Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 30, 2021 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2021 | |
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 | 148,599,905 | |
Entity Central Index Key | 0000018349 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
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 | Mar. 31, 2021 | Dec. 31, 2020 |
Assets [Abstract] | ||
Cash and due from banks | $ 493,645 | $ 531,625 |
Interest-bearing funds with Federal Reserve Bank | 2,722,100 | 3,586,565 |
Interest earning deposits with banks | 23,969 | 20,944 |
Federal funds sold and securities purchased under resale agreements | 88,552 | 113,783 |
Total cash, cash equivalents, and restricted cash | 3,328,266 | 4,252,917 |
Investment securities available for sale, at fair value | 8,825,757 | 7,962,438 |
Loans held for sale (includes $242,010 and $216,647 measured at fair value, respectively) | 993,887 | 760,123 |
Loans, net of deferred fees and costs | 38,805,101 | 38,252,984 |
Allowance for loan losses | (563,214) | (605,736) |
Cash surrender value of bank-owned life insurance | 1,054,475 | 1,049,373 |
Premises, equipment and software, net | 454,911 | 463,959 |
Goodwill | 452,390 | 452,390 |
Other intangible assets, net | 42,733 | 45,112 |
Other assets | 1,764,705 | 1,760,599 |
Total assets | 55,159,011 | 54,394,159 |
Deposits: | ||
Non-interest-bearing deposits | 14,660,287 | 13,477,854 |
Interest-bearing deposits | 32,708,664 | 33,213,717 |
Total deposits | 47,368,951 | 46,691,571 |
Securities sold under repurchase agreements | 293,659 | 227,922 |
Other short-term borrowings | 0 | 7,717 |
Long-term debt | 1,202,825 | 1,202,494 |
Other liabilities | 1,131,859 | 1,103,121 |
Total liabilities | 49,997,294 | 49,232,825 |
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 168,978,380 and 168,132,522; outstanding 148,888,513 and 148,039,495 | 168,978 | 168,133 |
Additional paid-in capital | 3,864,281 | 3,851,208 |
Treasury stock, at cost; 20,089,867 and 20,093,027 shares | (731,690) | (731,806) |
Accumulated other comprehensive income, net | 15,278 | 158,635 |
Retained earnings | 1,307,725 | 1,178,019 |
Total shareholders' equity | 5,161,717 | 5,161,334 |
Total liabilities and shareholders' equity | $ 55,159,011 | $ 54,394,159 |
CONSOLIDATED BALANCE SHEETS (_2
CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Loans held-for-sale, fair value disclosure | $ 242,010 | $ 216,647 |
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) | 168,978,380 | 168,132,522 |
Common stock, shares outstanding (in shares) | 148,888,513 | 148,039,495 |
Treasury stock, shares at cost (in shares) | 20,089,867 | 20,093,027 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Interest income: | ||
Loans, including fees | $ 372,491 | $ 427,337 |
Investment securities available for sale | 29,458 | 51,653 |
Loans held for sale | 6,462 | 792 |
Federal Reserve Bank balances | 673 | 1,508 |
Other earning assets | 733 | 2,607 |
Total interest income | 409,817 | 483,897 |
Interest expense: | ||
Deposits | 25,018 | 86,002 |
Federal funds purchased, securities sold under repurchase agreements, and other short-term borrowings | 34 | 5,932 |
Long-term debt | 10,908 | 18,703 |
Total interest expense | 35,960 | 110,637 |
Net interest income | 373,857 | 373,260 |
(Reversal of) provision for credit losses | (18,575) | 158,722 |
Net interest income after provision for credit losses | 392,432 | 214,538 |
Non-interest revenue: | ||
Service charges on deposit accounts | 20,033 | 20,689 |
Fiduciary and asset management fees | 17,954 | 15,174 |
Card fees | 11,996 | 10,950 |
Brokerage revenue | 12,974 | 12,398 |
Mortgage banking income | 22,315 | 12,227 |
Capital markets income | 7,505 | 11,243 |
Income from bank-owned life insurance | 8,843 | 6,038 |
Investment securities (losses) gains, net | (1,990) | 8,734 |
Other non-interest revenue | 11,326 | 6,404 |
Total non-interest revenue | 110,956 | 103,857 |
Non-interest expense: | ||
Salaries and other personnel expense | 161,477 | 149,678 |
Net occupancy, equipment, and software expense | 41,134 | 42,194 |
Third-party processing and other services | 20,032 | 22,700 |
Professional fees | 9,084 | 10,675 |
FDIC insurance and other regulatory fees | 5,579 | 5,278 |
Other operating expenses | 29,828 | 45,754 |
Total non-interest expense | 267,134 | 276,279 |
Income before income taxes | 236,254 | 42,116 |
Income tax expense | 49,161 | 3,595 |
Net income | 187,093 | 38,521 |
Less: Preferred stock dividends | 8,291 | 8,291 |
Net income available to common shareholders | $ 178,802 | $ 30,230 |
Net income per common share, basic (in dollars per share) | $ 1.20 | $ 0.21 |
Net income per common share, diluted (in dollars per share) | $ 1.19 | $ 0.20 |
Weighted average common shares outstanding, basic (in shares) | 148,467 | 147,311 |
Weighted average common shares outstanding, diluted (in shares) | 149,780 | 148,401 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||
Net income, Before-tax Amount | $ 236,254 | $ 42,116 |
Net income, Tax Effect | (49,161) | (3,595) |
Net income | 187,093 | 38,521 |
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 | (165,241) | 158,341 |
Reclassification adjustment for net losses realized in net income, Before-tax Amount | 1,990 | (8,734) |
Net unrealized gains (losses), Before-tax Amount | (163,251) | 149,607 |
Net unrealized gains (losses) on investment securities available for sale: Tax Effect | ||
Net unrealized holding gains (losses) arising during the period, Tax Effect | 42,781 | (41,011) |
Reclassification adjustment for net losses realized in net income, Tax Effect | (515) | 2,262 |
Net unrealized gains (losses), Tax Effect | 42,266 | (38,749) |
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 | (122,460) | 117,330 |
Reclassification adjustment for net losses realized in net income, Net of Tax Amount | 1,475 | (6,472) |
Net unrealized gains (losses), Net of Tax Amount | (120,985) | 110,858 |
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 | (29,057) | 108,639 |
Reclassification adjustment for realized (gains) losses included in net income, Before-tax Amount | (1,599) | (120) |
Net change, Before-tax Amount | (30,656) | 108,519 |
Unrealized gains (losses) on derivative instruments designated as cash flow hedges, Tax Effect | ||
Net unrealized gains (losses) arising during the period, Income Tax | 7,874 | (28,138) |
Reclassification adjustment for realized (gains) losses included in net income, Income Tax | 410 | 31 |
Net change, Income Tax | 8,284 | (28,107) |
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 | (21,183) | 80,501 |
Reclassification adjustment for realized (gains) losses included in net income, Net of Tax Amount | (1,189) | (89) |
Net change, Net of Tax Amount | (22,372) | 80,412 |
Other comprehensive income (loss), Before-tax Amount | (193,907) | 258,126 |
Other comprehensive income (loss), Tax Effect | 50,550 | (66,856) |
Other Comprehensive Income (Loss), Net of Tax | (143,357) | 191,270 |
Comprehensive income, Net of Tax Amount | $ 43,736 | $ 229,791 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (unaudited) - USD ($) $ in Thousands | Total | Impact from Adoption | Preferred Stock | Common Stock | Additional Paid-in Capital | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Retained EarningsImpact from Adoption | |
Stockholders' Equity Attributable to Parent, Beginning Balance at Dec. 31, 2019 | $ 4,941,690 | $ (35,721) | $ 537,145 | $ 166,801 | $ 3,819,336 | $ (715,560) | $ 65,641 | $ 1,068,327 | $ (35,721) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 38,521 | 38,521 | ||||||||
Other Comprehensive Income (Loss), Net of Tax | 191,270 | 191,270 | ||||||||
Cash dividends declared on common stock | (48,598) | (48,598) | ||||||||
Cash dividends declared on preferred stock | [1] | (8,291) | (8,291) | |||||||
Repurchases of stock including costs to repurchase | (16,246) | (16,246) | ||||||||
Restricted share unit vesting and taxes paid related to net share settlement | (7,257) | 345 | (7,602) | 0 | ||||||
Stock Issued During Period, Value, Stock Options Exercised | 6,267 | 214 | 6,053 | |||||||
Share-based compensation expense | 3,570 | 3,570 | ||||||||
Balance at Mar. 31, 2020 | 5,065,205 | 537,145 | 167,360 | 3,821,357 | (731,806) | 256,911 | 1,014,238 | |||
Stockholders' Equity Attributable to Parent, Beginning Balance at Dec. 31, 2020 | 5,161,334 | 537,145 | 168,133 | 3,851,208 | (731,806) | 158,635 | 1,178,019 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 187,093 | 187,093 | ||||||||
Other Comprehensive Income (Loss), Net of Tax | (143,357) | (143,357) | ||||||||
Cash dividends declared on common stock | (49,093) | (49,093) | ||||||||
Cash dividends declared on preferred stock | [1] | (8,291) | (8,291) | |||||||
Restricted share unit vesting and taxes paid related to net share settlement | (6,185) | 271 | (6,456) | 0 | ||||||
Stock Issued During Period, Value, Stock Options Exercised | 12,552 | 574 | 11,978 | |||||||
Warrants exercised with net settlement and common stock reissued | 0 | (113) | 116 | (3) | ||||||
Share-based compensation expense | 7,664 | 7,664 | ||||||||
Balance at Mar. 31, 2021 | $ 5,161,717 | $ 537,145 | $ 168,978 | $ 3,864,281 | $ (731,690) | $ 15,278 | $ 1,307,725 | |||
[1] | For the three months ended March 31, 2021 and 2020, dividends per share were $0.39 and $0.37 for Series D and Series E Preferred Stock, respectively. |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||
Cash dividends on common stock (in dollars per share) | $ 0.33 | $ 0.33 |
Preferred Stock | Series D Preferred Stock | ||
Cash dividends on preferred stock (in dollars per share) | 0.39 | 0.39 |
Preferred Stock | Series E Preferred Stock | ||
Cash dividends on preferred stock (in dollars per share) | $ 0.37 | $ 0.37 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating Activities | ||
Net income | $ 187,093 | $ 38,521 |
Adjustments to reconcile net income to net cash (used) provided by operating activities: | ||
(Reversal of) provision for credit losses | (18,575) | 158,722 |
Depreciation, amortization, and accretion, net | 52,395 | 23,649 |
Deferred income tax expense (benefit) | 17,926 | (10,978) |
Originations of loans held for sale | 1,075,343 | 254,395 |
Proceeds from sales and payments on loans held for sale | 857,872 | 259,224 |
Gain on sales of loans held for sale, net | 16,293 | 9,497 |
Gain on sales of loans held for sale, net | 17,437 | (442,711) |
(Decrease) increase in other liabilities | (11,936) | 260,486 |
Investment securities losses (gains), net | 1,990 | (8,734) |
Share-based compensation expense | 7,664 | 3,570 |
Other | 0 | 1,904 |
Net cash provided by operating activities | 20,230 | 19,761 |
Investing Activities | ||
Proceeds from maturities and principal collections of investment securities available for sale | 852,628 | 341,431 |
Proceeds from sales of investment securities available for sale | 223,977 | 413,180 |
Purchases of investment securities available for sale | (2,125,567) | (755,558) |
Proceeds from sales of loans | 21,535 | 11,808 |
Purchases of loans | 606,985 | 0 |
Net decrease (increase) in loans | 5,084 | (1,065,125) |
Net purchases of Federal Home Loan Bank stock | (1,200) | (978) |
Net purchases of Federal Reserve Bank stock | 0 | (454) |
Net proceeds from settlement (purchases) of bank-owned life insurance policies | 3,784 | (249,942) |
Net increase in premises, equipment and software | (4,027) | (6,941) |
Other | (1,247) | (8,547) |
Net cash used in investing activities | (1,629,524) | (1,304,032) |
Financing Activities | ||
Net increase in deposits | 677,380 | 1,420,659 |
Net increase in federal funds purchased and securities sold under repurchase agreements | 65,737 | 147,086 |
Net decrease in other short-term borrowings | (7,717) | (578,560) |
Repayments and redemption of long-term debt | 0 | (251,904) |
Proceeds from issuance of long-term debt, net | 0 | 1,248,441 |
Dividends paid to common shareholders | (48,834) | (44,149) |
Dividends paid to preferred shareholders | (8,291) | (3,150) |
Repurchase of common stock | 0 | (16,246) |
Issuances, net of taxes paid, under equity compensation plans | 6,368 | (990) |
Net cash provided by financing activities | 684,643 | 1,921,187 |
(Decrease) increase in cash and cash equivalents including restricted cash | (924,651) | 636,916 |
Cash, cash equivalents, and restricted cash, at beginning of period | 4,252,917 | 1,186,918 |
Cash, cash equivalents, and restricted cash at end of period | 3,328,266 | 1,823,834 |
Supplemental Disclosures: | ||
Income taxes paid | 48,505 | 920 |
Interest paid | 46,599 | 109,340 |
Non-cash Activities | ||
Securities sold during the period but settled after period-end | 0 | 169,748 |
Securities purchased during the period but settled after period-end | 53,699 | 113,818 |
Loans foreclosed and transferred to other real estate | 720 | 1,951 |
Dividends declared on common stock during the period but paid after period-end | 49,093 | 48,598 |
Dividends declared on preferred stock during the period but paid after period-end | $ 5,141 | $ 5,141 |
Basis of Presentation and Accou
Basis of Presentation and Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
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, mortgage services, premium finance, asset-based lending, structured lending, and international banking. Synovus also provides financial planning, and investment advisory services through its wholly-owned subsidiaries, Synovus Trust and Synovus Securities, as well at its GLOBALT and Creative Financial Group divisions. Synovus Bank is positioned in markets in the Southeast, with 288 branches and 388 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' 2020 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; income taxes; and contingent liabilities. Recently Adopted Accounting Standards 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 at 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. Synovus adopted ASU 2020-08 effective January 1, 2021 with no material impact to the unaudited consolidated financial statements. ASU 2019-12 , Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. In December 2019, the FASB issued ASU 2019-12 to simplify and reduce complexities when accounting for income taxes by removing certain exceptions. Among the provisions of this guidance are the requirement that an entity reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. ASU 2019-12 is effective for public entities for fiscal years beginning after December 15, 2020. Synovus adopted ASU 2019-12 effective January 1, 2021 with no material impact to the unaudited consolidated financial statements unless there are changes in tax law that require recognition as set forth in this guidance. Recently Issued Accounting Standards Not Yet Adopted ASU 2021-01, Reference Rate Reform (Topic 848): Scope: In January 2021, the FASB issued ASU 2021-01 which provides optional expedients and exceptions in Topic 848 for derivative instruments and hedge accounting modifications resulting from the discounting transition of reference rate reform. The expedients and exceptions provided by ASU 2021-01 will not be available after December 31, 2022, other than for existing hedging relationships entered into by December 31, 2022. The ASU may be applied as of the beginning of an interim period that includes or is subsequent to March 12, 2020, until the sunset date of December 31, 2022. Synovus adopted ASU 2020-04 Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting on October 1, 2020. Synovus has not yet elected optional expedients for ASU 2021-01. |
Recently Adopted Accounting Standards and Recently Issued Accounting Standards Not Yet Adopted | Recently Adopted Accounting Standards 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 at 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. Synovus adopted ASU 2020-08 effective January 1, 2021 with no material impact to the unaudited consolidated financial statements. ASU 2019-12 , Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. In December 2019, the FASB issued ASU 2019-12 to simplify and reduce complexities when accounting for income taxes by removing certain exceptions. Among the provisions of this guidance are the requirement that an entity reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. ASU 2019-12 is effective for public entities for fiscal years beginning after December 15, 2020. Synovus adopted ASU 2019-12 effective January 1, 2021 with no material impact to the unaudited consolidated financial statements unless there are changes in tax law that require recognition as set forth in this guidance. Recently Issued Accounting Standards Not Yet Adopted ASU 2021-01, Reference Rate Reform (Topic 848): Scope: In January 2021, the FASB issued ASU 2021-01 which provides optional expedients and exceptions in Topic 848 for derivative instruments and hedge accounting modifications resulting from the discounting transition of reference rate reform. The expedients and exceptions provided by ASU 2021-01 will not be available after December 31, 2022, other than for existing hedging relationships entered into by December 31, 2022. The ASU may be applied as of the beginning of an interim period that includes or is subsequent to March 12, 2020, until the sunset date of December 31, 2022. Synovus adopted ASU 2020-04 Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting on October 1, 2020. Synovus has not yet elected optional expedients for ASU 2021-01. |
Investment Securities Available
Investment Securities Available for Sale | 3 Months Ended |
Mar. 31, 2021 | |
Investments [Abstract] | |
Investment Securities Available for Sale | Note 2 - Investment Securities Available for Sale The amortized cost, gross unrealized gains and losses, and estimated fair values of investment securities available for sale at March 31, 2021 and December 31, 2020 are summarized below. March 31, 2021 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury securities $ 70,085 $ — $ (3,629) $ 66,456 U.S. Government agency securities 79,148 2,026 — 81,174 Mortgage-backed securities issued by U.S. Government agencies 964,709 1,542 (11,069) 955,182 Mortgage-backed securities issued by U.S. Government sponsored enterprises 6,100,521 78,507 (77,253) 6,101,775 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 1,155,180 12,678 (10,635) 1,157,223 Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises 440,556 12,006 (7,348) 445,214 Corporate debt securities and other debt securities 18,235 504 (6) 18,733 Total investment securities available for sale $ 8,828,434 $ 107,263 $ (109,940) $ 8,825,757 December 31, 2020 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury securities $ 20,257 $ — $ — $ 20,257 U.S. Government agency securities 79,638 2,682 — 82,320 Mortgage-backed securities issued by U.S. Government agencies 1,216,012 7,930 (5,925) 1,218,017 Mortgage-backed securities issued by U.S. Government sponsored enterprises 4,865,858 134,188 — 5,000,046 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 1,245,644 15,309 (10,576) 1,250,377 Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises 354,244 16,677 — 370,921 Corporate debt securities and other debt securities 20,211 457 (168) 20,500 Total investment securities available for sale $ 7,801,864 $ 177,243 $ (16,669) $ 7,962,438 At both March 31, 2021 and December 31, 2020, investment securities with a carrying value of $3.84 billion 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 March 31, 2021 and December 31, 2020 are presented below. March 31, 2021 Less than 12 Months 12 Months or Longer Total (in thousands) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses U.S. Treasury securities $ 46,195 $ (3,629) $ — $ — $ 46,195 $ (3,629) Mortgage-backed securities issued by U.S. Government agencies 784,433 (11,069) — — 784,433 (11,069) Mortgage-backed securities issued by U.S. Government sponsored enterprises 4,214,454 (77,253) — — 4,214,454 (77,253) Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 770,319 (10,635) — — 770,319 (10,635) Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises 176,469 (7,348) — — 176,469 (7,348) Corporate debt securities and other debt securities 9,498 (6) — — 9,498 (6) Total $ 6,001,368 $ (109,940) $ — $ — $ 6,001,368 $ (109,940) December 31, 2020 Less than 12 Months 12 Months or Longer Total (in thousands) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Mortgage-backed securities issued by U.S. Government agencies $ 566,896 $ (5,925) $ — $ — $ 566,896 $ (5,925) Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 803,429 (10,576) — — 803,429 (10,576) Corporate debt securities and other debt securities 9,337 (168) — — 9,337 (168) Total $ 1,379,662 $ (16,669) $ — $ — $ 1,379,662 $ (16,669) As of March 31, 2021, Synovus had 115 investment securities in a loss position for less than twelve months and no 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 at March 31, 2021. At March 31, 2021, 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. U.S. Treasury and agency securities and agency mortgage-backed securities are issued, guaranteed or otherwise supported by the United States government, an agency of the United States government, or a government sponsored enterprise. The amortized cost and fair value by contractual maturity of investment securities available for sale at March 31, 2021 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 March 31, 2021 (in thousands) Within One 1 to 5 5 to 10 More Than Total Amortized Cost U.S. Treasury securities $ 20,261 $ — $ 49,824 $ — $ 70,085 U.S. Government agency securities 430 1,594 77,124 — 79,148 Mortgage-backed securities issued by U.S. Government agencies — 1,232 162 963,315 964,709 Mortgage-backed securities issued by U.S. Government sponsored enterprises 76 87 77,685 6,022,673 6,100,521 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — — 206 1,154,974 1,155,180 Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises 4,126 109,488 227,357 99,585 440,556 Corporate debt securities and other debt securities — 9,504 8,731 — 18,235 Total amortized cost $ 24,893 $ 121,905 $ 441,089 $ 8,240,547 $ 8,828,434 Fair Value U.S. Treasury securities $ 20,261 $ — $ 46,195 $ — $ 66,456 U.S. Government agency securities 438 1,623 79,113 — 81,174 Mortgage-backed securities issued by U.S. Government agencies — 1,281 169 953,732 955,182 Mortgage-backed securities issued by U.S. Government sponsored enterprises 77 88 80,469 6,021,141 6,101,775 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — — 215 1,157,008 1,157,223 Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises 4,126 113,783 224,116 103,189 445,214 Corporate debt securities and other debt securities — 9,498 9,235 — 18,733 Total fair value $ 24,902 $ 126,273 $ 439,512 $ 8,235,070 $ 8,825,757 Proceeds from sales, gross gains, and gross losses on sales of securities available for sale for the three months ended March 31, 2021 and 2020 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 March 31, (in thousands) 2021 2020 Proceeds from sales of investment securities available for sale $ 223,977 $ 413,180 Gross realized gains on sales — 8,734 Gross realized losses on sales (1,990) — Investment securities gains (losses), net $ (1,990) $ 8,734 |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses | 3 Months Ended |
