Fair Value Accounting (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of Assets and Liabilities Measured at Estimated Fair Value on a Recurring Basis

The following table presents assets and liabilities measured at estimated fair value on a recurring basis.


	June 30, 2025								December 31, 2024
(in thousands)	Level 1		Level 2		Level 3		Total Estimated Fair Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
Assets
Trading securities:
U.S. Treasury securities	$	4,000	$	—	$	—	$	4,000	$	—	$	—	$	—	$	—


State and municipal securities	—		59		—		59		—		473		—		473
Asset-backed securities	—		11,312		—		11,312		—		9,240		—		9,240
Other investments	—		104		—		104		—		—		—		—
Total trading securities	$	4,000	$	11,475	$	—	$	15,475	$	—	$	9,713	$	—	$	9,713
Investment securities available for sale:
U.S. Treasury securities	$	1,240,926	$	—	$	—	$	1,240,926	$	1,212,742	$	—	$	—	$	1,212,742
U.S. Government agency securities	—		29,711		—		29,711		—		29,163		—		29,163
Mortgage-backed securities issued by U.S. Government agencies	—		1,456,888		—		1,456,888		—		1,462,790		—		1,462,790
Mortgage-backed securities issued by U.S. Government sponsored enterprises	—		2,041,389		—		2,041,389		—		2,034,035		—		2,034,035
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises	—		535,669		—		535,669		—		550,201		—		550,201
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises	—		2,485,074		—		2,485,074		—		2,253,116		—		2,253,116
Corporate debt securities and other debt securities	—		9,167		—		9,167		—		8,971		—		8,971
Total investment securities available for sale	$	1,240,926	$	6,557,898	$	—	$	7,798,824	$	1,212,742	$	6,338,276	$	—	$	7,551,018
Mortgage loans held for sale	$	—	$	45,136	$	—	$	45,136	$	—	$	33,448	$	—	$	33,448
Other investments	—		—		16,899		16,899		—		—		14,831		14,831
Mutual funds and mutual funds held in rabbi trusts	69,686		—		—		69,686		63,371		—		—		63,371

Derivative assets	—		82,664		—		82,664		—		83,895		—		83,895
Liabilities

Mutual funds held in rabbi trusts	54,318		—		—		54,318		48,351		—		—		48,351
Derivative liabilities(1)	—		134,644		—		134,644		—		216,325		—		216,325

(1) Excludes from Level 3 the Visa derivative of $62 thousand and $64 thousand at June 30, 2025 and December 31, 2024, respectively. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" of Synovus' 2024 Form 10-K for discussion of fair value accounting related to this in the Derivative Instruments section.

Schedule of Mortgage Loans Held for Sale and Changes in Fair Value Included in Net 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 instrument-specific credit risk.


Mortgage Loans Held for Sale
(in thousands)	As of June 30, 2025		As of December 31, 2024
Fair value	$	45,136	$	33,448
Unpaid principal balance	43,589		32,770
Fair value less aggregate unpaid principal balance	$	1,547	$	678


Changes in Fair Value Included in Net Income	Three Months Ended June 30,				Six Months Ended June 30,				Location in Consolidated Statements of Income
(in thousands)	2025		2024		2025		2024
Mortgage loans held for sale	$	411	$	32	$	869	$	(774)	Mortgage banking income

Schedule of Level 3 Assets Measured at Fair Value on a Recurring Basis

The following tables provide rollforwards of Level 3 assets measured at fair value on a recurring basis.


		Three Months Ended June 30, 2025
(in thousands)		Other Investments
Beginning balance at March 31, 2025		$	15,350
Total gains (losses) realized/unrealized:
Included in earnings		469
Additions		1,080

Ending balance at June 30, 2025		$	16,899
Total net gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets still held at June 30, 2025		$	469

	Three Months Ended June 30, 2024
(in thousands)		Other Investments
Beginning balance at March 31, 2024		$	13,115
Total gains (losses) realized/unrealized:
Included in earnings		456
Additions		852

Ending balance at June 30, 2024		$	14,423
Total net gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets still held at June 30, 2024		$	456


	Six Months Ended June 30, 2025
(in thousands)	Other Investments
Beginning balance at December 31, 2024	$	14,831
Total gains (losses) realized/unrealized:
Included in earnings	442
Additions	1,626

Ending balance at June 30, 2025	$	16,899
Total net gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets still held at June 30, 2025	$	442

	Six Months Ended June 30, 2024
(in thousands)	Other Investments
Beginning balance at December 31, 2023	$	12,560
Total gains (losses) realized/unrealized:
Included in earnings	435

Additions	1,428

Ending balance at June 30, 2024	$	14,423
Total net gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets still held at June 30, 2024	$	435

Schedule of Assets Measured at Fair Value on a Non-Recurring Basis

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.


