CECL on January 1, 2020, the ACL has increased $271.4 million due primarily to uncertainty and deterioration in the economic environment caused by the COVID-19 pandemic. Provision for credit losses (which includes the provision for loan losses and unfunded commitments) of $43.4 million for the three months ended September 30, 2020 included net charge-offs of $28.5 million and the impact of downgrades largely concentrated in the hotel portfolio, which were mostly offset by improvement in the econo mic forecast which included adjustments for the estimated impact of currently enacted government stimulus plans, as well as reserve releases from loan dispositions. Provision for credit losses of $344.0 million for the nine months ended September 30, 2020, resulted in the building of the ACL required under CECL primarily as a result of deterioration in the economic environment due to the impact of COVID-19. Our modeling process incorporates quantitative and qualitative considerations that are used to inform CECL estimates. The internally developed economic forecast used to determine the ACL as of September 30, 2020 was approved late in the third quarter of 2020 pursuant to Synovus' economic forecasting governance processes. The modeling assumptions for the third quarter of 2020 included adjustments for the estimated impact of currently enacted government stimulus plans and an unemployment rate ending the 2020 year around 8% before declining modestly in 2021. This, along with credit migration and other loan portfolio activity, resulted in an increase of the ACL to loans coverage ratio during the quarter of 5 bps to 1.68%, or 1.80% excluding PPP loans, at September 30, 2020. Significant economic uncertainty remains as a result of the continuing COVID-19 crisis, and th e trajectory of the economic recovery including any additional government stimulus plans will impact subsequent period CECL reserves. TDRs Information about Synovus' TDRs is presented in the following tables. Synovus began entering into loan modifications with borrowers in response to the COVID-19 pandemic, which have not been classified as TDRs, and therefore are not included in the discussion below. See "Part I-Item 1. Financial Statements and Supplementary Data - Note 1 - Basis of Presentation" in this Report for more information on Synovus' loan modifications due to COVID-19. The following tables represent, by concession type, the post-modification balance for loans modified or renewed during the three and nine months ended September 30, 2020 and 2019 that were reported as accruing or non-accruing TDRs. TDRs by Concession Type Three Months Ended September 30, 2020 (in thousands, except contract data) Number of Contracts Below Market Interest Rate Other Concessions (1) Total Commercial, financial and agricultural 42 $ 3,335 $ 670 $ 4,005 Owner-occupied 7 1,753 — 1,753 Total commercial and industrial 49 5,088 670 5,758 Investment properties 2 294 93 387 1-4 family properties 5 74 114 188 Land and development 1 40 — 40 Total commercial real estate 8 408 207 615 Consumer mortgages 3 496 23 519 Home equity lines 17 471 648 1,119 Other consumer loans 3 48 85 133 Total consumer 23 1,015 756 1,771 Total TDRs 80 $ 6,511 $ 1,633 $ 8,144 (2) Three Months Ended September 30, 2019 (in thousands, except contract data) Number of Contracts Below Market Interest Rate Other Concessions (1) Total Commercial, financial and agricultural 27 $ 2,577 $ 1,917 $ 4,494 Owner-occupied 7 2,822 861 3,683 Total commercial and industrial 34 5,399 2,778 8,177 Investment properties 4 385 — 385 1-4 family properties 4 766 — 766 Land and development 1 473 — 473 Total commercial real estate 9 1,624 — 1,624 Consumer mortgages 10 1,008 118 1,126 Home equity lines 25 364 1,635 1,999 Other consumer loans 27 473 1,222 1,695 Total consumer 62 1,845 2,975 4,820 Total TDRs 105 $ 8,868 $ 5,753 $ 14,621 (3) (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 three months ending September 30, 2020 and 2019. (2) No net charge-offs were recorded during the three months ended September 30, 2020 . (3) No net charge-offs were recorded during the three months ended September 30, 2019 . Nine Months Ended September 30, 2020 (in thousands, except contract data) Number of Contracts Below Market Interest Rate Other Concessions (1) Total Commercial, financial and agricultural 118 $ 8,562 $ 4,681 $ 13,243 Owner-occupied 19 3,573 1,530 5,103 Total commercial and industrial 137 12,135 6,211 18,346 Investment properties 6 28,963 93 29,056 1-4 family properties 15 867 1,105 1,972 Land and development 3 581 — 581 Total commercial real estate 24 30,411 1,198 31,609 Consumer mortgages 19 1,568 2,589 4,157 Home equity lines 50 926 2,530 3,456 Other consumer loans 50 145 2,779 2,924 Total consumer 119 2,639 7,898 10,537 Total TDRs 280 $ 45,185 $ 15,307 $ 60,492 (2) Nine Months Ended September 30, 2019 (in thousands, except contract data) Number of Contracts Below Market Interest Rate Other Concessions (1) Total Commercial, financial and agricultural 61 $ 5,703 $ 4,404 $ 10,107 Owner-occupied 13 4,854 861 5,715 Total commercial and industrial 74 10,557 5,265 15,822 Investment properties 6 1,048 — 1,048 1-4 family properties 14 2,072 — 2,072 Land and development 3 641 — 641 Total commercial real estate 23 3,761 — 3,761 Consumer mortgages 15 1,245 1,332 2,577 Home equity lines 50 2,686 1,740 4,426 Other consumer loans 79 1,167 3,599 4,766 Total consumer 144 5,098 6,671 11,769 Total TDRs 241 $ 19,416 $ 11,936 $ 31,352 (3) (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 nine months ending September 30, 2020 and 2019. (2) No net charge-offs were recorded during the nine months ended September 30, 2020 . (3) No net charge-offs were recorded during the nine months ended September 30, 2019 . For the three and nine months ended September 30, 2020 there was one default with a recorded investment of $21 thousand and five defaults with a recorded investment of $666 thousand, respectively, on accruing TDRs restructured during the previous twelve months (defaults are defined as the earlier of the TDR being placed on non-accrual status or reaching 90 days past due with respect to principal and/or interest payments) compared to three defaults with a recorded investment of $321 thousand and four defaults with a recorded investment of $326 thousand for the three and nine months ended September 30, 2019, respectively. As of September 30, 2020 and December 31, 2019, there were no commitments to lend a material amount of additional funds to any customer whose loan was classified as a TDR. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Note 5 - Goodwill and Other Intangible Assets Goodwill allocated to each reporting unit at September 30, 2020 and December 31, 2019 is presented as follows (the FMS reportable segment includes two reporting units of Consumer Mortgage and Wealth Management): (in thousands) Community Banking Reporting Unit Wholesale Banking Reporting Unit Consumer Mortgage Reporting Unit Wealth Management Reporting Unit Total Balance as of December 31, 2019 $ 256,323 $ 171,636 $ 44,877 $ 24,431 $ 497,267 Goodwill impairment — — (44,877) — (44,877) Balance as of September 30, 2020 $ 256,323 $ 171,636 $ — $ 24,431 $ 452,390 Goodwill is evaluated for impairment on an annual basis or whenever an event occurs or circumstances change to indicate that it is more likely than not that an impairment loss has been incurred (i.e., a triggering event). Synovus conducted a goodwill impairment assessment as of December 31, 2019, following Synovus' reorganization, applying ASC 350-20-35-3A Goodwill Subsequent Measurement - Qualitative Assessment Approach and concluded that goodwill was not impaired. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 19 -Segment Reporting" to the consolidated financial statements of Synovus' 2019 Form 10-K for information on Synovus' reorganization during 2019. During 2020, Synovus performed interim goodwill impairment tests as of September 30, 2020, June 30, 2020 and March 31, 2020 based on quarterly assessments of triggering events that included Synovus' stock price trading below book value, an extremely low interest rate environment, as well as general recessionary economic conditions caused by the COVID-19 pandemic. Quantitative assessments of goodwill impairment include determining the estimated fair value of each reporting unit, utilizing a combination of discounted cash flow and market-based approaches, and comparing that fair value to each reporting unit's carrying amount. The discounted cash flow method included updated internal forecasts, long-term profitability targets, growth rates and discount rates. The market approach was based on a comparison of certain financial metrics of Synovus' reporting units to guideline public company peers. The income-based discounted cash flow approach was more heavily weighted (60%) than the market-based approach (40%) due to significant volatility in the market since the pandemic was declared a National Emergency. Based on the assessment performed at September 30, 2020, Synovus recognized a $44.9 million goodwill impairment charge representing all goodwill allocated to the Consumer Mortgage reporting unit, while the fair values of the Community Banking, Wholesale Banking and Wealth Management reporting units continued to exceed the respective carrying values. The projected cash flows of the Consumer Mortgage reporting unit declined from the prior period valuations due to significant mortgage refinance activity at record-low mortgage rates and the FOMC's updated guidance in the third quarter of 2020 regarding inflation targeting and their expectations for interest rates to remain low for an extended period of time. The primarily fixed rate, longer duration nature of Synovus’ mortgage portfolio especially impacted the Consumer Mortgage reporting unit. In addition, the excess of fair value over the carrying amount for the Community Banking and Wholesale Banking reporting units was less than 10% at September 30, 2020. Due to the high degree of subjectivity i nvolved in estimating the fair value of Synovus' reporting units, a decline in Synovus' expected future cash flows or estimated growth rates due to further deterioration in the economic environment, or continued market capitalization of Synovus below book value, could result in an additional goodwill impairment charge that is material to Synovus' results from operations, but would not materially impact our financial condition . The following table shows the gross carrying amount and accumulated amortization of other intangible assets as of September 30, 2020 and December 31, 2019, which primarily consist of core deposit intangible assets acquired in the FCB acquisition. 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 three and nine months ended September 30, 2020 was $2.6 million and $7.9 million, respectively. Aggregate other intangible assets amortization for the three and nine months ended September 30, 2019 was $2.9 million and $8.7 million, respectively. (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Value September 30, 2020 CDI $ 57,400 $ (17,481) $ 39,919 Other 12,500 (4,667) 7,833 Total other intangible assets $ 69,900 $ (22,148) $ 47,752 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 |
Shareholders' Equity and Other
Shareholders' Equity and Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Shareholders' Equity and Other Comprehensive Income (Loss) | Note 6 - Shareholders' Equity and Other Comprehensive Income (Loss) Repurchases of Common Stock During the three months ended September 30, 2020, Synovus did not repurchase any shares of its common stock. During the nine months ended September 30, 2020, Synovus repurchased $16.2 million, or 450 thousand shares of its common stock, at an average price of $36.08 per share, under the share repurchase program announced on January 24, 2020. Dividends The following table presents dividends declared related to common stock. For information related to preferred stock dividends, see "Part II - Item 8. Financial Statements and Supplementary Data - Note 10 - Shareholders' Equity and Other Comprehensive Income" to the consolidated financial statements of Synovus' 2019 Form 10-K. Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Cash dividends declared per share $ 0.33 $ 0.30 $ 0.99 $ 0.90 Equity-Based Compensation Plans The following tables summarize the status of Synovus' stock options, restricted share units, market restricted share units, and performance share units as of September 30, 2020 and activity for the nine months ended September 30, 2020. Stock Options (in thousands, except per share amounts) Quantity Weighted-Average Exercise Price Per Share Outstanding at January 1, 2020 3,037 $ 22.74 Exercised (239) 28.28 Expired/canceled (64) 29.75 Outstanding at September 30, 2020 2,734 $ 22.09 RSUs, MRSUs, and PSUs (in thousands, except per share amounts) Quantity Weighted-Average Grant Date Fair Value Per Share Non-vested at January 1, 2020 1,312 $ 39.28 Granted 893 32.91 Quantity change based on TSR and performance factors 44 35.11 Dividend equivalents granted 56 33.50 Vested (590) 38.85 Forfeited (58) 36.22 Non-vested at September 30, 2020 1,657 $ 35.80 Changes in Accumulated Other Comprehensive Income (Loss) by Component (Net of Income Taxes) The following tables illustrate activity within the balances in accumulated other comprehensive income (loss) by component for the three and nine months ended September 30, 2020 and 2019. Changes in Accumulated Other Comprehensive Income (Loss) by Component (Net of Income Taxes) (in thousands) Net unrealized gains (losses) on investment securities available for sale (1) Net unrealized gains (losses) on cash flow hedges (1) Post-retirement unfunded health benefit Total Balance, July 1, 2020 $ 134,245 $ 68,263 $ 462 $ 202,970 Other comprehensive income (loss) before reclassifications (21,806) (6,635) — (28,441) Amounts reclassified from AOCI 1,149 (764) — 385 Net current period other comprehensive income (loss) (20,657) (7,399) — (28,056) Balance at September 30, 2020 $ 113,588 $ 60,864 $ 462 $ 174,914 Balance, July 1, 2019 $ 60,586 $ (12,137) $ 840 $ 49,289 Other comprehensive income (loss) before reclassifications 25,133 (876) (378) 23,879 Amounts reclassified from AOCI 2,765 — — 2,765 Net current period other comprehensive income (loss) 27,898 (876) (378) 26,644 Balance at September 30, 2019 $ 88,484 $ (13,013) $ 462 $ 75,933 Balance, January 1, 2020 $ 83,666 $ (18,487) $ 462 $ 65,641 Other comprehensive income (loss) before reclassifications 86,678 80,404 — 167,082 Amounts reclassified from AOCI (56,756) (1,053) — (57,809) Net current period other comprehensive income (loss) 29,922 79,351 — 109,273 Balance at September 30, 2020 $ 113,588 $ 60,864 $ 462 $ 174,914 Balance, January 1, 2019 $ (83,179) $ (12,137) $ 896 $ (94,420) Other comprehensive income (loss) before reclassifications 167,586 (876) (378) 166,332 Amounts reclassified from AOCI 4,077 — (56) 4,021 Net current period other comprehensive income (loss) 171,663 (876) (434) 170,353 Balance at September 30, 2019 $ 88,484 $ (13,013) $ 462 $ 75,933 (1) For all periods presented, the ending balance in net unrealized gains (losses) on cash flow hedges and investment securities available for sale includes unrealized losses of $12.1 million and $13.3 million, respectively, related to residual tax effects remaining in OCI due to previously established deferred tax asset valuation allowances in 2010 and 2011. In accordance with ASC 740-20-45-11(b), under the portfolio approach, these unrealized losses are realized at the time the entire portfolio is sold or disposed. |
Fair Value Accounting
Fair Value Accounting | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Accounting | Note 7 - 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 Synovus' 2019 Form 10-K for a description of how fair value measurements are determined. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following tables present all financial instruments measured at fair value on a recurring basis as of September 30, 2020 and December 31, 2019. September 30, 2020 (in thousands) Level 1 Level 2 Level 3 Total Assets and Liabilities at Fair Value Assets Trading securities: Mortgage-backed securities issued by U.S. Government agencies $ — $ 18 $ — $ 18 Collateralized mortgage obligations issued by U.S. Government sponsored enterprises — 604 — 604 Other mortgage-backed securities — 673 — 673 State and municipal securities — 579 — 579 Asset-backed securities — 2,497 — 2,497 Total trading securities $ — $ 4,371 $ — $ 4,371 Investment securities available for sale: U.S. Treasury securities $ 20,254 $ — $ — $ 20,254 U.S. Government agency securities — 156,614 — 156,614 Mortgage-backed securities issued by U.S. Government agencies — 1,129,392 — 1,129,392 Mortgage-backed securities issued by U.S. Government sponsored enterprises — 4,540,386 — 4,540,386 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — 1,345,284 — 1,345,284 Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises — 354,157 — 354,157 State and municipal securities — 501 — 501 Corporate debt securities and other debt securities — 18,137 1,800 19,937 Total investment securities available for sale $ 20,254 $ 7,544,471 $ 1,800 $ 7,566,525 Mortgage loans held for sale — 285,899 — 285,899 Private equity investments — — 958 958 Mutual funds and mutual funds held in rabbi trusts 35,174 — — 35,174 GGL/SBA loans servicing asset — — 3,100 3,100 Derivative assets — 463,028 — 463,028 Liabilities Earnout liability $ — $ — $ 15,924 $ 15,924 Derivative liabilities — 178,508 1,460 179,968 December 31, 2019 (in thousands) Level 1 Level 2 Level 3 Total Assets and Liabilities at Fair Value Assets Trading securities: Collateralized mortgage obligations 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 securities 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 — — 11,016 11,016 Derivative liabilities — 34,732 2,339 37,071 Fair Value Option Synovus has elected the fair value option for mortgage loans held for sale primarily to ease the operational burden required to maintain hedge accounting for these loans. Synovus is still able to achieve effective economic hedges on mortgage loans held for sale without the time and expense needed to manage a hedge accounting program. The following table summarizes the difference between the fair value and the UPB of mortgage loans held for sale and the changes in fair value of these loans. An immaterial portion of these changes in fair value was attributable to changes in instrument-specific credit risk. Mortgage Loans Held for Sale (in thousands) As of September 30, 2020 As of December 31, 2019 Fair value $ 285,899 $ 115,173 Unpaid principal balance 276,709 112,218 Fair value less aggregate unpaid principal balance $ 9,190 $ 2,955 Changes in Fair Value Included in Net Income Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Mortgage loans held for sale $ 251 $ 892 $ 6,235 $ 1,593 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) During the three and nine months ended September 30, 2020 , Synovus did not have any transfers in or out of Level 3 in the fair value hierarchy. During t he nine months ended September 30, 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. Three Months Ended September 30, 2020 (in thousands) Investment Securities Available for Sale Private Equity Investments GGL / SBA Earnout Visa Derivative Beginning balance, July 1, 2020 $ 1,662 $ 698 $ 3,019 $ (15,924) $ (1,755) Total gains (losses) realized/unrealized: Included in earnings — 260 (187) — — Unrealized gains (losses) included in OCI 138 — — — — Additions — — 268 — — Settlements — — — — 295 Ending balance, September 30, 2020 $ 1,800 $ 958 $ 3,100 $ (15,924) $ (1,460) Total net gains (losses) for the period included in earnings attributable to the change in unrealized gains/(losses) relating to assets/liabilities still held at September 30, 2020 $ — $ 260 $ — $ — $ — Three Months Ended September 30, 2019 (in thousands) Investment Securities Available for Sale Private Equity Investments GGL / SBA Earnout Visa Derivative Beginning balance, July 1, 2019 $ 2,017 $ 13,341 $ 3,326 $ (14,353) $ (1,049) Total gains (losses) realized/unrealized: Included in earnings — 1,194 (298) (10,457) (2,500) Unrealized gains (losses) included in OCI (26) — — — — Additions — — 322 — — Settlements — (3,246) — — 214 Ending balance, September 30, 2019 $ 1,991 $ 11,289 $ 3,350 $ (24,810) $ (3,335) Total net gains (losses) for the period included in earnings attributable to the change in unrealized gains/(losses) relating to assets/liabilities still held at September 30, 2019 $ — $ 777 $ — $ (10,457) $ (2,500) Nine Months Ended September 30, 2020 (in thousands) Investment Securities Available for Sale Private Equity Investments GGL / SBA Earnout Visa Derivative Beginning balance, January 1, 2020 $ 2,105 $ 3,887 $ 3,040 $ (11,016) $ (2,339) Total gains (losses) realized/unrealized: Included in earnings (2,929) (742) (4,908) — Unrealized gains (losses) included in OCI (305) — — — — Additions — — 802 — — Settlements — — — — 879 Ending balance, September 30, 2020 $ 1,800 $ 958 $ 3,100 $ (15,924) $ (1,460) Total net gains (losses) for the period included in earnings attributable to the change in unrealized gains/(losses) relating to assets/liabilities still held at September 30, 2020 $ — $ (2,929) $ — $ (4,908) $ — Nine Months Ended September 30, 2019 (in thousands) Investment Securities Available for Sale Private Equity Investments GGL / SBA Earnout Visa Derivative Beginning balance, January 1, 2019 $ 1,785 $ 11,028 $ 3,729 $ (14,353) $ (1,673) Total (losses) gains realized/unrealized: Included in earnings — 3,507 (1,091) (10,457) (2,500) Unrealized gains (losses) included in OCI 206 — — — — Additions — — 712 — — Settlements — (3,246) — — 838 Ending balance, September 30, 2019 $ 1,991 $ 11,289 $ 3,350 $ (24,810) $ (3,335) Total net gains (losses) for the period included in earnings attributable to the change in unrealized losses relating to assets/liabilities still held at September 30, 2019 $ — $ 3,090 $ — $ (10,457) $ (2,500) The table below provides an overview of the valuation techniques and significant unobservable inputs used in those techniques to measure financial instruments that are classified within Level 3 of the valuation hierarchy and are measured at fair value on a recurring basis. The range of sensitivities that management utilized in its fair value calculations is deemed acceptable in the industry with respect to the identified financial instruments. September 30, 2020 (dollars in thousands) Valuation Technique Significant Unobservable Input Level 3 Fair Value Rate/Range Assets measured at fair value on a recurring basis Investment Securities Available for Sale - Discounted cash flow analysis Discount rate $1,800 5.83% 3.79% Private equity investments Individual analysis of each investee company Multiple factors, including but not limited to, current operations, financial condition, cash flows, evaluation of business management and financial plans, and recently executed financing transactions related to the investee companies $958 N/A GGL/SBA loans servicing asset Discounted cash flow analysis Discount rate $3,100 9.68% 19.20% Earnout liability Option pricing methods and Monte Carlo simulation Financial projections of Global One $15,924 N/A Visa derivative liability Discounted cash flow analysis Estimated timing of resolution of Covered Litigation and future cumulative deposits to the litigation escrow for settlement of the Covered Litigation $1,460 0-1.2 years (4Q 2021) Assets Measured at Fair Value on a Non-recurring Basis Certain assets are required to be measured at fair value on a nonrecurring basis 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 table presents assets measured at fair value on a non-recurring basis as of the dates indicated for which there was a fair value adjustment. September 30, 2020 December 31, 2019 (in thousands) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Loans (1) $ — $ — $ 27,440 $ 27,440 $ — $ — $ 1,461 $ 1,461 Other real estate — — 1,750 1,750 — — 8,023 8,023 MPS receivable — — 17,915 17,915 — — 21,437 21,437 Other assets held for sale — — 1,634 1,634 — — 1,238 1,238 (1) Collateral-dependent loans that were written down to fair value of collateral. ORE properties are included in other assets on the consolidated balance sheets. The carrying value of ORE at September 30, 2020 and December 31, 2019 was $5.4 million and $14.4 million, respectively. The following table presents fair value adjustments recognized in earnings for the three and nine months ended September 30, 2020 and 2019 for assets measured at fair value on a non-recurring basis still held at period-end. Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Loans (1) $ 5,661 $ 4,170 $ 20,412 $ 4,718 Other real estate 107 74 138 569 MPS receivable — — 2,663 — Other assets held for sale — — 2,120 91 (1) Collateral-dependent loans that were written down to fair value of collateral. The table below provides an overview of the valuation techniques and significant unobservable inputs used in those techniques to measure financial instruments that are classified within Level 3 of the valuation hierarchy and are measured at fair value on a non-recurring basis. September 30, 2020 Valuation Technique Significant Unobservable Input Range (Weighted Average) (1) Assets measured at fair value on a non-recurring basis Loans Third-party appraised value of collateral less estimated selling costs Discount to appraised value 0%-36% (28%) 0%-10% (7%) Other real estate Third-party appraised value of real estate less estimated selling costs Discount to appraised value 0%-20% (10%) 0%-10% (7%) MPS receivable (2) Third-party appraised value of business less estimated selling costs Discount to appraised value N/A Other assets held for sale Third-party appraised value less estimated selling costs or BOV Discount to appraised value 0%-66% (53%) 0%-10% (7%) (1) The weighted average is the measure of central tendencies; it is not the value that management is using for the asset or liability. (2) See "Part I - Item 1. Notes to Unaudited Interim Financial Statements - Note 10 - Commitments and Contingencies" of this Report for more information on this receivable which was classified as a NPA at September 30, 2020 and December 31, 2019. Fair Value of Financial Instruments The following tables present the carrying and estimated fair values of financial instruments at September 30, 2020 and December 31, 2019. The fair values represent management’s best estimates based on a range of methodologies and assumptions. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" to the consolidated financial statements of Synovus' 2019 Form 10-K for a description of how fair value measurements are determined. September 30, 2020 (in thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Financial assets Total cash, cash equivalents, restricted cash, and restricted cash equivalents $ 1,985,363 $ 1,985,363 $ 1,985,363 $ — $ — Trading securities 4,371 4,371 — 4,371 — Investment securities available for sale 7,566,525 7,566,525 20,254 7,544,471 1,800 Loans held for sale 745,160 744,615 — 285,899 458,716 Private equity investments 958 958 — — 958 Mutual funds and mutual funds held in rabbi trusts 35,174 35,174 35,174 — — Loans, net 38,946,047 38,923,265 — — 38,923,265 GGL/SBA loans servicing asset 3,100 3,100 — — 3,100 Derivative assets 463,028 463,028 — 463,028 — Financial liabilities Non-interest-bearing deposits $ 13,075,081 $ 13,075,081 $ — $ 13,075,081 $ — Non-time interest-bearing deposits 24,831,480 24,831,480 — 24,831,480 — Time deposits 6,759,343 6,797,139 — 6,797,139 — Total deposits $ 44,665,904 $ 44,703,700 $ — $ 44,703,700 $ — Federal funds purchased and securities sold under repurchase agreements 202,344 202,344 202,344 — — Other short-term borrowings 400,000 400,000 — 400,000 — Long-term debt 1,628,385 1,687,448 — 1,687,448 — Earnout liability 15,924 15,924 — — 15,924 Derivative liabilities 179,968 179,968 — 178,508 1,460 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 |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 9 Months Ended |
