v3.25.2
Segment Reporting
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting
Note 9 - Segment Reporting
Synovus' business segments are based on the products and services provided or the clients served and reflect the manner in which financial information is evaluated by the chief operating decision maker (CODM). Synovus' CODM is the Chief Executive Officer. The CODM primarily utilizes revenue and non-interest expense directly attributable to a respective segment as well as actual versus expected credit losses when assessing performance and allocating resources.
Synovus has four major reportable business segments: Wholesale Banking, Community Banking, Consumer Banking, and Financial Management Services. The management accounting policies and processes utilized in compiling segment financial information are highly subjective and, unlike financial accounting, are not based on authoritative guidance similar to GAAP. As a result, reported segment results are not necessarily comparable with similar information reported by other financial institutions.
The Wholesale Banking business segment serves primarily larger corporate and governmental clients by providing commercial lending, deposit, and capital markets services through specialty teams including middle market, CRE, senior housing, premium finance, structured lending, asset-based lending, public finance, restaurant services, community investment capital, and capital markets.
The Community Banking business segment primarily serves small and medium-sized commercial clients as well as individual private wealth clients using a relationship-based approach. The commercial component of this segment focuses on locally owned and operated businesses. Private wealth services are delivered to the individuals operating the businesses as well as other individuals in the communities in which Community Banking operates. A comprehensive set of banking products are offered to the client set, including a full suite of lending, payments, and depository products as well as financial planning services.
The Consumer Banking business segment serves individual and small business clients through its branch and ATM network, in addition to digital and telephone channels. This segment provides individuals and small businesses with an array of comprehensive banking products and services, including depository accounts, credit and debit cards, payment solutions, goal-based planning, home equity and other consumer loans, and small business lending solutions.
The Financial Management Services business segment serves its clients by providing mortgage, trust services, professional portfolio management for fixed-income securities, securities underwriting and distribution, 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.
Functional activities such as treasury, technology, operations, marketing, finance, enterprise risk, legal, human resources, corporate communications, executive management, among others, are included in Treasury and Corporate Other. In addition, certain assets, liabilities, revenue, and expense not allocated or attributable to a particular business segment, such as Synovus' third-party consumer loans, loans held for sale, commercial card, and CIB, as well as certain reconciling items in order to translate segment results that are based on management accounting practices into consolidated results are also included in Treasury and Corporate Other.
Synovus uses a centralized FTP methodology to attribute appropriate net interest income to its business segments. The intent of the FTP methodology is to transfer interest rate risk from the business segments by providing matched duration funding of assets and liabilities. The result is to centralize the financial impact, management, and reporting of interest rate risk in the Treasury and Corporate Other function, where it can be centrally monitored and managed. Treasury and Corporate Other charges (credits) an internal cost of funds for assets held in (or pays for funding provided by) each business segment. The 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.
Provision for (reversal of) credit losses is allocated to segments based on historical annualized expected loss rates attributable to the credit risk of loans managed by the segments during the period. By comparison, the consolidated provision for (reversal of) credit losses is determined based on the ACL model using methodologies described in "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" of Synovus' 2024 Form 10-K, with the difference between the consolidated provision for (reversal of) credit losses and the business segments' provision for (reversal of) credit losses reflected in Treasury Corporate and Other.
The following tables present certain financial information for each reportable business segment for the three and six months ended June 30, 2025 and 2024 and as of June 30, 2025 and December 31, 2024. 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. Loan and deposit transfers occur from time to time between reportable business segments primarily to maintain the migration of clients and relationship
managers between segments; however, prior period loan and deposit balances and any related net interest income and FTP are not adjusted for transfers.
Three Months Ended June 30, 2025
(in thousands)
Wholesale Banking(1)
Community Banking(1)
Consumer Banking(1)
Financial Management Services(1)
Treasury and Corporate OtherSynovus Consolidated
Net interest income (expense)$174,780 $100,496 $134,210 $21,816 $28,259 $459,561 
Provision for (reversal of) credit losses30,390 11,164 5,249 3,966 (47,524)3,245 
Net interest income (expense) after provision for credit losses144,390 89,332 128,961 17,850 75,783 456,316 
Service charges on deposit accounts5,910 7,673 10,590 4 1,081 25,258 
Fiduciary and asset management fees— — — 20,332 — 20,332 
Card fees3 8,843 6,842 — 4,444 20,132 
Brokerage revenue— — — 20,748 — 20,748 
Mortgage banking income— — — 4,435 — 4,435 
Capital markets income6,870 1,394 145 — 4,551 12,960 
Other non-interest revenue4,082 933 1,711 1,714 21,830 30,270 
Total non-interest revenue16,865 18,843 19,288 47,233 31,906 134,135 
Salaries and other personnel expense23,529 26,545 30,550 31,407 80,151 192,182 
Other operating expense(1)
8,418 10,637 17,948 8,582 77,934 123,519 
Total non-interest expense31,947 37,182 48,498 39,989 158,085 315,701 
Income (loss) before income taxes$129,308 $70,993 $99,751 $25,094 $(50,396)$274,750 
Three Months Ended June 30, 2024
(in thousands)
Wholesale Banking(1)
Community Banking(1)
Consumer Banking(1)
Financial Management Services(1)
Treasury and Corporate Other (2)
Synovus Consolidated
Net interest income (expense)$181,574 $98,097 $135,550 $25,250 $(5,473)$434,998 
Provision for (reversal of) credit losses31,133 9,733 5,033 3,991 (23,486)26,404 
Net interest income (expense) after provision for credit losses150,441 88,364 130,517 21,259 18,013 408,594 
Service charges on deposit accounts5,225 6,836 10,488 5 353 22,907 
Fiduciary and asset management fees— — — 19,728 — 19,728 
Card fees3 8,038 6,923 — 4,454 19,418 
Brokerage revenue— — — 20,457 — 20,457 
Mortgage banking income— — — 3,944 — 3,944 
Capital markets income8,075 2,588 — — 4,414 15,077 
Other non-interest revenue(2)
2,642 689 1,896 1,705 (237,314)(230,382)
Total non-interest revenue15,945 18,151 19,307 45,839 (228,093)(128,851)
Salaries and other personnel expense21,902 26,811 29,378 30,639 70,677 179,407 
Other operating expense(1)
12,673 10,975 21,626 7,707 69,413 122,394 
Total non-interest expense34,575 37,786 51,004 38,346 140,090 301,801 
Income (loss) before income taxes$131,811 $68,729 $98,820 $28,752 $(350,170)$(22,058)
(1) Other operating expense for each reportable segment primarily includes, net occupancy, equipment, and software expense, third-party processing and other services, professional fees, and FDIC insurance and other regulatory fees.