Mar. 31, 2021 | |
Loans and Allowance for Loan Losses [Abstract] | |
Loans and Allowance for Loan Losses | Note 3 - 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 March 31, 2021 and December 31, 2020. March 31, 2021 (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 $ 12,573,032 $ 12,545 $ 292 $ 12,837 $ 59,145 $ 17,315 $ 12,662,329 Owner-occupied 7,009,586 4,422 305 4,727 17,192 — 7,031,505 Total commercial and industrial 19,582,618 16,967 597 17,564 76,337 17,315 19,693,834 Investment properties 9,305,441 4,295 400 4,695 16,880 8,709 9,335,725 1-4 family properties 633,971 871 61 932 2,815 1,236 638,954 Land and development 553,698 3,661 89 3,750 1,801 — 559,249 Total commercial real estate 10,493,110 8,827 550 9,377 21,496 9,945 10,533,928 Consumer mortgages 5,283,865 4,109 — 4,109 11,201 — 5,299,175 Home equity lines 1,417,714 2,446 16 2,462 12,191 — 1,432,367 Credit cards 263,660 1,835 1,876 3,711 — — 267,371 Other consumer loans 1,563,272 7,705 765 8,470 6,684 — 1,578,426 Total consumer 8,528,511 16,095 2,657 18,752 30,076 — 8,577,339 Loans, net of deferred fees and costs $ 38,604,239 $ 41,889 $ 3,804 $ 45,693 $ 127,909 $ 27,260 $ 38,805,101 December 31, 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 $ 12,321,514 $ 10,256 $ 996 $ 11,252 $ 55,527 $ 21,859 $ 12,410,152 Owner-occupied 7,087,992 1,913 92 2,005 20,019 — 7,110,016 Total commercial and industrial 19,409,506 12,169 1,088 13,257 75,546 21,859 19,520,168 Investment properties 9,075,843 2,751 154 2,905 24,631 — 9,103,379 1-4 family properties 621,492 3,548 36 3,584 2,383 1,236 628,695 Land and development 591,048 422 — 422 1,899 264 593,633 Total commercial real estate 10,288,383 6,721 190 6,911 28,913 1,500 10,325,707 Consumer mortgages 5,495,415 8,851 485 9,336 8,740 — 5,513,491 Home equity lines 1,521,575 4,006 — 4,006 12,145 — 1,537,726 Credit cards 276,778 2,363 1,877 4,240 — — 281,018 Other consumer loans 1,062,899 9,122 477 9,599 2,376 — 1,074,874 Total consumer 8,356,667 24,342 2,839 27,181 23,261 — 8,407,109 Loans, net of deferred fees and costs $ 38,054,556 $ 43,232 $ 4,117 $ 47,349 $ 127,720 $ 23,359 $ 38,252,984 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 $3.4 million and $2.1 million for the three months ended March 31, 2021 and 2020, respectively. Of the interest income recognized during the three months ended March 31, 2021 and 2020, cash-basis interest income was $622 thousand and $961 thousand, respectively. Pledged Loans Loans with carrying values of $14.27 billion and $15.05 billion, respectively, were pledged as collateral for borrowings and capacity at March 31, 2021 and December 31, 2020, 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 $2.36 billion at March 31, 2021 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, personal, and auto loans from third-party lending. 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 tables summarize each loan portfolio class by risk grade and origination year as of March 31, 2021 and December 31, 2020 as required under CECL. March 31, 2021 Term Loans Amortized Cost Basis by Origination Year Revolving Loans (in thousands) 2021 2020 2019 2018 2017 Prior Amortized Cost Basis Converted to Term Loans Total Commercial, financial and agricultural Pass $ 1,059,766 $ 3,169,156 $ 1,277,288 $ 784,112 $ 557,454 $ 1,181,305 $ 4,072,579 $ 45,856 $ 12,147,516 Special Mention 807 57,063 38,581 7,942 18,243 3,678 95,135 465 221,914 Substandard (1) 772 64,917 33,901 11,166 23,815 42,824 90,617 114 268,126 Doubtful (2) — 512 4,055 19,894 — — 312 — 24,773 Total commercial, financial and agricultural 1,061,345 3,291,648 1,353,825 823,114 599,512 1,227,807 4,258,643 46,435 12,662,329 Owner-occupied Pass 250,215 1,306,635 1,271,373 1,089,766 880,566 1,640,599 383,907 — 6,823,061 Special Mention 429 5,603 10,306 19,447 10,200 15,568 — — 61,553 Substandard (1) 92 3,783 26,473 45,438 26,186 35,281 — — 137,253 Doubtful (2) — — — 9,638 — — — — 9,638 Total owner-occupied 250,736 1,316,021 1,308,152 1,164,289 916,952 1,691,448 383,907 — 7,031,505 Total commercial and industrial 1,312,081 4,607,669 2,661,977 1,987,403 1,516,464 2,919,255 4,642,550 46,435 19,693,834 Investment properties Pass 266,356 1,189,454 2,196,482 1,879,176 917,367 1,623,228 276,553 — 8,348,616 Special Mention — 1,321 81,524 229,161 163,844 284,980 56,102 — 816,932 Substandard (1) 1,040 987 8,413 58,991 23,677 76,974 95 — 170,177 Total investment properties 267,396 1,191,762 2,286,419 2,167,328 1,104,888 1,985,182 332,750 — 9,335,725 1-4 family properties Pass 66,477 179,602 79,636 60,281 78,564 116,823 41,043 — 622,426 Special Mention 271 399 — 366 — 894 — — 1,930 Substandard (1) 1,812 1,691 439 5,521 1,199 2,596 1,340 — 14,598 Total 1-4 family properties 68,560 181,692 80,075 66,168 79,763 120,313 42,383 — 638,954 March 31, 2021 Term Loans Amortized Cost Basis by Origination Year Revolving Loans (in thousands) 2021 2020 2019 2018 2017 Prior Amortized Cost Basis Converted to Term Loans Total Land and development Pass 23,510 84,651 134,182 81,260 83,035 79,755 59,018 — 545,411 Special Mention 97 849 1,986 1,455 173 383 — — 4,943 Substandard (1) 22 1,221 50 3,980 893 2,729 — — 8,895 Total land and development 23,629 86,721 136,218 86,695 84,101 82,867 59,018 — 559,249 Total commercial real estate 359,585 1,460,175 2,502,712 2,320,191 1,268,752 2,188,362 434,151 — 10,533,928 Consumer mortgages Pass 258,674 1,796,593 797,705 358,353 585,879 1,438,675 1,012 — 5,236,891 Substandard (1) 206 181 2,615 11,939 11,008 36,034 — — 61,983 Loss (3) — — — — — 301 — — 301 Total consumer mortgages 258,880 1,796,774 800,320 370,292 596,887 1,475,010 1,012 — 5,299,175 Home equity lines Pass — — — — — — 1,329,980 85,254 1,415,234 Substandard (1) — — — — — — 9,717 6,422 16,139 Doubtful (2) — — — — — — — 19 19 Loss (3) — — — — — — 832 143 975 Total home equity lines — — — — — — 1,340,529 91,838 1,432,367 Credit cards Pass — — — — — — 265,496 — 265,496 Substandard (1) — — — — — — 521 — 521 Loss (4) — — — — — — 1,354 — 1,354 Total credit cards — — — — — — 267,371 — 267,371 Other consumer loans Pass 7,626 797,532 169,798 74,833 88,716 126,009 306,096 — 1,570,610 Substandard (1) — 15 2,273 1,572 2,967 691 264 — 7,782 Loss (4) — — — — — 34 — — 34 Total other consumer loans 7,626 797,547 172,071 76,405 91,683 126,734 306,360 — 1,578,426 Total consumer 266,506 2,594,321 972,391 446,697 688,570 1,601,744 1,915,272 91,838 8,577,339 Loans, net of deferred fees and costs $ 1,938,172 $ 8,662,165 $ 6,137,080 $ 4,754,291 $ 3,473,786 $ 6,709,361 $ 6,991,973 $ 138,273 $ 38,805,101 (1) The majority of loans within Substandard risk grade are accruing loans at March 31, 2021. (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. December 31, 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 $ 3,819,048 $ 1,333,460 $ 847,283 $ 582,612 $ 551,413 $ 633,871 $ 4,102,751 $ 49,762 $ 11,920,200 Special Mention 63,307 40,618 12,723 22,070 1,665 5,545 60,741 489 207,158 Substandard (1) 28,698 36,618 24,867 36,072 12,808 35,172 84,498 514 259,247 Doubtful (2) — 3,721 19,778 — — — 48 — 23,547 Total commercial, financial and agricultural 3,911,053 1,414,417 904,651 640,754 565,886 674,588 4,248,038 50,765 12,410,152 Owner-occupied Pass 1,321,680 1,275,435 1,131,183 982,056 555,932 1,297,070 349,566 — 6,912,922 Special Mention 6,170 9,995 10,682 14,138 1,582 13,768 — — 56,335 Substandard (1) 2,570 22,793 42,615 26,033 7,316 29,794 — — 131,121 Doubtful (2) — — 9,638 — — — — — 9,638 Total owner-occupied 1,330,420 1,308,223 1,194,118 1,022,227 564,830 1,340,632 349,566 — 7,110,016 Total commercial and industrial 5,241,473 2,722,640 2,098,769 1,662,981 1,130,716 2,015,220 4,597,604 50,765 19,520,168 Investment properties Pass 1,055,440 2,126,667 1,999,345 1,091,880 483,780 1,301,088 229,044 — 8,287,244 Special Mention 1,482 66,160 176,794 136,004 138,362 129,401 55,440 — 703,643 Substandard (1) 1,007 4,770 24,476 19,820 21,875 40,509 35 — 112,492 Total investment properties 1,057,929 2,197,597 2,200,615 1,247,704 644,017 1,470,998 284,519 — 9,103,379 1-4 family properties Pass 197,320 95,145 70,267 88,454 38,729 97,374 27,657 — 614,946 Special Mention 402 — 508 109 786 118 — — 1,923 Substandard (1) 1,527 653 4,312 1,141 554 2,299 1,340 — 11,826 Total 1-4 family properties 199,249 95,798 75,087 89,704 40,069 99,791 28,997 — 628,695 Land and development Pass 84,985 173,302 83,734 92,911 12,249 76,380 53,250 — 576,811 Special Mention 857 1,995 2,866 282 — 1,332 636 — 7,968 Substandard (1) 1,229 425 4,664 915 136 1,485 — — 8,854 Total land and development 87,071 175,722 91,264 94,108 12,385 79,197 53,886 — 593,633 Total commercial real estate 1,344,249 2,469,117 2,366,966 1,431,516 696,471 1,649,986 367,402 — 10,325,707 December 31, 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 Consumer mortgages Pass 1,871,512 874,769 425,711 678,255 685,810 965,382 1,040 — 5,502,479 Substandard (1) 33 961 748 889 866 7,224 — — 10,721 Loss (3) — — — — — 291 — — 291 Total consumer mortgages 1,871,545 875,730 426,459 679,144 686,676 972,897 1,040 — 5,513,491 Home equity lines — Pass — — — — — — 1,429,755 90,832 1,520,587 Substandard (1) — — — — — — 9,698 5,996 15,694 Doubtful (2) — — — — — — — 19 19 Loss (3) — — — — — — 1,283 143 1,426 Total home equity lines — — — — — — 1,440,736 96,990 1,537,726 Credit cards Pass — — — — — — 279,142 — 279,142 Substandard (1) — — — — — — 595 — 595 Loss (4) — — — — — — 1,281 — 1,281 Total credit cards — — — — — — 281,018 — 281,018 Other consumer loans — Pass 252,160 190,820 89,187 100,459 80,365 61,040 297,637 — 1,071,668 Substandard (1) 19 762 262 1,195 121 585 227 — 3,171 Loss (4) — — — — — 35 — — 35 Total other consumer loans 252,179 191,582 89,449 101,654 80,486 61,660 297,864 — 1,074,874 Total consumer 2,123,724 1,067,312 515,908 780,798 767,162 1,034,557 2,020,658 96,990 8,407,109 Loans, net of deferred fees and costs $ 8,709,446 $ 6,259,069 $ 4,981,643 $ 3,875,295 $ 2,594,349 $ 4,699,763 $ 6,985,664 $ 147,755 $ 38,252,984 (1) The majority of loans within Substandard risk grade are accruing loans at December 31, 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. 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 months ended March 31, 2021. Rollforward of Allowance for Loan Losses The following tables detail the changes in the ALL by loan segment for the three months ended March 31, 2021 and 2020. As Of and For the Three Months Ended March 31, 2021 (in thousands) Commercial & Industrial Commercial Real Estate Consumer Total Allowance for loan losses: Beginning balance $ 229,555 $ 130,742 $ 245,439 $ 605,736 Charge-offs (9,417) (10,319) (5,589) (25,325) Recoveries 2,772 1,026 1,323 5,121 Provision for (reversal of) loan losses 31,867 (7,637) (46,548) (22,318) Ending balance $ 254,777 $ 113,812 $ 194,625 $ 563,214 As Of and For the Three Months Ended March 31, 2020 (in thousands) Commercial & Industrial Commercial Real Estate Consumer Total Allowance for loan losses: Beginning balance, prior to adoption of ASC 326 $ 145,782 $ 67,430 $ 68,190 $ 281,402 Impact from adoption of ASC 326 (2,310) (651) 85,955 82,994 Beginning balance, after adoption of ASC 326 $ 143,472 $ 66,779 $ 154,145 $ 364,396 Charge-offs (14,885) (1,017) (7,972) (23,874) Recoveries 1,741 399 1,673 3,813 Provision for loan losses 86,622 40,956 21,539 149,117 Ending balance $ 216,950 $ 107,117 $ 169,385 $ 493,452 The ALL of $563.2 million and the reserve for unfunded commitments of $51.5 million, which is recorded in other liabilities, comprise the total ACL of $614.7 million at March 31, 2021, which decreased during the first quarter of 2021 by $38.8 million, resulting in an ACL to loans coverage ratio of 1.58% . The modeling as sumptions for the first quarter of 2021 utilized a two-year reasonable and supportable forecast period and comprised a multiple-scenario economic framework. 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, the Company reverts, on a straight-line basis back to the historical rates over a one-year period. The ACL at March 31, 2021 incorporates a baseline outlook with moderate economic expansion and benefits from the estimated impact of government stimulus. Provision for credit losses includes the provisions for loan losses and unfunded commitments. The reversal of provision for credit losses of $18.6 million for the three months ended March 31, 2021 included net charge-offs of $20.2 million and resulted from the improved economic outlook and stable loan portfolio metrics that were partially offset by the increased size of the loan portfolio including $15.2 million in reserves added as result of purchases of $607.0 million of third-party lending loans, including a $476.2 million prime auto purchase. 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, some of which have not been classified as TDRs, and therefore are not included in the discussion below. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" in Synovus' 2020 Form 10-K for 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 months ended March 31, 2021 and 2020 that were reported as accruing or non-accruing TDRs. TDRs by Concession Type Three Months Ended March 31, 2021 (in thousands, except contract data) Number of Contracts Below Market Interest Rate Other Concessions (1) Total Commercial, financial and agricultural 40 $ 3,233 $ 2,563 $ 5,796 Owner-occupied 5 1,254 399 1,653 Total commercial and industrial 45 4,487 2,962 7,449 Investment properties 5 1,984 — 1,984 1-4 family properties 5 463 39 502 Land and development 1 — 43 43 Total commercial real estate 11 2,447 82 2,529 Consumer mortgages — — — — Home equity lines 13 587 162 749 Other consumer loans 73 129 4,619 4,748 Total consumer 86 716 4,781 5,497 Total TDRs 142 $ 7,650 $ 7,825 $ 15,475 (2) Three Months Ended March 31, 2020 (in thousands, except contract data) Number of Contracts Below Market Interest Rate Other Concessions (1) Total Commercial, financial and agricultural 36 $ 3,724 $ 2,011 $ 5,735 Owner-occupied 5 1,367 96 1,463 Total commercial and industrial 41 5,091 2,107 7,198 Investment properties 2 23,070 — 23,070 1-4 family properties 6 724 442 1,166 Land and development 1 449 — 449 Total commercial real estate 9 24,243 442 24,685 Consumer mortgages 6 515 1,083 1,598 Home equity lines 19 275 964 1,239 Other consumer loans 29 78 1,897 1,975 Total consumer 54 868 3,944 4,812 Total TDRs 104 $ 30,202 $ 6,493 $ 36,695 (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 March 31, 2021 and 2020. (2) No net charge-offs were recorded during the three months ended March 31, 2021 . (3) No net charge-offs were recorded during the three months ended March 31, 2020 . For the three months ended March 31, 2021 there were no defaults 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 $618 thousand for the three months ended March 31, 2020. As of March 31, 2021 and December 31, 2020, 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 | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Note 4 - Goodwill and Other Intangible Assets Goodwill allocated to each reporting unit at March 31, 2021 and December 31, 2020 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, 2020 $ 256,323 $ 171,636 $ — $ 24,431 $ 452,390 Goodwill acquired and adjustments during the year — — — — — Balance as of March 31, 2021 $ 256,323 $ 171,636 $ — $ 24,431 $ 452,390 Goodwill is not amortized but 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 performs its annual evaluation of goodwill impairment during the fourth quarter of each year. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 7 - Goodwill and Other Intangible Assets" to the consolidated financial statements of Synovus' 2020 Form 10-K for information on Synovus' quantitative assessments of goodwill impairment during 2020. The following table shows the gross carrying amount and accumulated amortization of other intangible assets as of March 31, 2021 and December 31, 2020, which primarily consist of core deposit intangible assets. 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 months ended March 31, 2021 and 2020 was $2.4 million and $2.6 million, respectively. (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Value March 31, 2021 CDI $ 57,400 $ (21,916) $ 35,484 Other 12,500 (5,251) 7,249 Total other intangible assets $ 69,900 $ (27,167) $ 42,733 December 31, 2020 CDI $ 57,400 $ (19,829) $ 37,571 Other 12,500 (4,959) 7,541 Total other intangible assets $ 69,900 $ (24,788) $ 45,112 |
Shareholders' Equity and Other
Shareholders' Equity and Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Shareholders' Equity and Other Comprehensive Income (Loss) | Note 5 - Shareholders' Equity and Other Comprehensive Income (Loss) 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 11 - Shareholders' Equity and Other Comprehensive Income" to the consolidated financial statements of Synovus' 2020 Form 10-K. Three Months Ended March 31, 2021 2020 Cash dividends declared per common share $ 0.33 $ 0.33 Repurchases of Common Stock Synovus announced on January 26, 2021 that its Board of Directors authorized share repurchases of up to $200 million in 2021. During the first quarter of 2021, the Company did not complete any share repurchases. 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 months ended March 31, 2021 and 2020. 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, December 31, 2020 $ 105,669 $ 52,966 $ — $ 158,635 Other comprehensive income (loss) before reclassifications (122,460) (21,183) — (143,643) Amounts reclassified from AOCI 1,475 (1,189) — 286 Net current period other comprehensive income (loss) (120,985) (22,372) — (143,357) Balance at March 31, 2021 $ (15,316) $ 30,594 $ — $ 15,278 Balance, December 31, 2019 $ 83,666 $ (18,487) $ 462 $ 65,641 Other comprehensive income (loss) before reclassifications 117,330 80,501 — 197,831 Amounts reclassified from AOCI (6,472) (89) — (6,561) Net current period other comprehensive income (loss) 110,858 80,412 — 191,270 Balance at March 31, 2020 $ 194,524 $ 61,925 $ 462 $ 256,911 (1) For all periods presented, the ending balance in net unrealized gains (losses) on investment securities available for sale and cash flow hedges includes unrealized losses of $13.3 million and $12.1 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 | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Accounting | Note 6 - Fair Value Accounting See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" of Synovus' 2020 Form 10-K for a description of valuation methodologies for assets and liabilities measured at fair value on a recurring and non-recurring basis. The following table presents assets and liabilities measured at estimated fair value on a recurring basis. March 31, 2021 December 31, 2020 (in thousands) Level 1 Level 2 Level 3 Total Estimated Fair Value Level 1 Level 2 Level 3 Total Estimated Fair Value Recurring fair value measurements Trading securities: Mortgage-backed securities issued by U.S. Government agencies $ — $ — $ — $ — $ — $ 10,185 $ — $ 10,185 Collateralized mortgage obligations issued by U.S. Government sponsored enterprises — 555 — 555 — 158 — 158 Other mortgage-backed securities — 375 — 375 — 178 — 178 State and municipal securities — 1,541 — 1,541 — 176 — 176 Asset-backed securities — 1,915 — 1,915 — 183 — 183 Total trading securities $ — $ 4,386 $ — $ 4,386 $ — $ 10,880 $ — $ 10,880 Investment securities available for sale: U.S. Treasury securities $ 66,456 $ — $ — $ 66,456 $ 20,257 $ — $ — $ 20,257 U.S. Government agency securities — 81,174 — 81,174 — 82,320 — 82,320 Mortgage-backed securities issued by U.S. Government agencies — 955,182 — 955,182 — 1,218,017 — 1,218,017 Mortgage-backed securities issued by U.S. Government sponsored enterprises — 6,101,775 — 6,101,775 — 5,000,046 — 5,000,046 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — 1,157,223 — 1,157,223 — 1,250,377 — 1,250,377 Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises — 445,214 — 445,214 — 370,921 — 370,921 Corporate debt securities and other debt securities — 18,733 — 18,733 — 18,479 2,021 20,500 Total investment securities available for sale $ 66,456 $ 8,759,301 $ — $ 8,825,757 $ 20,257 $ 7,940,160 $ 2,021 $ 7,962,438 Mortgage loans held for sale $ — $ 242,010 $ — $ 242,010 $ — $ 216,647 $ — $ 216,647 Private equity investments — — 1,053 1,053 — — 1,021 1,021 Mutual funds and mutual funds held in rabbi trusts 39,943 — — 39,943 37,650 — — 37,650 GGL/SBA loans servicing asset — — 3,305 3,305 — — 3,258 3,258 Derivative assets — 276,831 — 276,831 — 401,295 — 401,295 Trading liability for short positions — — — — — 7,717 — 7,717 Earnout liability — — 5,677 5,677 — — 5,677 5,677 Derivative liabilities — 135,725 1,768 137,493 — 155,119 2,048 157,167 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 March 31, 2021 As of December 31, 2020 Fair value $ 242,010 $ 216,647 Unpaid principal balance 240,287 210,292 Fair value less aggregate unpaid principal balance $ 1,723 $ 6,355 Changes in Fair Value Included in Net Income Three Months Ended March 31, (in thousands) 2021 2020 Mortgage loans held for sale $ (4,632) $ 619 Activity for Level 3 Assets and Liabilities Se e "Part II - Item 8. Financial Statements and Supplementary Data - Note 14 - Fair Value Accounting" of Synovus' 2020 Form 10-K for a description of the valuation techniques and significant inputs for Level 3 assets and liabilities that are measured at fair value on a recurring and non-recurring basis. During the three months ended March 31, 2021 and 2020 , Synovus did not have any transfers in or out of Level 3 in the fair value hierarchy. The following tables provide rollforwards of Level 3 assets and liabilities measured at fair value on a recurring basis. Three Months Ended March 31, 2021 (in thousands) Investment Securities Available for Sale Private Equity Investments GGL / SBA Earnout Visa Derivative Beginning balance $ 2,021 $ 1,021 $ 3,258 $ (5,677) $ (2,048) Total gains (losses) realized/unrealized: Included in earnings — 32 (178) — — Sales (2,021) — — — — Additions — — 225 — — Settlements — — — — 280 Ending balance $ — $ 1,053 $ 3,305 $ (5,677) $ (1,768) 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 March 31, 2021 $ — $ 32 $ — $ — $ — Three Months Ended March 31, 2020 (in thousands) Investment Securities Available for Sale Private Equity Investments GGL / SBA Earnout Visa Derivative Beginning balance $ 2,105 $ 3,887 $ 3,040 $ (11,016) $ (2,339) Total gains (losses) realized/unrealized: Included in earnings — (632) (264) — — Unrealized gains (losses) included in OCI (543) — — — — Additions — — 373 — — Settlements — — — — 289 Ending balance $ 1,562 $ 3,255 $ 3,149 $ (11,016) $ (2,050) 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 March 31, 2020 $ — $ (632) $ — $ — $ — 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. March 31, 2021 March 31, 2020 (in thousands) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Loans (1) $ — $ — $ 14,026 $ 14,026 $ — $ — $ — $ — Other real estate — — — — — — 460 460 MPS receivable — — — — — — 18,490 18,490 Other assets held for sale — — — — — — 1,206 1,206 (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 March 31, 2021 and December 31, 2020 was $1.4 million and $1.8 million, respectively. The following table presents fair value adjustments recognized in earnings for the three months ended March 31, 2021 and 2020 for assets measured at fair value on a non-recurring basis still held at period-end. Three Months Ended March 31, Location in Consolidated Statements of Income (in thousands) 2021 2020 Loans (1) $ 7,002 $ — Provision for credit losses Other real estate — 5 Other operating expenses MPS receivable — 2,663 Other operating expenses Other assets held for sale — 1,391 Other operating expenses (1) Collateral-dependent loans that were written down to fair value of collateral. Fair Value of Financial Instruments The following tables present the carrying and estimated fair values of financial instruments at March 31, 2021 and December 31, 2020. 