Sep. 30, 2020 | |
Summary of Derivative Instruments [Abstract] | |
Derivative Instruments and Hedging Activities | Note 8 - Derivative Instruments and Hedging Activities Synovus utilizes derivative instruments to manage its exposure to various types of interest rate risk, exposures related to liquidity and credit risk, and to facilitate 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. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" to the consolidated financial statements of Synovus' 2019 Form 10-K for additional information regarding accounting policies for derivatives. 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 commercial loans. The contracts effectively modify Synovus' exposure to interest rate risk by utilizing receive fixed/pay index-based variable rate interest rate swaps. For cash f low 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 earnin gs or when the hedge is terminated and included in the same income statement line item as the earnings effect of the hedged item . Synovus recorded an unrealized gain of $9.8 million, or $7.3 million, after-tax, in OCI, during the first quarter of 2020, related to terminated cash flow hedges, which is being recognized into earnings in conjunction with the effective terms of the original swaps through the third quarter of 2025. Synovus recognized pre-tax income of $1.0 million and $1.4 million, respectively, during the three and nine months ended September 30, 2020 related to t he amortization o f terminated cash flow hedges. As of September 30, 2020, Synovus expects to reclassify approximately $40 million of pre-tax gains from AOCI into interest income on cash flow hedges over the next twelve months. Included in this amount is approximately $5 million in pre-tax gains related to the terminated cash flow hedges. As of September 30, 2020, 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. 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 s eeks 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 risk 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. 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 September 30, 2020 and December 31, 2019, collateral totaling $159.8 million and $84.6 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 September 30, 2020 and December 31, 2019, Synovus had a variation margin of $187.0 million and $113.7 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. Beginning on October 19, 2020, CME Group Inc. transitioned price alignment and discounting for swap futures from the daily EFFR to the SOFR. This change will not have a material impact on Synovus' financial statements. September 30, 2020 December 31, 2019 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 $ 2,750,000 $ 90,116 $ — $ 2,000,000 $ 54 $ 8,624 Total derivatives designated as hedging instruments $ 90,116 $ — $ 54 $ 8,624 Derivatives not designated Interest rate contracts (3) $ 8,761,038 $ 362,700 $ 176,338 $ 7,258,159 $ 138,672 $ 25,849 Mortgage derivatives - interest rate lock commitments 451,953 10,212 — 70,481 1,290 — Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans 492,500 — 1,793 107,000 — 168 Other contracts (4) 186,074 — 377 145,764 — 91 Visa derivative — — 1,460 — — 2,339 Total derivatives not designated as hedging instruments $ 372,912 $ 179,968 $ 139,962 $ 28,447 (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. Additionally, the notional amount of risk participation agreements purchased was $2.7 million and $3.0 million at September 30, 2020 and December 31, 2019, respectively. 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 $25.1 million and $32.9 million at September 30, 2020 and December 31, 2019, respectively. The fair value of foreign currency exchange forwards was negligible at September 30, 2020 and December 31, 2019 due to the very short duration of these contracts. The following table presents the effect of hedging derivative instruments on the consolidated statements of income and the total amounts for the respective line item affected for the three and nine months ended September 30, 2020 and 2019 . Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Total amounts presented in the consolidated statements of income in interest income on loans $ 8,509 $ — $ 13,595 $ — Gain/loss on cash flow hedging relationships: (1) Interest rate swaps: Realized gains (losses) reclassified from AOCI, pre-tax, to interest income on loans 1,031 — 1,421 — Pre-tax income recognized on cash flow hedges $ 1,031 $ — $ 1,421 $ — (1) See "Part I - Item 1. Financial Statements and Supplementary Data - Note 6 - Shareholders' Equity and Other Comprehensive Income (Loss) in this Report for additional information. 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 three and nine months ended September 30, 2020 and 2019 is presented below. Gain (Loss) Recognized in Consolidated Statements of Income Three Months Ended September 30, Nine Months Ended September 30, (in thousands) Location in Consolidated Statements of Income 2020 2019 2020 2019 Derivatives not designated as hedging instruments: Interest rate contracts (1) Capital markets income $ 176 $ 549 $ 225 $ 640 Other contracts (2) Capital markets income 47 (144) (286) (144) Mortgage derivatives - interest rate lock commitments Mortgage banking income 2,532 22 8,922 970 Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans Mortgage banking income (396) 642 (1,624) 413 Visa derivative Other non-interest expense — (2,500) — (2,500) Total derivatives not designated as hedging instruments $ 2,359 $ (1,431) $ 7,237 $ (621) (1) Additionally, losses related to termination of customer swaps of $2.5 million were recorded in other non-interest expense during the first quarter of 2020. (2) Includes risk participation agreements sold. |
Net Income Per Common Share
Net Income Per Common Share | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Net Income Per Common Share | Note 9 - Net Income Per Common Share The following table displays a reconciliation of the information used in calculating basic and diluted earnings per common share for the three and nine months ended September 30, 2020 and 2019. Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except per share data) 2020 2019 2020 2019 Basic Net Income Per Common Share: Net income available to common shareholders $ 83,283 $ 127,435 $ 198,414 $ 397,505 Weighted average common shares outstanding 147,314 152,238 147,304 156,819 Net income per common share, basic $ 0.57 $ 0.84 $ 1.35 $ 2.53 Diluted Net Income Per Common Share: Net income available to common shareholders $ 83,283 $ 127,435 $ 198,414 $ 397,505 Weighted average common shares outstanding 147,314 152,238 147,304 156,819 Effect of dilutive outstanding equity-based awards, warrants, and earnout payments 662 1,805 733 1,776 Weighted average diluted common shares 147,976 154,043 148,037 158,595 Net income per common share, diluted $ 0.56 $ 0.83 $ 1.34 $ 2.51 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 stock options, restricted share units, and warrants is reflected in diluted net income per common share, unless the impact is anti-dilutive, by application of the treasury stock method. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 10 - 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 instrumen ts. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Synovus also has commitments to fund certain low-income housing investments, 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 ACL associated with unfunded commitments and letters of credit is recorded within other liabilities on the consolidated balance sheets. Upon adoption of CECL 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. (in thousands) September 30, 2020 December 31, 2019 Letters of credit* $ 177,000 $ 202,614 Commitments to fund commercial and industrial loans 7,990,189 7,018,152 Commitments to fund commercial real estate, construction, and land development loans 2,891,857 3,032,252 Commitments under home equity lines of credit 1,588,844 1,501,452 Unused credit card lines 984,636 877,929 Other loan commitments 458,509 485,371 Total letters of credit and unfunded lending commitments $ 14,091,035 $ 13,117,770 Investments in low income housing, solar energy tax credit and other CRA partnerships: Carrying amount included in other assets $ 214,615 $ 146,612 Amount of future funding commitments included in carrying amount 124,866 78,266 Permanent and short-term construction loans and letter of credit commitments 52,686 2,124 Funded portion of permanent and short-term loans and letters of credit 5,194 3,196 * Represent the contractual amount net of risk participations purchased of approximately $31 million and $33 million at September 30, 2020 and December 31, 2019, respectively. Merchant Services In accordance with credit and debit card association rules, Synovus provides merchant processing services for customers. Prior to the second quarter of 2020, these services were provided through a referral relationship which was replaced during the second quarter of 2020 with a new contractual arrangement under which certain sales and processing support are provided through an outside merchant services provider with Synovus owning the merchant contract relationship. In addition, Synovus sponsors various third-party MPS businesses that process credit and debit card transactions on behalf of merchants. In connection with these services, a liability may arise in the event of a billing dispute between the merchant and a cardholder that is ultimately resolved in the cardholder's favor. If the merchant defaults on its obligations, the cardholder, through its issuing bank, generally has until six months after the date of the transaction to present a chargeback to the MPS, which is primarily liable for any losses on covered transactions. However, if a sponsored MPS fails to meet its obligations, then Synovus, as the sponsor, could be held liable for the disputed amount. Synovus seeks to mitigate this risk through its contractual arrangements with the MPS and the merchants by withholding future settlements, retaining cash reserve accounts and/or obtaining other security. For the three and nine months ended September 30, 2020, Synovus and the sponsored entities processed and settled $20.23 billion and $55.47 billion of transactions, respectively. For the three and nine months ended September 30, 2019, the sponsored entities processed and settled $19.13 billion and $55.72 billion of transactions, respectively. Synovus covered chargebacks related to a particular sponsored MPS during 2019 and 2018 where the MPS’s cash reserve account was unavailable to support the chargebacks. As of September 30, 2020, the remaining amount due to Synovus from the MPS is $20.6 million, compared to $21.4 million at December 31, 2019. During the first quarter of 2020, Synovus recorded a $2.7 million reserve in other operating expenses associated with the chargebacks, reflecting the amount that Synovus does not expect to collect. The net balance of $17.9 million at September 30, 2020 is included in other assets and classified in NPAs. 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, allegations of violations of state and federal laws and regulations relating to banking practices, and allegations related to Synovus' participation in government stimulus programs, 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 September 30, 2020 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. |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
Segment Reporting | Note 11 - Segment Reporting Synovus' business segments are based on the products and services provided or the customers served, and as of the fourth quarter of 2019, reflect the manner in which financial information is evaluated by the chief operating decision makers. Prior to the fourth quarter of 2019, Synovus identified its overall banking operations as its only reportable segment. Synovus has 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. 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. Synovus's third-party lending partnership consumer loans and held for sale loans as well as PPP C&I loans are included in Treasury and Corporate Other. The management accounting policies and processes utilized in compiling segment financial information are highly subjective and, unl ike 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 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 tables present c ertain financial information for each reportable business segment for the three and nine months ended September 30, 2020. During the three months ended September 30, 2020, Synovus recognized a $44.9 million non-cash goodwill impairment charge representing all of the goodwill allocated to the Consumer Mortgage reporting unit (which is included in the FMS reportable segment) driven by significant mortgage refinance activity at record-low mortgage rates and the FOMC's updated guidance in the third quarter of 2020 regarding inflation targeting and their expectations for interest rates to remain low for an extended period of time. To p rovide comparable prior year information, Synovus has included proforma business segment financial information for the three and nine months ended September 30, 2019 utilizing various allocation methodologies based on balance sheet and income statement items assigned to each business segment. 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. Three Months Ended September 30, 2020 (in thousands) Community Banking Wholesale Banking Financial Management Services Treasury and Corporate Other Synovus Consolidated Net interest income $ 220,426 $ 139,080 $ 20,986 $ (3,502) $ 376,990 Non-interest revenue 29,982 5,496 65,820 13,113 114,411 Non-interest expense 68,571 19,530 92,931 135,623 316,655 Pre-provision net revenue $ 181,837 $ 125,046 $ (6,125) $ (126,012) $ 174,746 Three Months Ended September 30, 2019 Proforma (in thousands) Community Banking Wholesale Banking Financial Management Services Treasury and Corporate Other Synovus Consolidated Net interest income $ 203,197 $ 133,773 $ 26,582 $ 38,545 $ 402,097 Non-interest revenue 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 Nine Months Ended September 30, 2020 (in thousands) Community Banking Wholesale Banking Financial Management Services Treasury and Corporate Other Synovus Consolidated Net interest income $ 638,311 $ 407,265 $ 56,600 $ 24,640 $ 1,126,816 Non-interest revenue 89,413 20,406 166,067 115,866 391,752 Non-interest expense 219,859 63,176 184,501 409,540 877,076 Pre-provision net revenue $ 507,865 $ 364,495 $ 38,166 $ (269,034) $ 641,492 Nine Months Ended September 30, 2019 Proforma (in thousands) Community Banking Wholesale Banking Financial Management Services Treasury and Corporate Other Synovus Consolidated Net interest income $ 625,450 $ 388,241 $ 86,425 $ 96,419 $ 1,196,535 Non-interest revenue 101,971 21,787 111,873 22,314 257,945 Non-interest expense 225,141 55,141 111,139 441,426 832,847 Pre-provision net revenue $ 502,280 $ 354,887 $ 87,159 $ (322,693) $ 621,633 September 30, 2020 (dollars in thousands) Community Banking Wholesale Banking Financial Management Services Treasury and Corporate Other Synovus Consolidated Total loans net of deferred fees and costs $ 11,489,106 $ 19,204,961 $ 5,412,944 $ 3,442,836 $ 39,549,847 Total deposits $ 28,870,928 $ 10,339,568 $ 414,243 $ 5,041,165 $ 44,665,904 Total full-time equivalent employees 2,200 285 843 1,904 5,232 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 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 12 - Subsequent Events Issuance of Subordinated Debt by Synovus Bank On October 29, 2020, Synovus Bank issued $200.0 million aggregate principal amount of 4.000% Fixed-to-Fixed Rate Subordinated Bank Notes due October 29, 2030 (the "Maturity Date"). Subject to any redemption prior to the Maturity Date, the Notes will bear interest from and including the original issue date to, but excluding, October 29, 2025 (the ‘‘Reset Date’’), at a fixed rate of 4.000% per annum and from and including the Reset Date to, but excluding the Maturity Date, the Notes will bear interest at a fixed rate that will be the Five-year U.S. Treasury Rate (as defined) as of the Reset Determination Date, plus 3.625% per annum. Interest on the Notes will be payable semi-annually in arrears on April 29 and October 29 of each year, commencing on April 29, 2021. Synovus Bank may redeem the Notes, in whole but not in part, (i) at any time within 90 days following a Regulatory Capital Treatment Event or Tax Event (in each case as defined) or Synovus Bank becoming required to be registered as an investment company pursuant to the Investment Company Act of 1940, as amended, or (ii) on the Reset Date, in each case at a redemption price equal to 100% of the principal amount of the Notes, plus accrued and unpaid interest, if any, to but excluding the redemption date. The Notes are not redeemable at the option or election of holders. Voluntary Early Retirement Program |
Basis of Presentation and Acc_2
Basis of Presentation and Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Reclassifications | Prior periods' consolidated financial statements are reclassified whenever necessary to conform to the current periods' presentation. |
Use of Estimates in the Preparation of Financial Statements | In preparing the consolidated financial statements in accordance with GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the respective consolidated balance sheets and the reported amounts of revenues and expenses for the periods presented. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to change relate to the determination of the ACL; estimates of fair value, including goodwill impairment assessment; income taxes; and contingent liabilities. |
Investment Securities Available for Sale | Investment securities available for sale are carried at fair value with unrealized gains and losses, net of the related tax effect, excluded from earnings and reported as a separate component of shareholders' equity within accumulated other comprehensive income (loss) until realized. For investment securities available for sale in an unrealized loss position, if Synovus has an intention to sell the security, or it is more likely than not that the security will be required to be sold prior to recovery, the security is written down to its fair value. The write down is charged against the ACL with any additional impairment recorded in earnings. If the aforementioned criteria is not met, Synovus performs a quarterly assessment of its available for sale debt securities to determine if the decline in fair value of a security below its amortized cost is related to credit losses or other factors. Management cons iders the extent to which fair value is less than amortized cost, the issuer of the security, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. In assessing whether credit related impairment exists, the present value of cash flows expected to be collected from the security is compared to the security's amortized cos t. If the present value of cash flows expected to be collected is less than the security's amortized cost basis, the difference is attributable to credit losses. For such differences, Synovus records an ACL with an offset to provision for credit losses expense. Synovus limits the ACL recorded to the amount the security's fair value is less than the amortized cost basis. Impairment losses related to other factors are recognized in other comprehensive income (loss). |
Loans 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, and purchase premiums/discounts. Interest income, net deferred fees, and purchase premium/discount amortization/accretion on loans, are recognized on a level yield basis. Allowance for Credit Losses for Loans Held for Investment (ALL) The allowance for credit losses on loans held for investment are included in the ALL and represent management's estimate of credit losses expected over the life of the loans included in Synovus' existing loans held for investment portfolio. Changes to the allowance are recorded through a provision for credit losses and reduced by loans charged-off, net of recoveries. Determining the appropriateness of the allowance is complex and requires judgment by management about the effect of matters that are inherently uncertain. Accrued but uncollected interest is recorded in other assets on the consolidated balance sheets. In general, the Company does not record an ACL for accrued interest receivables as allowable per ASC 326-20-30-5A as Synovus' non-accrual policies result in the timely write-off of accrued but uncollected interest. Credit loss measurement Synovus' loan loss estimation process includes procedures to appropriately consider the unique characteristics of its loan portfolio segments (C&I, CRE and consumer). These segments are further disaggregated into loan classes, the level at which credit quality is assessed and monitored (as described in the subsequent sections). The ALL is measured on a collective (pool) basis when similar risk characteristics exist. Loans are grouped based upon the nature of the loan type and are further segregated based upon the individual loan risk ratings. Credit loss assumptions are primarily estimated using a DCF model applied to the aforementioned loan groupings. This model calculates an expected life-of-loan loss percentage for each loan category by considering the forecasted PD, which is the probability that a borrower will default, adjusted for relevant forecasted macroeconomic factors, and LGD, which is the estimate of the amount of net loss in the event of default. Expected credit losses are estimated over the contractual term of the loan, adjusted for expected prepayments and curtailments when appropriate. Management's determination of the contract term excludes expected extensions, renewals, and modifications unless either of the following applies: there is a reasonable expectation at the reporting date that a TDR will be executed with an individual borrower, or an extension or renewal option is included in the contract at the reporting date that is not unconditionally cancellable by Synovus. To the extent the lives of the loans in the portfolio extend beyond the period for which a reasonable and supportable forecast can be made (which is one year for Synovus), the Company reverts, on a straight-line basis back to the historical rates over a one year period. Life-of-loan loss percentages may also be adjusted, as necessary, for certain quantitative and qualitative factors that in management's judgment are necessary to reflect losses expected in the portfolio. These adjustments address inherent limitations in the quantitative model including uncertainty and limitations, among others. The above reflects the ALL estimation process for most commercial and consume r sub-pools. In some cases, Synovus may apply other acceptable loss rate models to smaller subpools. Loans that do not share risk characteristics are individually evaluated on a loan by loan basis with specific reserves, if any, recorded as appropriate. Specific reserves are determined based on two methods: discounted cash flow based upon the loan's contractual effective interest rate or at the fair value of the collateral, less costs to sell if the loan is collateral-dependent. For individually evaluated loans, under the DCF method, resulting expected credit losses are recorded as a specific reserve with a charge-off for any portion of the expected credit loss that is determined not to be recoverable. 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. For individually evaluated loans, 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. Troubled debt restructurings The ALL on a TDR is measured using the same method as all other loans held for investment, except that the original interest rate, and not the rate specified with the restructuring, is used to discount the expected cash flows. Purchased Loans with Credit Deterioration Purchased loans are evaluated upon acquisition in order to determine if the loan, or pool of loans, has experienced more-than-insignificant deterioration in credit quality since origination or issuance. In the performance of this evaluation, Synovus considers migration of the credit quality of the loans at origination in comparison to the credit quality at acquisition. Purchased loans classified as PCD are recognized in accordance with ASC 326-20-30, whereby the amortized cost basis of the PCD asset is ‘grossed-up’ by the initial estimate of credit losses with an offset to the ALL. This acquisition date allowance has no income statement effect. Post-acquisition, any changes in estimates of expected credit losses are recorded through the provision for credit losses. Non-credit discounts or premiums are accreted or amortized, respectively into interest income using the interest method. Loans formerly accounted for as purchased credit-impaired in accordance with ASC 310-30 were automatically transitioned to PCD classification. The Company did not maintain ASC 310-30 pools. PCD loans were integrated into existing pool structures based upon the nature of the loan type and are further segregated based upon the individual loan risk ratings as noted above. The accounting treatment for purchased loans classified as non-PCD is the same as loans held for investment as detailed in the above section. Allowance for Credit Losses on Off-balance-sheet Credit Exposures Synovus maintains a separate ACL for off-balance-sheet credit exposures, including unfunded loan commitments, unless the associated obligation is unconditionally cancellable by the Company. This allowance is included in other liabilities on the consolidated balance sheets with offsetting expense recognized as a component of the provision for credit losses on the |
Basis of Presentation and Acc_3
