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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________________
 
FORM 10-Q
 
______________________________
Quarterly report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended March 31, 2024
Commission file number 1-10312
 
______________________________
financialappendix930a89.jpg
SYNOVUS FINANCIAL CORP.
(Exact name of registrant as specified in its charter)
______________________________
 
Georgia58-1134883
(State or other jurisdiction of incorporation or organization)
   (I.R.S. Employer Identification No.)
1111 Bay Avenue, Suite 500

Columbus,
Georgia
31901
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (706641-6500
 
______________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $1.00 Par ValueSNVNew York Stock Exchange
Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series DSNV - PrDNew York Stock Exchange
Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series ESNV - PrENew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes   No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes   No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ¨ 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes     No 
As of April 29, 2024, 146,439,885 shares of the registrant's common stock, $1.00 par value, were outstanding.





Table of Contents
Page
Financial Information
Index of Defined Terms
Item 1.Financial Statements (Unaudited)
Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023
Consolidated Statements of Income for the Three Months Ended March 31, 2024 and 2023
Consolidated Statements of Comprehensive Income (Loss) for the Three Months Ended March 31, 2024 and 2023
Consolidated Statements of Changes in Shareholders' Equity for the Three Months Ended March 31, 2024 and 2023
Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023
Notes to Unaudited Interim Consolidated Financial Statements
Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3.
Item 4.Controls and Procedures
Other Information
Item 1.Legal Proceedings
Item 1A.Risk Factors
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
Item 3.Defaults Upon Senior Securities
Item 4.Mine Safety Disclosures
Item 5.Other Information
Item 6.Exhibits
Signatures





SYNOVUS FINANCIAL CORP.
INDEX OF DEFINED TERMS

Throughout this discussion, references to "Synovus", "we", "our", "us", "the Company" and similar terms refer to the consolidated entity consisting of Synovus Financial Corp. and its subsidiaries unless the context indicates that we refer only to the Parent Company, Synovus Financial Corp. When we refer to the "Bank" or "Synovus Bank" we mean our only bank subsidiary, Synovus Bank.
ACL – Allowance for credit losses (ALL, reserve on unfunded loan commitments, and reserve, if required, on debt securities and other receivables)
AFS – Available for sale
ALCO – Synovus' Asset Liability Management Committee
ALL – Allowance for loan losses
AOCI – Accumulated other comprehensive income (loss)
ASC – Accounting Standards Codification
ASU – Accounting Standards Update
ATM – Automatic teller machine
Basel III – The third Basel Accord developed by the Basel Committee on Banking Supervision to strengthen existing regulatory capital requirements
BOLI – Bank-owned life insurance policies
bp(s) – Basis point(s)
C&I – Commercial and industrial
CECL Current expected credit losses
CET1 – Common Equity Tier 1 Capital defined by Basel III capital rules
CIB Corporate and Investment Banking
CMO – Collateralized mortgage obligation
Code – Internal Revenue Code, as amended
Company – Synovus Financial Corp. and its wholly-owned subsidiaries, except where the context requires otherwise
Covered Litigation – Certain Visa litigation for which Visa is indemnified by Visa USA members
CRA – Community Reinvestment Act
CRE – Commercial real estate
DCF – Discounted cash flow
DIF Deposit Insurance Fund
ESG – Environmental, social, and governance
EVE – Economic value of equity
Exchange Act – Securities Exchange Act of 1934, as amended
FASB – Financial Accounting Standards Board
FDIC – Federal Deposit Insurance Corporation
FDM – Financial Difficulty Modification
Federal Reserve Bank – One of the 12 banks that are the operating arms of the U.S. central bank. They implement the policies of the Federal Reserve Board, supervise bank holding companies and certain banking institutions, and also conduct economic research
i