(2) Treasury and Corporate Other includes a net loss of $256.7 million primarily due to the strategic repositioning of the investment securities portfolio in the second quarter of 2024.
Six Months Ended June 30, 2025
(in thousands)
Wholesale Banking(1)
Community Banking(1)
Consumer Banking(1)
Financial Management Services(1)
Treasury and Corporate OtherSynovus Consolidated
Net interest income$353,245 $198,172 $263,868 $42,829 $55,831 $913,945 
Provision for (reversal of) credit losses62,315 21,878 10,648 8,041 (88,716)14,166 
Net interest income after provision for credit losses290,930 176,294 253,220 34,788 144,547 899,779 
Service charges on deposit accounts11,568 15,011 20,673 8 1,112 48,372 
Fiduciary and asset management fees— — — 40,249 — 40,249 
Card fees6 19,112 13,225 — 9,016 41,359 
Brokerage revenue— — — 41,107 — 41,107 
Mortgage banking income— — — 7,773 — 7,773 
Capital markets income10,847 2,630 371 361 5,692 19,901 
Other non-interest revenue7,251 1,844 3,431 3,346 35,968 51,840 
Total non-interest revenue29,672 38,597 37,700 92,844 51,788 250,601 
Salaries and other personnel expense49,288 54,898 59,937 62,744 150,825 377,692 
Other operating expense(1)
16,600 21,825 35,808 16,136 155,674 246,043 
Total non-interest expense65,888 76,723 95,745 78,880 306,499 623,735 
Income (loss) before income taxes$254,714 $138,168 $195,175 $48,752 $(110,164)$526,645 
Six Months Ended June 30, 2024
(in thousands)
Wholesale Banking(1)
Community Banking(1)
Consumer Banking(1)
Financial Management Services(1)
Treasury and Corporate Other(2)
Synovus Consolidated
Net interest income$365,240 $197,120 $274,176 $48,470 $(31,162)$853,844 
Provision for (reversal of) credit losses60,303 19,281 10,076 7,787 (17,063)80,384 
Net interest income after provision for credit losses304,937 177,839 264,100 40,683 (14,099)773,460 
Service charges on deposit accounts10,360 13,449 20,440 9 462 44,720 
Fiduciary and asset management fees— — — 38,741 — 38,741 
Card fees6 16,248 13,063 — 9,587 38,904 
Brokerage revenue— — — 43,164 — 43,164 
Mortgage banking income— — — 7,362 — 7,362 
Capital markets income11,270 3,490 — 553 6,391 21,704 
Other non-interest revenue(2)
5,634 1,643 3,751 2,880 (218,466)(204,558)
Total non-interest revenue27,270 34,830 37,254 92,709 (202,026)(9,963)
Salaries and other personnel expense47,754 55,064 59,061 63,558 142,491 367,928 
Other operating expense(1)
22,131 23,715 44,067 14,471 152,230 256,614 
Total non-interest expense69,885 78,779 103,128 78,029 294,721 624,542 
Income (loss) before income taxes$262,322 $133,890 $198,226 $55,363 $(510,846)$138,955 
(1) Other operating expense for each reportable segment primarily includes, net occupancy, equipment, and software expense, third-party processing and other services, professional fees, and FDIC insurance and other regulatory fees.
(2) Treasury and Corporate Other includes a net loss of $256.7 million primarily due to the strategic repositioning of the investment securities portfolio in the second quarter of 2024.
June 30, 2025
(dollars in thousands)Wholesale BankingCommunity BankingConsumer BankingFinancial Management ServicesTreasury and Corporate OtherSynovus Consolidated
Loans, net of deferred fees and costs$25,406,506 $8,033,796 $2,673,928 $5,220,638 $2,201,848 $43,536,716 
Deposits$14,552,198 $10,717,809 $17,835,182 $1,221,253 $5,598,565 $49,925,007 
Full-time equivalent employees351 558 1,486 555 1,854 4,804 
December 31, 2024
(dollars in thousands)Wholesale BankingCommunity BankingConsumer BankingFinancial Management ServicesTreasury and Corporate OtherSynovus Consolidated
Loans, net of deferred fees and costs$24,677,119 $7,921,182 $2,776,305 $5,263,474 $1,970,948 $42,609,028 
Deposits$15,207,166 $10,877,394 $18,365,142 $1,109,270 $5,536,387 $51,095,359 
Full-time equivalent employees336 533 1,475 565 1,787 4,696