Basis of Presentation and Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The following table illustrates the impact of ASC 326 adoption: As of January 1, 2020 in thousands Pre-ASC 326 Adoption Impact of ASC 326 Adoption As Reported under ASC 326 Assets Allowance for loan losses: Commercial and industrial $ 145,782 $ (2,310) $ 143,472 Commercial real estate 67,430 (651) 66,779 Consumer 68,190 85,955 154,145 Total allowance for loan losses $ 281,402 $ 82,994 $ 364,396 Liabilities Reserve for unfunded commitments $ 1,375 $ 27,440 $ 28,815 Allowance for credit losses $ 282,777 $ 110,434 $ 393,211 The following table illustrates the distribution of the ASC 326 adoption impact to loans and equity: As of January 1, 2020 in thousands Pre-ASC 326 Adoption Impact of ASC 326 Adoption As Reported under ASC 326 Loans, net $ 36,881,048 $ (20,767) $ 36,860,281 Retained earnings 1,068,327 (35,721) 1,032,606 |
Investment Securities Availab_2
Investment Securities Available for Sale (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
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 September 30, 2020 and December 31, 2019 are summarized below. September 30, 2020 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury securities $ 20,254 $ — $ — $ 20,254 U.S. Government agency securities 153,984 3,056 (426) 156,614 Mortgage-backed securities issued by U.S. Government agencies 1,132,816 2,655 (6,079) 1,129,392 Mortgage-backed securities issued by U.S. Government sponsored enterprises 4,402,051 138,611 (276) 4,540,386 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 1,331,011 18,495 (4,222) 1,345,284 Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises 334,463 19,694 — 354,157 State and municipal securities 500 1 — 501 Corporate debt securities and other debt securities 20,186 141 (390) 19,937 Total investment securities available for sale $ 7,395,265 $ 182,653 $ (11,393) $ 7,566,525 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 securities 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 |
Schedule of Gross Unrealized Losses on Investment Securities and Fair Value | 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 September 30, 2020 and December 31, 2019 are presented below. September 30, 2020 Less than 12 Months 12 Months of Longer Total (in thousands) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses U.S. Government agency securities $ 48,921 $ (426) $ — $ — $ 48,921 $ (426) Mortgage-backed securities issued by U.S. Government agencies 800,908 (6,079) — — 800,908 (6,079) Mortgage-backed securities issued by U.S. Government sponsored enterprises 180,899 (276) — — 180,899 (276) Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 609,208 (4,222) — — 609,208 (4,222) Corporate debt securities and other debt securities 11,115 (390) — — 11,115 (390) Total $ 1,651,051 $ (11,393) $ — $ — $ 1,651,051 $ (11,393) December 31, 2019 Less than 12 Months 12 Months of 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 securities and other debt securities 9,505 (2) — — 9,505 (2) Total $ 891,914 $ (2,468) $ 5,309 $ (38) $ 897,223 $ (2,506) |
Amortized Cost and Estimated Fair Value by Contractual Maturity of Investment Securities Available-for-Sale | For purposes of the maturity table, MBSs and CMOs, which are not due at a single maturity date, have been classified based on the final contractual maturity date. Distribution of Maturities at September 30, 2020 (in thousands) Within One 1 to 5 5 to 10 More Than Total Amortized Cost U.S. Treasury securities $ 20,254 $ — $ — $ — $ 20,254 U.S. Government agency securities 430 26,432 127,122 — 153,984 Mortgage-backed securities issued by U.S. Government agencies — 1,585 311 1,130,920 1,132,816 Mortgage-backed securities issued by U.S. Government sponsored enterprises — 310 73,420 4,328,321 4,402,051 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — — 248 1,330,763 1,331,011 Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises — 109,731 112,089 112,643 334,463 State and municipal securities — — — 500 500 Corporate debt securities and other debt securities — 9,505 8,681 2,000 20,186 Total amortized cost $ 20,684 $ 147,563 $ 321,871 $ 6,905,147 $ 7,395,265 Fair Value U.S. Treasury securities $ 20,254 $ — $ — $ — $ 20,254 U.S. Government agency securities 438 26,243 129,933 — 156,614 Mortgage-backed securities issued by U.S. Government agencies — 1,641 324 1,127,427 1,129,392 Mortgage-backed securities issued by U.S. Government sponsored enterprises — 319 76,148 4,463,919 4,540,386 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — — 259 1,345,025 1,345,284 Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises — 116,705 118,468 118,984 354,157 State and municipal securities — — — 501 501 Corporate debt securities and other debt securities — 9,315 8,822 1,800 19,937 Total fair value $ 20,692 $ 154,223 $ 333,954 $ 7,057,656 $ 7,566,525 |
Schedule of Sales Activities of Available-for-Sale Securities | Proceeds from sales, gross gains, and gross losses on sales of securities available for sale for the three and nine months ended September 30, 2020 and 2019 are presented below. The specific identification method is used to reclassify gains and losses out of other comprehensive income at the time of sale. Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Proceeds from sales of investment securities available for sale $ 1,249,507 $ 709,464 $ 3,932,368 $ 2,456,137 Gross realized gains on sales — 140 83,840 9,270 Gross realized losses on sales (1) (1,550) (3,871) (7,246) (14,772) Investment securities gains (losses), net $ (1,550) $ (3,731) $ 76,594 $ (5,502) (1) Losses recognized dur ing 2020 primarily relate to the sale of Synovus' remaining portfolio of asset-backed securities during the second quarter of 2020. Additionally, losses inclu de an $802 thousand third quarter 2020 settlement adjustment to the gain recognized on second quarter 2020 securities sales. |
Loans and Allowance for Loan _2
Loans and Allowance for Loan Losses (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Loans and Allowance for Loan Losses [Abstract] | |
Schedule of Current, Accruing Past Due, and Non-accrual Loans | The following tables provide a summary of current, accruing past due, and non-accrual loans by portfolio class as of September 30, 2020 and December 31, 2019. September 30, 2020 (in thousands) Current Accruing 30-89 Days Past Due Accruing 90 Days or Greater Past Due Total Accruing Past Due Non-accrual with an ALL Non-accrual without an ALL Total Commercial, financial and agricultural $ 13,009,877 $ 13,967 $ 829 $ 14,796 $ 67,415 $ 27,950 $ 13,120,038 Owner-occupied 6,869,346 4,131 375 4,506 10,623 9,638 6,894,113 Total commercial and industrial 19,879,223 18,098 1,204 19,302 78,038 37,588 20,014,151 Investment properties 9,628,029 5,620 538 6,158 28,260 — 9,662,447 1-4 family properties 649,225 2,092 350 2,442 2,135 1,236 655,038 Land and development 645,148 583 268 851 2,126 265 648,390 Total commercial real estate 10,922,402 8,295 1,156 9,451 32,521 1,501 10,965,875 Consumer mortgages 5,643,745 6,475 872 7,347 7,433 — 5,658,525 Home equity lines 1,601,705 3,176 29 3,205 10,297 — 1,615,207 Credit cards 259,262 1,894 3,673 5,567 — — 264,829 Other consumer loans 1,116,334 11,866 578 12,444 1,459 — 1,130,237 Total consumer 8,621,046 23,411 5,152 28,563 19,189 — 8,668,798 Total loans $ 39,422,671 $ 49,804 $ 7,512 $ 57,316 $ 129,748 $ 39,089 $ 39,648,824 (1) 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) Total Commercial, financial and agricultural $ 9,124,285 $ 38,916 $ 1,206 $ 40,122 $ 56,017 $ 1,019,135 $ 10,239,559 Owner-occupied 5,691,095 5,164 576 5,740 9,780 823,196 6,529,811 Total commercial and industrial 14,815,380 44,080 1,782 45,862 65,797 1,842,331 16,769,370 Investment properties 7,264,794 1,344 — 1,344 1,581 1,736,608 9,004,327 1-4 family properties 733,984 2,073 304 2,377 2,253 41,401 780,015 Land and development 629,363 808 — 808 1,110 78,161 709,442 Total commercial real estate 8,628,141 4,225 304 4,529 4,944 1,856,170 10,493,784 Consumer mortgages 3,681,553 4,223 730 4,953 11,369 1,848,493 5,546,368 Home equity lines 1,691,759 7,038 171 7,209 12,034 2,155 1,713,157 Credit cards 263,065 3,076 2,700 5,776 — — 268,841 Other consumer loans 2,363,101 18,688 616 19,304 5,704 8,185 2,396,294 Total consumer 7,999,478 33,025 4,217 37,242 29,107 1,858,833 9,924,660 Total loans $ 31,442,999 $ 81,330 $ 6,303 $ 87,633 $ 99,848 $ 5,557,334 $ 37,187,814 (3) (1) Total before net deferred fees and costs of $99.0 million. (2) Represents loans (at fair value) acquired from FCB accounted for under ASC 310-30, net of discount of $90.3 million and payments since Acquisition Date and also include $1.8 million in non-accrual loans, $9.6 million in accruing 90 days or greater past due loans, and $26.5 million in 30-89 days past due loans. (3) Total before net deferred fees and costs of $25.4 million. |
Loan Portfolio Credit Exposure | The following table summarizes each loan portfolio class by risk grade and origination year as of September 30, 2020 as required under CECL. September 30, 2020 Term Loans Amortized Cost Basis by Origination Year Revolving Loans (in thousands) 2020 2019 2018 2017 2016 Prior Amortized Cost Basis Converted to Term Loans Total Commercial, financial and agricultural Pass $ 4,056,896 $ 1,429,402 $ 974,892 $ 667,989 $ 566,178 $ 815,006 $ 4,049,741 $ 60,299 $ 12,620,403 Special Mention 49,283 39,929 21,599 33,376 8,404 7,986 63,455 506 224,538 Substandard (1) 27,247 12,646 14,879 36,007 12,373 40,342 102,364 516 246,374 Doubtful (2) — 3,721 19,778 186 915 91 4,032 — 28,723 Total commercial, financial and agricultural 4,133,426 1,485,698 1,031,148 737,558 587,870 863,425 4,219,592 61,321 13,120,038 Owner-occupied Pass 953,513 1,189,845 1,212,541 1,032,744 643,841 1,338,513 328,656 — 6,699,653 Special Mention 3,029 19,004 18,746 11,767 3,604 7,278 — — 63,428 Substandard (1) 1,788 14,686 36,319 29,794 6,521 32,286 — — 121,394 Doubtful (2) — — 9,638 — — — — — 9,638 Total owner-occupied 958,330 1,223,535 1,277,244 1,074,305 653,966 1,378,077 328,656 — 6,894,113 Total commercial and industrial 5,091,756 2,709,233 2,308,392 1,811,863 1,241,836 2,241,502 4,548,248 61,321 20,014,151 Investment properties Pass 784,989 2,241,547 2,193,526 1,376,648 606,029 1,404,524 239,503 — 8,846,766 Special Mention 1,222 66,438 147,928 141,036 166,053 129,887 30,206 — 682,770 Substandard (1) 812 2,655 24,965 14,927 821 88,693 38 — 132,911 Total investment properties 787,023 2,310,640 2,366,419 1,532,611 772,903 1,623,104 269,747 — 9,662,447 1-4 family properties Pass 139,919 125,473 80,610 94,889 49,122 100,984 49,594 — 640,591 Special Mention 419 — 524 111 800 120 — — 1,974 Substandard (1) 1,514 1,517 3,837 1,038 489 2,560 1,518 — 12,473 Total 1-4 family properties 141,852 126,990 84,971 96,038 50,411 103,664 51,112 — 655,038 September 30, 2020 Term Loans Amortized Cost Basis by Origination Year Revolving Loans (in thousands) 2020 2019 2018 2017 2016 Prior Amortized Cost Basis Converted to Term Loans Total Land and development Pass $ 56,935 $ 204,012 $ 91,630 $ 106,490 $ 12,564 $ 90,474 $ 58,092 $ — $ 620,197 Special Mention — 2,172 4,277 5,784 — 1,828 3,550 — 17,611 Substandard (1) 1,627 1,104 4,675 1,085 527 1,564 — — 10,582 Total land and development 58,562 207,288 100,582 113,359 13,091 93,866 61,642 — 648,390 Total commercial real estate 987,437 2,644,918 2,551,972 1,742,008 836,405 1,820,634 382,501 — 10,965,875 Consumer mortgages Pass 1,579,366 964,882 481,718 764,384 755,595 1,102,091 1,005 — 5,649,041 Substandard (1) 49 197 777 805 2,412 5,170 — — 9,410 Loss (3) — — — — — 74 — — 74 Total consumer mortgages 1,579,415 965,079 482,495 765,189 758,007 1,107,335 1,005 — 5,658,525 Home equity lines Pass — — — — — — 1,513,600 86,404 1,600,004 Substandard (1) — — — — — — 8,603 5,173 13,776 Doubtful (2) — — — — — — — 19 19 Loss (3) — — — — — — 1,243 165 1,408 Total home equity lines — — — — — — 1,523,446 91,761 1,615,207 Credit cards Pass — — — — — — 261,207 — 261,207 Substandard (1) — — — — — — 828 — 828 Loss (4) — — — — — — 2,794 — 2,794 Total credit cards — — — — — — 264,829 — 264,829 Other consumer loans Pass 136,944 229,039 142,260 161,717 112,805 76,244 268,840 — 1,127,849 Substandard (1) — 720 163 474 64 714 253 — 2,388 Total other consumer loans 136,944 229,759 142,423 162,191 112,869 76,958 269,093 — 1,130,237 Total consumer 1,716,359 1,194,838 624,918 927,380 870,876 1,184,293 2,058,373 91,761 8,668,798 Total loans (5) $ 7,795,552 $ 6,548,989 $ 5,485,282 $ 4,481,251 $ 2,949,117 $ 5,246,429 $ 6,989,122 $ 153,082 $ 39,648,824 (1) The majority of loans within Substandard risk grade are accruing loans at September 30, 2020. (2) Loans within Doubtful risk grade are on non-accrual status and generally have an ALL equal to 50% of the loan amount. (3) Loans within Loss 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 $99.0 million. The following table summarizes each loan portfolio class by risk grade as of December 31, 2019. December 31, 2019 (in thousands) Pass Special Mention Substandard (1) Doubtful (2) Loss (3) Total Commercial, financial and agricultural $ 9,927,059 $ 128,506 $ 182,831 $ 1,163 $ — $ 10,239,559 Owner-occupied 6,386,055 58,330 85,426 — — 6,529,811 Total commercial and industrial 16,313,114 186,836 268,257 1,163 — 16,769,370 Investment properties 8,930,360 16,490 57,477 — — 9,004,327 1-4 family properties 766,529 3,249 10,237 — — 780,015 Land and development 681,003 18,643 9,796 — — 709,442 Total commercial real estate 10,377,892 38,382 77,510 — — 10,493,784 Consumer mortgages 5,527,746 — 18,376 97 149 5,546,368 Home equity lines 1,697,086 — 14,806 21 1,244 1,713,157 Credit cards 266,146 — 818 — 1,877 (4) 268,841 Other consumer loans 2,390,199 — 6,095 — — 2,396,294 Total consumer 9,881,177 — 40,095 118 3,270 9,924,660 Total loans (5) $ 36,572,183 $ 225,218 $ 385,862 $ 1,281 $ 3,270 $ 37,187,814 (1) The majority of loans within Substandard risk grade are accruing loans at December 31, 2019. (2) Loans within Doubtful risk grade are on non-accrual status and generally have an ALL equal to 50% of the loan amount. (3) Loans within Loss 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. |
Financing Receivable, Allowance for Credit Loss | Rollforward of Allowance for Loan Losses The following tables detail the changes in the ALL by loan segment for the three and nine months ended September 30, 2020 and 2019. Additionally, during the three and nine months ended September 30, 2020, Synovus reversed $6.1 million and $19.4 million, respectively, in previously established reserves for credit losses associated with the transfer to held for sale of $513.2 million and $1.31 billion, respectively, in performing loans primarily related to third-party single-service consumer loans and non-relationship consumer mortgages. As Of and For the Three Months Ended September 30, 2020 (in thousands) Commercial & Industrial Commercial Real Estate Consumer Total Allowance for loan losses: Beginning balance $ 229,915 $ 171,526 $ 187,207 $ 588,648 Charge-offs (19,367) (6,878) (9,101) (35,346) Recoveries 3,796 1,225 1,859 6,880 Provision for (reversal of) loan losses 46,256 (22,068) 19,430 43,618 Ending balance $ 260,600 $ 143,805 $ 199,395 $ 603,800 As Of and For the Three Months Ended September 30, 2019 (in thousands) Commercial & Industrial Commercial Real Estate Consumer Total Allowance for loan losses: Beginning balance $ 138,004 $ 63,463 $ 55,909 $ 257,376 Charge-offs (15,425) (3,275) (6,026) (24,726) Recoveries 2,276 1,490 1,035 4,801 Provision for loan losses 17,156 280 10,126 27,562 Ending balance $ 142,011 $ 61,958 $ 61,044 $ 265,013 As Of and For the Nine Months Ended September 30, 2020 (in thousands) Commercial & Industrial Commercial Real Estate Consumer Total Allowance for loan losses: Beginning balance, prior to adoption of ASU 2016-13 $ 145,782 $ 67,430 $ 68,190 $ 281,402 Impact from adoption of ASU 2016-13 (2,310) (651) 85,955 82,994 Charge-offs (57,497) (8,585) (23,917) (89,999) Recoveries 8,798 2,160 6,468 17,426 Provision for loan losses 165,827 83,451 62,699 311,977 Ending balance $ 260,600 $ 143,805 $ 199,395 $ 603,800 As Of and For the Nine Months Ended September 30, 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 (39,558) (5,369) (17,363) (62,290) Recoveries 6,087 3,788 3,623 13,498 Provision for (reversal of) loan losses 42,359 (5,257) 26,148 63,250 Ending balance $ 142,011 $ 61,958 $ 61,044 $ 265,013 |
Troubled Debt Restructurings | Information about Synovus' TDRs is presented in the following tables. Synovus began entering into loan modifications with borrowers in response to the COVID-19 pandemic, which have not been classified as TDRs, and therefore are not included in the discussion below. See "Part I-Item 1. Financial Statements and Supplementary Data - Note 1 - Basis of Presentation" in this Report for more information on Synovus' loan modifications due to COVID-19. The following tables represent, by concession type, the post-modification balance for loans modified or renewed during the three and nine months ended September 30, 2020 and 2019 that were reported as accruing or non-accruing TDRs. TDRs by Concession Type Three Months Ended September 30, 2020 (in thousands, except contract data) Number of Contracts Below Market Interest Rate Other Concessions (1) Total Commercial, financial and agricultural 42 $ 3,335 $ 670 $ 4,005 Owner-occupied 7 1,753 — 1,753 Total commercial and industrial 49 5,088 670 5,758 Investment properties 2 294 93 387 1-4 family properties 5 74 114 188 Land and development 1 40 — 40 Total commercial real estate 8 408 207 615 Consumer mortgages 3 496 23 519 Home equity lines 17 471 648 1,119 Other consumer loans 3 48 85 133 Total consumer 23 1,015 756 1,771 Total TDRs 80 $ 6,511 $ 1,633 $ 8,144 (2) Three Months Ended September 30, 2019 (in thousands, except contract data) Number of Contracts Below Market Interest Rate Other Concessions (1) Total Commercial, financial and agricultural 27 $ 2,577 $ 1,917 $ 4,494 Owner-occupied 7 2,822 861 3,683 Total commercial and industrial 34 5,399 2,778 8,177 Investment properties 4 385 — 385 1-4 family properties 4 766 — 766 Land and development 1 473 — 473 Total commercial real estate 9 1,624 — 1,624 Consumer mortgages 10 1,008 118 1,126 Home equity lines 25 364 1,635 1,999 Other consumer loans 27 473 1,222 1,695 Total consumer 62 1,845 2,975 4,820 Total TDRs 105 $ 8,868 $ 5,753 $ 14,621 (3) (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 three months ending September 30, 2020 and 2019. (2) No net charge-offs were recorded during the three months ended September 30, 2020 . (3) No net charge-offs were recorded during the three months ended September 30, 2019 . Nine Months Ended September 30, 2020 (in thousands, except contract data) Number of Contracts Below Market Interest Rate Other Concessions (1) Total Commercial, financial and agricultural 118 $ 8,562 $ 4,681 $ 13,243 Owner-occupied 19 3,573 1,530 5,103 Total commercial and industrial 137 12,135 6,211 18,346 Investment properties 6 28,963 93 29,056 1-4 family properties 15 867 1,105 1,972 Land and development 3 581 — 581 Total commercial real estate 24 30,411 1,198 31,609 Consumer mortgages 19 1,568 2,589 4,157 Home equity lines 50 926 2,530 3,456 Other consumer loans 50 145 2,779 2,924 Total consumer 119 2,639 7,898 10,537 Total TDRs 280 $ 45,185 $ 15,307 $ 60,492 (2) Nine Months Ended September 30, 2019 (in thousands, except contract data) Number of Contracts Below Market Interest Rate Other Concessions (1) Total Commercial, financial and agricultural 61 $ 5,703 $ 4,404 $ 10,107 Owner-occupied 13 4,854 861 5,715 Total commercial and industrial 74 10,557 5,265 15,822 Investment properties 6 1,048 — 1,048 1-4 family properties 14 2,072 — 2,072 Land and development 3 641 — 641 Total commercial real estate 23 3,761 — 3,761 Consumer mortgages 15 1,245 1,332 2,577 Home equity lines 50 2,686 1,740 4,426 Other consumer loans 79 1,167 3,599 4,766 Total consumer 144 5,098 6,671 11,769 Total TDRs 241 $ 19,416 $ 11,936 $ 31,352 (3) (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 nine months ending September 30, 2020 and 2019. (2) No net charge-offs were recorded during the nine months ended September 30, 2020 . (3) No net charge-offs were recorded during the nine months ended September 30, 2019 . |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | Goodwill allocated to each reporting unit at September 30, 2020 and December 31, 2019 is presented as follows (the FMS reportable segment includes two reporting units of Consumer Mortgage and Wealth Management): (in thousands) Community Banking Reporting Unit Wholesale Banking Reporting Unit Consumer Mortgage Reporting Unit Wealth Management Reporting Unit Total Balance as of December 31, 2019 $ 256,323 $ 171,636 $ 44,877 $ 24,431 $ 497,267 Goodwill impairment — — (44,877) — (44,877) Balance as of September 30, 2020 $ 256,323 $ 171,636 $ — $ 24,431 $ 452,390 Goodwill is evaluated for impairment on an annual basis or whenever an event occurs or circumstances change to indicate that it is more likely than not that an impairment loss has been incurred (i.e., a triggering event). Synovus conducted a goodwill impairment assessment as of December 31, 2019, following Synovus' reorganization, applying ASC 350-20-35-3A Goodwill Subsequent Measurement - Qualitative Assessment Approach and concluded that goodwill was not impaired. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 19 -Segment Reporting" to the consolidated financial statements of Synovus' 2019 Form 10-K for information on Synovus' reorganization during 2019. During 2020, Synovus performed interim goodwill impairment tests as of September 30, 2020, June 30, 2020 and March 31, 2020 based on quarterly assessments of triggering events that included Synovus' stock price trading below book value, an extremely low interest rate environment, as well as general recessionary economic conditions caused by the COVID-19 pandemic. Quantitative assessments of goodwill impairment include determining the estimated fair value of each reporting unit, utilizing a combination of discounted cash flow and market-based approaches, and comparing that fair value to each reporting unit's carrying amount. The discounted cash flow method included updated internal forecasts, long-term profitability targets, growth rates and discount rates. The market approach was based on a comparison of certain financial metrics of Synovus' reporting units to guideline public company peers. The income-based discounted cash flow approach was more heavily weighted (60%) than the market-based approach (40%) due to significant volatility in the market since the pandemic was declared a National Emergency. Based on the assessment performed at September 30, 2020, Synovus recognized a $44.9 million goodwill impairment charge representing all goodwill allocated to the Consumer Mortgage reporting unit, while the fair values of the Community Banking, Wholesale Banking and Wealth Management reporting units continued to exceed the respective carrying values. The projected cash flows of the Consumer Mortgage reporting unit declined from the prior period valuations due to significant mortgage refinance activity at record-low mortgage rates and the FOMC's updated guidance in the third quarter of 2020 regarding inflation targeting and their expectations for interest rates to remain low for an extended period of time. The primarily fixed rate, longer duration nature of Synovus’ mortgage portfolio especially impacted the Consumer Mortgage reporting unit. In addition, the excess of fair value over the carrying amount for the Community Banking and Wholesale Banking reporting units was less than 10% at September 30, 2020. Due to the high degree of subjectivity i nvolved in estimating the fair value of Synovus' reporting units, a decline in Synovus' expected future cash flows or estimated growth rates due to further deterioration in the economic environment, or continued market capitalization of Synovus below book value, could result in an additional goodwill impairment charge that is material to Synovus' results from operations, but would not materially impact our financial condition . |
Schedule of Other Intangible Assets | The following table shows the gross carrying amount and accumulated amortization of other intangible assets as of September 30, 2020 and December 31, 2019, which primarily consist of core deposit intangible assets acquired in the FCB acquisition. 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 three and nine months ended September 30, 2020 was $2.6 million and $7.9 million, respectively. Aggregate other intangible assets amortization for the three and nine months ended September 30, 2019 was $2.9 million and $8.7 million, respectively. (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Value September 30, 2020 CDI $ 57,400 $ (17,481) $ 39,919 Other 12,500 (4,667) 7,833 Total other intangible assets $ 69,900 $ (22,148) $ 47,752 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 |
Shareholders' Equity and Othe_2
Shareholders' Equity and Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Schedule of Dividends Payable | The following table presents dividends declared related to common stock. For information related to preferred stock dividends, see "Part II - Item 8. Financial Statements and Supplementary Data - Note 10 - Shareholders' Equity and Other Comprehensive Income" to the consolidated financial statements of Synovus' 2019 Form 10-K. Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Cash dividends declared per share $ 0.33 $ 0.30 $ 0.99 $ 0.90 |
Share-based Compensation, Stock Options, Activity | Stock Options (in thousands, except per share amounts) Quantity Weighted-Average Exercise Price Per Share Outstanding at January 1, 2020 3,037 $ 22.74 Exercised (239) 28.28 Expired/canceled (64) 29.75 Outstanding at September 30, 2020 2,734 $ 22.09 |
Schedule of Nonvested Share Activity | RSUs, MRSUs, and PSUs (in thousands, except per share amounts) Quantity Weighted-Average Grant Date Fair Value Per Share Non-vested at January 1, 2020 1,312 $ 39.28 Granted 893 32.91 Quantity change based on TSR and performance factors 44 35.11 Dividend equivalents granted 56 33.50 Vested (590) 38.85 Forfeited (58) 36.22 Non-vested at September 30, 2020 1,657 $ 35.80 |