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' 2020 Form 10-K for a description of how fair value measurements are determined. March 31, 2021 (in thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Financial assets Total cash, cash equivalents, and restricted cash $ 3,328,266 $ 3,328,266 $ 3,328,266 $ — $ — Trading securities 4,386 4,386 — 4,386 — Investment securities available for sale 8,825,757 8,825,757 66,456 8,759,301 — Loans held for sale 993,887 993,902 — 242,010 751,892 Private equity investments 1,053 1,053 — — 1,053 Mutual funds and mutual funds held in rabbi trusts 39,943 39,943 39,943 — — Loans, net 38,241,887 38,126,309 — — 38,126,309 GGL/SBA loans servicing asset 3,305 3,305 — — 3,305 Derivative assets 276,831 276,831 — 276,831 — Financial liabilities Non-interest-bearing deposits $ 14,660,287 $ 14,660,287 $ — $ 14,660,287 $ — Non-time interest-bearing deposits 27,492,165 27,492,165 — 27,492,165 — Time deposits 5,216,499 5,240,983 — 5,240,983 — Total deposits $ 47,368,951 $ 47,393,435 $ — $ 47,393,435 $ — Securities sold under repurchase agreements 293,659 293,659 293,659 — — Long-term debt 1,202,825 1,274,158 — 1,274,158 — Earnout liability 5,677 5,677 — — 5,677 Derivative liabilities 137,493 137,493 — 135,725 1,768 December 31, 2020 (in thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Financial assets Total cash, cash equivalents, and restricted cash $ 4,252,917 $ 4,252,917 $ 4,252,917 $ — $ — Trading securities 10,880 10,880 — 10,880 — Investment securities available for sale 7,962,438 7,962,438 20,257 7,940,160 2,021 Loans held for sale 760,123 760,939 — 216,647 544,292 Private equity investments 1,021 1,021 — — 1,021 Mutual funds and mutual funds held in rabbi trusts 37,650 37,650 37,650 — — Loans, net 37,647,248 37,605,881 — — 37,605,881 GGL/SBA loans servicing asset 3,258 3,258 — — 3,258 Derivative assets 401,295 401,295 — 401,295 — Financial liabilities Non-interest-bearing deposits $ 13,477,854 $ 13,477,854 $ — $ 13,477,854 $ — Non-time interest-bearing deposits 27,265,521 27,265,521 — 27,265,521 — Time deposits 5,948,196 5,970,146 — 5,970,146 — Total deposits $ 46,691,571 $ 46,713,521 $ — $ 46,713,521 $ — Securities sold under repurchase agreements 227,922 227,922 227,922 — — Trading liability for short positions 7,717 7,717 — 7,717 — Long-term debt 1,202,494 1,266,825 — 1,266,825 — Earnout liability 5,677 5,677 — — 5,677 Derivative liabilities 157,167 157,167 — 155,119 2,048 |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 3 Months Ended |
Mar. 31, 2021 | |
Summary of Derivative Instruments [Abstract] | |
Derivative Instruments and Hedging Activities | Note 7 - 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' 2020 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, if the hedged exposure is a cash flow exposure, the effective portion of the gain or loss on the derivative instrument is reported initially as a component of accumulated other comprehensive income (loss), net of the tax impact, and subsequently reclassified into earnings when the hedged transaction affects earnings with the impacts recorded in the same income statement line item used to present the earnings effect of the hedged item. When a cash flow hedge relationship is discontinued but the hedged cash flows, or forecasted transactions, are still expected to occur, gains or losses that were accumulated in OCI are amortized into earnings over the same periods which the hedged transactions would have affected earnings. If, however, it is probable the forecasted transactions will no longer occur, the remaining accumulated amounts in OCI at the de-designation date are immediately recognized in earnings. Synovus recorded unrealized gains of $757 thousand, or $565 thousand, after tax, in OCI during the first quarter of 2021 and $9.8 million, or $7.3 million, after-tax, in OCI, during the first quarter of 2020, related to terminated cash flow hedges, which are being recognized into earnings in conjunction with the effective terms of the original swaps through the fourth quarter of 2025. Synovus recognized pre-tax income of $1.6 million during the three months ended March 31, 2021 related to t he amortization o f terminated cash flow hedges. As of March 31, 2021, Synovus expects to reclassify into earnings approximately $43 million in pre-tax income due to the receipt or payment of interest payments on all cash flow hedges within the next twelve months. Included in this amount is approximately $13 million in pre-tax income related to the amortization of terminated cash flow hedges. As of March 31, 2021, 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 2026. 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 March 31, 2021 and December 31, 2020, collateral totaling $121.7 million and $155.4 million, respectively, was pledged to the derivative counterparties to comply with collateral requirements. For derivatives cleared through central clearing houses, the variation margin payments made are legally characterized as settlements of the derivatives. As a result, these variation margin payments are netted against the fair value of the respective derivative contracts in the consolidated balance sheets and related disclosures. At March 31, 2021 and December 31, 2020, Synovus had a variation margin of $81.8 million and $162.7 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. March 31, 2021 December 31, 2020 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 $ 3,250,000 $ 55,873 $ 4,885 $ 3,000,000 $ 80,802 $ — Total derivatives designated as hedging instruments $ 55,873 $ 4,885 $ 80,802 $ — Derivatives not designated Interest rate contracts (3) $ 8,891,025 $ 211,787 $ 130,737 $ 8,784,141 $ 314,234 $ 153,204 Mortgage derivatives - interest rate lock commitments 284,662 4,540 — 306,138 6,259 — Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans 298,000 4,631 — 230,500 — 1,611 Other contracts (4) 170,131 — 103 234,884 — 304 Visa derivative — — 1,768 — — 2,048 Total derivatives not designated as hedging instruments $ 220,958 $ 132,608 $ 320,493 $ 157,167 (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 $2.5 million and $2.6 million at March 31, 2021 and December 31, 2020, 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 $18.4 million and $24.1 million at March 31, 2021 and December 31, 2020, respectively. The fair value of foreign currency exchange forwards was negligible at March 31, 2021 and December 31, 2020 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 months ended March 31, 2021 and 2020 . Three Months Ended March 31, (in thousands) 2021 2020 Total amounts presented in the consolidated statements of income in interest income on loans $ 8,342 $ 3,637 Gain/loss on cash flow hedging relationships: (1) Interest rate swaps: Realized gains (losses) reclassified from AOCI, pre-tax, to interest income on loans 1,599 120 Pre-tax income recognized on cash flow hedges $ 1,599 $ 120 (1) See "Part I - Item 1. Financial Statements and Supplementary Data - Note 5 - 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 months ended March 31, 2021 and 2020 is presented below. Gain (Loss) Recognized in Consolidated Statements of Income Three Months Ended March 31, (in thousands) Location in Consolidated Statements of Income 2021 2020 Derivatives not designated as hedging instruments: Interest rate contracts (1) Capital markets income $ 947 $ (604) Other contracts (2) Capital markets income 201 (337) Mortgage derivatives - interest rate lock commitments Mortgage banking income (1,719) 7,024 Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans Mortgage banking income 6,242 (4,929) Total derivatives not designated as hedging instruments $ 5,671 $ 1,154 |
Net Income Per Common Share
Net Income Per Common Share | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Net Income Per Common Share | Note 8 - Net Income Per Common Share The following table displays a reconciliation of the information used in calculating basic and diluted net income per common share for the three months ended March 31, 2021 and 2020. Diluted net income per common share incorporates the potential impact of contingently issuable shares, including awards which require future service as a condition of delivery of the underlying common stock. Three Months Ended March 31, (in thousands, except per share data) 2021 2020 Basic Net Income Per Common Share: Net income available to common shareholders $ 178,802 $ 30,230 Weighted average common shares outstanding 148,467 147,311 Net income per common share, basic $ 1.20 $ 0.21 Diluted Net Income Per Common Share: Net income available to common shareholders $ 178,802 $ 30,230 Weighted average common shares outstanding 148,467 147,311 Effect of dilutive outstanding equity-based awards, warrants, and earnout payments 1,313 1,090 Weighted average diluted common shares 149,780 148,401 Net income per common share, diluted $ 1.19 $ 0.20 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 9 - Commitments and Contingencies In the normal course of business, Synovus enters into commitments to extend credit such as loan commitments and letters of credit to meet the financing needs of its customers. Synovus uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Synovus also has commitments to fund certain low-income housing investments, 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. At March 31, 2021, the ACL for unfunded commitments was $51.5 million, compared to a reserve of $47.8 million at December 31, 2020. Additionally, an immaterial amount of unearned fees relating to letters of credit are recorded within other liabilities on the consolidated balance sheets. Synovus invests in certain LIHTC partnerships which are engaged in the development and operation of affordable multi-family housing pursuant to Section 42 of the Code. Additionally, Synovus invests in certain solar energy tax credit partnerships pursuant to Section 48 of the Code. Synovus typically acts as a limited partner in these investments and does not exert control over the operating or financial policies of the partnerships and as such, is not considered the primary beneficiary of the partnership. For certain of its LIHTC investments, Synovus provides financing during the construction and development of the properties and is at risk for the funded amount of its equity investment plus the outstanding amount of any construction loans in excess of the fair value of the collateral for the loan, but has no obligation to fund the operations or working capital of the partnerships and is not exposed to losses beyond Synovus’ investment. Synovus receives tax credits related to these investments which are subject to recapture by taxing authorities based on compliance provisions required to be met at the project level. Synovus also invests in certain other CRA partnerships including SBIC programs. The SBIC is a program initiated by the SBA in 1958 to assist in the funding of small business loans. (in thousands) March 31, 2021 December 31, 2020 Letters of credit* $ 191,359 $ 190,562 Commitments to fund commercial and industrial loans 8,464,375 8,200,608 Commitments to fund commercial real estate, construction, and land development loans 3,229,163 3,290,041 Commitments under home equity lines of credit 1,643,659 1,602,831 Unused credit card lines 984,268 1,012,313 Other loan commitments 511,084 472,233 Total letters of credit and unfunded lending commitments $ 15,023,908 $ 14,768,588 LIHTC, solar energy tax credit and other CRA partnerships: Carrying amount included in other assets $ 303,676 $ 262,855 Amount of future funding commitments included in carrying amount 166,390 133,946 Permanent and short-term construction loans and letter of credit commitments 155,060 84,552 Funded portion of permanent and short-term loans and letters of credit 17,404 9,762 * Represent the contractual amount net of risk participations purchased of approximately $29.6 million and $30.2 million at March 31, 2021 and December 31, 2020, respectively. Merchant Services In accordance with credit and debit card association rules, Synovus provides merchant processing services for customers with a 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 months ended March 31, 2021 and 2020, Synovus and the sponsored entities processed and settled $26.03 billion and $18.37 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 March 31, 2021, the remaining amount, net of reserves, included in other assets and classified in NPAs, is $15.5 million, compared to $15.6 million at December 31, 2020. 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. 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 and governmental 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 March 31, 2021 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 | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Reporting | Note 10 - Segment Reporting Synovus' business segments are based on the products and services provided or the customers served and reflect the manner in which financial information is evaluated by the chief operating decision makers. 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 consumer loans and held for sale loans as well as PPP 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, asset-based lending, and community investment capital. The Financial Management Services (FMS) business segment serves its customers by providing mortgage and trust services and also specializing in professional portfolio management for fixed-income securities, investment banking, the execution of securities transactions as a broker/dealer, asset management, financial planning, and family office 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 includes certain assets and/or liabilities managed within that function. Additionally, Treasury and Corporate Other also charges (credits) an internal cost of funds for assets held in (or pays for funding provided by) each business segment. The process for determining FTP is based on a number of factors and assumptions, including prevailing market interest rates, the expected lives of various assets and liabilities, and the Company's broader funding profile. The following tables present c ertain financial information for each reportable business segment for the three months ended March 31, 2021 and 2020. 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 March 31, 2021 (in thousands) Community Banking Wholesale Banking Financial Management Services Treasury and Corporate Other Synovus Consolidated Net interest income $ 206,242 $ 134,074 $ 20,995 $ 12,546 $ 373,857 Non-interest revenue 29,754 7,319 58,583 15,300 110,956 Non-interest expense 68,058 20,724 47,674 130,678 267,134 Pre-provision net revenue $ 167,938 $ 120,669 $ 31,904 $ (102,832) $ 217,679 Three Months Ended March 31, 2020 (in thousands) Community Banking Wholesale Banking Financial Management Services Treasury and Corporate Other Synovus Consolidated Net interest income $ 196,504 $ 123,170 $ 17,384 $ 36,202 $ 373,260 Non-interest revenue 30,324 9,327 47,384 16,822 103,857 Non-interest expense 73,973 20,713 43,391 138,202 276,279 Pre-provision net revenue $ 152,855 $ 111,784 $ 21,377 $ (85,178) $ 200,838 March 31, 2021 (dollars in thousands) Community Banking Wholesale Banking Financial Management Services Treasury and Corporate Other Synovus Consolidated Loans, net of deferred fees and costs $ 10,745,585 $ 19,305,649 $ 5,175,578 $ 3,578,289 $ 38,805,101 Total deposits $ 30,897,797 $ 11,288,606 $ 744,745 $ 4,437,803 $ 47,368,951 Total full-time equivalent employees 2,173 282 833 1,773 5,061 December 31, 2020 (dollars in thousands) Community Banking Wholesale Banking Financial Management Services Treasury and Corporate Other Synovus Consolidated Loans, net of deferred fees and costs $ 11,171,013 $ 18,810,729 $ 5,370,790 $ 2,900,452 $ 38,252,984 Total deposits $ 29,141,242 $ 11,958,105 $ 739,200 $ 4,853,024 $ 46,691,571 Total full-time equivalent employees 2,199 285 832 1,818 5,134 |
Basis of Presentation and Acc_2
Basis of Presentation and Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
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; income taxes; and contingent liabilities. |
Recently Adopted Accounting Standards and Recently Issued Accounting Standards Not Yet Adopted | Recently Adopted Accounting Standards 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 at 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. Synovus adopted ASU 2020-08 effective January 1, 2021 with no material impact to the unaudited consolidated financial statements. ASU 2019-12 , Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. In December 2019, the FASB issued ASU 2019-12 to simplify and reduce complexities when accounting for income taxes by removing certain exceptions. Among the provisions of this guidance are the requirement that an entity reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. ASU 2019-12 is effective for public entities for fiscal years beginning after December 15, 2020. Synovus adopted ASU 2019-12 effective January 1, 2021 with no material impact to the unaudited consolidated financial statements unless there are changes in tax law that require recognition as set forth in this guidance. Recently Issued Accounting Standards Not Yet Adopted ASU 2021-01, Reference Rate Reform (Topic 848): Scope: In January 2021, the FASB issued ASU 2021-01 which provides optional expedients and exceptions in Topic 848 for derivative instruments and hedge accounting modifications resulting from the discounting transition of reference rate reform. The expedients and exceptions provided by ASU 2021-01 will not be available after December 31, 2022, other than for existing hedging relationships entered into by December 31, 2022. The ASU may be applied as of the beginning of an interim period that includes or is subsequent to March 12, 2020, until the sunset date of December 31, 2022. Synovus adopted ASU 2020-04 Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting on October 1, 2020. Synovus has not yet elected optional expedients for ASU 2021-01. |
Investment Securities Availab_2
Investment Securities Available for Sale (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 March 31, 2021 and December 31, 2020 are summarized below. March 31, 2021 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury securities $ 70,085 $ — $ (3,629) $ 66,456 U.S. Government agency securities 79,148 2,026 — 81,174 Mortgage-backed securities issued by U.S. Government agencies 964,709 1,542 (11,069) 955,182 Mortgage-backed securities issued by U.S. Government sponsored enterprises 6,100,521 78,507 (77,253) 6,101,775 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 1,155,180 12,678 (10,635) 1,157,223 Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises 440,556 12,006 (7,348) 445,214 Corporate debt securities and other debt securities 18,235 504 (6) 18,733 Total investment securities available for sale $ 8,828,434 $ 107,263 $ (109,940) $ 8,825,757 December 31, 2020 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury securities $ 20,257 $ — $ — $ 20,257 U.S. Government agency securities 79,638 2,682 — 82,320 Mortgage-backed securities issued by U.S. Government agencies 1,216,012 7,930 (5,925) 1,218,017 Mortgage-backed securities issued by U.S. Government sponsored enterprises 4,865,858 134,188 — 5,000,046 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 1,245,644 15,309 (10,576) 1,250,377 Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises 354,244 16,677 — 370,921 Corporate debt securities and other debt securities 20,211 457 (168) 20,500 Total investment securities available for sale $ 7,801,864 $ 177,243 $ (16,669) $ 7,962,438 |