Federal Reserve Board – The 7-member Board of Governors that oversees the Federal Reserve System, establishes monetary policy (interest rates, credit, etc.), and monitors the economic health of the country. Its members are appointed by the President subject to Senate confirmation, and serve 14-year terms
Federal Reserve System or Federal Reserve – The Federal Reserve Board plus 12 Federal Reserve Banks, with each one serving member banks in its own district. The Federal Reserve has broad regulatory powers over the money supply and the credit structure of the economy
FFIEC – Federal Financial Institutions Examination Council
FFIEC Retail Credit Classification Policy – FFIEC Uniform Retail Credit Classification and Account Management Policy
FHLB – Federal Home Loan Bank
FICO – Fair Isaac Corporation
FOMC Federal Open Market Committee
FRB – Federal Reserve Bank
FTP – Funds transfer pricing
GA DBF – Georgia Department of Banking and Finance
GAAP – Generally Accepted Accounting Principles in the United States of America
HTC – Historic tax credit
HTM – Held to maturity
Interagency Supervisory Guidance – Interagency Supervisory Guidance on Allowance for Loan and Lease Losses Estimation Practices for Loans and Lines of Credit Secured by Junior Liens on 1-4 Family Residential Properties
ITC – Investment tax credits
LIHTC – Low Income Housing Tax Credit
LTV – Loan-to-collateral value ratio
MBS – Mortgage-backed security
MPS – Merchant processing servicer(s)
NAICS – North American Industry Classification System
nm – not meaningful
NPA – Non-performing assets
NPL – Non-performing loans
NSF – Non-sufficient funds
OCI – Other comprehensive income (loss)
ORE – Other real estate
Parent Company – Synovus Financial Corp.
PPNR Pre-provision net revenue
Qualpay Qualpay, Inc.
Report This Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2024
SBA – Small Business Administration
SBIC – Small Business Investment Company
SEC – U.S. Securities and Exchange Commission
Securities Act – Securities Act of 1933, as amended
Series D Preferred Stock – Synovus' Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D, $25 liquidation preference
ii


Series E Preferred Stock – Synovus' Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E, $25 liquidation preference
SOFR – Secured Overnight Financing Rate
Synovus – Synovus Financial Corp.
Synovus Bank – A Georgia state-chartered bank and wholly-owned subsidiary of Synovus, through which Synovus conducts its banking operations
Synovus' 2023 Form 10-K – Synovus' Annual Report on Form 10-K for the year ended December 31, 2023
Synovus Securities – Synovus Securities, Inc., a wholly-owned subsidiary of Synovus
Synovus Trust – Synovus Trust Company, N.A., a wholly-owned subsidiary of Synovus Bank
TE – Taxable equivalent
Treasury – United States Department of Treasury
UPB – Unpaid principal balance
U.S. – United States
Visa – The Visa U.S.A., Inc. card association or its affiliates, collectively
Visa Class A shares – Class A shares of common stock issued by Visa are publicly traded shares which are not subject to restrictions on sale
Visa Class B shares – Class B shares of common stock issued by Visa which are subject to restrictions with respect to sale until all of the Covered Litigation has been settled. Class B shares will be convertible into Visa Class A shares using a then-current conversion ratio upon the lifting of restrictions with respect to sale of Visa Class B shares
Visa derivative – A derivative contract with the purchaser of Visa Class B shares which provides for settlements between the purchaser and Synovus based upon a change in the ratio for conversion of Visa Class B shares into Visa Class A shares

iii



PART I. FINANCIAL INFORMATION
ITEM 1. - FINANCIAL STATEMENTS
SYNOVUS FINANCIAL CORP.
CONSOLIDATED BALANCE SHEETS
(unaudited)
(in thousands, except share and per share data)March 31, 2024December 31, 2023
ASSETS
Interest-earning deposits with banks and other cash and cash equivalents$2,379,778 $2,414,103 
Federal funds sold and securities purchased under resale agreements43,722 37,323 
     Total cash, cash equivalents, and restricted cash2,423,500 2,451,426 
Investment securities available for sale, at fair value9,694,515 9,788,662 
Loans held for sale (includes $36,698 and $47,338 measured at fair value, respectively)
130,586 52,768 
Loans, net of deferred fees and costs43,309,877 43,404,490 
Allowance for loan losses(492,661)(479,385)
Loans, net42,817,216 42,925,105 
Cash surrender value of bank-owned life insurance1,119,379 1,112,030 
Premises, equipment, and software, net375,315 365,851 
Goodwill480,440 480,440 
Other intangible assets, net43,021 45,928 
Other assets2,751,148 2,587,324 
Total assets$59,835,120 $59,809,534 
LIABILITIES AND EQUITY
Liabilities
Deposits:
Non-interest-bearing deposits$12,042,353 $12,507,616 
Interest-bearing deposits38,537,889 38,231,569 
Total deposits50,580,242 50,739,185 
Federal funds purchased and securities sold under repurchase agreements128,244 189,074 
Other short-term borrowings252,469 3,496 
Long-term debt2,031,735 1,932,534 
Other liabilities1,800,794 1,801,097 
Total liabilities54,793,484 54,665,386 
Equity
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 171,873,265 and 171,360,188, respectively; outstanding 146,418,407 and 146,705,330, respectively
171,873 171,360 
Additional paid-in capital3,957,576 3,955,819 
Treasury stock, at cost; 25,454,858 and 24,654,858 shares, respectively
(974,499)(944,484)
Accumulated other comprehensive income (loss), net(1,248,194)(1,117,073)
Retained earnings2,574,017 2,517,226 
Total Synovus Financial Corp. shareholders' equity5,017,918 5,119,993 
Noncontrolling interest in subsidiary23,718 24,155 
Total equity5,041,636 5,144,148 
Total liabilities and equity$59,835,120 $59,809,534 
See accompanying notes to unaudited interim consolidated financial statements.