Schedule of Changes in Accumulated Other Comprehensive Income (Loss) by Component (Net of Income Taxes) | The following tables illustrate activity within the balances in accumulated other comprehensive income (loss) by component for the three and nine months ended September 30, 2020 and 2019. Changes in Accumulated Other Comprehensive Income (Loss) by Component (Net of Income Taxes) (in thousands) Net unrealized gains (losses) on investment securities available for sale (1) Net unrealized gains (losses) on cash flow hedges (1) Post-retirement unfunded health benefit Total Balance, July 1, 2020 $ 134,245 $ 68,263 $ 462 $ 202,970 Other comprehensive income (loss) before reclassifications (21,806) (6,635) — (28,441) Amounts reclassified from AOCI 1,149 (764) — 385 Net current period other comprehensive income (loss) (20,657) (7,399) — (28,056) Balance at September 30, 2020 $ 113,588 $ 60,864 $ 462 $ 174,914 Balance, July 1, 2019 $ 60,586 $ (12,137) $ 840 $ 49,289 Other comprehensive income (loss) before reclassifications 25,133 (876) (378) 23,879 Amounts reclassified from AOCI 2,765 — — 2,765 Net current period other comprehensive income (loss) 27,898 (876) (378) 26,644 Balance at September 30, 2019 $ 88,484 $ (13,013) $ 462 $ 75,933 Balance, January 1, 2020 $ 83,666 $ (18,487) $ 462 $ 65,641 Other comprehensive income (loss) before reclassifications 86,678 80,404 — 167,082 Amounts reclassified from AOCI (56,756) (1,053) — (57,809) Net current period other comprehensive income (loss) 29,922 79,351 — 109,273 Balance at September 30, 2020 $ 113,588 $ 60,864 $ 462 $ 174,914 Balance, January 1, 2019 $ (83,179) $ (12,137) $ 896 $ (94,420) Other comprehensive income (loss) before reclassifications 167,586 (876) (378) 166,332 Amounts reclassified from AOCI 4,077 — (56) 4,021 Net current period other comprehensive income (loss) 171,663 (876) (434) 170,353 Balance at September 30, 2019 $ 88,484 $ (13,013) $ 462 $ 75,933 (1) For all periods presented, the ending balance in net unrealized gains (losses) on cash flow hedges and investment securities available for sale includes unrealized losses of $12.1 million and $13.3 million, respectively, related to residual tax effects remaining in OCI due to previously established deferred tax asset valuation allowances in 2010 and 2011. In accordance with ASC 740-20-45-11(b), under the portfolio approach, these unrealized losses are realized at the time the entire portfolio is sold or disposed. |
Fair Value Accounting (Tables)
Fair Value Accounting (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments Measured at Fair Value on Recurring Basis | The following tables present all financial instruments measured at fair value on a recurring basis as of September 30, 2020 and December 31, 2019. September 30, 2020 (in thousands) Level 1 Level 2 Level 3 Total Assets and Liabilities at Fair Value Assets Trading securities: Mortgage-backed securities issued by U.S. Government agencies $ — $ 18 $ — $ 18 Collateralized mortgage obligations issued by U.S. Government sponsored enterprises — 604 — 604 Other mortgage-backed securities — 673 — 673 State and municipal securities — 579 — 579 Asset-backed securities — 2,497 — 2,497 Total trading securities $ — $ 4,371 $ — $ 4,371 Investment securities available for sale: U.S. Treasury securities $ 20,254 $ — $ — $ 20,254 U.S. Government agency securities — 156,614 — 156,614 Mortgage-backed securities issued by U.S. Government agencies — 1,129,392 — 1,129,392 Mortgage-backed securities issued by U.S. Government sponsored enterprises — 4,540,386 — 4,540,386 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — 1,345,284 — 1,345,284 Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises — 354,157 — 354,157 State and municipal securities — 501 — 501 Corporate debt securities and other debt securities — 18,137 1,800 19,937 Total investment securities available for sale $ 20,254 $ 7,544,471 $ 1,800 $ 7,566,525 Mortgage loans held for sale — 285,899 — 285,899 Private equity investments — — 958 958 Mutual funds and mutual funds held in rabbi trusts 35,174 — — 35,174 GGL/SBA loans servicing asset — — 3,100 3,100 Derivative assets — 463,028 — 463,028 Liabilities Earnout liability $ — $ — $ 15,924 $ 15,924 Derivative liabilities — 178,508 1,460 179,968 December 31, 2019 (in thousands) Level 1 Level 2 Level 3 Total Assets and Liabilities at Fair Value Assets Trading securities: Collateralized mortgage obligations 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 securities 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 — — 11,016 11,016 Derivative liabilities — 34,732 2,339 37,071 |
Schedule of Mortgage Loans Held for Sale and Changes in Fair Value Included in Consolidated Statements of Income | The following table summarizes the difference between the fair value and the UPB of mortgage loans held for sale and the changes in fair value of these loans. An immaterial portion of these changes in fair value was attributable to changes in instrument-specific credit risk. Mortgage Loans Held for Sale (in thousands) As of September 30, 2020 As of December 31, 2019 Fair value $ 285,899 $ 115,173 Unpaid principal balance 276,709 112,218 Fair value less aggregate unpaid principal balance $ 9,190 $ 2,955 Changes in Fair Value Included in Net Income Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Mortgage loans held for sale $ 251 $ 892 $ 6,235 $ 1,593 |
Changes in Level 3 Fair Value Measurements | Three Months Ended September 30, 2020 (in thousands) Investment Securities Available for Sale Private Equity Investments GGL / SBA Earnout Visa Derivative Beginning balance, July 1, 2020 $ 1,662 $ 698 $ 3,019 $ (15,924) $ (1,755) Total gains (losses) realized/unrealized: Included in earnings — 260 (187) — — Unrealized gains (losses) included in OCI 138 — — — — Additions — — 268 — — Settlements — — — — 295 Ending balance, September 30, 2020 $ 1,800 $ 958 $ 3,100 $ (15,924) $ (1,460) Total net gains (losses) for the period included in earnings attributable to the change in unrealized gains/(losses) relating to assets/liabilities still held at September 30, 2020 $ — $ 260 $ — $ — $ — Three Months Ended September 30, 2019 (in thousands) Investment Securities Available for Sale Private Equity Investments GGL / SBA Earnout Visa Derivative Beginning balance, July 1, 2019 $ 2,017 $ 13,341 $ 3,326 $ (14,353) $ (1,049) Total gains (losses) realized/unrealized: Included in earnings — 1,194 (298) (10,457) (2,500) Unrealized gains (losses) included in OCI (26) — — — — Additions — — 322 — — Settlements — (3,246) — — 214 Ending balance, September 30, 2019 $ 1,991 $ 11,289 $ 3,350 $ (24,810) $ (3,335) Total net gains (losses) for the period included in earnings attributable to the change in unrealized gains/(losses) relating to assets/liabilities still held at September 30, 2019 $ — $ 777 $ — $ (10,457) $ (2,500) Nine Months Ended September 30, 2020 (in thousands) Investment Securities Available for Sale Private Equity Investments GGL / SBA Earnout Visa Derivative Beginning balance, January 1, 2020 $ 2,105 $ 3,887 $ 3,040 $ (11,016) $ (2,339) Total gains (losses) realized/unrealized: Included in earnings (2,929) (742) (4,908) — Unrealized gains (losses) included in OCI (305) — — — — Additions — — 802 — — Settlements — — — — 879 Ending balance, September 30, 2020 $ 1,800 $ 958 $ 3,100 $ (15,924) $ (1,460) Total net gains (losses) for the period included in earnings attributable to the change in unrealized gains/(losses) relating to assets/liabilities still held at September 30, 2020 $ — $ (2,929) $ — $ (4,908) $ — Nine Months Ended September 30, 2019 (in thousands) Investment Securities Available for Sale Private Equity Investments GGL / SBA Earnout Visa Derivative Beginning balance, January 1, 2019 $ 1,785 $ 11,028 $ 3,729 $ (14,353) $ (1,673) Total (losses) gains realized/unrealized: Included in earnings — 3,507 (1,091) (10,457) (2,500) Unrealized gains (losses) included in OCI 206 — — — — Additions — — 712 — — Settlements — (3,246) — — 838 Ending balance, September 30, 2019 $ 1,991 $ 11,289 $ 3,350 $ (24,810) $ (3,335) Total net gains (losses) for the period included in earnings attributable to the change in unrealized losses relating to assets/liabilities still held at September 30, 2019 $ — $ 3,090 $ — $ (10,457) $ (2,500) |
Fair Value Inputs, Assets, Quantitative Information | The table below provides an overview of the valuation techniques and significant unobservable inputs used in those techniques to measure financial instruments that are classified within Level 3 of the valuation hierarchy and are measured at fair value on a recurring basis. The range of sensitivities that management utilized in its fair value calculations is deemed acceptable in the industry with respect to the identified financial instruments. September 30, 2020 (dollars in thousands) Valuation Technique Significant Unobservable Input Level 3 Fair Value Rate/Range Assets measured at fair value on a recurring basis Investment Securities Available for Sale - Discounted cash flow analysis Discount rate $1,800 5.83% 3.79% Private equity investments Individual analysis of each investee company Multiple factors, including but not limited to, current operations, financial condition, cash flows, evaluation of business management and financial plans, and recently executed financing transactions related to the investee companies $958 N/A GGL/SBA loans servicing asset Discounted cash flow analysis Discount rate $3,100 9.68% 19.20% Earnout liability Option pricing methods and Monte Carlo simulation Financial projections of Global One $15,924 N/A Visa derivative liability Discounted cash flow analysis Estimated timing of resolution of Covered Litigation and future cumulative deposits to the litigation escrow for settlement of the Covered Litigation $1,460 0-1.2 years (4Q 2021) The table below provides an overview of the valuation techniques and significant unobservable inputs used in those techniques to measure financial instruments that are classified within Level 3 of the valuation hierarchy and are measured at fair value on a non-recurring basis. September 30, 2020 Valuation Technique Significant Unobservable Input Range (Weighted Average) (1) Assets measured at fair value on a non-recurring basis Loans Third-party appraised value of collateral less estimated selling costs Discount to appraised value 0%-36% (28%) 0%-10% (7%) Other real estate Third-party appraised value of real estate less estimated selling costs Discount to appraised value 0%-20% (10%) 0%-10% (7%) MPS receivable (2) Third-party appraised value of business less estimated selling costs Discount to appraised value N/A Other assets held for sale Third-party appraised value less estimated selling costs or BOV Discount to appraised value 0%-66% (53%) 0%-10% (7%) (1) The weighted average is the measure of central tendencies; it is not the value that management is using for the asset or liability. (2) See "Part I - Item 1. Notes to Unaudited Interim Financial Statements - Note 10 - Commitments and Contingencies" of this Report for more information on this receivable which was classified as a NPA at September 30, 2020 and December 31, 2019. |
Assets Measured at Fair Value on Non-Recurring Basis | September 30, 2020 December 31, 2019 (in thousands) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Loans (1) $ — $ — $ 27,440 $ 27,440 $ — $ — $ 1,461 $ 1,461 Other real estate — — 1,750 1,750 — — 8,023 8,023 MPS receivable — — 17,915 17,915 — — 21,437 21,437 Other assets held for sale — — 1,634 1,634 — — 1,238 1,238 |
Fair Value Adjustments Recognized in Earnings for Assets Measured at Fair Value on a Non-recurring Basis | The following table presents fair value adjustments recognized in earnings for the three and nine months ended September 30, 2020 and 2019 for assets measured at fair value on a non-recurring basis still held at period-end. Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Loans (1) $ 5,661 $ 4,170 $ 20,412 $ 4,718 Other real estate 107 74 138 569 MPS receivable — — 2,663 — Other assets held for sale — — 2,120 91 (1) Collateral-dependent loans that were written down to fair value of collateral. |
Carrying and Estimated Fair Values of Financial Instruments Carried on Balance Sheet | The following tables present the carrying and estimated fair values of financial instruments at September 30, 2020 and December 31, 2019. The fair values represent management’s best estimates based on a range of methodologies and assumptions. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" to the consolidated financial statements of Synovus' 2019 Form 10-K for a description of how fair value measurements are determined. September 30, 2020 (in thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Financial assets Total cash, cash equivalents, restricted cash, and restricted cash equivalents $ 1,985,363 $ 1,985,363 $ 1,985,363 $ — $ — Trading securities 4,371 4,371 — 4,371 — Investment securities available for sale 7,566,525 7,566,525 20,254 7,544,471 1,800 Loans held for sale 745,160 744,615 — 285,899 458,716 Private equity investments 958 958 — — 958 Mutual funds and mutual funds held in rabbi trusts 35,174 35,174 35,174 — — Loans, net 38,946,047 38,923,265 — — 38,923,265 GGL/SBA loans servicing asset 3,100 3,100 — — 3,100 Derivative assets 463,028 463,028 — 463,028 — Financial liabilities Non-interest-bearing deposits $ 13,075,081 $ 13,075,081 $ — $ 13,075,081 $ — Non-time interest-bearing deposits 24,831,480 24,831,480 — 24,831,480 — Time deposits 6,759,343 6,797,139 — 6,797,139 — Total deposits $ 44,665,904 $ 44,703,700 $ — $ 44,703,700 $ — Federal funds purchased and securities sold under repurchase agreements 202,344 202,344 202,344 — — Other short-term borrowings 400,000 400,000 — 400,000 — Long-term debt 1,628,385 1,687,448 — 1,687,448 — Earnout liability 15,924 15,924 — — 15,924 Derivative liabilities 179,968 179,968 — 178,508 1,460 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 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
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. Beginning on October 19, 2020, CME Group Inc. transitioned price alignment and discounting for swap futures from the daily EFFR to the SOFR. This change will not have a material impact on Synovus' financial statements. September 30, 2020 December 31, 2019 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 $ 2,750,000 $ 90,116 $ — $ 2,000,000 $ 54 $ 8,624 Total derivatives designated as hedging instruments $ 90,116 $ — $ 54 $ 8,624 Derivatives not designated Interest rate contracts (3) $ 8,761,038 $ 362,700 $ 176,338 $ 7,258,159 $ 138,672 $ 25,849 Mortgage derivatives - interest rate lock commitments 451,953 10,212 — 70,481 1,290 — Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans 492,500 — 1,793 107,000 — 168 Other contracts (4) 186,074 — 377 145,764 — 91 Visa derivative — — 1,460 — — 2,339 Total derivatives not designated as hedging instruments $ 372,912 $ 179,968 $ 139,962 $ 28,447 (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. Additionally, the notional amount of risk participation agreements purchased was $2.7 million and $3.0 million at September 30, 2020 and December 31, 2019, respectively. |
Schedule of Derivative Instruments, Effect on Hedging | The following table presents the effect of hedging derivative instruments on the consolidated statements of income and the total amounts for the respective line item affected for the three and nine months ended September 30, 2020 and 2019 . Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Total amounts presented in the consolidated statements of income in interest income on loans $ 8,509 $ — $ 13,595 $ — Gain/loss on cash flow hedging relationships: (1) Interest rate swaps: Realized gains (losses) reclassified from AOCI, pre-tax, to interest income on loans 1,031 — 1,421 — Pre-tax income recognized on cash flow hedges $ 1,031 $ — $ 1,421 $ — (1) See "Part I - Item 1. Financial Statements and Supplementary Data - Note 6 - Shareholders' Equity and Other Comprehensive Income (Loss) in this Report for additional information. |
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 three and nine months ended September 30, 2020 and 2019 is presented below. Gain (Loss) Recognized in Consolidated Statements of Income Three Months Ended September 30, Nine Months Ended September 30, (in thousands) Location in Consolidated Statements of Income 2020 2019 2020 2019 Derivatives not designated as hedging instruments: Interest rate contracts (1) Capital markets income $ 176 $ 549 $ 225 $ 640 Other contracts (2) Capital markets income 47 (144) (286) (144) Mortgage derivatives - interest rate lock commitments Mortgage banking income 2,532 22 8,922 970 Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans Mortgage banking income (396) 642 (1,624) 413 Visa derivative Other non-interest expense — (2,500) — (2,500) Total derivatives not designated as hedging instruments $ 2,359 $ (1,431) $ 7,237 $ (621) (1) Additionally, losses related to termination of customer swaps of $2.5 million were recorded in other non-interest expense during the first quarter of 2020. (2) Includes risk participation agreements sold. |
Net Income Per Common Share (Ta
Net Income Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
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 earnings per common share for the three and nine months ended September 30, 2020 and 2019. Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except per share data) 2020 2019 2020 2019 Basic Net Income Per Common Share: Net income available to common shareholders $ 83,283 $ 127,435 $ 198,414 $ 397,505 Weighted average common shares outstanding 147,314 152,238 147,304 156,819 Net income per common share, basic $ 0.57 $ 0.84 $ 1.35 $ 2.53 Diluted Net Income Per Common Share: Net income available to common shareholders $ 83,283 $ 127,435 $ 198,414 $ 397,505 Weighted average common shares outstanding 147,314 152,238 147,304 156,819 Effect of dilutive outstanding equity-based awards, warrants, and earnout payments 662 1,805 733 1,776 Weighted average diluted common shares 147,976 154,043 148,037 158,595 Net income per common share, diluted $ 0.56 $ 0.83 $ 1.34 $ 2.51 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Loan Commitments and Letters of Credit | (in thousands) September 30, 2020 December 31, 2019 Letters of credit* $ 177,000 $ 202,614 Commitments to fund commercial and industrial loans 7,990,189 7,018,152 Commitments to fund commercial real estate, construction, and land development loans 2,891,857 3,032,252 Commitments under home equity lines of credit 1,588,844 1,501,452 Unused credit card lines 984,636 877,929 Other loan commitments 458,509 485,371 Total letters of credit and unfunded lending commitments $ 14,091,035 $ 13,117,770 Investments in low income housing, solar energy tax credit and other CRA partnerships: Carrying amount included in other assets $ 214,615 $ 146,612 Amount of future funding commitments included in carrying amount 124,866 78,266 Permanent and short-term construction loans and letter of credit commitments 52,686 2,124 Funded portion of permanent and short-term loans and letters of credit 5,194 3,196 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting | The following tables present c ertain financial information for each reportable business segment for the three and nine months ended September 30, 2020. During the three months ended September 30, 2020, Synovus recognized a $44.9 million non-cash goodwill impairment charge representing all of the goodwill allocated to the Consumer Mortgage reporting unit (which is included in the FMS reportable segment) driven by significant mortgage refinance activity at record-low mortgage rates and the FOMC's updated guidance in the third quarter of 2020 regarding inflation targeting and their expectations for interest rates to remain low for an extended period of time. To p rovide comparable prior year information, Synovus has included proforma business segment financial information for the three and nine months ended September 30, 2019 utilizing various allocation methodologies based on balance sheet and income statement items assigned to each business segment. 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. Three Months Ended September 30, 2020 (in thousands) Community Banking Wholesale Banking Financial Management Services Treasury and Corporate Other Synovus Consolidated Net interest income $ 220,426 $ 139,080 $ 20,986 $ (3,502) $ 376,990 Non-interest revenue 29,982 5,496 65,820 13,113 114,411 Non-interest expense 68,571 19,530 92,931 135,623 316,655 Pre-provision net revenue $ 181,837 $ 125,046 $ (6,125) $ (126,012) $ 174,746 Three Months Ended September 30, 2019 Proforma (in thousands) Community Banking Wholesale Banking Financial Management Services Treasury and Corporate Other Synovus Consolidated Net interest income $ 203,197 $ 133,773 $ 26,582 $ 38,545 $ 402,097 Non-interest revenue 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 Nine Months Ended September 30, 2020 (in thousands) Community Banking Wholesale Banking Financial Management Services Treasury and Corporate Other Synovus Consolidated Net interest income $ 638,311 $ 407,265 $ 56,600 $ 24,640 $ 1,126,816 Non-interest revenue 89,413 20,406 166,067 115,866 391,752 Non-interest expense 219,859 63,176 184,501 409,540 877,076 Pre-provision net revenue $ 507,865 $ 364,495 $ 38,166 $ (269,034) $ 641,492 Nine Months Ended September 30, 2019 Proforma (in thousands) Community Banking Wholesale Banking Financial Management Services Treasury and Corporate Other Synovus Consolidated Net interest income $ 625,450 $ 388,241 $ 86,425 $ 96,419 $ 1,196,535 Non-interest revenue 101,971 21,787 111,873 22,314 257,945 Non-interest expense 225,141 55,141 111,139 441,426 832,847 Pre-provision net revenue $ 502,280 $ 354,887 $ 87,159 $ (322,693) $ 621,633 September 30, 2020 (dollars in thousands) Community Banking Wholesale Banking Financial Management Services Treasury and Corporate Other Synovus Consolidated Total loans net of deferred fees and costs $ 11,489,106 $ 19,204,961 $ 5,412,944 $ 3,442,836 $ 39,549,847 Total deposits $ 28,870,928 $ 10,339,568 $ 414,243 $ 5,041,165 $ 44,665,904 Total full-time equivalent employees 2,200 285 843 1,904 5,232 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 |
Basis of Presentation and Acc_4
Basis of Presentation and Accounting Policies (Narrative) (Details) numberOfIndividuals in Thousands, numberOfCustomers in Thousands, $ in Thousands | Jan. 01, 2020USD ($) | Sep. 30, 2020USD ($)branchATMnumberOfCustomersnumberOfIndividuals | Sep. 30, 2019USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2019USD ($) | Jun. 30, 2019USD ($) | Dec. 31, 2018USD ($) | |
Accounting Policies [Abstract] | ||||||||
Number of branches | branch | 292 | |||||||
Number of ATMs | ATM | 389 | |||||||
PPP funded amount | $ 2,900,000 | |||||||
PPP number of customers | numberOfCustomers | 19 | |||||||
PPP average loan amount | $ 150 | |||||||
PPP individuals employed by customers | numberOfIndividuals | 335 | |||||||
Life of loans | 1 year | |||||||
Revert period | 1 year | |||||||
Basis Of Presentation [Line Items] | ||||||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | us-gaap:AccountingStandardsUpdate201613Member | us-gaap:AccountingStandardsUpdate201602Member | |||||
Stockholders' equity | $ 5,064,542 | $ 4,868,838 | $ 5,052,968 | $ 4,941,690 | $ 4,753,816 | $ 3,133,602 | ||
Life of loans | 1 year | |||||||
Revert period | 1 year | |||||||
Unfunded Loan Commitment | ||||||||
Basis Of Presentation [Line Items] | ||||||||
Cost basis of loans | $ 62,200 | |||||||
Impact from Adoption | ||||||||
Basis Of Presentation [Line Items] | ||||||||
Stockholders' equity | $ (35,721) | [1] | $ 4,270 | |||||
Impact from Adoption | Unfunded Loan Commitment | ||||||||
Basis Of Presentation [Line Items] | ||||||||
Stockholders' equity | $ 35,700 | |||||||
[1] | For additional information, see "Part I - Item 1. Financial Statements and Supplementary Data - Note 1 - Basis of Presentation" in this Report. |
Basis of Presentation and Acc_5
Basis of Presentation and Accounting Policies (Schedule of Adoption) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Jun. 30, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Total allowance for loan losses | $ 603,800 | $ 588,648 | $ 281,402 | $ 281,402 | $ 265,013 | $ 257,376 | $ 250,555 |
Reserve for unfunded commitments | 1,375 | ||||||
Allowance for credit losses | 664,600 | 282,777 | |||||
Loans, net | 36,881,048 | ||||||
Retained earnings | 1,084,736 | 1,068,327 | 1,068,327 | ||||
Total commercial and industrial | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Total allowance for loan losses | 260,600 | 229,915 | 145,782 | 142,011 | 138,004 | 133,123 | |
Total commercial real estate | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Total allowance for loan losses | 143,805 | 171,526 | 67,430 | 61,958 | 63,463 | 68,796 | |
Retail | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Total allowance for loan losses | $ 199,395 | $ 187,207 | 68,190 | $ 61,044 | $ 55,909 | $ 48,636 | |
Impact of ASC 326 Adoption | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Total allowance for loan losses | 82,994 | 82,994 | |||||
Reserve for unfunded commitments | 27,440 | ||||||
Allowance for credit losses | 110,434 | ||||||
Loans, net | (20,767) | ||||||
Retained earnings | (35,721) | ||||||
Impact of ASC 326 Adoption | Total commercial and industrial | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Total allowance for loan losses | (2,310) | (2,310) | |||||
Impact of ASC 326 Adoption | Total commercial real estate | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Total allowance for loan losses | (651) | (651) | |||||
Impact of ASC 326 Adoption | Retail | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Total allowance for loan losses | 85,955 | $ 85,955 | |||||
As Reported under ASC 326 | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Total allowance for loan losses | 364,396 | ||||||
Reserve for unfunded commitments | 28,815 | ||||||
Allowance for credit losses | 393,211 | ||||||
Loans, net | 36,860,281 | ||||||
Retained earnings | 1,032,606 | ||||||
As Reported under ASC 326 | Total commercial and industrial | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Total allowance for loan losses | 143,472 | ||||||
As Reported under ASC 326 | Total commercial real estate | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Total allowance for loan losses | 66,779 | ||||||
As Reported under ASC 326 | Retail | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Total allowance for loan losses | $ 154,145 |
Acquisitions (Details)
Acquisitions (Details) - USD ($) $ in Thousands | Jan. 01, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 |
Business Acquisition [Line Items] | ||||||
Merger-related expense | $ 0 | $ 353 | $ 0 | $ 57,493 | ||
Earnout liabilities, fair value | $ 11,016 | |||||
FCB Financial Holdings, Inc. | ||||||
Business Acquisition [Line Items] | ||||||
Consideration transferred | $ 1,630,000 | |||||
Loans | 9,290,000 | 90,300 | 90,300 | |||
Deposits | $ 10,930,000 | |||||
Merger-related expense | $ 400 | $ 57,500 | ||||
Global One | ||||||
Business Acquisition [Line Items] | ||||||
Increase in earnout liabilities | 4,900 | |||||
Earnout liabilities, fair value | $ 15,900 | $ 15,900 |
Investment Securities Availab_3
Investment Securities Available for Sale (Summary of Available for Sale Investment Securities) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 7,395,265 | $ 6,647,791 |
Gross Unrealized Gains | 182,653 | 133,385 |
Gross Unrealized Losses | (11,393) | (2,506) |
Fair Value | 7,566,525 | 6,778,670 |