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 March 31, 2021 and December 31, 2020 are presented below. March 31, 2021 Less than 12 Months 12 Months or Longer Total (in thousands) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses U.S. Treasury securities $ 46,195 $ (3,629) $ — $ — $ 46,195 $ (3,629) Mortgage-backed securities issued by U.S. Government agencies 784,433 (11,069) — — 784,433 (11,069) Mortgage-backed securities issued by U.S. Government sponsored enterprises 4,214,454 (77,253) — — 4,214,454 (77,253) Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 770,319 (10,635) — — 770,319 (10,635) Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises 176,469 (7,348) — — 176,469 (7,348) Corporate debt securities and other debt securities 9,498 (6) — — 9,498 (6) Total $ 6,001,368 $ (109,940) $ — $ — $ 6,001,368 $ (109,940) December 31, 2020 Less than 12 Months 12 Months or Longer Total (in thousands) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Mortgage-backed securities issued by U.S. Government agencies $ 566,896 $ (5,925) $ — $ — $ 566,896 $ (5,925) Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 803,429 (10,576) — — 803,429 (10,576) Corporate debt securities and other debt securities 9,337 (168) — — 9,337 (168) Total $ 1,379,662 $ (16,669) $ — $ — $ 1,379,662 $ (16,669) |
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 March 31, 2021 (in thousands) Within One 1 to 5 5 to 10 More Than Total Amortized Cost U.S. Treasury securities $ 20,261 $ — $ 49,824 $ — $ 70,085 U.S. Government agency securities 430 1,594 77,124 — 79,148 Mortgage-backed securities issued by U.S. Government agencies — 1,232 162 963,315 964,709 Mortgage-backed securities issued by U.S. Government sponsored enterprises 76 87 77,685 6,022,673 6,100,521 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — — 206 1,154,974 1,155,180 Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises 4,126 109,488 227,357 99,585 440,556 Corporate debt securities and other debt securities — 9,504 8,731 — 18,235 Total amortized cost $ 24,893 $ 121,905 $ 441,089 $ 8,240,547 $ 8,828,434 Fair Value U.S. Treasury securities $ 20,261 $ — $ 46,195 $ — $ 66,456 U.S. Government agency securities 438 1,623 79,113 — 81,174 Mortgage-backed securities issued by U.S. Government agencies — 1,281 169 953,732 955,182 Mortgage-backed securities issued by U.S. Government sponsored enterprises 77 88 80,469 6,021,141 6,101,775 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — — 215 1,157,008 1,157,223 Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises 4,126 113,783 224,116 103,189 445,214 Corporate debt securities and other debt securities — 9,498 9,235 — 18,733 Total fair value $ 24,902 $ 126,273 $ 439,512 $ 8,235,070 $ 8,825,757 |
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 months ended March 31, 2021 and 2020 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 March 31, (in thousands) 2021 2020 Proceeds from sales of investment securities available for sale $ 223,977 $ 413,180 Gross realized gains on sales — 8,734 Gross realized losses on sales (1,990) — Investment securities gains (losses), net $ (1,990) $ 8,734 |
Loans and Allowance for Loan _2
Loans and Allowance for Loan Losses (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 March 31, 2021 and December 31, 2020. March 31, 2021 (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 $ 12,573,032 $ 12,545 $ 292 $ 12,837 $ 59,145 $ 17,315 $ 12,662,329 Owner-occupied 7,009,586 4,422 305 4,727 17,192 — 7,031,505 Total commercial and industrial 19,582,618 16,967 597 17,564 76,337 17,315 19,693,834 Investment properties 9,305,441 4,295 400 4,695 16,880 8,709 9,335,725 1-4 family properties 633,971 871 61 932 2,815 1,236 638,954 Land and development 553,698 3,661 89 3,750 1,801 — 559,249 Total commercial real estate 10,493,110 8,827 550 9,377 21,496 9,945 10,533,928 Consumer mortgages 5,283,865 4,109 — 4,109 11,201 — 5,299,175 Home equity lines 1,417,714 2,446 16 2,462 12,191 — 1,432,367 Credit cards 263,660 1,835 1,876 3,711 — — 267,371 Other consumer loans 1,563,272 7,705 765 8,470 6,684 — 1,578,426 Total consumer 8,528,511 16,095 2,657 18,752 30,076 — 8,577,339 Loans, net of deferred fees and costs $ 38,604,239 $ 41,889 $ 3,804 $ 45,693 $ 127,909 $ 27,260 $ 38,805,101 December 31, 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 $ 12,321,514 $ 10,256 $ 996 $ 11,252 $ 55,527 $ 21,859 $ 12,410,152 Owner-occupied 7,087,992 1,913 92 2,005 20,019 — 7,110,016 Total commercial and industrial 19,409,506 12,169 1,088 13,257 75,546 21,859 19,520,168 Investment properties 9,075,843 2,751 154 2,905 24,631 — 9,103,379 1-4 family properties 621,492 3,548 36 3,584 2,383 1,236 628,695 Land and development 591,048 422 — 422 1,899 264 593,633 Total commercial real estate 10,288,383 6,721 190 6,911 28,913 1,500 10,325,707 Consumer mortgages 5,495,415 8,851 485 9,336 8,740 — 5,513,491 Home equity lines 1,521,575 4,006 — 4,006 12,145 — 1,537,726 Credit cards 276,778 2,363 1,877 4,240 — — 281,018 Other consumer loans 1,062,899 9,122 477 9,599 2,376 — 1,074,874 Total consumer 8,356,667 24,342 2,839 27,181 23,261 — 8,407,109 Loans, net of deferred fees and costs $ 38,054,556 $ 43,232 $ 4,117 $ 47,349 $ 127,720 $ 23,359 $ 38,252,984 |
Loan Portfolio Credit Exposure | The following tables summarize each loan portfolio class by risk grade and origination year as of March 31, 2021 and December 31, 2020 as required under CECL. March 31, 2021 Term Loans Amortized Cost Basis by Origination Year Revolving Loans (in thousands) 2021 2020 2019 2018 2017 Prior Amortized Cost Basis Converted to Term Loans Total Commercial, financial and agricultural Pass $ 1,059,766 $ 3,169,156 $ 1,277,288 $ 784,112 $ 557,454 $ 1,181,305 $ 4,072,579 $ 45,856 $ 12,147,516 Special Mention 807 57,063 38,581 7,942 18,243 3,678 95,135 465 221,914 Substandard (1) 772 64,917 33,901 11,166 23,815 42,824 90,617 114 268,126 Doubtful (2) — 512 4,055 19,894 — — 312 — 24,773 Total commercial, financial and agricultural 1,061,345 3,291,648 1,353,825 823,114 599,512 1,227,807 4,258,643 46,435 12,662,329 Owner-occupied Pass 250,215 1,306,635 1,271,373 1,089,766 880,566 1,640,599 383,907 — 6,823,061 Special Mention 429 5,603 10,306 19,447 10,200 15,568 — — 61,553 Substandard (1) 92 3,783 26,473 45,438 26,186 35,281 — — 137,253 Doubtful (2) — — — 9,638 — — — — 9,638 Total owner-occupied 250,736 1,316,021 1,308,152 1,164,289 916,952 1,691,448 383,907 — 7,031,505 Total commercial and industrial 1,312,081 4,607,669 2,661,977 1,987,403 1,516,464 2,919,255 4,642,550 46,435 19,693,834 Investment properties Pass 266,356 1,189,454 2,196,482 1,879,176 917,367 1,623,228 276,553 — 8,348,616 Special Mention — 1,321 81,524 229,161 163,844 284,980 56,102 — 816,932 Substandard (1) 1,040 987 8,413 58,991 23,677 76,974 95 — 170,177 Total investment properties 267,396 1,191,762 2,286,419 2,167,328 1,104,888 1,985,182 332,750 — 9,335,725 1-4 family properties Pass 66,477 179,602 79,636 60,281 78,564 116,823 41,043 — 622,426 Special Mention 271 399 — 366 — 894 — — 1,930 Substandard (1) 1,812 1,691 439 5,521 1,199 2,596 1,340 — 14,598 Total 1-4 family properties 68,560 181,692 80,075 66,168 79,763 120,313 42,383 — 638,954 March 31, 2021 Term Loans Amortized Cost Basis by Origination Year Revolving Loans (in thousands) 2021 2020 2019 2018 2017 Prior Amortized Cost Basis Converted to Term Loans Total Land and development Pass 23,510 84,651 134,182 81,260 83,035 79,755 59,018 — 545,411 Special Mention 97 849 1,986 1,455 173 383 — — 4,943 Substandard (1) 22 1,221 50 3,980 893 2,729 — — 8,895 Total land and development 23,629 86,721 136,218 86,695 84,101 82,867 59,018 — 559,249 Total commercial real estate 359,585 1,460,175 2,502,712 2,320,191 1,268,752 2,188,362 434,151 — 10,533,928 Consumer mortgages Pass 258,674 1,796,593 797,705 358,353 585,879 1,438,675 1,012 — 5,236,891 Substandard (1) 206 181 2,615 11,939 11,008 36,034 — — 61,983 Loss (3) — — — — — 301 — — 301 Total consumer mortgages 258,880 1,796,774 800,320 370,292 596,887 1,475,010 1,012 — 5,299,175 Home equity lines Pass — — — — — — 1,329,980 85,254 1,415,234 Substandard (1) — — — — — — 9,717 6,422 16,139 Doubtful (2) — — — — — — — 19 19 Loss (3) — — — — — — 832 143 975 Total home equity lines — — — — — — 1,340,529 91,838 1,432,367 Credit cards Pass — — — — — — 265,496 — 265,496 Substandard (1) — — — — — — 521 — 521 Loss (4) — — — — — — 1,354 — 1,354 Total credit cards — — — — — — 267,371 — 267,371 Other consumer loans Pass 7,626 797,532 169,798 74,833 88,716 126,009 306,096 — 1,570,610 Substandard (1) — 15 2,273 1,572 2,967 691 264 — 7,782 Loss (4) — — — — — 34 — — 34 Total other consumer loans 7,626 797,547 172,071 76,405 91,683 126,734 306,360 — 1,578,426 Total consumer 266,506 2,594,321 972,391 446,697 688,570 1,601,744 1,915,272 91,838 8,577,339 Loans, net of deferred fees and costs $ 1,938,172 $ 8,662,165 $ 6,137,080 $ 4,754,291 $ 3,473,786 $ 6,709,361 $ 6,991,973 $ 138,273 $ 38,805,101 (1) The majority of loans within Substandard risk grade are accruing loans at March 31, 2021. (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. December 31, 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 $ 3,819,048 $ 1,333,460 $ 847,283 $ 582,612 $ 551,413 $ 633,871 $ 4,102,751 $ 49,762 $ 11,920,200 Special Mention 63,307 40,618 12,723 22,070 1,665 5,545 60,741 489 207,158 Substandard (1) 28,698 36,618 24,867 36,072 12,808 35,172 84,498 514 259,247 Doubtful (2) — 3,721 19,778 — — — 48 — 23,547 Total commercial, financial and agricultural 3,911,053 1,414,417 904,651 640,754 565,886 674,588 4,248,038 50,765 12,410,152 Owner-occupied Pass 1,321,680 1,275,435 1,131,183 982,056 555,932 1,297,070 349,566 — 6,912,922 Special Mention 6,170 9,995 10,682 14,138 1,582 13,768 — — 56,335 Substandard (1) 2,570 22,793 42,615 26,033 7,316 29,794 — — 131,121 Doubtful (2) — — 9,638 — — — — — 9,638 Total owner-occupied 1,330,420 1,308,223 1,194,118 1,022,227 564,830 1,340,632 349,566 — 7,110,016 Total commercial and industrial 5,241,473 2,722,640 2,098,769 1,662,981 1,130,716 2,015,220 4,597,604 50,765 19,520,168 Investment properties Pass 1,055,440 2,126,667 1,999,345 1,091,880 483,780 1,301,088 229,044 — 8,287,244 Special Mention 1,482 66,160 176,794 136,004 138,362 129,401 55,440 — 703,643 Substandard (1) 1,007 4,770 24,476 19,820 21,875 40,509 35 — 112,492 Total investment properties 1,057,929 2,197,597 2,200,615 1,247,704 644,017 1,470,998 284,519 — 9,103,379 1-4 family properties Pass 197,320 95,145 70,267 88,454 38,729 97,374 27,657 — 614,946 Special Mention 402 — 508 109 786 118 — — 1,923 Substandard (1) 1,527 653 4,312 1,141 554 2,299 1,340 — 11,826 Total 1-4 family properties 199,249 95,798 75,087 89,704 40,069 99,791 28,997 — 628,695 Land and development Pass 84,985 173,302 83,734 92,911 12,249 76,380 53,250 — 576,811 Special Mention 857 1,995 2,866 282 — 1,332 636 — 7,968 Substandard (1) 1,229 425 4,664 915 136 1,485 — — 8,854 Total land and development 87,071 175,722 91,264 94,108 12,385 79,197 53,886 — 593,633 Total commercial real estate 1,344,249 2,469,117 2,366,966 1,431,516 696,471 1,649,986 367,402 — 10,325,707 December 31, 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 Consumer mortgages Pass 1,871,512 874,769 425,711 678,255 685,810 965,382 1,040 — 5,502,479 Substandard (1) 33 961 748 889 866 7,224 — — 10,721 Loss (3) — — — — — 291 — — 291 Total consumer mortgages 1,871,545 875,730 426,459 679,144 686,676 972,897 1,040 — 5,513,491 Home equity lines — Pass — — — — — — 1,429,755 90,832 1,520,587 Substandard (1) — — — — — — 9,698 5,996 15,694 Doubtful (2) — — — — — — — 19 19 Loss (3) — — — — — — 1,283 143 1,426 Total home equity lines — — — — — — 1,440,736 96,990 1,537,726 Credit cards Pass — — — — — — 279,142 — 279,142 Substandard (1) — — — — — — 595 — 595 Loss (4) — — — — — — 1,281 — 1,281 Total credit cards — — — — — — 281,018 — 281,018 Other consumer loans — Pass 252,160 190,820 89,187 100,459 80,365 61,040 297,637 — 1,071,668 Substandard (1) 19 762 262 1,195 121 585 227 — 3,171 Loss (4) — — — — — 35 — — 35 Total other consumer loans 252,179 191,582 89,449 101,654 80,486 61,660 297,864 — 1,074,874 Total consumer 2,123,724 1,067,312 515,908 780,798 767,162 1,034,557 2,020,658 96,990 8,407,109 Loans, net of deferred fees and costs $ 8,709,446 $ 6,259,069 $ 4,981,643 $ 3,875,295 $ 2,594,349 $ 4,699,763 $ 6,985,664 $ 147,755 $ 38,252,984 (1) The majority of loans within Substandard risk grade are accruing loans at December 31, 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. |
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 months ended March 31, 2021 and 2020. As Of and For the Three Months Ended March 31, 2021 (in thousands) Commercial & Industrial Commercial Real Estate Consumer Total Allowance for loan losses: Beginning balance $ 229,555 $ 130,742 $ 245,439 $ 605,736 Charge-offs (9,417) (10,319) (5,589) (25,325) Recoveries 2,772 1,026 1,323 5,121 Provision for (reversal of) loan losses 31,867 (7,637) (46,548) (22,318) Ending balance $ 254,777 $ 113,812 $ 194,625 $ 563,214 As Of and For the Three Months Ended March 31, 2020 (in thousands) Commercial & Industrial Commercial Real Estate Consumer Total Allowance for loan losses: Beginning balance, prior to adoption of ASC 326 $ 145,782 $ 67,430 $ 68,190 $ 281,402 Impact from adoption of ASC 326 (2,310) (651) 85,955 82,994 Beginning balance, after adoption of ASC 326 $ 143,472 $ 66,779 $ 154,145 $ 364,396 Charge-offs (14,885) (1,017) (7,972) (23,874) Recoveries 1,741 399 1,673 3,813 Provision for loan losses 86,622 40,956 21,539 149,117 Ending balance $ 216,950 $ 107,117 $ 169,385 $ 493,452 |
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, some of which have not been classified as TDRs, and therefore are not included in the discussion below. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" in Synovus' 2020 Form 10-K for 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 months ended March 31, 2021 and 2020 that were reported as accruing or non-accruing TDRs. TDRs by Concession Type Three Months Ended March 31, 2021 (in thousands, except contract data) Number of Contracts Below Market Interest Rate Other Concessions (1) Total Commercial, financial and agricultural 40 $ 3,233 $ 2,563 $ 5,796 Owner-occupied 5 1,254 399 1,653 Total commercial and industrial 45 4,487 2,962 7,449 Investment properties 5 1,984 — 1,984 1-4 family properties 5 463 39 502 Land and development 1 — 43 43 Total commercial real estate 11 2,447 82 2,529 Consumer mortgages — — — — Home equity lines 13 587 162 749 Other consumer loans 73 129 4,619 4,748 Total consumer 86 716 4,781 5,497 Total TDRs 142 $ 7,650 $ 7,825 $ 15,475 (2) Three Months Ended March 31, 2020 (in thousands, except contract data) Number of Contracts Below Market Interest Rate Other Concessions (1) Total Commercial, financial and agricultural 36 $ 3,724 $ 2,011 $ 5,735 Owner-occupied 5 1,367 96 1,463 Total commercial and industrial 41 5,091 2,107 7,198 Investment properties 2 23,070 — 23,070 1-4 family properties 6 724 442 1,166 Land and development 1 449 — 449 Total commercial real estate 9 24,243 442 24,685 Consumer mortgages 6 515 1,083 1,598 Home equity lines 19 275 964 1,239 Other consumer loans 29 78 1,897 1,975 Total consumer 54 868 3,944 4,812 Total TDRs 104 $ 30,202 $ 6,493 $ 36,695 (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 March 31, 2021 and 2020. (2) No net charge-offs were recorded during the three months ended March 31, 2021 . (3) No net charge-offs were recorded during the three months ended March 31, 2020 . |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | Goodwill allocated to each reporting unit at March 31, 2021 and December 31, 2020 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, 2020 $ 256,323 $ 171,636 $ — $ 24,431 $ 452,390 Goodwill acquired and adjustments during the year — — — — — Balance as of March 31, 2021 $ 256,323 $ 171,636 $ — $ 24,431 $ 452,390 Goodwill is not amortized but 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 performs its annual evaluation of goodwill impairment during the fourth quarter of each year. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 7 - Goodwill and Other Intangible Assets" to the consolidated financial statements of Synovus' 2020 Form 10-K for information on Synovus' quantitative assessments of goodwill impairment during 2020. |
Schedule of Other Intangible Assets | The following table shows the gross carrying amount and accumulated amortization of other intangible assets as of March 31, 2021 and December 31, 2020, which primarily consist of core deposit intangible assets. 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 months ended March 31, 2021 and 2020 was $2.4 million and $2.6 million, respectively. (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Value March 31, 2021 CDI $ 57,400 $ (21,916) $ 35,484 Other 12,500 (5,251) 7,249 Total other intangible assets $ 69,900 $ (27,167) $ 42,733 December 31, 2020 CDI $ 57,400 $ (19,829) $ 37,571 Other 12,500 (4,959) 7,541 Total other intangible assets $ 69,900 $ (24,788) $ 45,112 |
Shareholders' Equity and Othe_2
Shareholders' Equity and Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 11 - Shareholders' Equity and Other Comprehensive Income" to the consolidated financial statements of Synovus' 2020 Form 10-K. Three Months Ended March 31, 2021 2020 Cash dividends declared per common share $ 0.33 $ 0.33 |
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 months ended March 31, 2021 and 2020. 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, December 31, 2020 $ 105,669 $ 52,966 $ — $ 158,635 Other comprehensive income (loss) before reclassifications (122,460) (21,183) — (143,643) Amounts reclassified from AOCI 1,475 (1,189) — 286 Net current period other comprehensive income (loss) (120,985) (22,372) — (143,357) Balance at March 31, 2021 $ (15,316) $ 30,594 $ — $ 15,278 Balance, December 31, 2019 $ 83,666 $ (18,487) $ 462 $ 65,641 Other comprehensive income (loss) before reclassifications 117,330 80,501 — 197,831 Amounts reclassified from AOCI (6,472) (89) — (6,561) Net current period other comprehensive income (loss) 110,858 80,412 — 191,270 Balance at March 31, 2020 $ 194,524 $ 61,925 $ 462 $ 256,911 (1) For all periods presented, the ending balance in net unrealized gains (losses) on investment securities available for sale and cash flow hedges includes unrealized losses of $13.3 million and $12.1 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) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments Measured at Fair Value on Recurring Basis | The following table presents assets and liabilities measured at estimated fair value on a recurring basis. March 31, 2021 December 31, 2020 (in thousands) Level 1 Level 2 Level 3 Total Estimated Fair Value Level 1 Level 2 Level 3 Total Estimated Fair Value Recurring fair value measurements Trading securities: Mortgage-backed securities issued by U.S. Government agencies $ — $ — $ — $ — $ — $ 10,185 $ — $ 10,185 Collateralized mortgage obligations issued by U.S. Government sponsored enterprises — 555 — 555 — 158 — 158 Other mortgage-backed securities — 375 — 375 — 178 — 178 State and municipal securities — 1,541 — 1,541 — 176 — 176 Asset-backed securities — 1,915 — 1,915 — 183 — 183 Total trading securities $ — $ 4,386 $ — $ 4,386 $ — $ 10,880 $ — $ 10,880 Investment securities available for sale: U.S. Treasury securities $ 66,456 $ — $ — $ 66,456 $ 20,257 $ — $ — $ 20,257 U.S. Government agency securities — 81,174 — 81,174 — 82,320 — 82,320 Mortgage-backed securities issued by U.S. Government agencies — 955,182 — 955,182 — 1,218,017 — 1,218,017 Mortgage-backed securities issued by U.S. Government sponsored enterprises — 6,101,775 — 6,101,775 — 5,000,046 — 5,000,046 Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — 1,157,223 — 1,157,223 — 1,250,377 — 1,250,377 Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises — 445,214 — 445,214 — 370,921 — 370,921 Corporate debt securities and other debt securities — 18,733 — 18,733 — 18,479 2,021 20,500 Total investment securities available for sale $ 66,456 $ 8,759,301 $ — $ 8,825,757 $ 20,257 $ 7,940,160 $ 2,021 $ 7,962,438 Mortgage loans held for sale $ — $ 242,010 $ — $ 242,010 $ — $ 216,647 $ — $ 216,647 Private equity investments — — 1,053 1,053 — — 1,021 1,021 Mutual funds and mutual funds held in rabbi trusts 39,943 — — 39,943 37,650 — — 37,650 GGL/SBA loans servicing asset — — 3,305 3,305 — — 3,258 3,258 Derivative assets — 276,831 — 276,831 — 401,295 — 401,295 Trading liability for short positions — — — — — 7,717 — 7,717 Earnout liability — — 5,677 5,677 — — 5,677 5,677 Derivative liabilities — 135,725 1,768 137,493 — 155,119 2,048 157,167 |
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 March 31, 2021 As of December 31, 2020 Fair value $ 242,010 $ 216,647 Unpaid principal balance 240,287 210,292 Fair value less aggregate unpaid principal balance $ 1,723 $ 6,355 Changes in Fair Value Included in Net Income Three Months Ended March 31, (in thousands) 2021 2020 Mortgage loans held for sale $ (4,632) $ 619 |
Changes in Level 3 Fair Value Measurements | Three Months Ended March 31, 2021 (in thousands) Investment Securities Available for Sale Private Equity Investments GGL / SBA Earnout Visa Derivative Beginning balance $ 2,021 $ 1,021 $ 3,258 $ (5,677) $ (2,048) Total gains (losses) realized/unrealized: Included in earnings — 32 (178) — — Sales (2,021) — — — — Additions — — 225 — — Settlements — — — — 280 Ending balance $ — $ 1,053 $ 3,305 $ (5,677) $ (1,768) 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 March 31, 2021 $ — $ 32 $ — $ — $ — Three Months Ended March 31, 2020 (in thousands) Investment Securities Available for Sale Private Equity Investments GGL / SBA Earnout Visa Derivative Beginning balance $ 2,105 $ 3,887 $ 3,040 $ (11,016) $ (2,339) Total gains (losses) realized/unrealized: Included in earnings — (632) (264) — — Unrealized gains (losses) included in OCI (543) — — — — Additions — — 373 — — Settlements — — — — 289 Ending balance $ 1,562 $ 3,255 $ 3,149 $ (11,016) $ (2,050) 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 March 31, 2020 $ — $ (632) $ — $ — $ — |