1



SYNOVUS FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
Three Months Ended March 31,
(in thousands, except per share data)20242023
Interest income:
Loans, including fees
$691,715 $629,557 
Investment securities available for sale
71,906 61,054 
Loans held for sale
578 5,577 
Federal Reserve Bank balances
15,031 16,818 
Other earning assets
3,480 3,873 
Total interest income
782,710 716,879 
Interest expense:
Deposits
332,666 173,935 
Long-term debt
29,595 42,529 
Other borrowings
1,603 19,664 
Total interest expense
363,864 236,128 
Net interest income
418,846 480,751 
Provision for (reversal of) credit losses
53,980 32,154 
Net interest income after provision for (reversal of) credit losses
364,866 448,597 
Non-interest revenue:
Service charges on deposit accounts
21,813 22,974 
Fiduciary and asset management fees
19,013 19,696 
Card fees
19,486 15,824 
Brokerage revenue
22,707 24,204 
Mortgage banking income
3,418 3,858 
Capital markets income
6,627 15,127 
Income from bank-owned life insurance
7,347 7,262 
Investment securities gains (losses), net
 1,030 
Recovery of NPA 13,126 
Other non-interest revenue
18,477 10,025 
Total non-interest revenue
118,888 133,126 
Non-interest expense:
Salaries and other personnel expense
188,521 188,924 
Net occupancy, equipment, and software expense
46,808 42,860 
Third-party processing and other services
20,258 21,833 
Professional fees
7,631 8,963 
FDIC insurance and other regulatory fees
23,819 10,268 
Restructuring charges (reversals)1,524 (733)
Loss on other loans held for sale 16,750 
Other operating expense
34,180 32,987 
Total non-interest expense
322,741 321,852 
Income before income taxes
161,013 259,871 
Income tax expense
36,943 57,712 
Net income
124,070 202,159 
Less: Net income (loss) attributable to noncontrolling interest(437) 
Net income attributable to Synovus Financial Corp.124,507 202,159 
Less: Preferred stock dividends
9,685 8,291 
Net income available to common shareholders
$114,822 $193,868 
Net income per common share, basic
$0.78 $1.33 
Net income per common share, diluted
0.78 1.32 
Weighted average common shares outstanding, basic
146,430 145,799 
Weighted average common shares outstanding, diluted
147,122 146,727 
See accompanying notes to unaudited interim consolidated financial statements.

2



SYNOVUS FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(unaudited)
Three Months Ended March 31,
20242023
(in thousands)
Before-tax AmountIncome TaxNet of Tax AmountBefore-tax AmountIncome TaxNet of Tax Amount
Net income
$161,013 $(36,943)$124,070 $259,871 $(57,712)$202,159 
Unrealized gains (losses) on investment securities available for sale:
Net unrealized gains (losses) arising during the period
(155,636)37,586 (118,050)153,081 (37,260)115,821 
Reclassification adjustment for realized (gains) losses included in net income
   (1,030)251 (779)
Net change
(155,636)37,586 (118,050)152,051 (37,009)115,042 
Unrealized gains (losses) on derivative instruments designated as cash flow hedges:
Net unrealized gains (losses) arising during the period
(57,056)13,779 (43,277)10,000 (2,434)7,566 
Reclassification adjustment for realized (gains) losses included in net income39,823 (9,617)30,206 39,892 (9,710)30,182 
Net change(17,233)4,162 (13,071)49,892 (12,144)37,748 
Total other comprehensive income (loss)
$(172,869)$41,748 $(131,121)$201,943 $(49,153)$152,790 
Comprehensive income (loss)
(7,051)354,949 
Less: comprehensive income (loss) attributable to noncontrolling interest(437) 
Comprehensive income (loss) attributable to Synovus Financial Corp.$(6,614)$354,949 
See accompanying notes to unaudited interim consolidated financial statements.