U.S. Treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 20,254 | 19,855 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 20,254 | 19,855 |
U.S. Government agency securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 153,984 | 35,499 |
Gross Unrealized Gains | 3,056 | 1,042 |
Gross Unrealized Losses | (426) | 0 |
Fair Value | 156,614 | 36,541 |
Mortgage-backed securities issued by U.S. Government agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,132,816 | 56,328 |
Gross Unrealized Gains | 2,655 | 560 |
Gross Unrealized Losses | (6,079) | (72) |
Fair Value | 1,129,392 | 56,816 |
Mortgage-backed securities issued by U.S. Government sponsored enterprises | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 4,402,051 | 5,079,396 |
Gross Unrealized Gains | 138,611 | 103,495 |
Gross Unrealized Losses | (276) | (2,076) |
Fair Value | 4,540,386 | 5,180,815 |
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,331,011 | 629,706 |
Gross Unrealized Gains | 18,495 | 7,349 |
Gross Unrealized Losses | (4,222) | (204) |
Fair Value | 1,345,284 | 636,851 |
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 334,463 | 357,291 |
Gross Unrealized Gains | 19,694 | 14,301 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 354,157 | 371,592 |
State and municipal securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 500 | 2,069 |
Gross Unrealized Gains | 1 | 6 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 501 | 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 securities and other debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 20,186 | 144,410 |
Gross Unrealized Gains | 141 | 2,317 |
Gross Unrealized Losses | (390) | (2) |
Fair Value | $ 19,937 | $ 146,725 |
Investment Securities Availab_4
Investment Securities Available for Sale (Narrative) (Details) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2020USD ($)securities | Jun. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($)securities | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($)securities | |
Financing Receivable, Impaired [Line Items] | ||||||
Investment securities gains, net | $ (1,550,000) | $ 69,400,000 | $ (3,731,000) | $ 76,594,000 | $ (5,502,000) | |
Gross losses | 1,550,000 | 5,700,000 | 3,871,000 | 7,246,000 | 14,772,000 | |
Gross realized gains on sales | $ 0 | 140,000 | $ 83,840,000 | 9,270,000 | ||
Investment securities in a loss position for less than twelve months | securities | 28 | 28 | 26 | |||
Investment securities in a loss position for twelve months or longer | securities | 0 | 0 | 5 | |||
Investment securities gains, net | $ (1,550,000) | $ 69,400,000 | $ (3,731,000) | $ 76,594,000 | $ (5,502,000) | |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | 0 | ||||
Debt Securities, Available-for-sale, Realized Loss - Quarter Two Settlement | 802,000 | |||||
Collateral Pledged | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Pledged to secure deposits | $ 2,340,000,000 | $ 2,340,000,000 | $ 1,710,000,000 |
Investment Securities Availab_5
Investment Securities Available for Sale (Schedule of Gross Unrealized Losses on Investment Securities and Fair Value) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Fair Value | $ 1,651,051 | $ 891,914 |
Less than 12 Months, Gross Unrealized Losses | (11,393) | (2,468) |
12 Months or Longer, Fair Value | 0 | 5,309 |
12 Months or Longer, Gross Unrealized Losses | 0 | (38) |
Total, Fair Value | 1,651,051 | 897,223 |
Total, Gross Unrealized Losses | (11,393) | (2,506) |
U.S. Government agency securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Fair Value | 48,921 | |
Less than 12 Months, Gross Unrealized Losses | (426) | |
12 Months or Longer, Fair Value | 0 | |
12 Months or Longer, Gross Unrealized Losses | 0 | |
Total, Fair Value | 48,921 | |
Total, Gross Unrealized Losses | (426) | |
Mortgage-backed securities issued by U.S. Government agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Fair Value | 800,908 | 19,543 |
Less than 12 Months, Gross Unrealized Losses | (6,079) | (70) |
12 Months or Longer, Fair Value | 0 | 355 |
12 Months or Longer, Gross Unrealized Losses | 0 | (2) |
Total, Fair Value | 800,908 | 19,898 |
Total, Gross Unrealized Losses | (6,079) | (72) |
Mortgage-backed securities issued by U.S. Government sponsored enterprises | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Fair Value | 180,899 | 768,040 |
Less than 12 Months, Gross Unrealized Losses | (276) | (2,076) |
12 Months or Longer, Fair Value | 0 | 0 |
12 Months or Longer, Gross Unrealized Losses | 0 | 0 |
Total, Fair Value | 180,899 | 768,040 |
Total, Gross Unrealized Losses | (276) | (2,076) |
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 | 609,208 | 57,670 |
Less than 12 Months, Gross Unrealized Losses | (4,222) | (204) |
12 Months or Longer, Fair Value | 0 | 0 |
12 Months or Longer, Gross Unrealized Losses | 0 | 0 |
Total, Fair Value | 609,208 | 57,670 |
Total, Gross Unrealized Losses | (4,222) | (204) |
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 securities and other debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Fair Value | 11,115 | 9,505 |
Less than 12 Months, Gross Unrealized Losses | (390) | (2) |
12 Months or Longer, Fair Value | 0 | 0 |
12 Months or Longer, Gross Unrealized Losses | 0 | 0 |
Total, Fair Value | 11,115 | 9,505 |
Total, Gross Unrealized Losses | $ (390) | $ (2) |
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 | Sep. 30, 2020 | Dec. 31, 2019 |
Amortized Cost | ||
Within One year, Amortized Cost | $ 20,684 | |
1 to 5 Years, Amortized Cost | 147,563 | |
5 to 10 Years, Amortized Cost | 321,871 | |
More Than 10 years, Amortized Cost | 6,905,147 | |
Amortized Cost | 7,395,265 | $ 6,647,791 |
Fair Value | ||
Within One Year, Fair Value | 20,692 | |
1 to 5 Years, Fair Value | 154,223 | |
5 to 10 Years, Fair Value | 333,954 | |
More Than 10 years, Fair Value | 7,057,656 | |
Total, Fair Value | 7,566,525 | 6,778,670 |
U.S. Treasury securities | ||
Amortized Cost | ||
Within One year, Amortized Cost | 20,254 | |
1 to 5 Years, Amortized Cost | 0 | |
5 to 10 Years, Amortized Cost | 0 | |
More Than 10 years, Amortized Cost | 0 | |
Amortized Cost | 20,254 | 19,855 |
Fair Value | ||
Within One Year, Fair Value | 20,254 | |
1 to 5 Years, Fair Value | 0 | |
5 to 10 Years, Fair Value | 0 | |
More Than 10 years, Fair Value | 0 | |
Total, Fair Value | 20,254 | 19,855 |
U.S. Government agency securities | ||
Amortized Cost | ||
Within One year, Amortized Cost | 430 | |
1 to 5 Years, Amortized Cost | 26,432 | |
5 to 10 Years, Amortized Cost | 127,122 | |
More Than 10 years, Amortized Cost | 0 | |
Amortized Cost | 153,984 | 35,499 |
Fair Value | ||
Within One Year, Fair Value | 438 | |
1 to 5 Years, Fair Value | 26,243 | |
5 to 10 Years, Fair Value | 129,933 | |
More Than 10 years, Fair Value | 0 | |
Total, Fair Value | 156,614 | 36,541 |
Mortgage-backed securities issued by U.S. Government agencies | ||
Amortized Cost | ||
Within One year, Amortized Cost | 0 | |
1 to 5 Years, Amortized Cost | 1,585 | |
5 to 10 Years, Amortized Cost | 311 | |
More Than 10 years, Amortized Cost | 1,130,920 | |
Amortized Cost | 1,132,816 | 56,328 |
Fair Value | ||
Within One Year, Fair Value | 0 | |
1 to 5 Years, Fair Value | 1,641 | |
5 to 10 Years, Fair Value | 324 | |
More Than 10 years, Fair Value | 1,127,427 | |
Total, Fair Value | 1,129,392 | 56,816 |
Mortgage-backed securities issued by U.S. Government sponsored enterprises | ||
Amortized Cost | ||
Within One year, Amortized Cost | 0 | |
1 to 5 Years, Amortized Cost | 310 | |
5 to 10 Years, Amortized Cost | 73,420 | |
More Than 10 years, Amortized Cost | 4,328,321 | |
Amortized Cost | 4,402,051 | 5,079,396 |
Fair Value | ||
Within One Year, Fair Value | 0 | |
1 to 5 Years, Fair Value | 319 | |
5 to 10 Years, Fair Value | 76,148 | |
More Than 10 years, Fair Value | 4,463,919 | |
Total, Fair Value | 4,540,386 | 5,180,815 |
Collateralized Mortgage Backed Securities Issued By U S Government Sponsored Enterprises | ||
Amortized Cost | ||
Within One year, Amortized Cost | 0 | |
1 to 5 Years, Amortized Cost | 0 | |
5 to 10 Years, Amortized Cost | 248 | |
More Than 10 years, Amortized Cost | 1,330,763 | |
Amortized Cost | 1,331,011 | |
Fair Value | ||
Within One Year, Fair Value | 0 | |
1 to 5 Years, Fair Value | 0 | |
5 to 10 Years, Fair Value | 259 | |
More Than 10 years, Fair Value | 1,345,025 | |
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | ||
Amortized Cost | ||
Within One year, Amortized Cost | 0 | |
1 to 5 Years, Amortized Cost | 109,731 | |
5 to 10 Years, Amortized Cost | 112,089 | |
More Than 10 years, Amortized Cost | 112,643 | |
Amortized Cost | 334,463 | 357,291 |
Fair Value | ||
Within One Year, Fair Value | 0 | |
1 to 5 Years, Fair Value | 116,705 | |
5 to 10 Years, Fair Value | 118,468 | |
More Than 10 years, Fair Value | 118,984 | |
Total, Fair Value | 354,157 | 371,592 |
State and municipal securities | ||
Amortized Cost | ||
Within One year, Amortized Cost | 0 | |
1 to 5 Years, Amortized Cost | 0 | |
5 to 10 Years, Amortized Cost | 0 | |
More Than 10 years, Amortized Cost | 500 | |
Amortized Cost | 500 | 2,069 |
Fair Value | ||
Within One Year, Fair Value | 0 | |
1 to 5 Years, Fair Value | 0 | |
5 to 10 Years, Fair Value | 0 | |
More Than 10 years, Fair Value | 501 | |
Total, Fair Value | 501 | 2,075 |
Corporate debt securities and other debt securities | ||
Amortized Cost | ||
Within One year, Amortized Cost | 0 | |
1 to 5 Years, Amortized Cost | 9,505 | |
5 to 10 Years, Amortized Cost | 8,681 | |
More Than 10 years, Amortized Cost | 2,000 | |
Amortized Cost | 20,186 | 144,410 |
Fair Value | ||
Within One Year, Fair Value | 0 | |
1 to 5 Years, Fair Value | 9,315 | |
5 to 10 Years, Fair Value | 8,822 | |
More Than 10 years, Fair Value | 1,800 | |
Total, Fair Value | 19,937 | 146,725 |
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | ||
Amortized Cost | ||
Amortized Cost | 1,331,011 | 629,706 |
Fair Value | ||
Total, Fair Value | $ 1,345,284 | $ 636,851 |
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 | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Jun. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Investments [Abstract] | |||||
Proceeds from sales of investment securities available for sale | $ 1,249,507 | $ 709,464 | $ 3,932,368 | $ 2,456,137 | |
Gross realized gains on sales | 0 | 140 | 83,840 | 9,270 | |
Gross realized losses on sales(1) | (1,550) | $ (5,700) | (3,871) | (7,246) | (14,772) |
Investment securities gains (losses), net | $ (1,550) | $ 69,400 | $ (3,731) | $ 76,594 | $ (5,502) |
Loans and Allowance for Loan _3
Loans and Allowance for Loan Losses (Schedule of Current, Accruing Past Due and Nonaccrual Loans) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | Jan. 01, 2019 |
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Loans, net of deferred fees and costs | $ 39,549,847 | $ 37,162,450 | |
Non-accrual | 129,748 | 99,848 | |
Non-accrual, without an allowance | 39,089 | ||
Total loans | 39,648,824 | 37,187,814 | |
Deferred fees and costs, net | 99,000 | 25,400 | |
FCB Financial Holdings, Inc. | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
ASC 310-30 Loans | 5,557,334 | ||
Loans | 90,300 | $ 9,290,000 | |
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 | 78,038 | 65,797 | |
Non-accrual, without an allowance | 37,588 | ||
Total loans | 20,014,151 | 16,769,370 | |
Total commercial and industrial | FCB Financial Holdings, Inc. | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
ASC 310-30 Loans | 1,842,331 | ||
Total commercial and industrial | Commercial, financial and agricultural | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Non-accrual | 67,415 | 56,017 | |
Non-accrual, without an allowance | 27,950 | ||
Total loans | 13,120,038 | 10,239,559 | |
Total commercial and industrial | Commercial, financial and agricultural | FCB Financial Holdings, Inc. | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
ASC 310-30 Loans | 1,019,135 | ||
Total commercial and industrial | Owner-occupied | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Non-accrual | 10,623 | 9,780 | |
Non-accrual, without an allowance | 9,638 | ||
Total loans | 6,894,113 | 6,529,811 | |
Total commercial and industrial | Owner-occupied | FCB Financial Holdings, Inc. | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
ASC 310-30 Loans | 823,196 | ||
Total commercial real estate | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Non-accrual | 32,521 | 4,944 | |
Non-accrual, without an allowance | 1,501 | ||
Total loans | 10,965,875 | 10,493,784 | |
Total commercial real estate | FCB Financial Holdings, Inc. | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
ASC 310-30 Loans | 1,856,170 | ||
Total commercial real estate | Investment properties | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Non-accrual | 28,260 | 1,581 | |
Non-accrual, without an allowance | 0 | ||
Total loans | 9,662,447 | 9,004,327 | |
Total commercial real estate | Investment properties | FCB Financial Holdings, Inc. | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
ASC 310-30 Loans | 1,736,608 | ||
Total commercial real estate | 1-4 family properties | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Non-accrual | 2,135 | 2,253 | |
Non-accrual, without an allowance | 1,236 | ||
Total loans | 655,038 | 780,015 | |
Total commercial real estate | 1-4 family properties | FCB Financial Holdings, Inc. | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
ASC 310-30 Loans | 41,401 | ||
Total commercial real estate | Land and development | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Non-accrual | 2,126 | 1,110 | |
Non-accrual, without an allowance | 265 | ||
Total loans | 648,390 | 709,442 | |
Total commercial real estate | Land and development | FCB Financial Holdings, Inc. | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
ASC 310-30 Loans | 78,161 | ||
Total consumer | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Non-accrual | 19,189 | 29,107 | |
Non-accrual, without an allowance | 0 | ||
Total loans | 8,668,798 | 9,924,660 | |
Total consumer | FCB Financial Holdings, Inc. | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
ASC 310-30 Loans | 1,858,833 | ||
Total consumer | Consumer mortgages | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Non-accrual | 7,433 | 11,369 | |
Non-accrual, without an allowance | 0 | ||
Total loans | 5,658,525 | 5,546,368 | |
Total consumer | Consumer mortgages | FCB Financial Holdings, Inc. | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
ASC 310-30 Loans | 1,848,493 | ||
Total consumer | Home equity lines | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Non-accrual | 10,297 | 12,034 | |
Non-accrual, without an allowance | 0 | ||
Total loans | 1,615,207 | 1,713,157 | |
Total consumer | Home equity lines | FCB Financial Holdings, Inc. | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
ASC 310-30 Loans | 2,155 | ||
Total consumer | Credit cards | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Non-accrual | 0 | 0 | |
Non-accrual, without an allowance | 0 | ||
Total loans | 264,829 | 268,841 | |
Total consumer | Credit cards | FCB Financial Holdings, Inc. | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
ASC 310-30 Loans | 0 | ||
Total consumer | Other consumer loans | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Non-accrual | 1,459 | 5,704 | |
Non-accrual, without an allowance | 0 | ||
Total loans | 1,130,237 | 2,396,294 | |
Total consumer | Other consumer loans | FCB Financial Holdings, Inc. | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
ASC 310-30 Loans | 8,185 | ||
Current | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Loans, net of deferred fees and costs | 39,422,671 | 31,442,999 | |
Current | Total commercial and industrial | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Loans, net of deferred fees and costs | 19,879,223 | 14,815,380 | |
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 | 13,009,877 | 9,124,285 | |
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 | 6,869,346 | 5,691,095 | |
Current | Total commercial real estate | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Loans, net of deferred fees and costs | 10,922,402 | 8,628,141 | |
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 | 9,628,029 | 7,264,794 | |
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 | 649,225 | 733,984 | |
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 | 645,148 | 629,363 | |
Current | Total consumer | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Loans, net of deferred fees and costs | 8,621,046 | 7,999,478 | |
Current | Total consumer | Consumer mortgages | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Loans, net of deferred fees and costs | 5,643,745 | 3,681,553 | |
Current | Total consumer | Home equity lines | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Loans, net of deferred fees and costs | 1,601,705 | 1,691,759 | |
Current | Total consumer | Credit cards | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Loans, net of deferred fees and costs | 259,262 | 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 | 1,116,334 | 2,363,101 | |
Accruing 30 to 89 Days Past Due | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Loans, net of deferred fees and costs | 49,804 | 81,330 | |
Accruing 30 to 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 | 26,500 | ||
Accruing 30 to 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 | 18,098 | 44,080 | |
Accruing 30 to 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 | 13,967 | 38,916 | |
Accruing 30 to 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 | 4,131 | 5,164 | |
Accruing 30 to 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 | 8,295 | 4,225 | |
Accruing 30 to 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 | 5,620 | 1,344 | |
Accruing 30 to 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 | 2,092 | 2,073 | |
Accruing 30 to 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 | 583 | 808 | |
Accruing 30 to 89 Days Past Due | Total consumer | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Loans, net of deferred fees and costs | 23,411 | 33,025 | |
Accruing 30 to 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 | 6,475 | 4,223 | |
Accruing 30 to 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 | 3,176 | 7,038 | |
Accruing 30 to 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 | 1,894 | 3,076 | |
Accruing 30 to 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 | 11,866 | 18,688 | |
Accruing 90 to 149 Days Past Due | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Loans, net of deferred fees and costs | 7,512 | 6,303 | |
Accruing 90 to 149 Days Past Due | Acquired Loans, ASC 310-30 | FCB Financial Holdings, Inc. | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Loans | 9,600 | ||
Accruing 90 to 149 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 | 1,204 | 1,782 | |
Accruing 90 to 149 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 | 829 | 1,206 | |
Accruing 90 to 149 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 | 375 | 576 | |
Accruing 90 to 149 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 | 1,156 | 304 | |
Accruing 90 to 149 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 | 538 | 0 | |
Accruing 90 to 149 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 | 350 | 304 | |
Accruing 90 to 149 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 | 268 | 0 | |
Accruing 90 to 149 Days Past Due | Total consumer | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Loans, net of deferred fees and costs | 5,152 | 4,217 | |
Accruing 90 to 149 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 | 872 | 730 | |
Accruing 90 to 149 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 | 29 | 171 | |
Accruing 90 to 149 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 | 3,673 | 2,700 | |
Accruing 90 to 149 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 | 578 | 616 | |
Total Accruing Past Due | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Loans, net of deferred fees and costs | 57,316 | 87,633 | |
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 | 19,302 | 45,862 | |
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 | 14,796 | 40,122 | |
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 | 4,506 | 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 | 9,451 | 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 | 6,158 | 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 | 2,442 | 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 | 851 | 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 | 28,563 | 37,242 | |
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 | 7,347 | 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 | 3,205 | 7,209 | |
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 | 5,567 | 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 | $ 12,444 | $ 19,304 |
Loans and Allowance for Loan _4
Loans and Allowance for Loan Losses (Narrative) (Details) | 3 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2020USD ($)contract | Sep. 30, 2019USD ($)contract | Sep. 30, 2020USD ($)contract | Sep. 30, 2019USD ($)contract | Jun. 30, 2020USD ($) | Jan. 01, 2020USD ($) | Dec. 31, 2019USD ($) | Jun. 30, 2019USD ($) | Dec. 31, 2018USD ($) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Interest income recognized, cash basis | $ 1,300,000 | $ 363,000 | $ 2,700,000 | $ 2,000,000 | ||||||
Loans pledged as collateral | 15,290,000,000 | 15,290,000,000 | $ 12,110,000,000 | |||||||
Total loans | 39,648,824,000 | 39,648,824,000 | 37,187,814,000 | |||||||
Allowance for credit loss, reversal | 6,100,000 | 19,400,000 | ||||||||
Transfer of third-party lending partnership consumer loans to held for sale loans. | 513,200,000 | 1,310,000,000 | ||||||||
Total allowance for loan losses | 603,800,000 | 265,013,000 | 603,800,000 | 265,013,000 | $ 588,648,000 | $ 281,402,000 | 281,402,000 | $ 257,376,000 | $ 250,555,000 | |
Reserve for unfunded commitments | 60,800,000 | 60,800,000 | ||||||||
Allowance for credit losses | 664,600,000 | 664,600,000 | $ 282,777,000 | |||||||
Allowance for credit loss, increase | 14,900,000 | 271,400,000 | ||||||||
Provision for credit losses | [1] | 43,383,000 | 27,562,000 | $ 343,956,000 | 63,250,000 | |||||
Allowance for Loan and Lease Losses Write-offs, Net | $ 28,500,000 | |||||||||
Estimated impact of currently enacted stimulus and an unemployment rate for the end of year | 8.00% | 8.00% | ||||||||
ACL to loans ratio during period | 0.05% | |||||||||
ACL to loans ratio | 1.68% | 1.68% | ||||||||
ACL to loans ratio, excluding PPP loans | 1.80% | 1.80% | ||||||||
Recorded Investment | $ 8,144,000 | $ 14,621,000 | $ 60,492,000 | $ 31,352,000 | ||||||
Commitments to land additional funds to TDRs | $ 0 | $ 0 | 0 | |||||||
Troubled Debt Restructuring That Subsequently Defaults | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Number of contracts | contract | 1 | 3 | 5 | 4 | ||||||
Recorded Investment | $ 21,000 | $ 321,000 | $ 666,000 | $ 326,000 | ||||||
Total commercial and industrial | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Total loans | 20,014,151,000 | 20,014,151,000 | $ 16,769,370,000 | |||||||
Recorded Investment | 5,758,000 | 8,177,000 | 18,346,000 | 15,822,000 | ||||||
Total commercial and industrial | Small Business Administration (SBA), CARES Act, Paycheck Protection Program | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Total loans | 2,710,000,000 | 2,710,000,000 | ||||||||
Interest Income Recorded | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Interest income recognized | $ 4,300,000 | $ 2,500,000 | $ 9,200,000 | $ 8,000,000 | ||||||
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 (in days) | 120 days | |||||||||
[1] | Beginning January 1, 2020, provision calculation is based on current expected credit loss methodology. Prior to January 1, 2020, calculation was based on incurred loss methodology. |
Loans and Allowance for Loan _5
Loans and Allowance for Loan Losses (Loan Portfolio Credit Exposure) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | $ 7,795,552 | |
2019 | 6,548,989 | |
2018 | 5,485,282 | |
2017 | 4,481,251 | |
2016 | 2,949,117 | |
Prior | 5,246,429 | |
Total loans | 39,648,824 | $ 37,187,814 |
Deferred fees and costs, net | $ 99,000 | 25,400 |
Maximum | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Percent of loan amount | 50.00% | |
Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 36,572,183 | |
Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 225,218 | |
Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 385,862 | |
Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 1,281 | |
Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 3,270 | |
Total commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | $ 5,091,756 | |
2019 | 2,709,233 | |
2018 | 2,308,392 | |
2017 | 1,811,863 | |
2016 | 1,241,836 | |
Prior | 2,241,502 | |
Total loans | 20,014,151 | 16,769,370 |
Total commercial and industrial | Commercial, financial and agricultural | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 4,133,426 | |
2019 | 1,485,698 | |
2018 | 1,031,148 | |
2017 | 737,558 | |
2016 | 587,870 | |
Prior | 863,425 | |
Total loans | 13,120,038 | 10,239,559 |
Total commercial and industrial | Owner-occupied | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 958,330 | |
2019 | 1,223,535 | |
2018 | 1,277,244 | |
2017 | 1,074,305 | |
2016 | 653,966 | |
Prior | 1,378,077 | |
Total loans | 6,894,113 | 6,529,811 |
Total commercial and industrial | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 16,313,114 | |
Total commercial and industrial | Pass | Commercial, financial and agricultural | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 4,056,896 | |
2019 | 1,429,402 | |
2018 | 974,892 | |
2017 | 667,989 | |
2016 | 566,178 | |
Prior | 815,006 | |
Total loans | 12,620,403 | 9,927,059 |
Total commercial and industrial | Pass | Owner-occupied | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 953,513 | |
2019 | 1,189,845 | |
2018 | 1,212,541 | |
2017 | 1,032,744 | |
2016 | 643,841 | |
Prior | 1,338,513 | |
Total loans | 6,699,653 | 6,386,055 |
Total commercial and industrial | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 186,836 | |
Total commercial and industrial | Special Mention | Commercial, financial and agricultural | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 49,283 | |
2019 | 39,929 | |
2018 | 21,599 | |
2017 | 33,376 | |
2016 | 8,404 | |
Prior | 7,986 | |
Total loans | 224,538 | 128,506 |
Total commercial and industrial | Special Mention | Owner-occupied | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 3,029 | |
2019 | 19,004 | |
2018 | 18,746 | |
2017 | 11,767 | |
2016 | 3,604 | |
Prior | 7,278 | |
Total loans | 63,428 | 58,330 |
Total commercial and industrial | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 268,257 | |
Total commercial and industrial | Substandard | Commercial, financial and agricultural | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 27,247 | |
2019 | 12,646 | |
2018 | 14,879 | |
2017 | 36,007 | |
2016 | 12,373 | |
Prior | 40,342 | |
Total loans | 246,374 | 182,831 |