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 months ended March 31, 2021 and 2020 for assets measured at fair value on a non-recurring basis still held at period-end. Three Months Ended March 31, Location in Consolidated Statements of Income (in thousands) 2021 2020 Loans (1) $ 7,002 $ — Provision for credit losses Other real estate — 5 Other operating expenses MPS receivable — 2,663 Other operating expenses Other assets held for sale — 1,391 Other operating expenses (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 March 31, 2021 and December 31, 2020. 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' 2020 Form 10-K for a description of how fair value measurements are determined. March 31, 2021 (in thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Financial assets Total cash, cash equivalents, and restricted cash $ 3,328,266 $ 3,328,266 $ 3,328,266 $ — $ — Trading securities 4,386 4,386 — 4,386 — Investment securities available for sale 8,825,757 8,825,757 66,456 8,759,301 — Loans held for sale 993,887 993,902 — 242,010 751,892 Private equity investments 1,053 1,053 — — 1,053 Mutual funds and mutual funds held in rabbi trusts 39,943 39,943 39,943 — — Loans, net 38,241,887 38,126,309 — — 38,126,309 GGL/SBA loans servicing asset 3,305 3,305 — — 3,305 Derivative assets 276,831 276,831 — 276,831 — Financial liabilities Non-interest-bearing deposits $ 14,660,287 $ 14,660,287 $ — $ 14,660,287 $ — Non-time interest-bearing deposits 27,492,165 27,492,165 — 27,492,165 — Time deposits 5,216,499 5,240,983 — 5,240,983 — Total deposits $ 47,368,951 $ 47,393,435 $ — $ 47,393,435 $ — Securities sold under repurchase agreements 293,659 293,659 293,659 — — Long-term debt 1,202,825 1,274,158 — 1,274,158 — Earnout liability 5,677 5,677 — — 5,677 Derivative liabilities 137,493 137,493 — 135,725 1,768 December 31, 2020 (in thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Financial assets Total cash, cash equivalents, and restricted cash $ 4,252,917 $ 4,252,917 $ 4,252,917 $ — $ — Trading securities 10,880 10,880 — 10,880 — Investment securities available for sale 7,962,438 7,962,438 20,257 7,940,160 2,021 Loans held for sale 760,123 760,939 — 216,647 544,292 Private equity investments 1,021 1,021 — — 1,021 Mutual funds and mutual funds held in rabbi trusts 37,650 37,650 37,650 — — Loans, net 37,647,248 37,605,881 — — 37,605,881 GGL/SBA loans servicing asset 3,258 3,258 — — 3,258 Derivative assets 401,295 401,295 — 401,295 — Financial liabilities Non-interest-bearing deposits $ 13,477,854 $ 13,477,854 $ — $ 13,477,854 $ — Non-time interest-bearing deposits 27,265,521 27,265,521 — 27,265,521 — Time deposits 5,948,196 5,970,146 — 5,970,146 — Total deposits $ 46,691,571 $ 46,713,521 $ — $ 46,713,521 $ — Securities sold under repurchase agreements 227,922 227,922 227,922 — — Trading liability for short positions 7,717 7,717 — 7,717 — Long-term debt 1,202,494 1,266,825 — 1,266,825 — Earnout liability 5,677 5,677 — — 5,677 Derivative liabilities 157,167 157,167 — 155,119 2,048 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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. March 31, 2021 December 31, 2020 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 $ 3,250,000 $ 55,873 $ 4,885 $ 3,000,000 $ 80,802 $ — Total derivatives designated as hedging instruments $ 55,873 $ 4,885 $ 80,802 $ — Derivatives not designated Interest rate contracts (3) $ 8,891,025 $ 211,787 $ 130,737 $ 8,784,141 $ 314,234 $ 153,204 Mortgage derivatives - interest rate lock commitments 284,662 4,540 — 306,138 6,259 — Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans 298,000 4,631 — 230,500 — 1,611 Other contracts (4) 170,131 — 103 234,884 — 304 Visa derivative — — 1,768 — — 2,048 Total derivatives not designated as hedging instruments $ 220,958 $ 132,608 $ 320,493 $ 157,167 (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 $2.5 million and $2.6 million at March 31, 2021 and December 31, 2020, 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 months ended March 31, 2021 and 2020 . Three Months Ended March 31, (in thousands) 2021 2020 Total amounts presented in the consolidated statements of income in interest income on loans $ 8,342 $ 3,637 Gain/loss on cash flow hedging relationships: (1) Interest rate swaps: Realized gains (losses) reclassified from AOCI, pre-tax, to interest income on loans 1,599 120 Pre-tax income recognized on cash flow hedges $ 1,599 $ 120 (1) See "Part I - Item 1. Financial Statements and Supplementary Data - Note 5 - 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 months ended March 31, 2021 and 2020 is presented below. Gain (Loss) Recognized in Consolidated Statements of Income Three Months Ended March 31, (in thousands) Location in Consolidated Statements of Income 2021 2020 Derivatives not designated as hedging instruments: Interest rate contracts (1) Capital markets income $ 947 $ (604) Other contracts (2) Capital markets income 201 (337) Mortgage derivatives - interest rate lock commitments Mortgage banking income (1,719) 7,024 Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans Mortgage banking income 6,242 (4,929) Total derivatives not designated as hedging instruments $ 5,671 $ 1,154 (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. Gain (loss) represents net fair value adjustments (including credit related adjustments) for customer swaps and offsetting positions. (2) Includes risk participation agreements sold. |
Net Income Per Common Share (Ta
Net Income Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Earnings Per Share | The following table displays a reconciliation of the information used in calculating basic and diluted net income per common share for the three months ended March 31, 2021 and 2020. Diluted net income per common share incorporates the potential impact of contingently issuable shares, including awards which require future service as a condition of delivery of the underlying common stock. Three Months Ended March 31, (in thousands, except per share data) 2021 2020 Basic Net Income Per Common Share: Net income available to common shareholders $ 178,802 $ 30,230 Weighted average common shares outstanding 148,467 147,311 Net income per common share, basic $ 1.20 $ 0.21 Diluted Net Income Per Common Share: Net income available to common shareholders $ 178,802 $ 30,230 Weighted average common shares outstanding 148,467 147,311 Effect of dilutive outstanding equity-based awards, warrants, and earnout payments 1,313 1,090 Weighted average diluted common shares 149,780 148,401 Net income per common share, diluted $ 1.19 $ 0.20 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Loan Commitments and Letters of Credit | (in thousands) March 31, 2021 December 31, 2020 Letters of credit* $ 191,359 $ 190,562 Commitments to fund commercial and industrial loans 8,464,375 8,200,608 Commitments to fund commercial real estate, construction, and land development loans 3,229,163 3,290,041 Commitments under home equity lines of credit 1,643,659 1,602,831 Unused credit card lines 984,268 1,012,313 Other loan commitments 511,084 472,233 Total letters of credit and unfunded lending commitments $ 15,023,908 $ 14,768,588 LIHTC, solar energy tax credit and other CRA partnerships: Carrying amount included in other assets $ 303,676 $ 262,855 Amount of future funding commitments included in carrying amount 166,390 133,946 Permanent and short-term construction loans and letter of credit commitments 155,060 84,552 Funded portion of permanent and short-term loans and letters of credit 17,404 9,762 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting | The following tables present c ertain financial information for each reportable business segment for the three months ended March 31, 2021 and 2020. 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 March 31, 2021 (in thousands) Community Banking Wholesale Banking Financial Management Services Treasury and Corporate Other Synovus Consolidated Net interest income $ 206,242 $ 134,074 $ 20,995 $ 12,546 $ 373,857 Non-interest revenue 29,754 7,319 58,583 15,300 110,956 Non-interest expense 68,058 20,724 47,674 130,678 267,134 Pre-provision net revenue $ 167,938 $ 120,669 $ 31,904 $ (102,832) $ 217,679 Three Months Ended March 31, 2020 (in thousands) Community Banking Wholesale Banking Financial Management Services Treasury and Corporate Other Synovus Consolidated Net interest income $ 196,504 $ 123,170 $ 17,384 $ 36,202 $ 373,260 Non-interest revenue 30,324 9,327 47,384 16,822 103,857 Non-interest expense 73,973 20,713 43,391 138,202 276,279 Pre-provision net revenue $ 152,855 $ 111,784 $ 21,377 $ (85,178) $ 200,838 March 31, 2021 (dollars in thousands) Community Banking Wholesale Banking Financial Management Services Treasury and Corporate Other Synovus Consolidated Loans, net of deferred fees and costs $ 10,745,585 $ 19,305,649 $ 5,175,578 $ 3,578,289 $ 38,805,101 Total deposits $ 30,897,797 $ 11,288,606 $ 744,745 $ 4,437,803 $ 47,368,951 Total full-time equivalent employees 2,173 282 833 1,773 5,061 December 31, 2020 (dollars in thousands) Community Banking Wholesale Banking Financial Management Services Treasury and Corporate Other Synovus Consolidated Loans, net of deferred fees and costs $ 11,171,013 $ 18,810,729 $ 5,370,790 $ 2,900,452 $ 38,252,984 Total deposits $ 29,141,242 $ 11,958,105 $ 739,200 $ 4,853,024 $ 46,691,571 Total full-time equivalent employees 2,199 285 832 1,818 5,134 |
Basis of Presentation and Acc_3
Basis of Presentation and Accounting Policies (Narrative) (Details) | Mar. 31, 2021ATMbranch |
Accounting Policies [Abstract] | |
Number of branches | branch | 288 |
Number of ATMs | ATM | 388 |
Investment Securities Availab_3
Investment Securities Available for Sale (Summary of Available for Sale Investment Securities) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 8,828,434 | $ 7,801,864 |
Gross Unrealized Gains | 107,263 | 177,243 |
Gross Unrealized Losses | (109,940) | (16,669) |
Fair Value | 8,825,757 | 7,962,438 |
U.S. Treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 70,085 | 20,257 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (3,629) | 0 |
Fair Value | 66,456 | |
U.S. Government agency securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 79,148 | 79,638 |
Gross Unrealized Gains | 2,026 | 2,682 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 81,174 | 82,320 |
Mortgage-backed securities issued by U.S. Government agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 964,709 | 1,216,012 |
Gross Unrealized Gains | 1,542 | 7,930 |
Gross Unrealized Losses | (11,069) | (5,925) |
Fair Value | 955,182 | 1,218,017 |
Mortgage-backed securities issued by U.S. Government sponsored enterprises | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 6,100,521 | 4,865,858 |
Gross Unrealized Gains | 78,507 | 134,188 |
Gross Unrealized Losses | (77,253) | 0 |
Fair Value | 6,101,775 | 5,000,046 |
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,155,180 | 1,245,644 |
Gross Unrealized Gains | 12,678 | 15,309 |
Gross Unrealized Losses | (10,635) | (10,576) |
Fair Value | 1,157,223 | 1,250,377 |
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 440,556 | 354,244 |
Gross Unrealized Gains | 12,006 | 16,677 |
Gross Unrealized Losses | (7,348) | 0 |
Fair Value | 445,214 | 370,921 |
Corporate debt securities and other debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 18,235 | 20,211 |
Gross Unrealized Gains | 504 | 457 |
Gross Unrealized Losses | (6) | (168) |
Fair Value | $ 18,733 | $ 20,500 |
Investment Securities Availab_4
Investment Securities Available for Sale (Narrative) (Details) | 3 Months Ended | ||
Mar. 31, 2021USD ($)securities | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) | |
Financing Receivable, Impaired [Line Items] | |||
Investment securities gains, net | $ (1,990,000) | $ 8,734,000 | |
Gross losses | 1,990,000 | 0 | |
Gross realized gains on sales | $ 0 | 8,734,000 | |
Investment securities in a loss position for less than twelve months | securities | 115 | ||
Investment securities in a loss position for twelve months or longer | securities | 0 | ||
Investment securities gains, net | $ (1,990,000) | $ 8,734,000 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | ||
Collateral Pledged | |||
Financing Receivable, Impaired [Line Items] | |||
Pledged to secure deposits | $ 3,840,000,000 | $ 3,840,000,000 |
Investment Securities Availab_5
Investment Securities Available for Sale (Schedule of Gross Unrealized Losses on Investment Securities and Fair Value) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Fair Value | $ 6,001,368 | $ 1,379,662 |
Less than 12 Months, Gross Unrealized Losses | (109,940) | (16,669) |
12 Months or Longer, Fair Value | 0 | 0 |
12 Months or Longer, Gross Unrealized Losses | 0 | 0 |
Total, Fair Value | 6,001,368 | 1,379,662 |
Total, Gross Unrealized Losses | (109,940) | (16,669) |
Mortgage-backed securities issued by U.S. Government agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Fair Value | 784,433 | 566,896 |
Less than 12 Months, Gross Unrealized Losses | (11,069) | (5,925) |
12 Months or Longer, Fair Value | 0 | 0 |
12 Months or Longer, Gross Unrealized Losses | 0 | 0 |
Total, Fair Value | 784,433 | 566,896 |
Total, Gross Unrealized Losses | (11,069) | (5,925) |
Mortgage-backed securities issued by U.S. Government sponsored enterprises | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Fair Value | 4,214,454 | |
Less than 12 Months, Gross Unrealized Losses | (77,253) | |
12 Months or Longer, Fair Value | 0 | |
12 Months or Longer, Gross Unrealized Losses | 0 | |
Total, Fair Value | 4,214,454 | |
Total, Gross Unrealized Losses | (77,253) | |
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 | 770,319 | 803,429 |
Less than 12 Months, Gross Unrealized Losses | (10,635) | (10,576) |
12 Months or Longer, Fair Value | 0 | 0 |
12 Months or Longer, Gross Unrealized Losses | 0 | 0 |
Total, Fair Value | 770,319 | 803,429 |
Total, Gross Unrealized Losses | (10,635) | (10,576) |
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Fair Value | 176,469 | |
Less than 12 Months, Gross Unrealized Losses | (7,348) | |
12 Months or Longer, Fair Value | 0 | |
12 Months or Longer, Gross Unrealized Losses | 0 | |
Total, Fair Value | 176,469 | |
Total, Gross Unrealized Losses | (7,348) | |
Corporate debt securities and other debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Fair Value | 9,498 | 9,337 |
Less than 12 Months, Gross Unrealized Losses | (6) | (168) |
12 Months or Longer, Fair Value | 0 | 0 |
12 Months or Longer, Gross Unrealized Losses | 0 | 0 |
Total, Fair Value | 9,498 | 9,337 |
Total, Gross Unrealized Losses | (6) | $ (168) |
U.S. Treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Fair Value | 46,195 | |
Less than 12 Months, Gross Unrealized Losses | (3,629) | |
12 Months or Longer, Fair Value | 0 | |
12 Months or Longer, Gross Unrealized Losses | 0 | |
Total, Fair Value | 46,195 | |
Total, Gross Unrealized Losses | $ (3,629) |
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 | Mar. 31, 2021 | Dec. 31, 2020 |
Amortized Cost | ||
Within One year, Amortized Cost | $ 24,893 | |
1 to 5 Years, Amortized Cost | 121,905 | |
5 to 10 Years, Amortized Cost | 441,089 | |
More Than 10 years, Amortized Cost | 8,240,547 | |
Amortized Cost | 8,828,434 | $ 7,801,864 |
Fair Value | ||
Within One Year, Fair Value | 24,902 | |
1 to 5 Years, Fair Value | 126,273 | |
5 to 10 Years, Fair Value | 439,512 | |
More Than 10 years, Fair Value | 8,235,070 | |
Total, Fair Value | 8,825,757 | 7,962,438 |
U.S. Treasury securities | ||
Amortized Cost | ||
Within One year, Amortized Cost | 20,261 | |
1 to 5 Years, Amortized Cost | 0 | |
5 to 10 Years, Amortized Cost | 49,824 | |
More Than 10 years, Amortized Cost | 0 | |
Amortized Cost | 70,085 | 20,257 |
Fair Value | ||
Within One Year, Fair Value | 20,261 | |
1 to 5 Years, Fair Value | 0 | |
5 to 10 Years, Fair Value | 46,195 | |
More Than 10 years, Fair Value | 0 | |
Total, Fair Value | 66,456 | |
U.S. Government agency securities | ||
Amortized Cost | ||
Within One year, Amortized Cost | 430 | |
1 to 5 Years, Amortized Cost | 1,594 | |
5 to 10 Years, Amortized Cost | 77,124 | |
More Than 10 years, Amortized Cost | 0 | |
Amortized Cost | 79,148 | 79,638 |
Fair Value | ||
Within One Year, Fair Value | 438 | |
1 to 5 Years, Fair Value | 1,623 | |
5 to 10 Years, Fair Value | 79,113 | |
More Than 10 years, Fair Value | 0 | |
Total, Fair Value | 81,174 | 82,320 |
Mortgage-backed securities issued by U.S. Government agencies | ||
Amortized Cost | ||
Within One year, Amortized Cost | 0 | |
1 to 5 Years, Amortized Cost | 1,232 | |
5 to 10 Years, Amortized Cost | 162 | |
More Than 10 years, Amortized Cost | 963,315 | |
Amortized Cost | 964,709 | 1,216,012 |
Fair Value | ||
Within One Year, Fair Value | 0 | |
1 to 5 Years, Fair Value | 1,281 | |
5 to 10 Years, Fair Value | 169 | |
More Than 10 years, Fair Value | 953,732 | |
Total, Fair Value | 955,182 | 1,218,017 |
Mortgage-backed securities issued by U.S. Government sponsored enterprises | ||
Amortized Cost | ||
Within One year, Amortized Cost | 76 | |
1 to 5 Years, Amortized Cost | 87 | |
5 to 10 Years, Amortized Cost | 77,685 | |
More Than 10 years, Amortized Cost | 6,022,673 | |
Amortized Cost | 6,100,521 | 4,865,858 |
Fair Value | ||
Within One Year, Fair Value | 77 | |
1 to 5 Years, Fair Value | 88 | |
5 to 10 Years, Fair Value | 80,469 | |
More Than 10 years, Fair Value | 6,021,141 | |
Total, Fair Value | 6,101,775 | 5,000,046 |
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | ||
Amortized Cost | ||
Within One year, Amortized Cost | 0 | |
1 to 5 Years, Amortized Cost | 0 | |
5 to 10 Years, Amortized Cost | 206 | |
More Than 10 years, Amortized Cost | 1,154,974 | |
Amortized Cost | 1,155,180 | 1,245,644 |
Fair Value | ||
Within One Year, Fair Value | 0 | |
1 to 5 Years, Fair Value | 0 | |
5 to 10 Years, Fair Value | 215 | |
More Than 10 years, Fair Value | 1,157,008 | |
Total, Fair Value | 1,157,223 | 1,250,377 |
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | ||
Amortized Cost | ||
Within One year, Amortized Cost | 4,126 | |
1 to 5 Years, Amortized Cost | 109,488 | |
5 to 10 Years, Amortized Cost | 227,357 | |
More Than 10 years, Amortized Cost | 99,585 | |
Amortized Cost | 440,556 | 354,244 |
Fair Value | ||
Within One Year, Fair Value | 4,126 | |
1 to 5 Years, Fair Value | 113,783 | |
5 to 10 Years, Fair Value | 224,116 | |
More Than 10 years, Fair Value | 103,189 | |
Total, Fair Value | 445,214 | 370,921 |
Corporate debt securities and other debt securities | ||
Amortized Cost | ||
Within One year, Amortized Cost | 0 | |
1 to 5 Years, Amortized Cost | 9,504 | |
5 to 10 Years, Amortized Cost | 8,731 | |
More Than 10 years, Amortized Cost | 0 | |
Amortized Cost | 18,235 | 20,211 |
Fair Value | ||
Within One Year, Fair Value | 0 | |
1 to 5 Years, Fair Value | 9,498 | |
5 to 10 Years, Fair Value | 9,235 | |
More Than 10 years, Fair Value | 0 | |
Total, Fair Value | $ 18,733 | $ 20,500 |
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 | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Investments [Abstract] | ||
Proceeds from sales of investment securities available for sale | $ 223,977 | $ 413,180 |
Gross realized gains on sales | 0 | 8,734 |
Gross realized losses on sales | (1,990) | 0 |
Investment securities gains (losses), net | $ (1,990) | $ 8,734 |
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 | Mar. 31, 2021 | Dec. 31, 2020 |
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loans, net of deferred fees and costs | $ 38,805,101 | $ 38,252,984 |
Non-accrual | 127,909 | 127,720 |
Non-accrual, without an allowance | 27,260 | 23,359 |
Total commercial and industrial | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loans, net of deferred fees and costs | 19,693,834 | 19,520,168 |
Non-accrual | 76,337 | 75,546 |
Non-accrual, without an allowance | 17,315 | 21,859 |
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 | 12,662,329 | 12,410,152 |
Non-accrual | 59,145 | 55,527 |
Non-accrual, without an allowance | 17,315 | 21,859 |
Total commercial and industrial | Owner-occupied | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loans, net of deferred fees and costs | 7,031,505 | 7,110,016 |
Non-accrual | 17,192 | 20,019 |
Non-accrual, without an allowance | 0 | 0 |
Total commercial real estate | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loans, net of deferred fees and costs | 10,533,928 | 10,325,707 |
Non-accrual | 21,496 | 28,913 |
Non-accrual, without an allowance | 9,945 | 1,500 |
Total commercial real estate | Investment properties | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loans, net of deferred fees and costs | 9,335,725 | 9,103,379 |
Non-accrual | 16,880 | 24,631 |
Non-accrual, without an allowance | 8,709 | 0 |
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 | 638,954 | 628,695 |
Non-accrual | 2,815 | 2,383 |
Non-accrual, without an allowance | 1,236 | 1,236 |
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 | 559,249 | 593,633 |
Non-accrual | 1,801 | 1,899 |
Non-accrual, without an allowance | 0 | 264 |
Total consumer | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loans, net of deferred fees and costs | 8,577,339 | 8,407,109 |
Non-accrual | 30,076 | 23,261 |
Non-accrual, without an allowance | 0 | 0 |
Total consumer | Consumer mortgages | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loans, net of deferred fees and costs | 5,299,175 | 5,513,491 |
Non-accrual | 11,201 | 8,740 |
Non-accrual, without an allowance | 0 | 0 |
Total consumer | Home equity lines | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loans, net of deferred fees and costs | 1,432,367 | 1,537,726 |
Non-accrual | 12,191 | 12,145 |
Non-accrual, without an allowance | 0 | 0 |
Total consumer | Credit cards | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loans, net of deferred fees and costs | 267,371 | 281,018 |
Non-accrual | 0 | 0 |
Non-accrual, without an allowance | 0 | 0 |
Total consumer | Other consumer loans | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loans, net of deferred fees and costs | 1,578,426 | 1,074,874 |
Non-accrual | 6,684 | 2,376 |
Non-accrual, without an allowance | 0 | 0 |
Current | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loans, net of deferred fees and costs | 38,604,239 | 38,054,556 |
Current | Total commercial and industrial | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loans, net of deferred fees and costs | 19,582,618 | 19,409,506 |
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 | 12,573,032 | 12,321,514 |
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 | 7,009,586 | 7,087,992 |
Current | Total commercial real estate | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loans, net of deferred fees and costs | 10,493,110 | 10,288,383 |
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 | 9,305,441 | 9,075,843 |
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 | 633,971 | 621,492 |
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 | 553,698 | 591,048 |
Current | Total consumer | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loans, net of deferred fees and costs | 8,528,511 | 8,356,667 |
Current | Total consumer | Consumer mortgages | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loans, net of deferred fees and costs | 5,283,865 | 5,495,415 |