3



SYNOVUS FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
(unaudited)
Synovus Financial Corp. Shareholders' Equity
(in thousands, except per share data)Preferred StockCommon
Stock
Additional
Paid-in
Capital
Treasury
Stock
Accumulated
Other
Comprehensive
Income (Loss)
Retained EarningsNoncontrolling InterestTotal
Balance at December 31, 2023$537,145 $171,360 $3,955,819 $(944,484)$(1,117,073)$2,517,226 24,155 $5,144,148 
Net income (loss)     124,507 (437)124,070 
Other comprehensive income (loss), net of income taxes    (131,121)  (131,121)
Cash dividends declared on common stock - $0.38 per share
     (55,639) (55,639)
Cash dividends declared on preferred stock(1)
     (9,685) (9,685)
Repurchases of common stock including costs to repurchase   (30,015)  (30,015)
Restricted share unit vesting and taxes paid related to net share settlement 460 (8,492)  (2,392) (10,424)
Stock options exercised, net 53 1,280     1,333 
Share-based compensation expense  8,969     8,969 
Balance at March 31, 2024$537,145 $171,873 $3,957,576 $(974,499)$(1,248,194)$2,574,017 $23,718 $5,041,636 
Balance at December 31, 2022$537,145 $170,141 $3,920,346 $(944,484)$(1,442,117)$2,234,770 $ $4,475,801 
Cumulative-effect of change in accounting principle for ASU 2023-02— — — — — (297)— (297)
Net income (loss)— — — — — 202,159 — 202,159 
Other comprehensive income (loss), net of income taxes— — — — 152,790 — — 152,790 
Cash dividends declared on common stock - $0.38 per share
— — — — — (55,502)— (55,502)
Cash dividends declared on preferred stock(2)
— — — — — (8,291)— (8,291)
Restricted share unit vesting and taxes paid related to net share settlement— 383 (8,280)— — (2,206)— (10,103)
Stock options exercised, net— 190 3,307 — — — — 3,497 
Share-based compensation expense— — 10,076 — — — — 10,076 
Balance at March 31, 2023$537,145 $170,714 $3,925,449 $(944,484)$(1,289,327)$2,370,633 $ $4,770,130 
    
(1)    For the three months ended March 31, 2024, dividends per share were $0.57 for Series D and $0.37 for Series E Preferred Stock.
(2)    For the three months ended March 31, 2023, dividends per share were $0.39 for Series D and $0.37 for Series E Preferred Stock.

See accompanying notes to unaudited interim consolidated financial statements.

4



SYNOVUS FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
Three Months Ended March 31,
(in thousands)20242023
Operating Activities
Net income
$124,070 $202,159 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Provision for (reversal of) credit losses
53,980 32,154 
Depreciation, amortization, and accretion, net
17,854 20,088 
Deferred income tax expense (benefit)
2,446 706 
Originations of loans held for sale
(468,414)(143,149)
Proceeds from sales and payments on loans held for sale
392,753 275,274 
Gain on sales of loans held for sale, net
(2,419)(2,716)
(Increase) decrease in other assets
(81,810)(63,174)
Increase (decrease) in other liabilities
(22,298)25,417 
Investment securities (gains) losses, net
 (1,030)
Share-based compensation expense
7,914 8,711 
Net cash provided by (used in) operating activities
24,076 354,440 
Investing Activities
Proceeds from maturities and principal collections of investment securities available for sale
196,020 205,098 
Proceeds from sales of investment securities available for sale
 82,595 
Purchases of investment securities available for sale
(258,482)(193,009)
Net proceeds from sales of loans
2,548 1,505 
Net (increase) decrease in loans
28,830 (773,103)
Net (purchases) redemptions of Federal Home Loan Bank stock
(16,626)(7,439)
Net (purchases) redemptions of Federal Reserve Bank stock
(12,144)(7,108)
Net proceeds from settlement (purchases) of bank-owned life insurance policies
 2,514 
Net increase in premises, equipment and software
(18,490)(6,519)
Other 3,015 
Net cash provided by (used in) investing activities
(78,344)(692,451)
Financing Activities
Net increase (decrease) in deposits
(157,277)1,070,206 
Net increase (decrease) in federal funds purchased and securities sold under repurchase agreements
(60,830)49,107 
Net increase (decrease) in other short-term borrowings248,973 (350,232)
Proceeds from long-term debt, net100,000 1,020,912 
Dividends paid to common shareholders
(55,733)(49,465)
Dividends paid to preferred shareholders
(9,685)(8,291)
Repurchases of common stock
(30,015) 
Issuances, net of taxes paid, under equity compensation plans
(9,091)(6,606)
Net cash provided by (used in) financing activities
26,342 1,725,631 
Increase (decrease) in cash and cash equivalents including restricted cash
(27,926)1,387,620 
Cash, cash equivalents, and restricted cash, at beginning of period
2,451,426 1,977,780 
Cash, cash equivalents, and restricted cash at end of period
$2,423,500 $3,365,400 
Supplemental Disclosures:
Income taxes paid $28,798 $52,157 
Interest paid385,188 206,624 
Non-cash Activities
Loans foreclosed and transferred to other real estate21,210  
See accompanying notes to unaudited interim consolidated financial statements.