Total commercial and industrial | Substandard | Owner-occupied | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 1,788 | |
2019 | 14,686 | |
2018 | 36,319 | |
2017 | 29,794 | |
2016 | 6,521 | |
Prior | 32,286 | |
Total loans | 121,394 | 85,426 |
Total commercial and industrial | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 1,163 | |
Total commercial and industrial | Doubtful | Commercial, financial and agricultural | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 3,721 | |
2018 | 19,778 | |
2017 | 186 | |
2016 | 915 | |
Prior | 91 | |
Total loans | 28,723 | 1,163 |
Total commercial and industrial | Doubtful | Owner-occupied | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 9,638 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Total loans | 9,638 | 0 |
Total commercial and industrial | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Total commercial and industrial | Loss | Commercial, financial and agricultural | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Total commercial and industrial | Loss | Owner-occupied | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Total commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 987,437 | |
2019 | 2,644,918 | |
2018 | 2,551,972 | |
2017 | 1,742,008 | |
2016 | 836,405 | |
Prior | 1,820,634 | |
Total loans | 10,965,875 | 10,493,784 |
Total commercial real estate | Investment properties | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 787,023 | |
2019 | 2,310,640 | |
2018 | 2,366,419 | |
2017 | 1,532,611 | |
2016 | 772,903 | |
Prior | 1,623,104 | |
Total loans | 9,662,447 | 9,004,327 |
Total commercial real estate | 1-4 family properties | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 141,852 | |
2019 | 126,990 | |
2018 | 84,971 | |
2017 | 96,038 | |
2016 | 50,411 | |
Prior | 103,664 | |
Total loans | 655,038 | 780,015 |
Total commercial real estate | Land and development | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 58,562 | |
2019 | 207,288 | |
2018 | 100,582 | |
2017 | 113,359 | |
2016 | 13,091 | |
Prior | 93,866 | |
Total loans | 648,390 | 709,442 |
Total commercial real estate | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 10,377,892 | |
Total commercial real estate | Pass | Investment properties | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 784,989 | |
2019 | 2,241,547 | |
2018 | 2,193,526 | |
2017 | 1,376,648 | |
2016 | 606,029 | |
Prior | 1,404,524 | |
Total loans | 8,846,766 | 8,930,360 |
Total commercial real estate | Pass | 1-4 family properties | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 139,919 | |
2019 | 125,473 | |
2018 | 80,610 | |
2017 | 94,889 | |
2016 | 49,122 | |
Prior | 100,984 | |
Total loans | 640,591 | 766,529 |
Total commercial real estate | Pass | Land and development | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 56,935 | |
2019 | 204,012 | |
2018 | 91,630 | |
2017 | 106,490 | |
2016 | 12,564 | |
Prior | 90,474 | |
Total loans | 620,197 | 681,003 |
Total commercial real estate | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 38,382 | |
Total commercial real estate | Special Mention | Investment properties | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 1,222 | |
2019 | 66,438 | |
2018 | 147,928 | |
2017 | 141,036 | |
2016 | 166,053 | |
Prior | 129,887 | |
Total loans | 682,770 | 16,490 |
Total commercial real estate | Special Mention | 1-4 family properties | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 419 | |
2019 | 0 | |
2018 | 524 | |
2017 | 111 | |
2016 | 800 | |
Prior | 120 | |
Total loans | 1,974 | 3,249 |
Total commercial real estate | Special Mention | Land and development | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 2,172 | |
2018 | 4,277 | |
2017 | 5,784 | |
2016 | 0 | |
Prior | 1,828 | |
Total loans | 17,611 | 18,643 |
Total commercial real estate | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 77,510 | |
Total commercial real estate | Substandard | Investment properties | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 812 | |
2019 | 2,655 | |
2018 | 24,965 | |
2017 | 14,927 | |
2016 | 821 | |
Prior | 88,693 | |
Total loans | 132,911 | 57,477 |
Total commercial real estate | Substandard | 1-4 family properties | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 1,514 | |
2019 | 1,517 | |
2018 | 3,837 | |
2017 | 1,038 | |
2016 | 489 | |
Prior | 2,560 | |
Total loans | 12,473 | 10,237 |
Total commercial real estate | Substandard | Land and development | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 1,627 | |
2019 | 1,104 | |
2018 | 4,675 | |
2017 | 1,085 | |
2016 | 527 | |
Prior | 1,564 | |
Total loans | 10,582 | 9,796 |
Total commercial real estate | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Total commercial real estate | Doubtful | Investment properties | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Total commercial real estate | Doubtful | 1-4 family properties | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Total commercial real estate | Doubtful | Land and development | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Total commercial real estate | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Total commercial real estate | Loss | Investment properties | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Total commercial real estate | Loss | 1-4 family properties | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Total commercial real estate | Loss | Land and development | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Total consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 1,716,359 | |
2019 | 1,194,838 | |
2018 | 624,918 | |
2017 | 927,380 | |
2016 | 870,876 | |
Prior | 1,184,293 | |
Total loans | 8,668,798 | 9,924,660 |
Total consumer | Consumer mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 1,579,415 | |
2019 | 965,079 | |
2018 | 482,495 | |
2017 | 765,189 | |
2016 | 758,007 | |
Prior | 1,107,335 | |
Total loans | 5,658,525 | 5,546,368 |
Total consumer | Home equity lines | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Total loans | 1,615,207 | 1,713,157 |
Total consumer | Credit cards | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Total loans | 264,829 | 268,841 |
Total consumer | Other consumer loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 136,944 | |
2019 | 229,759 | |
2018 | 142,423 | |
2017 | 162,191 | |
2016 | 112,869 | |
Prior | 76,958 | |
Total loans | 1,130,237 | 2,396,294 |
Total consumer | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 9,881,177 | |
Total consumer | Pass | Consumer mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 1,579,366 | |
2019 | 964,882 | |
2018 | 481,718 | |
2017 | 764,384 | |
2016 | 755,595 | |
Prior | 1,102,091 | |
Total loans | 5,649,041 | 5,527,746 |
Total consumer | Pass | Home equity lines | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Total loans | 1,600,004 | 1,697,086 |
Total consumer | Pass | Credit cards | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Total loans | 261,207 | 266,146 |
Total consumer | Pass | Other consumer loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 136,944 | |
2019 | 229,039 | |
2018 | 142,260 | |
2017 | 161,717 | |
2016 | 112,805 | |
Prior | 76,244 | |
Total loans | 1,127,849 | 2,390,199 |
Total consumer | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Total consumer | Special Mention | Consumer mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Total consumer | Special Mention | Home equity lines | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Total consumer | Special Mention | Credit cards | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Total consumer | Special Mention | Other consumer loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Total consumer | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 40,095 | |
Total consumer | Substandard | Consumer mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 49 | |
2019 | 197 | |
2018 | 777 | |
2017 | 805 | |
2016 | 2,412 | |
Prior | 5,170 | |
Total loans | 9,410 | 18,376 |
Total consumer | Substandard | Home equity lines | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Total loans | 13,776 | 14,806 |
Total consumer | Substandard | Credit cards | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Total loans | 828 | 818 |
Total consumer | Substandard | Other consumer loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 720 | |
2018 | 163 | |
2017 | 474 | |
2016 | 64 | |
Prior | 714 | |
Total loans | 2,388 | 6,095 |
Total consumer | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 118 | |
Total consumer | Doubtful | Consumer mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 97 | |
Total consumer | Doubtful | Home equity lines | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Total loans | 19 | 21 |
Total consumer | Doubtful | Credit cards | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Total consumer | Doubtful | Other consumer loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Total consumer | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 3,270 | |
Total consumer | Loss | Consumer mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 74 | |
Total loans | 74 | 149 |
Total consumer | Loss | Home equity lines | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Total loans | 1,408 | 1,244 |
Total consumer | Loss | Credit cards | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Total loans | 2,794 | 1,877 |
Total consumer | Loss | Other consumer loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | $ 0 | |
Revolving Loans Amortized Cost Basis | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 6,989,122 | |
Revolving Loans Amortized Cost Basis | Total commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 4,548,248 | |
Revolving Loans Amortized Cost Basis | Total commercial and industrial | Commercial, financial and agricultural | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 4,219,592 | |
Revolving Loans Amortized Cost Basis | Total commercial and industrial | Owner-occupied | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 328,656 | |
Revolving Loans Amortized Cost Basis | Total commercial and industrial | Pass | Commercial, financial and agricultural | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 4,049,741 | |
Revolving Loans Amortized Cost Basis | Total commercial and industrial | Pass | Owner-occupied | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 328,656 | |
Revolving Loans Amortized Cost Basis | Total commercial and industrial | Special Mention | Commercial, financial and agricultural | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 63,455 | |
Revolving Loans Amortized Cost Basis | Total commercial and industrial | Special Mention | Owner-occupied | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Revolving Loans Amortized Cost Basis | Total commercial and industrial | Substandard | Commercial, financial and agricultural | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 102,364 | |
Revolving Loans Amortized Cost Basis | Total commercial and industrial | Substandard | Owner-occupied | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Revolving Loans Amortized Cost Basis | Total commercial and industrial | Doubtful | Commercial, financial and agricultural | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 4,032 | |
Revolving Loans Amortized Cost Basis | Total commercial and industrial | Doubtful | Owner-occupied | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Revolving Loans Amortized Cost Basis | Total commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 382,501 | |
Revolving Loans Amortized Cost Basis | Total commercial real estate | Investment properties | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 269,747 | |
Revolving Loans Amortized Cost Basis | Total commercial real estate | 1-4 family properties | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 51,112 | |
Revolving Loans Amortized Cost Basis | Total commercial real estate | Land and development | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 61,642 | |
Revolving Loans Amortized Cost Basis | Total commercial real estate | Pass | Investment properties | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 239,503 | |
Revolving Loans Amortized Cost Basis | Total commercial real estate | Pass | 1-4 family properties | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 49,594 | |
Revolving Loans Amortized Cost Basis | Total commercial real estate | Pass | Land and development | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 58,092 | |
Revolving Loans Amortized Cost Basis | Total commercial real estate | Special Mention | Investment properties | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 30,206 | |
Revolving Loans Amortized Cost Basis | Total commercial real estate | Special Mention | 1-4 family properties | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Revolving Loans Amortized Cost Basis | Total commercial real estate | Special Mention | Land and development | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 3,550 | |
Revolving Loans Amortized Cost Basis | Total commercial real estate | Substandard | Investment properties | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 38 | |
Revolving Loans Amortized Cost Basis | Total commercial real estate | Substandard | 1-4 family properties | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 1,518 | |
Revolving Loans Amortized Cost Basis | Total commercial real estate | Substandard | Land and development | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Revolving Loans Amortized Cost Basis | Total consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 2,058,373 | |
Revolving Loans Amortized Cost Basis | Total consumer | Consumer mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 1,005 | |
Revolving Loans Amortized Cost Basis | Total consumer | Home equity lines | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 1,523,446 | |
Revolving Loans Amortized Cost Basis | Total consumer | Credit cards | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 264,829 | |
Revolving Loans Amortized Cost Basis | Total consumer | Other consumer loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 269,093 | |
Revolving Loans Amortized Cost Basis | Total consumer | Pass | Consumer mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 1,005 | |
Revolving Loans Amortized Cost Basis | Total consumer | Pass | Home equity lines | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 1,513,600 | |
Revolving Loans Amortized Cost Basis | Total consumer | Pass | Credit cards | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 261,207 | |
Revolving Loans Amortized Cost Basis | Total consumer | Pass | Other consumer loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 268,840 | |
Revolving Loans Amortized Cost Basis | Total consumer | Substandard | Consumer mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Revolving Loans Amortized Cost Basis | Total consumer | Substandard | Home equity lines | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 8,603 | |
Revolving Loans Amortized Cost Basis | Total consumer | Substandard | Credit cards | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 828 | |
Revolving Loans Amortized Cost Basis | Total consumer | Substandard | Other consumer loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 253 | |
Revolving Loans Amortized Cost Basis | Total consumer | Doubtful | Home equity lines | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Revolving Loans Amortized Cost Basis | Total consumer | Loss | Consumer mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Revolving Loans Amortized Cost Basis | Total consumer | Loss | Home equity lines | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 1,243 | |
Revolving Loans Amortized Cost Basis | Total consumer | Loss | Credit cards | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 2,794 | |
Revolving Loans Converted to Term Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 153,082 | |
Revolving Loans Converted to Term Loans | Total commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 61,321 | |
Revolving Loans Converted to Term Loans | Total commercial and industrial | Commercial, financial and agricultural | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 61,321 | |
Revolving Loans Converted to Term Loans | Total commercial and industrial | Owner-occupied | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Revolving Loans Converted to Term Loans | Total commercial and industrial | Pass | Commercial, financial and agricultural | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 60,299 | |
Revolving Loans Converted to Term Loans | Total commercial and industrial | Pass | Owner-occupied | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Revolving Loans Converted to Term Loans | Total commercial and industrial | Special Mention | Commercial, financial and agricultural | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 506 | |
Revolving Loans Converted to Term Loans | Total commercial and industrial | Special Mention | Owner-occupied | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Revolving Loans Converted to Term Loans | Total commercial and industrial | Substandard | Commercial, financial and agricultural | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 516 | |
Revolving Loans Converted to Term Loans | Total commercial and industrial | Substandard | Owner-occupied | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Revolving Loans Converted to Term Loans | Total commercial and industrial | Doubtful | Commercial, financial and agricultural | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Revolving Loans Converted to Term Loans | Total commercial and industrial | Doubtful | Owner-occupied | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Revolving Loans Converted to Term Loans | Total commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Revolving Loans Converted to Term Loans | Total commercial real estate | Investment properties | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Revolving Loans Converted to Term Loans | Total commercial real estate | 1-4 family properties | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Revolving Loans Converted to Term Loans | Total commercial real estate | Land and development | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Revolving Loans Converted to Term Loans | Total commercial real estate | Pass | Investment properties | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Revolving Loans Converted to Term Loans | Total commercial real estate | Pass | 1-4 family properties | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Revolving Loans Converted to Term Loans | Total commercial real estate | Pass | Land and development | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Revolving Loans Converted to Term Loans | Total commercial real estate | Special Mention | Investment properties | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Revolving Loans Converted to Term Loans | Total commercial real estate | Special Mention | 1-4 family properties | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Revolving Loans Converted to Term Loans | Total commercial real estate | Special Mention | Land and development | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Revolving Loans Converted to Term Loans | Total commercial real estate | Substandard | Investment properties | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Revolving Loans Converted to Term Loans | Total commercial real estate | Substandard | 1-4 family properties | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Revolving Loans Converted to Term Loans | Total commercial real estate | Substandard | Land and development | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Revolving Loans Converted to Term Loans | Total consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 91,761 | |
Revolving Loans Converted to Term Loans | Total consumer | Consumer mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Revolving Loans Converted to Term Loans | Total consumer | Home equity lines | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 91,761 | |
Revolving Loans Converted to Term Loans | Total consumer | Credit cards | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Revolving Loans Converted to Term Loans | Total consumer | Other consumer loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Revolving Loans Converted to Term Loans | Total consumer | Pass | Consumer mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Revolving Loans Converted to Term Loans | Total consumer | Pass | Home equity lines | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 86,404 | |
Revolving Loans Converted to Term Loans | Total consumer | Pass | Credit cards | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Revolving Loans Converted to Term Loans | Total consumer | Pass | Other consumer loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Revolving Loans Converted to Term Loans | Total consumer | Substandard | Consumer mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Revolving Loans Converted to Term Loans | Total consumer | Substandard | Home equity lines | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 5,173 | |
Revolving Loans Converted to Term Loans | Total consumer | Substandard | Credit cards | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Revolving Loans Converted to Term Loans | Total consumer | Substandard | Other consumer loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Revolving Loans Converted to Term Loans | Total consumer | Doubtful | Home equity lines | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 19 | |
Revolving Loans Converted to Term Loans | Total consumer | Loss | Consumer mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Revolving Loans Converted to Term Loans | Total consumer | Loss | Home equity lines | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 165 | |
Revolving Loans Converted to Term Loans | Total consumer | Loss | Credit cards | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | $ 0 |
Loans and Allowance for Loan _6
Loans and Allowance for Loan Losses (Schedule of Allowances for Loan Losses and Recorded Investment in Loans) (Details) - USD ($) $ in Thousands | Jan. 01, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | us-gaap:AccountingStandardsUpdate201613Member | us-gaap:AccountingStandardsUpdate201602Member | ||
Allowance for loan losses: | |||||
Beginning balance | $ 281,402 | $ 588,648 | $ 257,376 | $ 281,402 | $ 250,555 |
Charge-offs | (35,346) | (24,726) | (89,999) | (62,290) | |
Recoveries | 6,880 | 4,801 | 17,426 | 13,498 | |
Provision for loan losses | 43,618 | 27,562 | 311,977 | 63,250 | |
Ending balance | 281,402 | 603,800 | 265,013 | 603,800 | 265,013 |
Impact from Adoption | |||||
Allowance for loan losses: | |||||
Beginning balance | 82,994 | 82,994 | |||
Ending balance | 82,994 | ||||
Commercial & Industrial | |||||
Allowance for loan losses: | |||||
Beginning balance | 229,915 | 138,004 | 133,123 | ||
Charge-offs | (19,367) | (15,425) | (57,497) | (39,558) | |
Recoveries | 3,796 | 2,276 | 8,798 | 6,087 | |
Provision for loan losses | 46,256 | 17,156 | 165,827 | 42,359 | |
Ending balance | 145,782 | 260,600 | 142,011 | 260,600 | 142,011 |
Commercial & Industrial | Impact from Adoption | |||||
Allowance for loan losses: | |||||
Beginning balance | (2,310) | (2,310) | |||
Ending balance | (2,310) | ||||
Commercial Real Estate | |||||
Allowance for loan losses: | |||||
Beginning balance | 171,526 | 63,463 | 68,796 | ||
Charge-offs | (6,878) | (3,275) | (8,585) | (5,369) | |
Recoveries | 1,225 | 1,490 | 2,160 | 3,788 | |
Provision for loan losses | (22,068) | 280 | 83,451 | (5,257) | |
Ending balance | 67,430 | 143,805 | 61,958 | 143,805 | 61,958 |
Commercial Real Estate | Impact from Adoption | |||||
Allowance for loan losses: | |||||
Beginning balance | (651) | (651) | |||
Ending balance | (651) | ||||
Consumer | |||||
Allowance for loan losses: | |||||
Beginning balance | 187,207 | 55,909 | 48,636 | ||
Charge-offs | (9,101) | (6,026) | (23,917) | (17,363) | |
Recoveries | 1,859 | 1,035 | 6,468 | 3,623 | |
Provision for loan losses | 19,430 | 10,126 | 62,699 | 26,148 | |
Ending balance | 68,190 | $ 199,395 | $ 61,044 | 199,395 | $ 61,044 |
Consumer | Impact from Adoption | |||||
Allowance for loan losses: | |||||
Beginning balance | 85,955 | $ 85,955 | |||
Ending balance | $ 85,955 |
Loans and Allowance for Loan _7
Loans and Allowance for Loan Losses (Troubled Debt Restructurings) (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020USD ($)Contract | Sep. 30, 2019USD ($)Contract | Sep. 30, 2020USD ($)Contract | Sep. 30, 2019USD ($)Contract | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | Contract | 80 | 105 | 280 | 241 |
Recorded Investment | $ 8,144,000 | $ 14,621,000 | $ 60,492,000 | $ 31,352,000 |
Net charge-offs | $ 0 | $ 0 | $ 0 | $ 0 |
Total commercial and industrial | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | Contract | 49 | 34 | 137 | 74 |
Recorded Investment | $ 5,758,000 | $ 8,177,000 | $ 18,346,000 | $ 15,822,000 |
Total commercial and industrial | Commercial, financial and agricultural | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | Contract | 42 | 27 | 118 | 61 |
Recorded Investment | $ 4,005,000 | $ 4,494,000 | $ 13,243,000 | $ 10,107,000 |
Total commercial and industrial | Owner-occupied | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | Contract | 7 | 7 | 19 | 13 |
Recorded Investment | $ 1,753,000 | $ 3,683,000 | $ 5,103,000 | $ 5,715,000 |
Total commercial real estate | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | Contract | 8 | 9 | 24 | 23 |
Recorded Investment | $ 615,000 | $ 1,624,000 | $ 31,609,000 | $ 3,761,000 |
Total commercial real estate | Investment properties | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | Contract | 2 | 4 | 6 | 6 |
Recorded Investment | $ 387,000 | $ 385,000 | $ 29,056,000 | $ 1,048,000 |
Total commercial real estate | 1-4 family properties | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | Contract | 5 | 4 | 15 | 14 |
Recorded Investment | $ 188,000 | $ 766,000 | $ 1,972,000 | $ 2,072,000 |
Total commercial real estate | Land and development | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | Contract | 1 | 1 | 3 | 3 |
Recorded Investment | $ 40,000 | $ 473,000 | $ 581,000 | $ 641,000 |
Total consumer | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | Contract | 23 | 62 | 119 | 144 |
Recorded Investment | $ 1,771,000 | $ 4,820,000 | $ 10,537,000 | $ 11,769,000 |
Total consumer | Consumer mortgages | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | Contract | 3 | 10 | 19 | 15 |
Recorded Investment | $ 519,000 | $ 1,126,000 | $ 4,157,000 | $ 2,577,000 |
Total consumer | Home equity lines | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | Contract | 17 | 25 | 50 | 50 |
Recorded Investment | $ 1,119,000 | $ 1,999,000 | $ 3,456,000 | $ 4,426,000 |
Total consumer | Other consumer loans | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | Contract | 3 | 27 | 50 | 79 |