Current | Total consumer | Home equity lines | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loans, net of deferred fees and costs | 1,417,714 | 1,521,575 |
Current | Total consumer | Credit cards | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loans, net of deferred fees and costs | 263,660 | 276,778 |
Current | Total consumer | Other consumer loans | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loans, net of deferred fees and costs | 1,563,272 | 1,062,899 |
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 | 41,889 | 43,232 |
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 | 16,967 | 12,169 |
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 | 12,545 | 10,256 |
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 | 4,422 | 1,913 |
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 | 8,827 | 6,721 |
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 | 4,295 | 2,751 |
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 | 871 | 3,548 |
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 | 3,661 | 422 |
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 | 16,095 | 24,342 |
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 | 4,109 | 8,851 |
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 | 2,446 | 4,006 |
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 | 1,835 | 2,363 |
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 | 7,705 | 9,122 |
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 | 3,804 | 4,117 |
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 | 597 | 1,088 |
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 | 292 | 996 |
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 | 305 | 92 |
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 | 550 | 190 |
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 | 400 | 154 |
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 | 61 | 36 |
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 | 89 | 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 | 2,657 | 2,839 |
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 | 0 | 485 |
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 | 16 | 0 |
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 | 1,876 | 1,877 |
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 | 765 | 477 |
Total Accruing Past Due | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loans, net of deferred fees and costs | 45,693 | 47,349 |
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 | 17,564 | 13,257 |
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 | 12,837 | 11,252 |
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 | 4,727 | 2,005 |
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 | 9,377 | 6,911 |
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 | 4,695 | 2,905 |
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 | 932 | 3,584 |
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 | 3,750 | 422 |
Total Accruing Past Due | Total consumer | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loans, net of deferred fees and costs | 18,752 | 27,181 |
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 | 4,109 | 9,336 |
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 | 2,462 | 4,006 |
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 | 3,711 | 4,240 |
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 | $ 8,470 | $ 9,599 |
Loans and Allowance for Loan _4
Loans and Allowance for Loan Losses (Narrative) (Details) | 3 Months Ended | |||
Mar. 31, 2021USD ($)contract | Mar. 31, 2020USD ($)contract | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Interest income recognized, cash basis | $ 622,000 | $ 961,000 | ||
Loans pledged as collateral | 14,270,000,000 | $ 15,050,000,000 | ||
Total loans | 38,805,101,000 | 38,252,984,000 | ||
Financing Receivable, Allowance for Credit Loss | 563,214,000 | 493,452,000 | 605,736,000 | $ 281,402,000 |
Reserve for unfunded commitments | 51,500,000 | |||
All Financing Receivable, Allowance for Credit Loss | 614,700,000 | |||
(Reversal of) provision for credit losses | (18,575,000) | 158,722,000 | ||
Allowance for Loan and Lease Losses Write-offs, Net | 20,200,000 | |||
Allowance for credit loss, increase | $ 38,800,000 | |||
ACL to loans ratio | 1.58% | |||
Recorded Investment | $ 15,475,000 | $ 36,695,000 | ||
Commitments to land additional funds to TDRs | 0 | 0 | ||
Loans, net of deferred fees and costs | 38,805,101,000 | 38,252,984,000 | ||
Financing Receivable, Allowance For Credit Loss, Period Increase (Decrease) From Increase in Size of Loan Profile | 15,200,000 | |||
Financing Receivable, Purchase | 607,000,000 | |||
Financing Receivable, Purchase, Prime Auto | $ 476,200,000 | |||
Troubled Debt Restructuring That Subsequently Defaults | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Number of contracts | contract | 0 | 3 | ||
Recorded Investment | $ 618,000 | |||
Total commercial and industrial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | $ 19,693,834,000 | 19,520,168,000 | ||
Recorded Investment | 7,449,000 | 7,198,000 | ||
Loans, net of deferred fees and costs | 19,693,834,000 | $ 19,520,168,000 | ||
Total commercial and industrial | Small Business Administration (SBA), CARES Act, Paycheck Protection Program | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 2,360,000,000 | |||
Interest Income Recorded | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Interest income recognized | $ 3,400,000 | $ 2,100,000 | ||
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 |
Loans and Allowance for Loan _5
Loans and Allowance for Loan Losses (Loan Portfolio Credit Exposure) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | $ 1,938,172 | $ 8,709,446 |
2020 | 8,662,165 | 6,259,069 |
2019 | 6,137,080 | 4,981,643 |
2018 | 4,754,291 | 3,875,295 |
2017 | 3,473,786 | 2,594,349 |
Prior | 6,709,361 | 4,699,763 |
Total loans | 38,805,101 | 38,252,984 |
Total commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 1,312,081 | 5,241,473 |
2020 | 4,607,669 | 2,722,640 |
2019 | 2,661,977 | 2,098,769 |
2018 | 1,987,403 | 1,662,981 |
2017 | 1,516,464 | 1,130,716 |
Prior | 2,919,255 | 2,015,220 |
Total loans | 19,693,834 | 19,520,168 |
Total commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 359,585 | 1,344,249 |
2020 | 1,460,175 | 2,469,117 |
2019 | 2,502,712 | 2,366,966 |
2018 | 2,320,191 | 1,431,516 |
2017 | 1,268,752 | 696,471 |
Prior | 2,188,362 | 1,649,986 |
Total loans | 10,533,928 | 10,325,707 |
Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 266,506 | 2,123,724 |
2020 | 2,594,321 | 1,067,312 |
2019 | 972,391 | 515,908 |
2018 | 446,697 | 780,798 |
2017 | 688,570 | 767,162 |
Prior | 1,601,744 | 1,034,557 |
Total loans | $ 8,577,339 | 8,407,109 |
Maximum | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Percent of loan amount | 50.00% | |
Commercial, financial and agricultural | Total commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | $ 1,061,345 | 3,911,053 |
2020 | 3,291,648 | 1,414,417 |
2019 | 1,353,825 | 904,651 |
2018 | 823,114 | 640,754 |
2017 | 599,512 | 565,886 |
Prior | 1,227,807 | 674,588 |
Total loans | 12,662,329 | 12,410,152 |
Owner-occupied | Total commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 250,736 | 1,330,420 |
2020 | 1,316,021 | 1,308,223 |
2019 | 1,308,152 | 1,194,118 |
2018 | 1,164,289 | 1,022,227 |
2017 | 916,952 | 564,830 |
Prior | 1,691,448 | 1,340,632 |
Total loans | 7,031,505 | 7,110,016 |
Home equity lines | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Total loans | 1,432,367 | 1,537,726 |
Investment properties | Total commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 267,396 | 1,057,929 |
2020 | 1,191,762 | 2,197,597 |
2019 | 2,286,419 | 2,200,615 |
2018 | 2,167,328 | 1,247,704 |
2017 | 1,104,888 | 644,017 |
Prior | 1,985,182 | 1,470,998 |
Total loans | 9,335,725 | 9,103,379 |
1-4 family properties | Total commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 68,560 | 199,249 |
2020 | 181,692 | 95,798 |
2019 | 80,075 | 75,087 |
2018 | 66,168 | 89,704 |
2017 | 79,763 | 40,069 |
Prior | 120,313 | 99,791 |
Total loans | 638,954 | 628,695 |
Land and development | Total commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 23,629 | 87,071 |
2020 | 86,721 | 175,722 |
2019 | 136,218 | 91,264 |
2018 | 86,695 | 94,108 |
2017 | 84,101 | 12,385 |
Prior | 82,867 | 79,197 |
Total loans | 559,249 | 593,633 |
Consumer mortgages | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 258,880 | 1,871,545 |
2020 | 1,796,774 | 875,730 |
2019 | 800,320 | 426,459 |
2018 | 370,292 | 679,144 |
2017 | 596,887 | 686,676 |
Prior | 1,475,010 | 972,897 |
Total loans | 5,299,175 | 5,513,491 |
Credit cards | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Total loans | 267,371 | 281,018 |
Other consumer loans | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 7,626 | 252,179 |
2020 | 797,547 | 191,582 |
2019 | 172,071 | 89,449 |
2018 | 76,405 | 101,654 |
2017 | 91,683 | 80,486 |
Prior | 126,734 | 61,660 |
Total loans | 1,578,426 | 1,074,874 |
Pass | Commercial, financial and agricultural | Total commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 1,059,766 | 3,819,048 |
2020 | 3,169,156 | 1,333,460 |
2019 | 1,277,288 | 847,283 |
2018 | 784,112 | 582,612 |
2017 | 557,454 | 551,413 |
Prior | 1,181,305 | 633,871 |
Total loans | 12,147,516 | 11,920,200 |
Pass | Owner-occupied | Total commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 250,215 | 1,321,680 |
2020 | 1,306,635 | 1,275,435 |
2019 | 1,271,373 | 1,131,183 |
2018 | 1,089,766 | 982,056 |
2017 | 880,566 | 555,932 |
Prior | 1,640,599 | 1,297,070 |
Total loans | 6,823,061 | 6,912,922 |
Pass | Home equity lines | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Total loans | 1,415,234 | 1,520,587 |
Pass | Investment properties | Total commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 266,356 | 1,055,440 |
2020 | 1,189,454 | 2,126,667 |
2019 | 2,196,482 | 1,999,345 |
2018 | 1,879,176 | 1,091,880 |
2017 | 917,367 | 483,780 |
Prior | 1,623,228 | 1,301,088 |
Total loans | 8,348,616 | 8,287,244 |
Pass | 1-4 family properties | Total commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 66,477 | 197,320 |
2020 | 179,602 | 95,145 |
2019 | 79,636 | 70,267 |
2018 | 60,281 | 88,454 |
2017 | 78,564 | 38,729 |
Prior | 116,823 | 97,374 |
Total loans | 622,426 | 614,946 |
Pass | Land and development | Total commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 23,510 | 84,985 |
2020 | 84,651 | 173,302 |
2019 | 134,182 | 83,734 |
2018 | 81,260 | 92,911 |
2017 | 83,035 | 12,249 |
Prior | 79,755 | 76,380 |
Total loans | 545,411 | 576,811 |
Pass | Consumer mortgages | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 258,674 | 1,871,512 |
2020 | 1,796,593 | 874,769 |
2019 | 797,705 | 425,711 |
2018 | 358,353 | 678,255 |
2017 | 585,879 | 685,810 |
Prior | 1,438,675 | 965,382 |
Total loans | 5,236,891 | 5,502,479 |
Pass | Credit cards | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Total loans | 265,496 | 279,142 |
Pass | Other consumer loans | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 7,626 | 252,160 |
2020 | 797,532 | 190,820 |
2019 | 169,798 | 89,187 |
2018 | 74,833 | 100,459 |
2017 | 88,716 | 80,365 |
Prior | 126,009 | 61,040 |
Total loans | 1,570,610 | 1,071,668 |
Special Mention | Commercial, financial and agricultural | Total commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 807 | 63,307 |
2020 | 57,063 | 40,618 |
2019 | 38,581 | 12,723 |
2018 | 7,942 | 22,070 |
2017 | 18,243 | 1,665 |
Prior | 3,678 | 5,545 |
Total loans | 221,914 | 207,158 |
Special Mention | Owner-occupied | Total commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 429 | 6,170 |
2020 | 5,603 | 9,995 |
2019 | 10,306 | 10,682 |
2018 | 19,447 | 14,138 |
2017 | 10,200 | 1,582 |
Prior | 15,568 | 13,768 |
Total loans | 61,553 | 56,335 |
Special Mention | Investment properties | Total commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 1,482 |
2020 | 1,321 | 66,160 |
2019 | 81,524 | 176,794 |
2018 | 229,161 | 136,004 |
2017 | 163,844 | 138,362 |
Prior | 284,980 | 129,401 |
Total loans | 816,932 | 703,643 |
Special Mention | 1-4 family properties | Total commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 271 | 402 |
2020 | 399 | 0 |
2019 | 0 | 508 |
2018 | 366 | 109 |
2017 | 0 | 786 |
Prior | 894 | 118 |
Total loans | 1,930 | 1,923 |
Special Mention | Land and development | Total commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 97 | 857 |
2020 | 849 | 1,995 |
2019 | 1,986 | 2,866 |
2018 | 1,455 | 282 |
2017 | 173 | 0 |
Prior | 383 | 1,332 |
Total loans | 4,943 | 7,968 |
Substandard | Commercial, financial and agricultural | Total commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 772 | 28,698 |
2020 | 64,917 | 36,618 |
2019 | 33,901 | 24,867 |
2018 | 11,166 | 36,072 |
2017 | 23,815 | 12,808 |
Prior | 42,824 | 35,172 |
Total loans | 268,126 | 259,247 |
Substandard | Owner-occupied | Total commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 92 | 2,570 |
2020 | 3,783 | 22,793 |
2019 | 26,473 | 42,615 |
2018 | 45,438 | 26,033 |
2017 | 26,186 | 7,316 |
Prior | 35,281 | 29,794 |
Total loans | 137,253 | 131,121 |
Substandard | Home equity lines | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Total loans | 16,139 | 15,694 |
Substandard | Investment properties | Total commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 1,040 | 1,007 |
2020 | 987 | 4,770 |
2019 | 8,413 | 24,476 |
2018 | 58,991 | 19,820 |
2017 | 23,677 | 21,875 |
Prior | 76,974 | 40,509 |
Total loans | 170,177 | 112,492 |
Substandard | 1-4 family properties | Total commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 1,812 | 1,527 |
2020 | 1,691 | 653 |
2019 | 439 | 4,312 |
2018 | 5,521 | 1,141 |
2017 | 1,199 | 554 |
Prior | 2,596 | 2,299 |
Total loans | 14,598 | 11,826 |
Substandard | Land and development | Total commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 22 | 1,229 |
2020 | 1,221 | 425 |
2019 | 50 | 4,664 |
2018 | 3,980 | 915 |
2017 | 893 | 136 |
Prior | 2,729 | 1,485 |
Total loans | 8,895 | 8,854 |
Substandard | Consumer mortgages | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 206 | 33 |
2020 | 181 | 961 |
2019 | 2,615 | 748 |
2018 | 11,939 | 889 |
2017 | 11,008 | 866 |
Prior | 36,034 | 7,224 |
Total loans | 61,983 | 10,721 |
Substandard | Credit cards | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Total loans | 521 | 595 |
Substandard | Other consumer loans | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 19 |
2020 | 15 | 762 |
2019 | 2,273 | 262 |
2018 | 1,572 | 1,195 |
2017 | 2,967 | 121 |
Prior | 691 | 585 |
Total loans | 7,782 | 3,171 |
Doubtful | Commercial, financial and agricultural | Total commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 512 | 3,721 |
2019 | 4,055 | 19,778 |
2018 | 19,894 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Total loans | 24,773 | 23,547 |
Doubtful | Owner-occupied | Total commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 9,638 |
2018 | 9,638 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Total loans | 9,638 | 9,638 |
Doubtful | Home equity lines | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Total loans | 19 | 19 |
Loss and Charged Off | Home equity lines | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Total loans | 975 | 1,426 |
Loss and Charged Off | Consumer mortgages | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 301 | 291 |
Total loans | 301 | 291 |
Loss and Charged Off | Credit cards | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Total loans | 1,354 | 1,281 |
Loss and Charged Off | Other consumer loans | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 34 | 35 |
Total loans | 34 | 35 |
Revolving Loans Amortized Cost Basis | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 6,991,973 | 6,985,664 |
Revolving Loans Amortized Cost Basis | Total commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 4,642,550 | 4,597,604 |
Revolving Loans Amortized Cost Basis | Total commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 434,151 | 367,402 |
Revolving Loans Amortized Cost Basis | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 1,915,272 | 2,020,658 |
Revolving Loans Amortized Cost Basis | Commercial, financial and agricultural | Total commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 4,258,643 | 4,248,038 |
Revolving Loans Amortized Cost Basis | Owner-occupied | Total commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 383,907 | 349,566 |
Revolving Loans Amortized Cost Basis | Home equity lines | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 1,340,529 | 1,440,736 |
Revolving Loans Amortized Cost Basis | Investment properties | Total commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 332,750 | 284,519 |
Revolving Loans Amortized Cost Basis | 1-4 family properties | Total commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 42,383 | 28,997 |
Revolving Loans Amortized Cost Basis | Land and development | Total commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 59,018 | 53,886 |
Revolving Loans Amortized Cost Basis | Consumer mortgages | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 1,012 | 1,040 |
Revolving Loans Amortized Cost Basis | Credit cards | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 267,371 | 281,018 |
Revolving Loans Amortized Cost Basis | Other consumer loans | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 306,360 | 297,864 |
Revolving Loans Amortized Cost Basis | Pass | Commercial, financial and agricultural | Total commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 4,072,579 | 4,102,751 |
Revolving Loans Amortized Cost Basis | Pass | Owner-occupied | Total commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 383,907 | 349,566 |
Revolving Loans Amortized Cost Basis | Pass | Home equity lines | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 1,329,980 | 1,429,755 |
Revolving Loans Amortized Cost Basis | Pass | Investment properties | Total commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 276,553 | 229,044 |
Revolving Loans Amortized Cost Basis | Pass | 1-4 family properties | Total commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 41,043 | 27,657 |
Revolving Loans Amortized Cost Basis | Pass | Land and development | Total commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 59,018 | 53,250 |
Revolving Loans Amortized Cost Basis | Pass | Consumer mortgages | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 1,012 | 1,040 |
Revolving Loans Amortized Cost Basis | Pass | Credit cards | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 265,496 | 279,142 |
Revolving Loans Amortized Cost Basis | Pass | Other consumer loans | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 306,096 | 297,637 |
Revolving Loans Amortized Cost Basis | Special Mention | Commercial, financial and agricultural | Total commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 95,135 | 60,741 |
Revolving Loans Amortized Cost Basis | Special Mention | Owner-occupied | Total commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Revolving Loans Amortized Cost Basis | Special Mention | Investment properties | Total commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 56,102 | 55,440 |
Revolving Loans Amortized Cost Basis | Special Mention | 1-4 family properties | Total commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Revolving Loans Amortized Cost Basis | Special Mention | Land and development | Total commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 636 |
Revolving Loans Amortized Cost Basis | Substandard | Commercial, financial and agricultural | Total commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 90,617 | 84,498 |
Revolving Loans Amortized Cost Basis | Substandard | Owner-occupied | Total commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Revolving Loans Amortized Cost Basis | Substandard | Home equity lines | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 9,717 | 9,698 |
Revolving Loans Amortized Cost Basis | Substandard | Investment properties | Total commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 95 | 35 |
Revolving Loans Amortized Cost Basis | Substandard | 1-4 family properties | Total commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 1,340 | 1,340 |
Revolving Loans Amortized Cost Basis | Substandard | Land and development | Total commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Revolving Loans Amortized Cost Basis | Substandard | Consumer mortgages | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Revolving Loans Amortized Cost Basis | Substandard | Credit cards | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 521 | 595 |
Revolving Loans Amortized Cost Basis | Substandard | Other consumer loans | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 264 | 227 |
Revolving Loans Amortized Cost Basis | Doubtful | Commercial, financial and agricultural | Total commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 312 | 48 |
Revolving Loans Amortized Cost Basis | Doubtful | Owner-occupied | Total commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Revolving Loans Amortized Cost Basis | Doubtful | Home equity lines | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Revolving Loans Amortized Cost Basis | Loss and Charged Off | Home equity lines | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 832 | 1,283 |
Revolving Loans Amortized Cost Basis | Loss and Charged Off | Consumer mortgages | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Revolving Loans Amortized Cost Basis | Loss and Charged Off | Credit cards | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 1,354 | 1,281 |
Revolving Loans Amortized Cost Basis | Loss and Charged Off | Other consumer loans | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Revolving Loans Converted to Term Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 138,273 | 147,755 |
Revolving Loans Converted to Term Loans | Total commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 46,435 | 50,765 |
Revolving Loans Converted to Term Loans | Total commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Revolving Loans Converted to Term Loans | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 91,838 | 96,990 |
Revolving Loans Converted to Term Loans | Commercial, financial and agricultural | Total commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 46,435 | 50,765 |