5



Notes to Unaudited Interim Consolidated Financial Statements
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 consumer 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, capital markets, and international banking. Synovus also provides financial planning and investment advisory services through its wholly-owned subsidiaries, Synovus Trust and Synovus Securities.
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 (loss), 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' 2023 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 revenue and expense for the periods presented. Actual results could differ significantly from those estimates.
Material estimates that are particularly susceptible to significant change relate to the determination of the ACL, estimates of fair value, income taxes, and contingent liabilities.

6



Recent Accounting Pronouncements
The following table provides a brief description of accounting standards adopted or issued in 2024 and the estimated effect on the Company’s financial statements.
StandardDescriptionRequired date of adoptionEffect on Company's financial statements or other significant matters
Standards Adopted (or partially adopted)
ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures
In November 2023, the FASB issued ASU 2023-07 to improve segment reporting disclosures. The amendments in this ASU improve financial reporting by requiring disclosure of incremental segment information including significant segment expenses regularly provided to the chief operating decision maker as well as the amount and composition of other segment items on an annual and interim basis for all public entities to enable investors to develop more decision-useful financial analyses. Retrospective application is required in all prior periods unless impracticable to do so.
January 1, 2024The Company adopted the new disclosure requirements for the annual period beginning on January 1, 2024, and interim periods starting on January 1, 2025. The Company is currently evaluating the impact of the incremental segment information that will be required to be disclosed as well as the impact to the Segment Reporting footnote disclosed in the Form 10-K.
StandardDescriptionRequired date of adoptionEffect on Company's financial statements or other significant matters
Standards Issued But Not Yet Adopted
ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax DisclosuresIn December 2023, the FASB issued ASU 2023-09 to enhance the transparency and decision usefulness of income tax disclosures. The ASU addresses investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. Retrospective application in all prior periods is permitted. January 1, 2025The Company will adopt the new disclosures for the annual periods beginning on January 1, 2025. The Company is currently evaluating the impact of the incremental income taxes information that will be required to be disclosed as well as the impact to the Income Taxes footnote in the Form 10-K.

7



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, 2024 and December 31, 2023 are summarized below.
March 31, 2024
(in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
U.S. Treasury securities$616,037 $505 $(1,133)$615,409 
U.S. Government agency securities29,993  (1,210)28,783 
Mortgage-backed securities issued by U.S. Government agencies 1,022,881 1,119 (112,082)911,918 
Mortgage-backed securities issued by U.S. Government sponsored enterprises 7,383,405 328 (1,200,822)6,182,911 
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 676,772  (111,832)564,940 
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises1,414,621 5,512 (38,403)1,381,730 
Corporate debt securities and other debt securities9,034  (210)8,824 
Total investment securities available for sale(1)
$11,152,743 $7,464 $(1,465,692)$9,694,515 
December 31, 2023
(in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
U.S. Treasury securities$588,082 $9,547 $ $597,629 
U.S. Government agency securities29,993  (1,053)28,940 
Mortgage-backed securities issued by U.S. Government agencies 1,021,612 2,037 (97,985)925,664 
Mortgage-backed securities issued by U.S. Government sponsored enterprises 7,523,399 1,192 (1,094,212)6,430,379 
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 692,487  (104,892)587,595 
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises1,226,672 18,764 (35,653)1,209,783 
Corporate debt securities and other debt securities9,009  (337)8,672 
Total investment securities available for sale(1)
$11,091,254 $31,540 $(1,334,132)$9,788,662 
(1) The amounts reported exclude accrued interest receivable on investment securities available for sale of $28.7 million and $26.6 million at March 31, 2024 and December 31, 2023, respectively, which is presented as a component of other assets on the consolidated balance sheets.
At March 31, 2024 and December 31, 2023, investment securities with a carrying value of $5.02 billion and $5.19 billion, respectively, were pledged to secure certain deposits and other liabilities, as required by law or contractual agreements.            
On April 1, 2024, Synovus transferred $3.42 billion of mortgage-backed securities from available for sale to held to maturity, and AOCI included a pre-tax unrealized loss of $708.5 million on the investment securities at the date of the transfer. See Note 10 - Subsequent Event in this Report for additional information on the transfer of mortgage-backed securities from available for sale to held to maturity.

8



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, 2024 and December 31, 2023 are presented below.
March 31, 2024