Recorded Investment | $ 133,000 | $ 1,695,000 | $ 2,924,000 | $ 4,766,000 |
Below Market Interest Rate | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded Investment | 6,511,000 | 8,868,000 | 45,185,000 | 19,416,000 |
Below Market Interest Rate | Total commercial and industrial | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded Investment | 5,088,000 | 5,399,000 | 12,135,000 | 10,557,000 |
Below Market Interest Rate | Total commercial and industrial | Commercial, financial and agricultural | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded Investment | 3,335,000 | 2,577,000 | 8,562,000 | 5,703,000 |
Below Market Interest Rate | Total commercial and industrial | Owner-occupied | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded Investment | 1,753,000 | 2,822,000 | 3,573,000 | 4,854,000 |
Below Market Interest Rate | Total commercial real estate | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded Investment | 408,000 | 1,624,000 | 30,411,000 | 3,761,000 |
Below Market Interest Rate | Total commercial real estate | Investment properties | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded Investment | 294,000 | 385,000 | 28,963,000 | 1,048,000 |
Below Market Interest Rate | Total commercial real estate | 1-4 family properties | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded Investment | 74,000 | 766,000 | 867,000 | 2,072,000 |
Below Market Interest Rate | Total commercial real estate | Land and development | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded Investment | 40,000 | 473,000 | 581,000 | 641,000 |
Below Market Interest Rate | Total consumer | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded Investment | 1,015,000 | 1,845,000 | 2,639,000 | 5,098,000 |
Below Market Interest Rate | Total consumer | Consumer mortgages | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded Investment | 496,000 | 1,008,000 | 1,568,000 | 1,245,000 |
Below Market Interest Rate | Total consumer | Home equity lines | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded Investment | 471,000 | 364,000 | 926,000 | 2,686,000 |
Below Market Interest Rate | Total consumer | Other consumer loans | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded Investment | 48,000 | 473,000 | 145,000 | 1,167,000 |
Other Concessions | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded Investment | 1,633,000 | 5,753,000 | 15,307,000 | 11,936,000 |
Other Concessions | Total commercial and industrial | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded Investment | 670,000 | 2,778,000 | 6,211,000 | 5,265,000 |
Other Concessions | Total commercial and industrial | Commercial, financial and agricultural | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded Investment | 670,000 | 1,917,000 | 4,681,000 | 4,404,000 |
Other Concessions | Total commercial and industrial | Owner-occupied | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded Investment | 0 | 861,000 | 1,530,000 | 861,000 |
Other Concessions | Total commercial real estate | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded Investment | 207,000 | 0 | 1,198,000 | 0 |
Other Concessions | Total commercial real estate | Investment properties | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded Investment | 93,000 | 0 | 93,000 | 0 |
Other Concessions | Total commercial real estate | 1-4 family properties | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded Investment | 114,000 | 0 | 1,105,000 | 0 |
Other Concessions | Total commercial real estate | Land and development | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded Investment | 0 | 0 | 0 | 0 |
Other Concessions | Total consumer | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded Investment | 756,000 | 2,975,000 | 7,898,000 | 6,671,000 |
Other Concessions | Total consumer | Consumer mortgages | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded Investment | 23,000 | 118,000 | 2,589,000 | 1,332,000 |
Other Concessions | Total consumer | Home equity lines | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded Investment | 648,000 | 1,635,000 | 2,530,000 | 1,740,000 |
Other Concessions | Total consumer | Other consumer loans | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded Investment | $ 85,000 | $ 1,222,000 | $ 2,779,000 | $ 3,599,000 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Goodwill) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | |
Goodwill [Roll Forward] | |||
Balance as of December 31, 2019 | $ 497,267 | ||
Goodwill impairment | (44,877) | $ 0 | |
Balance as of September 30, 2020 | $ 452,390 | 452,390 | |
Community Banking Reporting Unit | |||
Goodwill [Roll Forward] | |||
Balance as of December 31, 2019 | 256,323 | ||
Goodwill impairment | 0 | ||
Balance as of September 30, 2020 | 256,323 | 256,323 | |
Wholesale Banking Reporting Unit | |||
Goodwill [Roll Forward] | |||
Balance as of December 31, 2019 | 171,636 | ||
Goodwill impairment | 0 | ||
Balance as of September 30, 2020 | 171,636 | 171,636 | |
Consumer Mortgage Reporting Unit | |||
Goodwill [Roll Forward] | |||
Balance as of December 31, 2019 | 44,877 | ||
Goodwill impairment | (44,900) | (44,877) | |
Balance as of September 30, 2020 | 0 | 0 | |
Wealth Management Reporting Unit | |||
Goodwill [Roll Forward] | |||
Balance as of December 31, 2019 | 24,431 | ||
Goodwill impairment | 0 | ||
Balance as of September 30, 2020 | $ 24,431 | $ 24,431 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Narrative) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($)reporting_unit | Sep. 30, 2019USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Number of reporting units | reporting_unit | 2 | |||
Percent of income-based discounted cash flow approach used | 60.00% | |||
Percent of market-based approach used | 40.00% | |||
Goodwill impairment | $ 44,877 | $ 0 | ||
Reporting unit, percentage of fair value in excess of carrying amount | 10.00% | 10.00% | ||
Amortization expense | $ 2,600 | $ 2,900 | $ 7,900 | $ 8,700 |
FCB Financial Holdings, Inc. | CDI | ||||
Business Acquisition [Line Items] | ||||
Useful life | 10 years |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets (Other Intangible Assets) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 69,900 | $ 69,900 |
Accumulated Amortization | (22,148) | (14,229) |
Net Carrying Value | 47,752 | 55,671 |
CDI | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 57,400 | 57,400 |
Accumulated Amortization | (17,481) | (10,436) |
Net Carrying Value | 39,919 | 46,964 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 12,500 | 12,500 |
Accumulated Amortization | (4,667) | (3,793) |
Net Carrying Value | $ 7,833 | $ 8,707 |
Shareholders' Equity and Othe_3
Shareholders' Equity and Other Comprehensive Income (Loss) (Narrative) (Details) - Common Stock $ / shares in Units, shares in Thousands, $ in Millions | 9 Months Ended |
Sep. 30, 2020USD ($)$ / sharesshares | |
Class of Stock [Line Items] | |
Share repurchased | $ | $ 16.2 |
Shares repurchased (in shares) | shares | 450 |
Share repurchased (in dollars per share) | $ / shares | $ 36.08 |
Shareholders' Equity and Othe_4
Shareholders' Equity and Other Comprehensive Income (Loss) (Dividends) (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Equity [Abstract] | ||||
Cash dividends declared per share (in dollars per share) | $ 0.33 | $ 0.30 | $ 0.99 | $ 0.90 |
Shareholders' Equity and Othe_5
Shareholders' Equity and Other Comprehensive Income (Loss) (Stock Option) (Details) - $ / shares shares in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | |
Quantity | ||
Options outstanding (in shares) | 2,734 | 3,037 |
Exercised (in shares) | (239) | |
Expired/canceled (in shares) | (64) | |
Weighted-Average Exercise Price Per Share | ||
Weighted-average exercise price, options (in dollars per share) | $ 22.09 | $ 22.74 |
Exercised (in dollars per share) | 28.28 | |
Expired/canceled (in dollars per share) | $ 29.75 |
Shareholders' Equity and Othe_6
Shareholders' Equity and Other Comprehensive Income (Loss) (Non-vested Shares/Units) (Details) shares in Thousands | 9 Months Ended |
Sep. 30, 2020$ / sharesshares | |
Quantity | |
Non-vested, beginning balance (in shares) | shares | 1,312 |
Granted (in shares) | shares | 893 |
Quantity change by TSR factor (in shares) | shares | 44 |
Dividend equivalents granted (in shares) | shares | 56 |
Vested (in shares) | shares | (590) |
Forfeited (in shares) | shares | (58) |
Non-vested, ending balance (in shares) | shares | 1,657 |
Weighted-Average Grant Date Fair Value Per Share | |
Non-vested, beginning balance (in dollars per share) | $ / shares | $ 39.28 |
Granted (in dollars per share) | $ / shares | 32.91 |
Quantity change by TSR factor (in dollars per share) | $ / shares | 35.11 |
Dividend equivalents granted (in dollars per share) | $ / shares | 33.50 |
Vested (in dollars per share) | $ / shares | 38.85 |
Forfeited (in dollars per share) | $ / shares | 36.22 |
Non-vested, ending balance (in dollars per share) | $ / shares | $ 35.80 |
Shareholders' Equity and Othe_7
Shareholders' Equity and Other Comprehensive Income (Loss) (Changes in Accumulated Other Comprehensive Income (Loss) by Component (Net of Income Taxes)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Roll Forward] | |||||
Balance | $ 5,052,968 | $ 4,753,816 | $ 4,941,690 | $ 3,133,602 | |
Other comprehensive income (loss), Net of Tax Amount | (28,056) | 26,644 | 109,273 | 170,353 | |
Balance | 5,064,542 | 4,868,838 | 5,064,542 | 4,868,838 | |
Accumulated other comprehensive income (loss) | (174,914) | (174,914) | $ (65,641) | ||
Total | |||||
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Roll Forward] | |||||
Balance | 202,970 | 49,289 | 65,641 | (94,420) | |
Other comprehensive income (loss) before reclassifications | (28,441) | 23,879 | 167,082 | 166,332 | |
Amounts reclassified from AOCI | 385 | 2,765 | (57,809) | 4,021 | |
Other comprehensive income (loss), Net of Tax Amount | (28,056) | 26,644 | 109,273 | 170,353 | |
Balance | 174,914 | 75,933 | 174,914 | 75,933 | |
Net unrealized gains (losses) on investment securities available for sale | |||||
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Roll Forward] | |||||
Balance | 134,245 | 60,586 | 83,666 | (83,179) | |
Other comprehensive income (loss) before reclassifications | (21,806) | 25,133 | 86,678 | 167,586 | |
Amounts reclassified from AOCI | 1,149 | 2,765 | (56,756) | 4,077 | |
Other comprehensive income (loss), Net of Tax Amount | (20,657) | 27,898 | 29,922 | 171,663 | |
Balance | 113,588 | 88,484 | 113,588 | 88,484 | |
Net unrealized gains (losses) on investment securities available for sale | Valuation Allowance of Deferred Tax Assets | |||||
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Roll Forward] | |||||
Accumulated other comprehensive income (loss) | 13,300 | 13,300 | |||
Net unrealized gains (losses) on cash flow hedges | |||||
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Roll Forward] | |||||
Balance | 68,263 | (12,137) | (18,487) | (12,137) | |
Other comprehensive income (loss) before reclassifications | (6,635) | (876) | 80,404 | (876) | |
Amounts reclassified from AOCI | (764) | 0 | (1,053) | 0 | |
Other comprehensive income (loss), Net of Tax Amount | (7,399) | (876) | 79,351 | (876) | |
Balance | 60,864 | (13,013) | 60,864 | (13,013) | |
Post-retirement unfunded health benefit | |||||
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Roll Forward] | |||||
Balance | 462 | 840 | 462 | 896 | |
Other comprehensive income (loss) before reclassifications | 0 | (378) | 0 | (378) | |
Amounts reclassified from AOCI | 0 | 0 | 0 | (56) | |
Other comprehensive income (loss), Net of Tax Amount | 0 | (378) | 0 | (434) | |
Balance | 462 | $ 462 | 462 | $ 462 | |
Net unrealized losses on cash flow hedges | Valuation Allowance of Deferred Tax Assets | |||||
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Roll Forward] | |||||
Accumulated other comprehensive income (loss) | $ 12,100 | $ 12,100 |
Fair Value Accounting (Financia
Fair Value Accounting (Financial Instruments Measured at Fair Value on Recurring Basis) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | $ 7,212 | |
Investment securities available for sale | $ 7,566,525 | 6,778,670 |
Mortgages Held-for-sale, Fair Value Disclosure | 115,173 | |
Private equity investments | 19,389 | |
GGL/SBA loans servicing asset | 3,040 | |
Derivative assets | 140,016 | |
Earnout liability | 11,016 | |
Derivative liabilities | 37,071 | |
Mortgage-backed securities issued by U.S. Government agencies | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available for sale | 1,129,392 | 56,816 |
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available for sale | 354,157 | 371,592 |
State and municipal securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available for sale | 501 | 2,075 |
Asset-backed securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available for sale | 327,400 | |
U.S. Treasury securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available for sale | 20,254 | 19,855 |
Mortgage-backed securities issued by U.S. Government sponsored enterprises | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available for sale | 4,540,386 | 5,180,815 |
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available for sale | 1,345,284 | 636,851 |
Corporate debt securities and other debt securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available for sale | 19,937 | 146,725 |
Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 0 | 0 |
Investment securities available for sale | 20,254 | 19,855 |
Private equity investments | 0 | 15,502 |
Mutual funds and mutual funds held in rabbi trusts | 35,174 | 32,348 |
GGL/SBA loans servicing asset | 0 | 0 |
Derivative assets | 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 | 4,371 | 7,212 |
Investment securities available for sale | 7,544,471 | 6,756,710 |
Mortgages Held-for-sale, Fair Value Disclosure | 285,899 | |
Private equity investments | 0 | 0 |
Mutual funds and mutual funds held in rabbi trusts | 0 | 0 |
GGL/SBA loans servicing asset | 0 | 0 |
Derivative assets | 463,028 | 140,016 |
Trading liability for short positions | 0 | |
Earnout liability | 0 | 0 |
Derivative liabilities | 178,508 | 34,732 |
Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 0 | 0 |
Investment securities available for sale | 1,800 | 2,105 |
Private equity investments | 958 | 3,887 |
Mutual funds and mutual funds held in rabbi trusts | 0 | 0 |
GGL/SBA loans servicing asset | 3,100 | 3,040 |
Derivative assets | 0 | 0 |
Trading liability for short positions | 0 | |
Earnout liability | 15,924 | 11,016 |
Derivative liabilities | 1,460 | 2,339 |
Fair Value, Measurements, Recurring Basis | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 4,371 | |
Mortgages Held-for-sale, Fair Value Disclosure | 285,899 | |
Private equity investments | 958 | |
Mutual funds and mutual funds held in rabbi trusts | 35,174 | 32,348 |
GGL/SBA loans servicing asset | 3,100 | |
Derivative assets | 463,028 | |
Trading liability for short positions | 1,560 | |
Earnout liability | 15,924 | |
Derivative liabilities | 179,968 | |
Fair Value, Measurements, Recurring Basis | Mortgage-backed securities issued by U.S. Government agencies | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 18 | |
Investment securities available for sale | 1,129,392 | 56,816 |
Fair Value, Measurements, Recurring Basis | 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 | 604 | 2,486 |
Investment securities available for sale | 354,157 | 371,592 |
Fair Value, Measurements, Recurring Basis | Other mortgage-backed securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 673 | 1,284 |
Fair Value, Measurements, Recurring Basis | State and municipal securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 579 | 65 |
Investment securities available for sale | 501 | 2,075 |
Fair Value, Measurements, Recurring Basis | Asset-backed securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 2,497 | 3,227 |
Investment securities available for sale | 327,400 | |
Fair Value, Measurements, Recurring Basis | Other investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 150 | |
Fair Value, Measurements, Recurring Basis | U.S. Treasury securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available for sale | 20,254 | 19,855 |
Fair Value, Measurements, Recurring Basis | U.S. Government agency securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available for sale | 156,614 | 36,541 |
Fair Value, Measurements, Recurring Basis | Mortgage-backed securities issued by U.S. Government sponsored enterprises | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available for sale | 4,540,386 | 5,180,815 |
Fair Value, Measurements, Recurring Basis | Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available for sale | 1,345,284 | 636,851 |
Fair Value, Measurements, Recurring Basis | Corporate debt securities and other debt securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available for sale | 19,937 | 146,725 |
Fair Value, Measurements, Recurring Basis | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 0 | |
Mortgages Held-for-sale, Fair Value Disclosure | 0 | 0 |
Private equity investments | 0 | 15,502 |
Mutual funds and mutual funds held in rabbi trusts | 35,174 | 32,348 |
GGL/SBA loans servicing asset | 0 | 0 |
Derivative assets | 0 | |
Trading liability for short positions | 1,560 | |
Earnout liability | 0 | 0 |
Derivative liabilities | 0 | |
Fair Value, Measurements, Recurring Basis | Level 1 | Mortgage-backed securities issued by U.S. Government agencies | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 0 | |
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring Basis | Level 1 | Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 0 | 0 |
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring Basis | Level 1 | Other mortgage-backed securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 0 | 0 |
Fair Value, Measurements, Recurring Basis | Level 1 | State and municipal securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 0 | 0 |
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring Basis | Level 1 | Asset-backed securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 0 | 0 |
Investment securities available for sale | 0 | |
Fair Value, Measurements, Recurring Basis | Level 1 | Other investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 0 | |
Fair Value, Measurements, Recurring Basis | Level 1 | U.S. Treasury securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available for sale | 20,254 | |
Fair Value, Measurements, Recurring Basis | Level 1 | U.S. Government agency securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring Basis | Level 1 | Mortgage-backed securities issued by U.S. Government sponsored enterprises | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring Basis | Level 1 | Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring Basis | Level 1 | Corporate debt securities and other debt securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring Basis | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 4,371 | |
Mortgages Held-for-sale, Fair Value Disclosure | 285,899 | 115,173 |
Private equity investments | 0 | 0 |
Mutual funds and mutual funds held in rabbi trusts | 0 | 0 |
GGL/SBA loans servicing asset | 0 | 0 |
Derivative assets | 463,028 | |
Trading liability for short positions | 0 | |
Earnout liability | 0 | 0 |
Derivative liabilities | 178,508 | |
Fair Value, Measurements, Recurring Basis | Level 2 | Mortgage-backed securities issued by U.S. Government agencies | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 18 | |
Investment securities available for sale | 1,129,392 | 56,816 |
Fair Value, Measurements, Recurring Basis | Level 2 | 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 | |
Investment securities available for sale | 354,157 | 371,592 |
Fair Value, Measurements, Recurring Basis | Level 2 | Other mortgage-backed securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 673 | 1,284 |
Fair Value, Measurements, Recurring Basis | Level 2 | State and municipal securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 579 | 65 |
Investment securities available for sale | 501 | 2,075 |
Fair Value, Measurements, Recurring Basis | Level 2 | Asset-backed securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 2,497 | 3,227 |
Investment securities available for sale | 327,400 | |
Fair Value, Measurements, Recurring Basis | Level 2 | Other investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 150 | |
Fair Value, Measurements, Recurring Basis | Level 2 | U.S. Treasury securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring Basis | Level 2 | U.S. Government agency securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available for sale | 156,614 | 36,541 |
Fair Value, Measurements, Recurring Basis | Level 2 | Mortgage-backed securities issued by U.S. Government sponsored enterprises | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available for sale | 4,540,386 | 5,180,815 |
Fair Value, Measurements, Recurring Basis | Level 2 | Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 604 | |
Investment securities available for sale | 1,345,284 | 636,851 |
Fair Value, Measurements, Recurring Basis | Level 2 | Corporate debt securities and other debt securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available for sale | 18,137 | 144,620 |
Fair Value, Measurements, Recurring Basis | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 0 | |
Investment securities available for sale | 1,800 | 2,105 |
Mortgages Held-for-sale, Fair Value Disclosure | 0 | 0 |
Private equity investments | 958 | 3,887 |
Mutual funds and mutual funds held in rabbi trusts | 0 | 0 |
GGL/SBA loans servicing asset | 3,100 | 3,040 |
Derivative assets | 0 | |
Trading liability for short positions | 0 | |
Earnout liability | 15,924 | 11,016 |
Derivative liabilities | 1,460 | |
Fair Value, Measurements, Recurring Basis | Level 3 | Mortgage-backed securities issued by U.S. Government agencies | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 0 | |
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring Basis | Level 3 | Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 0 | 0 |
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring Basis | Level 3 | Other mortgage-backed securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 0 | 0 |
Fair Value, Measurements, Recurring Basis | Level 3 | State and municipal securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 0 | 0 |
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring Basis | Level 3 | Asset-backed securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 0 | 0 |
Investment securities available for sale | 0 | |
Fair Value, Measurements, Recurring Basis | Level 3 | Other investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 0 | |
Fair Value, Measurements, Recurring Basis | Level 3 | U.S. Treasury securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring Basis | Level 3 | U.S. Government agency securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring Basis | Level 3 | Mortgage-backed securities issued by U.S. Government sponsored enterprises | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring Basis | Level 3 | Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring Basis | Level 3 | Corporate debt securities and other debt securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available for sale | $ 1,800 | $ 2,105 |
Fair Value Accounting (Mortgage
Fair Value Accounting (Mortgage Loans Held for Sale and Changes in Fair Value Included in Consolidated Statements of Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |||||
Unpaid principal balance | $ 276,709 | $ 276,709 | $ 112,218 | ||
Fair value less aggregate unpaid principal balance | 9,190 | 9,190 | $ 2,955 | ||
Mortgage loans held for sale | $ 251 | $ 892 | $ 6,235 | $ 1,593 |
Fair Value Accounting (Changes
Fair Value Accounting (Changes in Level 3 Fair Value Measurements) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
GGL / SBA Loans Servicing Asset | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | $ 3,019 | $ 3,326 | $ 3,040 | $ 3,729 |
Included in earnings | (187) | (298) | (742) | (1,091) |
Unrealized gains (losses) included in OCI | 0 | 0 | 0 | 0 |
Additions | 268 | 322 | 802 | 712 |
Settlements | 0 | 0 | 0 | 0 |
Ending balance | 3,100 | 3,350 | 3,100 | 3,350 |
Total net losses for the period included in earnings attributable to the change in unrealized losses relating to assets/liabilities still held | 0 | 0 | 0 | 0 |
Earnout Liability | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | (15,924) | (14,353) | (11,016) | (14,353) |
Included in earnings | 0 | (10,457) | (4,908) | (10,457) |
Unrealized gains (losses) included in OCI | 0 | 0 | 0 | 0 |
Additions | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Ending balance | (15,924) | (24,810) | (15,924) | (24,810) |
Total net losses for the period included in earnings attributable to the change in unrealized losses relating to assets/liabilities still held | 0 | (10,457) | (4,908) | (10,457) |
Visa Derivative | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | (1,755) | (1,049) | (2,339) | (1,673) |
Included in earnings | 0 | (2,500) | 0 | (2,500) |
Unrealized gains (losses) included in OCI | 0 | 0 | 0 | 0 |
Additions | 0 | 0 | 0 | 0 |
Settlements | 295 | 214 | 879 | 838 |
Ending balance | (1,460) | (3,335) | (1,460) | (3,335) |
Total net losses for the period included in earnings attributable to the change in unrealized losses relating to assets/liabilities still held | 0 | (2,500) | 0 | (2,500) |
Investment Securities Available for Sale | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 1,662 | 2,017 | 2,105 | 1,785 |
Included in earnings | 0 | 0 | 0 | |
Unrealized gains (losses) included in OCI | 138 | (26) | (305) | 206 |
Additions | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Ending balance | 1,800 | 1,991 | 1,800 | 1,991 |
Total net losses for the period included in earnings attributable to the change in unrealized losses relating to assets/liabilities still held | 0 | 0 | 0 | 0 |
Private Equity Investments | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 698 | 13,341 | 3,887 | 11,028 |
Included in earnings | 260 | 1,194 | (2,929) | 3,507 |
Unrealized gains (losses) included in OCI | 0 | 0 | 0 | 0 |
Additions | 0 | 0 | 0 | 0 |
Settlements | 0 | (3,246) | 0 | (3,246) |
Ending balance | 958 | 11,289 | 958 | 11,289 |
Total net losses for the period included in earnings attributable to the change in unrealized losses relating to assets/liabilities still held | $ 260 | $ 777 | $ (2,929) | $ 3,090 |
Fair Value Accounting (Fair Val
Fair Value Accounting (Fair Value Inputs, Assets, Quantitative Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | |
Investment Securities Available for Sale | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Asset measured with unobservable inputs | $ 1,800 | $ 1,800 | $ 1,662 | $ 2,105 | $ 1,991 | $ 2,017 | $ 1,785 |