Revolving Loans Converted to Term Loans | Owner-occupied | Total commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Revolving Loans Converted to Term Loans | Home equity lines | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 91,838 | 96,990 |
Revolving Loans Converted to Term Loans | Investment properties | Total commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 1-4 family properties | Total commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Revolving Loans Converted to Term Loans | Land and development | Total commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Revolving Loans Converted to Term Loans | Consumer mortgages | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Revolving Loans Converted to Term Loans | Credit cards | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Revolving Loans Converted to Term Loans | Other consumer loans | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Revolving Loans Converted to Term Loans | Pass | Commercial, financial and agricultural | Total commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 45,856 | 49,762 |
Revolving Loans Converted to Term Loans | Pass | Owner-occupied | Total commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Revolving Loans Converted to Term Loans | Pass | Home equity lines | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 85,254 | 90,832 |
Revolving Loans Converted to Term Loans | Pass | Investment properties | Total commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Revolving Loans Converted to Term Loans | Pass | 1-4 family properties | Total commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Revolving Loans Converted to Term Loans | Pass | Land and development | Total commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Revolving Loans Converted to Term Loans | Pass | Consumer mortgages | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Revolving Loans Converted to Term Loans | Pass | Credit cards | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Revolving Loans Converted to Term Loans | Pass | Other consumer loans | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Revolving Loans Converted to Term Loans | Special Mention | Commercial, financial and agricultural | Total commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 465 | 489 |
Revolving Loans Converted to Term Loans | Special Mention | Owner-occupied | Total commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Revolving Loans Converted to Term Loans | Special Mention | Investment properties | Total commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Revolving Loans Converted to Term Loans | Special Mention | 1-4 family properties | Total commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Revolving Loans Converted to Term Loans | Special Mention | Land and development | Total commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Revolving Loans Converted to Term Loans | Substandard | Commercial, financial and agricultural | Total commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 114 | 514 |
Revolving Loans Converted to Term Loans | Substandard | Owner-occupied | Total commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Revolving Loans Converted to Term Loans | Substandard | Home equity lines | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 6,422 | 5,996 |
Revolving Loans Converted to Term Loans | Substandard | Investment properties | Total commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Revolving Loans Converted to Term Loans | Substandard | 1-4 family properties | Total commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Revolving Loans Converted to Term Loans | Substandard | Land and development | Total commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Revolving Loans Converted to Term Loans | Substandard | Consumer mortgages | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Revolving Loans Converted to Term Loans | Substandard | Credit cards | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Revolving Loans Converted to Term Loans | Substandard | Other consumer loans | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Revolving Loans Converted to Term Loans | Doubtful | Commercial, financial and agricultural | Total commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Revolving Loans Converted to Term Loans | Doubtful | Owner-occupied | Total commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Revolving Loans Converted to Term Loans | Doubtful | Home equity lines | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 19 | 19 |
Revolving Loans Converted to Term Loans | Loss and Charged Off | Home equity lines | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 143 | 143 |
Revolving Loans Converted to Term Loans | Loss and Charged Off | Consumer mortgages | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Revolving Loans Converted to Term Loans | Loss and Charged Off | Credit cards | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | 0 |
Revolving Loans Converted to Term Loans | Loss and Charged Off | Other consumer loans | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | $ 0 | $ 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 | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Allowance for loan losses: | ||
Beginning balance | $ 605,736 | $ 281,402 |
Charge-offs | 25,325 | 23,874 |
Recoveries | 5,121 | 3,813 |
Provision for (reversal of) loan losses | (22,318) | 149,117 |
Ending balance | 563,214 | 493,452 |
Reserve for unfunded commitments | 51,500 | |
All Financing Receivable, Allowance for Credit Loss | 614,700 | |
Allowance for credit loss, increase | 38,800 | |
(Reversal of) provision for credit losses | $ (18,575) | 158,722 |
ACL to loans ratio | 1.58% | |
Interest Income Recorded | ||
Allowance for loan losses: | ||
Interest income recognized | $ 3,400 | 2,100 |
Impact from Adoption | ||
Allowance for loan losses: | ||
Beginning balance | 82,994 | |
Beginning balance, after adoption of ASC 326 | ||
Allowance for loan losses: | ||
Beginning balance | 364,396 | |
Commercial & Industrial | ||
Allowance for loan losses: | ||
Beginning balance | 229,555 | 145,782 |
Charge-offs | 9,417 | 14,885 |
Recoveries | 2,772 | 1,741 |
Provision for (reversal of) loan losses | 31,867 | 86,622 |
Ending balance | 254,777 | 216,950 |
Commercial & Industrial | Impact from Adoption | ||
Allowance for loan losses: | ||
Beginning balance | (2,310) | |
Commercial & Industrial | Beginning balance, after adoption of ASC 326 | ||
Allowance for loan losses: | ||
Beginning balance | 143,472 | |
Commercial Real Estate | ||
Allowance for loan losses: | ||
Beginning balance | 130,742 | 67,430 |
Charge-offs | 10,319 | 1,017 |
Recoveries | 1,026 | 399 |
Provision for (reversal of) loan losses | (7,637) | 40,956 |
Ending balance | 113,812 | 107,117 |
Commercial Real Estate | Impact from Adoption | ||
Allowance for loan losses: | ||
Beginning balance | (651) | |
Commercial Real Estate | Beginning balance, after adoption of ASC 326 | ||
Allowance for loan losses: | ||
Beginning balance | 66,779 | |
Consumer | ||
Allowance for loan losses: | ||
Beginning balance | 245,439 | 68,190 |
Charge-offs | 5,589 | 7,972 |
Recoveries | 1,323 | 1,673 |
Provision for (reversal of) loan losses | (46,548) | 21,539 |
Ending balance | $ 194,625 | 169,385 |
Consumer | Impact from Adoption | ||
Allowance for loan losses: | ||
Beginning balance | 85,955 | |
Consumer | Beginning balance, after adoption of ASC 326 | ||
Allowance for loan losses: | ||
Beginning balance | $ 154,145 |
Loans and Allowance for Loan _7
Loans and Allowance for Loan Losses (Troubled Debt Restructurings) (Details) | 3 Months Ended | |
Mar. 31, 2021USD ($)Contract | Mar. 31, 2020USD ($)Contract | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | Contract | 142 | 104 |
Recorded Investment | $ 15,475,000 | $ 36,695,000 |
Net charge-offs | $ 0 | $ 0 |
Total commercial and industrial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | Contract | 45 | 41 |
Recorded Investment | $ 7,449,000 | $ 7,198,000 |
Total commercial and industrial | Commercial, financial and agricultural | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | Contract | 40 | 36 |
Recorded Investment | $ 5,796,000 | $ 5,735,000 |
Total commercial and industrial | Owner-occupied | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | Contract | 5 | 5 |
Recorded Investment | $ 1,653,000 | $ 1,463,000 |
Total commercial real estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | Contract | 11 | 9 |
Recorded Investment | $ 2,529,000 | $ 24,685,000 |
Total commercial real estate | Investment properties | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | Contract | 5 | 2 |
Recorded Investment | $ 1,984,000 | $ 23,070,000 |
Total commercial real estate | 1-4 family properties | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | Contract | 5 | 6 |
Recorded Investment | $ 502,000 | $ 1,166,000 |
Total commercial real estate | Land and development | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | Contract | 1 | 1 |
Recorded Investment | $ 43,000 | $ 449,000 |
Total consumer | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | Contract | 86 | 54 |
Recorded Investment | $ 5,497,000 | $ 4,812,000 |
Total consumer | Consumer mortgages | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | Contract | 0 | 6 |
Recorded Investment | $ 0 | $ 1,598,000 |
Total consumer | Home equity lines | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | Contract | 13 | 19 |
Recorded Investment | $ 749,000 | $ 1,239,000 |
Total consumer | Other consumer loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | Contract | 73 | 29 |
Recorded Investment | $ 4,748,000 | $ 1,975,000 |
Below Market Interest Rate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment | 7,650,000 | 30,202,000 |
Below Market Interest Rate | Total commercial and industrial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment | 4,487,000 | 5,091,000 |
Below Market Interest Rate | Total commercial and industrial | Commercial, financial and agricultural | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment | 3,233,000 | 3,724,000 |
Below Market Interest Rate | Total commercial and industrial | Owner-occupied | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment | 1,254,000 | 1,367,000 |
Below Market Interest Rate | Total commercial real estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment | 2,447,000 | 24,243,000 |
Below Market Interest Rate | Total commercial real estate | Investment properties | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment | 1,984,000 | 23,070,000 |
Below Market Interest Rate | Total commercial real estate | 1-4 family properties | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment | 463,000 | 724,000 |
Below Market Interest Rate | Total commercial real estate | Land and development | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment | 0 | 449,000 |
Below Market Interest Rate | Total consumer | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment | 716,000 | 868,000 |
Below Market Interest Rate | Total consumer | Consumer mortgages | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment | 0 | 515,000 |
Below Market Interest Rate | Total consumer | Home equity lines | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment | 587,000 | 275,000 |
Below Market Interest Rate | Total consumer | Other consumer loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment | 129,000 | 78,000 |
Other Concessions | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment | 7,825,000 | 6,493,000 |
Other Concessions | Total commercial and industrial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment | 2,962,000 | 2,107,000 |
Other Concessions | Total commercial and industrial | Commercial, financial and agricultural | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment | 2,563,000 | 2,011,000 |
Other Concessions | Total commercial and industrial | Owner-occupied | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment | 399,000 | 96,000 |
Other Concessions | Total commercial real estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment | 82,000 | 442,000 |
Other Concessions | Total commercial real estate | Investment properties | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment | 0 | 0 |
Other Concessions | Total commercial real estate | 1-4 family properties | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment | 39,000 | 442,000 |
Other Concessions | Total commercial real estate | Land and development | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment | 43,000 | 0 |
Other Concessions | Total consumer | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment | 4,781,000 | 3,944,000 |
Other Concessions | Total consumer | Consumer mortgages | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment | 0 | 1,083,000 |
Other Concessions | Total consumer | Home equity lines | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment | 162,000 | 964,000 |
Other Concessions | Total consumer | Other consumer loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment | 4,619,000 | 1,897,000 |
Principal Forgiveness | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment | $ 0 | $ 0 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Goodwill) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Goodwill [Roll Forward] | |
Balance as of December 31, 2020 | $ 452,390 |
Goodwill acquired and adjustments during the year | 0 |
Balance as of March 31, 2021 | 452,390 |
Community Banking Reporting Unit | |
Goodwill [Roll Forward] | |
Balance as of December 31, 2020 | 256,323 |
Goodwill acquired and adjustments during the year | 0 |
Balance as of March 31, 2021 | 256,323 |
Wholesale Banking Reporting Unit | |
Goodwill [Roll Forward] | |
Balance as of December 31, 2020 | 171,636 |
Goodwill acquired and adjustments during the year | 0 |
Balance as of March 31, 2021 | 171,636 |
Consumer Mortgage Reporting Unit | |
Goodwill [Roll Forward] | |
Balance as of December 31, 2020 | 0 |
Goodwill acquired and adjustments during the year | 0 |
Balance as of March 31, 2021 | 0 |
Wealth Management Reporting Unit | |
Goodwill [Roll Forward] | |
Balance as of December 31, 2020 | 24,431 |
Goodwill acquired and adjustments during the year | 0 |
Balance as of March 31, 2021 | $ 24,431 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Narrative) (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2021USD ($)reporting_unit | Mar. 31, 2020USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Number of reporting units | reporting_unit | 2 | |
Amortization expense | $ | $ 2.4 | $ 2.6 |
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 | Mar. 31, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 69,900 | $ 69,900 |
Accumulated Amortization | (27,167) | (24,788) |
Net Carrying Value | 42,733 | 45,112 |
CDI | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 57,400 | 57,400 |
Accumulated Amortization | (21,916) | (19,829) |
Net Carrying Value | 35,484 | 37,571 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 12,500 | 12,500 |
Accumulated Amortization | (5,251) | (4,959) |
Net Carrying Value | $ 7,249 | $ 7,541 |
Shareholders' Equity and Othe_3
Shareholders' Equity and Other Comprehensive Income (Loss) (Narrative) (Details) $ in Millions | Jan. 26, 2021USD ($) |
Class of Stock [Line Items] | |
Authorized amount | $ 200 |
Shareholders' Equity and Othe_4
Shareholders' Equity and Other Comprehensive Income (Loss) (Dividends) (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Equity [Abstract] | ||
Cash dividends declared per share (in dollars per share) | $ 0.33 | $ 0.33 |
Shareholders' Equity and Othe_5
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 | |||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Roll Forward] | ||||
Stockholders' Equity Attributable to Parent, Beginning Balance | $ 5,161,334 | $ 4,941,690 | ||
Other comprehensive income (loss), Net of Tax Amount | (143,357) | 191,270 | ||
Balance | 5,161,717 | 5,065,205 | ||
Accumulated other comprehensive income (loss) | (15,278) | $ (158,635) | ||
Total | ||||
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Roll Forward] | ||||
Stockholders' Equity Attributable to Parent, Beginning Balance | 158,635 | 65,641 | ||
Other comprehensive income (loss) before reclassifications | (143,643) | 197,831 | ||
Amounts reclassified from AOCI | 286 | (6,561) | ||
Other comprehensive income (loss), Net of Tax Amount | (143,357) | 191,270 | ||
Balance | 15,278 | 256,911 | ||
Net unrealized gains (losses) on investment securities available for sale | ||||
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Roll Forward] | ||||
Stockholders' Equity Attributable to Parent, Beginning Balance | 105,669 | 83,666 | ||
Other comprehensive income (loss) before reclassifications | (122,460) | 117,330 | ||
Amounts reclassified from AOCI | 1,475 | (6,472) | ||
Other comprehensive income (loss), Net of Tax Amount | (120,985) | 110,858 | ||
Balance | (15,316) | 194,524 | ||
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 | |||
Net unrealized gains (losses) on cash flow hedges | ||||
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Roll Forward] | ||||
Stockholders' Equity Attributable to Parent, Beginning Balance | 52,966 | (18,487) | ||
Other comprehensive income (loss) before reclassifications | (21,183) | 80,501 | ||
Amounts reclassified from AOCI | (1,189) | (89) | ||
Other comprehensive income (loss), Net of Tax Amount | (22,372) | 80,412 | ||
Balance | 30,594 | 61,925 | ||
Post-retirement unfunded health benefit | ||||
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Roll Forward] | ||||
Stockholders' Equity Attributable to Parent, Beginning Balance | 0 | 462 | ||
Other comprehensive income (loss) before reclassifications | 0 | 0 | ||
Amounts reclassified from AOCI | 0 | 0 | ||
Other comprehensive income (loss), Net of Tax Amount | 0 | 0 | ||
Balance | $ 0 | $ 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 |
Fair Value Accounting (Financia
Fair Value Accounting (Financial Instruments Measured at Fair Value on Recurring Basis) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available for sale | $ 8,825,757 | $ 7,962,438 |
U.S. Treasury securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available for sale | 66,456 | |
Mortgage-backed securities issued by U.S. Government agencies | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available for sale | 955,182 | 1,218,017 |
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 | 6,101,775 | 5,000,046 |
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 | 1,157,223 | 1,250,377 |
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 | 445,214 | 370,921 |
Corporate debt securities and other debt securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available for sale | 18,733 | 20,500 |
Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 0 | 0 |
Investment securities available for sale | 66,456 | 20,257 |
Private equity investments | 0 | 0 |
Mutual funds and mutual funds held in rabbi trusts | 39,943 | 37,650 |
GGL/SBA loans servicing asset | 0 | 0 |
Derivative assets | 0 | 0 |
Trading liability for short positions | 0 | |
Earnout liability | 0 | 0 |
Derivative liabilities | 0 | 0 |
Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 4,386 | 10,880 |
Investment securities available for sale | 8,759,301 | 7,940,160 |
Mortgages Held-for-sale, Fair Value Disclosure | 242,010 | |
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 | 276,831 | 401,295 |
Trading liability for short positions | 7,717 | |
Earnout liability | 0 | 0 |
Derivative liabilities | 135,725 | 155,119 |
Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 0 | 0 |
Investment securities available for sale | 0 | 2,021 |
Private equity investments | 1,053 | 1,021 |
Mutual funds and mutual funds held in rabbi trusts | 0 | 0 |
GGL/SBA loans servicing asset | 3,305 | 3,258 |
Derivative assets | 0 | 0 |
Trading liability for short positions | 0 | |
Earnout liability | 5,677 | 5,677 |
Derivative liabilities | 1,768 | 2,048 |
Fair Value, Measurements, Recurring Basis | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 4,386 | 10,880 |
Investment securities available for sale | 8,825,757 | 7,962,438 |
Mortgages Held-for-sale, Fair Value Disclosure | 242,010 | 216,647 |
Private equity investments | 1,053 | 1,021 |
Mutual funds and mutual funds held in rabbi trusts | 39,943 | 37,650 |
GGL/SBA loans servicing asset | 3,305 | 3,258 |
Derivative assets | 276,831 | 401,295 |
Trading liability for short positions | 0 | 7,717 |
Earnout liability | 5,677 | 5,677 |
Derivative liabilities | 137,493 | 157,167 |
Fair Value, Measurements, Recurring Basis | U.S. Treasury securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available for sale | 66,456 | 20,257 |
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 | 81,174 | 82,320 |
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 | 0 | 10,185 |
Investment securities available for sale | 955,182 | 1,218,017 |
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 | 6,101,775 | 5,000,046 |
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] | ||
Trading securities | 555 | 158 |
Investment securities available for sale | 1,157,223 | 1,250,377 |
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] | ||
Investment securities available for sale | 445,214 | 370,921 |
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 | 18,733 | 20,500 |
Fair Value, Measurements, Recurring Basis | Other mortgage-backed securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 375 | 178 |
Fair Value, Measurements, Recurring Basis | US States and Political Subdivisions Debt Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 1,541 | 176 |
Fair Value, Measurements, Recurring Basis | Asset-backed securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 1,915 | 183 |
Fair Value, Measurements, Recurring Basis | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 0 | 0 |
Investment securities available for sale | 66,456 | 20,257 |
Mortgages Held-for-sale, Fair Value Disclosure | 0 | 0 |
Private equity investments | 0 | 0 |
Mutual funds and mutual funds held in rabbi trusts | 39,943 | 37,650 |
GGL/SBA loans servicing asset | 0 | 0 |
Derivative assets | 0 | 0 |
Trading liability for short positions | 0 | 0 |
Earnout liability | 0 | 0 |
Derivative liabilities | 0 | 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 | 66,456 | 20,257 |
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 agencies | ||
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 | 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] | ||