	June 30, 2025						Fair Value Adjustments for the
(in thousands)	Level 1		Level 2		Level 3		Three Months Ended June 30, 2025		Six Months Ended June 30, 2025
Loans(1)	$	—	$	—	$	42,313	$	14,461	$	28,861




	June 30, 2024						Fair Value Adjustments for the
	Level 1		Level 2		Level 3		Three Months Ended June 30, 2024		Six Months Ended June 30, 2024
Loans(1)	$	—	$	—	$	26,995	$	22,160	$	29,568

(1) Fair value adjustments represent charge-offs on collateral-dependent loans that were written down to fair value of collateral based on the appraised value less selling costs of the collateral.

Schedule of Carrying and Estimated Fair Values of Financial Instruments

The following tables present the carrying and estimated fair values of financial instruments at June 30, 2025 and December 31, 2024. 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' 2024 Form 10-K for a description of how fair value measurements are determined.


	June 30, 2025
(in thousands)	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Financial assets
Total cash, cash equivalents, and restricted cash	$	2,852,316	$	2,852,316	$	2,852,316	$	—	$	—
Trading securities	15,475		15,475		4,000		11,475		—
Investment securities held to maturity	2,502,639		2,476,289		—		2,476,289		—
Investment securities available for sale	7,798,824		7,798,824		1,240,926		6,557,898		—
Loans held for sale	153,037		152,640		—		45,136		107,504
Other investments	16,899		16,899		—		—		16,899
Mutual funds and mutual funds held in rabbi trusts	69,686		69,686		69,686		—		—
Loans, net (1)	43,071,885		42,231,633		—		—		42,231,633

FRB and FHLB stock	266,855		266,855		—		266,855		—
Derivative assets	82,664		82,664		—		82,664		—
Financial liabilities
Non-interest-bearing deposits	$	11,658,129	$	11,658,129	$	—	$	11,658,129	$	—
Non-time interest-bearing deposits	29,727,720		29,727,720		—		29,727,720		—
Time deposits	8,539,158		8,503,962		—		8,503,962		—
Total deposits (2)	$	49,925,007	$	49,889,811	$	—	$	49,889,811	$	—
Federal funds purchased, securities sold under repurchase agreements, and other short-term borrowings	85,327		85,327		85,327		—		—


Long-term debt	3,909,478		3,923,662		—		3,923,662		—
Mutual funds held in rabbi trusts	54,318		54,318		54,318		—		—
Derivative liabilities(3)	134,644		134,644		—		134,644		—

(1) Synovus estimates the fair value of loans based on present value of the future cash flows using the interest rate that would be charged for a similar loan to a borrower with similar risk, adjusted for a discount based on the estimated time period to complete a sale transaction with a market participant.

(2) The fair value of deposits with no stated maturity, such as non-interest-bearing demand, interest-bearing demand, money market, and savings accounts reflects the carrying amount which is payable on demand, as of the respective date, and may not align with other valuation methods or processes. The fair value of time deposits is based on the discounted value of contractual cash flows. The discount rate is estimated using the rates currently offered for deposits of similar remaining maturities.

(3) Excludes from Level 3 the Visa derivative of $62 thousand at June 30, 2025. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" of Synovus' 2024 Form 10-K for discussion of fair value accounting related to this in the Derivative Instruments section.


	December 31, 2024
(in thousands)	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Financial assets
Total cash, cash equivalents, and restricted cash	$	2,993,987	$	2,993,987	$	2,993,987	$	—	$	—
Trading securities	9,713		9,713		—		9,713		—
Investment securities held to maturity	2,581,469		2,524,525		—		2,524,525		—
Investment securities available for sale	7,551,018		7,551,018		1,212,742		6,338,276		—
Loans held for sale	90,111		89,901		—		33,448		56,453
Other investments	14,831		14,831		—		—		14,831
Mutual funds and mutual funds held in rabbi trusts	63,371		63,371		63,371		—		—
Loans, net (1)	42,122,183		41,014,425		—		—		41,014,425

FRB and FHLB stock	164,374		164,374		—		164,374		—
Derivative assets	83,895		83,895		—		83,895		—

Financial liabilities
Non-interest-bearing deposits	$	11,596,119	$	11,596,119	$	—	$	11,596,119	$	—
Non-time interest-bearing deposits	29,883,378		29,883,378		—		29,883,378		—
Time deposits	9,615,862		9,587,417		—		9,587,417		—
Total deposits (2)	$	51,095,359	$	51,066,914	$	—	$	51,066,914	$	—
Federal funds purchased, securities sold under repurchase agreements, and other short-term borrowings	131,728		131,728		131,728		—		—


Long-term debt	1,733,109		1,748,723		—		1,748,723		—
Mutual funds held in rabbi trusts	48,351		48,351		48,351		—		—
Derivative liabilities(3)	216,325		216,325		—		216,325		—

(3) Excludes from Level 3 the Visa derivative of $64 thousand at December 31, 2024. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" of Synovus' 2024 Form 10-K for discussion of fair value accounting related to this in the Derivative Instruments section.

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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