Private Equity Investments | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Asset measured with unobservable inputs | 958 | 958 | $ 698 | $ 3,887 | $ 11,289 | $ 13,341 | $ 11,028 |
Fair Value, Measurements, Recurring Basis | Level 3 | Investment Securities Available for Sale | Discounted cash flow analysis | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Asset measured with unobservable inputs | 1,800 | $ 1,800 | |||||
Discount rate | 5.83% | ||||||
Forecasted average Prime reset rate | 3.79% | ||||||
Fair Value, Measurements, Recurring Basis | Level 3 | Private Equity Investments | Individual analysis of each investee company | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Asset measured with unobservable inputs | 958 | $ 958 | |||||
Fair Value, Measurements, Recurring Basis | Level 3 | GGL/SBA loans servicing asset | Discounted cash flow analysis | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Asset measured with unobservable inputs | $ 3,100 | 3,100 | |||||
Discount rate | 9.68% | ||||||
Prepayment speeds | 19.20% | ||||||
Fair Value, Measurements, Recurring Basis | Level 3 | Earnout liability | Option pricing methods and Monte Carlo simulation | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Assets, fair value disclosure | $ 15,924 | 15,924 | |||||
Fair Value, Measurements, Recurring Basis | Level 3 | Visa derivative liability | Discounted cash flow analysis | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Assets, fair value disclosure | $ 1,460 | $ 1,460 | |||||
Estimated timing of resolution of Covered Litigation and future cumulative deposits to the litigation escrow for settlement of the Covered Litigation | 1 year 2 months 12 days | ||||||
Fair Value, Measurements, Nonrecurring Basis | Level 3 | Loans | Third-party appraised value of real estate less estimated selling costs | Minimum | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Discount rate | 0.00% | ||||||
Estimated selling costs | 0.00% | ||||||
Fair Value, Measurements, Nonrecurring Basis | Level 3 | Loans | Third-party appraised value of real estate less estimated selling costs | Maximum | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Discount rate | 36.00% | ||||||
Estimated selling costs | 10.00% | ||||||
Fair Value, Measurements, Nonrecurring Basis | Level 3 | Loans | Third-party appraised value of real estate less estimated selling costs | Weighted Average | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Discount rate | 28.00% | ||||||
Estimated selling costs | 7.00% | ||||||
Fair Value, Measurements, Nonrecurring Basis | Level 3 | Other real estate | Third-party appraised value of real estate less estimated selling costs | Minimum | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Discount rate | 0.00% | ||||||
Estimated selling costs | 0.00% | ||||||
Fair Value, Measurements, Nonrecurring Basis | Level 3 | Other real estate | Third-party appraised value of real estate less estimated selling costs | Maximum | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Discount rate | 20.00% | ||||||
Estimated selling costs | 10.00% | ||||||
Fair Value, Measurements, Nonrecurring Basis | Level 3 | Other real estate | Third-party appraised value of real estate less estimated selling costs | Weighted Average | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Discount rate | 10.00% | ||||||
Estimated selling costs | 7.00% | ||||||
Fair Value, Measurements, Nonrecurring Basis | Level 3 | Other Assets Held for Sale [Member] | Third-party appraised value less estimated selling costs or BOV | Minimum | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Discount rate | 0.00% | ||||||
Estimated selling costs | 0.00% | ||||||
Fair Value, Measurements, Nonrecurring Basis | Level 3 | Other Assets Held for Sale [Member] | Third-party appraised value less estimated selling costs or BOV | Maximum | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Discount rate | 66.00% | ||||||
Estimated selling costs | 10.00% | ||||||
Fair Value, Measurements, Nonrecurring Basis | Level 3 | Other Assets Held for Sale [Member] | Third-party appraised value less estimated selling costs or BOV | Weighted Average | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Discount rate | 53.00% | ||||||
Estimated selling costs | 7.00% |
Fair Value Accounting (Assets M
Fair Value Accounting (Assets Measured at Fair Value on Non-Recurring Basis) (Details) - Fair Value, Measurements, Nonrecurring Basis - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | $ 27,440 | $ 1,461 |
Other real estate | 1,750 | 8,023 |
MPS receivable | 17,915 | 21,437 |
Other assets held for sale | 1,634 | 1,238 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 0 | 0 |
Other real estate | 0 | 0 |
MPS receivable | 0 | 0 |
Other assets held for sale | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 0 | 0 |
Other real estate | 0 | 0 |
MPS receivable | 0 | 0 |
Other assets held for sale | 0 | 0 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 27,440 | 1,461 |
Other real estate | 1,750 | 8,023 |
MPS receivable | 17,915 | 21,437 |
Other assets held for sale | $ 1,634 | $ 1,238 |
Fair Value Accounting (Fair V_2
Fair Value Accounting (Fair Value Adjustments Recognized in Earnings for Assets Measured at Fair Value on a Non-recurring Basis) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |||||
Other real estate | $ 5,400 | $ 5,400 | $ 14,400 | ||
Fair Value, Measurements, Nonrecurring Basis | Loans | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value adjustment | 5,661 | $ 4,170 | 20,412 | $ 4,718 | |
Fair Value, Measurements, Nonrecurring Basis | Other real estate | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value adjustment | 107 | 74 | 138 | 569 | |
Fair Value, Measurements, Nonrecurring Basis | MPS receivable | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value adjustment | 0 | 0 | 2,663 | 0 | |
Fair Value, Measurements, Nonrecurring Basis | Other assets held for sale | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value adjustment | $ 0 | $ 0 | $ 2,120 | $ 91 |
Fair Value Accounting (Carrying
Fair Value Accounting (Carrying and Estimated Fair Values of Financial Instruments Carried on Balance Sheet) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Financial assets | ||
Trading securities | $ 7,212 | |
Investment securities available for sale | $ 7,566,525 | 6,778,670 |
Private equity investments | 19,389 | |
GGL/SBA loans servicing asset | 3,040 | |
Derivative assets | 140,016 | |
Financial liabilities | ||
Non-interest-bearing deposits | 13,075,081 | 9,439,485 |
Total deposits | 44,665,904 | 38,405,504 |
Federal funds purchased and securities sold under repurchase agreements | 202,344 | 165,690 |
Other short-term borrowings | 400,000 | 1,753,560 |
Long-term debt | 1,628,385 | 2,153,897 |
Earnout liability | 11,016 | |
Derivative liabilities | 37,071 | |
Level 1 | ||
Financial assets | ||
Total cash, cash equivalents, restricted cash, and restricted cash equivalents | 1,985,363 | 1,186,918 |
Trading securities | 0 | 0 |
Investment securities available for sale | 20,254 | 19,855 |
Loans receivable held-for-sale | 0 | 0 |
Private equity investments | 0 | 15,502 |
Mutual funds and mutual funds held in rabbi trusts | 35,174 | 32,348 |
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 | 202,344 | 165,690 |
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 2 | ||
Financial assets | ||
Total cash, cash equivalents, restricted cash, and restricted cash equivalents | 0 | 0 |
Trading securities | 4,371 | 7,212 |
Investment securities available for sale | 7,544,471 | 6,756,710 |
Loans receivable held-for-sale | 115,173 | |
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 | 463,028 | 140,016 |
Financial liabilities | ||
Non-interest-bearing deposits | 13,075,081 | 9,439,485 |
Non-time interest-bearing deposits | 24,831,480 | 19,891,711 |
Time deposits | 6,797,139 | 9,112,459 |
Total deposits | 44,703,700 | 38,443,655 |
Federal funds purchased and securities sold under repurchase agreements | 0 | 0 |
Trading liability for short positions | 0 | |
Other short-term borrowings | 400,000 | 1,752,000 |
Long-term debt | 1,687,448 | 2,185,717 |
Earnout liability | 0 | 0 |
Derivative liabilities | 178,508 | 34,732 |
Level 3 | ||
Financial assets | ||
Total cash, cash equivalents, restricted cash, and restricted cash equivalents | 0 | 0 |
Trading securities | 0 | 0 |
Investment securities available for sale | 1,800 | 2,105 |
Loans receivable held-for-sale | 458,716 | 0 |
Private equity investments | 958 | 3,887 |
Mutual funds and mutual funds held in rabbi trusts | 0 | 0 |
Loans, net | 38,923,265 | 36,931,256 |
GGL/SBA loans servicing asset | 3,100 | 3,040 |
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 | 15,924 | 11,016 |
Derivative liabilities | 1,460 | 2,339 |
Carrying Value | ||
Financial assets | ||
Total cash, cash equivalents, restricted cash, and restricted cash equivalents | 1,985,363 | 1,186,918 |
Trading securities | 4,371 | 7,212 |
Investment securities available for sale | 7,566,525 | 6,778,670 |
Loans receivable held-for-sale | 745,160 | 115,173 |
Private equity investments | 958 | 19,389 |
Mutual funds and mutual funds held in rabbi trusts | 35,174 | 32,348 |
Loans, net | 38,946,047 | 36,881,048 |
GGL/SBA loans servicing asset | 3,100 | 3,040 |
Derivative assets | 463,028 | 140,016 |
Financial liabilities | ||
Non-interest-bearing deposits | 13,075,081 | 9,439,485 |
Non-time interest-bearing deposits | 24,831,480 | 19,891,711 |
Time deposits | 6,759,343 | 9,074,308 |
Total deposits | 44,665,904 | 38,405,504 |
Federal funds purchased and securities sold under repurchase agreements | 202,344 | 165,690 |
Trading liability for short positions | 1,560 | |
Other short-term borrowings | 400,000 | 1,752,000 |
Long-term debt | 1,628,385 | 2,153,897 |
Earnout liability | 15,924 | 11,016 |
Derivative liabilities | 179,968 | 37,071 |
Fair Value | ||
Financial assets | ||
Total cash, cash equivalents, restricted cash, and restricted cash equivalents | 1,985,363 | 1,186,918 |
Trading securities | 4,371 | 7,212 |
Investment securities available for sale | 7,566,525 | 6,778,670 |
Loans receivable held-for-sale | 744,615 | 115,173 |
Private equity investments | 958 | 19,389 |
Mutual funds and mutual funds held in rabbi trusts | 35,174 | 32,348 |
Loans, net | 38,923,265 | 36,931,256 |
GGL/SBA loans servicing asset | 3,100 | 3,040 |
Derivative assets | 463,028 | 140,016 |
Financial liabilities | ||
Non-interest-bearing deposits | 13,075,081 | 9,439,485 |
Non-time interest-bearing deposits | 24,831,480 | 19,891,711 |
Time deposits | 6,797,139 | 9,112,459 |
Total deposits | 44,703,700 | 38,443,655 |
Federal funds purchased and securities sold under repurchase agreements | 202,344 | 165,690 |
Trading liability for short positions | 1,560 | |
Other short-term borrowings | 400,000 | 1,752,000 |
Long-term debt | 1,687,448 | 2,185,717 |
Earnout liability | 15,924 | 11,016 |
Derivative liabilities | $ 179,968 | $ 37,071 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Derivative [Line Items] | ||||||
Unrealized gains, before tax | $ (8,954,000) | $ (1,182,000) | $ 108,508,000 | $ (1,182,000) | ||
Unrealized gain, after tax | (6,635,000) | $ (876,000) | 80,404,000 | $ (876,000) | ||
Income recognized | 1,000,000 | 1,400,000 | ||||
Cash flow hedge gain (loss) to be reclassified | 40,000,000 | |||||
Cash flow hedge termination gain | 5,000,000 | |||||
Collateral requirements | 159,800,000 | 159,800,000 | $ 84,600,000 | |||
Variation margin, amount reducing derivative asset | 187,000,000 | 187,000,000 | 113,700,000 | |||
Foreign Currency Exchange Forwards | ||||||
Derivative [Line Items] | ||||||
Notional amount | $ 25,100,000 | $ 25,100,000 | $ 32,900,000 | |||
Cash Flow Hedges | ||||||
Derivative [Line Items] | ||||||
Unrealized gains, before tax | $ 9,800,000 | |||||
Unrealized gain, after tax | $ 7,300,000 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities (Impact of Derivatives on Balance Sheet) (Details) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Derivatives not designated as hedging instruments | ||
Derivative [Line Items] | ||
Fair Value of Derivative Assets | $ 372,912,000 | $ 139,962,000 |
Fair Value of Derivative Liabilities | 179,968,000 | 28,447,000 |
Derivatives not designated as hedging instruments | Interest rate contracts | ||
Derivative [Line Items] | ||
Notional Amount | 8,761,038,000 | 7,258,159,000 |
Fair Value of Derivative Assets | 362,700,000 | 138,672,000 |
Fair Value of Derivative Liabilities | 176,338,000 | 25,849,000 |
Derivatives not designated as hedging instruments | Mortgage derivatives | Mortgage derivatives - interest rate lock commitments | ||
Derivative [Line Items] | ||
Notional Amount | 451,953,000 | 70,481,000 |
Fair Value of Derivative Assets | 10,212,000 | 1,290,000 |
Fair Value of Derivative Liabilities | 0 | 0 |
Derivatives not designated as hedging instruments | Mortgage derivatives | Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans | ||
Derivative [Line Items] | ||
Notional Amount | 492,500,000 | 107,000,000 |
Fair Value of Derivative Assets | 0 | 0 |
Fair Value of Derivative Liabilities | 1,793,000 | 168,000 |
Derivatives not designated as hedging instruments | Other contracts | ||
Derivative [Line Items] | ||
Notional Amount | 186,074,000 | 145,764,000 |
Fair Value of Derivative Assets | 0 | 0 |
Fair Value of Derivative Liabilities | 377,000 | 91,000 |
Derivatives not designated as hedging instruments | Visa derivative | ||
Derivative [Line Items] | ||
Fair Value of Derivative Assets | 0 | 0 |
Fair Value of Derivative Liabilities | 1,460,000 | 2,339,000 |
Derivatives not designated as hedging instruments | Risk derivative | ||
Derivative [Line Items] | ||
Notional Amount | 2,700,000 | 3,000,000 |
Cash flow hedges | ||
Derivative [Line Items] | ||
Fair Value of Derivative Assets | 90,116,000 | 54,000 |
Fair Value of Derivative Liabilities | 0 | 8,624,000 |
Cash flow hedges | Interest rate contracts | ||
Derivative [Line Items] | ||
Notional Amount | 2,750,000,000 | 2,000,000,000 |
Fair Value of Derivative Assets | 90,116,000 | 54,000 |
Fair Value of Derivative Liabilities | $ 0 | $ 8,624,000 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities (Effect of Cash Flow Hedges on Consolidated Statements of Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Derivative [Line Items] | |||||
Total amounts presented in the consolidated statements of income in interest income on loans | $ 8,509 | $ 0 | $ 13,595 | $ 0 | |
Investment securities available for sale, at fair value | 7,566,525 | 7,566,525 | $ 6,778,670 | ||
Fair Value, Measurements, Recurring Basis | U.S. Government agency securities | |||||
Derivative [Line Items] | |||||
Investment securities available for sale, at fair value | 156,614 | 156,614 | 36,541 | ||
Level 1 | |||||
Derivative [Line Items] | |||||
Investment securities available for sale, at fair value | 20,254 | 20,254 | 19,855 | ||
Level 1 | Fair Value, Measurements, Recurring Basis | U.S. Government agency securities | |||||
Derivative [Line Items] | |||||
Investment securities available for sale, at fair value | 0 | 0 | $ 0 | ||
Interest rate contracts | Cash Flow Hedges | |||||
Derivative [Line Items] | |||||
Realized gains (losses) reclassified from AOCI, pre-tax, to interest income on loans | 1,031 | 0 | 1,421 | ||
Pre-tax income recognized on cash flow hedges | $ 1,031 | $ 0 | $ 1,421 | $ 0 |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities (Effect of Fair Value Hedges on Consolidated Statements of Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Swap | |||||
Derivative [Line Items] | |||||
Gain (Loss) Recognized in Consolidated Statements of Income | $ 2,500 | ||||
Derivatives not designated as hedging instruments | |||||
Derivative [Line Items] | |||||
Gain (Loss) Recognized in Consolidated Statements of Income | $ 2,359 | $ (1,431) | $ 7,237 | $ (621) | |
Derivatives not designated as hedging instruments | Interest rate contracts | Capital markets income | |||||
Derivative [Line Items] | |||||
Gain (Loss) Recognized in Consolidated Statements of Income | 176 | 549 | 225 | 640 | |
Derivatives not designated as hedging instruments | Other contracts | Capital markets income | |||||
Derivative [Line Items] | |||||
Gain (Loss) Recognized in Consolidated Statements of Income | 47 | (144) | (286) | (144) | |
Derivatives not designated as hedging instruments | Mortgage derivatives | Mortgage derivatives - interest rate lock commitments | Mortgage banking income | |||||
Derivative [Line Items] | |||||
Gain (Loss) Recognized in Consolidated Statements of Income | 2,532 | 22 | 8,922 | 970 | |
Derivatives not designated as hedging instruments | Mortgage derivatives | Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans | Mortgage banking income | |||||
Derivative [Line Items] | |||||
Gain (Loss) Recognized in Consolidated Statements of Income | (396) | 642 | (1,624) | 413 | |
Derivatives not designated as hedging instruments | Visa derivative | Other non-interest expense | |||||
Derivative [Line Items] | |||||
Gain (Loss) Recognized in Consolidated Statements of Income | $ 0 | $ (2,500) | $ 0 | $ (2,500) |
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 | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Basic Net Income Per Common Share: | ||||
Net income available to common shareholders | $ 83,283 | $ 127,435 | $ 198,414 | $ 397,505 |
Weighted average common shares outstanding (in shares) | 147,314 | 152,238 | 147,304 | 156,819 |
Net income per common share, basic (in dollars per share) | $ 0.57 | $ 0.84 | $ 1.35 | $ 2.53 |
Diluted Net Income Per Common Share: | ||||
Net income available to common shareholders | $ 83,283 | $ 127,435 | $ 198,414 | $ 397,505 |
Weighted average common shares outstanding (in shares) | 147,314 | 152,238 | 147,304 | 156,819 |
Effect of dilutive outstanding equity-based awards, warrants, and earnout payments (in shares) | 662 | 1,805 | 733 | 1,776 |
Weighted average number of diluted common shares (in shares) | 147,976 | 154,043 | 148,037 | 158,595 |
Net income per common share, diluted (in dollars per share) | $ 0.56 | $ 0.83 | $ 1.34 | $ 2.51 |
Net Income Per Common Share (Na
Net Income Per Common Share (Narrative) (Details) - shares shares in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Earnings Per Share [Abstract] | ||
Potentially dilutive shares (in shares) | 758 | 40 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - USD ($) | Jan. 01, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Loss Contingencies [Line Items] | ||||||||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | us-gaap:AccountingStandardsUpdate201613Member | us-gaap:AccountingStandardsUpdate201602Member | |||||||
Total allowance for loan losses | $ 281,402,000 | $ 603,800,000 | $ 265,013,000 | $ 603,800,000 | $ 265,013,000 | $ 588,648,000 | $ 281,402,000 | $ 257,376,000 | $ 250,555,000 | |
Carrying amount included in other assets | 214,615,000 | 214,615,000 | 146,612,000 | |||||||
Amount of future funding commitments included in carrying amount | 124,866,000 | 124,866,000 | 78,266,000 | |||||||
Permanent and short-term construction loans and letter of credit commitments | 52,686,000 | 52,686,000 | 2,124,000 | |||||||
Funded portion of permanent and short-term loans and letters of credit | 5,194,000 | 5,194,000 | 3,196,000 | |||||||
Contractual amount net of risk participations | 31,000,000 | 31,000,000 | 33,000,000 | |||||||
Guarantor obligations, advanced payment from merchant | 20,600,000 | 20,600,000 | 21,400,000 | |||||||
Guarantor obligations, advanced payment from merchant, reserve | $ 2,700,000 | |||||||||
Minimum | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Total letters of credit and unfunded lending commitments | 0 | 0 | ||||||||
Maximum | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Total letters of credit and unfunded lending commitments | 5,000,000 | 5,000,000 | ||||||||
Other assets held for sale | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Guarantor obligations, advanced payment from merchant | 17,900,000 | 17,900,000 | ||||||||
Guarantee obligations | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Total letters of credit and unfunded lending commitments | 14,091,035,000 | 14,091,035,000 | 13,117,770,000 | |||||||
Maximum potential exposure for sponsored transactions | 20,230,000,000 | $ 19,130,000,000 | 55,470,000,000 | $ 55,720,000,000 | ||||||
Letters of credit | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Total letters of credit and unfunded lending commitments | 177,000,000 | 177,000,000 | 202,614,000 | |||||||
Commitments to fund commercial and industrial loans | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Total letters of credit and unfunded lending commitments | 7,990,189,000 | 7,990,189,000 | 7,018,152,000 | |||||||
Commitments to fund commercial real estate, construction, and land development loans | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Total letters of credit and unfunded lending commitments | 2,891,857,000 | 2,891,857,000 | 3,032,252,000 | |||||||
Commitments under home equity lines of credit | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Total letters of credit and unfunded lending commitments | 1,588,844,000 | 1,588,844,000 | 1,501,452,000 | |||||||
Unused credit card lines | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Total letters of credit and unfunded lending commitments | 984,636,000 | 984,636,000 | 877,929,000 | |||||||
Other loan commitments | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Total letters of credit and unfunded lending commitments | 458,509,000 | 458,509,000 | 485,371,000 | |||||||
Unfunded Loan Commitment | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Current expected credit losses | $ 27,400,000 | |||||||||
Total allowance for loan losses | $ 60,800,000 | $ 60,800,000 | $ 1,400,000 |
Segment Reporting (Details)
Segment Reporting (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020USD ($)employee | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($)employeesegment | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($)employee | |
Segment Reporting [Abstract] | |||||
Number of reportable segments | segment | 3 | ||||
Income Statement Related Disclosures [Abstract] | |||||
Net interest income | $ 376,990 | $ 402,097 | $ 1,126,816 | $ 1,196,535 | |
Non-interest revenue | 114,411 | 88,760 | 391,752 | 257,945 | |
Non-interest expense | 316,655 | 276,310 | 877,076 | 832,847 | |
Pre-provision net revenue | 174,746 | 641,492 | |||
Balance Sheet Related Disclosures [Abstract] | |||||
Loans, net of deferred fees and costs | 39,549,847 | 39,549,847 | $ 37,162,450 | ||
Total deposits | $ 44,665,904 | $ 44,665,904 | $ 38,405,504 | ||
Total full-time equivalent employees | employee | 5,232 | 5,232 | 5,264 | ||
Operating Segments | Community Banking | |||||
Income Statement Related Disclosures [Abstract] | |||||
Net interest income | $ 220,426 | $ 638,311 | |||
Non-interest revenue | 29,982 | 89,413 | |||
Non-interest expense | 68,571 | 219,859 | |||
Pre-provision net revenue | 181,837 | 507,865 | |||
Balance Sheet Related Disclosures [Abstract] | |||||
Loans, net of deferred fees and costs | 11,489,106 | 11,489,106 | $ 12,170,914 | ||
Total deposits | $ 28,870,928 | $ 28,870,928 | $ 25,610,777 | ||
Total full-time equivalent employees | employee | 2,200 | 2,200 | 2,301 | ||
Operating Segments | Wholesale Banking | |||||
Income Statement Related Disclosures [Abstract] | |||||
Net interest income | $ 139,080 | $ 407,265 | |||
Non-interest revenue | 5,496 | 20,406 | |||
Non-interest expense | 19,530 | 63,176 | |||
Pre-provision net revenue | 125,046 | 364,495 | |||
Balance Sheet Related Disclosures [Abstract] | |||||
Loans, net of deferred fees and costs | 19,204,961 | 19,204,961 | $ 17,643,509 | ||
Total deposits | $ 10,339,568 | $ 10,339,568 | $ 8,314,184 | ||
Total full-time equivalent employees | employee | 285 | 285 | 213 | ||
Operating Segments | Financial Management Services | |||||
Income Statement Related Disclosures [Abstract] | |||||
Net interest income | $ 20,986 | $ 56,600 | |||
Non-interest revenue | 65,820 | 166,067 | |||
Non-interest expense | 92,931 | 184,501 | |||
Pre-provision net revenue | (6,125) | 38,166 | |||
Balance Sheet Related Disclosures [Abstract] | |||||
Loans, net of deferred fees and costs | 5,412,944 | 5,412,944 | $ 5,285,455 | ||
Total deposits | $ 414,243 | $ 414,243 | $ 284,716 | ||
Total full-time equivalent employees | employee | 843 | 843 | 839 | ||
Treasury and Corporate Other | |||||
Income Statement Related Disclosures [Abstract] | |||||
Net interest income | $ (3,502) | $ 24,640 | |||
Non-interest revenue | 13,113 | 115,866 | |||
Non-interest expense | 135,623 | 409,540 | |||
Pre-provision net revenue | (126,012) | (269,034) | |||
Balance Sheet Related Disclosures [Abstract] | |||||
Loans, net of deferred fees and costs | 3,442,836 | 3,442,836 | $ 2,062,572 | ||
Total deposits | $ 5,041,165 | $ 5,041,165 | $ 4,195,827 | ||
Total full-time equivalent employees | employee | 1,904 | 1,904 | 1,911 | ||
Proforma | |||||
Income Statement Related Disclosures [Abstract] | |||||
Net interest income | 402,097 | 1,196,535 | |||
Non-interest revenue | 88,760 | 257,945 | |||
Non-interest expense | 276,310 | 832,847 | |||
Pre-provision net revenue | 214,547 | 621,633 | |||
Proforma | Operating Segments | Community Banking | |||||
Income Statement Related Disclosures [Abstract] | |||||
Net interest income | 203,197 | 625,450 | |||
Non-interest revenue | 35,145 | 101,971 | |||
Non-interest expense | 76,414 | 225,141 | |||
Pre-provision net revenue | 161,928 | 502,280 | |||
Proforma | Operating Segments | Wholesale Banking | |||||
Income Statement Related Disclosures [Abstract] | |||||
Net interest income | 133,773 | 388,241 | |||
Non-interest revenue | 7,092 | 21,787 | |||
Non-interest expense | 25,413 | 55,141 | |||
Pre-provision net revenue | 115,452 | 354,887 | |||
Proforma | Operating Segments | Financial Management Services | |||||
Income Statement Related Disclosures [Abstract] | |||||
Net interest income | 26,582 | 86,425 | |||
Non-interest revenue | 40,966 | 111,873 | |||
Non-interest expense | 40,413 | 111,139 | |||
Pre-provision net revenue | 27,135 | 87,159 | |||
Proforma | Treasury and Corporate Other | |||||
Income Statement Related Disclosures [Abstract] | |||||
Net interest income | 38,545 | 96,419 | |||
Non-interest revenue | 5,557 | 22,314 | |||
Non-interest expense | 134,070 | 441,426 | |||
Pre-provision net revenue | $ (89,968) | $ (322,693) |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event - USD ($) | Oct. 29, 2020 | Oct. 01, 2020 | Oct. 29, 2025 |
One-time Termination Benefits [Member] | |||
Subsequent Event [Line Items] | |||
Total restructuring charges, net | $ 14,000,000 | ||
Subordinated Debt [Member] | Four Percent Subordinated Debt, Due 2030 [Member] | |||
Subsequent Event [Line Items] | |||
Face amount | $ 200,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | 3.625% | |
Debt Instrument, Redemption Price, Percentage | 100.00% |