Trading securities | 0 | 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] | ||
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 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 | US States and Political Subdivisions Debt Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 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 |
Fair Value, Measurements, Recurring Basis | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 4,386 | 10,880 |
Investment securities available for sale | 8,759,301 | 7,940,160 |
Mortgages Held-for-sale, Fair Value Disclosure | 216,647 | |
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 | 276,831 | 401,295 |
Trading liability for short positions | 0 | 7,717 |
Earnout liability | 0 | 0 |
Derivative liabilities | 135,725 | 155,119 |
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 | 81,174 | 82,320 |
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 | 0 | 10,185 |
Investment securities available for sale | 955,182 | 1,218,017 |
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 | 6,101,775 | 5,000,046 |
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 | 555 | 158 |
Investment securities available for sale | 1,157,223 | 1,250,377 |
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] | ||
Investment securities available for sale | 445,214 | 370,921 |
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 | 18,733 | 18,479 |
Fair Value, Measurements, Recurring Basis | Level 2 | Other mortgage-backed securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 375 | 178 |
Fair Value, Measurements, Recurring Basis | Level 2 | US States and Political Subdivisions Debt Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 1,541 | 176 |
Fair Value, Measurements, Recurring Basis | Level 2 | Asset-backed securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 1,915 | 183 |
Fair Value, Measurements, Recurring Basis | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 0 | 0 |
Investment securities available for sale | 0 | 2,021 |
Mortgages Held-for-sale, Fair Value Disclosure | 0 | 0 |
Private equity investments | 1,053 | 1,021 |
Mutual funds and mutual funds held in rabbi trusts | 0 | 0 |
GGL/SBA loans servicing asset | 3,305 | 3,258 |
Derivative assets | 0 | 0 |
Trading liability for short positions | 0 | 0 |
Earnout liability | 5,677 | 5,677 |
Derivative liabilities | 1,768 | 2,048 |
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 agencies | ||
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 | 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] | ||
Trading securities | 0 | 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] | ||
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 | 0 | 2,021 |
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 | US States and Political Subdivisions Debt Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading securities | 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 |
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 | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |||
Unpaid principal balance | $ 240,287 | $ 210,292 | |
Fair value less aggregate unpaid principal balance | 1,723 | $ 6,355 | |
Mortgage loans held for sale | $ (4,632) | $ 619 |
Fair Value Accounting (Changes
Fair Value Accounting (Changes in Level 3 Fair Value Measurements) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
GGL / SBA Loans Servicing Asset | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | $ 3,258 | $ 3,040 |
Included in earnings | (178) | (264) |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | 0 | |
Unrealized gains (losses) included in OCI | 0 | |
Additions | 225 | 373 |
Settlements | 0 | 0 |
Ending balance | 3,305 | 3,149 |
Total net losses for the period included in earnings attributable to the change in unrealized losses relating to assets/liabilities still held | 0 | 0 |
Earnout Liability | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | (5,677) | (11,016) |
Included in earnings | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | 0 | |
Unrealized gains (losses) included in OCI | 0 | |
Additions | 0 | 0 |
Settlements | 0 | 0 |
Ending balance | (5,677) | (11,016) |
Total net losses for the period included in earnings attributable to the change in unrealized losses relating to assets/liabilities still held | 0 | 0 |
Visa Derivative | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | (2,048) | (2,339) |
Included in earnings | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | 0 | |
Unrealized gains (losses) included in OCI | 0 | |
Additions | 0 | 0 |
Settlements | 280 | 289 |
Ending balance | (1,768) | (2,050) |
Total net losses for the period included in earnings attributable to the change in unrealized losses relating to assets/liabilities still held | 0 | 0 |
Investment Securities Available for Sale | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 2,021 | 2,105 |
Included in earnings | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | (2,021) | |
Unrealized gains (losses) included in OCI | (543) | |
Additions | 0 | 0 |
Settlements | 0 | 0 |
Ending balance | 0 | 1,562 |
Total net losses for the period included in earnings attributable to the change in unrealized losses relating to assets/liabilities still held | 0 | 0 |
Private Equity Investments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 1,021 | 3,887 |
Included in earnings | 32 | (632) |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | 0 | |
Unrealized gains (losses) included in OCI | 0 | |
Additions | 0 | 0 |
Settlements | 0 | 0 |
Ending balance | 1,053 | 3,255 |
Total net losses for the period included in earnings attributable to the change in unrealized losses relating to assets/liabilities still held | $ 32 | $ (632) |
Fair Value Accounting (Fair Val
Fair Value Accounting (Fair Value Inputs, Assets, Quantitative Information) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Investment Securities Available for Sale | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Asset measured with unobservable inputs | $ 0 | $ 2,021 | $ 1,562 | $ 2,105 |
Private Equity Investments | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Asset measured with unobservable inputs | $ 1,053 | $ 1,021 | $ 3,255 | $ 3,887 |
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 | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | $ 14,026 | $ 0 |
Other real estate | 0 | 460 |
Other real estate | 0 | 18,490 |
Other assets held for sale | 0 | 1,206 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 0 | 0 |
Other real estate | 0 | 0 |
Other real estate | 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 |
Other real estate | 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 | 14,026 | 0 |
Other real estate | 0 | 460 |
Other real estate | 0 | 18,490 |
Other assets held for sale | $ 0 | $ 1,206 |
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 | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |||
Other real estate | $ 1,400 | $ 1,800 | |
Fair Value, Measurements, Nonrecurring Basis | Loans | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, fair value adjustment | 7,002 | $ 0 | |
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 | 0 | 5 | |
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 | 2,663 | |
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 | $ 1,391 |
Fair Value Accounting (Carrying
Fair Value Accounting (Carrying and Estimated Fair Values of Financial Instruments Carried on Balance Sheet) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Financial assets | ||
Investment securities available for sale | $ 8,825,757 | $ 7,962,438 |
Financial liabilities | ||
Non-interest-bearing deposits | 14,660,287 | 13,477,854 |
Total deposits | 47,368,951 | 46,691,571 |
Securities sold under repurchase agreements | 293,659 | 227,922 |
Long-term debt | 1,202,825 | 1,202,494 |
Level 1 | ||
Financial assets | ||
Total cash, cash equivalents, and restricted cash | 3,328,266 | 4,252,917 |
Trading securities | 0 | 0 |
Investment securities available for sale | 66,456 | 20,257 |
Loans receivable held-for-sale | 0 | 0 |
Private equity investments | 0 | 0 |
Mutual funds and mutual funds held in rabbi trusts | 39,943 | 37,650 |
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 |
Securities sold under repurchase agreements | 293,659 | 227,922 |
Trading liability for short positions | 0 | |
Long-term debt | 0 | 0 |
Earnout liability | 0 | 0 |
Derivative liabilities | 0 | 0 |
Level 2 | ||
Financial assets | ||
Total cash, cash equivalents, and restricted cash | 0 | 0 |
Trading securities | 4,386 | 10,880 |
Investment securities available for sale | 8,759,301 | 7,940,160 |
Loans receivable held-for-sale | 216,647 | |
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 | 276,831 | 401,295 |
Financial liabilities | ||
Non-interest-bearing deposits | 14,660,287 | 13,477,854 |
Non-time interest-bearing deposits | 27,492,165 | 27,265,521 |
Time deposits | 5,240,983 | 5,970,146 |
Total deposits | 47,393,435 | 46,713,521 |
Securities sold under repurchase agreements | 0 | 0 |
Trading liability for short positions | 7,717 | |
Long-term debt | 1,274,158 | 1,266,825 |
Earnout liability | 0 | 0 |
Derivative liabilities | 135,725 | 155,119 |
Level 3 | ||
Financial assets | ||
Total cash, cash equivalents, and restricted cash | 0 | 0 |
Trading securities | 0 | 0 |
Investment securities available for sale | 0 | 2,021 |
Loans receivable held-for-sale | 751,892 | 544,292 |
Private equity investments | 1,053 | 1,021 |
Mutual funds and mutual funds held in rabbi trusts | 0 | 0 |
Loans, net | 38,126,309 | 37,605,881 |
GGL/SBA loans servicing asset | 3,305 | 3,258 |
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 |
Securities sold under repurchase agreements | 0 | 0 |
Trading liability for short positions | 0 | |
Long-term debt | 0 | 0 |
Earnout liability | 5,677 | 5,677 |
Derivative liabilities | 1,768 | 2,048 |
Carrying Value | ||
Financial assets | ||
Total cash, cash equivalents, and restricted cash | 3,328,266 | 4,252,917 |
Trading securities | 4,386 | 10,880 |
Investment securities available for sale | 8,825,757 | 7,962,438 |
Loans receivable held-for-sale | 993,887 | 760,123 |
Private equity investments | 1,053 | 1,021 |
Mutual funds and mutual funds held in rabbi trusts | 39,943 | 37,650 |
Loans, net | 38,241,887 | 37,647,248 |
GGL/SBA loans servicing asset | 3,305 | 3,258 |
Derivative assets | 276,831 | 401,295 |
Financial liabilities | ||
Non-interest-bearing deposits | 14,660,287 | 13,477,854 |
Non-time interest-bearing deposits | 27,492,165 | 27,265,521 |
Time deposits | 5,216,499 | 5,948,196 |
Total deposits | 47,368,951 | 46,691,571 |
Securities sold under repurchase agreements | 293,659 | 227,922 |
Trading liability for short positions | 7,717 | |
Long-term debt | 1,202,825 | 1,202,494 |
Earnout liability | 5,677 | 5,677 |
Derivative liabilities | 137,493 | 157,167 |
Fair Value | ||
Financial assets | ||
Total cash, cash equivalents, and restricted cash | 3,328,266 | 4,252,917 |
Trading securities | 4,386 | 10,880 |
Investment securities available for sale | 8,825,757 | 7,962,438 |
Loans receivable held-for-sale | 993,902 | 760,939 |
Private equity investments | 1,053 | 1,021 |
Mutual funds and mutual funds held in rabbi trusts | 39,943 | 37,650 |
Loans, net | 38,126,309 | 37,605,881 |
GGL/SBA loans servicing asset | 3,305 | 3,258 |
Derivative assets | 276,831 | 401,295 |
Financial liabilities | ||
Non-interest-bearing deposits | 14,660,287 | 13,477,854 |
Non-time interest-bearing deposits | 27,492,165 | 27,265,521 |
Time deposits | 5,240,983 | 5,970,146 |
Total deposits | 47,393,435 | 46,713,521 |
Securities sold under repurchase agreements | 293,659 | 227,922 |
Trading liability for short positions | 7,717 | |
Long-term debt | 1,274,158 | 1,266,825 |
Earnout liability | 5,677 | 5,677 |
Derivative liabilities | $ 137,493 | $ 157,167 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities (Narrative) (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Derivative [Line Items] | |||
Unrealized gains, before tax | $ (29,057,000) | $ 108,639,000 | |
Unrealized gain, after tax | (21,183,000) | 80,501,000 | |
Income recognized | 1,600,000 | ||
Cash flow hedge gain (loss) to be reclassified | 43,000,000 | ||
Cash flow hedge termination gain | 13,000,000 | ||
Collateral requirements | 121,700,000 | $ 155,400,000 | |
Variation margin, amount reducing derivative asset | 81,800,000 | 162,700,000 | |
Foreign Currency Exchange Forwards | |||
Derivative [Line Items] | |||
Notional amount | 18,400,000 | $ 24,100,000 | |
Cash Flow Hedges | |||
Derivative [Line Items] | |||
Unrealized gains, before tax | 757,000 | 9,800,000 | |
Unrealized gain, after tax | $ 565,000 | $ 7,300,000 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities (Impact of Derivatives on Balance Sheet) (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Derivatives not designated as hedging instruments | ||
Derivative [Line Items] | ||
Fair Value of Derivative Assets | $ 220,958,000 | $ 320,493,000 |
Fair Value of Derivative Liabilities | 132,608,000 | 157,167,000 |
Derivatives not designated as hedging instruments | Interest rate contracts | ||
Derivative [Line Items] | ||
Notional Amount | 8,891,025,000 | 8,784,141,000 |
Fair Value of Derivative Assets | 211,787,000 | 314,234,000 |
Fair Value of Derivative Liabilities | 130,737,000 | 153,204,000 |
Derivatives not designated as hedging instruments | Mortgage derivatives | Mortgage derivatives - interest rate lock commitments | ||
Derivative [Line Items] | ||
Notional Amount | 284,662,000 | 306,138,000 |
Fair Value of Derivative Assets | 4,540,000 | 6,259,000 |
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 | 298,000,000 | 230,500,000 |
Fair Value of Derivative Assets | 4,631,000 | 0 |
Fair Value of Derivative Liabilities | 0 | 1,611,000 |
Derivatives not designated as hedging instruments | Other contracts | ||
Derivative [Line Items] | ||
Notional Amount | 170,131,000 | 234,884,000 |
Fair Value of Derivative Assets | 0 | 0 |
Fair Value of Derivative Liabilities | 103,000 | 304,000 |
Derivatives not designated as hedging instruments | Visa derivative | ||
Derivative [Line Items] | ||
Notional Amount | 0 | 0 |
Fair Value of Derivative Assets | 0 | 0 |
Fair Value of Derivative Liabilities | 1,768,000 | 2,048,000 |
Derivatives not designated as hedging instruments | Risk derivative | ||
Derivative [Line Items] | ||
Notional Amount | 2,500,000 | 2,600,000 |
Cash flow hedges | ||
Derivative [Line Items] | ||
Fair Value of Derivative Assets | 55,873,000 | 80,802,000 |
Fair Value of Derivative Liabilities | 4,885,000 | 0 |
Cash flow hedges | Interest rate contracts | ||
Derivative [Line Items] | ||
Notional Amount | 3,250,000,000 | 3,000,000,000 |
Fair Value of Derivative Assets | 55,873,000 | 80,802,000 |
Fair Value of Derivative Liabilities | $ 4,885,000 | $ 0 |
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 | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Derivative [Line Items] | ||
Total amounts presented in the consolidated statements of income in interest income on loans | $ 8,342 | $ 3,637 |
Interest rate contracts | Cash Flow Hedges | ||
Derivative [Line Items] | ||
Realized gains (losses) reclassified from AOCI, pre-tax, to interest income on loans | 1,599 | 120 |
Pre-tax income recognized on cash flow hedges | $ 1,599 | $ 120 |
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 | |
Mar. 31, 2021 | Mar. 31, 2020 | |
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 | $ 5,671 | 1,154 |
Derivatives not designated as hedging instruments | Interest rate contracts | Capital markets income | ||
Derivative [Line Items] | ||
Gain (Loss) Recognized in Consolidated Statements of Income | 947 | (604) |
Derivatives not designated as hedging instruments | Other contracts | Capital markets income | ||
Derivative [Line Items] | ||
Gain (Loss) Recognized in Consolidated Statements of Income | 201 | (337) |
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 | (1,719) | 7,024 |
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 | $ 6,242 | $ (4,929) |
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 | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Basic Net Income Per Common Share: | ||
Net income available to common shareholders | $ 178,802 | $ 30,230 |
Weighted average common shares outstanding (in shares) | 148,467 | 147,311 |
Net income per common share, basic (in dollars per share) | $ 1.20 | $ 0.21 |
Diluted Net Income Per Common Share: | ||
Net income available to common shareholders | $ 178,802 | $ 30,230 |
Weighted average common shares outstanding (in shares) | 148,467 | 147,311 |
Effect of dilutive outstanding equity-based awards, warrants, and earnout payments (in shares) | 1,313 | 1,090 |
Weighted average number of diluted common shares (in shares) | 149,780 | 148,401 |
Net income per common share, diluted (in dollars per share) | $ 1.19 | $ 0.20 |
Net Income Per Common Share (Na
Net Income Per Common Share (Narrative) (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Earnings Per Share [Abstract] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 32 | 557 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Loss Contingencies [Line Items] | ||||
Financing Receivable, Allowance for Credit Loss | $ 563,214,000 | $ 493,452,000 | $ 605,736,000 | $ 281,402,000 |
Carrying amount included in other assets | 303,676,000 | 262,855,000 | ||
Amount of future funding commitments included in carrying amount | 166,390,000 | 133,946,000 | ||
Permanent and short-term construction loans and letter of credit commitments | 155,060,000 | 84,552,000 | ||
Funded portion of permanent and short-term loans and letters of credit | 17,404,000 | 9,762,000 | ||
Contractual amount net of risk participations | 29,600,000 | 30,200,000 | ||
Minimum | ||||
Loss Contingencies [Line Items] | ||||
Total letters of credit and unfunded lending commitments | 0 | |||
Maximum | ||||
Loss Contingencies [Line Items] | ||||
Total letters of credit and unfunded lending commitments | 5,000,000 | |||
Other assets held for sale | ||||
Loss Contingencies [Line Items] | ||||
Guarantor obligations, advanced payment from merchant | 15,500,000 | 15,600,000 | ||
Guarantee obligations | ||||
Loss Contingencies [Line Items] | ||||
Total letters of credit and unfunded lending commitments | 15,023,908,000 | 14,768,588,000 | ||
Maximum potential exposure for sponsored transactions | 26,030,000,000 | $ 18,370,000,000 | ||
Letters of credit* | ||||
Loss Contingencies [Line Items] | ||||
Total letters of credit and unfunded lending commitments | 191,359,000 | 190,562,000 | ||
Commitments to fund commercial and industrial loans | ||||
Loss Contingencies [Line Items] | ||||
Total letters of credit and unfunded lending commitments | 8,464,375,000 | 8,200,608,000 | ||
Commitments to fund commercial real estate, construction, and land development loans | ||||
Loss Contingencies [Line Items] | ||||
Total letters of credit and unfunded lending commitments | 3,229,163,000 | 3,290,041,000 | ||
Commitments under home equity lines of credit | ||||
Loss Contingencies [Line Items] | ||||
Total letters of credit and unfunded lending commitments | 1,643,659,000 | 1,602,831,000 | ||
Unused credit card lines | ||||
Loss Contingencies [Line Items] | ||||
Total letters of credit and unfunded lending commitments | 984,268,000 | 1,012,313,000 | ||
Other loan commitments | ||||
Loss Contingencies [Line Items] | ||||
Total letters of credit and unfunded lending commitments | 511,084,000 | 472,233,000 | ||
Unfunded Loan Commitment | ||||
Loss Contingencies [Line Items] | ||||
Financing Receivable, Allowance for Credit Loss | $ 51,500,000 | $ 47,800,000 |
Segment Reporting (Details)
Segment Reporting (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021USD ($)employeesegment | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($)employee | |
Segment Reporting [Abstract] | |||
Number of reportable segments | segment | 3 | ||
Income Statement Related Disclosures [Abstract] | |||
Net interest income | $ 373,857 | $ 373,260 | |
Non-interest revenue | 110,956 | 103,857 | |
Non-interest expense | 267,134 | 276,279 | |
Pre-provision net revenue | 217,679 | 200,838 | |
Balance Sheet Related Disclosures [Abstract] | |||
Loans, net of deferred fees and costs | 38,805,101 | $ 38,252,984 | |
Total deposits | $ 47,368,951 | $ 46,691,571 | |
Total full-time equivalent employees | employee | 5,061 | 5,134 | |
Operating Segments | Community Banking | |||
Income Statement Related Disclosures [Abstract] | |||
Net interest income | $ 206,242 | 196,504 | |
Non-interest revenue | 29,754 | 30,324 | |
Non-interest expense | 68,058 | 73,973 | |
Pre-provision net revenue | 167,938 | 152,855 | |
Balance Sheet Related Disclosures [Abstract] | |||
Loans, net of deferred fees and costs | 10,745,585 | $ 11,171,013 | |
Total deposits | $ 30,897,797 | $ 29,141,242 | |
Total full-time equivalent employees | employee | 2,173 | 2,199 | |
Operating Segments | Wholesale Banking | |||
Income Statement Related Disclosures [Abstract] | |||
Net interest income | $ 134,074 | 123,170 | |
Non-interest revenue | 7,319 | 9,327 | |
Non-interest expense | 20,724 | 20,713 | |
Pre-provision net revenue | 120,669 | 111,784 | |
Balance Sheet Related Disclosures [Abstract] | |||
Loans, net of deferred fees and costs | 19,305,649 | $ 18,810,729 | |
Total deposits | $ 11,288,606 | $ 11,958,105 | |
Total full-time equivalent employees | employee | 282 | 285 | |
Operating Segments | Financial Management Services | |||
Income Statement Related Disclosures [Abstract] | |||
Net interest income | $ 20,995 | 17,384 | |
Non-interest revenue | 58,583 | 47,384 | |
Non-interest expense | 47,674 | 43,391 | |
Pre-provision net revenue | 31,904 | 21,377 | |
Balance Sheet Related Disclosures [Abstract] | |||
Loans, net of deferred fees and costs | 5,175,578 | $ 5,370,790 | |
Total deposits | $ 744,745 | $ 739,200 | |
Total full-time equivalent employees | employee | 833 | 832 | |
Treasury and Corporate Other | |||
Income Statement Related Disclosures [Abstract] | |||
Net interest income | $ 12,546 | 36,202 | |
Non-interest revenue | 15,300 | 16,822 | |
Non-interest expense | 130,678 | 138,202 | |
Pre-provision net revenue | (102,832) | $ (85,178) | |
Balance Sheet Related Disclosures [Abstract] | |||
Loans, net of deferred fees and costs | 3,578,289 | $ 2,900,452 | |
Total deposits | $ 4,437,803 | $ 4,853,024 | |
Total full-time equivalent employees | employee | 1,773 | 1,818 |